Silver Mines Limited · ASX:SVL
Silver Mines — Investor Presentation (September 2026)
39 slides from Silver Mines's investor presentation, Sep 21, 2026
Slide 1: Bowdens Silver Project Investor Presentation
rsonal use only BOWDENS SILVER PROJECT INVESTOR PRESENTATION Not for release to US wire services or distribution in the United States Jo Battershill – Managing Director September 2026
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 21 September 2026 (“Presentation”) and has been prepared by Silver Mines Limited (ACN 107 452 942) (ASX ticker SVL) (“S
Slide 3: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER JORC Code It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Investors
Slide 4: Capital Raising Summary
CAPITAL RAISING SUMMARY A$70 million two tranche placement (Placement)1, comprising: rsonal use only • - A$40 million New Shares under ASX Listing Rules 7.1 (Tranche One); and Offer Structure - A$30 million to be issued subject to shareholder approval at a General Meeting of the Company to be held o
Slide 5: Use of Funds
USE OF FUNDS1 A$M Royalty buyback cash consideration2 18.0 rsonal use only Acquisition of freehold property3 15.5 Bowdens engineering & FEED 10.0 Freehold property option exercise & option payment 9.0 Exploration – Bowdens, regional NSW & US 5.7 Working capital and offer costs 11.8 Total Use of Fund
Slide 6: Royalty Purchases Improve Financial Metrics
BOWDENS SILVER PROJECT ROYALTY PURCHASES IMPROVE FINANCIAL METRICS rsonal use only Royalty Details1 Acquisition Cost 2% Net Smelter Royalty, reducing to 1% after initial US$5.0m payments $17.5m 1% Gross Revenue Royalty after production of initial 20Moz silver $8.5m Total $18.0m cash / $8.0m equity 1
Slide 7: Compelling Development Opportunity
BOWDENS SILVER PROJECT COMPELLING DEVELOPMENT OPPORTUNITY1 rsonal use only Significant Reserves Long Life Operation Ore Reserves of 47.9Mt LOM reserve of 93.5Moz Silver Reserves support a 26-year containing 93.5Moz Ag5 mine life6 with minor Zn & Pb Pre-Production Capital Costs NPV and Payback Period
Slide 8: Strong Financial Metrics
BOWDENS SILVER PROJECT STRONG FINANCIAL METRICS1 rsonal use only Key Project Economics – Life of Mine (Stage 1 and Stage 2 Developments) Item Unit Base Case2 DFS Spot Bowdens Silver Project Case3 Pre-Production Capex A$m 455 456 Updated study highlights Bowdens as one of the world’s premier undevelo
Slide 9: Globally Significant
BOWDENS SILVER PROJECT GLOBALLY SIGNIFICANT rsonal use only One of the Largest Globally1,2 One of the Most Advanced1,2 One of the largest global resources of contained silver (M&I) Up-to-date, DFS in Tier One jurisdiction 350 250 DFS – Definitive Feasibility Study FS – Feasibility Study 300 PFS – Pr
Slide 10: Introduction: Bowdens Silver Project Asset Location
BOWDENS SILVER PROJECT INTRODUCTION rsonal use only Bowdens Silver Project Asset Location 100% owned Bowdens Silver Project located in central New South Wales, Australia. World’s sixth largest undeveloped Ag deposit (by contained silver in M&I resources). Resource estimate of 184 Moz Ag1 defined fro
Slide 11: Production Schedule
BOWDENS SILVER PROJECT PRODUCTION SCHEDULE1 rsonal use only First full 5-yrs Av. 4.7Moz Ag at 88 g/t Ag 7.0 First 10-yrs – Av. 4.2Moz Ag at 78 g/t Ag 100 90 6.0 80 Metal in Concentrate (Ag – Moz) 5.0 Processed Ag Grade (g/t) 70 (Zn & Pb AgEq) 60 4.0 50 3.0 40 2.0 30 20 1.0 10 0.0 0 1 2 3 4 5 6 7 8 9
Slide 12: Strike and Depth Extensions
BOWDENS SILVER PROJECT STRIKE AND DEPTH EXTENSIONS1 rsonal use only 1. Refer to Silver Mines Limited ASX announcement “Bowdens DFS Confirms Robust Economics as Reserves Increase’” dated 21 July 2026. Open pit designs completed using US$35/oz silver price assumption. 12
Slide 13: Next Steps
BOWDENS SILVER PROJECT NEXT STEPS rsonal use only NSW Permitting1 • DPHI has finalised its assessment of Silver Mines’ supplementary information and referred its assessment to the IPC. • DPHI reaffirmed previous conclusions on the merits of the Project, with original referral finding the Project to
Slide 14: Key Takeaways
BOWDENS SILVER PROJECT KEY TAKEAWAYS rsonal use only ► One of the world’s ► Robust DFS completed ► AISC of <A$21/oz ► Considerable premier undeveloped in Jul-262 (c.US$15/oz) over the exploration potential silver assets first 5 years ► 26-yr life3 at 2Mtpa ► Large mineralised ► M&I Resources of 168
Slide 15: US Exploration: Historical Silver/Gold Camps
rsonal use only US EXPLORATION HISTORICAL SILVER/GOLD CAMPS
Slide 16: Calico North
SILVER MINES LIMITED CALICO NORTH1 rsonal use only Calico North – Significant Silver Camp - 310 Claims covering historic mining camp - c.40km of prospective mineralised strike1 - Adjacent to c.175Moz of resources - Recent rock chip samples assaying up to 483 g/t Geology – Vein & Disseminated Silver
Slide 17: Kramer Hills
SILVER MINES LIMITED KRAMER HILLS1 rsonal use only Kramer Hills – Historical Gold Mine - 569 Claims covering 7km mineralised shear zone - Gold rush site and former heap leach mine - Historical drilling - 21.3m @ 7.9 g/t Au, 18.3m @ 4.2 g/t Au, 21.3m @ 3.0 g/t Au and 6.1m @ 6.0 g/t Au1 Geology – Shea
Slide 18: Corporate Information
SILVER MINES LIMITED CORPORATE INFORMATION rsonal use only Directors Keith Perrett Non-Executive Chairman Capital Structure (ASX: SVL) Jonathan Battershill Managing Director AUD USD Kristen Podagiel Non-Executive Director Shares on Issue (m) 2,219.4 Rob Dennis Non-Executive Director Share Price ($)
Slide 19: Investment Highlights
SILVER MINES LIMITED INVESTMENT HIGHLIGHTS rsonal use only Exceptional leverage to silver - Bowdens Project 91% revenue from silver1 Long-life, low-cost development - Mine life of 26yrs with LOM AISC <A$33/oz (US$23/oz)1,2 Re-rate potential - DFS released, NSW Permitting, multiple exploration fronts
Slide 20: rsonal use only
rsonal use only Registered Office: P: +61 2 8316 3997 Level 28, 88 Phillip Street Sydney NSW 2000 F: +61 2 8316 3999 Postal Address E: info@silvermines.com.au GPO Box 255 Sydney NSW 2000 W: www.silvermines.com.au Australian Company Number 107 452 942
Slide 21: Appendix: Resources & Reserves
rsonal use only APPENDIX 1 RESOURCES & RESERVES
Slide 22: Appendix 1: Bowdens Silver Mineral Resources
APPENDIX 1: BOWDENS SILVER MINERAL RESOURCES (AS AT JULY 2026) rsonal use only Tonnes Silver Eq. Silver Zinc Lead Gold Silver Silver Eq. 25 g/t Ag Eq Cut (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (Moz) Measured 105 58 41 0.36 0.26 0.02 139 195 Indicated 38 44 23 0.43 0.29 0.08 29 54 Measured & Indicated
Slide 23: Appendix 1: Bowdens Silver Ore Reserve
APPENDIX 1: BOWDENS SILVER ORE RESERVE (AS AT JULY 2026) rsonal use only Tonnes Silver Zinc Lead Silver Zinc Lead (Mt) (g/t) (%) (% ) (Moz) (kt) (kt) Proved 44.6 61.7 0.37 0.27 88.5 165 122 Probable 3.3 47.3 0.21 0.15 4.9 7 5 Total 47.9 60.8 0.36 0.26 93.5 172 127 Notes: The Bowdens Reserve has been
Slide 24: Appendix
rsonal use only APPENDIX 2 BOWDENS SILVER PROJECT
Slide 25: Cost Summary
BOWDENS SILVER PROJECT COST SUMMARY1 rsonal use only Pre-Production Capex Summary AISC Summary - LOM Cost Centre A$/t Ore A$/oz 500 Opex 450 Mining & Rehab 20.37 13.44 30 Processing 20.71 13.63 Contingency 400 49 Site Infrastructure Process Plant & Tailings 31 G&A 6.01 3.95 350 Indirects 6 Realisati
Slide 26: Open Pit Mining
BOWDENS SILVER PROJECT OPEN PIT MINING rsonal use only Open Pit Parameters1 Open Pit Design Conventional open pit – Seven stage pit requiring 1 excavator & up to 7 trucks (100t). Primary mining activities are planned to be 7- days per week, dayshift only. Bench heights are planned at 5m. LOM strip r
Slide 27: Conventional Processing
BOWDENS SILVER PROJECT CONVENTIONAL PROCESSING rsonal use only Site Layout Processing Parameters1 Cyanide eliminated from the processing flow sheet. Processing scheduled at 2.0Mtpa via a conventional flow sheet. Two stage crushing, two stage SAG and ball mill, bulk flotation for rougher conc. Concen
Slide 28: Appendix: Global Peer Comps
rsonal use only APPENDIX 3 GLOBAL PEER COMPS
Slide 29: Appendix 3: Global Peer Comparables
APPENDIX 3: GLOBAL PEER COMPARABLES rsonal use only 1. All documents available on Company websites, SEDAR+ or ASX. 2. Silver Equivalent (AgEq) calculations all based on silver price of US$35/oz, gold US$2275/oz, zinc US$1.35/lb, lead US$0.95/lb and copper US$4.00/lb. The AgEq calculation assumes 100
Slide 30: Appendix 4: International Offer Restrictions
rsonal use only APPENDIX 4: INTERNATIONAL OFFER RESTRICTIONS
Slide 31: Appendix 4: International Offer Restrictions
APPENDIX 4: INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or
Slide 32: Appendix 4: International Offer Restrictions
APPENDIX 4: INTERNATIONAL OFFER RESTRICTIONS This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) has been publishe
Slide 33: Appendix 4: International Offer Restrictions
APPENDIX 4: INTERNATIONAL OFFER RESTRICTIONS This document constitutes an offering of New Shares only in the Provinces of British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell suc
Slide 34: Appendix 4: International Offer Restrictions
APPENDIX 4: INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States. The New Shares, and the underlying ordinary shares, have not been, and will not be, registered under the US Securities Act of 1933 o
Slide 35: Appendix 5: Key Risks
rsonal use only APPENDIX 5: KEY RISKS
Slide 36: Appendix 5: Key Risks
APPENDIX 5: KEY RISKS Set out in this section are potential risks associated with Company, the Capital Raising, the industry in which the Company operates and an investment in the Company’s shares. It is not an exhaustive list of every risk faced by the Company now or in the future. rsonal use only
Slide 37: Appendix 5: Key Risks
APPENDIX 5: KEY RISKS The Company may also require further financing support in the future to support additional capital expenditure or to meet future objectives. There is no certainty that it will be successful in obtaining the financing required as and when needed, on favourable terms, or at all.
Slide 38: Appendix 5: Key Risks
APPENDIX 5: KEY RISKS The Company’s business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labour disputes, code of conduct breaches, unusual or unexpected geological conditions, ground or slope failures and natural phenomena
Slide 39: Appendix 5: Key Risks
APPENDIX 5: KEY RISKS The Company’s relationship with the communities in which it operates is important to ensure the future success of its operations. A failure by the Company to adequately respond to changes in Community & environmental laws (including those relating to climate change) or comply w
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