Silver Mines Limited · ASX:SVL
Silver Mines — Investor Presentation (February 2026)
26 slides from Silver Mines's investor presentation, Feb 16, 2026
Slide 1: Investor Presentation – Market Update
For personal use only INVESTOR PRESENTATION Market Update Jo Battershill – Managing Director February 2026
Slide 2: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER For personal use only You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 16 February 2026 (“Presentation”) and has been prepared by Silver Mines Limited (ACN 107 452 942)
Slide 3: Important Notices and Disclaimer – JORC Code
IMPORTANT NOTICES AND DISCLAIMER JORC Code For personal use only 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 ("J
Slide 4: Introduction: Bowdens Silver Project Asset Location
BOWDENS SILVER PROJECT INTRODUCTION For personal use only Bowdens Silver Project Asset Location 100% owned Bowdens Silver Project located in central New South Wales, Australia World’s fifth largest undeveloped Ag deposit Resource estimate of 180Moz Ag1 defined from 870 drill holes for c.164,000m of
Slide 5: Corporate Information
SILVER MINES LIMITED CORPORATE INFORMATION For personal use only Directors Capital Structure (ASX: SVL) AUD USD Keith Perrett Non-Executive Chairman Shares on Issue (m) 2,152.4 Jonathan Battershill Managing Director Share Price ($) 12 Feb 2025 0.23 Kristen Podagiel Non-Executive Director Undiluted M
Slide 6: Globally Significant
BOWDENS SILVER PROJECT GLOBALLY SIGNIFICANT For personal use only One of the Largest Globally One of the Most Advanced 600 350 One of the largest global resources of contained silver (M&I) Up-to-date, optimised feasibility in Tier One jurisdiction 500 300 PFS – Jun 24 M&I Resources (Ag Moz) P&P Rese
Slide 7: Optimisation Study Highlights
BOWDENS SILVER PROJECT OPTIMISATION STUDY HIGHLIGHTS1 For personal use only Significant Reserves Long Life Operation Ore Reserves of 32.8Mt LOM ~72Moz Silver 16½ year mine life (28.1Mt in Optimisation)4 Pre-Production Capital Costs NPV and Payback Period Conventional mining A$331m (US$216m) NPV5 A$3
Slide 8: Production Schedule
BOWDENS SILVER PROJECT PRODUCTION SCHEDULE1 For personal use only 7.0 Years 1 to 10 - Average 4.2Moz Ag at 83 g/t Ag 120 6.0 100 (Ag Moz , Zn/Pb Moz AgEq) Average 2.7Moz Ag at 53 g/t Ag Processed Grade (Ag g/t) 5.0 Metal in Concentrate 80 4.0 60 3.0 40 2.0 20 1.0 0.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13
Slide 9: Strike and Depth Extensions
BOWDENS SILVER PROJECT STRIKE AND DEPTH EXTENSIONS For personal use only Bowdens’ silver equivalent (AgEq) assumes prices of US$27.50/oz silver, US$2,950/t zinc, US$2,350/t lead and US$2,200/oz gold with metallurgical recoveries of 86.2% silver, 92.2% zinc, 84.7% lead and 80% gold estimated from tes
Slide 10: Next Steps
BOWDENS SILVER PROJECT NEXT STEPS For personal use only Completion of Definitive Feasibility Study (DFS) • DFS well advanced • Targeting mid-2026 Drilling for underground mining study • Potential options for high-grade underground opportunity • Commence drilling in H2 2026, Following up hits that in
Slide 11: Key Takeaways
BOWDENS SILVER PROJECT KEY TAKEAWAYS For personal use only ► Largest silver project ► Optimisation Study ► AISC of <A$23/oz ► Considerable in Australia and fifth completed in Dec-242 (~US$15/oz) over the exploration potential largest in the world first 10 years ► 16½-yr life at 2Mtpa ► Large mineral
Slide 12: US Exploration: Historical Silver/Gold Camps
For personal use only US EXPLORATION HISTORICAL SILVER/GOLD CAMPS
Slide 13: Calico North
SILVER MINES LIMITED CALICO NORTH1 For personal 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 S
Slide 14: Kramer Hills
SILVER MINES LIMITED KRAMER HILLS1 For personal 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, 18.3m @ 4.2 g/t, 21.3m @ 3.0 g/t and 6.1m @ 6.0 g/t Geology – Shear Hoste
Slide 15: Investment Highlights
SILVER MINES LIMITED INVESTMENT HIGHLIGHTS For personal use only Exceptional leverage to silver - Bowdens Project >85% revenue from silver1 Long-life, low-cost development - Minimum 16½-yr mine life with LOM AISC <A$25/oz2 Re-rate potential - DFS release, NSW Permitting, multiple exploration fronts
Slide 16: For personal use only
For personal 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 17: Appendix A: Resources & Reserves
For personal use only APPENDIX A RESOURCES & RESERVES
Slide 18: Appendix 1: Bowdens Silver Mineral Resources
APPENDIX 1: BOWDENS SILVER MINERAL RESOURCES (AS AT DECEMBER 2024) For personal use only Tonnes Silver Eq. Silver Zinc Lead Gold Silver Silver Eq. 30 g/t Ag Eq Cut (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (Moz) Measured 100 65 42 0.37 0.27 0.03 135 207 Indicated 43 52 21 0.41 0.28 0.11 30 71 Measured &
Slide 19: Appendix 2: Bowdens Silver Ore Reserve
APPENDIX 2: BOWDENS SILVER ORE RESERVE (AS AT DECEMBER 2024) For personal use only Tonnes Silver Zinc Lead Silver Zinc Lead (Mt) (g/t) (%) (% ) (Moz) (kt) (kt) Proved 31.5 68.7 0.38 0.30 69.6 120.8 93.5 Probable 1.3 50.6 0.19 0.16 2.1 2.5 2.0 Total 32.8 68.0 0.38 0.29 71.7 123.3 95.6 Notes: The Bowd
Slide 20: Appendix B
For personal use only APPENDIX B BOWDENS SILVER PROJECT
Slide 21: Open Pit Mining
BOWDENS SILVER PROJECT OPEN PIT MINING For personal use only Open Pit Design Open Pit Mining Parameters1 Conventional open pit - primary fleet of 1 excavator (200t) and 7 trucks (100t) Five stage pit – 72.5% of tonnes in Stages I – IV. Stage V to commence in Yr-9 Primary mining activities are planne
Slide 22: Conventional Processing
BOWDENS SILVER PROJECT CONVENTIONAL PROCESSING For personal use only Processing Parameters1 Cyanide eliminated from the processing flow sheet Processing scheduled at 2.0Mtpa via a conventional flow sheet Single stage primary jaw crushing, two stage SAG and ball mill with pebble crusher Rougher and s
Slide 23: Site Disturbance Minimised
BOWDENS SILVER PROJECT SITE DISTURBANCE MINIMISED For personal use only Site design optimised1 Overall changes lead to significant reduction to the overall disturbance footprint Open pit mine design The height of the Tailings Storage Facility now smaller with lower Waste Rock Dump change to Dry-Stac
Slide 24: Cost Summary
BOWDENS SILVER PROJECT COST SUMMARY1 For personal use only Pre-Production Capex Summary AISC Summary Cost Centre A$/t Ore A$/oz 350 Opex 37 Mining & Rehab 18.73 10.45 Site Infrastructure 300 6 29 Processing 20.78 11.60 Indirects 250 G&A 5.65 3.15 44 Pre-Production Mobile Plant Realisation1 6.15 3.43
Slide 25: Appendix C: Global Peer Comps
For personal use only APPENDIX C GLOBAL PEER COMPS
Slide 26: Global Peer Comparables
GLOBAL PEER COMPARABLES For personal use only 1. All documents available on Company websites, SEDAR+ or ASX. 2. Silver Equivalent (AgEq) calculations all based on silver price of US$29/oz, gold US$2500/oz, zinc US$1.35/lb, lead US$1.05/lb and copper US$4.00/lb. The AgEq calculation assumes 100% reco