Silver Mines Limited · ASX:SVL
Silver Mines — Investor Presentation (July 2026)
26 slides from Silver Mines's investor presentation, Jul 23, 2026
Slide 1: Bowdens Silver Project Investor Presentation - Development Study Update
For personal use only BOWDENS SILVER PROJECT INVESTOR PRESENTATION - DEVELOPMENT STUDY UPDATE Jo Battershill – Managing Director July 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 23 July 2026 (“Presentation”) and has been prepared by Silver Mines Limited (ACN 107 452 942) (AS
Slide 3: Important Notices and Disclaimer
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: Compelling Development Opportunity
BOWDENS SILVER PROJECT COMPELLING DEVELOPMENT OPPORTUNITY1 For personal use only Significant Reserves Long Life Operation Ore Reserves of 47.9Mt LOM reserve of 95.3Moz Reserves support a 26-year containing 93.5Moz Ag4 Silver mine life with minor Zn & Pb Pre-Production Capital Costs NPV and Payback P
Slide 5: Strong Financial Metrics
BOWDENS SILVER PROJECT STRONG FINANCIAL METRICS1 For personal use only Key Project Economics – Life of Mine (Stage 1 and Stage 2 Developments) Item Unit Base Case2 Spot Case3 Bowdens Silver Project Pre-Production Capex A$m 455 456 Updated study highlights Bowdens as one of the world’s premier undeve
Slide 6: Globally Significant
BOWDENS SILVER PROJECT GLOBALLY SIGNIFICANT For personal 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 PF
Slide 7: 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 sixth largest undeveloped Ag deposit. Resource estimate of 184 Moz Ag1 defined from 1,138 drill holes for c.175,000
Slide 8: Production Schedule
BOWDENS SILVER PROJECT PRODUCTION SCHEDULE1 For personal 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
Slide 9: Strike and Depth Extensions
BOWDENS SILVER PROJECT STRIKE AND DEPTH EXTENSIONS1 For personal use only 1. Refer to Silver Mines Limited ASX announcement ‘announcement “Bowdens DFS Confirms Robust Economics as Reserves Increase’” dated 21 July 2026. Open pit designs completed using US$35/oz silver price assumption. 9
Slide 10: Next Steps
BOWDENS SILVER PROJECT NEXT STEPS For personal use only NSW Permitting1 • Redetermination of NSW Development Consent. • Updated ecology surveys completed and Biodiversity assessment report submitted to state government. Advanced engineering studies and Biodiversity Offset Strategy • Commence advance
Slide 11: Key Takeaways
BOWDENS SILVER PROJECT KEY TAKEAWAYS For personal use only ► One of the world’s ► Robust DFS completed ► AISC of <A$21/oz ► Considerable premier undeveloped in Jul-262 (<US$15/oz) over the exploration potential silver assets first 5 years ► 26-yr life at 2Mtpa ► Large mineralised ► M&I Resources of
Slide 12: US Exploration: Historical Silver/Gold Camps
For personal use only US EXPLORATION HISTORICAL SILVER/GOLD CAMPS
Slide 13: Calico North
SILVER MINES LIMITED CALICO NORTH1 For personal use only Calico North – Significant Silver Camp - 310 Claims covering historic mining camp - c.40km of prospective mineralised strike1 - Adjacent to c.175Moz of resources - Recent rock chip samples assaying up to 483 g/t Geology – Vein & Disseminated S
Slide 14: Kramer Hills
SILVER MINES LIMITED KRAMER HILLS1 For personal use only Kramer Hills – Historical Gold Mine - 569 Claims covering 7km mineralised shear zone - Gold rush site and former heap leach mine - Historical drilling - 21.3m @ 7.9 g/t, 18.3m @ 4.2 g/t, 21.3m @ 3.0 g/t and 6.1m @ 6.0 g/t Geology – Shear Hoste
Slide 15: Corporate Information
SILVER MINES LIMITED CORPORATE INFORMATION For personal use only Directors Capital Structure (ASX: SVL) AUD USD Keith Perrett Non-Executive Chairman Shares on Issue (m) 2,219.4 Jonathan Battershill Managing Director Share Price ($) 20 Jul 2026 0.13 Kristen Podagiel Non-Executive Director Undiluted M
Slide 16: Investment Highlights
SILVER MINES LIMITED INVESTMENT HIGHLIGHTS For personal 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$23/oz)1,2 Re-rate potential - DFS released, NSW Permitting, multiple exploration
Slide 17: For personal use only
For personal use only Registered Office: P: +61 2 8316 3997 Level 28, 88 Phillip Street Sydney NSW 2000 F: +61 2 8316 3999 Postal Address E: info@silvermines.com.au GPO Box 255 Sydney NSW 2000 W: www.silvermines.com.au Australian Company Number 107 452 942
Slide 18: Appendix A: Resources & Reserves
For personal use only APPENDIX A RESOURCES & RESERVES
Slide 19: Appendix 1: Bowdens Silver Mineral Resources
APPENDIX 1: BOWDENS SILVER MINERAL RESOURCES (AS AT JULY 2026) For personal use only Tonnes Silver Eq. Silver Zinc Lead Gold Silver Silver Eq. 25 g/t Ag Eq Cut (Mt) (g/t) (g/t) (%) (%) (g/t) (Moz) (Moz) Measured 105 58 41 0.36 0.26 0.02 139 195 Indicated 38 44 23 0.43 0.29 0.08 29 54 Measured & Indi
Slide 20: Appendix 2: Bowdens Silver Ore Reserve
APPENDIX 2: BOWDENS SILVER ORE RESERVE (AS AT JULY 2026) For personal use only Tonnes Silver Zinc Lead Silver Zinc Lead (Mt) (g/t) (%) (% ) (Moz) (kt) (kt) Proved 44.6 61.7 0.37 0.27 88.5 165 122 Probable 3.3 47.3 0.21 0.15 4.9 7 5 Total 47.9 60.8 0.36 0.26 93.5 172 127 Notes: The Bowdens Reserve ha
Slide 21: Appendix B
For personal use only APPENDIX B BOWDENS SILVER PROJECT
Slide 22: Cost Summary
BOWDENS SILVER PROJECT COST SUMMARY1 For personal use only Pre-Production Capex Summary AISC Summary - LOM Cost Centre A$/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 Rea
Slide 23: Open Pit Mining
BOWDENS SILVER PROJECT OPEN PIT MINING For personal 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 s
Slide 24: Conventional Processing
BOWDENS SILVER PROJECT CONVENTIONAL PROCESSING For personal 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.
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$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% reco