Silver Mines Limited - Retraction Statement and Supplementary Information

About this update from Silver Mines Limited

Silver Mines Limited (ASX:SVL) (' Silver Mines' or 'Company') advises that following consultation with the ASX, the ASX has requested the Company to retract the statement in the announcement released on 12 June 2025 titled 'Exploration Portfolio Transformed by Purchase of Californian Silver and Gold Assets' ('Announcement') relating to assays reported in historical documents and quoted on page 1 of the announcement relevant to the Calico North Project , on the basis the statements do not meet the requirements of either Listing Rule 5.7 or the ASX Mining Reporting Rules for Mining Entities: FAQs. The Company therefore retracts the statement relating to these assays recorded by previous exploration and mining activities on page 1 of the announcement relevant to the Calico North Project . As a consequence of the retraction, the Company advises that investors should not rely on the statement relating to historical assays relevant to the Calico North Project on page 1 for their investment decisions. The Company also provides the following further disclosure to the section of the Announcement titled: 'Exploration Target Data and Estimation Methodology': The oxide Exploration Target mid-point tonnage of 6.8 Million Tonnes is taken from the document lodged by Beaver Resources with the Lahontan Water Board1 ('Document'), with the upper and lower target bounds set at 25% either side of that midpoint. The midpoint has been considered in the context of other information known the Company concerning the asset (in particular, historical production, exploration results disclosed in accordance with Listing Rule 5.7, and the other general information available concerning the area ('Supporting Information'). In the Document, five pit outlines were presented, and the actual mining centred on the historical Shaherald pit. Due to problems encountered in the heap leach, mining was abandoned and only a small portion of planned Pit 1 was mined. Oxidation is described to depths of between 36 to 42 metres1 , so the planned pit depth is assumed to be around 40 metres. The mineralisation disclosed in the Document was used to inform the oxide Exploration Target as constrained by the planned pit outlines, and initial drilling will be aimed at assessing these targets. The Supporting Information has been overlayed over the outlines of the Exploration Target, demonstrating the consistency of the Supporting Information with the pit outlines set out in the Document. While accurate depletion records cannot be found, this is not considered material given the small amount of mining in the actual Beaver Pit 1 (that was centred on thehistorical Shaherald Pit ), compared to the planned Pit. Contact: Jo Battershill Tel: +61 2 8316 3997 Forward-Looking Statements This announcement may contain certain forward-looking statements, guidance, forecasts, estimates, prospects, projections or statements in relation to future matters that may involve risks or uncertainties and may involve significant items of subjective judgement and assumptions of future events that may or may not eventuate (Forward-Looking Statements). Forward-Looking Statements can generally be identified by the use of forward-looking words such as 'anticipate', 'estimates', 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or similar expressions and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production and expected costs. Indications of, and guidance on future earnings, cash flows, costs, financial position and performance are also Forward Looking Statements. Persons reading this announcement are cautioned that such statements are only predictions, and that actual future results or performance may be materially different. Forward-Looking Statements, opinions and estimates included in this announcement are based on assumptions and contingencies which are subject to change, without notice, as are statements about market and industry trends, which are based on interpretation of current market conditions. Forward-Looking Statements are provided as a general guide only and should not be relied on as a guarantee of future performance. No representation or warranty, express or implied, is made by Silver Mines that any ForwardLooking Statement will be achieved or proved to be correct. Further, Silver Mines disclaims any intent or obligation to update or revise any Forward-Looking Statement whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law. (C) 2025 Electronic News Publishing, source ENP Newswire

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