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> SILVER MINES LIMITED 29 January 2021 Company Announcement Officer ASX Limited Exchange Centre 20 Bridge Street Level 11 , 52 Phillip St Sydney NSW 2000 P : +61 2 8316 3997 F : +61 2 8316 3999 Info@silvermines.com.au www.silvermines.com.au SYDNEY NSW 2000 ACTIVITIES REPORT FOR THE QUARTER ENDED 31 December 2020 HIGHLIGHTS Bowdens Silver Project , New South Wales • As previously announced , completion of the public submission period for the Development Application and associated Environmental Impact Statement . • The Company received no objections to the Project from any of the Government agency regulators and received resounding public support for the Project . Bowdens Silver Exploration Northwest High - Grade Zone consists of several stacked mineralised horizons 1 to 20 metres thick , with a width of approximately 200 metres , down - plunge extents confirmed over 300 metres and remains open down - plunge . Results include : о 26.1 metres @ 252 g / t silver equivalent ( 202 g / t silver , 0.31 % zinc , 1.01 % lead ) from 229 metres in BD20017 ; including : о ○ 10.1 metres @ 460g / t silver equivalent ( 357g / t silver , 0.47 % zinc , 1.86 % lead , 0.22g / t gold ) from 245 metres in an epithermal breccia pipe : 4.6 metres @ 430 g / t silver equivalent ( 215 g / t silver , 3.1 % zinc , 1.9 % lead ) from 230 metres in BD20012 ; and о 2.8 metres @ 706 g / t silver equivalent ( 169 g / t silver , 3.2 g / t gold , 1.3 % zinc , 6.5 % lead ) from 274 metres . Tuena Project , New South Wales 4,000 metre drilling program commenced . Initial results include : 4.0 metres @ 6.88 g / t gold from 98 metres in TRC20010 . Webbs and Conrad Projects , New South Wales Agreements entered for the sale of the Webbs and Conrad polymetallic projects . Silver Mines Limited ABN : 45 107 452 942 Page 1