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> SILVER MINES LIMITED 26th April 2021 Company Announcement Officer ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000 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 ACTIVITIES REPORT FOR THE QUARTER ENDED 31st March 2021 HIGHLIGHTS Bowdens Silver Project , New South Wales • Mining Lease Application lodged for the development of the Bowdens Silver Project . • 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 о Source / feeder zone to Bowdens Silver Deposit being targeted . BD21002 intercepts within Main Zone include : 34.6 metres @ 471g / t silver equivalent ( 413g / t silver , 1.14 % lead , 0.39 % zinc ) from 96 metres including : 7.0 metres @ 1090g / t silver equivalent ( 966g / t silver , 2.86 % lead , 0.56 % zinc ) from 97 metres ; and 6.1 metres @ 874g / t silver equivalent ( 789g / t silver , 1.67 % lead , 0.59 % zinc ) from 122 metres . BD20017 intercepts within Northwest Zone include : 26.1 metres @ 252 g / t silver equivalent ( 202 g / t silver , 0.31 % zinc , 1.01 % lead ) from 229 metres including : 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 . Northwest High - Grade Zone confirmed over 300 metres ( down plunge ) with a width of approximately 200m and a thickness of 5 to 25 metres . Corporate Completion of a $ 30.0 million placement to institutional , professional and sophisticated investors . Webbs and Conrad polymetallic projects sold . Silver Mines Limited ABN : 45 107 452 942 Page 1