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> SILVER MINES LIMITED 29th October 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 30th September 2021 HIGHLIGHTS Bowdens Silver Project , New South Wales Final stages for the approvals for the Bowdens Silver Project open - cut mine development . • 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 Expanded Exploration Program A 30,000 metre program continues with four rigs operational on site , the largest exploration campaign at Bowdens Silver in four years . Recent drilling at the Northwest Zone , the Aegean Zone and the Bundara Zone has demonstrated considerable high - grade potential immediately beneath the current designed open - pit Ore Reserve . These high - grade drill results include : ○ 8.3 metres @ 354 g / t silver equivalent ( 276 g / t silver , 2.15 % lead , 0.10 % zinc and 0.31 g / t gold ) from 263 metres in BD21006 . O 13.0 metres @ 264 g / t silver equivalent ( 188 g / t silver , 1.66 % lead , 0.40 % zinc ) from 207 metres in BD21011 . ○ 4.0 metres @ 980 g / t silver from 311 metres in BD21014 . ○ 6.0 metres @ 382 g / t silver equivalent ( 349 g / t silver , 0.16 % zinc and 0.75 % lead ) from 191m in BD21021 . Bowdens Silver Underground Mining Scoping Study With ongoing outstanding drilling success , a Scoping Study for potential underground mining scenarios at Bowdens Silver has commenced in parallel with high - grade mineral resource estimation . Silver Mines Limited ABN : 45 107 452 942 Page 1