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INVESTOR PRESENTATION Jo Battershill – Managing Director Market Update Date – September 2025 For personal use only
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You are advised to read the following carefully before making any use of the information contained in this presentation. This presentation is dated 08 September 2025 (“Presentation”) and has been prepared by Silver Mines Limited (ACN 107 452 942 ) (ASX ticker SVL) (“Silver Mines” or the “Company”). This Presentation has been authorised for release to ASX by the Managing D irector of the Company. Summary information The material contained in this Presentation is a summary and for information purposes only. The information in this Presentation is general in nature and does not purport to be accurate nor complete, nor does it conta in all of the information that an investor may require in evaluating a possible investment in the Company, nor does it contain a ll the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporatio ns Act 2001 (Cth) (“Corporations Act”). It has been prepared by the Company with due care but no representation or warranty, exp ress or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or concl usions in this Presentation by the Company or any other party involved in its preparation. Reliance should not be placed on information or opinions contained in this Presentation and, the Company does not have any obligation to finalise, correct or update the content of this Presentation. Certain data used in this Presentation may have been o btained from research, surveys or studies conducted by third parties, including industry or general publications. To the maximum extent permitted by law, the Company is not responsible for updating, nor undertakes to update, this Presentat ion. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au or at https://www.silvermines.com.au/news-announcements/. Past performance Past performance metrics and figures (including past share price performance of the Company), as well as any historic or pro forma financial information, that is included in this Presentation are provided for illustrative purposes only and should not be relied upon as (and is not) an indication of the Company’s views, or that of any other party involved in its preparation, on the Company’s f uture financial performance or condition or prospects. Investors should note that past performance of the Company, including in relation to the historical trading price of the Company’s shares, production, mineral resources and ore reserves, costs and other historical financial information cannot be relied upon as an indicator of (and provides no guidance, assurance or guarantee as to) future p erformance, including the future trading price of shares. The historical information included in this presentation is, or is based on, in formation that has previously been released to the market. Forward-looking statements and forecasts The material in this presentation contains certain forecasts and forward-looking information, including regarding possible or assumed future performance or potential growth of Silver Mines. Such information is not a guarantee of future performance and i nvolves unknown risks and uncertainties, as well as other factors, many of which are beyond the control of Silver Mines. Actual resul ts and developments may differ materially from those expressed or implied by these forward -looking statements depending on a variety of factors. No representation or warranty, expressed or implied, is made or given by or on behalf of Silver Mines, any of Silver Mines’ d irectors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this pr esentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstat ements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation. Investors are cautioned not to place undue reliance on such statements. The Company undertakes no obligation to update public ly or release any revisions to these forward-looking statements. Accordingly, neither Silver Mines nor any of the Silver Mines directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a re sult of relying upon the statement or as a result of any admission in, or any document supplied with, this presentation or by any future communica tions in connection with such documents and any such liabilities are expressly disclaimed. Not an offer This Presentation is not an offer or invitation for subscription or purchase of, or a recommendation in relation to, securiti es in the Company and neither this Presentation nor anything contained in it shall form the basis of any contract or commitment. This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. Currency, figures and financial reports All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. Amounts, totals and change percentages are c alculated on whole numbers and not the rounded amounts presented. The Company’s financial year is 1 July to 30 June. IMPORTANT NOTICES AND DISCLAIMER 2 For personal use only
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IMPORTANT NOTICES AND DISCLAIMER 3 JORC Code It is a requirement of the ASX Listing Rules that the reporting of Ore Reserves and Mineral Resources in Australia comply wit h the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). Invest ors outside Australia should note that while Ore Reserves and Mineral Resources estimates of the Company in this document comply with the JORC Code (such JORC Code-compliant Ore Reserves and Mineral Resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instr ument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43 -101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Inform ation contained in this document describing mineral deposits may not be comparable to similar information made public by comp anies subject to the reporting and disclosure requirements of Canadian or US securities laws. Mineral Resources and Ore Reserves This Presentation contains estimates of the Company's Mineral Resources and Ore Reserves – refer to Appendix 1 and Appendix 2 in particular. The information in this Presentation that relates to the Company’s Mineral Resources and Ore Reserves has been extracted from the Company's previous ASX announcements including: 1. ASX Announcement “Bowdens Silver Project Ore Reserves Increased to 71.7Moz Silver” dated 20 December 2024; and 2. ASX Announcement “Amendment to Announcement – Bowdens Silver Project Ore Reserves Increased to 71.7Moz Silver” dated 10 January 2025. Copies of these announcements are available at www.asx.com.au or https://www.silvermines.com.au/news-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included i n those announcements and, in relation to the estimates of the Company’s Mineral Resources and Ore Reserves, that all material assump tions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially mo dified from those announcements. Production Targets The information in this Presentation that relates to Production Targets has been extracted from the Company's ASX Announcemen t “Bowdens Optimisation Study Outlines Robust, High Margin Silver Project” dated 20 December 2024. A copy of this announcements is available at www.asx.com.au or https://www.silvermines.com.au/news-announcements/. The Company confirms that it is not aware of any new information or data that materially affects the information included i n those announcements and, in relation to the Production Targets, that all material assumptions and technical parameters underpinning the estimates in the announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement. The Ore Reserves underpin ning the production targets were prepared by a Competent Person in accordance with the JORC Code. Exploration Results The information in this presentation that relates to Exploration Results has been extracted from various Silver Mines ASX ann ouncements and are available to view on the Company’s website at www.silvermines.com.au or through the ASX website at www.asx.co m.au (using ticker code “SVL”). The Company confirms that it is not aware of any new information or data that materially affects t he information included in the original market announcement. The Company confirms that the form and context in which the Compete nt Person’s findings are presented have not been materially modified from the original market announcement. No liability This Presentation has been prepared by the Company in good faith, based on information available to it, including information from third parties, and has not been independently verified. No representation or warranty is made as to the accuracy, complete ness or reliability of the information. To the maximum extent permitted by law, each of the Company and its related bodies corporate, and their respective its direct ors, employees, agents and advisers: 1. expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, f or any loss arising from the use of or reliance on information contained in this presentation including representations or warra nties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implie d, contained in, arising out of or derived from, or for omissions from, this presentation including, without limitation, any fin ancial information, any estimates or projections and any other financial information derived therefrom, whether by way of negligence or otherwise; and 2. expressly excludes and disclaims all liabilities in respect of, makes no representations regarding, any part of this Presenta tion and make no representation or warranty as to the currency, accuracy, adequacy, reliability or completeness or fairness of a ny statements, estimates, options, conclusions or other information contained in this Presentation; and 3. expressly excludes and disclaim all liability, for any expenses, losses, damages or costs incurred by you as a result of the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or other wise. Statements made and information presented in this Presentation are made and presented only as at the date of this Presentation, and is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation remains sub ject to change without notice. For personal use only
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0 5 10 15 20 25 30 35 40 45 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 XAG (US$/oz) SVL (A$/sh) SVL XAG AUD USD Shares on Issue1 (m) 2,128.5 Share Price ($) 5 Sept 2025 0.145 Undiluted Market Capitalisation ($m) 308.6 202.1 Cash2 ($m, end Jun 2025) 19.3 12.6 Enterprise Value ($m) 289.3 189.5 Listed Options June 2026 - A$0.1196/sh 90.6m Keith Perrett Non-Executive Chairman Jonathan Battershill Managing Director Kristen Podagiel Non-Executive Director Rob Dennis Non-Executive Director SILVER MINES LIMITED CORPORATE INFORMATION 4 1Includes shares issued from fund raising during the September period - Refer to Silver Mines Limited announcement ‘Placement & SPP to Raise $33 million’, 5 August 2025. 2Excludes funds from raising during the September period - Refer to Silver Mines Limited announcement ‘Placement & SPP to Raise $33 million’, 5 August 2025. Directors Capital Structure (ASX: SVL) Trading History Average daily volume of 5.2m shares 2,128.5m shares on issue A$19m Cash2 (end Jun-25) 32.2m Incentive Options & Rights Correlation = 65% For personal use only
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BOWDENS SILVER PROJECT INTRODUCTION 5 Bowdens Silver Project Bowdens Silver Project located in central New South Wales, Australia Project 100% owned, acquired by SVL in 2016 Bowdens is a low to intermediate sulphidation, epithermal deposit. Discovered by CRAE in 1989 Resource estimate of 180Moz Ag defined from 854 drill holes for over 161,000m of drilling Asset Location For personal use only
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0 50 100 150 200 250 300 350 P&P Reserves (Ag Moz) BOWDENS SILVER PROJECT GLOBALLY SIGNIFICANT 1. Refer to Appendix C for full table regrading peer comparisons in the above charts. 6 One of the Most Advanced 0 100 200 300 400 500 600 M&I Resources (Ag Moz) One of the Largest Globally FS – Dec 24 One of the largest global resources of contained silver (M&I) FS – Feb 24 FS – Feb 19 PFS – Jun 24 PFS – Dec 24 PEA – Feb 25 FS – Oct 09 FS – Mar 14 FS – Feb 25 PFS – Oct 24 FS – Feasibility Study PFS – Pre-Feasibility Study PEA – Preliminary Economic Assessment Up-to-date, optimised feasibility in Tier One jurisdiction For personal use only
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BOWDENS SILVER PROJECT OPTIMISATION STUDY HIGHLIGHTS1 7 1. Refer to Silver Mines Limited announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, 20 December 2024. 2. Financial estimates based on silver price assumption of US$29/oz, Zn at US$1.35/lb, Pb at US$1.05/lb and a AUDUSD FX forecast of 0.67 3. Spot estimate based on silver price of US$41.07 and AUDUSD FX rate of 0.6549 4. Refer Appendices 1 & 2 Significant Reserves LOM ~72Moz Silver Long Life Operation 16½ year mine life Low Cost – High Margin LOM AISC <A$25/oz (vs Spot3 A$63/oz) Robust Operating Margin LOM Operating Margin A$948m2 Pre-Production Capital Costs A$331m (US$216m) NPV and Payback Period NPV5 A$359m (pre-tax) & 3.9 Years2 Ore Reserves of 32.8Mt (28.1Mt in Optimisation)4 Conventional mining and processing Single, high-grade silver concentrate with minor Zn & Pb Potential high-grade underground optionSignificant leverage to silver price with >85% of revenue from silver2 For personal use only
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0 20 40 60 80 100 120 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Processed Grade (Ag g/t) Metal in Concentrate (Ag Moz , Zn/Pb Moz AgEq) Ag in Conc Zn (AgEq) Pb (AgEq) Processed grade BOWDENS SILVER PROJECT PRODUCTION SCHEDULE1 8 Years 1 to 10 - Average 4.2Moz Ag at 83 g/t Ag Average 2.7Moz Ag at 53 g/t Ag 1Refer to Silver Mines Limited ASX announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, dated 20 December 2024 For personal use only
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BOWDENS SILVER PROJECT PROJECT OPTIONALITY 1Refer to ASX announcement, ‘Bonanza Grade Silver from the Aegean Zone at Bowdens Silver Deposit’’ – 15 May 2023 2Refer to ASX announcement, ‘Semi-massive and Massive Sulphide Discovery at Bowdens Silver’ – 15 March 2017 3Refer to ASX announcement, ‘Exceptional High-Grade Drill Results from Bowdens Silver’ – 14 May 2021 4Whittle shell outline at 2.0x revenue factor does not take into account any potential increases to costs 5Refer to ASX announcement, ‘Significant Bulk Sampling and Blast Hole Results’ – 19 March 2024 9 ► Mineralised system remains open beneath open pit design ✓ 6.0m @ 1251g/t AgEq1 ✓ 18.3m @ 443g/t AgEq2 ✓ 8.0m @ 543g/t AgEq3 ► Potential high-grade underground option to supplement plant feed ► Potential plant modifications ✓ Plant expansion to lift throughput in Yr-6 or Yr-11 ✓ Ore-Sorting to lift grade in years 11 to 15. Test-work demonstrates validity on medium-grade ore ► Further studies required on both options ► Opportunity to expand the pit at higher silver prices4 ► There is a large remaining resource base outside the current reserve estimate ► Whittle shells at 2.0x Revenue Factor shows significant potential upside to mine life ► Assays from bulk samples highlight potential conservatism within the MRE5 ► High-grade results averaged 43% higher than block model grades ► Results demonstrate potential for significant upside in Bowdens Silver mining scenarios For personal use only
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BOWDENS SILVER EXPLORATION STRIKE AND DEPTH EXTENSIONS Bowdens’ silver equivalent (AgEq) assumes prices of US$27.50/oz silver, US$2,950/t zinc, US$2,350/t lead and US$2,200/oz gold with metallurgical recoveries of 86.2% silver, 92.2% zinc, 84.7% lead and 80% gold estimated from test work commissioned by Silver Mines Limited. AgEq formulae AgEq = Ag + Pb*0.002612 + Zn*0.003569 + Au*74.25 with all metals stated in g/t. It should be noted metal prices used in the Ore Reserve differ due to different timing of the Ore Reserve reporting. In the Company’s opinion, the silver, zinc, lead and gold included in the metal equivalent calculations have a reasonable potential to be recovered and sold. 10 For personal use only
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BOWDENS SILVER PROJECT KEY CONCLUSIONS 11 ► Largest silver development project in Australia ► M&I Resource of 164 Moz Ag and Reserve of 71.7 Moz Ag ► >85% of revenue from silver ► Permitting activities remain ongoing ► Considerable exploration potential ► Large mineralised system remains open at depth ► Gold and copper identified within the broader mineralised system ► Optimisation Study completed in Dec-242 ► 16½ year mine life at 2Mtpa producing total of ~53Moz Ag ► Pre-production capex of A$331m ► Average output of 4.25Moz Ag p.a. in the first 10 years ► AISC of <A$23/oz (~US$15/oz) over the first 10 years ► LOM operating margin of A$948m ► Pre-tax NPV5 $359m ► Profitability Index of 1.76x ► Payback of 3.9 years ► Assets located in a low-risk jurisdiction for mining development ► Ready access to existing infrastructure ► Substantial leverage to the silver price ► Single open-cut mine with uncomplicated mining ► Low strip ratio and standard metallurgy ► Potential expansion opportunities from open pit and underground ► Long mine life 1 1Refer to Appendices 1 & 2 for further details regarding mineral resource estimates and ore reserves. 2Refer to Silver Mines Limited ASX announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, dated 20 December 2024. For personal use only
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US EXPLORATION HISTORICAL SILVER/GOLD CAMPSFor personal use only
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SILVER MINES LIMITED CALICO NORTH1 131. Refer to Silver Mines Limited announcement ‘US Silver-Gold Acquisitions Transform Exploration Portfolio’, 12 June 2025 (and the amendment to announcement 24 June 2025). Calico North – Significant Silver Camp - 310 Claims covering historic mining camp - c.40km of prospective mineralised strike - Adjacent to c.175Moz of resources - Recent rock chip samples assaying up to 483 g/t Geology – Vein & Disseminated Silver - High-grade veins, disseminated volcanic and breccias - Veins continue below known silver mineralisation - Encouraging thickness to many mineralised zones Barite – A Critical Mineral - Historical barite mine located within the claim area - c.75% of US barite supply is imported from China/India For personal use only
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SILVER MINES LIMITED KRAMER HILLS1 141. Refer to Silver Mines Limited announcement ‘US Silver-Gold Acquisitions Transform Exploration Portfolio’, 12 June 2025 (and the amendment to announcement 24 June 2025). 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 Hosted Gold - Disseminated gold within Mesozoic altered schist - Higher concentrations within veins / along contact Previously Permitted Mine - Heap Leach permitted in 1987 for 5 pits (6.8Mt) - Historical water bore drilled 97.6m mineralisation For personal use only
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Postal Address GPO Box 255 Sydney NSW 2000 Registered Office: Level 28, 88 Phillip Street Sydney NSW 2000 Australian Company Number 107 452 942 P: +61 2 8316 3997 F: +61 2 8316 3999 W: www.silvermines.com.au E: info@silvermines.com.au For personal use only
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APPENDIX A BOWDENS SILVER PROJECTFor personal use only
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30 g/t Ag Eq Cut Tonnes (Mt) Silver Eq. (g/t) Silver (g/t) Zinc (%) Lead (%) Gold (g/t) Silver (Moz) Silver Eq. (Moz) Measured 100 65 42 0.37 0.27 0.03 135 207 Indicated 43 52 21 0.41 0.28 0.11 30 71 Measured & Indicated 143 61 36 0.38 0.27 0.06 164 278 Inferred 36 48 14 0.42 0.32 0.14 16 55 Total 179 58 31 0.39 0.28 0.07 180 334 APPENDIX 1: BOWDENS SILVER MINERAL RESOURCES (AS AT DECEMBER 2024) The Bowdens Mineral Resource Estimate has been compiled by H&S Consultants Pty Ltd using Multiple Indicator Kriging and the reporting is compliant with the 2012 JORC Code and Guidelines. For full disclosures refer to the Silver Mines Limited announcement of 20 December 2024. 1. Bowdens Silver Mineral Resource Estimate reported to a 30g/t AgEq cut off extends from surface and is trimmed to above 300 metres RL, approximately 320 metres below surface, representing a potential target volume for future open-pit mining and expansion. 2. Bowdens’ silver equivalent (AgEq) assumes prices of US$27.50/oz silver, US$2,950/t zinc, US$2,350/t lead and US$2,200/oz gold with metallurgical recoveries of 86.2% silver, 92.2% zinc, 84.7% lead and 80% gold estimated from test work commissioned by Silver Mines Limited. AgEq formulae AgEq = Ag + Pb*0.002612 + Zn*0.003569 + Au*74.25 with all metals stated in g/t. It should be noted metal prices used in the Ore Reserve differ due to different timing of the Ore Reserve reporting. 3. In the Company’s opinion, the silver, zinc, lead and gold included in the metal equivalent calculations have a reasonable potential to be recovered and sold. 4. Stated Mineral Resources are partially inclusive of areas of the total Underground Mineral Resource Estimate at 150 g/t Silver Equivalent (AgEq) Cut-off Grade above 300mRL. See ASX announcement dated 5th September 2022. 5. Variability of summation may occur due to rounding. 6. Oxide and transitional material comprise 0.4% and 2.9% of the Resource tonnage, containing 1 Moz and 9 Moz AgEq respectively. 17 For personal use only
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Tonnes (Mt) Silver (g/t) Zinc (%) Lead (% ) Silver (Moz) Zinc (kt) Lead (kt) Proved 31.5 68.7 0.38 0.30 69.6 120.8 93.5 Probable 1.3 50.6 0.19 0.16 2.1 2.5 2.0 Total 32.8 68.0 0.38 0.29 71.7 123.3 95.6 APPENDIX 2: BOWDENS SILVER ORE RESERVE (AS AT DECEMBER 2024) 18 Notes: The Bowdens Reserve has been compiled by Resolve Mining Services and is based on the December 2024 Mineral Resource Estimate generated for Silver Mines by H & S Consultants Pty Ltd (see ASX announcement 20 December 2024). For full disclosures refer to the Silver Mines Limited announcement of 20 December 2024. 1. Ore Reserves are a subset of Mineral Resources. 2. Ore Reserves conform with and use the JORC Code 2012 definitions. 3. Ore Reserves are calculated using Silver, Lead and Zinc pricing of US$29/oz, US$1.05/lb and US$1.35/lb respectively 4. Ore Reserves are calculated using a Net Smelter Return cut-off grade of 27g/t Ag under these assumptions 5. Tonnages are reported including mining dilution 6. All figures are rounded to reflect appropriate levels of confidence which may result in apparent errors of summation. For personal use only
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BOWDENS SILVER PROJECT OVERVIEW 1. Refer to Appendices 1 & 2. 2. Bowdens’ silver equivalent assumes prices of US$27.50/oz Ag, US$2,950/t Zn, US$2,350/t Pb and US$2,200/oz Au with metallurgical recoveries of 86.2% Ag, 92.2% Zn, 84.7% Pb and 80% Au estimated from test work commissioned by Silver Mines Limited. Silver equivalent formulae AgEq = Ag + Pb*0.002612 + Zn*0.003569 + Au*74.25 with all metals stated in g/t. In the Company’s opinion, the silver, zinc, lead and gold included in the metal equivalent calculations have a reasonable potential to be recovered and sold. 19 Highlights Timeline of major milestones The largest silver development project in Australia 100% owned asset located in NSW Mineral Resource base of 180Moz silver (334Moz AgEq) Ore Reserve of 71.7Moz for an operational life of 16½ years Pre-production capital expenditure of A$331m 2.0Mtpa plant producing single high-grade Ag concentrate LOM AISC forecast to be <A$25/oz (~US$16/oz) High-grade mineralisation remains open at depth Reserves and Resources(1 & 2) Sept 2017 MRE update (163Moz Ag) Jun 2018 Feasibility Study completed Mar 2023 MRE update (189Moz Ag) May 2018 Ore Reserve completed (66Moz Ag) May 2020 EIS completed; DA Submitted Apr 2023 NSW State mine development approvals received Tonnes Grade Contained Metal Mt Ag g/t Zn % Pb % AgEq2 g/t Ag Moz Zn kt Pb kt Au koz AgEq2 Moz Ore Reserve 32.8 68 0.38 0.30 n/a 71.7 123 96 - n/a Mineral Resource 180 31 0.39 0.28 58 180 696 501 426 334 Aug 2024 Court of Appeal suspends the NSW approval consent Dec 2024 MRE (180Moz Ag1) & ORE (71.7Moz Ag1) update; Optimisation Study completed Jun 2025 Determination from NSW Planning Secretary – key step to regaining consent For personal use only
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BOWDENS SILVER PROJECT OPEN PIT MINING 201. Refer to Silver Mines Limited ASX announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, dated 20 December 2024. Open Pit Design Open Pit Mining Parameters1 Conventional open pit - primary fleet of 1 excavator (200t) and 7 trucks (100t) Five stage pit – 72.5% of tonnes in Stages I – IV. Stage V to commence in Yr-9 Primary mining activities are planned to be 7-days per week, dayshift only Bench heights are planned at 5m LOM strip ratio of 1.49:1.0 (total waste of 48.2Mt) Mining rate limited to keep the low-grade stockpile to a maximum size of 2Mt LOM mined grade of 71 g/t Ag based on A$30/t NSR cut-off 71.7Moz silver mined over 16-yrs LOM open pit mining cost of A$7.12/t For personal use only
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BOWDENS SILVER PROJECT CONVENTIONAL PROCESSING 211. Refer to Silver Mines Limited ASX announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, dated 20 December 2024. Processing Parameters1 Cyanide eliminated from the processing flow sheet Processing scheduled at 2.0Mtpa via a conventional flow sheet Single stage primary jaw crushing, two stage SAG and ball mill with pebble crusher Rougher and scavenger flotation with concentrate regrind prior to cleaner flotation Production of a high-grade, bulk silver, lead and zinc concentrate Grind size optimised at p80 passing 106 µm – concentrate regrind to a p80 of 17µm Silver recovery modelled at 82.7% (Zn at 88.7% and Pb at 82.7%) Tailings are dewatered for dry stacking LOM processing cost of A$20.78/t For personal use only
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BOWDENS SILVER PROJECT SITE DISTURBANCE MINIMISED 22 Site design optimised1 Open pit mine design now smaller with lower strip ratio Day shift mining only potential to lower noise The height of the Waste Rock Dump design can be lowered to reduce visual impacts Moving to single stream concentrate, removes Cyanide from the process plant and tails No requirement for trucks to haul waste rock to the tailings site on public roads Tailings Storage Facility change to Dry-Stack (dewatered) being investigated - disturbance footprint would be half of original design Dewatering of the tailings for dry stacking substantially reduces site water losses and seepage Overall changes lead to significant reduction to the overall disturbance footprint 1Refer to Silver Mines Limited ASX announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, dated 20 December 2024 For personal use only
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BOWDENS SILVER PROJECT COST SUMMARY1 23 Cost Centre A$/t Ore A$/oz Opex Mining & Rehab 18.73 10.45 Processing 20.78 11.60 G & A 5.65 3.15 Realisation1 6.15 3.43 Royalties2 4.41 2.46 By-products (11.79) (6.59) Sub-total - Opex 43.91 24.51 Sustaining Plant 0.39 0.22 Waste Management 0.13 0.07 Sub-total - Sustaining 0.53 0.29 LOM AISC 44.45 24.81 81 41 44 29 37 94 6 A$m 0 50 100 150 200 250 300 350 Pre-Production Capex Summary Process Plant Site Infrastructure Off-site Infrastructure Waste Management Mobile Plant Pre-Production Indirects AISC Summary 1. Realisation costs include Shipping and Smelter TC/RC’s 2. Royalties include both NSW and private 1.Refer to Silver Mines Limited ASX announcement ‘Bowdens Optimisation Study Outlines Robust, High Margin Silver Project’, dated 20 December 2024 For personal use only
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APPENDIX B SILVER – THE METAL OF INNOVATIONFor personal use only
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SILVER WHY SILVER? * Excluding Photovoltaics 25 ► Monetary value and store of wealth ► Highest electrical and thermal conductivity of all metals ► The best reflector of visible light ► Global efforts to electrify and decarbonize will contribute to increased silver demand: ► Solar powered renewable energy ► Electric vehicles – solid state Ag-C batteries ► Broadband cellular (5G) Portfolio diversification A tangible asset Universal recognition with good liquidity A store of value and wealth for over 4,000 yrs Hedge against inflation A safe haven in times of geopolitical risk Photovoltaics (17% of demand) Batteries Jewellery Water purification Electrical (23% of demand*) 5G networks Financial Industrial For personal use only
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SILVER SOLAR LEADING THE CHARGE Index is based on silver loadings per cell. Source: Metals Focus, April 2023 26 PV sector consumed 17% of total supply in 2024 ► Around 3 million solar panels are required to generate 1GW of energy ► Solar capacity in China hit 886GW at the end of 2024 ► Solar capacity in the US hit 178GW at the end of 2024 ► Solar capacity in India has just reached 100GW… ► It took 70-years to reach 1TW of global installed capacity ► The second 1TW took just 2-years ► Cost per watt has dropped 98% since 1998 The global solar industry is now valued at over $350bn pa and is still growing Demand from solar forecast to grow 3x by 2030 75TW of capacity required to meet decarbonisation goals globally Index (2010=100) Moz 100 80 60 40 0 20 Demand has surged despite thrifting 0 20 40 60 80 100 120 140 160 180 200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fabrication (Moz) Ag Loading For personal use only
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Mine production 81%Recyling 19% Silver supply 1,015 Industrial applications 58% Jewellery 18% Investment 16% Silverware 5% Photography 2% Silver demand 1,164 SILVER KEY STATISTICS / SUPPLY & DEMAND Supply and demand information relates to 2024 estimates from the Silver Institute (www.silverinstitute.org) 27 81% of annual silver supply sourced from mining 19% of annual silver supply sourced from recycling ~820M annual mine production ~1,164M annual consumption ► Industrial applications: electronics | solar | medicine | water purification | window manufacturing 7:1 silver : gold mine supply ratio Deficit Cumulative deficit of 692Moz 2021 – 2024 118Moz forecast in 2025 Silver price CAGR 7.8% since 2003 low vs US average annual CPI 2.5% ► Five distinct periods of silver demand, three that are strengthening: ► Monetary (2000 BC to 1936 AD) ► Photographic (1900 – 1999) ► Industrial (1940 to present) ► Investment (2000 to present) ► Energy (2010 to present) 90:1 silver : gold price ratio (Long term average 60:1) Electrical/electronics 39% Photovoltaics 29% Other Uses 24% Brazing Alloys 8% 5:1 gold : silver daily traded value ratio For personal use only
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APPENDIX C GLOBAL PEER COMPSFor personal use only
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GLOBAL PEER COMPARABLES 29 1. All documents available on Company websites, SEDAR+ or ASX 2. Silver Equivalent (AgEq) calculations all based on silver price of US$29/oz, gold US$2500/oz, zinc US$1.35/lb, lead US$1.05/lb and copper US$4.00/lb. The AgEq calculation assumes 100% recovery of all metals 3. Status abbreviations: FS – Feasibility Study, PFS – Pre-Feasibility Study, PEA – Preliminary Economic Assessment, Exp – Exploration 4. Code abbreviations: NI43-101 – Canadian National Instrument, JORC – Australian Joint Ore Reserve Committee 5. Silver (%) refers to the proportion of silver relative to the AgEq resources and reserves For personal use only