Earnings release
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Level 28, 88 Phillip St Sydney NSW 2000 P: +61 2 8316 3997 F: +61 2 8316 3999 Info@silvermines.com.au www.silvermines.com.au Silver Mines Limited ABN: 45 107 452 942 Page 1 31 July 2026 ACTIVITIES REPORT FOR THE QUARTER ENDED 30 June 2026 (“Quarter”) HIGHLIGHTS Definitive Feasibility Study , Life of Mine Plan, Ore Reserves and Mineral Resource Estimate • Subsequent to the Quarter, the Company announced a DFS which positions the Bowdens Silver Project (“BSP”) as one of the world's premier undeveloped silver projects. Silver Ore Reserves have been increased to 47.9Mt at 60.8 g/t Ag for 93.5Moz with 91% of the Project revenue expected to be derived from silver.1 • The initial stage 1 of the proposed development will focus on a subset of the Life of Mine (LOM) plan containing 29.9Mt at 68 g/t Ag for 65.4Moz, over a 16 -year period with a low strip ratio of 1.47:1.0 (waste:ore).1 • A second stage supported by pre -feasibility study level works, subject to approvals, is expected to ultimately result in mining and processing of the remaining 18.3Mt for a total mine operational life of 26 years with a LOM strip ratio of 1.69:1.0.1 • Subsequent to the Quarter, the Company also announced an updated Mineral Resource Estimate (“MRE”) and updated Ore Reserves.1 • Ore Reserves total 47.9 million tonnes at 60.8 g/t silver, 0.36% zinc and 0.26% lead for an increase of 46% to the ore tonnes relative to the 2024 Ore Reserve estimate with an A$30 per tonne NSR cut off.1 • The contained silver in Ore Reserves has increased by 30% to 93.5 million ounces and silver is now forecast to contribute around 91% of the revenue in the mine plan, up from 85% in the 2024 Ore Reserves estimate.1 • The 2026 M RE above 25g/t AgEq 2 cut-off grade reflects additional drilling (including a further 2,248 assays from 2,265m drilled), updated geological domains, improved metallurgy and changes to metal pricing assumptions. Bowdens Silver Project, New South Wales • The Company continue s to pursue the redetermination of the B SP through the NSW Department of Planning Housing and Infrastructure (“DPHI”) planning approvals system. • The Company has submitted an updated Biodiversity Development Assessment Report for the Bowdens Project along with an associated response to DPHI relating to R equests for Information. It is now anticipated that DPHI will assess the submission material enabling it to provide an updated assessment report to 1Silver Mines Limited (ASX:SVL) release: “ Bowdens Definitive Feasibility Study Confirms Robust Economics as Reserves Lift to 93.5Moz of Silver” dated 21 July 2026. 2Refer Notes on Resource Table 4 for AgEq calculations.
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Silver Mines Limited ABN: 45 107 452 942 Page 2 the Independent Planning Commission of NSW for consideration and subsequent DA redetermination. • The Company also announced the acquisition of strategic parcel of land adjacent to its Bowdens Silver Project and associated water entitlements. • The acquisition provides the Company with numerous benefits including enhanced project water security, a dditional biodiversity enhancement opportunities, together with potential employee housing and infrastructure development options. Calico North Project and Kramer Hills Farm-In • The Company announced that a rock chip and field mapping program at Calico North was completed. • Of 219 rock chips, 41 contained more than 50 g/t Ag and 21 more than 100 g/t Ag, including samples 339705, 339725 & 339847 returning assays of 1,960 g/t Ag, 435 g/t Ag & 340 g/t Ag, respectively.3 • Silver and barite, Critical Minerals in the US, were confirmed by the mapping and rock chip sampling program with best barite assays including samples 339702, 339749, 339652 returning assays of over 44.8% Ba (over detection limit), 44.3% Ba & 41.8% Ba respectively.3 • Phase one drill planning is underway for both projects. Corporate • $7.98 million was raised via the exercise of outstanding unlisted options. Bowdens Silver Project DFS, Ore Reserves and MRE On 21 July 2026, Silver Mines Limited (“Silver Mines or “ the Company ”) announced a Definitive Feasibility Study (“DFS”) for the Bowdens Silver Project (“BSP” or “Project”). The Company also announced an updated Mineral Resource Estimate (“2026 MRE”) and Ore Reserve Estimate (“2026 Reserves”) for the BSP. DFS and LOM Summary The DFS for the BSP has resulted in significant improvements to the economic parameters of the Project. The Bowdens Ore Reserve Estimate will require a staged development. The DFS for the BSP specifically references a 29.9Mt ore mine design, which is less than the 2026 Life of Mine Design (“L OM”) design which contains 48.2Mt ore. The DFS mine design only includes Stage 1 and has been intentionally limited in scale to match the Stage 1 tailings landform which has been designed to hold 30Mt of filtered tailings. Stage 2 (which includes the additional 18.3Mt for the total 48.2Mt 2026 LOM Plan) requires a Stage 2 filtered tailings landform, all other mine infrastructure is the same as the DFS. The design of the Stage 2 filtered tailings landform is at pre-feasibility study level only. All other aspects of the 2026 LOM design are at DFS level. As a result, while the combined LOM financial metrics (Tables 1 and 3Silver Mines Limited (ASX:SVL) release “Exploration Update on Californian Silver & Gold Assets” dated 16 April 2026.
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Silver Mines Limited ABN: 45 107 452 942 Page 3 2, "LOM Stage 1 and 2 Development" columns) reflect the full 26 -year mine plan, investors should note that the Stage 2 component carries a higher level of uncertainty consistent with its pre-feasibility study status. The updated studies for the BSP have demonstrated strong economics and significant improvements to the Optimisation Study (“2024 Study”) from December 2024.4 The key economics of the BSP from the DFS and 2026 LOM are set out in Table 1 below: Table 1: Bowdens Silver Project Economic Parameters Parameter Unit 2024 Study (Dec 2024) DFS Stage 1 Development (Jul 2026) LOM Stage 1 and 2 Developments (Jul 2026) Difference (DFS vs 2024 Study) Stage 1 Development Difference (LOM vs 2024 Study) Stage 1 and 2 Developments Processing Plant, Infrastructure and Sustaining Capital Process Plant (2.0Mtpa) A$m 93.8 180.5 180.5 +92% +92% Non-Processing Infrastructure A$m 122.1 113.3 113.3 -7% -7% Other A$m 78.6 107.8 107.8 +37% +37% Indirect A$m 37.1 52.9 52.9 +42% +42% Total (including contingency) A$m 332 455 455 +37% +37% Sustaining Capital (LOM) A$m 14.8 23.5 90.8 +52% +513% LOM Capex A$m 346 478 545 +38% +58% Production Summary Life of Mine (LOM) Years 16.0 16.75 26.0 +0.75 years +9.25 years LOM Strip Ratio W:O 1.49 1.47 1.69 -1% +13% Processing Rate Mtpa 2.0 2.0 2.0 n/c n/c LOM Payable Silver Production Moz 50.3 51.1 73.2 +2% +46% LOM Payable Zinc Production Kt 31 27 46 -13% +48% LOM Payable Lead Production kt 56 49 84 -13% +50% LOM Average Silver Production Mozpa 3.7 3.8 3.2 +3% -14% LOM Average Silver Recovery % 82.7 82.8 82.1 +1% -1% LOM Operating Costs 4Silver Mines Limited (ASX:SVL) release: “Optimisation Study Highlights Robust High-Margin Ag Project” dated 20 December 2024.
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Silver Mines Limited ABN: 45 107 452 942 Page 4 Parameter Unit 2024 Study (Dec 2024) DFS Stage 1 Development (Jul 2026) LOM Stage 1 and 2 Developments (Jul 2026) Difference (DFS vs 2024 Study) Stage 1 Development Difference (LOM vs 2024 Study) Stage 1 and 2 Developments Mining (including rehabilitation) A$/t milled 17.99 19.85 20.37 +10% +13% Processing A$/t milled 20.78 20.73 20.71 0% 0% Administrative A$/t milled 5.65 6.02 6.01 +7% +6% C1 Costs A$/oz 23.28 26.91 29.75 +16% +28% C1 Costs US$/oz 15.59 18.84 20.82 +21% +34% AISC A$/oz 24.81 29.32 32.91 +18% +33% AISC US$/oz 16.62 20.53 23.04 +24% +39% Project Economics LOM Pre-Tax Operating Margin A$m 948 1,812 2,390 +91% +152% NPV5% (Pre-Tax) A$m 359 877 1,043 +144% +191% NPV5% (Post-Tax) A$m 253 626 736 +147% +191% IRR (Pre-Tax) % 21.0 31.5 31.5 +50% +50% Payback (Post-Tax) Years 3.9 3.0 3.0 -23% -23% Profitability Index (x) 1.76 2.40 2.64 +36% +50% NPV (Pre-Tax) / Pre-Prod Capex (x) 1.08 1.93 2.30 +78% +113% n/c = no change. A number of scoping changes relative to the 2024 Study were made during the DFS. The key changes include: • Process flow sheet updated to minimise overgrinding of soft material. Changes include: o Addition of secondary crusher; o Inclusion of fine ore screening after the SAG mill to divert final size material directly to the flotation cells; and o Ability to by-pass fine ore screening when not needed. • Tailings filtration methodology changed from a two -step process to a single step process. Optimisation plan included a desliming step with different dewatering methods for the fines and coarse product. DFS plan is to pressure filter the entire tails stream in a single step.
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Silver Mines Limited ABN: 45 107 452 942 Page 5 The financial model developed for the Project based on the 2026 LOM plan indicates a total operating margin of A$2.39 billion, with project payback 3.0 years from the commencement of production. Project Pre-Tax NPV5 is estimated at A$1.04 billion, with an IRR of 31.5%. Project Post-Tax NPV5 is estimated at $736 million, with an IRR of 26%. Table 2: Bowdens Silver Project Economics Project Economics Parameter Unit 2024 Study (Dec 2024) DFS Stage 1 Development (Jul 2026) LOM Stage 1 and 2 Developments (Jul 2026) Difference (DFS vs 2024 Study) Stage 1 Development Difference (LOM vs 2024 Study) Stage 1 and 2 Developments Revenue A$m 2,510 3,538 5,175 +41% +106% Operating Expenses A$m 1,562 1,726 2,785 +10% +78% Operating Margin A$m 948 1,812 2,390 +91% +152% Undiscounted Cash Flow Pre-Tax A$m 631 1,434 1,945 +127% +208% Undiscounted Cash Flow Post-Tax A$m 469 1,056 1,412 +125% +201% NPV5% (Pre-Tax) A$m 359 877 1,043 +144% +190% NPV5% (Post-Tax) A$m 253 626 736 +147% +191% IRR (Pre-Tax) % 21 31.5 31.5 +50% +50% IRR (Post-Tax) % 18 26 26 +44% +44% Payback (Post-Tax) Years 3.9 3.0 3.0 -23% -23% Profitability Index (x) 1.76 2.40 2.64 +36% +50% NPV (Pre-Tax) / Pre-Prod Capex (x) 1.08 1.93 2.30 +78% +113% In terms of product value, under the 2026 LOM plan, the combination of silver and zinc, both of which are included on the NSW Critical Minerals and High -Tech Metals list, account for approximately 95% of revenue from the Bowdens Silver Project. Silver alone contributes more than 91% of revenue from the 2026 LOM plan, making the Bowdens Silver Project one of the most leveraged silver development projects in the world. Please refer to the Company’s announcement dated 21 July 2026 for full details regarding the DFS. Ore Reserve The Company, in conjunction with Resolve Mining Solutions, produced a 2026 Reserve for the BSP based on the M & I component of the 2026 MRE, refer to Table 3 and Figure 1. This represents a snapshot of the current economically extractable Resources for a given set of cost and pricing assumptions and modifying factors in accordance with the JORC Code.
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Silver Mines Limited ABN: 45 107 452 942 Page 6 The Bowdens Silver Ore Reserve is estimated at 47.9 million tonnes at 60.8 g/t silver, 0.36% zinc and 0.26% lead for 93.5 million ounces of silver, 172 kilo -tonnes of zinc and 127 kilo - tonnes of lead in contained metal. Table 3: July 2026 Ore Reserve* Reserve Grades Contained Metal Classification Tonnes (Mt) Ag (g/t) Zn (%) Pb (%) Ag (Moz) Zn (kt) Pb (kt) Proven 44.6 61.7 0.37 0.27 88.5 165 122 Probable 3.3 47.3 0.21 0.15 4.9 7 5 Total 47.9 60.8 0.36 0.26 93.5 172 127 *Notes: 1. Ore Reserves are a subset of Mineral Resources. 2. Ore Reserves conform with and use the JORC Code definitions. 3. Ore Reserves are calculated using Silver, Lead and Zinc pricing of US$35/oz, US$0.95/lb and US$1.35/lb respectively. 4. Ore Reserves are calculated using a Net Smelter Return cut-off of A$30/t 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. 7. Refer to the Company’s announcement dated 21 July 2026 for full details regarding the updated Mineral Resource Estimate. The 2026 Reserves were estimated from the 2026 MRE after consideration of the confidence levels of the resource categories and considering the relevant modifying factors. No Mineral Resources classed as Inferred have been included in the 2026 Proven or Probable Reserves. Refer to the Company’s announced dated 21 July 2026 for full details regarding the 2026 Reserve. Mineral Resource Estimate The Bowdens Silver Deposit 2026 MRE update was completed by H & S Consultants (“H&S”) using Multiple Indicator Kriging (“MIK”) for Silver and Gold and Ordinary Kriging (“OK”) for other metals. The 2026 MRE for the BSP as of July 2026 is shown in Table 4. Table 4: 2026 Mineral Resource Estimate (25 g/t AgEq cut-off)* Resource Grades Contained Metal Resource Category Mass (Mt) Ag (g/t) Zn (%) Pb (%) Au (g/t) AgEq (g/t) Ag (Moz) Zn (kt) Pb (kt) Au (koz) AgEq (Moz) Measured 105 41 0.36 0.26 0.02 58 139 377 270 81 195 Indicated 38 23 0.43 0.29 0.08 44 29 163 110 103 54 M & I 143 37 0.38 0.27 0.04 54 168 540 380 184 249 Inferred 30 16 0.44 0.33 0.12 38 16 134 101 118 37 Total 173 33 0.39 0.28 0.05 51 184 674 481 302 286 *Notes 1. Bowdens Silver Mineral Resource Estimate reported to a 25g/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 -
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Silver Mines Limited ABN: 45 107 452 942 Page 7 pit mining and expansion. 2. Bowdens’ silver equivalent assumes prices of US$35.00/oz silver, US$2,976/t zinc and US$2,094/t lead with variable metallurgical recoveries based on individual grades, estimated from test work commissioned by Silver Mines Limited. Ag recovery = (6.375*Ln(A g) + 55.199)100, Max=90.0% & Min=70.0%, Pb recovery = (8.1465*Ln(Pb) + 92.677)100, Max=95.0% & Min=75.0%, and Zn recovery = (10.298*Ln(Zn) + 98.57)100, Max=97.0% & Min=75.0%. Silver equivalent formula AgEq(g/t) = Ag(g/t) + Pb(%) x Pb_price/100 x Pb_recovery/Ag_price/31.103477 x Ag_price + Zn(%) x Zn_price/100 x Zn_recovery/Ag_price/31.103477 x Ag_price. Gold (Au) is reported as a separate attribute in Table 4 but is excluded from the AgEq formula for the 2026 MRE. This is because the 2026 DFS processing flowsheet is optimised for silver, lead and zinc flotation. Gold remains an attribute in the model for informational purposes and may be incorporated in future flowsheet assessments. It should be noted metal prices and recoveries used in the Ore Reserve are identical to those used for Mineral Resources. 3. In the Company’s opinion, the silver, zinc and lead 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 0.5% and 3.6% of the Resource tonnage, containing 1 Moz and 9 Moz AgEq respectively. 7. Refer to the Company’s announcement dated 21 Jul y 2026 for full details regarding the updated Mineral Resource Estimate. The Resource estimation techniques and parameters remain largely unchanged from the 2024 Mineral Resource Estimate (“2024 MRE”).5 Estimates from 2024 to 2026 differ in the following respects and do not differ materially in outcome: • the updates to data used in the estimates include minor updates to geological domaining and lagging density measurements; • additional drilling and sampling including an additional 2,265m for 2 ,248 intervals of drilling assays from 16 diamond drill holes; and • 2024 MRE domains were confirmed by diamond drill core for metallurgical sampling and updated as required. Updates to oxide and transitional surfaces from diamond drilling increased the proportion of transitional material but otherwise little material change between estimates occurred 5Silver Mines Limited (ASX:SVL) release: “Bowdens Silver Project Ore Reserves Increased to 71.7Moz Silver” dated 10 January 20 25.
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Silver Mines Limited ABN: 45 107 452 942 Page 8 Figure 1. Schematic of Ore Reserve within Pit Designs by Resource Classification. Refer to the Company’s announced dated 21 July 2026 for full details regarding the 2026 MRE. Bowdens Silver Project Development Application The B SP is the largest known undeveloped silver deposit in Australia and lies within Exploration License 5920, which is 100% held by Silver Mines. The BSP is located in central west New South Wales, approximately 26 kilometres east of Mudgee. In December 2025 , the Company announced that it has continued to pursue the redetermination of the Bowdens Project through the NSW DPHI planning approvals system. The pathway to redetermination of the Bowdens Project Development Application (“DA”) has required both the DPHI and the Project to progress down a path that has not previously been tread, prompting: • further information requests from the NSW DPHI; and • regular consultations with the DPHI. The above have been conducted to achieve the most appropriate, lowest risk pathway to a successful, legally robust redetermination of the DA.
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Silver Mines Limited ABN: 45 107 452 942 Page 9 The original DA was prepared and submitted during a period of legislative transition to the Biodiversity and Conservation Act 2016 (NSW) (“BC Act”). The BC Act introduced changes to survey methodologies and reporting requirements for ecological characteristics in biodiversity assessments for developments such as the B SP. However, under transitional provisions associated with the BC Act, the DPHI had previously determined that the Company could complete ecological surveys and biodiversity assessment reporting in accordance with the methodologies and requirements of the Threatened Species Conservation Act 1995 (NSW). In keeping with the Company’s aim of achieving the most appropriate, lowest risk pathway to a successful, legally robust redetermination of the DA, and in consultation with the DPHI, the Company decided to refresh its ecological surveys and provide an updated biodiversity assessment in accordance with the requirements of the BC Act. Subsequent to the Quarter, the Company announced it had submitted the updated Biodiversity Development Assessment Report (“BDAR”) for the BSP along with an associated response to DPHI relating to the RFI. It is now anticipated that DPHI will assess the submission material enabling it to provide an updated assessment report to the Independent Planning Commission of NSW (“IPC”) for consideration and subsequent DA redetermination. The Company will continue to provide regular updates on its progress in achieving reinstatement of the development consent of the BSP. Silver Mines continues extensive consultation with relevant Government departments, local communities, and other interested stakeholders throughout the assessment and redetermination period. Consultation processes focus on the current mine development area and the wider area where the Company is commencing or undertaking exploration programs. Strategic Land Acquisition During the Quarter, the Company announced that its wholly owned subsidiary Bowdens Silver Pty Ltd (“Bowdens”) executed a binding contract of sale of land to acquire a strategic parcel of freehold land (and associated water entitlements) adjacent to its flagship BSP (see Figure 2) (“Land Acquisition”). This Land Acquisition strategically benefits both the future mining operation and farming practices as it is contiguous with existing Bowdens land holdings. The benefits include substantially increased project water security, biodiversity enhancement options, employee housing, infrastructure options, grazing and cropping. Figure 2 shows the location of the Land Acquisition adjacent to the BSP and relative to Bowdens’ other freehold land ownership. Following completion of the Land Acquisition , Silver Mines will own approximately 3,345 hectares of freehold land, representing a significant landholding. Importantly, together with the Company’s other land access arrangements, this land package covers the entire BSP licence area and includes a substantial buffer surrounding the BSP.
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Silver Mines Limited ABN: 45 107 452 942 Page 10 Figure 2. Satellite image overlain with property lots, the Bowdens Mining Licence Application and Bowdens Silver freehold land package. Consideration and Terms for Land Acquisition The Consideration for the Land Acquisition (and associated water entitlements) is $12,500,000 in cash and was funded using the Company’s existing cash reserves. Full and final settlement of most lots that are the subject of the Land Acquisition occurred on 27 July 2026. Terms and conditions are otherwise of a standard form for contracts of sale of land of this nature. Exploration Program Reconnaissance mapping and soil sampling programs have been undertaken within the Barabolar and Tuena project areas. While this work has focused on developing the currently identified exploration targets within the Bowdens Lease packages, new target development work is also being undertaken. An airborne gravity survey is being prepared, to assist with target generation. Research & Development Research and development continued to focus on utilising new technologies to assist in development of a metallurgical model. This multi-year project was completed this Quarter.
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Silver Mines Limited ABN: 45 107 452 942 Page 11 The Company is embarking on a full review of all geometallurgical, lithological, structural and geophysical models to en hance our ability to combine all information for exploration and resource development drill targeting. The Company is engaged with the University of New South Wales, and the NSW Resources Mineral Systems team 6 to use cutting edge technologie s facilitating the development of systems to assist with both production and exploration outcomes as a results of the R&D efforts. About the Bowdens Silver Project The Bowdens Silver Project is in central New South Wales, approximately 26 kilometres east of Mudgee (Figure 3). The consolidated project area comprises 2,115 km2 (521,000 acres) of titles covering approximately 80 kilometres of strike of the highly mineralised Rylstone Volcanics. Multiple target styles and mineral occurrences have potential throughout the district including analogues to Bowdens Silver, high -grade silver-lead-zinc epithermal and volcanogenic massive sulphide (VMS) systems and copper-gold targets. Bowdens Silver is the largest undeveloped silver deposit in Australia with substantial resources and a considerable body of high -quality technical work completed. The project boasts outstanding logistics for mine development. Figure 3. Silver Mines Limited tenement holdings in the Mudgee district. 6NSW Department of Primary Industry and Regional Development.
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Silver Mines Limited ABN: 45 107 452 942 Page 12 Calico North and Kramer Hills Projects Exploration Update In April 2026, t he Company provided an update on field work conducted at the Calico North and Kramer Hills Projects. Calico North Since purchasing the Calico North Project, a three -week field mapping program was completed in December 2025. 7 The aim of this program was to assess grade variation along the outcropping veins, and to develop understanding of volume and grade controls in the various vein sets. Two hundred and nineteen rock samples were taken across the deposit during this phase of mapping. Intersections of different vein sets and stratigraphy are of particular interest. Later mapping phases will assess the possibility of stratigraphically controlled mineralisation. In order to understand the broad patterns of alteration that may enhance the Company’s targeting process, a spectral interpretation was made over the project. A number of alteration zones were identified and were combined with the Company’s field mapping r esults to undertake drill planning. Silver and Barite assay results are shown in Figure 4 and 5. The sampling programs show that various clusters of higher-grade samples occur across the Calico North Project. Structural modelling is being undertaken to understand the orientation of intersection zones that are defined by interaction of different vein sets and stratigraphy. Drill planning is underway, targeting these zones of intersection. Results from a USGS Skytem survey are expected in the second half of 2026, which will provide EM and magnetic data over the area. After consideration of this data, detailed ground surveys may be undertaken. Preliminary drill planning is underway, and plans will be modified to allow for outcomes of geophysical surveys. Highlights of the 219 samples taken in this program include 1960 g/t Ag (sample No 339705), 435 g/t Ag (sample No 339725) and 340 g/t Ag (sample No 339847).7 Barite highlights include greater than 44.8% (sample No 339702) (over detection limit), 44.3% (sample No 339749) and 41.8% (sample No 339652).7 Refer to the Company’s announcement dated 16 April 2026 for the full details of results of these programs. 7Silver Mines Limited (ASX:SVL) release “Exploration Update on Californian Silver & Gold Assets” dated 16 April 2026.
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Silver Mines Limited ABN: 45 107 452 942 Page 13 Figure 4. Calico North project, silver assay results, showing mapped veins and results of rock chip sampling. Note the number of clusters with good silver grades that will be followed up by drilling. It is possible that these clusters, are controlled by intersecting vein systems and stratigraphy. Figure 5. Calico North project, barite assay results. Note samples from Leviathan Barite Mine returned results of 10-20%, while other targets show results of greater than 20% Barite.
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Silver Mines Limited ABN: 45 107 452 942 Page 14 Kramer Hills A preliminary auger assessment of the claim package was undertaken in September 2025. 7 A hand -held Auger was utilised to penetrate the surface unconsolidated sediment to understand the potential depth to hard -rock mineralisation. This information will be utilised in developing further geophysical and geochemical assessment programs over the wider claim package. Work included a field mapping program completed in December 2025 that covered the entire Kramer claim package. This work assessed all historical workings, which were mostly small exploratory pits. The Company will be undertaking a full targeting program across the Shaherald Property after it assesses the mineralised structure that runs through the Shaherald Pit. Several parallel mineralised structures were discussed in the historical literature.7 In January 2026, Collier Geophysics was engaged to undertake a ground magnetic survey over the project area. The survey was aimed at confirming the location of the target structure to the west of the Shaherald Pit. Several lines were placed near the Shaher ald Pit, and the other lines show the structure tracking west from the Shaherald Pit through the drill target area. This confirms the approximate location of the fault structure shown in Figures 6 and 7. Results from a USGS Skytem survey are expected in the second half of 2026, which will provide EM and magnetic data over the area. After consideration of this data, detailed ground surveys may be undertaken to assess western extensions of the main target structure, and to identify any other targets on the lease package. Refer to the Company’s announcement dated 16 April 2026 for the full details of results of these programs.
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Silver Mines Limited ABN: 45 107 452 942 Page 15 Figure 6. Kramer Hills Claim Map with Historic Workings and Faults. Note the exploration potential for areas outside of pits permitted for mining in the 1980’s. A mapped and inferred fault running through the prospect area extends for over 7 km, aligned with pre-1942 mine shafts. There are also various repeated faults and lines of historical shafts that are prospective.
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Silver Mines Limited ABN: 45 107 452 942 Page 16 Figure 7. Zoomed view of the oxide prospect area. Note alignment with a mapped fault zone and presence of mine shafts that are spread along the zone, which were all worked prior to 1942. Silver Mines verification samples taken in 2025, confirm presence of mineralised system.
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Silver Mines Limited ABN: 45 107 452 942 Page 17 About Calico North and Kramer Hills Projects Silver Mines owns the Calico North Project and is also earning up to an 80% interest in the Kramer Hills Project, both located in the Mojave Desert of San Bernardino County in southern California, adjacent to the Nevada border. This broader region is also home to Equinox Gold's Castle Mountain Mine, Andean Precious Metals’ Golden Queen Mine, Rio Tinto’s Borax Mine, MP Material’s Mountain Pass Mine and ASX listed Dateline Resources’ Colosseum Gold-REE Project. Figure 8. California and San Bernardino County Location Map. The Calico North Project consists of a number of mining claims covering approximately 20 km2 over one of the largest silver camps in the United States. The claims are highly prospective for silver and barite with almost 40km of potential strike. The Kramer Hills Project is made up of mining claims covering approximately 48 km 2 as well as mining claims and real property at the historic, past-producing Shaherald oxide gold mine. The Kramer Hills Project is highly prospective for gold and silver along a 7km shear zone.
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Silver Mines Limited ABN: 45 107 452 942 Page 18 Tuena Project The Tuena Project is located 80 kilometres south of the city of Orange in New South Wales (refer to Figure 9) and consists of 929 km 2 of EL’s covering the Copperhannia – Godolphin fault south from the McPhillamys Gold Deposit and the Kempfield Deposit (Ag-Au-Pb-Zn). The town of Tuena was the scene of an historic gold rush in the 1800’s, with gold extracted from several narrow high-grade gold reefs over a regional trend greater than 5 kilometres of strike length. The Company previously completed reconnaissance work, wh ich defined > 15 individual targets with anomalous gold that is associated with historic workings (Refer to release dated 23 October 2019). The Company subsequently completed a 20 -hole 4,000 metre drill program (2020) to test beneath several of the historic workings and soil anomalies. In 2023 EL9588 was added to the Tuena Project, which covers the historic Elsienora Project. Alkane Resources Ltd were the most recent owner of the Elsienora Project and it is considered to be highly prospective for both orogenic gold and sulphide -rich disseminated gold-silver- barium mineralisation (epigenetic VMS style), which is analogous to the McPhillamys Gold Deposit. Review of historic data by the Company shows that the Elsienora Project has significant underexplored potential for gold and silver mineralisation worthy of drill testing. Soil sampling and mapping programs continued in the Tuena package this Quarter. While work is partly aimed at preparing current targets to be drill-ready, new target generation work is also underway . We aim to assess the full Tuena land area for new targets. Community liaison is being arranged so that mapping and soil sampling can be expanded, and quotes are being sought for an airborne magnetic survey. About the Tuena Gold Project The Tuena Gold Project consists of five exploration licenses covering 767 square kilometres. The project is 100% owned by Silver Mines Limited and is located in the Southern Tablelands of New South Wales, 180 kilometres west of Sydney, 80 kilometres south of Orange and 150 kilometres southwest of the Company’s primary assets , the Bowdens Silver Project and the Barabolar Project. Tuena was the site of a mid -1800s alluvial and hard -rock gold rush. A cluster of historic workings closely associated with the major Copperhania Thrust Fault extend over an area approximately six kilom etres by four kilometres. The Company is targeting the region for large structurally controlled gold deposits analogous to the nearby McPhillamys Gold Deposit.
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Silver Mines Limited ABN: 45 107 452 942 Page 19 Figure 9. Silver Mines Limited project in the Lachlan Orogen.
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Silver Mines Limited ABN: 45 107 452 942 Page 20 Corporate Exercise of Options During the Quarter, the Company issued 58,092,795 fully paid ordinary shares following the exercise of options at an exercise price of $0.1196 per option (“SVLAZ Options”) , raising proceeds of $6,947,898.66. Option Underwriting Agreement On 05 June 2026 , the Company announced that it had entered into an option underwriting agreement (“Underwriting Agreement”) with Petra Capital Pty Ltd (“Petra” or the “Underwriter”) to fully underwrite the exercise of 63,183,794 SVLAZ Options (“Underwritten Options”). Under the Underwriting Agreement, the Underwriter was required to underwrite the Underwritten Options which remain unexercised at the expiry date, representing an underwriting amount of approximately $7,556,782, by subscribing for shares on the exercise of the Underwritten Options (“Shortfall Shares”). Pursuant to the Underwriting Agreement, Petra subscribed for 8,605,780 Shortfall Shares (or procured the subscription for such shares) at an issue price of $0.1196 which represented the Shortfall from the exercise of 63,183,794 Underwritten Options. All of the Underwritten Options exercisable at $0.1196 per option which expired on 17 June 2026 were exercised or issued as Shortfall Shares. The Shortfall Shares issued to the Underwriter (or its nominees) were issued in accordance with ASX Listing Rule 7.2 (Exception 10) and will not require shareholder approval nor count toward the Company’s placement capacity under ASX Listing Rule 7.1. Appendix 5B As set out in the attached Appendix 5B, at the end of the Quarter the Company had cash reserves of A$35.75 million. Evaluation and Exploration expenditure during the Quarter totalled A$ 5.01 million and focussed on the Company’s: • Bowdens Silver Project (NSW, Australia); • Calico North Project and the Kramer Hills Project (California, USA); and • Tuena Project (NSW, Australia). In accordance with ASX Listing Rule 5.3.2 the Company advises that no mining development or production activities were conducted during the Quarter. Payments to related parties totalling A$247 thousand consisted of remuneration paid to executive and non-executive directors under respective service agreements. This announcement was approved for release by the Board of Directors of the Company. Further information: Jonathan Battershill Christina Granger Managing Director Account Director Silver Mines Limited M+C Partners +61 2 8316 3997 +61 438 117 286
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Silver Mines Limited ABN: 45 107 452 942 Page 21 Competent Persons Statement The information in this report that relates to Mineral Resources and Ore Reserves within the Bowdens Silver Project is extracted from the ASX release titled “Bowdens Definitive Feasibility Study Confirms Robust Economics as Reserves Lift to 93.5Moz of Silver” which was released on ASX on 21 July 2026. The information in this report that relates to Production Targets has been extracted from the Company's ASX Announcement “ Bowdens Definitive Feasibility Study Confirms Robust Economics as Reserves Lift to 93.5Moz of Silver” dated 21 July 2026. The Ore Reserves and Mineral Res ources underpinning the Production Targets were prepared by a Competent Person in accordance with the JORC Code. The information in this announcement that relates to Exploration Results has been extracted from various Silver Mines ASX announcements and are available to view on the Company’s website at www.silvermines.com.au or through the ASX website at www.asx.com.au (using ticker code “SVL”). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the Mineral Resources , Ore Reserves and Production Targets in the relevant market announcement 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 the original market announcement.
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Silver Mines Limited ABN: 45 107 452 942 Page 22 Tenement Information as at 30 June 2026 (New South Wales Projects) Tenement Project Name Location Silver Mines Ownership Change in Quarter EL 5920 Bowdens Silver NSW 100% - EL 6354 Bowdens Silver NSW 100% - EL 8159 Bowdens Silver NSW 100% - EL 8160 Bowdens Silver NSW 100% - EL 8168 Bowdens Silver NSW 100% - EL 8268 Bowdens Silver NSW 100% - EL 8403 Bowdens Silver NSW 100% - EL 8405 Bowdens Silver NSW 100% - EL 8480 Bowdens Silver NSW 100% - EL 8682 Bowdens Silver NSW 100% - EL 9580 Bowdens Silver NSW 100% - EL 8526 Tuena NSW 100% - EL 8973 Tuena NSW 100% - EL 8974 Tuena NSW 100% - EL 8975 Tuena NSW 100% - EL 9588 Tuena NSW 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 23 Mining Claim Information as at 30 June 2026 (California Projects) Calico North Project Mining Claims Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-1 22-Nov-21 20220030932 CA San Bernardino 10N 1E 6 SBBM CA105296587 100% - CAAg-2 22-Nov-21 20220030933 CA San Bernardino 10N 1E 6 SBBM CA105296588 100% - CAAg-3 22-Nov-21 20220030934 CA San Bernardino 10N 1E 6 SBBM CA105296589 100% - CAAg-4 22-Nov-21 20220030935 CA San Bernardino 10N 1E 6 SBBM CA105296590 100% - CAAg-5 22-Nov-21 20220030936 CA San Bernardino 10N 1E 6 SBBM CA105296591 100% - CAAg-6 22-Nov-21 20220030937 CA San Bernardino 10N 1E 6 SBBM CA105296592 100% - CAAg-7 22-Nov-21 20220030938 CA San Bernardino 10N 1E 6, 7 SBBM CA105296593 100% - CAAg-8 22-Nov-21 20220030939 CA San Bernardino 10N 1E 7 SBBM CA105296594 100% - CAAg-9 22-Nov-21 20220030940 CA San Bernardino 10N 1E 7 SBBM CA105296595 100% - CAAg-10 22-Nov-21 20220030941 CA San Bernardino 10N 1E 7 SBBM CA105296596 100% - CAAg-11 22-Nov-21 20220030942 CA San Bernardino 10N 1E 7 SBBM CA105296597 100% - CAAg-12 22-Nov-21 20220030943 CA San Bernardino 10N 1E 7 SBBM CA105296598 100% - CAAg-13 22-Nov-21 20220030944 CA San Bernardino 10N 1E 7, 18 SBBM CA105296599 100% - CAAg-14 22-Nov-21 20220030945 CA San Bernardino 10N 1E 18 SBBM CA105296600 100% - CAAg-15 22-Nov-21 20220030946 CA San Bernardino 10N 1E 18 SBBM CA105296601 100% - CAAg-16 22-Nov-21 20220030947 CA San Bernardino 10N 1E 18 SBBM CA105296602 100% - CAAg-17 22-Nov-21 20220030948 CA San Bernardino 10N 1E 18 SBBM CA105296603 100% - CAAg-18 22-Nov-21 20220030949 CA San Bernardino 10N 1E 6 SBBM CA105296604 100% - CAAg-19 22-Nov-21 20220030950 CA San Bernardino 10N 1E 6 SBBM CA105296605 100% - CAAg-20 22-Nov-21 20220030951 CA San Bernardino 10N 1E 6 SBBM CA105296606 100% - CAAg-21 22-Nov-21 20220030952 CA San Bernardino 10N 1E 6 SBBM CA105296607 100% - CAAg-22 22-Nov-21 20220030953 CA San Bernardino 10N 1E 6 SBBM CA105296608 100% - CAAg-23 22-Nov-21 20220030954 CA San Bernardino 10N 1E 6 SBBM CA105296609 100% - CAAg-24 22-Nov-21 20220030955 CA San Bernardino 10N 1E 7 SBBM CA105296610 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 24 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-25 22-Nov-21 20220030956 CA San Bernardino 10N 1E 7, 18 SBBM CA105296611 100% - CAAg-26 22-Nov-21 20220030957 CA San Bernardino 10N 1E 18 SBBM CA105296612 100% - CAAg-27 22-Nov-21 20220030958 CA San Bernardino 10N 1E 18 SBBM CA105296613 100% - CAAg-28 22-Nov-21 20220030959 CA San Bernardino 10N 1E 18 SBBM CA105296614 100% - CAAg-29 22-Nov-21 20220030960 CA San Bernardino 10N 1E 18 SBBM CA105296615 100% - CAAg-30 22-Nov-21 20220030961 CA San Bernardino 10N 1E 6 SBBM CA105296616 100% - CAAg-31 22-Nov-21 20220030962 CA San Bernardino 10N 1E 6 SBBM CA105296617 100% - CAAg-32 22-Nov-21 20220030963 CA San Bernardino 10N 1E 6 SBBM CA105296618 100% - CAAg-33 22-Nov-21 20220030964 CA San Bernardino 10N 1E 6 SBBM CA105296619 100% - CAAg-34 22-Nov-21 20220030965 CA San Bernardino 10N 1E 6 SBBM CA105296620 100% - CAAg-35 22-Nov-21 20220030966 CA San Bernardino 10N 1E 6 SBBM CA105296621 100% - CAAg-36 22-Nov-21 20220030967 CA San Bernardino 10N 1E 6 SBBM CA105296622 100% - CAAg-37 22-Nov-21 20220030968 CA San Bernardino 10N 1E 6 SBBM CA105296623 100% - CAAg-38 22-Nov-21 20220030969 CA San Bernardino 10N 1E 6, 7 SBBM CA105296624 100% - CAAg-39 22-Nov-21 20220030970 CA San Bernardino 10N 1E 18 SBBM CA105296625 100% - CAAg-40 22-Nov-21 20220030971 CA San Bernardino 10N 1E 18 SBBM CA105296626 100% - CAAg-41 22-Nov-21 20220030972 CA San Bernardino 10N 1E 18 SBBM CA105296627 100% - CAAg-42 22-Nov-21 20220030973 CA San Bernardino 10N 1E 5,6 SBBM CA105296628 100% - CAAg-43 22-Nov-21 20220030974 CA San Bernardino 10N 1E 5,6 SBBM CA105296629 100% - CAAg-44 22-Nov-21 20220030975 CA San Bernardino 10N 1E 5,6 SBBM CA105296630 100% - CAAg-45 22-Nov-21 20220030976 CA San Bernardino 10N 1E 5,6 SBBM CA105296631 100% - CAAg-46 22-Nov-21 20220030977 CA San Bernardino 10N 1E 5,6 SBBM CA105296632 100% - CAAg-47 22-Nov-21 20220030978 CA San Bernardino 10N 1E 5,6 SBBM CA105296633 100% - CAAg-48 22-Nov-21 20220030979 CA San Bernardino 10N 1E 5,6 SBBM CA105296634 100% - CAAg-49 22-Nov-21 20220030980 CA San Bernardino 10N 1E 5,6 SBBM CA105296635 100% - CAAg-50 22-Nov-21 20220030981 CA San Bernardino 10N 1E 5,6 SBBM CA105296636 100% - CAAg-51 22-Nov-21 20220030982 CA San Bernardino 10N 1E 6,7 SBBM CA105296637 100% - CAAg-52 22-Nov-21 20220030983 CA San Bernardino 10N 1E 8 SBBM CA105296638 100% - CAAg-53 22-Nov-21 20220030984 CA San Bernardino 10N 1E 8 SBBM CA105296639 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 25 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-54 22-Nov-21 20220030985 CA San Bernardino 10N 1E 8, 17 SBBM CA105296640 100% - CAAg-55 22-Nov-21 20220030986 CA San Bernardino 10N 1E 18 SBBM CA105296641 100% - CAAg-56 22-Nov-21 20220030987 CA San Bernardino 10N 1E 18 SBBM CA105296642 100% - CAAg-57 22-Nov-21 20220030988 CA San Bernardino 10N 1E 18 SBBM CA105296668 100% - CAAg-58 23-Nov-21 20220030989 CA San Bernardino 10N 1E 5 SBBM CA105296643 100% - CAAg-59 23-Nov-21 20220030990 CA San Bernardino 10N 1E 5 SBBM CA105296644 100% - CAAg-60 23-Nov-21 20220030991 CA San Bernardino 10N 1E 5 SBBM CA105296645 100% - CAAg-61 23-Nov-21 20220030992 CA San Bernardino 10N 1E 5 SBBM CA105296646 100% - CAAg-62 23-Nov-21 20220030993 CA San Bernardino 10N 1E 5, 8 SBBM CA105296647 100% - CAAg-63 23-Nov-21 20220030994 CA San Bernardino 10N 1E 8 SBBM CA105296648 100% - CAAg-64 23-Nov-21 20220030995 CA San Bernardino 10N 1E 8 SBBM CA105296649 100% - CAAg-65 23-Nov-21 20220030996 CA San Bernardino 10N 1E 8 SBBM CA105296650 100% - CAAg-66 23-Nov-21 20220030997 CA San Bernardino 10N 1E 8 SBBM CA105296651 100% - CAAg-67 23-Nov-21 20220030998 CA San Bernardino 10N 1E 8, 17 SBBM CA105296652 100% - CAAg-68 23-Nov-21 20220030999 CA San Bernardino 10N 1E 5 SBBM CA105296653 100% - CAAg-69 23-Nov-21 20220031000 CA San Bernardino 10N 1E 5 SBBM CA105296654 100% - CAAg-70 23-Nov-21 20220031001 CA San Bernardino 10N 1E 5 SBBM CA105296655 100% - CAAg-71 23-Nov-21 20220031002 CA San Bernardino 10N 1E 5 SBBM CA105296656 100% - CAAg-72 23-Nov-21 20220031003 CA San Bernardino 10N 1E 5,8 SBBM CA105296657 100% - CAAg-73 23-Nov-21 20220031004 CA San Bernardino 10N 1E 8 SBBM CA105296658 100% - CAAg-74 23-Nov-21 20220031005 CA San Bernardino 10N 1E 8 SBBM CA105296659 100% - CAAg-75 23-Nov-21 20220031006 CA San Bernardino 10N 1E 8 SBBM CA105296660 100% - CAAg-76 23-Nov-21 20220031007 CA San Bernardino 10N 1E 5 SBBM CA105296661 100% - CAAg-77 23-Nov-21 20220031008 CA San Bernardino 10N 1E 5 SBBM CA105296662 100% - CAAg-78 23-Nov-21 20220031009 CA San Bernardino 10N 1E 5 SBBM CA105296663 100% - CAAg-79 23-Nov-21 20220031010 CA San Bernardino 10N 1E 5 SBBM CA105296664 100% - CAAg-80 23-Nov-21 20220031011 CA San Bernardino 10N 1E 5, 8 SBBM CA105296665 100% - CAAg-81 23-Nov-21 20220031012 CA San Bernardino 10N 1E 8 SBBM CA105296666 100% - CAAg-82 23-Nov-21 20220031013 CA San Bernardino 10N 1E 8 SBBM CA105296667 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 26 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-83 23-Nov-21 20220031014 CA San Bernardino 10N 1E 8 SBBM CA105296669 100% - CAAg-84 23-Nov-21 20220031015 CA San Bernardino 10N 1E 8 SBBM CA105296670 100% - CAAg-85 23-Nov-21 20220031016 CA San Bernardino 10N 1E 8 SBBM CA105296671 100% - CAAg-86 23-Nov-21 20220031017 CA San Bernardino 10N 1E 8 SBBM CA105296672 100% - CAAg-87 23-Nov-21 20220031018 CA San Bernardino 10N 1E 8 SBBM CA105296673 100% - CAAg-88 23-Nov-21 20220031019 CA San Bernardino 10N 1E 8 SBBM CA105296674 100% - CAAg-89 23-Nov-21 20220031020 CA San Bernardino 10N 1E 4, 5 SBBM CA105296675 100% - CAAg-90 23-Nov-21 20220031021 CA San Bernardino 10N 1E 4, 5 SBBM CA105296676 100% - CAAg-91 23-Nov-21 20220031022 CA San Bernardino 10N 1E 4, 5 SBBM CA105296677 100% - CAAg-92 23-Nov-21 20220031023 CA San Bernardino 10N 1E 4, 5 SBBM CA105296678 100% - CAAg-93 23-Nov-21 20220031024 CA San Bernardino 10N 1E 4, 5 SBBM CA105296679 100% - CAAg-94 23-Nov-21 20220031025 CA San Bernardino 10N 1E 8, 9 SBBM CA105296680 100% - CAAg-95 23-Nov-21 20220031026 CA San Bernardino 10N 1E 8, 9 SBBM CA105296681 100% - CAAg-96 23-Nov-21 20220031027 CA San Bernardino 10N 1E 8, 9 SBBM CA105296682 100% - CAAg-97 23-Nov-21 20220031028 CA San Bernardino 10N 1E 8, 9 SBBM CA105296683 100% - CAAg-98 23-Nov-21 20220031029 CA San Bernardino 10N 1E 8, 9 SBBM CA105296684 100% - CAAg-99 23-Nov-21 20220031030 CA San Bernardino 10N 1E 8, 9 SBBM CA105296685 100% - CAAg-100 23-Nov-21 20220031031 CA San Bernardino 10N 1E 8, 9 SBBM CA105296686 100% - CAAg-101 23-Nov-21 20220031032 CA San Bernardino 10N 1E 8, 9 SBBM CA105296687 100% - CAAg-102 23-Nov-21 20220031033 CA San Bernardino 10N 1E 8, 9, 16 SBBM CA105296688 100% - CAAg-103 23-Nov-21 20220031034 CA San Bernardino 10N 1E 16 SBBM CA105296689 100% - CAAg-104 23-Nov-21 20220031035 CA San Bernardino 10N 1E 16 SBBM CA105296690 100% - CAAg-105 23-Nov-21 20220031036 CA San Bernardino 10N 1E 16 SBBM CA105296691 100% - CAAg-106 23-Nov-21 20220031037 CA San Bernardino 10N 1E 16 SBBM CA105296692 100% - CAAg-107 23-Nov-21 20220031038 CA San Bernardino 10N 1E 16 SBBM CA105296693 100% - CAAg-108 23-Nov-21 20220031039 CA San Bernardino 10N 1E 4 SBBM CA105296694 100% - CAAg-109 23-Nov-21 20220031040 CA San Bernardino 10N 1E 4 SBBM CA105296695 100% - CAAg-110 23-Nov-21 20220031041 CA San Bernardino 10N 1E 4 SBBM CA105296696 100% - CAAg-111 23-Nov-21 20220031042 CA San Bernardino 10N 1E 4 SBBM CA105296697 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 27 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-112 23-Nov-21 20220031043 CA San Bernardino 10N 1E 4, 9 SBBM CA105296698 100% - CAAg-113 23-Nov-21 20220031044 CA San Bernardino 10N 1E 9 SBBM CA105296699 100% - CAAg-114 23-Nov-21 20220031045 CA San Bernardino 10N 1E 9 SBBM CA105296700 100% - CAAg-115 23-Nov-21 20220031046 CA San Bernardino 10N 1E 9 SBBM CA105296701 100% - CAAg-116 23-Nov-21 20220031047 CA San Bernardino 10N 1E 9 SBBM CA105296702 100% - CAAg-117 23-Nov-21 20220031048 CA San Bernardino 10N 1E 9 SBBM CA105296703 100% - CAAg-118 23-Nov-21 20220031049 CA San Bernardino 10N 1E 9 SBBM CA105296704 100% - CAAg-119 23-Nov-21 20220031050 CA San Bernardino 10N 1E 9 SBBM CA105296705 100% - CAAg-120 23-Nov-21 20220031051 CA San Bernardino 10N 1E 9 SBBM CA105296706 100% - CAAg-121 23-Nov-21 20220031052 CA San Bernardino 10N 1E 9, 16 SBBM CA105296707 100% - CAAg-122 23-Nov-21 20220031053 CA San Bernardino 10N 1E 4 SBBM CA105296708 100% - CAAg-123 23-Nov-21 20220031054 CA San Bernardino 10N 1E 4 SBBM CA105296709 100% - CAAg-124 23-Nov-21 20220031055 CA San Bernardino 10N 1E 4 SBBM CA105296710 100% - CAAg-125 23-Nov-21 20220031056 CA San Bernardino 10N 1E 4 SBBM CA105296711 100% - CAAg-126 23-Nov-21 20220031057 CA San Bernardino 10N 1E 4, 9 SBBM CA105296712 100% - CAAg-127 23-Nov-21 20220031058 CA San Bernardino 10N 1E 9 SBBM CA105296713 100% - CAAg-128 23-Nov-21 20220031059 CA San Bernardino 10N 1E 9 SBBM CA105296714 100% - CAAg-129 23-Nov-21 20220031060 CA San Bernardino 10N 1E 9 SBBM CA105296715 100% - CAAg-130 23-Nov-21 20220031061 CA San Bernardino 10N 1E 9 SBBM CA105296716 100% - CAAg-131 23-Nov-21 20220031062 CA San Bernardino 10N 1E 9 SBBM CA105296717 100% - CAAg-132 23-Nov-21 20220031063 CA San Bernardino 10N 1E 9 SBBM CA105296718 100% - CAAg-133 23-Nov-21 20220031064 CA San Bernardino 10N 1E 9 SBBM CA105296719 100% - CAAg-134 23-Nov-21 20220031065 CA San Bernardino 10N 1E 9 SBBM CA105296720 100% - CAAg-135 23-Nov-21 20220031066 CA San Bernardino 10N 1E 9, 16 SBBM CA105296721 100% - CAAg-136 23-Nov-21 20220031067 CA San Bernardino 10N 1E 4, 3 SBBM CA105296722 100% - CAAg-137 23-Nov-21 20220031068 CA San Bernardino 10N 1E 4, 3 SBBM CA105296723 100% - CAAg-138 23-Nov-21 20220031069 CA San Bernardino 10N 1E 4, 3 SBBM CA105296724 100% - CAAg-139 23-Nov-21 20220031070 CA San Bernardino 10N 1E 4, 3 SBBM CA105296725 100% - CAAg-140 23-Nov-21 20220031071 CA San Bernardino 10N 1E 4, 3 SBBM CA105296726 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 28 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-141 23-Nov-21 20220031072 CA San Bernardino 10N 1E 9, 10 SBBM CA105296727 100% - CAAg-142 23-Nov-21 20220031073 CA San Bernardino 10N 1E 9, 10 SBBM CA105296728 100% - CAAg-143 23-Nov-21 20220031074 CA San Bernardino 10N 1E 9, 10 SBBM CA105296729 100% - CAAg-144 23-Nov-21 20220031075 CA San Bernardino 10N 1E 9, 10 SBBM CA105296730 100% - CAAg-145 23-Nov-21 20220031076 CA San Bernardino 10N 1E 9, 10 SBBM CA105296731 100% - CAAg-146 23-Nov-21 20220031077 CA San Bernardino 10N 1E 9, 10 SBBM CA105296732 100% - CAAg-147 23-Nov-21 20220031078 CA San Bernardino 10N 1E 9, 10 SBBM CA105296733 100% - CAAg-148 23-Nov-21 20220031079 CA San Bernardino 10N 1E 9, 10 SBBM CA105296734 100% - CAAg-149 23-Nov-21 20220031080 CA San Bernardino 10N 1E 9, 10 SBBM CA105296735 100% - CAAg-150 23-Nov-21 20220031081 CA San Bernardino 10N 1E 15,16 SBBM CA105296736 100% - CAAg-151 23-Nov-21 20220031082 CA San Bernardino 10N 1E 15,16 SBBM CA105296737 100% - CAAg-152 23-Nov-21 20220031083 CA San Bernardino 10N 1E 15,16 SBBM CA105296738 100% - CAAg-153 23-Nov-21 20220031084 CA San Bernardino 10N 1E 15,16 SBBM CA105296739 100% - CAAg-154 23-Nov-21 20220031085 CA San Bernardino 10N 1E 15,16 SBBM CA105296740 100% - CAAg-155 23-Nov-21 20220031086 CA San Bernardino 10N 1E 15,16 SBBM CA105296741 100% - CAAg-156 23-Nov-21 20220031087 CA San Bernardino 10N 1E 15,16 SBBM CA105296742 100% - CAAg-157 23-Nov-21 20220031088 CA San Bernardino 10N 1E 15,16 SBBM CA105296743 100% - CAAg-158 23-Nov-21 20220031089 CA San Bernardino 10N 1E 15,16, 22 SBBM CA105296744 100% - CAAg-159 9-Dec-21 20220031090 CA San Bernardino 10N 1E 21, 22 SBBM CA105296745 100% - CAAg-160 9-Dec-21 20220031091 CA San Bernardino 10N 1E 21, 22 SBBM CA105296746 100% - CAAg-161 23-Nov-21 20220031092 CA San Bernardino 10N 1E 10 SBBM CA105296747 100% - CAAg-162 23-Nov-21 20220031093 CA San Bernardino 10N 1E 10 SBBM CA105296748 100% - CAAg-163 23-Nov-21 20220031094 CA San Bernardino 10N 1E 10 SBBM CA105296749 100% - CAAg-164 23-Nov-21 20220031095 CA San Bernardino 10N 1E 10 SBBM CA105296750 100% - CAAg-165 23-Nov-21 20220031096 CA San Bernardino 10N 1E 10 SBBM CA105296751 100% - CAAg-166 23-Nov-21 20220031097 CA San Bernardino 10N 1E 10 SBBM CA105296752 100% - CAAg-167 23-Nov-21 20220031098 CA San Bernardino 10N 1E 10 SBBM CA105296753 100% - CAAg-168 23-Nov-21 20220031099 CA San Bernardino 10N 1E 10 SBBM CA105296754 100% - CAAg-169 23-Nov-21 20220031100 CA San Bernardino 10N 1E 10, 15 SBBM CA105296755 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 29 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-170 23-Nov-21 20220031101 CA San Bernardino 10N 1E 15 SBBM CA105296756 100% - CAAg-171 23-Nov-21 20220031102 CA San Bernardino 10N 1E 15 SBBM CA105296757 100% - CAAg-172 23-Nov-21 20220031103 CA San Bernardino 10N 1E 15 SBBM CA105296758 100% - CAAg-173 23-Nov-21 20220031104 CA San Bernardino 10N 1E 15 SBBM CA105296759 100% - CAAg-174 23-Nov-21 20220031105 CA San Bernardino 10N 1E 15 SBBM CA105296760 100% - CAAg-175 23-Nov-21 20220031106 CA San Bernardino 10N 1E 15 SBBM CA105296761 100% - CAAg-176 9-Dec-21 20220031107 CA San Bernardino 10N 1E 22 SBBM CA105296762 100% - CAAg-177 9-Dec-21 20220031108 CA San Bernardino 10N 1E 22 SBBM CA105296763 100% - CAAg-178 9-Dec-21 20220031109 CA San Bernardino 10N 1E 22 SBBM CA105296764 100% - CAAg-179 9-Dec-21 20220031110 CA San Bernardino 10N 1E 22 SBBM CA105296765 100% - CAAg-180 9-Dec-21 20220031111 CA San Bernardino 10N 1E 22, 27 SBBM CA105296766 100% - CAAg-181 23-Nov-21 20220031112 CA San Bernardino 10N 1E 10 SBBM CA105296767 100% - CAAg-182 23-Nov-21 20220031113 CA San Bernardino 10N 1E 10 SBBM CA105296768 100% - CAAg-183 23-Nov-21 20220031114 CA San Bernardino 10N 1E 10 SBBM CA105296769 100% - CAAg-184 23-Nov-21 20220031115 CA San Bernardino 10N 1E 10 SBBM CA105296770 100% - CAAg-185 23-Nov-21 20220031116 CA San Bernardino 10N 1E 10 SBBM CA105296771 100% - CAAg-186 23-Nov-21 20220031117 CA San Bernardino 10N 1E 10 SBBM CA105296772 100% - CAAg-187 23-Nov-21 20220031118 CA San Bernardino 10N 1E 10 SBBM CA105296773 100% - CAAg-188 23-Nov-21 20220031119 CA San Bernardino 10N 1E 10 SBBM CA105296774 100% - CAAg-189 23-Nov-21 20220031120 CA San Bernardino 10N 1E 10, 15 SBBM CA105296775 100% - CAAg-190 23-Nov-21 20220031121 CA San Bernardino 10N 1E 15 SBBM CA105296776 100% - CAAg-191 23-Nov-21 20220031122 CA San Bernardino 10N 1E 15 SBBM CA105296777 100% - CAAg-192 23-Nov-21 20220031123 CA San Bernardino 10N 1E 15 SBBM CA105296778 100% - CAAg-193 23-Nov-21 20220031124 CA San Bernardino 10N 1E 15 SBBM CA105296779 100% - CAAg-194 8-Dec-21 20220031125 CA San Bernardino 10N 1E 15 SBBM CA105296780 100% - CAAg-195 8-Dec-21 20220031126 CA San Bernardino 10N 1E 15 SBBM CA105296781 100% - CAAg-196 8-Dec-21 20220031127 CA San Bernardino 10N 1E 15 SBBM CA105296782 100% - CAAg-197 8-Dec-21 20220031128 CA San Bernardino 10N 1E 15 SBBM CA105296783 100% - CAAg-198 9-Dec-21 20220031129 CA San Bernardino 10N 1E 22 SBBM CA105296784 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 30 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-199 9-Dec-21 2022031130 CA San Bernardino 10N 1E 22 SBBM CA105296785 100% - CAAg-200 9-Dec-21 20220031131 CA San Bernardino 10N 1E 22 SBBM CA105296786 100% - CAAg-201 9-Dec-21 20220031132 CA San Bernardino 10N 1E 22 SBBM CA105296787 100% - CAAg-202 9-Dec-21 20220031133 CA San Bernardino 10N 1E 22, 27 SBBM CA105296788 100% - CAAg-203 23-Nov-21 20220031134 CA San Bernardino 10N 1E 10 SBBM CA105296789 100% - CAAg-204 23-Nov-21 20220031135 CA San Bernardino 10N 1E 10 SBBM CA105296790 100% - CAAg-205 23-Nov-21 20220031136 CA San Bernardino 10N 1E 10 SBBM CA105296791 100% - CAAg-206 23-Nov-21 20220031137 CA San Bernardino 10N 1E 10 SBBM CA105296792 100% - CAAg-207 23-Nov-21 20220031138 CA San Bernardino 10N 1E 10 SBBM CA105296793 100% - CAAg-208 23-Nov-21 20220031139 CA San Bernardino 10N 1E 10 SBBM CA105296794 100% - CAAg-209 23-Nov-21 20220031140 CA San Bernardino 10N 1E 10 SBBM CA105296795 100% - CAAg-210 23-Nov-21 20220031141 CA San Bernardino 10N 1E 10 SBBM CA105296796 100% - CAAg-211 23-Nov-21 20220031142 CA San Bernardino 10N 1E 10 SBBM CA105296797 100% - CAAg-212 23-Nov-21 20220031143 CA San Bernardino 10N 1E 10, 15 SBBM CA105296798 100% - CAAg-213 23-Nov-21 20220031144 CA San Bernardino 10N 1E 15 SBBM CA105296799 100% - CAAg-214 23-Nov-21 20220031145 CA San Bernardino 10N 1E 15 SBBM CA105296800 100% - CAAg-215 8-Dec-21 20220031146 CA San Bernardino 10N 1E 15 SBBM CA105296801 100% - CAAg-216 8-Dec-21 20220031147 CA San Bernardino 10N 1E 15 SBBM CA105296802 100% - CAAg-217 8-Dec-21 20220031148 CA San Bernardino 10N 1E 15 SBBM CA105296803 100% - CAAg-218 8-Dec-21 20220031149 CA San Bernardino 10N 1E 15 SBBM CA105296804 100% - CAAg-219 8-Dec-21 20220031150 CA San Bernardino 10N 1E 15 SBBM CA105296805 100% - CAAg-220 9-Dec-21 20220031151 CA San Bernardino 10N 1E 22 SBBM CA105296806 100% - CAAg-221 9-Dec-21 20220031152 CA San Bernardino 10N 1E 22 SBBM CA105296807 100% - CAAg-222 9-Dec-21 20220031153 CA San Bernardino 10N 1E 22 SBBM CA105296808 100% - CAAg-223 9-Dec-21 20220031154 CA San Bernardino 10N 1E 22 SBBM CA105296809 100% - CAAg-224 9-Dec-21 20220031155 CA San Bernardino 10N 1E 22, 27 SBBM CA105296810 100% - CAAg-225 24-Nov-21 20220031156 CA San Bernardino 10N 1E 10,11 SBBM CA105296811 100% - CAAg-226 24-Nov-21 20220031157 CA San Bernardino 10N 1E 10,11 SBBM CA105296812 100% - CAAg-227 24-Nov-21 20220031158 CA San Bernardino 10N 1E 10,11 SBBM CA105296813 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 31 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-228 24-Nov-21 20220031159 CA San Bernardino 10N 1E 10,11 SBBM CA105296814 100% - CAAg-229 24-Nov-21 20220031160 CA San Bernardino 10N 1E 10,11 SBBM CA105296815 100% - CAAg-230 24-Nov-21 20220031161 CA San Bernardino 10N 1E 10,11 SBBM CA105296816 100% - CAAg-231 24-Nov-21 20220031162 CA San Bernardino 10N 1E 10,11 SBBM CA105296817 100% - CAAg-232 24-Nov-21 20220031163 CA San Bernardino 10N 1E 10,11 SBBM CA105296818 100% - CAAg-233 24-Nov-21 20220031164 CA San Bernardino 10N 1E 10,11 SBBM CA105296819 100% - CAAg-234 24-Nov-21 20220031165 CA San Bernardino 10N 1E 14 SBBM CA105296820 100% - CAAg-235 24-Nov-21 20220031166 CA San Bernardino 10N 1E 14 SBBM CA105296821 100% - CAAg-236 8-Dec-21 20220031167 CA San Bernardino 10N 1E 15 SBBM CA105296822 100% - CAAg-237 8-Dec-21 20220031168 CA San Bernardino 10N 1E 14,15 SBBM CA105296823 100% - CAAg-238 8-Dec-21 20220031169 CA San Bernardino 10N 1E 14,15 SBBM CA105296824 100% - CAAg-239 8-Dec-21 20220031170 CA San Bernardino 10N 1E 14,15 SBBM CA105296825 100% - CAAg-240 8-Dec-21 20220031171 CA San Bernardino 10N 1E 14,15, 22 SBBM CA105296826 100% - CAAg-241 8-Dec-21 20220031172 CA San Bernardino 10N 1E 22,23 SBBM CA105296827 100% - CAAg-242 8-Dec-21 20220031173 CA San Bernardino 10N 1E 22,23 SBBM CA105296828 100% - CAAg-243 8-Dec-21 20220031174 CA San Bernardino 10N 1E 22,23 SBBM CA105296829 100% - CAAg-244 8-Dec-21 20220031175 CA San Bernardino 10N 1E 22,23 SBBM CA105296830 100% - CAAg-245 9-Dec-21 20220031176 CA San Bernardino 10N 1E 22,23 SBBM CA105296831 100% - CAAg-246 9-Dec-21 20220031177 CA San Bernardino 10N 1E 22,23 SBBM CA105296832 100% - CAAg-247 9-Dec-21 20220031178 CA San Bernardino 10N 1E 22,23 SBBM CA105296833 100% - CAAg-248 9-Dec-21 20220031179 CA San Bernardino 10N 1E 22,23 SBBM CA105296834 100% - CAAg-249 9-Dec-21 20220031180 CA San Bernardino 10N 1E 22,23, 26 SBBM CA105296835 100% - CAAg-250 24-Nov-22 20220031181 CA San Bernardino 10N 1E 11 SBBM CA105296836 100% - CAAg-251 24-Nov-22 20220031182 CA San Bernardino 10N 1E 11 SBBM CA105296837 100% - CAAg-252 24-Nov-22 20220031183 CA San Bernardino 10N 1E 11 SBBM CA105296838 100% - CAAg-253 24-Nov-22 20220031184 CA San Bernardino 10N 1E 11 SBBM CA105296839 100% - CAAg-254 24-Nov-22 20220031185 CA San Bernardino 10N 1E 11 SBBM CA105296840 100% - CAAg-255 24-Nov-22 20220031186 CA San Bernardino 10N 1E 11 SBBM CA105296841 100% - CAAg-256 24-Nov-22 20220031187 CA San Bernardino 10N 1E 11 SBBM CA105296842 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 32 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-257 24-Nov-22 20220031188 CA San Bernardino 10N 1E 11 SBBM CA105296843 100% - CAAg-258 24-Nov-22 20220031189 CA San Bernardino 10N 1E 11, 14 SBBM CA105296844 100% - CAAg-259 24-Nov-22 20220031190 CA San Bernardino 10N 1E 14 SBBM CA105296845 100% - CAAg-260 24-Nov-22 20220031191 CA San Bernardino 10N 1E 14 SBBM CA105296846 100% - CAAg-261 24-Nov-22 20220031192 CA San Bernardino 10N 1E 14 SBBM CA105296847 100% - CAAg-262 8-Dec-21 20220031193 CA San Bernardino 10N 1E 14 SBBM CA105296848 100% - CAAg-263 8-Dec-21 20220031194 CA San Bernardino 10N 1E 14 SBBM CA105296849 100% - CAAg-264 8-Dec-21 20220031195 CA San Bernardino 10N 1E 14, 23 SBBM CA105296850 100% - CAAg-265 8-Dec-21 20220031196 CA San Bernardino 10N 1E 23 SBBM CA105296851 100% - CAAg-266 8-Dec-21 20220031197 CA San Bernardino 10N 1E 23 SBBM CA105296852 100% - CAAg-267 8-Dec-21 20220031198 CA San Bernardino 10N 1E 23 SBBM CA105296853 100% - CAAg-268 8-Dec-21 20220031199 CA San Bernardino 10N 1E 23 SBBM CA105296854 100% - CAAg-269 9-Dec-21 20220031200 CA San Bernardino 10N 1E 23 SBBM CA105296855 100% - CAAg-270 9-Dec-21 20220031201 CA San Bernardino 10N 1E 23 SBBM CA105296856 100% - CAAg-271 9-Dec-21 20220031202 CA San Bernardino 10N 1E 23 SBBM CA105296857 100% - CAAg-272 9-Dec-21 20220031203 CA San Bernardino 10N 1E 23 SBBM CA105296858 100% - CAAg-273 9-Dec-21 20220031204 CA San Bernardino 10N 1E 23, 26 SBBM CA105296859 100% - CAAg-274 24-Nov-21 20220031205 CA San Bernardino 10N 1E 11 SBBM CA105296860 100% - CAAg-275 24-Nov-21 20220031206 CA San Bernardino 10N 1E 11 SBBM CA105296861 100% - CAAg-276 24-Nov-21 20220031207 CA San Bernardino 10N 1E 11 SBBM CA105296862 100% - CAAg-277 24-Nov-21 20220031208 CA San Bernardino 10N 1E 11 SBBM CA105296863 100% - CAAg-278 24-Nov-21 20220031209 CA San Bernardino 10N 1E 11 SBBM CA105296864 100% - CAAg-279 24-Nov-21 20220031210 CA San Bernardino 10N 1E 11 SBBM CA105296865 100% - CAAg-280 24-Nov-21 20220031211 CA San Bernardino 10N 1E 11 SBBM CA105296866 100% - CAAg-281 24-Nov-21 20220031212 CA San Bernardino 10N 1E 11 SBBM CA105296867 100% - CAAg-282 24-Nov-21 20220031213 CA San Bernardino 10N 1E 11, 14 SBBM CA105296868 100% - CAAg-283 24-Nov-21 20220031214 CA San Bernardino 10N 1E 14 SBBM CA105296869 100% - CAAg-284 24-Nov-21 20220031215 CA San Bernardino 10N 1E 14 SBBM CA105296870 100% - CAAg-285 24-Nov-21 20220031216 CA San Bernardino 10N 1E 14 SBBM CA105296871 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 33 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Ownership Change in Quarter CAAg-286 9-Dec-21 20220031217 CA San Bernardino 10N 1E 14, 23 SBBM CA105296872 100% - CAAg-287 9-Dec-21 20220031218 CA San Bernardino 10N 1E 23 SBBM CA105296873 100% - CAAg-288 9-Dec-21 20220031219 CA San Bernardino 10N 1E 23 SBBM CA105296874 100% - CAAg-289 9-Dec-21 20220031220 CA San Bernardino 10N 1E 23 SBBM CA105296875 100% - CAAg-290 9-Dec-21 20220031221 CA San Bernardino 10N 1E 23 SBBM CA105296876 100% - CAAg-291 9-Dec-21 20220031222 CA San Bernardino 10N 1E 23 SBBM CA105296877 100% - CAAg-292 9-Dec-21 20220031223 CA San Bernardino 10N 1E 23, 26 SBBM CA105296878 100% - CAAg-293 24-Nov-21 20220031224 CA San Bernardino 10N 1E 11 SBBM CA105296879 100% - CAAg-294 24-Nov-21 20220031225 CA San Bernardino 10N 1E 11 SBBM CA105296880 100% - CAAg-295 24-Nov-21 20220031226 CA San Bernardino 10N 1E 11 SBBM CA105296881 100% - CAAg-296 24-Nov-21 20220031227 CA San Bernardino 10N 1E 11 SBBM CA105296882 100% - CAAg-297 24-Nov-21 20220031228 CA San Bernardino 10N 1E 11 SBBM CA105296883 100% - CAAg-298 24-Nov-21 20220031229 CA San Bernardino 10N 1E 11 SBBM CA105296884 100% - CAAg-299 24-Nov-21 20220031230 CA San Bernardino 10N 1E 11 SBBM CA105296885 100% - CAAg-300 24-Nov-21 20220031231 CA San Bernardino 10N 1E 11 SBBM CA105296886 100% - CAAg-301 24-Nov-21 20220031232 CA San Bernardino 10N 1E 11, 14 SBBM CA105296887 100% - CAAg-302 24-Nov-21 20220031233 CA San Bernardino 10N 1E 14 SBBM CA105296888 100% - CAAg-303 24-Nov-21 20220031234 CA San Bernardino 10N 1E 14 SBBM CA105296889 100% - CAAg-304 24-Nov-21 20220031235 CA San Bernardino 10N 1E 14 SBBM CA105296890 100% - CAAg-305 24-Nov-21 20220031236 CA San Bernardino 10N 1E 14 SBBM CA105296891 100% - CAAg-306 24-Nov-21 20220031237 CA San Bernardino 10N 1E 14 SBBM CA105296892 100% - CAAg-307 9-Dec-21 20220031238 CA San Bernardino 10N 1E 14 SBBM CA105296893 100% - CAAg-308 9-Dec-21 20220031239 CA San Bernardino 10N 1E 14 SBBM CA105296894 100% - CAAg-309 9-Dec-21 20220031240 CA San Bernardino 10N 1E 14 SBBM CA105296895 100% - CAAg-310 23-Nov-21 20220031241 CA San Bernardino 10N 1E 8, 17 SBBM CA105296896 100% -
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Silver Mines Limited ABN: 45 107 452 942 Page 34 Kramer Hills Project Mining Claims Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH14 CA106751388 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH15 CA106751389 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH16 CA106751390 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH17 CA106751391 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH18 CA106751392 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH19 CA106751393 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH20 CA106751394 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH21 CA106751395 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH22 CA106751396 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH23 CA106751397 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH24 CA106751398 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH25 CA106751399 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH26 CA106751400 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH27 CA106751401 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH28 CA106751402 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH29 CA106751403 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH30 CA106751404 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH31 CA106751405 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH32 CA106751406 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH33 CA106751407 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH34 CA106751408 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH35 CA106751409 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH36 CA106751410 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH37 CA106751411 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH38 CA106751412 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH39 CA106751413 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH40 CA106751414 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 35 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH42 CA106751415 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH43 CA106751416 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH44 CA106751417 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH45 CA106751418 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH46 CA106751419 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH47 CA106751420 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH48 CA106751421 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH49 CA106751422 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH50 CA106751423 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH51 CA106751424 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH52 CA106751425 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH53 CA106751426 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH54 CA106751427 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH55 CA106751428 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH56 CA106751429 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH57 CA106751430 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH58 CA106751431 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH69 CA106751432 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH70 CA106751433 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH71 CA106751434 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH72 CA106751435 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH73 CA106751436 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH74 CA106751437 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH75 CA106751438 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH76 CA106751439 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH77 CA106751440 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH78 CA106751441 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH79 CA106751442 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH80 CA106751443 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 36 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH81 CA106751444 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH82 CA106751445 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH83 CA106751446 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH84 CA106751447 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH85 CA106751448 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH86 CA106751449 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH87 CA106751450 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH91 CA106751451 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH92 CA106751452 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH93 CA106751453 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH94 CA106751454 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH95 CA106751455 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH96 CA106751456 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH97 CA106751457 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH98 CA106751458 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH99 CA106751459 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH100 CA106751460 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH101 CA106751461 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH102 CA106751462 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH103 CA106751463 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH104 CA106751464 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH105 CA106751465 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH106 CA106751466 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH107 CA106751467 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH108 CA106751468 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH109 CA106751469 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH110 CA106751470 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH111 CA106751471 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH112 CA106751472 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 37 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH130 CA106751473 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH131 CA106751474 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH132 CA106751475 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH133 CA106751476 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH134 CA106751477 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH135 CA106751478 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH136 CA106751479 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH137 CA106751480 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH138 CA106751481 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH139 CA106751482 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH140 CA106751483 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH141 CA106751484 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH142 CA106751485 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH143 CA106751486 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH144 CA106751487 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH150 CA106751488 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH151 CA106751489 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH152 CA106751490 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH153 CA106751491 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH154 CA106751492 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH155 CA106751493 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH156 CA106751494 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH157 CA106751495 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH158 CA106751496 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH159 CA106751497 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH160 CA106751498 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH161 CA106751499 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH162 CA106751500 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH163 CA106751501 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 38 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH164 CA106751502 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH165 CA106751503 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH166 CA106751504 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH167 CA106751505 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH168 CA106751506 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH169 CA106751507 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH170 CA106751508 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH171 CA106751509 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH189 CA106751510 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH190 CA106751511 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH191 CA106751512 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH192 CA106751513 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH193 CA106751514 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH194 CA106751515 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH195 CA106751516 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH196 CA106751517 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH197 CA106751518 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH198 CA106751519 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH199 CA106751520 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH200 CA106751521 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH201 CA106751522 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH202 CA106751523 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH203 CA106751524 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH204 CA106751525 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH205 CA106751526 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH206 CA106751527 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH207 CA106751528 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH208 CA106751529 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH209 CA106751530 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 39 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH210 CA106751531 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH211 CA106751532 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH212 CA106751533 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH213 CA106751534 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH214 CA106751535 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH215 CA106751536 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH216 CA106751537 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH217 CA106751538 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH218 CA106751539 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH219 CA106751540 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH220 CA106751541 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH221 CA106751542 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH222 CA106751543 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH223 CA106751544 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH224 CA106751545 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH225 CA106751546 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH226 CA106751547 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH227 CA106751548 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH228 CA106751549 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH229 CA106751550 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH230 CA106751551 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH252 CA106751552 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH253 CA106751553 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH254 CA106751554 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH255 CA106751555 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH256 CA106751556 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH257 CA106751557 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH258 CA106751558 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH259 CA106751559 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 40 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH260 CA106751560 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH261 CA106751561 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH262 CA106751562 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH263 CA106751563 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH264 CA106751564 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH265 CA106751565 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH266 CA106751566 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH267 CA106751567 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH268 CA106751568 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH269 CA106751569 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH270 CA106751570 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH271 CA106751571 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH272 CA106751572 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH273 CA106751573 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH274 CA106751574 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH275 CA106751575 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH276 CA106751576 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH277 CA106751577 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH278 CA106751578 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH279 CA106751579 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH280 CA106751580 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH281 CA106751581 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH282 CA106751582 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH283 CA106751583 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH284 CA106751584 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH285 CA106751585 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH286 CA106751586 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH287 CA106751587 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH288 CA106751588 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 41 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH289 CA106751589 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH290 CA106751590 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH291 CA106751591 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH292 CA106751592 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH293 CA106751593 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH315 CA106751594 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH316 CA106751595 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH317 CA106751596 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH318 CA106751597 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH319 CA106751598 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH320 CA106751599 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH321 CA106751600 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH322 CA106751601 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH323 CA106751602 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH324 CA106751603 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH325 CA106751604 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH326 CA106751605 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH327 CA106751606 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH328 CA106751607 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH329 CA106751608 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH330 CA106751609 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH331 CA106751610 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH332 CA106751611 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH333 CA106751612 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH334 CA106751613 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH335 CA106751614 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH336 CA106751615 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH337 CA106751616 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH338 CA106751617 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 42 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH339 CA106751618 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH340 CA106751619 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH341 CA106751620 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH342 CA106751621 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH343 CA106751622 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH344 CA106751623 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH345 CA106751624 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH346 CA106751625 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH347 CA106751626 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH348 CA106751627 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH349 CA106751628 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH350 CA106751629 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH351 CA106751630 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH352 CA106751631 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH353 CA106751632 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH354 CA106751633 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH355 CA106751634 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH356 CA106751635 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH357 CA106751636 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH358 CA106751637 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH359 CA106751638 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH360 CA106751639 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH361 CA106751640 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH362 CA106751641 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH363 CA106751642 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH364 CA106751643 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH365 CA106751644 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH366 CA106751645 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH367 CA106751646 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 43 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH368 CA106751647 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH369 CA106751648 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH370 CA106751649 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH371 CA106751650 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH372 CA106751651 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH373 CA106751652 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH374 CA106751653 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH375 CA106751654 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH376 CA106751655 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH395 CA106751656 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH396 CA106751657 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH397 CA106751658 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH398 CA106751659 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH399 CA106751660 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH400 CA106751661 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH401 CA106751662 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH402 CA106751663 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH403 CA106751664 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH404 CA106751665 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH405 CA106751666 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH406 CA106751667 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH407 CA106751668 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH408 CA106751669 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH409 CA106751670 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH410 CA106751671 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH411 CA106751672 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH412 CA106751673 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH413 CA106751674 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH414 CA106751675 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 44 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH421 CA106751676 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH422 CA106751677 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH423 CA106751678 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH424 CA106751679 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH425 CA106751680 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH426 CA106751681 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH427 CA106751682 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH428 CA106751683 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH429 CA106751684 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH430 CA106751685 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH431 CA106751686 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH432 CA106751687 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH433 CA106751688 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH434 CA106751689 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH435 CA106751690 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH436 CA106751691 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH437 CA106751692 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH438 CA106751693 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH439 CA106751694 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH440 CA106751695 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH441 CA106751696 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH442 CA106751697 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH443 CA106751698 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH444 CA106751699 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH445 CA106751700 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH446 CA106751701 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH447 CA106751702 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH448 CA106751703 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH449 CA106751704 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 45 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH450 CA106751705 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH472 CA106751706 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH473 CA106751707 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH474 CA106751708 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH475 CA106751709 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH476 CA106751710 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH477 CA106751711 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH478 CA106751712 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH479 CA106751713 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH480 CA106751714 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH481 CA106751715 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH482 CA106751716 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH483 CA106751717 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH484 CA106751718 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH485 CA106751719 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH486 CA106751720 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH487 CA106751721 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH488 CA106751722 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH489 CA106751723 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH490 CA106751724 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH491 CA106751725 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH492 CA106751726 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH493 CA106751727 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH494 CA106751728 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH495 CA106751729 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH496 CA106751730 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH497 CA106751731 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH498 CA106751732 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH499 CA106751733 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 46 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH521 CA106751734 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH522 CA106751735 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH523 CA106751736 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH524 CA106751737 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH525 CA106751738 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH526 CA106751739 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH527 CA106751740 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH528 CA106751741 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH529 CA106751742 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH530 CA106751743 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH531 CA106751744 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH532 CA106751745 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH533 CA106751746 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH534 CA106751747 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH535 CA106751748 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH536 CA106751749 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH537 CA106751750 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH538 CA106751751 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH539 CA106751752 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH540 CA106751753 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH541 CA106751754 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH542 CA106751755 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH543 CA106751756 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH544 CA106751757 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH545 CA106751758 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH546 CA106751759 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH547 CA106751760 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH548 CA106751761 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH570 CA106751762 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 47 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KH571 CA106751763 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH572 CA106751764 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH573 CA106751765 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH574 CA106751766 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH575 CA106751767 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH576 CA106751768 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH577 CA106751769 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH578 CA106751770 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH579 CA106751771 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH580 CA106751772 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH581 CA106751773 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH582 CA106751774 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH583 CA106751775 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH584 CA106751776 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH585 CA106751777 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH586 CA106751778 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH587 CA106751779 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH588 CA106751780 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH589 CA106751781 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH590 CA106751782 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH591 CA106751783 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH592 CA106751784 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH593 CA106751785 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH594 CA106751786 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH595 CA106751787 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH596 CA106751788 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KH597 CA106751789 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN73 CA106751221 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN74 CA106751222 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 48 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KHN75 CA106751223 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN76 CA106751224 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN77 CA106751225 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN78 CA106751226 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN79 CA106751227 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN80 CA106751228 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN81 CA106751229 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN82 CA106751230 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN83 CA106751231 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN84 CA106751232 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHN85 CA106751233 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS1 CA106751234 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS2 CA106751235 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS3 CA106751236 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS4 CA106751237 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS5 CA106751238 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS6 CA106751239 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS7 CA106751240 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS8 CA106751241 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS9 CA106751242 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS10 CA106751243 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS11 CA106751244 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS12 CA106751245 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS13 CA106751246 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS14 CA106751247 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS15 CA106751248 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS16 CA106751249 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS17 CA106751250 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS18 CA106751251 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 49 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KHS19 CA106751252 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS20 CA106751253 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS21 CA106751254 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS22 CA106751255 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS23 CA106751256 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS24 CA106751257 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS25 CA106751258 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS26 CA106751259 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS27 CA106751260 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS28 CA106751261 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS29 CA106751262 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS30 CA106751263 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS31 CA106751264 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS32 CA106751265 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS33 CA106751266 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS34 CA106751267 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS35 CA106751268 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS36 CA106751269 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS37 CA106751270 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS38 CA106751271 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS39 CA106751272 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS40 CA106751273 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS41 CA106751274 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS42 CA106751275 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS43 CA106751276 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS44 CA106751277 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS45 CA106751278 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS46 CA106751279 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS47 CA106751280 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 50 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KHS48 CA106751281 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS49 CA106751282 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS50 CA106751283 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS51 CA106751284 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS52 CA106751285 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS53 CA106751286 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS54 CA106751287 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS55 CA106751288 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS56 CA106751289 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS57 CA106751290 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS58 CA106751291 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS59 CA106751292 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS60 CA106751293 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS61 CA106751294 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS62 CA106751295 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS63 CA106751296 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS64 CA106751297 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS65 CA106751298 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS66 CA106751299 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS67 CA106751300 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS68 CA106751301 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS69 CA106751302 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS70 CA106751303 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS71 CA106751304 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS72 CA106751305 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS73 CA106751306 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS74 CA106751307 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS75 CA106751308 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS76 CA106751309 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 51 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KHS77 CA106751310 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS78 CA106751311 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS79 CA106751312 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS80 CA106751313 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS81 CA106751314 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS82 CA106751315 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS83 CA106751316 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS84 CA106751317 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS85 CA106751318 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS86 CA106751319 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS87 CA106751320 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS88 CA106751321 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS89 CA106751322 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS90 CA106751323 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS91 CA106751324 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS92 CA106751325 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS93 CA106751326 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS94 CA106751327 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS95 CA106751328 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS96 CA106751329 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS97 CA106751330 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS98 CA106751331 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS99 CA106751332 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS100 CA106751333 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS101 CA106751334 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS102 CA106751335 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS103 CA106751336 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS104 CA106751337 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS105 CA106751338 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 52 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KHS106 CA106751339 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS107 CA106751340 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS108 CA106751341 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS109 CA106751342 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS110 CA106751343 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS111 CA106751344 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS112 CA106751345 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS113 CA106751346 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS114 CA106751347 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS115 CA106751348 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS116 CA106751349 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS117 CA106751350 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS118 CA106751351 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS119 CA106751352 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS120 CA106751353 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS121 CA106751354 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS122 CA106751355 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS123 CA106751356 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS124 CA106751357 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS125 CA106751358 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS126 CA106751359 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS127 CA106751360 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS128 CA106751361 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS129 CA106751362 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS130 CA106751363 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS131 CA106751364 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS132 CA106751365 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS133 CA106751366 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS134 CA106751367 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Silver Mines Limited ABN: 45 107 452 942 Page 53 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in the Quarter KHS135 CA106751368 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS136 CA106751369 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS137 CA106751370 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS138 CA106751371 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS139 CA106751372 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS140 CA106751373 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS141 CA106751374 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS142 CA106751375 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS143 CA106751376 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS144 CA106751377 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS145 CA106751378 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS146 CA106751379 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS147 CA106751380 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS148 CA106751381 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS149 CA106751382 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS150 CA106751383 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS151 CA106751384 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS152 CA106751385 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS153 CA106751386 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) - KHS154 CA106751387 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) -
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Silver Mines Limited ABN Quarter ended (“current quarter”) 45 107 452 942 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 296 545 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (262) (1,000) (e) administration and corporate costs (564) (2,079) 1.3 Dividends received (see note 3) - - 1.4 Interest received 293 875 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid (2) (2) 1.7 Government grants and tax incentives - - 1.8 Other (farm operating expenses) (34) (262) 1.9 Net cash from / (used in) operating activities (274) (1,922) 2. Cash flows from investing activities - (814) 2.1 Payments to acquire or for: (a) entities (b) tenements - (997) (c) property, plant and equipment (30) (234) (d) exploration & evaluation (5,006) (18,008) (e) intangible (145) (831) (f) Land and Building (148) (3,562)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other - - 2.6 Net cash from / (used in) investing activities (5,329) (24,445) 3. Cash flows from financing activities 1,029 35,100 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options 6,948 9,804 3.4 Transaction costs related to issues of equity securities or convertible debt securities (119) (2,085) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid - - 3.9 Other - - 3.10 Net cash from / (used in) financing activities 7,859 42,819 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 33,496 19,299 4.2 Net cash from / (used in) operating activities (item 1.9 above) (274) (1,922) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (5,329) (24,445) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 7,859 42,819
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 35,751 35,751 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 35,751 33,496 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 35,751 33,496 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 213 6.2 Aggregate amount of payments to related parties and their associates included in item 2 34 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 7.2 Credit standby arrangements 7.3 Other (please specify) 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (274) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (5,006) 8.3 Total relevant outgoings (item 8.1 + item 8.2) (5,280) 8.4 Cash and cash equivalents at quarter end (item 4.6) 35,751 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 35,751 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 6.77 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not applicable 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not applicable 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. 31 July 2026 Date: ................................................................................... Board of Directors Authorised by: ................................................................................... (Name of body or officer authorising release – see note 4)
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter , how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, t he definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained , that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that the ir opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.