Silver Mines Limited

Description

Silver Mines Limited (ASX: SVL) is an Australian silver developer focused on the 100%-owned Bowdens Silver Project near Mudgee, New South Wales. The July 2026 DFS and life-of-mine plan outline a 2.0 Mtpa open-pit operation with a 26-year mine life, 73.2 Moz of payable silver, A$455M pre-production capex and A$736M post-tax NPV5 at US$45/oz silver.

The investment case is driven by strong silver-price leverage, with approximately 91% of forecast revenue derived from silver. First-five-year production is expected to average approximately 4.7 Moz of payable silver annually, with first-five-year AISC below US$15/oz. Bowdens contains a 173 Mt resource with approximately 184 Moz silver, or 286 Moz AgEq, and a 93.5 Moz silver Ore Reserve.

The immediate catalyst is project approval. In September 2026, the completed supplementary assessment was referred to the NSW Independent Planning Commission, with public hearings scheduled for October and a decision expected by December 2026. FEED is ready to commence following approvals.

List of Projects:

Project 1: Bowdens Silver, New South Wales, Australia — 100%-owned flagship DFS-stage silver-zinc-lead project. Stage 1 covers approximately 16.75 years, while the broader life-of-mine plan extends to 26 years; FEED is ready to commence after approvals.

Project 2: Barabolar, New South Wales, Australia — 100%-owned regional silver/base-metal, skarn and porphyry exploration property within the consolidated Mudgee land package.

Project 3: Tuena Gold-Silver, New South Wales, Australia — 100%-owned gold-silver exploration portfolio comprising five licences and multiple targets along the Copperhannia-Godolphin structural corridor.

Project 4: Calico North, California, USA — 100%-owned silver exploration property covering 310 claims and approximately 40 km of prospective historic silver-barite strike; first-pass drilling is planned.

Project 5: Kramer Hills, California, USA — earn-in interest of up to 80% in a gold-silver exploration property containing 569 claims, a 7 km shear zone and a former heap-leach operation.

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List of projects

Project details have not been added yet.

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