Silver Mines : Ord Minnett East Coast Mining Conference Presentation

Ord Minnett

East Coast Mining Conference

Presentation - March 2022

Disclaimer

The material in this presentation contains certain forecasts and forward-looking information, including regarding possible or assumed future performance or potential growth of Silver Mines Limited ("SVL"). Such information is not a guarantee of future performance and involves unknown risks and uncertainties, as well as other factors, many of which are beyond the control of SVL. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

No representation or warranty, expressed or implied, is made or given by or on behalf of SVL, any of SVL's directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any of them for such information or opinions or for any errors, omissions, misstatements, negligent or otherwise, or for any communication written or otherwise, contained or referred to in this presentation.

Accordingly, neither SVL nor any of the SVL directors, officers, employees, advisers, associated persons or subsidiary undertakings shall be liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon the statement or as a result of any admission in, or any document supplied with, this presentation or by any future communications in connection with such documents and any such liabilities are expressly disclaimed.

Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

•  The Bowdens Silver Project is located in central New South Wales,

  Australia.

•  The consolidated project is 100% held and the area comprises 1,950km2

  (480,000 acres) of titles covering approximately 80km of strike of the highly mineralised Rylstone Volcanics.

•  The Bowdens Silver Project is the largest undeveloped silver deposit in

  Australia and one of the largest in the world with substantial resources and a considerable body of high quality technical work already completed.

•  In early 2021, the Company concluded a successful equity placement to raise A$30 million well supported by Australian and North American institutional investors.

•  12,000 shareholders with trading averaging around 6 million shares a day.

Silver Mines Limited Progress

Recent Highlights

•  Lodgement of the Environmental Impact Statement and Development Application for the Bowdens Silver mine development.

•  Final submission processes almost complete for Independent Planning Commission determination in second half 2022.

•  No objections from any Government agency.

•  Continued outstanding drilling results from Bowdens Silver.

•  Four diamond drilling rigs continue on-site.

•  Three zones directly underneath the planned open-cut highlight potential underground development.

•  Resource assessment and Scoping Study commenced for a potential underground development.

•  Well positioned for continued momentum in a very positive silver price environment.

•  The largest silver development project in Australia, and one of the largest globally, with a current JORC-compliant Resource base of 275Moz AgEq.

•  100% owned asset located in a low sovereign risk jurisdiction for mining development with ready access to existing infrastructure.

•  Bowdens well-advanced, with production expected in 2024/25

  - Feasibility Study completed and government approvals submitted - received positive responses from regulators and various stakeholders suggesting there is a clear pathway to development approval.

•  Low initial capital requirement of A$246m / US$185m to develop a 2Mtpa project, producing an average of 6Moz AgEq over the first 3 years of production at an average cash cost of US$9.15/oz, underpinning strong EBITDA and cash flow.

•  Considerable exploration potential at the Bowdens Silver Project, with extensive drilling underway (30,000m program) and confirmed significant high-grade extensions to mineralisation close to mine.

Notes: (1) Calculations have been rounded to the nearest 100,000 t, 0.1 g/t silver and 0.01% zinc and lead grades respectively. The Ore Reserve is reported by economic cut-off grade with appropriate consideration of modifying factors including costs, geotechnical considerations, mining and process recoveries and metal pricing. Bowdens' silver equivalent: Ag Eq (g/t) = Ag (g/t) + 33.48*Pb (%) + 49.61*Zn (%) calculated from prices of US$20/oz silver, US$1.50/lb zinc, US$1.00/lb lead and metallurgical recoveries of 85% silver, 82% zinc and 83% lead estimated from test work commissioned by Silver Mines Limited.