Silver Mines : AGM Investor Presentation

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Annual General Meeting

Presentation

26th November 2021

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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.

Silver Mines Limited Introduction

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Key Assets

• The Bowdens Silver Project is located in central New South Wales, Australia.
• The consolidated project area comprises 2,007km2 (490,000 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.

Share Register

• In February 2021, the Company concluded a successful equity placement to raise A$30 million.
• The placement was well supported by Australian and North American institutional investors and has resulted in several new funds joining the Silver Mines share register.

Capital Structure (ASX: SVL)

	AUD	USD
Shares on Issue (m)	1,291.8	1,291.8
Share Price ($)	0.23	0.17
Undiluted Market Capitalisation ($m)	297.1	222.8
Cash ($m, as at end September 2021)	32.4	24.3
Enterprise Value ($m)	264.7	198.5
Options
3 Year Milestone @ A$0.20	5.0m

	Directors
Keith Perrett	Non-Executive Chairman
Anthony McClure	Managing Director
Jonathan Battershill	Non-Executive Director

Silver Mines Limited Progress

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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 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.
• Capital raise of A$30 million completed.
• Well positioned for continued momentum in a very positive silver price environment.

Silver Mines Limited Share Price Graph
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00

333 275

40 0.38 0.26

163 486

67

128

Mineral Resource

131 95

69 0.44 0.32 101

66

97

30

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

Ore Reserve

Mt

Zn kt

Ag g/t

Pb AgEq Ag

% g/t Moz

Pb AgEq kt Moz

Zn

%

Contained Metal

Grade

Tonnes

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.

development approval.

Reserves and Resources(1)

2021 - 2022

Approval Processes & Optimisation

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

May 2020

EIS Complete, DA Submission

Bowdens well-advanced,with production expected in 2023-24

to

June 2018

Feasibility Study complete

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

May 2018

Ore Reserve complete (97 Moz AgEq)

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

September 2017

Mineral Resource complete (275 Moz AgEq)

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ersonal6 Not s: (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-offgrade with appropriate consideration of modifying factors including costs, g ot chnical 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 r cov ries of 85% silver, 82% zinc and 83% lead estimated from test work commissioned by Silver Mines Limited.

Timeline of Major Milestones

Highlights

Bowdens Silver Project: Overview