SILVER MINES LIMITED — AGM Information 2021

Nov 25, 2021

==> picture [691 x 86] intentionally omitted <==

==> picture [780 x 278] intentionally omitted <==

==> picture [310 x 84] intentionally omitted <==

Annual General Meeting Presentation 26[th] November 2021

==> picture [137 x 41] intentionally omitted <==

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.

==> picture [124 x 32] intentionally omitted <==

3

Silver Mines Limited Introduction

• Key Assets

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

• The consolidated project area comprises 2,007km[2] (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.

==> picture [318 x 393] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

==> picture [124 x 32] intentionally omitted <==

4

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 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.

==> picture [318 x 219] intentionally omitted <==

----- Start of picture text -----

Silver Mines Limited Share Price Graph
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
----- End of picture text -----

• 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.

==> picture [124 x 32] intentionally omitted <==

5

Bowdens Silver Project: Overview

Timeline of Major Milestones September 2017 Mineral Resource complete (275 Moz AgEq) May 2018 Ore Reserve complete (97 Moz AgEq) June 2018 Feasibility Study complete May 2020 EIS Complete, DA Submission 2021 – 2022 Approval Processes & Optimisation

Highlights

• 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 2023-24

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

suggesting there is aclear pathway to
development approval.						Reserves	and	Resources(1)
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				Tonnes		Grade			Contained		Metal
cash cost of US$9.15/oz, underpinning strong EBITDA and cash flow.				Mt	Ag g/t	Zn %	Pb %	AgEq g/t	Ag Moz	Zn kt	Pb kt	AgEq Moz
Considerable exploration potentialat the Bowdens Silver			Ore Reserve	30	69	0.44	0.32	101	66	131	95	97
Project, with extensive drilling underway (30,000m
program) and confirmed significant high-grade extensions to mineralisation close to mine.			Mineral Resource	128	40	0.38	0.26	67	163	486	333	275

==> picture [124 x 32] intentionally omitted <==

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) + 33.48Pb (%) + 49.61Zn (%) 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.

6

Bowdens Silver Project: Lachlan Fold Belt Geology

• The Ordovician Macquarie Arc/Lachlan Fold Belt of Eastern Australia contains preserved porphyry volcanic arc environments.

• • Macquarie Arc of NSW contains world-class; – Cadia/Ridgeway,

• – Cowal,

• – Northparkes and others

• • The Bowdens portfolio demonstrates that the eastern limb of the Macquarie Arc has the potential for significant mineral systems.

• • Substantial geological study work completed by the University of NSW.

==> picture [238 x 338] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

7

Bowdens Silver Project: Regional Geology

• Extensive tenement holding (2,007 km[2] = 496,000 acres) controlled by Silver Mines.

• • Wide range of prospective deposit types over different time periods (Ordovician, Siluro-Devonian, Carboniferous and Permian).

• • Permian Rylstone Volcanics consisting of rhyolitic to dacitic pyroclastics, epiclastics and lava’s with recently defined porphyritic intrusion within the deposi.

• • Overlain by the Permo-Triassic Sydney Basin sediments ( < 270 Ma).

• • The Bowdens deposit is a low sulphidation, carbonate silver-base metal-gold epithermal system .

• • Vein types include – breccia, stringer, dissemination, banded and colloform textured veins.

• • Likely the mineralisation age is around 295 Ma.

==> picture [366 x 376] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

8

Bowdens Silver Project: Geology

==> picture [425 x 175] intentionally omitted <==

Silver-zinc-lead-gold colloform and breccia vein

==> picture [282 x 208] intentionally omitted <==

==> picture [282 x 211] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

Zinc-lead-silver-gold-copper deeper Bowdens

Silver-zinc-lead upper Bowdens

9

Bowdens Silver Mine Geology

==> picture [653 x 433] intentionally omitted <==

10

Bowdens Silver Project: Drilling

	RC	Diamond	Total
CRAE
Holes	33	5	38
Metres	3,318	962	4,280
Silver Standard
Holes	317	48	365
Metres	34,051	7,843	41,894
Kingsgate
Holes	118	34	152
Metres	13,102	5,525	18,627
Silver Mines
Holes	114	112	226
Metres	18,009	40,180	58,189
Total
Holes	582	199	781
Metres	68,480	54,510	122,990

==> picture [124 x 32] intentionally omitted <==

11

Bowdens Silver Project: Site Layout

==> picture [363 x 371] intentionally omitted <==

==> picture [327 x 158] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

12

Bowdens Silver Project: Study Work

Unit Physical Metrics Production Life Years Ore Mined Mt Waste Mined Mt W:O Strip Ratio x Ag Recovered in Concentrate Moz Zn Recovered in Concentrate kt Pb Recovered in Concentrate kt Financial Metrics Revenue $m Operating Expenses $m Operating Margin $m Capital Costs Initial $m LOM Sustaining $m Unit Costs (Silver Basis) C1 Costs $/oz All in Sustaining Cost (AISC) $/oz	2018 Upside Case2 16.5 29.9 48.2 1.60 52.91 108.0 79.3 AUD USD 2,162.0 1,621.5 1,353.9 1015.5 808.0 606.0 AUD USD 246.0 184.5 53.9 40.4 AUD USD 15.52 11.64 17.53 13.15	2018 Base Case1
		16.5 29.9 48.2 1.60 52.91 108.0 79.3
		AUD USD
		1,899.5 1,424.7 1,340.8 1,005.6 558.7 419.0
		AUD USD
		246.0 184.5 53.9 40.4
		AUD USD
		15.47 11.60 17.25 12.94

1 2018 Feasibility Study Base Case: Silver prices assumed were LOM averages US$20.90 /oz, a zinc price of US$1.25 /lb and a lead price of US$1.00 /lb.

2 2018 Feasibility Study Upside Case: Silver prices assumed were LOM averages US$25.00 /oz, a zinc price of US$1.25 /lb and a lead price of US$1.00 /lb. For further information refer to ASX release of 14[th] June 2018.

==> picture [124 x 32] intentionally omitted <==

13

Approvals Timeline

==> picture [198 x 114] intentionally omitted <==

----- Start of picture text -----

WE ARE HERE
----- End of picture text -----

==> picture [251 x 500] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

14

Project Water Optimisation

• Pipeline from the Ulan coalfields to provide “make-up” water for our processing plant at Bowdens Silver.

• Pipeline was to provide up to ~18% of water requirements over the life-of-mine.

• Optimisation of our mine site water infrastructure including recycling has reduced our total water demand.

• Security of water on-site is now confirmed and Bowdens Silver is self- sufficient for its water requirements.

• The water pipeline is now removed from the development proposal.

==> picture [318 x 232] intentionally omitted <==

• Provides a substantial simplification of the project.

• Project savings circa $25 million.

• This complex infrastructure required water offtake agreements, landholder consents, reverse osmosis (purification) plant, brine disposal and the pipeline and pumping stations.

==> picture [124 x 32] intentionally omitted <==

Community Support

==> picture [540 x 405] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

Silver Uses

==> picture [625 x 392] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

17

==> picture [780 x 540] intentionally omitted <==

----- Start of picture text -----

18
----- End of picture text -----

Silver Uses and Market

• Silver is the best electrical and thermal conductor among metals.

Silver Price (USD/oz)

• Demand for silver is currently benefiting from new applications in photovoltaic cells (for solar panels), electric vehicles, electronics, water purification, robotics, industrial automation, aerospace, pharmaceuticals, and biosciences.

• Physical silver demand is approximately 1000 million ounces per year.

==> picture [348 x 167] intentionally omitted <==

----- Start of picture text -----

60.0
50.0
40.0
30.0
20.0
10.0
0.0
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021
USD Silver Price ($/oz)
----- End of picture text -----

• Primary use segments are industrial fabrication (60%), jewellery (20%), coins and bars (15%) and silverware (5%).

• Approximately 10% of demand is utilised for production of photovoltaic cells.

• Solar power, 5G electronics and EV investment agendas are a major driver going forward.

==> picture [160 x 54] intentionally omitted <==

19

Bowdens Silver Exploration

A Major Silver System

==> picture [483 x 362] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

20

Bowdens Silver Project: Extensions

• Northwest Zone, Aegean and Bundarra Zones contains highgrade silver directly under the planned open cut pit.

• • Current drilling is demonstrating that the Northwest and Aegean Zones are likely to be connected.

• • Each of the three discoveries open in several directions.

• • Northern Feeder Vein identified – a substantial ultra high grade addition.

==> picture [446 x 315] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

21

Bowdens Silver Project: Extensions (Cont’d)

==> picture [565 x 411] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

22

Bowdens Silver Project: Extensions (Cont’d)

==> picture [719 x 360] intentionally omitted <==

----- Start of picture text -----

CURRENT
DRILLING
BD21042
----- End of picture text -----

==> picture [124 x 32] intentionally omitted <==

23

Bowdens Silver Project: Extensions (Cont’d)

==> picture [237 x 420] intentionally omitted <==

==> picture [393 x 222] intentionally omitted <==

Drill Hole DB211042 New intercept to the south and 50 metres below the Bundarra Zone

==> picture [124 x 32] intentionally omitted <==

24

Expanded Program and Scoping Study

• Recent drilling at the Northwest, Aegean and Bundara Zones has demonstrated considerable highgrade potential immediately beneath the proposed open-pit mine development

• 30,000 metres diamond drilling focussed on three discovery zones below the planned open-cut mine.

• 4 rigs currently on site.

• Drilling will continue until at lease through first quarter calendar 2022.

• Underground preliminary resource assessment commenced.

• Scoping Study for potential underground mining scenarios commenced

• GR Engineering, Entech and KYSPYmet commissioned for the study.

• Study results planned for first half 2022.

==> picture [412 x 233] intentionally omitted <==

==> picture [173 x 175] intentionally omitted <==

==> picture [227 x 171] intentionally omitted <==

25

Bowdens Silver Project: Key Conclusions

==> picture [664 x 348] intentionally omitted <==

----- Start of picture text -----

 
Considerable exploration potential at the Bowdens Silver
Project, with extensive drilling (30,000 metres with 4
The largest silver development project in Australia , and one
diamond rigs) underway and confirmed significant high-grade
of the largest globally, with a current JORC-compliant
extensions to mineralisation close to mine. Scoping Study
Resource base of 275 Moz Ag Eq (84% M+I Resource).
commenced for a potential underground development in
addition to the current open-cut development.
 
Bowdens well-advanced, with production expected in 2023- Assets located in a low sovereign risk jurisdiction for mining
24 – Feasibility Study completed and government development with ready access to existing infrastructure.
applications submitted – received positive responses from The COVID-19 pandemic is contained in Australia, and the
regulators and various stakeholders. vaccine rollout is advanced.
 
Low initial capital requirement of A$246m / US$185m to
develop a 2Mtpa project, producing an average of 6Moz Ag
Single open-cut mine with uncomplicated mining, a low strip
p.a. over the first 3 years of production at an average cash
ratio and metallurgy with an initial mine life of 16 years.
cost of US$9.15/oz, underpinning strong EBITDA and cash
flow.
----- End of picture text -----

==> picture [124 x 32] intentionally omitted <==

26

Other Exploration Assets

==> picture [780 x 279] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

27

Barabolar Project: Unlocking a Major Mineralised System

• Barabolar Project area located 10 kilometres northwest of Bowdens

• 9000 x 2000 metre corridor of base-metal and precious metal soil anomalies

• Mineralised skarn mapped over 5000 by 800 metres

• Porphyry system type alteration assemblages

• Several high order prospects:

• Cringle Au-Ag epithermal

• Kia Ora Skarn (and proximal porphyry): Cu-Ag-Zn-Au

• Botobolar / Hayshed: abundant coarse molybdenite in associated felsic porphyry

• Induced Polarisation (IP) program (~30 line kms) completed and substantial gravity survey completed with interpretation being finalised

• Drilling program first half 2022

==> picture [349 x 247] intentionally omitted <==

==> picture [644 x 140] intentionally omitted <==

----- Start of picture text -----

Au-Ag Epithermal
Pipeclay porphyry
(off section to south)
----- End of picture text -----

28

Tuena Gold Project

• Located south of Blayney in New South Wales.

• • Historic goldfield with minimal exploration work in the modern era.

• • Clear geological analogies to the McPhillamys Gold Project (2.0 Moz gold).

• • Mineral system and old gold workings extend over at least 6 kilometres of strike.

• • Reconnaissance mapping is identifying previously unrecorded historic workings and shear zones with substantial width.

• • Airborne magnetics and radiometrics survey completed. • Tenement position expanded with 747 km[2] of exploration licenses, all granted, all 100%.

• • Results from the 4,000m initial drilling program included: – 4.0m @ 6.88 g/t gold from 98m in TRC20010.

==> picture [262 x 370] intentionally omitted <==

==> picture [137 x 41] intentionally omitted <==

29

==> picture [691 x 86] intentionally omitted <==

==> picture [780 x 266] intentionally omitted <==

----- Start of picture text -----

Anthony McClure
Managing Director
Silver Mines Limited
+61 2 8316 3997
----- End of picture text -----

==> picture [312 x 84] intentionally omitted <==

30

(as at September 2017) Appendix 1 – Bowdens Silver Resource

30 g/t Ag Eq Cut	Tonnes	Silver Eq.	Silver	Zinc	Lead	Million	Million
	(Mt)	(g/t)	(g/t)	(%)	(% )	Ounces	Ounces
						Silver	Silver Eq.
Measured	76	72	45	0.37	0.25	111	175
Indicated	29	59	31	0.38	0.25	29	55
Measured & Indicated	105	68	41	0.37	0.25	140	230
Inferred	23	60	31	0.40	0.28	23	45
Total	128	67	40	0.38	0.26	163	275

The Bowdens Mineral Resource Estimate has been compiled by H&S Consultants Pty Ltd using Multiple Indicator Kriging and the reporting is compliant with the 2012 JORC Code and Guidelines. For full disclosures refer to the Silver Mines Limited announcement of 19 September 2017.

1. Bowdens’ silver equivalent: Ag Eq (g/t) = Ag (g/t) + 33.48Pb (%) + 49.61Zn (%) 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.

2. Bowdens Silver Mineral Resource Estimate is reported to a 30g/t Ag Eq cut off and extends from surface and is trimmed to 300 metres RL which is approximately 320 metres below surface representing a potential volume for open-pit optimisation models.

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. Variability of summation may occur due to rounding.

==> picture [124 x 32] intentionally omitted <==

31

(as at September 2017) Appendix 2 - Bowdens Silver Resource

	Cut	off g/t Ag Eq	Tonnes (Mt)	Silver Eq. (g/t)	Silver (g/t)	Zinc (%)	Lead (% )	Million Ounces	Million Ounces
								Silver	Silver Eq.
		0	397.2	30.7	17.6	0.18	0.12	225	392
		10	261.7	43.7	25.2	0.26	0.17	212	368
		20	185.2	54.6	31.7	0.32	0.21	189	325
		30	127.9	66.8	39.6	0.38	0.26	163	275
		40	89.2	79.7	48.6	0.43	0.29	139	229
		50	63.6	92.8	58.4	0.47	0.33	119	190
		60	46.1	106.3	69.1	0.51	0.36	102	158
		70	33.7	120.8	80.9	0.54	0.39	87	131
		80	25.1	135.5	93.4	0.57	0.42	75	109
		90	19.2	149.9	105.6	0.59	0.45	65	93
		100	15.1	163.7	117.5	0.62	0.47	57	80
		120	9.6	192.3	141.4	0.67	0.53	44	59

==> picture [124 x 32] intentionally omitted <==

32

Bowdens Silver Resource

==> picture [579 x 427] intentionally omitted <==

==> picture [124 x 32] intentionally omitted <==

33

(as at May 2018) Appendix 3 – Bowdens Silver Ore Reserve

	Tonnes	Silver	Silver	Zinc	Lead	Silver	Silver	Zinc	Lead
	(Mt)	Eq.	(g/t)	(%)	(% )	Eq.	Million	Kilo-	Kilo-
		(g/t)				Million	Ounces	tonnes	tonnes
						Ounces
Proved	28.6	102.2	69.75	0.44	0.32	93.85	64.05	125.11	91.43
Probable	1.3	84.4	53.15	0.43	0.29	3.60	2.27	5.74	3.91
Total	29.9	101.4	69.01	0.44	0.32	97.45	66.32	130.84	95.33

The Bowdens Reserve has been compiled by AMC Consultants Pty Ltd and is based on the September 2017 Mineral Resource Estimate generated for Silver Mines by H & S Consultants Pty Ltd (see ASX announcement 19 September 2017). For full disclosures refer to the Silver Mines Limited announcement of 30 May 2018.

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.

2. Bowdens’ silver equivalent: Ag Eq (g/t) = Ag (g/t) + 33.48Pb (%) + 49.61Zn (%) 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.

==> picture [124 x 32] intentionally omitted <==

34

Competent Persons Statements

Ore Reserve

The information in this report that relates to Ore Reserves within the Bowdens Silver Project is based on information compiled or reviewed by Mr Adrian Jones of AMC Consultants Pty Ltd who is a consultant to the Company. Mr Jones is a member of the Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Jones consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. Mr Jones visited the Bowdens mine site during April 2017 to review the operations, consider the conditions of the site, and assess the data collection methods and techniques used by site personnel.

The Ore Reserve has been prepared by Mr Adrian Jones, AMC Consultants Pty Ltd, after peer review of the mining section of the Feasibility Study. Other experts relied upon include H & S Consultants Pty Ltd, GR Engineering Services Limited, ATC Williams Pty Limited. and Jacobs Australia Pty Limited, for Mineral Resources, Metallurgy & Process Design and Tailing Storage Facility design. Work on environmental, marketing and logistics and the financial modelling were undertaken by other consultants on behalf of the Company and certified by representatives of Silver Mines.

Mineral Resources

The information in this report that relates to Mineral Resources is based on work compiled by Mr Arnold van der Heyden who is a Director of H & S Consultants Pty Ltd. Mr van der Heyden is a Member and Chartered Professional (Geology) of the Australian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr van der Heyden consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Exploration and Drill Results

The information in this report that relates to mineral exploration drill results from the Bowdens Silver Project and Tuena Gold Project is based on information compiled or reviewed by Dr Darren Holden who is an advisor to the company. Dr Holden is a member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Dr Holden consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

The information in this presentation that relates to Exploration Results and Mineral Resources has been extracted from various Silver Mines (SVL) ASX announcements and are available to view on the SVL website www.silvermines.com.au or through the ASX website at www.asx.com.au (using ticker code "SVL"). Silver Mines confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. Silver Mines confirms that the form and context in which Competent Person's finding are presented have not been materially modified from the original market announcement.

==> picture [124 x 32] intentionally omitted <==

35