SILVER MINES LIMITED — Director's Dealing 2024

Jan 17, 2024

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Silver Mines Limited ABN 45 107 452 942

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Jonathan Battershill
Date of last notice	20 September 2021

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	JJB Advisory Limited (Director)
Date of change	17 January 2024
No. of securities held prior to change	(a) 1,687,500 Ordinary Shares (b) 5,000,000 Options (expiry 3 years from achievement of financing milestones exercisable at $0.20)
Class	Performance Rights

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

Number acquired	(a) 4,000,000 unquoted performance rights vest upon the Company’s shares achieving a 10 day volume weighted average price (VWAP) of equal to or greater than $0.30 and expiring on 31 December 2026 (SVL PR1); (b) 4,000,000 unquoted performance rights vest upon the Company’s shares achieving a 10 day VWAP of equal to or greater than $0.40 and expiring on 31 December 2026 provided commencement of mine construction has occurred (SVL PR2); and (c) 4,000,000 unquoted performance rights vest upon the Company’s shares achieving a 10 day VWAP of equal to or greater than $0.50 and expiring on 31 December 2026 provided successful mine commissioning has occurred (SVL PR3).
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Performance Rights were issued for nil consideration as part of the Company’s Employee Incentive Scheme per shareholder approval obtained at Annual General Meeting dated 30 November 2023. Estimated valuation $1,619,162 (see Notice of Meeting released 27 October 2023).

• See chapter 19 for defined terms.

Appendix 3Y Page 2

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Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

(a) 1,687,500 Ordinary Shares (b) 5,000,000 Options (expiry 3 years from achievement of financing milestones exercisable at $0.20) (c) 4,000,000 unquoted performance rights vest upon the Company’s shares achieving a 10 day VWAP of equal to or greater than $0.30 and expiring on 31 December 2026 (SVL PR1) (d) 4,000,000 unquoted performance rights vest upon the Company’s shares achieving a 10 day VWAP of equal to or greater than $0.40 and expiring on 31 December 2026 provided commencement of mine construction has occurred (SVL PR2) (e) 4,000,000 unquoted performance rights vest upon the Company’s shares achieving a 10 day VWAP of equal to or greater than $0.50 and expiring on 31 December 2026 provided successful mine commissioning has occurred (SVL PR3)

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy- back

Performance Rights issued under Employee Incentive Scheme and were issued following shareholder approval at annual general meeting of shareholders dated 30 November 2023.

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A

• See chapter 19 for defined terms.

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Appendix 3Y Change of Director’s Interest Notice

No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 4

01/01/2011