Annual report
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www.silvermines.com.au Silver Mines Limited ABN 45 107 452 942 Silver Mines Limited Annual Report 2026 2026 ANNUAL REPORT ANNUAL REPORT
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Designed and Produced by RDA Creative www.rda.com.au Chairman’s Letter ............................................................. 1 Review of Operations ....................................................... 3 Information on Board ...................................................... 37 Remuneration Report ...................................................... 39 Auditor’s Independence Declaration ................................ 52 Consolidated Statement of Profi t or Loss and Other Comprehensive Income .................................................. 53 Consolidated Statement of Financial Position .................. 54 Consolidated Statement of Changes In Equity ................. 55 Consolidated Statement of Cash Flows ........................... 56 Notes to the Financial Statements ................................... 57 Consolidated Entity Disclosure Statement ....................... 92 Directors’ Declaration ..................................................... 93 Independent Auditor’s Report .......................................... 94 Additional Securities Exchange Information ..................... 99 Tenement Information .................................................. 103 Calico North Project Mining Claims .............................. 104 Kramer Hills Project Mining Claims .............................. 112 Corporate Governance Statement ................................. 126 Corporate Directory ...................................................... 137 CORPORATE DIRECTORYCONTENTS Directors Keith Perrett – Non-Executive Chairman Jonathan Battershill – Managing Director Kristen Podagiel – Non-Executive Director Robert Dennis – Non-Executive Director Nicole Brook – Non-Executive Director (appointed 17 September 2026) Joel Fitzgibbon – Non-Executive Director (appointed 17 September 2026) Company Secretary Trent Franklin Australian Company Number 107 452 942 Registered Offi ce Silver Mines Limited Level 28 88 Phillip Street Sydney NSW 2000 Australia Tel: +61 2 8316 3997 Fax: +61 2 8316 3999 E-mail: info@silvermines.com.au Website: www.silvermines.com.au Share Registry XCEND Level 2, 477 Pitt Street Haymarket NSW 2000 Phone: +61 (2) 8591 8509 Email: support@xcend.co Website: www.xcend.co Auditors Ernst & Young 200 George St, Sydney NSW 2000 Tel: +61 2 9248 5555
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1 Silver Mines Limited Annual Report 2026 CHAIRMAN’S LETTER Dear Shareholders, I am pleased to present the Annual Report for Silver Mines Limited and its wholly owned subsidiaries for the financial year ended 30 June 2026. This year has marked a period of considerable progress, particularly at our flagship Bowdens Silver Project, as we continue our transition towards development. Despite a lengthy process to have our development application back before the IPC and ongoing regulatory challenges following the Court of Appeal decision in 2024, the Company has remained focused on strengthening the technical, environmental and commercial foundations of the Bowdens Silver Project. At the same time we have also expanded our portfolio through strategic exploration opportunities in North America. With a clear strategy and growing project pipeline, the Company is well positioned to become a leading global producer of silver and polymetallic resources. Who We Are Silver Mines is an Australian‑based exploration and development company, underpinned by the Bowdens Silver Project, the largest undeveloped silver deposit in Australia and among the largest globally. Located near Mudgee in the Central Tablelands of New South Wales, the Bowdens Silver Project spans over 2,100 km² across a highly prospective geological corridor. Our purpose is to responsibly discover and develop valuable mineral assets, delivering long‑term returns for our shareholders and broader benefits to the communities in which we operate. We are committed to best practice in environmental stewardship, sustainability, and stakeholder engagement. Bowdens Silver – Advancing Toward Development The Bowdens Silver Project remains our highest priority, with the 2026 Financial Year focused on progressing the redetermination of Development Application SSD‑5765, maintaining development readiness and strengthening BSP’s technical and strategic foundations. During the 2026 Financial Year, Silver Mines advanced pre‑development activities, including a strategic land acquisition adjacent to Bowdens which enhances water security, biodiversity options and future infrastructure flexibility. The Company also completed significant environmental and technical workstreams required to support the redetermination process, while continuing constructive engagement with key government agencies and stakeholders. Subsequent to the 2026 Financial Year, the Company submitted an updated Biodiversity Development Assessment Report and response to the NSW Department of Planning, Housing and Infrastructure (“DPHI”) to support its assessment and referral to the NSW Independent Planning Commission (“IPC”) as part of the redetermination process. In September 2026, DPHI finalised its assessment of the additional information provided by Silver Mines and provided supplementary advice to the IPC for consideration as part of the determination process. Importantly, DPHI stated that the additional information does not fundamentally change its previous assessment and conclusions regarding the merits of the Bowdens Project. DPHI’s original referral to the IPC had concluded that the Bowdens Project was in the public interest and approvable, subject to conditions of consent. The supplementary advice therefore represents a significant milestone in the process to reinstate the Bowdens development consent and reaffirms the position maintained by Silver Mines throughout the assessment process. The IPC has now scheduled the continuation of the Bowdens public hearing for 14 and 15 October 2026, with the IPC expected to make a final determination following the hearing before the end of 2026. A defining milestone for the Company was the completion and release of the Definitive Feasibility Study (“DFS”) for the Bowdens Silver Project in July 2026. The DFS confirmed Bowdens as a technically robust, long‑life and globally significant silver development project, demonstrating strong project economics and reinforcing management’s confidence in the project’s ability to generate substantial long‑term value for shareholders. Importantly, the DFS was supported by a significant increase in Ore Reserves to 93.5 million ounces of silver, representing one of the largest Ore Reserve inventories for an undeveloped primary silver project globally. This increase reflects the quality of the underlying Mineral Resource, optimisation of the mine plan and ongoing technical improvements made by the Company’s team. Together, these outcomes substantially de‑risk the project and position Bowdens as a compelling future source of silver production once development approvals are reinstated. The Board believes the DFS represents a major value inflection point for Silver Mines. It provides a detailed blueprint for the development of Bowdens and demonstrates the resilience of the project through commodity price cycles, giving shareholders confidence in the Company’s long‑term strategy.
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Silver Mines Limited Annual Report 2026 2 Strengthening Our Leadership for the Next Phase As Silver Mines transitions towards development, the Company has continued to strengthen its Board and executive leadership team. Subsequent to year end, the Company announced the appointments of Ms Nicole Brook and Mr Joel Fitzgibbon as independent Non‑Executive Directors, bringing significant mining, technical, government, resources policy and stakeholder experience to the Board. The Company also announced the appointment of Mr David Morgan as Chief Financial Officer, bringing more than 20 years of experience across the mining, metals and resources sector. These appointments add valuable capability and depth as the Company progresses the Bowdens Silver Project through the approvals process and towards development. The Board has also commenced an orderly leadership transition, with Mr Joel Fitzgibbon to succeed me as independent Non‑Executive Chair following the Company’s Annual General Meeting in November 2026. After ten years as Chairman, I will retire from the Board at the conclusion of the AGM and will continue to be available and support the Company as a consultant in relation to its agricultural business. It has been a privilege to lead Silver Mines through a period of significant growth and progress, and I am confident that the strengthened Board and management team are well positioned to lead the Company through its next exciting phase. Strategic Expansion – US Silver & Gold Projects In line with our growth strategy, we expanded our international footprint by acquiring a 100% interest in the Calico North Silver Project and securing a farm‑in right to earn up to 80% of the Kramer Hills Gold‑Silver Project, both located in the highly prospective San Bernardino County, California. These brownfields projects provide exposure to tier‑one jurisdictions with significant exploration upside, and minimal near‑term capital requirements. Our near‑term focus will be on mapping, geophysics, and defining drill targets to unlock value. Our Values and Commitment Our Company is guided by core values that shape how we operate: • Integrity: Acting with transparency, honesty, and respect. • Sustainability: Minimising environmental impact while maximising resource value. • Community: Engaging meaningfully with local and Indigenous communities. • Safety: Maintaining an uncompromising commitment to health and safety. We continue to invest in our people and foster a culture of excellence and innovation. Our relationships with the local community, including the Warrabinga‑Wiradjuri People, are fundamental to our approach. We value these partnerships and remain committed to inclusive and respectful development. Outlook The year ahead promises to be one of the most important in the Company’s history. Our immediate priorities are to progress the Bowdens Project through the NSW planning process, continue engagement with regulators and stakeholders, and advance our development pathway. In parallel, we look forward to unlocking value from our North American exploration portfolio and other regional assets through targeted exploration programs and disciplined project evaluation. Silver, a critical mineral in NSW, remains of increasing strategic importance supported by growing industrial demand from the renewable energy, electrification and technology sectors. With one of the world’s premier undeveloped silver projects and an expanding portfolio of quality exploration assets, we believe Silver Mines is exceptionally well positioned to benefit from these long‑term market fundamentals. On behalf of the Board, I would like to thank our shareholders, employees, and stakeholders for their continued support. The progress achieved over the past year reflects the dedication of our team and reinforces our confidence in the Company’s future. We remain committed to delivering sustainable long‑term value for our shareholders while developing our projects responsibly and safely. Thank you for your continued support and belief in our journey. Yours sincerely, Keith Perrett Non‑Executive Chairman Silver Mines Limited CHAIRMAN’S LETTER
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3 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS During the Financial Year ended on 30 June 2026 (“2026 Financial Year”), Silver Mines Limited (“Silver Mines”, the “Company” or the “Group”) continued pre‑development works and ongoing mineral exploration at the Bowdens Silver Project (“BSP”) located near Mudgee in New South Wales. In July 2026, the Company updated its Ore Reserve and Mineral Resource Estimate, as well as released a Definitive Feasibility Study adding significant value and demonstrating confidence for further Project longevity. The Company also continued to undertake substantial exploration works across its tenement holdings. PROJECTS The Group has an interest in the following projects: New South Wales, Australia • Bowdens Silver Project (silver/polymetallic) 100% owned ‑ including exploration prospects at Bara Creek, Rockwell and Barabolar; and • Tuena Project (gold/silver) 100% owned.
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Silver Mines Limited Annual Report 2026 4 REVIEW OF OPERATIONS San Bernardino County California, United States • Calico North Project (silver) 100% owned; and • Kramer Hills Project (gold/silver) – right to earn up to 80% under Farm‑in arrangement. Figure 2. California Project Locations and San Bernardino County Location Map Figure 1. Group Project Locations
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5 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Introduction The BSP is located near Mudgee in the Central Tablelands Region of New South Wales, Australia. The BSP comprises 2,115 km2 (521,000 acres) of titles covering approximately 80 kilometres of strike of the highly prospective Carboniferous Rylstone Volcanics and underlying sediments, intrusions and volcanics of the Macquarie Arc. Multiple target styles and mineral occurrences have potential throughout the district including analogues to the Bowdens Silver Deposit (high‑grade silver‑lead‑zinc epithermal), volcanogenic massive sulphide (VMS) systems and copper‑gold targets. This area also hosts the Company’s exploration prospects at Bara Creek, Rockwell and Barabolar. The Group holds 100% of Exploration Licence EL5920 which contains the Bowdens Silver Deposit. In addition, the Group holds exploration licences EL6354, EL8159, EL8160, EL8168, EL8268, EL8403, EL8405, EL8480, EL8682 and EL9580 (Refer to Figure 3). Figure 3. The Group’s Exploration tenure and Bowdens Silver Project, Mining Lease Application near Mudgee. Bowdens Silver Project
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Silver Mines Limited Annual Report 2026 6 Figure 4. Silver Mines Limited prospect locations in the Mudgee district. REVIEW OF OPERATIONS Description The BSP is the largest known undeveloped silver deposit in Australia and one of the largest globally, with substantial resources and a considerable body of high‑quality technical work completed. The BSP is located in an established mining district with outstanding logistics, local suppliers and operators to support future mine development. The Group’s exploration licences (EL) cover the eastern margin of the Lachlan Orocline/Macquarie Arc. The BSP comprises the highly mineralised Rylstone Volcanics and the on‑lapping later Permian, sedimentary units of the Shoalhaven Group within the Sydney Basin. The Rylstone Volcanics unconformably overlie the Ordovician Coomber Formation and Silurian Dungeree Volcanics (Refer to Figure 4). Several large, batholithic intrusions of Carboniferous age intrude the region and are exposed at surface.
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7 Silver Mines Limited Annual Report 2026 Development Application In December 2025, the Company announced that it has continued to pursue the redetermination of the Bowdens Project through the NSW DPHI planning approvals system. The original Bowdens Project Development Application (“DA”) was prepared and submitted during a period of legislative transition to the Biodiversity Conservation Act 2016 (NSW) (“BC Act”). The BC Act introduced changes to survey methodologies and reporting requirements for ecological characteristics in biodiversity assessments for developments such as the BSP . However, under transitional provisions associated with the BC Act, the DPHI had previously determined that the Company could complete ecological surveys and biodiversity assessment reporting in accordance with the methodologies and requirements of the Threatened Species Conservation Act 1995 (NSW). In keeping with the Company’s aim of achieving the most appropriate, lowest risk pathway to a successful, legally robust redetermination of the DA, and in consultation with the DPHI, the Company has chosen to refresh its ecological surveys and provide an updated biodiversity assessment in accordance with the requirements of the BC Act. On 2 July 2026, Silver Mines announced that it had provided additional information to DPHI about the Bowdens Project to enable a high‑level assessment of any impacts of the proposed transmission line, along with updated information about statutory instruments or relevant policies that have been made or amended since the application was originally determined by the Independent Planning Commission (“IPC”) on 3 April 2023. DPHI has now notified Silver Mines that it has provided supplementary advice to the IPC for its consideration as part of the determination process. DPHI states that the additional information provided for this assessment does not fundamentally change its previous assessment and conclusions about the merits of the Bowdens Project. DPHI’s original referral to the IPC stated that the Bowdens Project is in the public interest and approvable, subject to strict conditions of consent. The Company is encouraged that DPHI’s assessment reaffirms the position maintained by Silver Mines throughout the assessment process and supports the extensive work undertaken to date to progress Bowdens towards reinstatement of its development consent. DPHI has also informed the IPC that it has agreed to an extension in time for the IPC to continue the public hearing and a determination of the Bowdens development application within 85 days from the date of receiving the DPHI’s supplementary advice. This would imply a determination being made on or before 9 December 2026. The IPC will review DPHI’s Assessment Report and convene a Public Hearing set down for 14 and 15 October 2026, with a final determination anticipated to be made soon thereafter. The Company will continue to provide regular updates on its progress in achieving reinstatement of the development consent of the BSP . Silver Mines continues extensive consultation with relevant Government departments, local communities, and other interested stakeholders throughout the assessment and redetermination period. Consultation processes focus on the current mine development area and the wider area where the Company is commencing or undertaking exploration programs. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 8 REVIEW OF OPERATIONS Figure 5. Bowdens Silver Mine Site Layout
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9 Silver Mines Limited Annual Report 2026 Mineral Resource and Ore Reserve Statement On 21 July 2026, the Company announced an updated Ore Reserve Estimate (“2026 Reserve”) and Mineral Resource Estimate (“2026 MRE”) for the Bowdens Silver Deposit.1 The updated 2026 MRE reflects additional drilling results, expanded metallurgical recovery test work, refinements to process design, and updated metal price assumptions. The 2026 MRE has been updated by H&S Consultants in conjunction with the Company. Accordingly, an updated Ore Reserve for the BSP has also been completed. The Company, in conjunction with Resolve Mining Solutions, produced a 2026 Reserve for the BSP based on the Measured and Indicated (M & I)component of the 2026 MRE, refer to Table 1 and Figure 6. This represents a snapshot of the current economically extractable Reserves for a given set of cost and pricing assumptions and modifying factors in accordance with the JORC Code. Please refer to the Company’s announcement dated 21 July 2026 for full details regarding the updated 2026 Reserve Estimate and 2026 MRE. Ore Reserve The Bowdens Silver Ore Reserve is estimated at 47.9 million tonnes grading 60.8 g/t silver, 0.36% zinc and 0.26% lead containing 93.5 million ounces of silver, 172 kilo‑tonnes of zinc and 127 kilo‑tonnes of lead. The Ore Reserve Estimate is shown in Table 1. Table 1 ‑ July 2026 Ore Reserve* Reserve Grades Contained Metal Classification Tonnes (Mt) Ag (g/t) Zn (%) Pb (%) Ag (Moz) Zn (kt) Pb (kt) Proved 44.6 61.7 0.37 0.27 88.5 165 122 Probable 3.3 47.3 0.21 0.15 4.9 7 5 Total 47.9 60.8 0.36 0.26 93.5 172 127 *Notes: 1. Ore Reserves are a subset of Mineral Resources. 2. Ore Reserves conform with and use the JORC Code 2012 definitions. 3. Ore Reserves are calculated using Silver, Lead and Zinc pricing of US$35/oz, US$0.95/lb and US$1.35/lb respectively. 4. Ore Reserves are calculated using a Net Smelter Return cut‑off grade of A$30/t under these assumptions. 5. Tonnages are reported including mining dilution. 6. All figures are rounded to reflect appropriate levels of confidence which may result in apparent errors of summation. 7. Refer to the Company’s announcement dated 21 July 2026 for full details regarding the updated Ore Reserve Estimate. The 2026 Reserves were estimated from the 2026 MRE after consideration of the confidence levels of the resource categories and considering the relevant modifying factors. No Mineral Resources classed as Inferred have been included in the 2026 Proved or Probable Reserves. 1 Silver Mines Limited (ASX:SVL) release “Bowdens Definitive Feasibility Study Confirms Robust Economics as Reserves lift to 93.5m Oz Silver” dated 21 July 2026. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 10 REVIEW OF OPERATIONS Figure 6. Schematic of Ore Reserve within Pit Designs by Resource Classification.
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11 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Mineral Resource Estimate The Bowdens Silver Deposit 2026 MRE update was completed by H & S Consultants (“H&S”) using Multiple Indicator Kriging (“MIK”) for Silver and Gold and Ordinary Kriging (“OK”) for other metals. The 2026 MRE for the Bowdens Silver Deposit as of July 2026 is shown in Table 2. Table 2 ‑ July 2026 Mineral Resource Estimate (25 g/t AgEq cut‑off) * Resource Grades Contained Metal Resource Category Mass (Mt) Ag (g/t) Zn (%) Pb (%) Au (g/t) AgEq (g/t) Ag (Moz) Zn (kt) Pb (kt) Au (koz) AgEq (Moz) Measured 105 41 0.36 0.26 0.02 58 139 377 270 81 195 Indicated 38 23 0.43 0.29 0.08 44 29 163 110 103 54 M & I 143 37 0.38 0.27 0.04 54 168 540 380 184 249 Inferred 30 16 0.44 0.33 0.12 38 16 134 101 118 37 Total 173 33 0.39 0.28 0.05 51 184 674 481 302 286 Differences may occur in totals due to rounding *Notes 1. Bowdens Silver Mineral Resource Estimate reported to a 25g/t AgEq cut off extends from surface and is trimmed to above 300 metres RL, approximately 320 metres below surface, representing a potential target volume for future open‑pit mining and expansion. 2. Bowdens’ silver equivalent assumes prices of US$35.00/oz silver, US$2,976/t zinc and US$2,094/t lead with variable metallurgical recoveries based on individual grades, estimated from test work commissioned by Silver Mines Limited. Ag recovery = (6.375*Ln(Ag) + 55.199)100, Max=90.0% & Min=70.0%, Pb recovery = (8.1465*Ln(Pb) + 92.677)100, Max=95.0% & Min=75.0%, and Zn recovery = (10.298*Ln(Zn) + 98.57)100, Max=97.0% & Min=75.0%. Silver equivalent formula AgEq(g/t) = Ag(g/t) + Pb(%) x Pb_price/100 x Pb_recovery/ Ag_price/31.103477 x Ag_price + Zn(%) x Zn_price/100 x Zn_recovery/Ag_price/31.103477 x Ag_price. Gold (Au) is reported as a separate attribute in Table 2 but is excluded from the AgEq formula for the 2026 MRE. This is because the 2026 DFS processing flowsheet is optimised for silver, lead and zinc flotation. Gold remains an attribute in the model for informational purposes and may be incorporated in future flowsheet assessments. It should be noted metal prices and recoveries used in the Ore Reserve are identical to those used for Mineral Resources. 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. Stated Mineral Resources are partially inclusive of areas of the total Underground Mineral Resource Estimate at 150 g/t Silver Equivalent (AgEq) Cut‑off Grade above 300mRL. See ASX announcement dated 5 th September 2022. 5. Variability of summation may occur due to rounding. 6. Oxide and transitional material comprise 0.5% and 3.6% of the Resource tonnage, containing 1 Moz and 9 Moz AgEq respectively. 7. Refer to the Company’s announcement dated 21 July 2026 for full details regarding the updated Mineral Resource Estimate. Comparison with Previous Estimates In comparison to the 2024 MRE2, changes to the 2026 MRE largely reflect updated assumptions to underlying pricing and recoveries for silver and base metals. The silver price used to calculate the silver equivalent cut‑off is approximately 27% higher than the 2024 MRE. The effect of a higher denominator in the AgEq calculations results in the lower conversion of base metals into the AgEq estimate. The new cut‑off grade of 25g/t AgEq takes into account the changes in metal prices and recoveries and is broadly in line with the results of the DFS, allowing for some additional future upside. The 2026 MRE reported above a 25g/t AgEq cut‑off grade has comparable tonnages and grades to the 2024 MRE above a 30g/t AgEq cut‑off grade. The exception is gold, which shows a marked decrease in grade because this metal is no longer included in the silver equivalent formula. The current 2026 Reserve is based on a processing flow sheet that optimises payability for silver, lead and zinc. 2 Silver Mines Limited (ASX:SVL) release “Bowdens Silver Project Ore Reserves Increased to 71.7Moz Silver” dated 21 July 2026.
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Silver Mines Limited Annual Report 2026 12 REVIEW OF OPERATIONS Ore Reserves and Resource updates The changes to the Company’s Ore Reserves and Resources between 2024 and 2026 is made here based on grades and contained metal for silver, lead and zinc. The changes reflect additional drilling, domaining and cut‑off grades in the case of the 2026 MRE and a definitive feasibility study with different modifying factors in the case of the Reserve & 2026 MRE. The differences are largely a reflection of these factors and methods being updated reflecting results of optimisation and estimation refinements. Resource Comparison The 2024 MRE and 2026 MRE compared below are based on the different Silver Equivalent cuts as stated in 2024 and 2026 Resources. Additional drilling conducted since the 2024 MRE has allowed an increase in resource confidence, so 5 Mt has moved from indicated to measured category. A major difference between the two models is that gold (Au) was included in the silver equivalent calculation in 2024 but was not included in 2026 because gold is not currently in the treatment flowsheet. There has been a consequent drop in inferred resources of 6Mt due to this, as material that was dominated by gold value is no longer included in the 2026 MRE. This is reflected in Tables 3 & 4 by the drop in silver equivalent values between 2024 and 2026, but it should be noted that this occurred due to removal of gold from the 2026 MRE. Work is currently being undertaken to re‑assay material that did not have a gold assay within the resource shell. Tables 3 & 4 ‑ Tonnage and % Changes in BSP Resources between 2024 and 2026. (note, AgEq cannot be directly compared between the two models, as Au was part of the AgEq calculation in 2024, but was removed in 2026) 2024‑2026 Δ Resource Grades Difference Contained Metal Difference Resource Category Mass (Mt) Ag (g/t) Zn (%) Pb (%) Au (g/t) Ag (Moz) Zn (kt) Pb (kt) Au (koz) Measured +5 ‑1 ‑0.01 ‑0.01 ‑0.01 +4 +9 +5 ‑28 Indicated ‑5 +2 +0.02 +0.01 ‑0.03 ‑1 ‑13 ‑11 ‑49 M & I +0 +1 +0.0 +0.0 ‑0.02 +4 ‑4 ‑6 ‑76 Inferred ‑6 +2 +0.02 +0.01 +0.02 0 ‑18 ‑14 ‑48 Total ‑6 +2 +0.02 +0.0 ‑0.02 +4 ‑22 ‑20 ‑124 2024‑2026 %Δ Resource Grades Contained Metal Resource Category Mass (Mt) Ag (g/t) Zn (%) Pb (%) Au (g/t) Ag (Moz) Zn (kt) Pb (kt) Au (koz) Measured +5% ‑2% ‑3% ‑4% ‑33% +3% +2% +2% ‑26% Indicated ‑12% +5% +5% +4% ‑27% ‑3% ‑7% ‑9% ‑32% M & I 0% +10% 0% 0% +33% +2% ‑1% ‑2% ‑29% Inferred ‑17% ‑14% +5% +3% ‑14% 0% ‑12% ‑12% ‑29% Total ‑3% +6% 0% 0% ‑29% ‑2% ‑3% ‑3% ‑29% Differences may occur in totals due to rounding.
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13 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Reserve Comparison The reserve comparison shows a 46% increase in tonnages and an increase of 30% in contained silver metal, reflecting the improved silver economics and mine design. The Probable Reserve changes are large on a percentage basis but only comprise 6.8% of the Reserve tonnages. Tables 5 & 6 ‑ Tonnage and % changes in 2026 Reserves compared to 2024 Reserves 2024‑2026 Δ Reserve Grades Difference Contained Metal Difference Classification Tonnes (Mt) Ag (g/t) Zn (%) Pb (%) Ag (Moz) Zn (kt) Pb (kt) Proved +13.1 ‑7.0 ‑0.01 ‑0.03 +18.9 +44.2 +28.5 Probable +2.0 ‑3.3 ‑0.02 ‑0.01 +2.8 +4.5 +3.0 Total +15.1 ‑7.2 ‑0.02 ‑0.03 +21.8 +48.7 +31.5 2024‑2026 %Δ Reserve Grades Contained Metal Classification Tonnes (Mt) Ag (g/t) Zn (%) Pb (%) Ag (Moz) Zn (kt) Pb (kt) Proved +42% ‑10% ‑3% ‑10% +27% +37% +30% Probable +154% ‑7% +11% ‑6% +133% +180% +150% Total +46% ‑11% ‑5% ‑10% +30% +39% +33% Governance and Quality Control The Company ensures all resources and ore reserve calculations are undertaken and reviewed by independent, internationally recognised industry consultants. All drill hole data is stored in‑house within a commercially available purpose designed database management system and subjected to industry standard validation procedures. Quality control on resource drill programs have been undertaken to industry standards with implementation of appropriate drilling type, survey data collection, assay standards, sample duplicates and repeat analyses. The Company’s Mineral Resources and Ore Reserves Statement has been reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012 Edition), Chapter 5 of the ASX Listing Rules and ASX Guidance Note 31. The Mineral Resources and Ore Reserves Statement is based on, and fairly represents, information and supporting documentation prepared by the respective competent person named in this report below. Definitive Feasibility Study On 21 July 2026, the Company announced the results of a Definitive Feasibility Study (“DFS”) for its BSP which has resulted in significant improvements to the economic parameters of the BSP . Please refer to the Company’s announcement dated 21 July 2026 for full details regarding the Company’s DFS. The DFS for the BSP specifically references a 29.9Mt ore mine design, which is less than the 2026 Life of Mine (“LOM”) design which contains 48.2Mt ore. The DFS mine design only includes Stage 1 and has been intentionally limited in scale to match the Stage 1 tailings landform which has been designed to hold 30Mt of filtered tailings. Stage 2 (which includes the additional 18.3Mt for the total 48.2Mt 2026 LOM Plan) requires a Stage 2 filtered tailings landform, all other mine infrastructure is the same as the DFS. The design of the Stage 2 filtered tailings landform is at pre‑feasibility study level only. All other aspects of the 2026 LOM design are at DFS level. As a result, while the combined LOM financial metrics (Tables 7 and 8, “LOM Stage 1 and 2 Development” columns) reflect the full 26‑year mine plan, investors should note that the Stage 2 component carries a higher level of uncertainty consistent with its pre‑feasibility study status.
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Silver Mines Limited Annual Report 2026 14
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15 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS The updated studies for the BSP have demonstrated strong economics and significant improvements to the Optimisation Study (“2024 Study”) from December 2024.3 The key economics of the BSP from the DFS and 2026 LOM are set out in Table 7 below: Table 7: Bowdens Silver Project Economic Parameters Parameter Unit 2024 Study (Dec 2024) DFS Stage 1 Development (Jul 2026) LOM Stage 1 and 2 Developments (Jul 2026) Difference (DFS vs 2024 Study) Stage 1 Development Difference (LOM vs 2024 Study) Stage 1 and 2 Developments Processing Plant, Infrastructure and Sustaining Capital Process Plant (2.0Mtpa) A$m 93.8 180.5 180.5 +92% +92% Non‑Processing Infrastructure A$m 122.1 113.3 113.3 ‑7% ‑7% Other A$m 78.6 107.8 107.8 +37% +37% Indirect A$m 37.1 52.9 52.9 +42% +42% Total (including contingency) A$m 332 455 455 +37% +37% Sustaining Capital (LOM) A$m 14.8 23.5 90.8 +52% +513% LOM Capex A$m 346 478 545 +38% +58% Production Summary Life of Mine (LOM) Years 16.0 16.75 26.0 +0.75 years +9.25 years LOM Strip Ratio W:O 1.49 1.47 1.69 ‑1% +13% Processing Rate Mtpa 2.0 2.0 2.0 n/c n/c LOM Payable Silver Production Moz 50.3 51.1 73.2 +2% +46% LOM Payable Zinc Production Kt 31 27 46 ‑13% +48% LOM Payable Lead Production kt 56 49 84 ‑13% +50% LOM Average Silver Production Mozpa 3.7 3.8 3.2 +3% ‑14% LOM Average Silver Recovery % 82.7 82.8 82.1 +1% ‑1% 3 Silver Mines Limited (ASX:SVL) release: “Optimisation Study Highlights Robust High‑Margin Ag Project” dated 20 December 2024.
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Silver Mines Limited Annual Report 2026 16 REVIEW OF OPERATIONS Parameter Unit 2024 Study (Dec 2024) DFS Stage 1 Development (Jul 2026) LOM Stage 1 and 2 Developments (Jul 2026) Difference (DFS vs 2024 Study) Stage 1 Development Difference (LOM vs 2024 Study) Stage 1 and 2 Developments LOM Operating Costs Mining (including rehabilitation) A$/t milled 17.99 19.85 20.37 +10% +13% Processing A$/t milled 20.78 20.73 20.71 0% 0% Administrative A$/t milled 5.65 6.02 6.01 +7% +6% C1 Costs A$/oz 23.28 26.91 29.75 +16% +28% C1 Costs US$/oz 15.59 18.84 20.82 +21% +34% AISC A$/oz 24.81 29.32 32.91 +18% +33% AISC US$/oz 16.62 20.53 23.04 +24% +39% Project Economics LOM Pre‑Tax Operating Margin A$m 948 1,812 2,390 +91% +152% NPV5% (Pre‑Tax) A$m 359 877 1,043 +144% +191% NPV5% (Post‑Tax) A$m 253 626 736 +147% +191% IRR (Pre‑Tax) % 21.0 31.5 31.5 +50% +50% Payback (Post‑Tax) Years 3.9 3.0 3.0 ‑23% ‑23% Profitability Index (x) 1.76 2.40 2.64 +36% +50% NPV (Pre‑Tax) / Pre‑Prod Capex (x) 1.08 1.93 2.30 +78% +113% n/c = no change. A number of scoping changes relative to the 2024 Study were made during the DFS. The key changes include: • The process flow sheet was updated to minimise the overgrinding of soft material, with key changes including: { Addition of secondary crusher; { Inclusion of fine ore screening after the SAG mill to divert final size material directly to the flotation cells; and { Ability to by‑pass fine ore screening when not needed. • Tailings filtration methodology changed from a two‑step process to a single step process. The 2024 Study plan included a desliming step with different dewatering methods for the fines and coarse product. DFS plan is to pressure filter the entire tails stream in a single step. The financial model developed for the Project based on the 2026 LOM plan indicates a total operating margin of A$2.39 billion, with project payback 3.0 years from the commencement of production. Project Pre‑Tax NPV5 is estimated at A$1.04 billion, with an IRR of 31.5%. Project Post‑Tax NPV5 is estimated at $736 million, with an IRR of 26%.
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17 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Table 8: Bowdens Silver Project Economics Project Economics Parameter Unit 2024 Study (Dec 2024) DFS Stage 1 Development (Jul 2026) LOM Stage 1 and 2 Developments (Jul 2026) Difference (DFS vs 2024 Study) Stage 1 Development Difference (LOM vs 2024 Study) Stage 1 and 2 Developments Revenue A$m 2,510 3,538 5,175 +41% +106% Operating Expenses A$m 1,562 1,726 2,785 +10% +78% Operating Margin A$m 948 1,812 2,390 +91% +152% Undiscounted Cash Flow Pre‑Tax A$m 631 1,434 1,945 +127% +208% Undiscounted Cash Flow Post‑Tax A$m 469 1,056 1,412 +125% +201% NPV5% (Pre‑Tax) A$m 359 877 1,043 +144% +190% NPV5% (Post‑Tax) A$m 253 626 736 +147% +191% IRR (Pre‑Tax) % 21 31.5 31.5 +50% +50% IRR (Post‑Tax) % 18 26 26 +44% +44% Payback (Post‑Tax) Years 3.9 3.0 3.0 ‑ 23% ‑ 23% Profitability Index (x) 1.76 2.40 2.64 +36% +50% NPV (Pre‑Tax) / Pre‑Prod Capex (x) 1.08 1.93 2.30 +78% +113%
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Silver Mines Limited Annual Report 2026 18 REVIEW OF OPERATIONS Strategic Land Acquisition During the 2026 Financial Year, the Company announced that its wholly owned subsidiary Bowdens Silver Pty Ltd (“Bowdens”) executed a binding contract of sale of land to acquire a strategic parcel of freehold land (and associated water entitlements) adjacent to its flagship BSP (see Figure 7) (“Land Acquisition”). This Land Acquisition strategically benefits both the future mining operation and farming practices as it is contiguous with existing Bowdens land holdings. The benefits include substantially increased project water security, biodiversity enhancement options, employee housing, infrastructure options, grazing and cropping. Figure 7 shows the location of the Land Acquisition adjacent to the BSP and relative to Bowdens’ other freehold land ownership. Following completion of the Land Acquisition, Silver Mines owns approximately 3,345 hectares of freehold land, representing a significant landholding. Importantly, together with the Company’s other land access arrangements, this land package covers the entire BSP licence area and includes a substantial buffer surrounding the BSP . The Consideration for the Land Acquisition (and associated water entitlements) is $12,500,000 in cash and was funded using the Company’s existing cash reserves. Full and final settlement of most lots that are the subject of the Land Acquisition occurred on 27 July 2026. Terms and conditions are otherwise of a standard form for contracts of sale of land of this nature. Figure 7. Satellite image overlain with property lots, the Bowdens Mining Licence Application and Bowdens Silver freehold land package.
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19 Silver Mines Limited Annual Report 2026 Bowdens Silver Exploration During the 2026 Financial Year, the Company announced that diamond drilling completed at the Bowdens Project had returned the highest‑grade mineralised intercept ever recorded at the Bowdens Silver Deposit.4 A geometallurgical and geotechnical diamond drilling program (for 2,225.8 metres) was completed earlier in 2025. Drill collars along with significant intercepts are shown in Figure 8 and further details relating to the significant intercepts can be located in the ASX announcement dated 19 November 2025. Drilling within the Main Zone intersected multiple high‑grade silver mineralised structures over substantial widths in drill holes BD25005, BD25006 and BD25007. BD25007 returned 116m @ 245g/t Ag, 0.48% Pb & 0.29% Zn from 75 metres (28,378 gram metres Ag), including 28m @ 185g/t Ag, 0.46% Pb & 0.24% Zn, and 35m @ 412g/t Ag, 0.79% Pb & 0.35% Zn.4 This intercept is a staggering 8,000 gram metres of silver larger than the previous best intercept, which was hole BGR312 drilled in 2003 of 145m @ 144g/t Ag, 0.33% Pb & 0.17% Zn (20,848 gram metres). 4 This intercept is a zone of dominantly sulphide breccia and stringer/fracture fill veins of primarily silver sulphides (acanthite, polybasite and freibergite). Within the 116m intercept in BD25007 is a very well‑developed zone of breccia and stringer veining of 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn.4 Drilling in the southern Main Zone successfully intersected additional mineralisation beneath the current open pit design, confirming continuity of the Resource below the existing Ore Reserve and supporting potential pit depth extensions. Geotechnical drilling also intersected expected mineralisation adjacent to planned pit walls. Given that the program was not designed to target high‑grade mineralisation, the results are highly encouraging. 4 See Silver Mines Limited (ASX:SVL) ASX Announcement: “Diamond Drilling Returns Best Ever Mineralised Intercept at Bowdens Silver Deposit” dated 19 November 2025. Figure 8: Drill hole locations and significant intercepts and 2024 Optimised Pit design. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 20 Rockwell Prospect Rockwell is situated within Exploration Licence 5920, approximately 22 kilometres southeast of the Bowdens Silver Deposit (see Figure 9). In 1989 the prospect was discovered by CRA shortly after the discovery of the Bowdens Silver Deposit. CRA’s exploration was limited in extent to the NW rim of the newly discovered caldera and consisted of geological mapping, stream, soil and rock sampling, IP surveying, and RC drilling in 1991. In 1994 and 1997 further drilling was completed by Silver Standard Australia (“SSA”) who also at the time owned the Bowdens Silver Deposit. A total of 40 RC drill holes for 2,645 metres has been drilled at The Prospect. During the year the Company negotiated land access to portions of the Prospect and have began mapping, soil sampling and gravity surveying. On completion of the programs the Company looks forward to releasing full results. Rockwell Caldera Geology The Rylstone Volcanics form an elongated NW‑SE belt of rhyolitic to rhyolite to dacitic volcanics erupted during the late Carboniferous crustal extension tectonics and have been partially covered by Permian to Triassic aged Sydney Basin sediments. Old eruption centres, or calderas, are typically found within the Rylstone Volcanics. These eruption centres and associated faults help focus later hydrothermal fluid movement to surface, forming geysers or steam heated vents and pools. In some cases, these fluids are metal bearing (mineralised) and have formed epithermal deposits such as the Bowdens Silver Deposit, forming hundreds of metres to a kilometre below the surface. The Rockwell Prospect has formed on the rim of a caldera structure, with a crypto‑dome forming the centre of the caldera, which is flanked by pyroclastic volcanics. This dome acted as a cap forced hydrothermal fluids around the margins of the caldera or into existing faults. Mineralisation intersected by CRA and SSA was both within the Rylstone Volcanics and in the older basement lithologies, surrounding the northwestern margin of the caldera. High‑grade mineralisation was intersected within the caldera along NW trending faults. Figure 9. Bowdens Silver Project with prospects and geology. REVIEW OF OPERATIONS
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21 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS This higher‑grade mineralisation shows that the Prospect has potential to host typical narrow high‑grade epithermal mineralisation along prominent lineaments. The Caldera has an extent of roughly 3.3 kilometres by 3.3 kilometres that to date remains largely unexplored. Rockwell Mineralisation Significant silver dominant mineralisation was intersected in historical drill holes which targeted coherent soil anomalies of Ag (>3ppm) and Pb (> 500ppm). Gold was also intersected within the southern drill fence of holes along with high‑grade silver and lead. Interestingly, gold dominant mineralisation was intersected in RC91CB01. Significant exploration results are shown in Figure 10. Significant intersections from RC drilling at the Prospect include: 5 • 6m @ 156g/t Ag from surface and 36m @ 105g/t Ag from 18m (RC91CB13), 40m @ 47g/t Ag from 18m (CPR011), 20m @ 69g/t Ag from surface (RC91CB16), using a 30 g/t lower cutoff. • 4m @ 183g/t Ag, 0.2g/t Au, 1.19% Pb & 0.36% Zn from 40m (RC91CB04), using a 90 g/t lower cutoff; and • 12m @ 0.28g/t Au from 14m (RC91CB01) using a 0.1 g/t Au lower cutoff. Considering the broader mineralised system, silver mineralisation greater than 10g/t has been intersected in 24 of the 40 drill holes completed historically. 4 The area containing silver, gold, lead and zinc mineralisation covers an area around 900 metres by 700 metres, with mineralisation currently unbounded. Please see ASX Announcement dated 17 February 2026 for the full list of significant intercepts. 5 Silver Mines Limited (ASX:SVL) release: “Exploration Update on Coomber Silver Prospect” dated 17 February 2026. Figure 10. Rockwell prospect historic drilling, geology and soil anomalism. Soil anomalies shown by light green (Ag>3ppm) and light blue (Pb>500ppm) shapes. Rock chip sample locations shown as Black dots.
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Silver Mines Limited Annual Report 2026 22 Rockwell Antimony Mine In addition to silver mineralisation, the Prospect also includes the historic Rockwell Antimony Mine. Fieldwork by previous owners identified quartz veins within intensely carbonate altered basement tuffaceous rocks with assays including up to 1.7g/t Au and 0.55% Sb. 5 Antimony (Sb) is often associated with upper levels of epithermal systems and is considered globally as a critical metal of strategic importance. This historic mine is situated only ~400 metres west of silver mineralisation intersected by the drilling to date, suggesting potential for a mineral system of greater extent than currently defined. Tuena Project The Tuena Project is located 80 kilometres south of the city of Orange in New South Wales (refer to Figure 11) and consists of 929 km 2 of EL’s covering the Copperhannia – Godolphin fault south from the McPhillamys Gold Deposit and the Kempfield Deposit (Ag‑Au‑Pb‑Zn). The town of Tuena was the scene of an historic gold rush in the 1800’s, with gold extracted from several narrow high‑grade gold reefs over a regional trend greater than 5 kilometres of strike length. The Company previously completed reconnaissance work, which defined > 15 individual targets with anomalous gold that is associated with historic workings (Refer to release dated 23 October 2019). The Company subsequently completed a 20‑hole 4,000 metre drill program (2020) to test beneath several of the historic workings and soil anomalies. In 2023 EL9588 was added to the Tuena Project, which covers the historic Elsienora Project. Alkane Resources Ltd were the most recent owner of the Elsienora Project and it is considered to be highly prospective for both orogenic gold and sulphide‑rich disseminated gold‑silver‑barium mineralisation (epigenetic VMS style), which is analogous to the McPhillamys Gold Deposit. Review of historic data by the Company shows that the Elsienora Project has significant underexplored potential for gold and silver mineralisation worthy of drill testing. During the 2026 Financial Year, Silver Mines advanced exploration at the Tuena Project, focusing on EL9588 where three priority targets were drilled. A seven‑hole diamond drilling program (1,705m) at the Pickers, Barite and Elsienora prospects returned multiple significant anomalous gold, silver and base metal intercepts, confirming the presence of a broad mineralised system. Drilling extended known mineralisation at Elsienora, intersected gold‑bearing structures at Barite, and demonstrated continuity of mineralisation at Pickers, while historic results at Cuddyong and Nobbs Reef highlight additional high‑grade potential, which is yet to be tested by Silver Mines. The results confirm strong prospectivity along the regionally significant Godolphin–Copperhania Fault Corridor, with substantial underexplored strike length and structural complexity providing scope for further discovery through follow‑up exploration across EL9588 and the wider Tuena Project. For further information, please refer to Company’s Announcement dated 22 December 2025. REVIEW OF OPERATIONS Figure 11: Map showing the Tuena Project
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23 Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Calico North Project Overview of Calico North Project The Calico North Project is located in the Mojave Desert of San Bernardino County in southern California, adjacent to the Nevada border (“Calico North Project”). This broader region is also home to Equinox Gold’s Castle Mountain Mine, Andean Precious Metals’ Golden Queen Mine, Rio Tinto’s Borax Mine and MP Material’s Mountain Pass Mine. Terms of Calico North Acquisition In June 2025, the Company entered into a binding share sale and purchase agreement with Domestic Energy Metals Corporation (“DEMC”) to acquire a 100% interest in the Calico North Project. During the 2026 Financial Year, the Company completed the Calico North Acquisition. Pursuant to a share sale and purchase agreement (“SPA”), DEMC agreed to sell to Silver Mines 100% of the issued capital of California Silver Limited (“CSL”) which holds a 100% interest in the Calico North Project. The Company paid the following consideration to DEMC: (a) USD$100,000 cash paid as an exclusivity fee; (b) USD$500,000 paid on completion; and (c) issued 39,000,000 fully paid ordinary shares in Silver Mines. The Consideration Shares were issued on 1 July 2025 using the Company’s existing Listing Rule 7.1 capacity. Kramer Hills Project Earn‑In Overview of Kramer Hills Project The Kramer Hills Project is made up of mining claims covering approximately 48 km 2 as well as mining claims and real property at the historic Shaherald oxide gold mine (“Kramer Hills Project”). The Kramer Hills Project is centred on the past producing Shaherald oxide gold mine. The historic mine is located on patented claims and BLM ground in San Bernardino County, California.
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Silver Mines Limited Annual Report 2026 24 REVIEW OF OPERATIONS Terms of Kramer Hills Project Earn‑In In June 2025, the Company also entered into a binding farm‑in agreement (“Farm‑In Agreement”) with Lustrum Gold Corp (“Lustrum Gold”) to earn up to an 80% interest in the issued share capital of Lustrum Exploration Corp (“Lustrum Exploration”), which holds the Kramer Hills Project. In 2026 Financial Year, the Company announced all conditions required to allow commencement of the Kramer Hills Earn‑In were satisfied and that it had made the initial payment to Lustrum Gold (or its nominee) as follows: (a) USD$100,000 cash paid as an exclusivity fee; (b) USD$500,000 paid (inclusive of the exclusivity fee); and (c) issued 23,500,000 SVL Shares (“Initial Payment Shares”). The Initial Payment Shares were subject to 12 months of voluntary escrow. The Initial Payment Shares were issued on 1 July 2025 and subsequently released from voluntary escrow on 1 July 2026. First Earn‑In The Company shall earn an initial 50% interest in Lustrum Exploration by: (a) solely funding USD$3,500,000 of exploration expenditure and property maintenance payments across the Kramer Hills Project, within two years of the Commencement Date (“Exploration Expenditure Condition”); and (b) pay to Lustrum Exploration a cash payment of USD$1,250,000, which must be used by Lustrum Exploration for payment to the Shaherald Property landholder pursuant to the Option (“August 2026 Landholder Payment”), (Collectively, the “First Earn‑In Condition”); and (c) Within 60 days of satisfaction of the First Earn‑In Condition, Silver Mines shall issue to Lustrum Gold (or its nominee) SVL Shares with a deemed value of USD$1,500,000 at an issue price per SVL Share equal to the 10‑Day VWAP of SVL Shares over the trading days immediately prior to the date Silver Mines provides Lustrum Gold notice of its satisfaction of First Earn‑in Condition (“First Earn‑In Shares”). If Silver Mines satisfies the First Earn‑In Condition and issues the First Earn‑In Shares to Lustrum Gold (or its nominees), then with effect from the date on which it has satisfied both of these obligations, Silver Mines will have earned 50% indirect ownership in the Kramer Hills Project. Further Earn‑In The Company shall earn a further 30% interest (total 80% interest) in Lustrum Exploration if within 60 days from satisfaction of the First Earn‑In Condition (“Further Earn‑In Option Period”), the Company issues to Lustrum Gold (or its nominee) SVL Shares with a deemed value of USD$2,000,000 (“Further Earn‑In Shares”) at an issue price per SVL Share equal to the 10‑Day VWAP of SVL Shares over the trading days immediately prior to the date Silver Mines provides Lustrum Gold notice of its intention to earn the further 30% interest. The issue of First Earn‑In Shares and Further Earn‑In Shares is at the Company’s election should it decide to earn the initial 50% interest in the Kramer Hills Project and the further 30% interest. Should the Company make this election at the appropriate time, it will do so using its available Listing Rule 7.1 placement capacity or seek shareholder approval prior to making an election. Incorporated Joint Venture The Company and Lustrum Gold will enter into an incorporated joint venture agreement in respect of Lustrum Exploration on earning the initial 50% interest (and if applicable a further 30% interest in the Kramer Hills Project) (“Joint Venture”). The Company will be the manager of the Joint Venture and in the event that the Company has earned an 80% interest in the Kramer Hills Project, Lustrum Gold’s 20% interest will be free carried through to a completion of a feasibility study (“Free Carry Period”). Following the Free Carry Period, the parties must each fund all expenditure under the Joint Venture on a pro‑rata basis in proportion to their respective participating interest in the Joint Venture from time to time. However, should Lustrum Gold elect not to fund expenditure after the Free Carry Period, it must convert its participating interest into a 2% net smelter royalty. The Company will keep the market updated as it progresses with the Kramer Hills Earn‑In. For full details relating to the Calico North Acquisition and Kramer Hills Earn‑In as well as detailed information regarding the Calico North Project and Kramer Hills Project, please refer to the Company’s ASX announcement released on 24 June 2025.
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25 Silver Mines Limited Annual Report 2026 Calico North and Kramer Hills Projects Exploration Update During the 2026 Financial Year, the Company provided an update on field work conducted at the Calico North and Kramer Hills Projects. Calico North Since purchasing the Calico North Project, a three‑week field mapping program was completed in December 2025.6 The aim of this program was to assess grade variation along the outcropping veins, and to develop understanding of volume and grade controls in the various vein sets. Two hundred and nineteen rock samples were taken across the deposit during this phase of mapping. Intersections of different vein sets and stratigraphy are of particular interest. Later mapping phases will assess the possibility of stratigraphically controlled mineralisation. In order to understand the broad patterns of alteration that may enhance the Company’s targeting process, a spectral interpretation was made over the project. A number of alteration zones were identified and were combined with the Company’s field mapping results to undertake drill planning. Silver and Barite assay results are shown in Figure 12 and 13. The sampling programs show that various clusters of higher‑grade samples occur across the Calico North Project. Structural modelling is being undertaken to understand the orientation of intersection zones that are defined by interaction of different vein sets and stratigraphy. Drill planning is underway, targeting these zones of intersection. Results from a USGS Skytem survey are expected in the second half of 2026, which will provide EM and magnetic data over the area. After consideration of this data, detailed ground surveys may be undertaken. Preliminary drill planning is underway, and plans will be modified to allow for outcomes of geophysical surveys. 6 Silver Mines Limited (ASX:SVL) release “Exploration Update on Californian Silver & Gold Assets” dated 16 April 2026. Figure 12. Calico North project, silver assay results, showing mapped veins and results of rock chip sampling. Note the number of clusters with good silver grades that will be followed up by drilling. It is possible that these clusters, are controlled by intersecting vein systems and stratigraphy. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 26 Highlights of the 219 samples taken in this program include 1960 g/t Ag (sample No 339705), 435 g/t Ag (sample No 339725) and 340 g/t Ag (sample No 339847).9 Barite highlights include greater than 44.8% (sample No 339702) (over detection limit), 44.3% (sample No 339749) and 41.8% (sample No 339652).6 Refer to the Company’s announcement dated 16 April 2026 for the full details of results of these programs. Kramer Hills A preliminary auger assessment of the claim package was undertaken in September 2025.6 A hand‑held auger was utilised to penetrate the surface unconsolidated sediment to understand the potential depth to hard‑rock mineralisation. This information will be utilised in developing further geophysical and geochemical assessment programs over the wider claim package. Work included a field mapping program completed in December 2025 that covered the entire Kramer claim package. This work assessed all historical workings, which were mostly small exploratory pits. The Company will be undertaking a full targeting program across the Shaherald Property after it assesses the mineralised structure that runs through the Shaherald Pit. Several parallel mineralised structures were discussed in the historical literature. 6 In January 2026, Collier Geophysics was engaged to undertake a ground magnetic survey over the project area. The survey was aimed at confirming the location of the target structure to the west of the Shaherald Pit. Several lines were placed near the Shaherald Pit, and the other lines show the structure tracking west from the Shaherald Pit through the drill target area. This confirms the approximate location of the fault structure shown in Figures 14 and 15. Figure 13. Calico North project, barite assay results. Note samples from Leviathan Barite Mine returned results of 10‑20%, while other targets show results of greater than 20% Barite. REVIEW OF OPERATIONS
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27 Silver Mines Limited Annual Report 2026 Figure 14. Kramer Hills Claim Map with Historic Workings and Faults. Note the exploration potential for areas outside of pits permitted for mining in the 1980’s. A mapped and inferred fault running through the prospect area extends for over 7 km, aligned with pre‑1942 mine shafts. There are also various repeated faults and lines of historical shafts that are prospective. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 28 Results from a USGS Skytem survey are expected in the second half of 2026, which will provide EM and magnetic data over the area. After consideration of this data, detailed ground surveys may be undertaken to assess western extensions of the main target structure, and to identify any other targets on the lease package. Refer to the Company’s announcement dated 16 April 2026 for the full details of results of these programs. Figure 15. Zoomed view of the oxide prospect area. Note alignment with a mapped fault zone and presence of mine shafts that are spread along the zone, which were all worked prior to 1942. Silver Mines verification samples taken in 2025, confirm presence of mineralised system. REVIEW OF OPERATIONS
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29 Silver Mines Limited Annual Report 2026 Bowdens Silver Project Ore Reserve and Mineral Resources The information in this report that relates to Mineral Resources is based on and fairly represents information and supporting documentation 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 JORC Code. Mr van der Heyden is not an employee of the Company and has no economic, financial or pecuniary interest in the Company other than in his capacity as a paid consultant engaged to prepare the Mineral Resource Estimate. There are no other relationships that could, in the reasonable opinion of the Competent Person, be regarded as giving rise to a conflict of interest. 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. The information in this report that relates to Ore Reserves within the Bowdens Silver Project is based on and fairly represents information and supporting information compiled or reviewed by Mr Andrew Hutson, a Competent Person who is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and a full‑time employee of Resolve Mining Services. Mr Hutson has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code. Mr Hutson is not an employee of the Company and has no economic, financial or pecuniary interest in the Company other than in his capacity as a paid consultant engaged to prepare the Ore Reserve. There are no other relationships that could, in the reasonable opinion of the Competent Person, be regarded as giving rise to a conflict of interest. Mr Hutson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Ore Reserves and Mineral Resources underpinning the production targets were prepared by a Competent Person in accordance with the JORC Code. The information in this report that relates to Exploration Results that underpin the Mineral Resources and Ore Reserves for the Bowdens Silver Project is based on and fairly represents information and supporting information compiled by the Geology Department of Silver Mines Limited, which is managed by Dr Michael Fletcher, General Manager Group Geology of Silver Mines Limited. Database compilation and QAQC is reviewed by David Biggs who is an employee of the Company. Mr Biggs is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) 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 JORC Code. Mr Biggs is a full‑time employee of the Company and holds shares and options in the Company. There are no other relationships that could, in the reasonable opinion of the Competent Person, be regarded as giving rise to a conflict of interest. Mr Biggs 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 Exploration Results at the BSP , Tuena Project, Calico North and Kramer Hills Project is based on information compiled by the Geology Department of Silver Mines Limited, which is managed by Dr Michael Fletcher, General Manager Geology of Silver Mines Limited. Dr Fletcher is a Member of the Australian Institute of Geoscientist (AIG) 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 Fletcher consents to the inclusion in this report of the matters based on the information in the form and context in which it appears. Research and Development Research and Development during the 2026 Financial Year continued to focus on utilising new technologies to assist in development of geo‑metallurgical models and exploration outcomes. This multi‑year project was completed prior to the end of the 2026 Financial Year. The Company is embarking on a full review of all geometallurgical, lithological, structural and geophysical models to enhance our ability to combine all information for exploration and resource development drill targeting. The Company is engaged with the University of New South Wales, and the NSW Resources Mineral Systems team 7 to use cutting edge technologies facilitating the development of systems to assist with both production and exploration outcomes as a result of the R&D efforts. 7 NSW Department of Primary Industry and Regional Development. COMPETENT PERSONS STATEMENTS
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31 Silver Mines Limited Annual Report 2026 CORPORATE Placement and Share Purchase Plan On 5 August 2025 the Company announced that it had successfully completed a Placement of $30 million (before costs) to institutional and sophisticated investors (“Placement”). The Placement was well supported with demand in excess of funds raised by the Company. In addition to the Placement, Silver Mines successfully completed a Share Purchase Plan (“SPP”) during the 2026 Financial Year offering eligible shareholders the opportunity to participate in the capital raising. After costs of the Placement and the SPP , the funds raised are being used predominantly for: • progression of the BSP development consent approvals and engineering studies; • ongoing community and freehold purchases including property purchases and land access agreements; • continued exploration aimed at Mineral Resource growth across the Calico North Project and Kramer Hills Project located in the United States, as well as the Company’s New South Wales projects including the Bara Creek Prospect and Tuena Project; • business development opportunities; and • general working capital. Placement The Company received firm commitments for a $30 million placement at $0.12 per share. The offer price of $0.12 per share represented a 16.3% discount to the 5‑trading day volume weighted average trading price to 31 July 2025 and a 7.7% discount to the last trading price of $0.13. The Placement was well supported by both existing shareholders and new investors. The Placement resulted in the issue of 250,000,000 fully paid ordinary shares (“New Shares”) on 11 August 2025. Petra Capital acted as Sole Lead Manager and Sole Book‑runner to the Placement. Share Purchase Plan Silver Mines also offered eligible shareholders the opportunity to participate in a non‑underwritten SPP to raise up to an additional $3 million (before costs). Shares under the SPP (“SPP Shares”) were issued at the same price as shares in the Placement (“SPP Issue Price”). The Company received applications and funds from eligible shareholders totalling $4.07 million which was well in excess of the original $3 million target raising. The terms and conditions in the SPP Offer Booklet provided the Company with discretion to accept additional funds under the SPP should the Company receive valid applications over the original target amount. Accordingly, due to the strong demand from eligible shareholders, the Company exercised this discretion and decided to increase the size of the SPP to $4.07 million. The SPP therefore raised a total of $4.07 million (before costs). A total of 33,918,984 SPP Shares were issued on 3 September 2025. Exercise of Options During the 2026 Financial Year, the Company issued 81,973,951 fully paid ordinary shares following the exercise of options at an exercise price of $0.1196 per option (“SVLAZ Options”), raising proceeds of $9,804,103.73. During the 2026 Financial Year, the Company also issued 260,078 fully paid ordinary shares on the exercise of 260,078 options at an exercise price of $0.145. These options were options issued to employees and contractors of the Company under the Company’s Incentive Plan. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 32 These employees and consultants utilised the cashless exercise mechanism under the Incentive Plan, whereby the shares issued was based on the difference between the exercise price of $0.145 and the 5 day VWAP at notice of exercise. Option Underwriting Agreement On 05 June 2026, the Company announced that it had entered into an option underwriting agreement (“Underwriting Agreement”) with Petra Capital Pty Ltd (“Petra” or the “Underwriter”) to fully underwrite the exercise of 63,183,794 SVLAZ Options (“Underwritten Options”). Under the Underwriting Agreement, the Underwriter was required to subscribe for the Underwritten Options which remain unexercised at the expiry date, representing an underwriting amount of approximately $7,556,782, by subscribing for shares on the exercise of the Underwritten Options (“Shortfall Shares”). Pursuant to the Underwriting Agreement, Petra subscribed for 8,605,780 Shortfall Shares (or procured the subscription for such shares) at an issue price of $0.1196 which represented the Shortfall from the exercise of 63,183,794 Underwritten Options. All of the Underwritten Options exercisable at $0.1196 per option which expired on 17 June 2026 were exercised or issued as Shortfall Shares. The Shortfall Shares issued to the Underwriter (or its nominees) were issued in accordance with ASX Listing Rule 7.2 (Exception 10) and will not require shareholder approval nor count toward the Company’s placement capacity under ASX Listing Rule 7.1. Expiry of Options During the 2026 Financial Year, the Company announced that 2,500,000 unlisted options expiring on 01 March 2026 with exercise price $0.30 per option had expired. RESULTS AND DIVIDENDS The loss of the Group for the Financial Year after providing for income tax amounted to $3,208,592 compared to a loss of $3,768,394 for the previous year. The Group incurred exploration and evaluation expenditures of $21,641,951 inclusive of the asset acquisition of Calico North project during the 2026 Financial Year (2025: $9,037,537). The total net assets of the Group stand at $204,511,206 (2025: $157,149,543) of which investment in exploration expenditure accounts for $123,303,911 (2025: $101,661,960). The Group is a mineral exploration and development company and as such does not earn income from the sale of any silver concentrate product at this stage. No dividends have been declared or paid during the year. ENVIRONMENTAL REGULATIONS The Group’s operations are subject to various environmental controls under State regulations. The directors are not aware of any material breaches during the 2026 Financial Year. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS DURING THE FINANCIAL YEAR Except as otherwise disclosed in this report, the Group did not have any significant changes in the state of its affairs during the 2026 Financial Year and after the end of the reporting period. MATERIAL BUSINESS RISKS This section outlines the key risks and uncertainties that could impact the Company and its ability to achieve its operating and financial objectives. Development By its very nature, the development of a mining facility contains significant risks with no guarantee of success. The ultimate economic development of a mineral deposit is dependent on many factors, including the ability to access adequate capital for project development, obtaining regulatory consents and approvals necessary for the conduct of development and production, securing access to equipment, materials and infrastructure, securing access to competent operation management and prudent financial administration, including the availability and reliability of appropriately skilled and experienced employees, contractors and consultants. Further, once established, mining operations can be impacted by a number of factors, including geological and weather conditions causing delays and interference to operations, access to necessary funding, metallurgical issues, mechanical failure of plant and equipment, shortages or increases in price of consumables and plant and equipment, environmental hazards, fires, explosions and other accidents. Similarly, all production costs, particularly labour, fuel and power, are a key risk and have the potential to adversely affect the Company’s profitability. If the Company develops mining operations and these are subject to cost over‑runs and/or higher than anticipated operating costs, this would adversely affect the Company’s profitability, the value of the Company’s projects and in turn, the value of its Shares. REVIEW OF OPERATIONS
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33 Silver Mines Limited Annual Report 2026 The Company’s financial performance will substantially depend on the accuracy of the cost estimates for the proposed development, other current and future expansion, development, and infrastructure plans, working capital requirements, the duration of relevant works program, government approvals, heritage approvals and clearances and personnel and equipment availability. The cost and time forecast estimates are based on assumptions including those in relation to study costs, scope and duration, the approvals process and timeline estimated, and operational issues, which are subject to uncertainty. Exploration The mineral tenements of the Company are at various stages of exploration, and potential investors should understand that mineral exploration and development are high‑risk undertakings. There can be no assurance that exploration of these tenements, or any other tenements that may be acquired in the future, will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited. Exploration and drilling programs are designed to discover new exploration targets for development, as well as improve confidence in existing targets throughout the development stages of exploration projects to feasibility study level. Exploration results that include drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics, and economic potential to be classed as a category of mineral resource. The potential quantities and grades of drilling targets are conceptual in nature and, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the targets being delineated as mineral resources. Mineral Resources and Ore Reserve Estimates The estimation of Mineral Resources and Ore Reserves are expressions of judgement based on knowledge, experience and industry practice. The reported estimates, which were valid when originally estimated, may alter significantly when new information or techniques become available. As new information is obtained through additional drilling and analysis, Mineral Resources and Ore Reserve estimates are likely to change. This may result in alterations to exploration, development and production plans which may, in turn, positively or negatively affect the Company’s operations and financial position. In addition, by their very nature, Mineral Resources and Ore Reserves estimates are imprecise and depend to some extent on interpretations, which may prove to be inaccurate. Resource and Reserve estimates may also be impacted by material changes in the silver price, in costs and changes to operations. Mineral Resource and Ore Reserve estimates may also be impacted by material changes in the silver, zinc, lead and other commodity prices. Community relations A failure to adequately manage community and social expectations within the communities in which the Silver Mines operates may lead to local dissatisfaction which, in turn, could lead to interruptions to production, permitting and exploration operations. The Company has an established stakeholder engagement framework to guide the management of the Group’s community relations efforts. The Company has dedicated community relations teams to work closely with the local communities and government. Establishment of strong relationships with the community and other stakeholders is fundamental to the long term success of the business. Although the Company endeavours to conduct its business in a manner which respects those communities and ensures mutually beneficial outcomes, its activities may have or be perceived to have an adverse impact on local communities, cultural heritage, the environment, or other matters which may result in community concern, adverse publicity, activism, litigation or other adverse actions taken by community, environmental or other action groups. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 34 Failure to maintain and build strong relationships and such adverse actions could affect the Company’s social licence to operate, its reputation and lead to delays and increase costs which may adversely impact on operations, financial position and/or performance and the market price of Silver Mines’ shares. Regulatory The Company’s exploration and development activities are subject to extensive laws and regulations relating to numerous matters including resource licence consent, conditions including environmental compliance and rehabilitation, taxation, employee relations, health and worker safety, waste disposal, protection of the environment, native title and heritage matters, protection of endangered and protected species and other matters. The Company requires permits from regulatory authorities to authorise the Company’s operations. These permits relate to exploration, development, production, and rehabilitation activities. Obtaining necessary permits can be a time consuming process and there is a risk that the Company will not obtain these permits on acceptable terms, in a timely manner or at all. The costs and delays associated with obtaining necessary permits and complying with these permits and applicable laws and regulations could materially delay or restrict the Company from proceeding with the development of a project or the operation or development of a mine. Any failure to comply with applicable laws and regulations or permits, even if inadvertent, could result in material fines, penalties, or other liabilities. In extreme cases, failure could result in suspension of the Company’s activities or forfeiture of one or more of the Company’s tenements. Native Title and Aboriginal Heritage In areas where native title exists or may exist, the ability of the Company to acquire a valid mining lease may also be subject to compliance with the ‘right to negotiate’ process under the Native Title Act. Compliance with this process can cause delays in obtaining the grant of a mining lease and does not ultimately guarantee that a mining lease will be granted. Attaining a negotiated agreement with native title claimants or holders to facilitate the grant of a valid mining lease can add significantly to the costs of any development or mining operation. The ability of the Company to conduct activities on exploration or mining tenements is subject to compliance with laws protecting Aboriginal heritage. Conduct of site surveys to ensure compliance can be expensive and subject to delays. If any Aboriginal sites are located within areas of proposed exploration, mining or other activities, the Company’s ability to conduct those activities may be dependent on obtaining further regulatory consents or approvals. Tenement obligations Tenements in New South Wales are governed by the Mining Act 1992 (NSW). Each licence or lease is for a specific term and carries with it annual expenditure and reporting commitments, as well as other conditions requiring compliance. Failure to meet these expenditure, work and reporting commitments may render the tenements subject to forfeiture or result in the tenement holders being liable for penalties or fees. Further, if any contractual obligations are not complied with when due, in addition to any other remedies that may be available to other parties, this could result in dilution or forfeiture of Silver Mines’ interest in the projects. Climate change and risks There are a number of climate‑related factors that may affect the Company’s operations and proposed activities, including: • the emergence of new or expanded regulations associated with the transitioning to a lower‑carbon economy and market changes related to climate change mitigation. The Company may be impacted by changes to local or international compliance regulations related to climate change mitigation efforts, or by specific taxation or penalties for carbon emissions or environmental damage. These examples sit amongst an array of possible restraints on industry that may further impact the Company and its profitability. While Silver Mines will endeavour to manage these risks and limit any consequential impacts, there can be no guarantee that the Company will not be impacted by these occurrences; and • climate change may cause certain physical and environmental risks that cannot be predicted, including events such as increased severity of weather patterns and incidence of extreme weather events and longer‑term physical risks such as shifting climate patterns. All these risks associated with climate change may significantly change the industry in which the Company operates. Land access and third party interests The Company may be required to obtain the consent from the holders of third‑party interests which overlay areas within its tenements, prior to accessing or commencing any exploration or mining activities on the affected areas. No assurance can be given that necessary access will be obtained when required or on acceptable terms. REVIEW OF OPERATIONS
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35 Silver Mines Limited Annual Report 2026 Work Health and Safety risk and environmental liabilities The Company’s activities are subject to potential risks and liabilities associated with the potential pollution of the environment and the necessary disposal of mining waste products resulting from mineral exploration and mining. Insurance against environmental risk (including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration) is not generally available to Silver Mines (or to other companies in the minerals industry) at a reasonable price. To the extent that the Company becomes subject to environmental liabilities, the satisfaction of any such liabilities would reduce funds otherwise available and could have a material adverse effect on the Company. Laws and regulations intended to ensure the protection of the environment are constantly changing and are generally becoming more restrictive. The mining industry has become subject to increasing occupational health and safety responsibility and liability. The potential for liability is a constant risk. If the Company fails to comply with necessary OH&S legislative requirements, it could result in fines, penalties and compensation for damages as well as reputational damage. Safety legislation may also change in a manner that may include requirements, in addition to those now in effect, and a heightened degree of responsibility for companies and their Directors and employees. Commodity and currency price risk It is anticipated that any future revenues derived from mining will primarily be derived from the sale of silver and other metals. Consequently, any future earnings are likely to be closely related to the price of gold and other mined commodities. Commodity prices fluctuate and are affected by numerous factors beyond the control of the Company. These factors include world demand for metals, forward selling by producers and production cost levels in major metal‑ producing regions. Commodity prices are also affected by macroeconomic factors such as expectations regarding inflation, interest rates and global and regional demand for, and supply of, the commodity as well as general global economic conditions. These factors may have an adverse effect on the Company’s exploration, development, and production activities, as well as on its ability to fund those activities. Furthermore, international prices of various commodities are denominated in United States dollars, whereas the income and expenditure of the Company are and will be taken into account in Australian currency. As a result, the Company is exposed to the fluctuations and volatility of the rate of exchange between the United States dollar and the Australian dollar as determined in international markets, which could have a material effect on the Company’s operations, financial position (including revenue and profitability) and performance. The Company may undertake measures, where deemed necessary by the Board, to mitigate such risks. Economic Risks The operating and financial performance of the Company will be influenced by a variety of general economic and business conditions, including levels of consumer spending, commodity and metal prices inflation, interest rates and exchange rates, supply and demand, industrial disruption, access to debt and capital markets and government fiscal, monetary and regulatory policies. More generally, changes in general economic conditions may result from many factors including government policy, international economic conditions, significant acts of terrorism, hostilities, war, pandemics or natural disasters. A prolonged deterioration in general economic conditions, including an increase in interest rates or a decrease in consumer and business demand, could be expected to have an adverse impact on the Company’s operating and financial performance and financial position. Cyber Risks As with all organisations, the Company is reliant on information technology for the effective operation of its business. Any failure, unauthorised or erroneous use of the Company’s information and/or information systems may result in financial loss, disruption or damage to its reputation. Litigation Risk The Company is exposed to possible litigation risks including, without limitation, intellectual property claims, contractual disputes, occupational health and safety claims and employee claims. Further, the Company may be involved in disputes with other parties in the future which may result in litigation. Any such claim or dispute if proven, may impact adversely on the Company’s operations, financial performance, and financial position. Insurance risks Insurance against all risks associated with the Company’s business is not always available or affordable. The Company maintains insurance where it is considered appropriate for its needs however it will not be insured against all risks either because appropriate cover is not available or because the Directors consider the required premiums to be excessive having regard to the benefits that would accrue. REVIEW OF OPERATIONS
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Silver Mines Limited Annual Report 2026 36 RISK MANAGEMENT The Group manages the risks listed above, and other day to day risks through an established risk management framework. The Group’s risk reporting and control mechanisms are designed to ensure strategic, safety, environment, operational, legal, financial, tax, reputational and other risks are identified, assessed and appropriately managed. The financial reporting and control mechanisms are reviewed during the year by management, the Board, the internal audit function and the external auditor. Senior management and the Board regularly review the risk portfolio of the business and the effectiveness of the Group’s management of those risks. FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES The directors believe, on reasonable grounds, that it would unreasonably prejudice the interests of the Group if any further information on likely developments, future prospects and business strategies in the operations of the Group and the expected results of these operations, were included in this report. FORWARD LOOKING STATEMENTS This Annual Report may contain forward‑looking information and statements that are subject to risk factors associated with mineral exploration, mining, processing and production businesses. It is believed that the expectations reflected in these statements are reasonable however 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 the Company. Actual results and developments may differ materially from those expressed or implied by these forward‑looking statements depending on a variety of factors including but not limited to price fluctuations, commodity demand, currency fluctuations, drilling and production results, Mineral Resource and Ore Reserve estimations, loss of market, competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions, political risks, project delay or advancement, approvals and cost estimates. Forward‑looking information and statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. No representation or warranty, expressed or implied, is made or given by or on behalf of the Company, any of the Company’s directors, or any other person as to the accuracy or completeness or fairness of the information or opinions contained in this announcement 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 report. REVIEW OF OPERATIONS
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37 Silver Mines Limited Annual Report 2026 DIRECTORS’ REPORT INFORMATION ON BOARD OF DIRECTORS DIRECTORS The Directors of Silver Mines Limited during the financial year and until the date of this report are: Keith Perrett Non‑Executive Chairman Jonathan Battershill Managing Director Kristen Podagiel Non‑Executive Director Robert Dennis Non‑Executive Director Nicole Brook Non‑Executive Director (appointment effective from 17 September 2026) Joel Fitzgibbon Non‑Executive Director (appointment effective from 17 September 2026) Mr Keith Perrett Non‑Executive Chairman Committee Roles: Member of Audit and Risk Committee and Nomination and Remuneration Committee Mr Perrett has had a long involvement in agriculture as a producer and industry leader at local, state, national and international levels. He was formerly Chairman of the Grains Research and Development Corporation (GRDC), the National Rural Advisory Council (NRAC), the Wheat Research Foundation, and President of the Grains Council of Australia. Mr Perrett is Chairman of Acumentis Group Limited (ASX:ACU) (director since February 2018). Mr Jonathan Battershill Managing Director Mr Battershill graduated with a Bachelor of Engineering (Geology) degree (Hons) from the Camborne School of Mines, United Kingdom in 1995. His career spans over 25 years in mining, business development and finance both in Australia and internationally. His industry experience includes senior operational and business development roles with WMC Resources Limited as well as significant stockbroking experience at Hartleys, Citigroup and UBS both in Sydney and London. Mr Battershill was consistently voted one of the leading mining analysts in Australia between 2009 and 2015 by institutional investors. Ms Kristen Podagiel Non‑Executive Director Committee Roles: Chair of Nomination and Remuneration Committee and member of Audit and Risk Committee Ms Podagiel has a distinguished legal background and has worked for over 20 years as a commercial lawyer on major projects and developments including those in the mineral resources, technology, agriculture, energy and defence industries. Ms Podagiel has extensive senior executive‑level experience including her prior role as Chief Executive Officer and Managing Partner of McCullough Robertson, a leading Australian independent law firm. Ms Podagiel was a director and chair of the Nomination and Remuneration Committee of PWR Holdings Limited (ASX:PWH), a global manufacturer of high performance cooling solutions for elite motorsports, defence and automotive applications and a Chair of ADG Capital Pty Ltd, a company involved in a range of engineering disciplines across various industry sectors including mining. She was a founding director of UNIQ You Ltd, a charity supporting women in mining and STEM related areas, and was previously the Interim Chief Executive Officer of Women’s Legal Service Queensland which provides free legal and social work services to over 5,000 women every year. Mr Robert Dennis Non‑Executive Director Committee Roles: Chair of Audit and Risk Committee and member of Nomination and Remuneration Committee Mr Dennis is a mining engineer with 50 years’ experience in the nickel, copper, gold and alumina industries. Mr Dennis is a skilled leader and has extensive base metals and precious metals operational, technical and project development experience. Mr Dennis’ past experience includes Chief Executive Officer and Managing Director of Poseidon Nickel Limited, Chief Operating Officer for the Independence Group (“IGO”) where he was responsible for IGO’s nickel, copper, zinc and gold operations including overseeing the development and commissioning of IGO’s Nova Nickel Project. Prior to that, Mr Dennis held positions including Chief Operating Officer at Aditya Birla Minerals Ltd where he managed the expansion and development of the Nifty Copper Project in the North West of Western Australia and the Mt Gordon operation in North Queensland, General Manager Project Development for Lionore Australia, General Manager Operations for Great Central Mines and Chief Mining Engineer for Western Mining Corporation. Mr Dennis is currently Non‑Executive Director of Stavley Minerals Ltd (ASX:SVY).
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Silver Mines Limited Annual Report 2026 38 DIRECTORS’ REPORT Ms Nicole Brook Non‑Executive Director (appointment effective from 17 September 2026) With a background in mining engineering, Ms Brook has over 30 years’ experience in the resources industry. After starting her career working underground, Ms Brook went on to hold a number of site technical and consulting roles before taking on a leadership role with Glencore Coal Australia, where she led a team of resources professionals responsible for business development, project assessment and technical governance of mining operations. As a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Ms Brook has served as President and Chair of the AusIMM and is the Chair of the UNSW Sydney School of Minerals and Energy Resources Engineering Advisory Board. In 2018, Ms Brook was named Exceptional Woman in NSW Mining at the NSW Minerals Council awards and was selected for the 100 Global Inspirational Women in Mining in 2018. Ms Brook is a former President of the AusIMM, and served on the Board from January 2021 to December 2025. She has a Bachelor of Engineering (Mining) (Hons) from UNSW and a Master of Business Administration from the University of Melbourne. Ms Brook is currently an independent non‑executive director of Whitehaven Coal Limited (ASX:WHC) and also acts as Chair of Whitehaven’s HSEC Committee and is a member of Whitehaven’s Governance and Nomination Committee. Ms Brook is also an independent and non‑executive director of EQ Resources Limited (ASX:EQR). Mr Joel Fitzgibbon Non‑Executive Director (appointment effective from 17 September 2026) Mr Fitzgibbon brings over 26 years of experience as a former federal Member of Parliament in the House of Representatives, where he represented the Hunter electorate including for a number of years the areas of Lue, Kandos and Rylstone which then formed part of that electorate. Mr Fitzgibbon also has 8 years in Local Government. Throughout his extensive career in politics, Mr Fitzgibbon served in Cabinet and held the ministerial portfolios of Minister for Agriculture, Fisheries and Forestry, Minister for Defence, and Chief Government Whip. Mr Fitzgibbon also held several shadow portfolios throughout his time in Opposition, including Shadow Minister for Agriculture, Fisheries and Forestry, Shadow Minister for Resources, Shadow Minister for Rural and Regional Australia, Shadow Minister for Small Business and Tourism, and Shadow Assistant Treasurer. Mr Fitzgibbon has served on a number of parliamentary committees, covering diverse issues including regional affairs; agriculture and resources; economics and finance; employment and workplace relations; foreign affairs, defence and trade; and public administration. Mr Trent Franklin Company Secretary Mr Franklin holds qualifications in Finance, Financial Planning and Insurance Broking. He has a Bachelor of Science (Geology/Geophysics) from the University of Sydney and is a Graduate of the Australia Institute of Company Directors. Mr Franklin is currently the Managing Director of Enrizen Financial Group and Director of Strickland Metals Limited (since April 2021). Mr Franklin is formerly a director of Gateway Mining Limited (ASX:GML), the Australian Olympic Committee Inc and Australian Water Polo Inc. He is also a Fellow of the Australian Institute of Company Directors. Meetings of Directors Board Meetings Meetings eligible to attend Meetings attended K Perrett 12 12 J Battershill 12 12 K Podagiel 12 12 R Dennis 12 12 N Brook 0 0 J Fitzgibbon 0 0 Nomination and Remuneration Committee Meetings eligible to attend Meetings attended K Perrett 3 3 K Podagiel 3 3 R Dennis 3 3 Audit and Risk Committee The Audit and Risk Committee did not meet during the 2026 Financial Year having only been implemented in April 2026.
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39 Silver Mines Limited Annual Report 2026 DIRECTORS’ REPORT REMUNERATION REPORT Remuneration policy The remuneration policy of the Group has been designed to align director and executive objectives with shareholder and business objectives by providing a fixed remuneration component and for executives offering specific long‑term incentives based on key performance indicators affecting the Group’s financial results. The Board of Silver Mines believes the remuneration policy to be appropriate and effective in its ability to attract and retain the best executives and directors to run and manage the Group. The Board’s policy for determining the nature and amount of remuneration for board members and senior executives of the Group is set out below. The remuneration policy, setting the terms and conditions for the executive directors and other senior executives, was developed by the Board. All executives receive a base salary (which is based on factors such as length of service and experience) and superannuation. The Board reviews executive packages annually by reference to the Group’s performance, executive performance and comparable information from industry sectors and other listed companies in similar industries. The Board may exercise discretion in relation to approving incentives, bonuses and options. The policy is designed to attract the highest calibre of executives and reward them for performance that results in long‑term growth in shareholder wealth. Executives are also entitled to participate in the employee share and option arrangements. The executive directors and executives receive a superannuation guarantee contribution required by the government, which is currently 12%, and do not receive any other retirement benefits. All remuneration paid to directors and executives is valued at the cost to the Group and expensed. Options are valued using the Black‑Scholes methodology. Non‑Executive Director Remuneration Non‑Executive Directors (NEDs) receive fixed fees (plus superannuation). These fees are at levels the Company considers necessary and appropriate to attract and retain directors with the calibre, skills, and experience required, while also reflecting the growing responsibilities and workload of that role. Non‑Executive Director fees remained the same in the 2025 Financial Year and the 2026 Financial Year, apart from mandatory increases in superannuation contributions. For the 2027 Financial Year, Non‑Executive Director fees were increased by the introduction of fees for chairing and membership of standing committees. Previously the Board undertook the functions of these committees as a whole but in April 2026 the Board resolved to create two separate committees being the Nomination and Remuneration Committee and the Audit and Risk Committee. Those additional committee fees were informed by benchmarking data from an independent remuneration consultant, and recognise the increased demands and responsibilities for the committee. There was no increase to the current base director fees for NEDs. As at 1 July 2027 (but subject to shareholders approving an increase of the Non‑Executive Director Fee Pool at the Annual General Meeting), Non‑Executive Directors will receive an additional $10,000 per annum if they are a Chair of any standing committee and $5,000 if they are a member of any standing committee. The Non‑Executive Chair of the Board will not receive any additional director fees for chairing or membership on any standing committees. The total Non‑Executive Director fees, including superannuation, remain within the current shareholder approved limit of $500,000. The last determination was at the Annual General Meeting of shareholders on 9 November 2022 with an aggregate pool of $500,000 per year. The amount of aggregate remuneration sought to be approved by shareholders and manner in which it is paid to NEDs is reviewed annually against comparable companies. The Company is proposing to increase the aggregate pool to $750,000 per year at the Company’s Annual General Meeting. As at the date of this report the current fees for NEDs are as follows: • Non‑Executive Chair: $120,000 per annum (inclusive of superannuation); • Non‑Executive Directors: $95,000 per annum (inclusive of superannuation); • Committee Chair: $10,000 per annum (inclusive of superannuation); and • Committee Member: $5,000 per annum (inclusive of superannuation). The Company’s constitution and the ASX listing rules specify that the NED fee pool limit, shall be approved periodically by shareholders. NEDs are entitled to fees or other amounts as the Board determines where they perform special duties or otherwise perform extra services on behalf of the Company. They may also be reimbursed for out of pocket expenses incurred as a result of their directorships. Fees for non‑executive directors are not linked to the performance of the Group. However, to align directors’ interests with shareholder interests, the directors are encouraged to hold shares in the Group.
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Silver Mines Limited Annual Report 2026 40 DIRECTORS’ REPORT Remuneration Governance The KMP Remuneration decision making is guided by the Company’s remuneration framework as follows: The Board of Directors (Board) The Board has an active role in the governance and oversight of the Company’s remuneration policies and has overall responsibility for ensuring that the Company’s remuneration strategy aligns with the Company’s short and long term business objectives and risk profile. The Board considers the recommendations and considerations from the Nomination and Remuneration Committee and approves the remuneration arrangements of executives including fixed and variable remuneration and proposes the aggregate remuneration of NEDs for shareholder approval and sets the remuneration for individual NEDs. Nomination and Remuneration Committee (NRC) The NRC is charged with formulating and reviewing the Group’s remuneration policies, reviewing each director’s remuneration and reviewing the proposed remuneration for KMP’s and direct reports to the Managing Director to ensure compliance with the Remuneration Policy and consistency across the Group including: • Remuneration levels and other terms of employment on an annual basis having regard to relevant market conditions, qualifications and experience of the KMP , and performance against targets set for each year where applicable; and • Advising the Board on the appropriateness of remuneration package structures of the Company, given trends in comparative peer companies both locally and internationally, with the overall objective of ensuring maximum stakeholder benefit from the retention of a high calibre Board and executive team. Recommendations of the NRC are put to the Board for approval. External Remuneration Consultants To ensure the NRC is fully informed when making remuneration decisions, it may seek external, independent remuneration advice on remuneration related issues. The NRC approved the engagement of Guerdon Associates (“Guerdon”), an independent remuneration consultant, to review the Company’s executive remuneration and incentives arrangements and non‑executive director remuneration, which was benchmarked against a comparable group of companies. This remuneration benchmarking was in addition to other analysis reviewed by the Company. Guerdon was paid $55,959 in cash fees for its services. The engagement of Guerdon, was to ensure the remuneration, both fixed and at‑risk, for the Company’s executive KMP and non‑executive directors is aligned with market conditions. The Board is satisfied that the remuneration recommendation was made free from undue influence by the key management personnel to whom the recommendation relates. The Board reached this conclusion as the remuneration consultant was engaged by and reported directly to the NRC, and the relevant key management personnel were not involved in determining their own remuneration outcomes. The Board makes its remuneration related decisions after considering the recommendations of the NRC, the reports from the independent remuneration consultant and other available benchmarking data. The NRC considered this engagement prudent to ensure the Company remains aligned to current market conditions and rewards its Executive KMP at the level the Board considers appropriate to motivate long term value creation through the realisation of its strategy and retain their services. Securities Trading Policy The Silver Mines Securities Trading Policy applies to all employees and directors. The policy prohibits employees and directors from dealing in Silver Mines securities while in possession of price sensitive information regarding the Company that is not generally available. Group performance, shareholder wealth and directors’ and executives’ remuneration The remuneration policy has been tailored to increase goal congruence between shareholders and directors and executives. The Group believes this policy will be effective in increasing shareholder wealth. At commencement of mine production, performance‑based bonuses based on key performance indicators are expected to be introduced. The Group has not employed any executive officers, other than directors, and general managers, who were involved in, concerned in, or who took part in the management of the Group’s affairs. The Group has an approved termination benefits policy approved by Shareholders at Annual General Meeting of the Company held on 30 November 2023 (“2023 AGM”) which grants discretion to the Board to determine the most appropriate leaving entitlements for holders of Managerial or Executive Office under their relevant employment agreements and incentive plans.
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41 Silver Mines Limited Annual Report 2026 The termination benefits approved by the Shareholders at the 2023 AGM are as follows (“Termination Benefits”): (i) Employment Agreements The executive members of the Group and other Company employees are employed under service agreements which are capable of termination by the Company or the executive giving notice of a specified period. The Company may make a payment in lieu of some or all of the notice period in accordance with the terms of the employment agreement. In certain circumstances, incentives granted or issued but not yet vested may be vested and exercisable (if applicable) on termination by notice. (ii) Diminution of Role Depending on the individual employment agreement, certain executives may be entitled to resign from their employment with the Group in the event of a material diminution of their authority, duties, status or responsibilities in their role, a change in their direct reporting relationship with the Group, or a permanent change to location of their employment. If the Group receives such notice, the Group will provide the executive with 6 months’ payment in lieu of notice of termination of employment from the end of the notice period and in certain circumstances, incentives granted or issued (but not yet vested) may be vested and exercisable. (iii) Incentive Plan Under the approved Silver Mines Limited Securities Incentive Plan (“Incentive Plan”), participants may have an opportunity to be granted incentives in the form of Equity Securities. Any Equity Securities granted to eligible participants will be issued in accordance with the Incentive Plan. The Board has discretion to approve the retention of Equity Securities to employees on cessation of employment with the Group in circumstances which it deems fit. Key Service Agreements Mr Keith Perrett. The service agreement with Lehavo Pty Ltd provides non‑executive chairman services to the Group for non‑executive chairman’s fees of $120,000 per annum. Mr Perrett provides services to the Group on behalf of Lehavo Pty Ltd. The agreement is ongoing on a month‑to‑month basis and Mr Perrett is required to provide 90 days’ written notice if he wishes to resign from the Group. Ms Kristen Podagiel has entered into a non‑executive director service agreement with the Group whereby she receives non‑executive director fees of $95,000 per annum. The agreement between Ms Podagiel and the Group is ongoing on a month‑to‑month basis. Ms Podagiel is required to provide 90 days’ written notice if she wishes to resign from the Group. Mr Robert Dennis has entered into a non‑executive director service agreement with the Group whereby he receives non‑executive director fees of $95,000 per annum. The agreement between Mr Dennis and the Group is ongoing on a month‑to‑month basis. Mr Jonathan Battershill has entered into an executive services agreement with the Company for his appointment as the Managing Director of the Company effective 1 January 2024. The details of his remuneration are as follows: • Total Fixed Remuneration: $650,000 per annum (TFR) plus statutory superannuation and other non‑monetary benefits, including housing and motor vehicle benefits, subject to review from time to time. • Short Term Incentives: Mr Battershill will be eligible for annual Short‑Term Incentives (STIs) of up to 50% of TFR. The STIs will be payable at the Board’s discretion and in exercising its discretion to award STIs the Board may have regard to any matter that the Board considers appropriate including upon achievement by Mr Battershill of Key Performance Indicators (KPIs) primarily related to HSE (Health, Safety and Environmental) performance and other criteria as agreed by the Board from time to time. The Board may decide to pay the STIs in cash, shares or in a combination of cash and shares. Any decision by the Board to pay any STIs in shares in the Company will be subject to shareholder approval in accordance with the ASX Listing Rules and other applicable law. During the 2026 Financial Year, Mr Battershill was paid a discretionary cash bonus of $110,000 plus superannuation. The bonus represents 17% of Mr Battershill’s TFR and was awarded in recognition of meeting Mr. Battershill’s performance during the 2025 financial year period. During the FY2025 period, the Managing Director, Mr Jonathan Battershill, has had responsibility for implementing the Company’s strategic plan, day to day management, overseeing exploration and development activities (including progression of the development consent/mining lease of the Bowdens Project), maintaining stakeholder and market engagement, among other responsibilities. The payment was a one‑off discretionary bonus and did not form part of a formal or structured STI program. For the 2027 Financial Year, specific KPIs have been put in place by the Board with respect to Mr Battershill and direct reports to Mr Battershill. • Long Term Incentives: 12,000,000 Performance Rights. Additionally, as part of his remuneration on his appointment as a non‑executive director in 2017, Mr Battershill was granted 5,000,000 unlisted options with an exercise price of $0.20 per option which expire 3 years from the date of achievement of financing milestones. DIRECTORS’ REPORT
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Silver Mines Limited Annual Report 2026 42 Mr Trent Franklin The service agreement with Enrizen Accounting Pty Ltd provides company secretarial and accounting services to the Group for a fee of $12,000 per month. Mr Franklin acts as Company Secretary to the Group on behalf of Enrizen Accounting Pty Ltd. Ms Nicole Brook has entered into a non‑executive director service agreement with the Group whereby she will receive non‑executive director fees of $95,000 per annum. The agreement between Ms Brook and the Group is ongoing on a month‑to‑month basis. Ms Brook was appointed subsequent to the 2026 Financial Year on 17 September 2026. Mr Joel Fitzgibbon has entered into a non‑executive director service agreement with the Group whereby he will receive non‑executive director fees of $95,000 per annum. The agreement between Mr Fitzgibbon and the Group is ongoing on a month‑to‑month basis. Mr Fitzgibbon was appointed subsequent to the 2026 Financial Year on 17 September 2026. Voting and comments made at the Group’s 2025 Annual General Meeting At the Annual General Meeting of the Company held on 26 November 2025 (“2025 AGM”), 98.67% of the votes received supported the adoption of the remuneration report for the year ended 30 June 2025. The Company did not receive any specific feedback at the 2025 AGM regarding its remuneration practices. Details of remuneration: Short‑term benefits Post‑ Employ‑ ment Long‑ term benefits Share‑based payment Total Cash salary and fees Cash bonus Annual leave Non‑ monetary benefit Super‑ annuation Long service leave Equity‑ settled shares Equity‑ settled options 2026 $ $ $ $ $ $ $ $ $ Non‑Executive Directors: K Perrett (Chairman) 120,000 ‑ ‑ ‑ ‑ ‑ ‑ ‑ 120,000 R Dennis 84,821 ‑ ‑ ‑ 10,179 ‑ ‑ ‑ 95,000 K Podagiel 84,821 ‑ ‑ ‑ 10,179 ‑ ‑ ‑ 95,000 N Brook 1 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ J Fitzgibbon1 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ Executive Directors: J Battershill2 650,000 110,000 2,497 58,849 30,000 3,777 168,315 ‑ 1,023,438 939,642 110,000 2,497 58,849 50,358 3,777 168,315 ‑ 1,333,438 Note: 1. Appointment as Non‑Executive Director is effective from 17 September 2026. 2. Non‑monetary benefits related to the housing and car lease benefits provided to the Managing Director during the year. DIRECTORS’ REPORT
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43 Silver Mines Limited Annual Report 2026 Short‑term benefits Post‑ Employ‑ ment Long‑ term benefits Share‑based payment Total Cash salary and fees Cash bonus Annual leave Non‑ monetary benefit1 Super‑ annuation Long service leave Equity‑ settled shares Equity‑ settled options 2025 $ $ $ $ $ $ $ $ $ Non‑Executive Directors: K Perrett (Chairman) 120,000 ‑ ‑ ‑ ‑ ‑ ‑ ‑ 120,000 R Dennis 85,202 ‑ ‑ ‑ 9,798 ‑ ‑ ‑ 95,000 K Podagiel 85,202 ‑ ‑ ‑ 9,798 ‑ ‑ ‑ 95,000 Executive Directors: J Battershill 650,000 ‑ 7,502 43,207 30,000 1,616 40,525 ‑ 772,850 940,404 ‑ 7,502 43,207 49,596 1,616 40,525 ‑ 1,082,850 Note: 1. Non‑monetary benefits related to the car lease benefits provided to the Managing Director during the year. Additional disclosures relating to key management personnel Share‑based compensation Options The terms and conditions of each grant of options over ordinary shares affecting remuneration of directors and other key management personnel in this Financial Year or future reporting years are as follows: Name Number of options granted Grant date Vesting date and exercisable date Expiry date Exercise price Fair value per option at grant date Jonathan Battershill 5,000,000 13/12/2017 Vest from the date of achievement of financing milestones (Milestone Options) * $0.20 $0.0485 (Note) Note: *Expiry of these options occurs from the date which is three years from the date of achievement of Project Financing of a minimum of $150 million. This was set out in the Company’s Notice of Annual General Meeting dated 30 October 2017. Options granted carry no dividend or voting rights. All options were granted over unissued fully paid ordinary shares in the company. The number of options granted was determined having regard to the satisfaction of the vesting conditions attaching to the options. Options vest based on the provision of service over the vesting period whereby the holder becomes beneficially entitled to the option on vesting date. Options are exercisable by the holder as from the vesting date. There has not been any alteration to the terms or conditions of the grant since the grant date. There are no amounts paid or payable by the recipient in relation to the granting of such options other than on their potential exercise. Should Mr Battershill cease to be employed by the Group all unvested Options will automatically be forfeited, unless the Board otherwise determines in its discretion to permit some or all of the Options to vest. None of the options disclosed above vested or lapsed during the 2026 Financial Year. DIRECTORS’ REPORT
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Silver Mines Limited Annual Report 2026 44 Performance Rights Item First Vesting Performance Rights (Class 1) Second Vesting Performance Rights (Class 2) Third Vesting Performance Rights (Class 3) Number of Performance Rights 4,000,000 4,000,000 4,000,000 Vesting conditions Vest upon the Company's Shares achieving a 10‑day VWAP of $0.30 at any time before the Expiry date Vest upon the Company's Shares achieving a 10‑day VWAP of $0.40 at any time before the Expiry date and provided commencement of mine construction has occurred. Vest upon the Company's Shares achieving a 10‑day VWAP of $0.50 at any time before the Expiry date and provided successful mine commissioning has occurred. Term 3 years 3 years 3 years Grant Date 1 January 2024 1 January 2024 1 January 2024 Expiry Date 31 December 2026 31 December 2026 31 December 2026 Fair value per PR at grant date $0.12 $0.11 $0.10 The Performance Rights above have been issued to Mr Jonathan Battershill. Pursuant to the terms of the Incentive Plan, should Mr Battershill cease to be employed by the Group all unvested Performance Rights will automatically be forfeited, unless the Board otherwise determines in its discretion to permit some or all of the Performance Rights to vest. None of the performance rights disclosed above vested or lapsed during the 2026 Financial Year. Shareholding The directors and officers of the Company are not required to hold a minimum number of shares in the Company. The number of shares in the Company held during the 2026 Financial Year by each director and other members of key management personnel of the consolidated entity is set out below: Ordinary shares Balance 01 July 2025 Net change Balance 30 June 2026 Granted during the year as compensation Received during the year on the exercise of an option Other changes Directors K Perrett 4,075,000 ‑ ‑ 250,0001 4,325,000 K Podagiel 312,500 ‑ ‑ ‑ 312,500 J Battershill 1,687,500 ‑ ‑ ‑ 1,687,500 R Dennis ‑ ‑ ‑ ‑ ‑ N Brook2 ‑ ‑ ‑ ‑ ‑ J Fitzgibbon2 ‑ ‑ ‑ ‑ ‑ 1. Mr Perrett participated in the Company’s Share Purchase Plan in August 2025 Placement. 2. Appointment as Non‑Executive Director effective 17 September 2026. DIRECTORS’ REPORT
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45 Silver Mines Limited Annual Report 2026 The number of options over ordinary shares in the Company held during 2026 Financial Year by each director and other members of key management personnel of the consolidated entity, including related parties, is set out below: Option holdings Options Balance 01 July 2025 Net change Balance 30 June 2026 Options vested and exercisable at the end of the reporting period Options vested and not exercisable at the end of the reporting period Options unvested at the end of the reporting period Granted during the year as compen‑ sation Exercise during the year Other changes Directors R Dennis ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ K Podagiel ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ K Perrett ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ J Battershill 5,000,000 ‑ ‑ ‑ 5,000,000 ‑ ‑ 5,000,000 N Brook1 ‑ ‑ ‑ ‑ ‑ ‑ ‑ J Fitzgibbon1 ‑ ‑ ‑ ‑ ‑ ‑ ‑ ‑ 1. Appointment as Non‑Executive Director effective 17 September 2026. There were no options or performance rights that have vested or lapsed during the 2026 Financial Year. There were no share‑based payments issued to non‑executive directors during the 2026 Financial Year in line with their service agreements. There were no loans extended by the Group to any key management personnel. The Company has entered into the following transactions with key management personnel and their related parties during the 2026 Financial Year. During FY2026, the Group incurred $18,770 for property and project management services provided by a related party of Jonathan Battershill. This concludes the remuneration report, which has been audited. DIRECTORS’ REPORT
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Silver Mines Limited Annual Report 2026 46 DIRECTORS’ REPORT CORPORATE GOVERNANCE The Company’s Corporate Governance Statement is attached to this report and located on the Company’s website. The Company has mostly complied with the applicable principles of corporate governance, and if it has not, it has explained why that is so. Additionally, during the 2023 Financial Year, Silver Mines signed to the Digbee ESG Platform (“Digbee”), an industry leading environmental, social and governance (“ESG”) disclosure framework to report Silver Mines’ ESG performance across all operational and corporate activities. Digbee offers standardised disclosure for mining companies at all stages of maturity. Their independent, third party assessment of ESG performance enables benchmarking against peers and other mining companies which produces scores ranging from A (maximum) to CCC (minimum). Silver Mines’ approach to ESG shapes its values and underpins its philosophy. Silver Mines is committed to the highest level of integrity and ethical standards in all its business practices. Digbee awarded Silver Mines an inaugural overall ESG rating of BBB on both corporate and the BSP . This Digbee rating is a credible foundation for Silver Mines to build on, and demonstrates Silver Mines’ commitment to ESG integration, reporting transparency and continuous improvement. The Digbee ESG report is available to view in full on the Company’s website. Proceedings on behalf of the Group The Company continues to progress the redetermination of the Bowdens Silver Project Development Application following the NSW Court of Appeal decision in August 2024. The Group is working with the NSW Department of Planning, Housing and Infrastructure to pursue reinstatement of the development consent and is progressing updated environmental and biodiversity assessment work as part of that process. No material proceedings initiated on behalf of the Group were identified during 2026 Financial Year. Non‑audit services There were no non‑audit services performed by the external auditor during the 2026 Financial Year. Directors and officers’ indemnification The Group has paid a premium to insure the directors and officers of the Group. The insurance agreement limits disclosure of premium details. The insurance premiums relate to: • Costs and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and whatever their outcome; and • Other liabilities that may arise from their position, with the exception of conduct involving a wilful breach of duty or improper use of information or position to gain a personal advantage. Shares under option Unissued ordinary shares of Silver Mines Limited under option at the date of this report as follows: Grant date Expiry date Exercise price Number under option 28 November 2017 3 years from milestone achievement1 $0.20 5,000,000 01 March 2023 01 March 2028 $0.50 2,500,000 18 December 2024 18 December 2027 $0.145 9,673,749 Total 17,173,749 1. Expiry which is three years from the date of achievement of Project Financing, which must achieve a minimum of $150 million. This was set out in the Company’s Notice of Annual General Meeting dated 30 October 2017. No person entitled to exercise the options had or has any right by virtue of the option to participate in any share issue of the company or of any other body corporate.
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47 Silver Mines Limited Annual Report 2026 Shares issued on the exercise of options 82,234,029 ordinary shares of Silver Mines Limited issued during the year ended 30 June 2026 on the exercise of options as follows: (a) 81,973,951 fully paid ordinary shares following the exercise of options at an exercise price of $0.1196 per option raising proceeds of $9,804,103.73; and (b) 260,078 fully paid ordinary shares on the exercise of 260,078 options at an exercise price of $0.145. These options were options issued to employees and contractors of the Company under the Company’s Incentive Plan. Indemnity and insurance of officers The Company has indemnified the directors and executives of the Company for costs incurred, in their capacity as a director or executive, for which they may be held personally liable, except where there is a lack of good faith. Indemnity and insurance of auditor To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young, Australia, as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify Ernst & Young, Australia during or since the financial year. Rounding All values are rounded to the nearest dollar except when otherwise indicated under the option available to the company under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191. The Company is an entity to which this legislative instrument applies. AUDITORS INDEPENDENCE DECLARATION A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is enclosed and forms part of this annual report. EVENTS SUBSEQUENT TO REPORTING DATE Completion of Strategic Land Acquisition Subsequent to 2026 Financial Year, the Company’s wholly owned subsidiary, Bowdens Silver Pty Ltd, completed the acquisition of a strategic parcel of freehold land and associated water entitlements adjacent to the Bowdens Silver Project for $12,500,000 in cash, funded from existing cash reserves. Settlement of most lots comprising the acquisition occurred on 27 July 2026. Following completion, the Company’s freehold landholding increased to approximately 3,345 hectares, providing additional water security and supporting future mining and farming activities. Release of Definitive Feasibility Study Results Subsequent to 2026 Financial Year, the Company announced the successful completion of the Definitive Feasibility Study (DFS) for the Bowdens Silver Project and released updated Mineral Resource and Ore Reserve estimates. The DFS confirmed the robust economic potential of the project, with Ore Reserves increasing to 47.9 million tonnes at 60.8 g/t silver for 93.5 million ounces of contained silver and a projected mine life of up to 26 years. The study estimated a pre‑tax NPV (5%) of A$1.04 billion and an internal rate of return (IRR) of 31.5%, based on long‑term commodity price assumptions. The updated Ore Reserve represents a 30% increase in contained silver compared with the previous reserve estimate, while the updated Mineral Resource Estimate incorporates additional drilling, revised geological interpretations and updated metallurgical and economic assumptions. DIRECTORS’ REPORT
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Silver Mines Limited Annual Report 2026 48 Following completion of the DFS, the Company commenced preparations for Front‑End Engineering and Design (FEED) studies and continued progressing project approvals, including development consent, federal environmental approvals and mining lease approvals required for project development. Refer to the Company’s ASX announcement dated 21 July 2026 for full details. Board Appointments Subsequent to the 2026 Financial Year, the Company announced the appointment of highly experienced executives Ms Nicole Brook and Mr Joel Fitzgibbon to the Board as independent Non‑Executive Directors. Both Ms Brook and Mr Fitzgibbon joined the Board on 17 September 2026. Nicole Brook With a background in mining engineering, Ms Brook has over 30 years’ experience in the resources industry. After starting her career working underground, Ms Brook went on to hold a number of site technical and consulting roles before taking on a leadership role with Glencore Coal Australia, where she led a team of resources professionals responsible for business development, project assessment and technical governance of mining operations. As a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Ms Brook has served as President and Chair of the AusIMM and is the Chair of the UNSW Sydney School of Minerals and Energy Resources Engineering Advisory Board. In 2018, Ms Brook was named Exceptional Woman in NSW Mining at the NSW Minerals Council awards and was selected for the 100 Global Inspirational Women in Mining in 2018. Ms Brook is a former President of the AusIMM, and served on the Board from January 2021 to December 2025. She has a Bachelor of Engineering (Mining) (Hons) from UNSW and a Master of Business Administration from the University of Melbourne. Ms Brook is currently an independent non‑executive director of Whitehaven Coal Limited (ASX:WHC) and also acts as Chair of Whitehaven’s HSEC Committee and is a member of Whitehaven’s Governance and Nomination Committee. Ms Brook is also an independent and non‑executive director of EQ Resources Limited (ASX:EQR). Joel Fitzgibbon Mr Fitzgibbon brings over 26 years of experience as a former federal Member of Parliament in the House of Representatives, where he represented the Hunter electorate including for a number of years the areas of Lue, Kandos and Rylstone which then formed part of that electorate. Mr Fitzgibbon also has 8 years in Local Government. Throughout his extensive career in politics, Mr Fitzgibbon served in Cabinet and held the ministerial portfolios of Minister for Agriculture, Fisheries and Forestry, Minister for Defence, and Chief Government Whip. Mr Fitzgibbon also held several shadow portfolios throughout his time in Opposition, including Shadow Minister for Agriculture, Fisheries and Forestry, Shadow Minister for Resources, Shadow Minister for Rural and Regional Australia, Shadow Minister for Small Business and Tourism, and Shadow Assistant Treasurer. Mr Fitzgibbon has served on a number of parliamentary committees, covering diverse issues including regional affairs; agriculture and resources; economics and finance; employment and workplace relations; foreign affairs, defence and trade; and public administration. Chair Retirement and Board Transition Subsequent to the 2026 Financial Year, Mr Keith Perrett advised the Board of his intention to retire as Chair and as a Director of the Company at the conclusion of the Company’s Annual General Meeting, expected to be held in November 2026. Mr Perrett has served as Chair since 2016 and, over the past decade, has provided steadfast leadership and invaluable guidance to the Company. The Board extends its sincere appreciation to Mr Perrett for his outstanding service, commitment and significant contribution during his tenure, including his leadership through key milestones in the advancement of the Bowdens Silver Project. As the Company enters its next phase of development, Mr Perrett has determined that this is an appropriate time to transition leadership. DIRECTORS’ REPORT
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49 Silver Mines Limited Annual Report 2026 To ensure an orderly transition, Mr Perrett will continue to serve as Chair until the conclusion of the Annual General Meeting. Following his retirement from the Board, he will remain engaged by the Company as a consultant, providing ongoing strategic advice in relation to the Company’s agricultural business. Following Mr Perrett’s retirement, Mr Joel Fitzgibbon will be appointed as the Company’s independent Non‑Executive Chair. Appointment of Chief Financial Officer Subsequent to the 2026 Financial Year, the Company announced the appointment of highly experienced Mr David Morgan as Chief Financial Officer (“CFO”) effective 9 November 2026. Mr Morgan is a commercial finance executive with over 20 years of experience across the mining, metals, and resources sector. He has held leadership roles across public and private companies, including KPMG, Glencore (Xstrata), and Pacific Road Capital, ranging from exploration and project development through to operating assets and investment‑backed businesses, most recently serving as an Operating Executive with Pacific Road Capital. Having begun his career with KPMG’s Infrastructure and Mining Audit Practice followed by several industry‑based executive roles with broad and diverse exposure, Mr Morgan brings a unique blend of commercial financial discipline, strategic thinking, and operational execution, with a proven track record of delivering value across the full mining project lifecycle. Royalty Buy‑Backs On 21 September 2026, the Company announced that its wholly owned subsidiary Bowdens Silver Pty Ltd executed binding agreements to acquire and extinguish two private royalties over its 100% owned Bowdens Silver Project (“Royalty Buy‑Backs”). The transactions completed on 29 September 2026. Bowdens agreed to: • buy‑back and extinguish a 2% net smelter royalty over tenement EL5920 which reduces to a 1% net smelter royalty after the first US$5 million of revenue, held by Royalco Resources Pty Ltd (“Royalco”) a subsidiary of Fitzroy River Corporation Ltd (ASX: FZR) (“Fitzroy”) (“Fitzroy Royalty”); and • acquire 100% of the issued shares in Asia Metals 4 Pty Ltd (“Asia Metals”) which owns a 1% gross revenue royalty over tenement EL5920 which commences after the first 20 million ounces of silver has been produced (“Asia Metals Royalty”), (collectively, the “Royalties”). Consideration Fitzroy Royalty Pursuant to a Royalty Buyback and Extinguishment Deed, Bowdens acquired the Fitzroy Royalty from Fitzroy for the following consideration: a. A$10,000,000 cash paid on completion; and b. A$7,500,000 in fully paid ordinary shares in Silver Mines (“SVL Shares”) (being 51,724,138 SVL Shares) (“Fitzroy Consideration Shares”) issued on 29 September 2026. Asia Metals Royalty Pursuant to a share sale agreement, Bowdens acquired 100% of the issued shares of Asia Metals for the following consideration: a. A$8,000,000 cash paid on completion; and b. A$500,000 in SVL Shares (being 3,448,276 SVL Shares) (“Asia Metals Consideration Shares”) issued on 29 September 2026. The Fitzroy Consideration Shares and Asia Metals Consideration Shares were issued at the same issue price as the Company’s placement being $0.145 per SVL Share, as announced on the ASX on 21 September 2026. DIRECTORS’ REPORT
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Silver Mines Limited Annual Report 2026 50 The issue of the Fitzroy Consideration Shares and the Asia Metals Consideration Shares were issued using the Company’s existing Listing Rule 7.1 capacity. Neither Fitzroy, Asia Metals or the vendor of Asia Metals are related parties or shareholders of the Company. Conditions Precedent Fitzroy Royalty Completion of the Fitzroy Royalty buy‑back was subject to: a. the Company obtaining firm commitments for a placement for proceeds of at least $50 million; and b. Fitzroy either obtaining confirmation from ASX that each of Listing Rule 11.1.2 and Listing Rule 11.2 does not apply to the disposal of the Royalty or obtaining shareholder approval pursuant to whichever of Listing Rule 11.1.2 or Listing Rule 11.2 ASX determines is applicable (“Fitzroy Approval Condition”). (collectively, the “Fitzroy Conditions”). The Fitzroy Conditions must be satisfied or waived within 3 months of execution of the Royalty Buyback and Extinguishment Deed. The Fitzroy Conditions were satisfied and settlement of the transaction occurred on 29 September 2026. Asia Metals Royalty Completion of the Asia Metals Royalty buy‑back was subject to the Company obtaining firm commitments for a placement for proceeds of at least $50 million (“Asia Metals Condition”). The Asia Metals Condition must be satisfied or waived within 21 days of execution of the share sale agreement. The Fitzroy Conditions were satisfied and settlement of the transaction occurred on 29 September 2026. The agreements to acquire the Fitzroy Royalty and Asia Metals both contain other terms and conditions customary for agreements of its nature, including representations and warranties. There are no other material terms of either agreement. Advisors Silver Mines has appointed Treadstone Resource Partners as its financial advisor and Hamilton Locke as its legal advisor in relation to the Royalty Buy‑Backs. Placement On 23 September 2026, the company announced that it had received firm commitments for a two‑tranche Placement of $70 million (before costs) to institutional and sophisticated investors (“Placement”). The Placement was well supported with demand in excess of funds raised by the Company. The Company is pleased that the Placement saw strong support from a number of highly credentialled investors both locally and internationally. The Company continues to progress the Bowdens Silver Project towards development as well as progressing its other exploration projects in Australia and the Calico North Project and Kramer Hills Project located in the United States. After costs of the Placement, the funds raised will be used predominantly for: • progression of the Bowdens Silver Project development consent approvals and engineering studies; • cash consideration for the acquisition of the Fitzroy Royalty and Asia Metals Royalty (refer to ASX announcement dated 21 September 2026); • ongoing community and freehold purchases including property purchases and land access agreements; • continued exploration aimed at Mineral Resource growth across the Calico North Project and Kramer Hills Project located in the United States, as well as the Company’s New South Wales projects including the Tuena Project; DIRECTORS’ REPORT
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51 Silver Mines Limited Annual Report 2026 • business‑development opportunities; and • general working capital. The Company has received firm commitments for a $70 million placement at $0.145 per share. The Placement was supported by both existing shareholders and new investors. The Placement will result in the issue of 482,758,621 fully paid ordinary shares (“New Shares”). The placement is expected to be completed in two tranches. On 29 September, 277,733,713 of the New Shares were issued unconditionally to institutional, professional and sophisticated investors who are not Directors or related parties of the Company (“Tranche 1 Placement Shares”) using the Company’s available placement capacity (under ASX Listing Rule 7.1). 205,024,908 of the New Shares will be issued as follows: (a) 204,335,252 New Shares to institutional, professional and sophisticated investors who are not Directors or related parties of the Company (“Tranche 2 Placement Shares”); and (b) 689,656 New Shares to Directors (or their nominees) who have participated in the Placement (“Director Placement Shares”). The Tranche 2 Placement Shares and Director Placement Shares will be issued subject to shareholder approval at the Company’s annual general meeting of shareholders (“Meeting”). The Company will provide an update to the market once it is in a position to hold the Meeting. Settlement of the Tranche 1 Placement Shares took place on Monday, 28 September 2026 with the Tranche 1 Placement Shares expected issued on Tuesday, 29 September 2026. Petra Capital acted as Sole Lead Manager and Sole Bookrunner to the Placement and Morgans Corporate Limited acted as a Co‑Manager to the Placement. New Shares issued under the Placement will rank pari passu with existing Silver Mines ordinary shares from the respective dates of issue. No other matter or circumstance has arisen since the reporting date that has significantly affected or may significantly affect the consolidated entity’s operations, the results of those operations or the consolidated entity’s state of affairs in future financial years. This report is made in accordance with a resolution of the Directors. Keith Perrett Jonathan Battershill Chairman Managing Director 29 September 2026 DIRECTORS’ REPORT
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Silver Mines Limited Annual Report 2026 52 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Silver Mines Limited As lead auditor for the audit of the financial report of Silver Mines Limited for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Silver Mines Limited and the entities it controlled during the financial year. Ernst & Young James Johnson Partner 29 September 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Silver Mines Limited As lead auditor for the audit of the financial report of Silver Mines Limited for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Silver Mines Limited and the entities it controlled during the financial year. Ernst & Young James Johnson Partner 29 September 2026
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53 Silver Mines Limited Annual Report 2026 Notes 2026 $ 2025 $ Revenue 2 & 3 511,107 212,972 Cost of sales (506,714) (167,250) Gross profit from continuing operations 4,393 45,722 Other income 3 121,705 32,628 Fair value measurement of livestock 380,003 323,679 Fair value movement of financial assets at fair value through profit and loss ‑ (264,532) Share registry and exchange fees (236,711) (249,756) Auditors remuneration (95,330) (88,211) Marketing expenses (415,870) (297,002) Office expenses (41,902) (61,831) IT and communication expenses (27,222) (16,007) Depreciation expenses (300,656) (228,735) Accounting services fees (63,500) (60,000) Professional and technical advisors expenses (1,018,606) (918,328) Tenements costs adjustment ‑ (766,811) Employee benefits expenses (1,318,658) (831,832) Travel and accommodation expenses (178,552) (389,127) Share based payment (294,743) 83,558 Farm operations (182,775) (107,725) Other expenses (408,836) (386,001) Profit / (Loss) from continuing operations before interest and income tax (4,077,260) (4,180,311) Interest income 875,418 416,196 Finance costs (6,750) (4,279) Profit / (Loss) from continuing operations before income tax (3,208,592) (3,768,394) Income tax 4 ‑ ‑ Profit / (Loss) from continuing operations after income tax (3,208,592) (3,768,394) Other comprehensive income ‑ ‑ Total comprehensive income / (loss) (attributable to owners of the company) (3,208,592) (3,768,394) Earnings per share (cents per share) Basic earnings per share 20 (0.15) (0.23) Diluted earnings per share 20 (0.15) (0.23) The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes to the financial statements. CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Silver Mines Limited As lead auditor for the audit of the financial report of Silver Mines Limited for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Silver Mines Limited and the entities it controlled during the financial year. Ernst & Young James Johnson Partner 29 September 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Auditor’s independence declaration to the directors of Silver Mines Limited As lead auditor for the audit of the financial report of Silver Mines Limited for the financial year ended 30 June 2026, I declare to the best of my knowledge and belief, there have been: a. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the audit; b. No contraventions of any applicable code of professional conduct in relation to the audit; and c. No non-audit services provided that contravene any applicable code of professional conduct in relation to the audit. This declaration is in respect of Silver Mines Limited and the entities it controlled during the financial year. Ernst & Young James Johnson Partner 29 September 2026
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Silver Mines Limited Annual Report 2026 54 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Notes 2026 $ 2025 $ Current assets Cash and cash equivalent 5 35,751,420 19,299,496 Trade and other receivables 6 512,021 401,205 Inventory – livestock 7 487,599 562,260 Total current assets 36,751,040 20,262,961 Non‑current assets Other assets 6 5,787,614 1,460,494 Financial assets 8 394,867 394,867 Deferred exploration and evaluation assets 9 123,303,911 101,661,960 Intangible assets 10 2,958,016 2,127,792 Land and buildings 11 36,256,285 32,817,052 Property, plant and equipment 12 1,060,946 922,363 Total non‑current assets 169,761,639 139,384,528 Total assets 206,512,679 159,647,489 Current liabilities Trade and other payables 13 1,598,017 2,230,084 Employee benefits provisions 14 403,456 267,862 Total current liabilities 2,001,473 2,497,946 Total liabilities 2,001,473 2,497,946 Net assets 204,511,206 157,149,543 Equity Contributed equity 15 252,805,453 202,509,669 Reserves 15 3,465,123 3,190,652 Accumulated losses (51,759,370) (48,550,778) Total Equity 204,511,206 157,149,543 The consolidated statement of financial position is to be read in conjunction with the notes to the financial statements.
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55 Silver Mines Limited Annual Report 2026 Ordinary Shares $ Share capital reserve $ Share based payment reserve $ Accumulated losses $ Total $ As at 01 July 2024 179,118,526 2,000,000 1,274,209 (44,782,384) 137,610,351 Loss for the period ‑ (3,768,394) (3,768,394) Total comprehensive income ‑ ‑ ‑ (3,768,394) (3,768,394) Equity funds received, issue of shares 25,000,000 ‑ ‑ ‑ 25,000,000 Share base payments ‑ ‑ (83,558) ‑ (83,558) Costs of funds raised (1,608,857) ‑ ‑ ‑ (1,608,857) At 30 June 2025 202,509,669 2,000,000 1,190,652 (48,550,778) 157,149,543 As at 01 July 2025 202,509,669 2,000,000 1,190,652 (48,550,778) 157,149,543 Loss for the period ‑ (3,208,592) (3,208,592) Total comprehensive income ‑ ‑ ‑ (3,208,592) (3,208,592) Equity funds received, issue of shares 35,099,531 ‑ ‑ ‑ 35,099,531 Acquisition of Kramer Hills Project, issue of shares 2,702,500 ‑ ‑ ‑ 2,702,500 Acquisition of Calico North Project, issue of shares 4,754,100 ‑ ‑ ‑ 4,754,100 Exercise of options 9,824,374 ‑ (20,272) ‑ 9,804,102 Share base payments ‑ ‑ 294,743 ‑ 294,743 Costs of funds raised (2,084,721) ‑ ‑ ‑ (2,084,721) At 30 June 2026 252,805,453 2,000,000 1,465,123 (51,759,370) 204,511,206 The consolidated statement of changes in equity is to be read in conjunction with the notes to the financial statements. FOR THE YEAR ENDED 30 JUNE 2026 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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Silver Mines Limited Annual Report 2026 56 FOR THE YEAR ENDED 30 JUNE 2026 CONSOLIDATED STATEMENT OF CASH FLOWS Notes 2026 $ 2025 $ Cash flows from operating activities Receipts from customers 544,737 245,600 Payments to suppliers & employees (3,388,960) (3,090,777) Payments to farm operational expenses (269,099) (121,402) Interest received 875,418 416,196 Payments for income taxes (2,330) ‑ Net cash outflows from operating activities 18 (2,240,234) (2,550,383) Cash flows from investing activities Payments for deferred exploration (17,154,463) (9,499,957) Bank Guarantee ‑ (3,000) Payment to acquire intangible (830,652) (280,800) Payment for land and buildings, plant and equipment (3,790,532) (1,828,689) Payments for earn‑in option for Kramer Hills (2,351,108) (734,006) Net cash outflows from investing activities (24,126,754) (12,346,452) Cash flows from financing activities Proceeds from issues of shares 35,099,529 25,000,000 Proceeds from exercise of share options 9,804,104 ‑ Payments for capital raising costs (2,084,721) (1,608,857) Net cash inflows from financing activities 42,818,912 23,391,143 Net (decrease)/increase in cash and cash equivalent 16,451,924 8,494,308 Cash and cash equivalent at the beginning of the financial year 19,299,496 10,805,188 Cash and cash equivalent at the end of the financial year 5 35,751,420 19,299,496 The consolidated statement of cash flows is to be read in conjunction with the notes to the financial statements.
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57 Silver Mines Limited Annual Report 2026 NOTE 1: MATERIAL ACCOUNTING POLICIES a. Corporate Information The consolidated financial statements of Silver Mines Limited (the Company or parent) and its subsidiaries (collectively, the Group) for the year ended 30 June 2026 were authorised for issue in accordance with a resolution of the directors on 29 September 2026. Silver Mines Limited is company limited by shares incorporated in Australia and is a public resource company listed on the Australian Securities Exchange (ASX: SVL). The registered office is located at Level 28, 88 Phillip Street, Sydney NSW 2000. Silver Mines is engaged in pre‑development works and ongoing mineral exploration at its flagship BSP located near Mudgee in New South Wales. The Company is also engaged in ongoing mineral exploration at the Calico North Project and Kramer Hills Project in the San Bernardino County in the United States. The Groups’ strategy has been to consolidate quality silver deposits in New South Wales and the United States and to form Australia’s pre‑eminent silver company. The Company’s goal is to provide exceptional returns to shareholders through the acquisition, exploration and development of quality silver projects maximising leverage to an accretive silver price. b. Basis of Preparation The financial statements are general purpose financial statements that have been prepared in accordance with Australian Accounting Standards (AASB) and the requirements of Corporations Act 2001 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board as applicable to a for‑profit entity. The Group is a for‑profit entity for financial reporting purposes under Australian Accounting Standards. Except for the cash flow information, the financial statements have been prepared on an accruals basis and are based on historical costs, modified, where applicable, by the measurement at fair value of selected non‑current assets, financial assets and financial liabilities. The financial statements are presented in Australian dollars which is the Group’s presentation and functional currency. All values are rounded to the nearest dollar except when otherwise indicated under the option available to the company under ASIC Corporations (Rounding in Financial/ Directors’ Reports) Instrument 2016/191. The Company is an entity to which this legislative instrument applies. c. Going Concern The Directors believe that the going concern basis is appropriate for the preparation and presentation of the financial statements, notwithstanding continued operating losses, negative operating cash flows, and no ongoing revenue streams, as the directors believe that the Group will raise sufficient cash and liquid assets. The Group currently has sufficient cash reserves to support this Going Concern position and is confident of its ability to raise further funds, should this be required. The Group has a strong fund‑raising track record. d. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Silver Mines Limited as at 30 June 2026 and the results of its subsidiaries for the year then ended. Silver Mines Limited and its subsidiaries together are referred to in these financial statements as the ‘consolidated entity’ or ‘the Group’. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non‑controlling interest acquired is recognised directly in equity attributable to the parent. Non‑controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss and other comprehensive income, statement of financial position and statement of changes in equity of the consolidated entity. Losses incurred by the consolidated entity are attributed to the non‑controlling interest in full, even if that results in a deficit balance. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non‑controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 58 NOTE 1: MATERIAL ACCOUNTING POLICIES (cont.) e. New accounting standards and Interpretations i. Changes in accounting policy and disclosures The accounting policies adopted are consistent with those of the previous financial year except for the adoption of new standards and interpretations effective as of 1 July 2025. The new standards and interpretations that were adopted by the Group had no impact. ii. Accounting standards and interpretations issued but not yet effective Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet effective have not been adopted by the Group for the annual reporting period ended 30 June 2026. The applicable new standards or amendments are outlined below: IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of newly defined management‑defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. fIn addition, narrow‑scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. oIFRS 18, and the amendments to the other standards, is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. In addition, narrow‑scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit’. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. f. Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (“CODM”). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. g. Goods and services tax (GST) Revenues, expenses and assets are recognised net of the amount of GST, except: • when the GST incurred on a sale or purchase of assets or services is not payable to or recoverable from the taxation authority, in which case the GST is recognised as part of the revenue or the expense item or as part of the cost of acquisition of the asset, as applicable; • when receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows. h. Comparatives The consolidated financial statements provide comparative information in respect of the previous period. In addition, the Consolidated Entity presents an additional statement of financial position at the beginning of the preceding period when there is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification of items in financial statements. The consolidated financial statements present reclassified comparative information where required for consistency with the current year’s presentation. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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59 Silver Mines Limited Annual Report 2026 NOTE 1: MATERIAL ACCOUNTING POLICIES (cont.) i. Critical accounting estimates and significant judgments used in applying accounting policies The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Impairment of non‑financial assets other than goodwill and other indefinite life intangible assets The consolidated entity assesses for indicators of impairment of non‑financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may lead to indicators of impairment. If any indications exist, the recoverable amount of the asset is determined. The recoverable amount is the higher of an asset’s fair value less costs of disposal or value‑in‑use. The calculations incorporate a number of key estimates and assumptions. If the carrying amount exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In respect of impairment indicators related to exploration and evaluation costs, a high degree of management judgement is required. This judgment includes the Group’s plan and ability to renew the tenements and continue the exploration activities, the Group’s capacity to fund the exploration activities and the assessment on the impact of factors such as changes in the industry, geography of project, committed expenditure and tenement expiry date. Exploration and evaluation costs Exploration and evaluation costs have been capitalised on the basis that the consolidated entity will commence commercial production in the future, from which time the costs will be amortised in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised which includes determining expenditures directly related to these activities and allocating overheads between those that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either through successful development or sale of the relevant mining interest. Factors that could impact the future commercial production at the mine include the level of reserves and resources, future technology changes, which could impact the cost of mining, future legal changes, and changes in commodity prices. To the extent that capitalised costs are determined not to be recoverable in the future, they will be written off in the period in which this determination is made. The Group incurred exploration and development expenditure of $21,641,951 during the 2026 Financial Year (2025: $9,037,537). The carrying value of exploration and exploration assets is $123,303,911 as at 30 June 2026. (2025: $101,661,960). Share‑based payments The consolidated entity measures the cost of equity‑settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the using the Binomial or Black‑Scholes for share options issued and Hoadley Parisian Barrier model for performance rights. Accounting for Acquisitions The consolidated entity applied significant judgment in determining the appropriate accounting treatment for acquisitions. This assessment requires management to evaluate whether an acquired set of activities and assets meets the definition of a business under AASB 3 Business Combinations, including consideration of whether the acquired set contains substantive processes and other inputs capable of generating outputs. Where an acquisition is determined not to constitute a business, the transaction is accounted for as an asset acquisition. Further details of acquisitions during the year are provided in Note 9. Kramer Hills Earn‑In Arrangement The consolidated entity applied significant judgment in determining the appropriate accounting treatment of its earn‑in arrangement relating to the Kramer Hills Project. This assessment required consideration of the contractual terms of the arrangement, including the conditions required to earn an ownership interest in the underlying project and the nature of the rights and obligations arising from the option arrangement. Based on this assessment, management concluded that the earn‑in rights and options are appropriately accounted for as derivative financial instruments. Further details are provided in Note 6. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 60 NOTE 2: OPERATING SEGMENTS Identification of reportable operating segments The consolidated entity is organised into two operating segments, being mining and exploration operations and agricultural operations. These operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers (“CODM”)) in assessing performance and in determining the allocation of resources. Operating segments have been aggregated where the segments have similar economic characteristics in respect of the nature of the products and services, the product processes, the type or class of customers, the distribution methods and, if applicable, the nature of the regulatory environment. (a) Segment performance continuing operations For the year ended 30 June 2026 Mining and Exploration Operations (AU) Mining and Exploration Operations (US) Agricultures Operations Total $ $ $ $ Revenue ‑ ‑ 511,107 511,107 Rental income ‑ ‑ 33,630 33,630 Total segment revenue ‑ ‑ 544,737 544,737 Inter‑segment elimination ‑ Total group revenue 544,737 EBITDA1 (3,488,093) (345,943) 57,432 (3,776,604) Unallocated expense Depreciation (300,656) Interest income 875,418 Finance costs (6,750) Profit (Loss) before income tax (3,208,592) Income tax expense ‑ Profit (Loss) after income tax expense (3,208,592) Material items include: Fair value movement of financial assets at fair value through profit and loss ‑ ‑ ‑ ‑ 1 the EBITDA is non‑IFRS measure. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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61 Silver Mines Limited Annual Report 2026 NOTE 2: OPERATING SEGMENTS (cont.) For the year ended 30 June 2025 Mining and Exploration Operations Mining and Exploration Operations (US) Agricultures Operations Total $ $ $ $ Revenue ‑ ‑ 212,972 212,972 Rental income ‑ ‑ 32,628 32,628 Total segment revenue ‑ ‑ 245,600 245,600 Inter‑segment elimination ‑ Total group revenue 245,600 EBITDA1 (4,245,880) 294,304 (3,951,576) Unallocated expense Depreciation (228,735) Interest income 416,196 Finance costs (4,279) Profit (Loss) before income tax (3,768,394) Income tax expense ‑ Profit (Loss) after income tax expense (3,768,394) Material items include: Fair value movement of financial assets at fair value through profit and loss 264,532 264,532 1 the EBITDA is non‑IFRS measure. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 62 NOTE 2: OPERATING SEGMENTS (cont.) (b) Segment assets For the year ended 30 June 2026 Mining and Exploration Operations Mining and Exploration Operations (US) Agricultures Operations Total $ $ $ $ Segment assets 198,577,351 7,750,496 7,210,853 213,538,700 Inter‑segment eliminations ‑ ‑ ‑ (7,026,021) 206,512,679 For the year ended 30 June 2025 Mining and Exploration Operations Mining and Exploration Operations (US) Agricultures Operations Total $ $ $ $ Segment assets 159,517,647 ‑ 6,968,652 166,486,299 Inter‑segment eliminations (6,838,810) 159,647,489 (c) Segment liabilities For the year ended 30 June 2026 Mining and Exploration Operations Mining and Exploration Operations (US) Agricultures Operations Total $ $ $ Segment liabilities 2,012,833 ‑ 7,014,661 9,027,494 Inter‑segment eliminations (7,026,021) 2,001,473 For the year ended 30 June 2025 Mining and Exploration Operations Mining and Exploration Operations (US) Agricultures Operations Total $ $ $ Segment liabilities 2,562,844 ‑ 6,773,912 9,336,756 Inter‑segment eliminations (6,838,810) 2,497,946 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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63 Silver Mines Limited Annual Report 2026 NOTE 3: REVENUE AND OTHER INCOME 2026 $ 2025 $ Revenue Sales of Livestock 459,672 163,934 Sales of Wool 51,435 49,038 511,107 212,972 Other Income Gain on sales of property, plant and equipment 87,939 ‑ Other Income 136 ‑ Rental income 33,630 32,628 121,705 32,628 Revenue Recognition The Group recognises revenue as follows: Revenue from contracts with customers Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a customer; identifies the performance obligations in the contract; determines the transaction price which takes into account estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance obligations on the basis of the relative stand‑alone selling price of each distinct good or service to be delivered; and recognises revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the goods or services promised. Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts, rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are determined using either the ‘expected value’ or ‘most likely amount’ method. The measurement of variable consideration is subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the constraining principle are recognised as a refund liability. Sale of goods Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is generally at the time of delivery. Rent Rent revenue from investment properties is recognised on a straight‑line basis over the lease term. Lease incentives granted are recognised as part of the rental revenue. Contingent rentals are recognised as income in the period when earned. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 64 NOTE 4: INCOME TAX (a) Reconciliation of income tax expense to prima facie tax payable 2026 $ 2025 $ Operating loss before income tax (3,208,592) (3,768,394) Prima facie income tax benefit/(expense) at 25% (2025: 25%) on operating profit/(loss) (802,148) (942,099) Add tax effect of: Tax losses and temporary differences not recognised 802,148 942,099 Non temporary differences ‑ ‑ Income tax attributable to operating (loss)/profit ‑ ‑ The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by the changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to be applied when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for: • When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or • When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed at each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. On 23 May 2023, the International Accounting Standards Board (the Board) issued International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 which clarify that IAS 12 applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements Qualified Domestic Minimum Top‑up Taxes. The Group has adopted these amendments. However, as the Group’s consolidated revenue is currently below the threshold of €750 million the Group is out scope. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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65 Silver Mines Limited Annual Report 2026 NOTE 4: INCOME TAX (cont.) Silver Mines Limited (“Head Entity”) and its wholly owned Australian subsidiaries have formed an income tax consolidated group under the tax consolidation regime. The Head Entity and each subsidiary in the tax consolidated group continue to account for their own current and deferred tax amounts. The tax consolidated group has applied the separate taxpayer within group approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. In addition to its own current and deferred tax amounts, the Head Entity realizes the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from each subsidiary in the tax consolidated group. Assets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as amounts receivable from or payable to other entities in the tax consolidated group. The tax funding arrangement ensures that the intercompany charge equals the current tax liability or benefit of each tax consolidated group member, resulting in neither a contribution by the head entity to the subsidiaries nor a distribution by the subsidiaries to the head entity. Directors are of the view that it is not probable that taxable profit will be available against which the unused tax losses or unused tax credits can be utilised, the deferred tax asset is not recognised. (b) Deferred tax assets and (liabilities) are attributable to the following: 2026 $ 2025 $ Exploration expenditure (22,845,715) (17,435,297) Tax losses 22,845,715 17,435,297 ‑ ‑ (c) Tax losses 2026 $ 2025 $ Unused tax losses for which no tax loss has been booked as a deferred tax asset adjusted for non‑temporary differences 49,256,810 46,225,706 Potential tax benefit at 25% (2025: 25%) 12,314,202 11,556,427 Potential effect on future tax expense 12,314,202 11,556,427 The Group’s ability to recover unrecognised tax losses depends on the Group’s earnings as well as the Group meeting the Same Business Test or the Continuity of Ownership Test. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 66 NOTE 5: CASH AND CASH EQUIVALENTS 2026 $ 2025 $ Current Cash at bank and on hand 35,751,420 19,299,496 NOTE 6: TRADE AND OTHER RECEIVABLES 2026 $ 2025 $ Current GST 263,157 231,727 Prepayment 155,829 87,477 Trade receivables 5,467 ‑ Other receivables 87,568 82,000 512,021 401,204 Non‑Current Other Assets ‑ Prepayments ‑ 1,460,494 Other Assets ‑ Kramer Hills Project 5,787,614 ‑ 5,787,614 1,460,494 Other Assets ‑ Prepayments comprised prepaid directly attributable costs relating to the Kramer Hills Project option arrangement and acquisition‑related costs associated with the Calico North Project. During the year ended 30 June 2026, amounts relating to the Calico North Project were reclassified to Exploration and Evaluation Assets following completion of the acquisition (refer Note 9). Amounts relating to the Kramer Hills Project option arrangement continue to be recognised within Other Assets, together with initial acquisition and establishment costs and exploration expenditure during the year, including landholder payments of $2,162,216. These costs are expected to contribute towards the Company’s US$3,500,000 earn‑in commitment under the option arrangement. Further details of the Kramer Hills Project option arrangement are provided below. On June 12, 2025, the Company entered into an earn‑in arrangement to acquire up to an 80% interest in Lustrum Exploration LLC, the entity holding the Kramer Hills Project, located in San Bernardino County, California, United States, subject to meeting agreed exploration expenditure and other earn‑in conditions. No ownership interest is obtained unless the earn‑in conditions are satisfied. The total initial acquisition and establishment cost of AUD 3,625,398 comprised: • USD $100,000 (AUD 159,192) cash paid as an exclusivity fee • USD $400,000 (AUD 612,552) cash payment • 23,500,000 fully paid ordinary shares issued at AUD $0.115 per share in the Company (“Initial Payment Shares”). NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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67 Silver Mines Limited Annual Report 2026 NOTE 6: TRADE AND OTHER RECEIVABLES (cont.) On 1 July 2025, the Group completed all conditions precedent outstanding as at 30 June 2025 under an option agreement. Under the terms of the agreement, the Group may earn an initial 50%, by satisfying the First Earn‑In Conditions (refer to Note 22), which require the Group to: • solely fund USD$3,500,000 of exploration expenditure and property maintenance payments across the Kramer Hills Project within two years of the commencement date; • make a cash payment of USD$1,250,000 to Lustrum Exploration to fund a Payment to the Landholder pursuant to the underlying option agreement; and • within 60 days of satisfying the above conditions, issue Silver Mines Limited shares to Lustrum Gold (or its nominee) with a deemed value of USD$1,500,000, at an issue price equal to the 10‑day VWAP of Silver Mines shares immediately prior to the notice confirming satisfaction of the First Earn‑In Conditions. Following satisfaction of the First Earn‑In Conditions, the Group may elect to earn a further 30% interest (for a total 80% interest) in Lustrum Exploration by issuing additional Silver Mines Limited shares with a deemed value of USD$2,000,000 to Lustrum Gold (or its nominee) within 60 days of satisfying the First Earn‑In Conditions, at an issue price equal to the 10‑day VWAP of Silver Mines shares immediately prior to the notice of election. The rights and options to earn‑in, through acquiring interests, are accounted for as derivative financial instruments. These derivatives are required to be recognised at fair value on initial recognition and subsequently measured at fair value through profit and loss. The fair value of the earn‑in rights and options is determined by reference to the consideration required to be transferred to acquire the underlying interests and the fair value of those underlying interests. Determining the fair value of the derivative financial instruments requires judgement and estimation, including consideration of the terms of the earn‑in arrangements and the value of the underlying interests to be acquired. On initial recognition and at 30 June 2026, management assessed that the fair value of the earn‑in rights and options approximated the consideration transferred under the earn‑in arrangements. Reasonably possible changes in key assumptions relating to the value of the underlying interests would not result in a material change to the fair value recognised at 30 June 2026. NOTE 7: INVENTORY ‑ LIVESTOCK 2026 $ 2025 $ Current Livestock 487,599 562,260 487,599 562,260 Livestock is measured at fair value less cost to sell, with any change recognised in the income statement. Costs to sell include all costs that would be necessary to sell the assets, including freight and direct selling costs. The fair value of livestock is based on its present location and condition. If an active or other effective market exists for livestock in its present location and condition, the quoted price in that market is the appropriate basis for determining the fair value of that asset. Where the Group has access to different markets, then the most relevant market is used to determine fair value. The relevant market is defined as the market “that access is available to the entity” to be used at the time the fair value is established. If an active market does not exist, then one of the following is used in determining fair value in the following order: • the most recent market transaction price, provided that there has not been a significant change in economic circumstances between the date of that transaction and the end of the reporting period; • market prices, in markets accessible to us, for similar assets with adjustments to reflect differences; and • sector benchmarks. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 68 NOTE 7: INVENTORY ‑ LIVESTOCK (cont.) In the event that market determined prices or values are not available for livestock in its present condition, the present value of the expected net cash flows from the asset discounted at a current market determined rate may be used in determining fair value. At the end of each reporting period, the Group measures livestock at fair value. The fair value is determined through price movements, natural increase and natural death. The net increments or decrements in the market value of livestock are recognised as either revenue or expense in the income statement, determined as: • The difference between the total fair value of livestock recognised at the beginning of the financial year and the total fair value of livestock recognised as at the reporting date; less • Costs expected to be incurred in realising the market value (including freight and selling costs). NOTE 8: FINANCIAL ASSETS 2026 $ 2025 $ Non‑current Performance guarantee bonds 394,867 394,867 394,867 394,867 Security deposits comprise amounts lodged with the Department of Planning & Environment as security for the Group’s compliance with the conditions attached to its exploration licences, including its environmental and rehabilitation obligations. The deposits are refundable upon the satisfactory completion of the relevant obligations and the release of the security by the Department. As the timing of their recovery is dependent on the completion of the relevant exploration, rehabilitation and licence closure requirements, the deposits are classified as non‑current financial assets. The deposits are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any allowance for expected credit losses. Where the deposits are non‑interest‑bearing and expected to remain outstanding for an extended period, fair value on initial recognition is determined by discounting the expected future cash receipts using an appropriate market rate for a financial asset with similar characteristics. The resulting discount is subsequently unwound as interest income over the expected term of the deposit. At 30 June 2026, the Group reassessed the expected recovery period of the deposits and the applicable discount rate. The carrying amount approximates fair value because the effect of discounting was assessed as immaterial. As the amounts are held by a government authority and remain refundable subject to the Group satisfying the relevant licence conditions, no material expected credit loss allowance has been recognised at 30 June 2026. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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69 Silver Mines Limited Annual Report 2026 NOTE 9: DEFERRED EXPLORATION AND EVALUATION ASSETS 2026 $ 2025 $ Non‑current Exploration expenditures Costs carried forward in respect of areas of interest in exploration and evaluation phase: Opening balance 101,661,960 92,624,423 Additions ‑ Acquisition of Calico North Project 5,544,720 ‑ Expenditure in the period 16,097,231 9,037,537 Closing balance 123,303,911 101,661,960 Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs include directly attributable employee remuneration, materials and fuel used, surveying costs, drilling costs and payments made to contractors. In evaluating whether the expenditures meet the criteria to be capitalised, several different sources of information are used. Accumulated costs in relation to an abandoned area are written off in full against profits in the year in which the decision to abandon the area is made. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Costs of site restoration are provided over the life of the facility from where exploration commences and are included in the costs of that stage. Site restoration costs include the dismantling and removal of mining plant equipment and building structures, waste removal and rehabilitation of the site in accordance with clauses of the mining permits. Such costs have been determined using estimates of future costs, current legal requirements and technology on an undiscounted basis. Any changes in the estimates for the costs are accounted on a prospective basis. In determining the costs of site restoration, there is uncertainty regarding the nature and extent of the restoration due to community expectations and future legislation. Accordingly, the costs have been determined on the basis that the restoration will be completed within one year of abandoning the site. Exploration and evaluation assets are tested for impairment indicators each year in accordance with AASB 6 Exploration for and Evaluation of Mineral Resources. When the facts and circumstances suggest that the carrying amount exceeds the recoverable amount, the assets are tested for impairment under AASB136. When the carrying value exceeds the recoverable amount, the accumulated costs in respect of areas of interest are written off in the Consolidated Statement of profit and loss and other comprehensive income. On 1 July 2025, Silver Mines Limited completed the acquisition of a 100% interest in the Calico North Project, located in San Bernardino County, California, United States. Total consideration transferred of the Calico North Project of AUD 5,439,801, inclusive of the following consideration paid to the seller has been capitalised as an exploration and evaluation asset. • USD$100,000 (equivalent to AUD 159,192) cash paid as an exclusivity fee; • USD$500,000 (equivalent to AUD 762,318) cash paid on completion; and • 39,000,000 fully paid ordinary shares issued at AUD 0.115 per share in the Company (“Consideration Shares”). The transaction was assessed under AASB 3 Business Combinations and determined to be an asset acquisition, as the assets acquired comprised mineral claims and related exploration rights without the acquisition of a workforce, processes or other inputs capable of producing outputs. Accordingly, all directly attributable costs were capitalised and the purchase consideration was allocated to the identifiable assets acquired. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 70 NOTE 9: DEFERRED EXPLORATION AND EVALUATION ASSETS (cont.) The consideration was allocated to exploration and evaluation assets, including tenement acquisition costs and related geological information. No liabilities were assumed as part of the acquisition. The acquired assets remain at an exploration and evaluation stage and did not generate any revenue during the period. Based on management’s assessment, no indicators of impairment were identified in respect of the acquired exploration and evaluation assets as at 30 June 2026. As detailed in the Directors report, following the decision by the Court to set aside the Bowdens’ Development Consent granted by the IPC, the NSW Minister for Planning and Public Spaces Paul Scully has legislated important amendments to the Environmental Planning and Assessment Act 1979 (NSW) (“EP&A Act”). As detailed in the Directors’ Report, following amendments to the Environmental Planning and Assessment Act 1979 (NSW), the Company has continued to progress the Bowdens Project through the relevant regulatory approval process. On 2 July 2026, Silver Mines announced that it had provided additional information to DPHI about the Bowdens Project to enable a high‑level assessment of any impacts of the proposed transmission line, along with updated information about statutory instruments or relevant policies that have been made or amended since the application was originally determined by the Independent Planning Commission (“IPC”) on 3 April 2023. DPHI has now notified Silver Mines that it has provided supplementary advice to the IPC for its consideration as part of the determination process. DPHI states that the additional information provided for this assessment does not fundamentally change its previous assessment and conclusions about the merits of the Bowdens Project. DPHI’s original referral to the IPC stated that the Bowdens Project is in the public interest and approvable, subject to strict conditions of consent. The Company is encouraged that DPHI’s assessment reaffirms the position maintained by Silver Mines throughout the assessment process and supports the extensive work undertaken to date to progress Bowdens towards reinstatement of its development consent. DPHI has also informed the IPC that it has agreed to an extension in time for the IPC to continue the public hearing and a determination of the Bowdens development application within 85 days from the date of receiving the DPHI’s supplementary advice. This would imply a determination being made on or before 9 December 2026. The IPC will review DPHI’s Assessment Report and convene a Public Hearing set down for 14 and 15 October 2026, with a final determination anticipated to be made soon thereafter. Accordingly, management considers the project to remain on a viable approval pathway and has not identified any indicators of impairment in relation to the Bowdens Project exploration and evaluation assets. Silver Mines continues extensive consultation with relevant Government departments, local communities, and other interested stakeholders throughout the assessment and redetermination period. Consultation processes focus on the current mine development area and the wider area where the Company is commencing or undertaking exploration programs. Based on the above developments and management’s assessment of the regulatory pathway and project progress, no indicators of impairment were identified for the Bowdens Project exploration and evaluation assets. NOTE 10: INTANGIBLE ASSETS 2026 $ 2025 $ Non‑current Opening balance 2,127,792 1,846,992 Additions 830,224 280,800 Closing balance 2,958,016 2,127,792 The Group has entered into a number of option agreements to purchase properties attaching to the tenements. As consideration for these agreements, the Group has paid total option fees of $830,224 (June 2025: $280,800). NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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71 Silver Mines Limited Annual Report 2026 NOTE 11: LAND AND BUILDINGS 2026 $ 2025 $ Non‑current Properties at cost 37,376,939 33,815,161 Accumulated Depreciation (1,120,653) (998,109) 36,256,285 32,817,052 Land $ Buildings $ Buildings improvements $ Total $ Cost or valuation Balance at 1 July 2024 28,824,395 2,441,083 790,434 32,055,912 Additions 1,512,043 ‑ 247,206 1,759,249 Transfer from intangible assets ‑ ‑ ‑ ‑ Disposals ‑ ‑ ‑ ‑ Assets as held for sale ‑ ‑ ‑ ‑ Balance at 30 June 2025 30,336,438 2,441,083 1,037,640 33,815,161 Additions 3,288,623 ‑ 273,154 3,561,777 Disposals ‑ ‑ ‑ ‑ Assets as held for sale ‑ ‑ ‑ ‑ Balance at 30 June 2026 33,625,061 2,441,083 1,310,794 37,376,939 Depreciation and impairment Balance at 1 July 2024 ‑ 210,018 704,039 914,057 Depreciation charge for the year ‑ 61,027 23,025 84,052 Balance at 30 June 2025 ‑ 271,045 727,064 998,109 Depreciation charge for the year ‑ 61,027 61,517 122,544 Balance at 30 June 2026 ‑ 332,072 788,581 1,120,653 Net book value At 1 July 2024 28,824,395 2,231,065 86,395 31,141,855 At 30 June 2025 30,336,438 2,170,038 310,576 32,817,052 At 30 June 2026 33,625,061 2,109,011 522,213 36,256,285 There are no fully depreciated buildings still in use. All buildings currently in use have either been partially depreciated or have not reached full depreciation. Depreciation is calculated on a straight‑line basis to write off the net cost of each item of buildings and building improvements (excluding land) over their expected useful lives as follows: Buildings 40 years Building improvements 4‑8 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. Items of land and buildings are derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 72 NOTE 12: PROPERTY, PLANT AND EQUIPMENT 2026 $ 2025 $ Plant and equipment ‑ at cost 2,494,988 2,178,294 Less: accumulated depreciation (1,434,042) (1,255,931) 1,060,946 922,363 Reconciliations Plant & Mining Equipment Office & Camp Equipment Road Motor Vehicles Other Assets ‑ Farming Right of use Assets Computer Equipment Total $ $ $ $ $ $ $ $ Cost or valuation Balance at 1 July 2024 443,021 307,722 100,938 900,370 130,865 75,000 84,723 2,042,639 Additions 16,019 10,060 2,220 87,253 18,968 ‑ 1,135 135,655 Balance at 30 June 2025 459,040 317,782 103,158 987,623 149,833 75,000 85,858 2,178,294 Additions 75,161 31,374 ‑ 222,020 3,200 ‑ ‑ 331,755 Disposals ‑ ‑ ‑ (15,061) ‑ ‑ ‑ (15,061) Balance at 30 June 2026 534,201 349,156 103,158 1,194,582 153,033 75,000 85,858 2,494,988 Depreciation and impairment Balance at 1 July 2024 362,914 280,882 ‑ 318,651 54,695 12,500 81,605 1,111,247 Depreciation charge for the year 17,688 11,384 ‑ 100,835 10,608 3,000 1,169 144,684 Balance at 30 June 2025 380,602 292,266 ‑ 419,486 65,303 15,500 82,774 1,255,931 Depreciation charge for the year 35,668 19,945 ‑ 117,567 1,157 3,000 774 178,111 Balance at 30 June 2026 416,270 312,212 ‑ 537,053 66,461 18,500 83,547 1,434,042 Net book value At 1 July 2024 80,107 26,840 100,938 581,719 76,170 62,500 3,118 931,392 At 30 June 2025 78,437 25,515 103,158 568,138 84,530 59,500 3,085 922,363 At 30 June 2026 117,931 36,944 103,158 657,528 86,572 56,500 2,311 1,060,946 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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73 Silver Mines Limited Annual Report 2026 NOTE 12: PROPERTY, PLANT AND EQUIPMENT (cont.) The gross carrying amount of fully depreciated property, plant and equipment that is still in use $57,993 related to motor vehicles, $289,424 related to plant and equipment, $269,372 related to office & camp equipment, $21,737 related to other assets‑farming and $11,845 related to computer equipment. A right‑of‑use asset is recognised at the commencement date of a lease. The right‑of‑use asset is measured at cost, which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing the underlying assets, and restoring the site or asset. Right‑of‑use assets are depreciated on a straight‑line basis over the unexpired period of the lease or the estimated useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right‑of use assets are subject to impairment or adjusted for any remeasurement of lease liabilities. Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight‑line basis to write off the net cost of each item of property, plant and equipment over their expected useful lives as follows: Plant & Mining Equipment 4‑20 years Office & Camp Equipment 3‑8 years Motor Vehicles 6‑8 years Other Assets ‑ Farming 5 years Computer Equipment 2 years The residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each reporting date. An item of property, plant and equipment is derecognised upon disposal or when there is no future economic benefit to the consolidated entity. Gains and losses between the carrying amount and the disposal proceeds are taken to profit or loss. NOTE 13: TRADE AND OTHER PAYABLES 2026 $ 2025 $ Current Trade creditors and accruals 1,598,017 2,230,084 1,598,017 2,230,084 These amounts represent liabilities for goods and services provided to the consolidated entity prior to the end of the financial year and which are unpaid. Due to their short‑term nature, they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 74 NOTE 14: EMPLOYEE BENEFITS PROVISIONS 2026 $ 2025 $ Current Employee benefits provisions 403,456 267,862 403,456 267,862 Short‑term employee benefits Liabilities for wages and salaries, including annual leave to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. NOTE 15: CAPITAL AND RESERVES a. Ordinary shares issued and fully paid Date Details Number of shares Issue price $ 30‑Jun‑23 1,404,332,143 165,667,656 Feb 2024 Capital raising 59,259,260 0.135 8,000,000 Mar 2024 Capital raising 44,444,854 0.135 6,000,002 Capital Raising Fee ‑ ‑ (549,132) 30‑Jun‑24 1,508,036,257 179,118,526 Dec 2024 Capital raising 271,739,135 0.092 25,000,000 Dec 2024 Capital Raising Fee (1,608,857) 30‑Jun‑25 1,779,775,392 202,509,669 Jul‑25 Advisor success fee 2,340,000 0.1150 269,100 Jul‑25 Acquisition of Kramer Hills Project 23,500,000 0.1150 2,702,500 Jul‑25 Acquisition of Calico North Project 39,000,000 0.1150 4,485,000 Aug‑25 Capital raise ‑ Placement 250,000,000 0.1200 30,000,000 Sep‑25 Capital raise ‑ Share Purchase Plan 33,918,984 0.1200 4,070,278 Sep‑25 Capital Raising Fee ‑ ‑ (1,938,067) Dec‑25 Capital Raising Fee ‑ ‑ (17,411) Mar 26 Capital Raising Fee ‑ ‑ (10,710) Jun‑26 Capital raise ‑ Issue of Securities Shortfall Shares 8,605,780 0.1196 1,029,251 Jun‑26 Options Conversion 260,078 ‑ 20,272 Jun‑26 Capital Raising Fee ‑ ‑ (118,533) FY2026 Option Exercise 81,973,951 0.1196 9,804,104 30‑Jun‑26 2,219,374,185 252,805,453 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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75 Silver Mines Limited Annual Report 2026 NOTE 15: CAPITAL AND RESERVES (cont.) (b) Issued and paid‑up capital Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Group in proportion to the number of and amounts paid on the shares held. On a show of hands, every holder of fully paid ordinary shares present at a meeting in person or by proxy is entitled to one vote, and upon a poll each share is entitled to one vote. (c) Share options At 30 June 2026 details of Listed and Unlisted Options are as follows: 2026 Grant date Expiry date Exercise price Balance at the start of the year Granted Exercised Lapsed Balance at the end of the year 21‑Dec‑17 3 years from milestone achievement 1 $0.20 5,000,000 ‑ ‑ ‑ 5,000,000 1‑Mar‑23 1‑Mar‑26 $0.30 2,500,000 ‑ ‑ (2,500,000) ‑ 1‑Mar‑23 1‑Mar‑28 $0.50 2,500,000 ‑ ‑ ‑ 2,500,000 17‑Dec‑24 17‑Jun‑26 $0.12 90,579,731 ‑ (81,973,951) (8,605,780)1 ‑ 18‑Dec‑24 18‑Dec‑27 $0.15 10,301,008 ‑ (627,259) ‑ 9,673,749 110,880,739 ‑ (82,601,210) (11,105,780) 17,173,749 Weighted average exercise price 0.14 ‑ 0.12 0.16 0.216 Note: 1. Options unexercised that were then offered and exercised as part of the shortfall 2025 Grant date Expiry date Exercise price Balance at the start of the year Granted Exercised Lapsed Balance at the end of the year 21‑Dec‑17 3 years from milestone achievement 1 $0.20 5,000,000 ‑ ‑ ‑ 5,000,000 12‑Dec‑21 21‑Dec‑24 $0.30 9,000,000 ‑ ‑ (9,000,000) ‑ 1‑Mar‑23 1‑Mar‑26 $0.30 2,500,000 ‑ ‑ ‑ 2,500,000 1‑Mar‑23 1‑Mar‑28 $0.50 2,500,000 ‑ ‑ ‑ 2,500,000 17‑Dec‑24 17‑Jun‑26 $0.12 ‑ 90,579,731 ‑ ‑ 90,579,731 18‑Dec‑24 18‑Dec‑27 $0.15 ‑ 10,301,008 ‑ ‑ 10,301,008 19,000,000 100,880,739 ‑ (9,000,000) 110,880,739 Weighted average exercise price 0.30 0.12 ‑ 0.30 0.135 1. Expiry which is three years from the date of achievement of Project Financing, which must achieve a minimum of $150 million (Financing Milestone). This was set out in the Company’s Notice of Annual General Meeting dated 30 October 2017. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 76 NOTE 15: CAPITAL AND RESERVES (cont.) The weighted average share price during the 2026 Financial year was $0.216 (2025: $0.135). The weighted average remaining contractual life of the options, except for the 5,000,000 options’ expiry date is 3 years from the achievement of milestone, outstanding at the end of the financial year was 0.47 years (2025: 0.67 years). (d) Share based payments A share option plan has been established by the Group and approved by shareholders at a general meeting, whereby the consolidated entity may, at the discretion of the Board of Directors, grant options over ordinary shares in the company to certain key management personnel of the Group. The options are issued for nil consideration and are granted in accordance with performance guidelines established by the Board of Directors. Options: For the options granted during the year ended 30 June 2023, the valuation model inputs used to determine the fair value at the grant date, are as follows, the inputs for 2026 Financial Year should remain consistent. Grant Date Expiry Date Number of options Share price at grant date Exercise price Expected volatility Risk‑free interest rate Fair value at grant date Vesting conditions 13/12/2017 ‑ 5,000,000 $0.079 $0.20 90.55% 2.00% $0.0485 Vest from the date of achievement of financing milestones 1/03/2023 1/03/2028 2,500,000 $0.180 $0.50 179.63% 3.78% $0.1500 Vest on mine commencement For the options granted during the year ended 30 June 2025, the valuation model inputs used to determine the fair value at the grant date, are as follows: Grant Date Expiry Date Number of options Share price at grant date Exercise price Expected volatility Risk‑free interest rate Fair value at grant date Vesting conditions 18/12/2024 18/12/2027 10,301,008 $0.09 $0.15 96.70% 2.60% $0.04 The holder must remain continually employed or engaged by SVL for at least one year from the date of issue of the options before options can be exercised by the holders NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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77 Silver Mines Limited Annual Report 2026 NOTE 15: CAPITAL AND RESERVES (cont.) Performance rights: For the performance rights granted during the year ended 30 June 2024, the valuation model inputs used to determine the fair value at the grant date, are as follows, the inputs for 2026 Financial Year should remain consistent. Grant Date Expiry Date Number of performance rights Share price at grant date Exercise price Expected volatility Risk‑free interest rate Fair value at grant date Vesting conditions 1/01/2024 31/12/2026 4,000,000 $0.16 Nil 84.40% 3.80% $0.12 Vest upon the Company's Shares achieving a 10‑day VWAP of $0.30 at any time before the Expiry date. 1/01/2024 31/12/2026 4,000,000 $0.16 Nil 84.40% 3.80% $0.11 Vest upon the Company's Shares achieving a 10‑day VWAP of $0.40 at any time before the Expiry date & provided commencement of mine construction has occurred. 1/01/2024 31/12/2026 4,000,000 $0.16 Nil 84.40% 3.80% $0.10 Vest upon the Company's Shares achieving a 10‑day VWAP of $0.50 at any time before the Expiry date & provided mine commissioning has occurred. (e) Reserves In June 2016, the Company completed the acquisition of Silver Investment Holdings Australia Ltd (“SIHA”) and Bowdens Silver Pty Ltd. As part of the consideration for the purchase of SIHA, 40,000,000 ordinary shares in the capital of the Group are to be issued as deferred consideration. In May 2016, the Company entered into a share sale and purchase deed (“Deed”) which effectuated the purchase of the Bowdens Silver Project (“Project”) pursuant to which 40,000,000 fully paid ordinary shares in the Company was to be issued as deferred consideration (“Deferred Consideration Shares”). The Company issued 20,000,000 of the Deferred Consideration Shares to non‑related and related parties (following shareholder approval) of the Company after Silver Mines lodged its Environmental Impact Statement and Development Application (announced 25 May 2020). A further 20,000,000 of the Deferred Consideration Shares (“Remaining Deferred Consideration”) will be issued to non‑related parties of the Company upon a mining lease being granted in respect of the Bowdens Silver Project. The Remaining Deferred Consideration is valued at $2,000,000. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 78 NOTE 15: CAPITAL AND RESERVES (cont.) 2026 $ 2025 $ Movements in reserves Balance at the beginning of the financial year 3,190,652 3,274,209 Share based payment reserve movement 106,157 (124,082) Performance rights movement 168,315 40,525 Balance at the end of the financial year 3,465,123 3,190,652 (f) Capital risk management For the purpose of the Group’s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group’s objectives when managing capital is to safeguard the ability to continue as a going concern, so that it can continue to provide returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. Management effectively manages the Group’s capital by assessing the Group’s financial risks and adjusting its capital structure in response to changes in these risks and in the market. There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year. NOTE 16: RELATED PARTY TRANSACTIONS (a) Key Management Personnel The names and positions held of Group key personnel are: Key Management Personnel Position Keith Perrett Non‑Executive Chairman Kristen Podagiel Non‑Executive Director Jonathan Battershill Managing Director Robert Dennis Non‑Executive Director Nicole Brook Non‑Executive Director (appointment effective 17 September 2026) Joel Fitzgibbon Non‑Executive Director (appointment effective 17 September 2026) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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79 Silver Mines Limited Annual Report 2026 NOTE 16: RELATED PARTY TRANSACTIONS (cont.) Compensation The aggregate compensation made to directors and other members of key management personnel of the consolidated entity is set out below: 2026 $ 2025 $ Short‑term employee benefits 1,110,989 947,906 Post‑employment benefits 50,357 49,596 Long‑term benefits 3,777 1,616 Share‑based payments 168,315 40,525 1,333,438 1,039,643 (b) Related party transactions During FY2026, the Group incurred $18,770 for property and project management services provided by a related party of Jonathan Battershill. (c) Consolidated Entities The Group operates in the exploration industry in Australia and the United States. The Group has the following wholly owned subsidiaries whose transactions have been consolidated into the Group accounts: Entity name Entity type Country of incorporation Percentage of capital held Country of tax residence Silver Investment Holdings Australia Pty Ltd Body Corporate Australia 100% Australia Bowdens Silver Pty Ltd Body Corporate Australia 100% Australia Tuena Resources Pty Ltd Body Corporate Australia 100% Australia Bowdens Agriculture Pty Ltd Body Corporate Australia 100% Australia Asia Metals Holdings 3 Pty Ltd Body Corporate Australia 100% Australia SVL US Holdings Pty Ltd Body Corporate Australia 100% Australia SVL US Holdings Corporation Body Corporate United States 100% United States California Silver Limited Body Corporate United States 100% United States NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 80 NOTE 17: PARENT ENTITY INFORMATION Parent 2026 $ 2025 $ Statement of profit or loss and other comprehensive income Profit (loss) after income tax (2,291,532) (2,371,313) Total comprehensive income/(loss) (2,291,532) (2,371,313) Statement of financial position Total current assets 34,760,880 19,990,196 Total assets 213,626,564 165,744,524 Total current liabilities 593,249 989,932 Total liabilities 593,249 989,932 Equity Issued capital 253,218,170 202,754,072 Reserves 3,052,407 2,946,250 Retained profits (43,237,261) (40,945,729) Total equity 213,033,315 164,754,592 Guarantees entered into by the parent entity in relation to the debts of its subsidiaries There are no such guarantees arrangements during the years ended 30 June 2026 and 30 June 2025. Deed of Cross Guarantee Pursuant to ASIC Corporations (Wholly owned Companies) Instrument 2016/785, Silver Mines Limited, Silver Investment Holdings Pty Limited and Bowdens Silver Pty Ltd have entered into a deed of cross guarantee on 23 April 2024. The effect of the deed is that Silver Mines Limited has guaranteed to pay any deficiency in the event of winding up of any controlled entity or if they do not meet their obligations under the terms of overdrafts, loans, leases or other liabilities subject to the guarantee. The controlled entities have also given a similar guarantee in the event that Silver Mines Limited is wound up or if it does not meet its obligations under the terms of overdrafts, loans, leases or other liabilities subject to the guarantee. Contingent liabilities The parent entity had no contingent liabilities as at 30 June 2026 and 30 June 2025. Capital commitments ‑ Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment as at 30 June 2026 and 30 June 2025. Material accounting policies The accounting policies of the parent entity are consistent with those of the Group, as disclosed in note 1, except for the following: • Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. • Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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81 Silver Mines Limited Annual Report 2026 NOTE 18: RECONCILIATION OF OPERATING PROFIT/(LOSS) AFTER INCOME TAX TO NET CASH FLOWS FROM OPERATING ACTIVITIES 2026 $ 2025 $ Operating profit/(loss) after income tax (3,208,592) (3,768,394) Depreciation 300,656 228,735 FV (gain)/loss on initial recognition of livestock (380,003) (323,679) Borrowing cost amortisation 428 ‑ Tenements costs adjustment ‑ 766,811 Gain on sales of non‑current assets (87,939) ‑ Fair value movement of financial assets at fair value through profit and loss ‑ 264,532 Share based payment 294,743 (83,558) (3,080,707) (2,915,553) Movements in working capital: (Increase)/decrease in receivables and prepayments 125,218 (27,955) (Increase)/decrease in inventory 454,664 150,829 Increase/(decrease) in payables and provision 124,996 227,099 (Increase)/decrease in employee provisions 135,595 15,197 Net cash outflows from operating activities (2,240,234) (2,550,383) NOTE 19: FINANCIAL INSTRUMENT DISCLOSURES The Group’s activities expose it to a variety of financial risks: market risk (including interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rates and other price risks and aging analysis for credit risk. Risk management is carried out by the Audit and Risk Committee under policies approved by the Board of Silver Mines Limited including the Company’s Audit and Risk Committee Charter. The Audit and Risk Committee identifies and evaluates the risks in close cooperation with the Group’s management and Board. (a) Market risk (i) Foreign exchange risk The Group is exposed to foreign exchange risk arising from expenditures incurred in currencies other than the Australian dollar, primarily United States dollars (USD). During the year, the Group incurred acquisition, exploration and evaluation expenditures relating to its Calico North Project and Kramer Hills Project located in California, United States. As a result, fluctuations in the AUD/USD exchange rate may impact the Australian dollar equivalent of these expenditures, cash balances and trade payables denominated in USD. The Group currently does not utilise derivative financial instruments or foreign exchange hedging arrangements to manage this exposure and monitors exchange rate movements on an ongoing basis. At 30 June 2026, management assessed the Group’s foreign currency exposure as being limited and, accordingly, no formal sensitivity analysis has been presented. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 82 NOTE 19: FINANCIAL INSTRUMENT DISCLOSURES (cont.) (ii) Price risk The Group in the current year did not have any significant exposure to commodity price risk. The Group will have exposure to silver price risk if and when mining operations begin. Directors have not made any determination at this stage as to whether they will consider commodity price hedge arrangements. (iii) Cash flow and fair value interest rate risk The Group has exposure to interest rate risk which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on those financial assets and the financial liabilities. The Group’s policy is to ensure that the best interest rate is received for the short‑term deposits. The Group uses a number of banking institutions, with a mixture of fixed and variable interest rates. Interest rates are reviewed prior to deposits maturing and the fund is re‑invested at the best rate. Floating interest rate Fixed interest rate maturing Non‑ interest bearing Total Within 1 year Over 1 year $ $ $ $ $ 2026 FINANCIAL ASSETS Cash assets 35,751,420 ‑ ‑ ‑ 35,751,420 Performance guarantee bonds ‑ ‑ ‑ 394,867 394,867 Other assets (non‑current) 5,787,614 5,787,614 Other financial assets ‑ ‑ ‑ 356,192 356,192 35,751,420 6,538,672 42,290,093 FINANCIAL LIABILITIES Payables (current) ‑ ‑ ‑ (1,598,017) (1,598,017) ‑ (1,598,017) (1,598,017) NET FINANCIAL ASSETS/(LIABILITIES) 35,751,420 ‑ ‑ 4,940,655 40,692,076 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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83 Silver Mines Limited Annual Report 2026 NOTE 19: FINANCIAL INSTRUMENT DISCLOSURES (cont.) Floating interest rate Fixed interest rate maturing Non‑ interest bearing Total Within 1 year Over 1 year $ $ $ $ $ 2025 FINANCIAL ASSETS Cash assets 19,299,496 ‑ ‑ ‑ 19,299,496 Performance guarantee bonds ‑ ‑ ‑ 394,867 394,867 Other assets (non‑current) ‑ ‑ ‑ 1,460,494 1,460,494 Other financial assets ‑ ‑ ‑ 313,727 313,727 19,299,496 ‑ ‑ 2,169,088 21,468,584 FINANCIAL LIABILITIES Payables (current) ‑ ‑ ‑ (2,230,084) (2,230,084) ‑ ‑ ‑ (2,230,084) (2,230,084) NET FINANCIAL ASSETS/(LIABILITIES) 19,299,496 ‑ ‑ (60,996) 19,238,500 (b) Credit risk The Company is exposed to credit risk from its financial assets, which include cash and cash equivalents held with financial institutions. The Company’s risk management policy involves placing these assets with institutions that are deemed to have high creditworthiness to mitigate the risk of financial loss. The Company regularly assesses the credit risk associated with its financial assets and takes appropriate measures to manage this risk, including monitoring the credit standing of the financial institutions where its funds are held. While the Company diversifies its cash holdings across various financial institutions, there are balances maintained to meet operational liquidity requirements. These balances are managed in accordance with the Company’s treasury policy, which aims to minimise credit risk while ensuring sufficient liquid capacity for the Company’s operations. (c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through adequate amount of capital rising and the ability to close out market positions. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows matching maturity profiles of financial assets and liabilities. Surplus funds are generally only invested in instruments that are tradable in highly liquid markets. The Group at trading date had deposits which mature within three months and cash at bank. Due to the cash available to the Group there is no use of any credit facilities at balance date. (d) Fair values The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure purposes. The net fair values of the financial assets and financial liabilities approximate their carrying values. Except for the investment in listed shares, no other financial assets and financial liabilities are readily traded on organised markets. The aggregate net fair values and carrying amounts of financial assets and financial liabilities are disclosed in the statements of financial position and in the notes to the financial statements. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 84 NOTE 19: FINANCIAL INSTRUMENT DISCLOSURES (cont.) (e) Sensitivity analysis The Group has not performed a sensitivity analysis on interest rate risk and price risk and its impact on current year results and equity which could result from a change in this risk as the likely impact is insignificant given the minimal revenue generated from sales during the year, and minimal balances with interest. (f) Fair value hierarchy The following tables detail the group’s assets and liabilities, measured or disclosed at fair value, using a three‑level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. • Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. • Level 3: Unobservable inputs for the asset or liability. At 30 June 2026, the Group had no recurring Level 1 or Level 2 fair value measurements. The Group’s only recurring Level 3 fair value measurement relates to the Kramer Hills earn‑in rights and options. The Group’s Kramer Hills earn‑in rights and options are classified as derivative financial instruments and measured at fair value. The fair value measurement is categorised within Level 3 of the fair value hierarchy as it incorporates significant unobservable inputs, including management’s assessment of the fair value of the underlying project interests available to be acquired under the earn‑in arrangement and the probability of satisfying the earn‑in conditions. The fair value of the Kramer Hills earn‑in rights and options at 30 June 2026 was determined using a cost‑based valuation approach. In assessing fair value, management considered the contractual rights obtained under the earn‑in arrangement, the consideration required to obtain the underlying interests and the assessed fair value of those underlying project interests. Based on this assessment, management concluded that the fair value of the derivative financial instrument approximated the consideration transferred under the arrangement at both initial recognition and 30 June 2026. Reasonably possible changes in the significant unobservable inputs, including changes in the assessed value of the underlying project interests and the probability of satisfying the earn‑in conditions, would not result in a material change to the fair value recognised at 30 June 2026. There were no transfers between Level 1, Level 2 and Level 3 fair value measurements during the year. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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85 Silver Mines Limited Annual Report 2026 NOTE 20: EARNING PER SHARE 30‑Jun‑26 30‑Jun‑25 Cents Cents Basic earnings per share (0.15) (0.23) Diluted earnings per share (0.15) (0.23) Number Number Basic earnings per share Weighted average number of shares used as the denominator Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating basic and diluted earnings per share and alternative diluted earnings per share 2,111,483,135 1,661,401,358 Diluted earnings per share Weighted average number of shares used as the denominator 2,111,483,135 1,661,401,358 Weighted average number of shares used in calculating basic earnings per share Adjustments for calculation of diluted earnings per share: Options over ordinary shares ‑ ‑ Contingent issuable shares ‑ ‑ Weighted average number of ordinary shares used in calculating diluted earnings per share 2,111,483,135 1,661,401,358 The potential ordinary shares are anti‑dilutive as the conversion of them to ordinary shares would decrease the loss per share. Therefore, they are not included in the calculation of diluted earnings per share.19,000,000 options and 12,000,000 performance rights are deemed to be anti‑dilutive. 2026 $ 2025 $ Reconciliation of earnings used in calculating basic and diluted earnings per share Earnings used in calculating basic and diluted earnings per share (3,208,592) (3,768,394) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 86 NOTE 21: REMUNERATION OF AUDITORS During the financial year the following fees were paid or payable for services provided by Ernst & Young Sydney, the auditor of the company: 2026 $ 2025 $ Audit services ‑ Ernst & Young Sydney Audit or review of the financial statements 90,000 84,000 NOTE 22: COMMITMENTS 2026 $ 2025 $ Capital commitments‑ option Committed at the reporting date but not recognised as liabilities, payable: Intangible assets Option Purchase 4,715,000 4,995,000 Land Purchase 13,481,286 ‑ Total 18,196,286 4,995,000 Proposed expenditure on tenements for a year 4,895,199 4,516,667 Proposed expenditure on native title 250,000 250,000 Tenement minimum spend for a year 5,145,199 4,766,667 Kramer Hills Project Earn‑In3 12,159,175 ‑ 1 Capital commitments include contracted amounts for options agreement for the right to purchase properties at the execution date. However, if the company chooses not to execute the agreements, the rights will be forfeited and the amount capitalised as intangible assets in Note 7 will be written off through the Profit and Loss statement. 2 Proposed expenditure on tenements for a year represented the average yearly expenditures expected to be spent on the exploration, environmental management and rehabilitation and community consultation activities during the tenement period. 3 The Kramer Hills Project is subject to an earn‑in arrangement requiring minimum exploration expenditure and other conditions to earn an interest in the project. Further details of the earn‑in terms are disclosed in Note 6. Capital commitments include contracted amounts for options agreement for the right to purchase properties at the execution date. However, if the company chooses not to execute the agreements, the rights will be forfeited and the amount paid, which are recognised as intangible assets in note 10, will be written off through the Profit and Loss statement. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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87 Silver Mines Limited Annual Report 2026 NOTE 22: COMMITMENTS (cont.) FY2026 Less than1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total contractual cash flows Carrying amount Capital Commitment 4,715,000 11,572,596 1,908,690 ‑ 18,196,286 18,196,286 Proposed expenditure on tenements for a year represented the average yearly expenditures expected to be spent on the exploration, environmental management and rehabilitation and community consultation activities during the tenement period. The Company is subject to the following royalty obligations: • A 2.0% Net Smelter Royalty which reduces to 1.0% after the payment of US$5 million over tenement EL5920 (Bowdens Silver Pty Ltd completed a buy‑back of this royalty on 29 September 2026). Refer to Note 23 for full details. • A 1.0% Gross Revenue Royalty over tenement EL5920 (commencing after 20 million ounces of silver is produced) (Bowdens Silver Pty Ltd completed a buy‑back of this royalty on 29 September 2026). Refer to Note 23 for full details. • A 1.0% Gross Revenue Royalty over tenements EL6354, EL8159, EL8160, EL8168, EL8268, EL8480, EL8682, EL8526, EL8973, EL8974, EL8975, EL8403 and EL8405. • A 1.0% Gross Revenue Royalty over an 85% interest in tenements EL8160, EL8159, EL8168, EL8268, EL5920 and EL6354. NOTE 23: EVENTS SUBSEQUENT TO REPORTING DATE Completion of Strategic Land Acquisition Subsequent to 2026 Financial Year, the Company’s wholly owned subsidiary, Bowdens Silver Pty Ltd, completed the acquisition of a strategic parcel of freehold land and associated water entitlements adjacent to the Bowdens Silver Project for $12,500,000 in cash, funded from existing cash reserves. Settlement of most lots comprising the acquisition occurred on 27 July 2026. Following completion, the Company’s freehold landholding increased to approximately 3,345 hectares, providing additional water security and supporting future mining and farming activities. Release of Definitive Feasibility Study Results Subsequent to 2026 Financial Year, the Company announced the successful completion of the Definitive Feasibility Study (DFS) for the Bowdens Silver Project and released updated Mineral Resource and Ore Reserve estimates. The DFS confirmed the robust economic potential of the project, with Ore Reserves increasing to 47.9 million tonnes at 60.8 g/t silver for 93.5 million ounces of contained silver and a projected mine life of up to 26 years. The study estimated a pre‑tax NPV (5%) of A$1.04 billion and an internal rate of return (IRR) of 31.5%, based on long‑term commodity price assumptions. The updated Ore Reserve represents a 30% increase in contained silver compared with the previous reserve estimate, while the updated Mineral Resource Estimate incorporates additional drilling, revised geological interpretations and updated metallurgical and economic assumptions. Following completion of the DFS, the Company commenced preparations for Front‑End Engineering and Design (FEED) studies and continued progressing project approvals, including development consent, federal environmental approvals and mining lease approvals required for project development. Refer to ASX announcement dated 21 July 2026 for full details. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 88 NOTE 23: EVENTS SUBSEQUENT TO REPORTING DATE (cont.) Board Appointments Subsequent to the 2026 Financial Year, the Company announced the appointment of highly experienced executives Ms Nicole Brook and Mr Joel Fitzgibbon to the Board as independent Non‑Executive Directors. Both Ms Brook and Mr Fitzgibbon joined the Board on 17 September 2026. Nicole Brook With a background in mining engineering, Ms Brook has over 30 years’ experience in the resources industry. After starting her career working underground, Ms Brook went on to hold a number of site technical and consulting roles before taking on a leadership role with Glencore Coal Australia, where she led a team of resources professionals responsible for business development, project assessment and technical governance of mining operations. As a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), Ms Brook has served as President and Chair of the AusIMM and is the Chair of the UNSW Sydney School of Minerals and Energy Resources Engineering Advisory Board. In 2018, Ms Brook was named Exceptional Woman in NSW Mining at the NSW Minerals Council awards and was selected for the 100 Global Inspirational Women in Mining in 2018. Ms Brook is a former President of the AusIMM, and served on the Board from January 2021 to December 2025. She has a Bachelor of Engineering (Mining) (Hons) from UNSW and a Master of Business Administration from the University of Melbourne. Ms Brook is currently an independent non‑executive director of Whitehaven Coal Limited (ASX:WHC) and also acts as Chair of Whitehaven’s HSEC Committee and is a member of Whitehaven’s Governance and Nomination Committee. Ms Brook is also an independent and non‑executive director of EQ Resources Limited (ASX:EQR). Joel Fitzgibbon Mr Fitzgibbon brings over 26 years of experience as a former federal Member of Parliament in the House of Representatives, where he represented the Hunter electorate including for a number of years the areas of Lue, Kandos and Rylstone which then formed part of that electorate. Mr Fitzgibbon also has 8 years in Local Government. Throughout his extensive career in politics, Mr Fitzgibbon served in Cabinet and held the ministerial portfolios of Minister for Agriculture, Fisheries and Forestry, Minister for Defence, and Chief Government Whip. Mr Fitzgibbon also held several shadow portfolios throughout his time in Opposition, including Shadow Minister for Agriculture, Fisheries and Forestry, Shadow Minister for Resources, Shadow Minister for Rural and Regional Australia, Shadow Minister for Small Business and Tourism, and Shadow Assistant Treasurer. Mr Fitzgibbon has served on a number of parliamentary committees, covering diverse issues including regional affairs; agriculture and resources; economics and finance; employment and workplace relations; foreign affairs, defence and trade; and public administration. Chair Retirement and Board Transition Subsequent to the 2026 Financial Year, Mr Keith Perrett advised the Board of his intention to retire as Chair and as a Director of the Company at the conclusion of the Company’s Annual General Meeting, expected to be held in November 2026. Mr Perrett has served as Chair since 2016 and, over the past decade, has provided steadfast leadership and invaluable guidance to the Company. The Board extends its sincere appreciation to Mr Perrett for his outstanding service, commitment and significant contribution during his tenure, including his leadership through key milestones in the advancement of the Bowdens Silver Project. As the Company enters its next phase of development, Mr Perrett has determined that this is an appropriate time to transition leadership. To ensure an orderly transition, Mr Perrett will continue to serve as Chair until the conclusion of the Annual General Meeting. Following his retirement from the Board, he will remain engaged by the Company as a consultant, providing ongoing strategic advice in relation to the Company’s agricultural business. Following Mr Perrett’s retirement, Mr Joel Fitzgibbon will be appointed as the Company’s independent Non‑Executive Chair. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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89 Silver Mines Limited Annual Report 2026 NOTE 23: EVENTS SUBSEQUENT TO REPORTING DATE (cont.) Appointment of Chief Financial Officer Subsequent to the 2026 Financial Year, the Company announced the appointment of highly experienced Mr David Morgan as Chief Financial Officer (“CFO”) effective 9 November 2026. Mr Morgan is a commercial finance executive with over 20 years of experience across the mining, metals, and resources sector. He has held leadership roles across public and private companies, including KPMG, Glencore (Xstrata), and Pacific Road Capital, ranging from exploration and project development through to operating assets and investment‑backed businesses, most recently serving as an Operating Executive with Pacific Road Capital. Having begun his career with KPMG’s Infrastructure and Mining Audit Practice followed by several industry‑based executive roles with broad and diverse exposure, Mr Morgan brings a unique blend of commercial financial discipline, strategic thinking, and operational execution, with a proven track record of delivering value across the full mining project lifecycle. Royalty Buy‑Backs On 21 September 2026, the Company announced that its wholly owned subsidiary Bowdens Silver Pty Ltd executed binding agreements to acquire and extinguish two private royalties over its 100% owned Bowdens Silver Project (“Royalty Buy‑Backs”). The transactions completed on 29 September 2026. Bowdens agreed to: • buy‑back and extinguish a 2% net smelter royalty over tenement EL5920 which reduces to a 1% net smelter royalty after the first US$5 million of revenue, held by Royalco Resources Pty Ltd (“Royalco”) a subsidiary of Fitzroy River Corporation Ltd (ASX:FZR) (“Fitzroy”) (“Fitzroy Royalty”); and • acquire 100% of the issued shares in Asia Metals 4 Pty Ltd (“Asia Metals”) which owns a 1% gross revenue royalty over tenement EL5920 which commences after the first 20 million ounces of silver has been produced (“Asia Metals Royalty”), (collectively, the “Royalties”). Consideration Fitzroy Royalty Pursuant to a Royalty Buyback and Extinguishment Deed, Bowdens will acquire the Fitzroy Royalty from Fitzroy for the following consideration: a. A$10,000,000 cash paid on completion; and b. A$7,500,000 in fully paid ordinary shares in Silver Mines (“SVL Shares”) (being 51,724,138 SVL Shares) (“Fitzroy Consideration Shares”) issued on 29 September 2026. Asia Metals Royalty Pursuant to a share sale agreement, Bowdens will acquire 100% of the issued shares of Asia Metals for the following consideration: a. A$8,000,000 cash paid on completion; and b. A$500,000 in SVL Shares (being 3,448,276 SVL Shares) (“Asia Metals Consideration Shares”) issued on 29 September 2026. The Fitzroy Consideration Shares and Asia Metals Consideration Shares were issued at the same deemed issue price as the Company’s placement being $0.145 per SVL Share, as announced on the ASX on 21 September 2026. The issue of the Fitzroy Consideration Shares and the Asia Metals Consideration Shares occurred on completion and were issued using the Company’s existing Listing Rule 7.1 capacity. Neither Fitzroy, Asia Metals or the vendor of Asia Metals are related parties or shareholders of the Company. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 90 NOTE 23: EVENTS SUBSEQUENT TO REPORTING DATE (cont.) Conditions Precedent Fitzroy Royalty Completion of the Fitzroy Royalty buy‑back was subject to: a. the Company obtaining firm commitments for a placement for proceeds of at least $50 million; and b. Fitzroy either obtaining confirmation from ASX that each of Listing Rule 11.1.2 and Listing Rule 11.2 does not apply to the disposal of the Royalty or obtaining shareholder approval pursuant to whichever of Listing Rule 11.1.2 or Listing Rule 11.2 ASX determines is applicable (“Fitzroy Approval Condition”). (collectively, the “Fitzroy Conditions”). The Fitzroy Conditions must be satisfied or waived within 3 months of execution of the Royalty Buyback and Extinguishment Deed. The Fitzroy Conditions were satisfied and settlement of the transaction occurred on 29 September 2026. Asia Metals Royalty Completion of the Asia Metals Royalty buy‑back was subject to the Company obtaining firm commitments for a placement for proceeds of at least $50 million (“Asia Metals Condition”). The Asia Metals Condition must be satisfied or waived within 21 days of execution of the share sale agreement. The Fitzroy Conditions were satisfied and settlement of the transaction occurred on 29 September 2026. The agreements to acquire the Fitzroy Royalty and Asia Metals both contain other terms and conditions customary for agreements of its nature, including representations and warranties. There are no other material terms of either agreement. Advisors Silver Mines has appointed Treadstone Resource Partners as its financial advisor and Hamilton Locke as its legal advisor in relation to the Royalty Buy‑Backs. Placement On 23 September 2026, the company announced that it had received firm commitments for a two‑tranche Placement of $70 million (before costs) to institutional and sophisticated investors (“Placement”). The Placement was well supported with demand in excess of funds raised by the Company. The Company is pleased that the Placement saw strong support from a number of highly credentialled investors both locally and internationally. The Company continues to progress the Bowdens Silver Project towards development as well as progressing its other exploration projects in Australia and the Calico North Project and Kramer Hills Project located in the United States. After costs of the Placement, the funds raised will be used predominantly for: • progression of the Bowdens Silver Project development consent approvals and engineering studies; • cash consideration for the acquisition of the Fitzroy Royalty and Asia Metals Royalty (refer to ASX announcement dated 21 September 2026); • ongoing community and freehold purchases including property purchases and land access agreements; • continued exploration aimed at Mineral Resource growth across the Calico North Project and Kramer Hills Project located in the United States, as well as the Company’s New South Wales projects including the Tuena Project; • business‑development opportunities; and • general working capital. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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91 Silver Mines Limited Annual Report 2026 NOTE 23: EVENTS SUBSEQUENT TO REPORTING DATE (cont.) The Company has received firm commitments for a $70 million placement at $0.145 per share. The Placement was supported by both existing shareholders and new investors. The Placement will result in the issue of 482,758,621 fully paid ordinary shares (“New Shares”). 277,733,713 of the New Shares were issued unconditionally to institutional, professional and sophisticated investors who are not Directors or related parties of the Company (“Tranche 1 Placement Shares”) using the Company’s available placement capacity (under ASX Listing Rule 7.1). 205,024,908 of the New Shares will be issued as follows: (b) 204,335,252 New Shares to institutional, professional and sophisticated investors who are not Directors or related parties of the Company (“Tranche 2 Placement Shares”); and (b) 689,656 New Shares to Directors (or their nominees) who have participated in the Placement (“Director Placement Shares”). The Tranche 2 Placement Shares and Director Placement Shares will be issued subject to shareholder approval at the Company’s annual general meeting of shareholders (“Meeting”). The Company will provide an update to the market once it is in a position to hold the Meeting. Settlement of the Tranche 1 Placement Shares occurred on Monday, 28 September 2026 with the Tranche 1 Placement Shares issued on Tuesday, 29 September 2026. Petra Capital acted as Sole Lead Manager and Sole Bookrunner to the Placement and Morgans Corporate Limited acted as a Co‑Manager to the Placement. New Shares issued under the Placement and will rank pari passu with existing Silver Mines ordinary shares from the respective dates of issue. No other matter or circumstance has arisen since the reporting date that has significantly affected or may significantly affect the consolidated entity’s operations, the results of those operations or the consolidated entity’s state of affairs in future financial years. NOTE 24: COMPANY DETAILS The registered office and principal place of business of the Group is: Silver Mines Limited Level 28 88 Phillip Street, Sydney NSW 2000 Australia Tel: +61 2 8316 3997 Fax: +61 2 8316 3999 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 92 Entity name Entity type Country of incorporation Country of tax residence 2026 Percentage of capital held 2025 Percentage of capital held Silver Investment Holdings Australia Pty Ltd Body Corporate Australia Australia 100% 100% Bowdens Silver Pty Ltd Body Corporate Australia Australia 100% 100% Tuena Resources Pty Ltd Body Corporate Australia Australia 100% 100% Bowdens Agriculture Pty Ltd Body Corporate Australia Australia 100% 100% Asia Metals Holdings 3 Pty Ltd Body Corporate Australia Australia 100% 100% SVL US Holdings Pty Ltd Body Corporate Australia Australia 100% 100% SVL US Holdings Corporation Body Corporate United States United States 100% 100% California Silver Limited Body Corporate United States United States 100% 0% FOR THE YEAR ENDED 30 JUNE 2026 CONSOLIDATED ENTITY DISCLOSURE STATEMENT
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93 Silver Mines Limited Annual Report 2026 DIRECTORS’ DECLARATION In accordance with a resolution of the directors of Silver Mines Limited, we state that: 1. In the opinion of the directors: (a) The financial statements and notes of the Company and its subsidiaries (collectively the Group) are in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the year ended on that date; and (ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; (b) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in note 1.b; (c) the consolidated entity disclosure statement required by section 295(3A) of the Corporations Act is true and correct; (d) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable; and (e) as at the date of this declaration, there are reasonable grounds to believe that the Company and the subsidiaries identified in Note 17 will be able to meet any obligations or liabilities to which they are or may become subject to, by virtue of the Deed of Cross Guarantee between the Company and those subsidiaries. 2. This declaration has been made after receiving the declarations required to be made to the directors by the Managing Director and Company secretary (who serve as the chief executive officer and chief financial officer functions respectively) in accordance with section 295A of the Corporations Act 2001 for the financial year ended 30 June 2026. Keith Perrett Jonathan Battershill Chairman Managing Director 29 September 2026
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Silver Mines Limited Annual Report 2026 94 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the members of Silver Mines Limited Report on the audit of the financial report Opinion We have audited the financial report of Silver Mines Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit proc edures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 Carrying value of deferred exploration and evaluation assets Why significant How our audit addressed the key audit matter As disclosed in Note 9 to the financial statements, the Group's deferred exploration and evaluation assets comprised $123 million of capitalized exploration and evaluation expenditure at 30 June 2026. This represented 60% of the Group's total assets. Deferred exploration and evaluation assets are initially recognised at cost, with expenditure capitalized to the exploration and evaluation asset in accordance with the requirements of Australian Accounting Standards and the Group’s accounting policy as disclosed in Notes 1 and 9. Judgement is required in assessing which costs meet the capitalization criteria. Further, at each reporting date the Directors assess the Group’s deferred exploration and evaluation assets for indicators of impairment. The decision as to whether there are indicators that require the Group’s deferred exploration and evaluation assets to be assessed for impairment in accordance with the requirements of Australian Accounting Standards involves significant judgment, including whether, the legal rights to tenure for the areas of interest are current, the Group’s ability and intention to continue to evaluate and develop the area of interest and whether the results of the Group’s deferred exploration and evaluation work to date are sufficiently progressed for a decision to be made as to the commercial viability or otherwise of the area of interest. We considered this to be a key audit matter due to the size of the deferred exploration and evaluation assets relative to total assets and the significant judgments involved in determining which costs to capitalize and the assessment of indicators of impairment. Our audit procedures included the following: • Obtained an understanding of the Group’s controls and accounting policies relating to the recognition and capitalization of exploration and evaluation expenditure and assessed their consistency with the requirements of Australian Accounting Standards. • Tested a sample of capitalized exploration and evaluation expenditure to third party invoices and assessed whether the costs met the capitalization requirements of Australian Accounting Standards and the Group’s accounting policy. • Performed a keyword search across the full population of journal entries relating to capitalized exploration and evaluation expenditure to identify transactions that may not have been directly attributable to exploration and evaluation activities. • Reconciled payroll costs capitalized to each exploration licence and assessed whether the relevant employees were directly engaged in exploration and evaluation activities. • Evaluated whether the Group’s right to explore in the relevant exploration area was current, which included obtaining and assessing supporting documentation such as exploration licenses and correspondence with the relevant authorities to corroborate the asserted status of the development consent approval process. • Assessed management’s intention and ability to continue exploration and evaluation activities through inquiries with senior management and Directors, and by reviewing approved budgets and planned expenditure. • Obtained and read the Group’s impairment indicator assessment. • Considered whether facts and circumstances existed that may indicate A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the members of Silver Mines Limited Report on the audit of the financial report Opinion We have audited the financial report of Silver Mines Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit proc edures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 Carrying value of deferred exploration and evaluation assets Why significant How our audit addressed the key audit matter As disclosed in Note 9 to the financial statements, the Group's deferred exploration and evaluation assets comprised $123 million of capitalized exploration and evaluation expenditure at 30 June 2026. This represented 60% of the Group's total assets. Deferred exploration and evaluation assets are initially recognised at cost, with expenditure capitalized to the exploration and evaluation asset in accordance with the requirements of Australian Accounting Standards and the Group’s accounting policy as disclosed in Notes 1 and 9. Judgement is required in assessing which costs meet the capitalization criteria. Further, at each reporting date the Directors assess the Group’s deferred exploration and evaluation assets for indicators of impairment. The decision as to whether there are indicators that require the Group’s deferred exploration and evaluation assets to be assessed for impairment in accordance with the requirements of Australian Accounting Standards involves significant judgment, including whether, the legal rights to tenure for the areas of interest are current, the Group’s ability and intention to continue to evaluate and develop the area of interest and whether the results of the Group’s deferred exploration and evaluation work to date are sufficiently progressed for a decision to be made as to the commercial viability or otherwise of the area of interest. We considered this to be a key audit matter due to the size of the deferred exploration and evaluation assets relative to total assets and the significant judgments involved in determining which costs to capitalize and the assessment of indicators of impairment. Our audit procedures included the following: • Obtained an understanding of the Group’s controls and accounting policies relating to the recognition and capitalization of exploration and evaluation expenditure and assessed their consistency with the requirements of Australian Accounting Standards. • Tested a sample of capitalized exploration and evaluation expenditure to third party invoices and assessed whether the costs met the capitalization requirements of Australian Accounting Standards and the Group’s accounting policy. • Performed a keyword search across the full population of journal entries relating to capitalized exploration and evaluation expenditure to identify transactions that may not have been directly attributable to exploration and evaluation activities. • Reconciled payroll costs capitalized to each exploration licence and assessed whether the relevant employees were directly engaged in exploration and evaluation activities. • Evaluated whether the Group’s right to explore in the relevant exploration area was current, which included obtaining and assessing supporting documentation such as exploration licenses and correspondence with the relevant authorities to corroborate the asserted status of the development consent approval process. • Assessed management’s intention and ability to continue exploration and evaluation activities through inquiries with senior management and Directors, and by reviewing approved budgets and planned expenditure. • Obtained and read the Group’s impairment indicator assessment. • Considered whether facts and circumstances existed that may indicate
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95 Silver Mines Limited Annual Report 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the members of Silver Mines Limited Report on the audit of the financial report Opinion We have audited the financial report of Silver Mines Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit proc edures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 Carrying value of deferred exploration and evaluation assets Why significant How our audit addressed the key audit matter As disclosed in Note 9 to the financial statements, the Group's deferred exploration and evaluation assets comprised $123 million of capitalized exploration and evaluation expenditure at 30 June 2026. This represented 60% of the Group's total assets. Deferred exploration and evaluation assets are initially recognised at cost, with expenditure capitalized to the exploration and evaluation asset in accordance with the requirements of Australian Accounting Standards and the Group’s accounting policy as disclosed in Notes 1 and 9. Judgement is required in assessing which costs meet the capitalization criteria. Further, at each reporting date the Directors assess the Group’s deferred exploration and evaluation assets for indicators of impairment. The decision as to whether there are indicators that require the Group’s deferred exploration and evaluation assets to be assessed for impairment in accordance with the requirements of Australian Accounting Standards involves significant judgment, including whether, the legal rights to tenure for the areas of interest are current, the Group’s ability and intention to continue to evaluate and develop the area of interest and whether the results of the Group’s deferred exploration and evaluation work to date are sufficiently progressed for a decision to be made as to the commercial viability or otherwise of the area of interest. We considered this to be a key audit matter due to the size of the deferred exploration and evaluation assets relative to total assets and the significant judgments involved in determining which costs to capitalize and the assessment of indicators of impairment. Our audit procedures included the following: • Obtained an understanding of the Group’s controls and accounting policies relating to the recognition and capitalization of exploration and evaluation expenditure and assessed their consistency with the requirements of Australian Accounting Standards. • Tested a sample of capitalized exploration and evaluation expenditure to third party invoices and assessed whether the costs met the capitalization requirements of Australian Accounting Standards and the Group’s accounting policy. • Performed a keyword search across the full population of journal entries relating to capitalized exploration and evaluation expenditure to identify transactions that may not have been directly attributable to exploration and evaluation activities. • Reconciled payroll costs capitalized to each exploration licence and assessed whether the relevant employees were directly engaged in exploration and evaluation activities. • Evaluated whether the Group’s right to explore in the relevant exploration area was current, which included obtaining and assessing supporting documentation such as exploration licenses and correspondence with the relevant authorities to corroborate the asserted status of the development consent approval process. • Assessed management’s intention and ability to continue exploration and evaluation activities through inquiries with senior management and Directors, and by reviewing approved budgets and planned expenditure. • Obtained and read the Group’s impairment indicator assessment. • Considered whether facts and circumstances existed that may indicate A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001 Tel: +61 2 9248 5555 Fax: +61 2 9248 5959 ey.com/au Independent auditor’s report to the members of Silver Mines Limited Report on the audit of the financial report Opinion We have audited the financial report of Silver Mines Limited (the Company) and its subsidiaries (collectively the Group), which comprises the consolidated statement of financial position as at 30 June 2026, the consolidated statement of profit or loss and comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, notes to the financial statements, including material accounting policy information, the consolidated entity disclosure statement and the directors’ declaration. In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act 2001, including: a. Giving a true and fair view of the consolidated financial position of the Group as at 30 June 2026 and of its consolidated financial performance for the year ended on that date; and b. Complying with Australian Accounting Standards and the Corporations Regulations 2001. Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial report of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial report section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial report. The results of our audit proc edures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying financial report. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 2 Carrying value of deferred exploration and evaluation assets Why significant How our audit addressed the key audit matter As disclosed in Note 9 to the financial statements, the Group's deferred exploration and evaluation assets comprised $123 million of capitalized exploration and evaluation expenditure at 30 June 2026. This represented 60% of the Group's total assets. Deferred exploration and evaluation assets are initially recognised at cost, with expenditure capitalized to the exploration and evaluation asset in accordance with the requirements of Australian Accounting Standards and the Group’s accounting policy as disclosed in Notes 1 and 9. Judgement is required in assessing which costs meet the capitalization criteria. Further, at each reporting date the Directors assess the Group’s deferred exploration and evaluation assets for indicators of impairment. The decision as to whether there are indicators that require the Group’s deferred exploration and evaluation assets to be assessed for impairment in accordance with the requirements of Australian Accounting Standards involves significant judgment, including whether, the legal rights to tenure for the areas of interest are current, the Group’s ability and intention to continue to evaluate and develop the area of interest and whether the results of the Group’s deferred exploration and evaluation work to date are sufficiently progressed for a decision to be made as to the commercial viability or otherwise of the area of interest. We considered this to be a key audit matter due to the size of the deferred exploration and evaluation assets relative to total assets and the significant judgments involved in determining which costs to capitalize and the assessment of indicators of impairment. Our audit procedures included the following: • Obtained an understanding of the Group’s controls and accounting policies relating to the recognition and capitalization of exploration and evaluation expenditure and assessed their consistency with the requirements of Australian Accounting Standards. • Tested a sample of capitalized exploration and evaluation expenditure to third party invoices and assessed whether the costs met the capitalization requirements of Australian Accounting Standards and the Group’s accounting policy. • Performed a keyword search across the full population of journal entries relating to capitalized exploration and evaluation expenditure to identify transactions that may not have been directly attributable to exploration and evaluation activities. • Reconciled payroll costs capitalized to each exploration licence and assessed whether the relevant employees were directly engaged in exploration and evaluation activities. • Evaluated whether the Group’s right to explore in the relevant exploration area was current, which included obtaining and assessing supporting documentation such as exploration licenses and correspondence with the relevant authorities to corroborate the asserted status of the development consent approval process. • Assessed management’s intention and ability to continue exploration and evaluation activities through inquiries with senior management and Directors, and by reviewing approved budgets and planned expenditure. • Obtained and read the Group’s impairment indicator assessment. • Considered whether facts and circumstances existed that may indicate
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Silver Mines Limited Annual Report 2026 96 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 3 Why significant How our audit addressed the key audit matter impairment by reviewing exploration results, project developments and other available information relevant to the commercial viability of the Group’s areas of interest. • Compared the Group’s market capitalization to its net assets as one indicator in assessing whether the carrying value of exploration and evaluation assets appeared reasonable. • Assessed the adequacy and appropriateness of the disclosures included in the Notes to the financial report. Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Group’s 2026 Annual Report other than the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Group are responsible for the preparation of: ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 4 ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 3 Why significant How our audit addressed the key audit matter impairment by reviewing exploration results, project developments and other available information relevant to the commercial viability of the Group’s areas of interest. • Compared the Group’s market capitalization to its net assets as one indicator in assessing whether the carrying value of exploration and evaluation assets appeared reasonable. • Assessed the adequacy and appropriateness of the disclosures included in the Notes to the financial report. Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Group’s 2026 Annual Report other than the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Group are responsible for the preparation of: ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 4 ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
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97 Silver Mines Limited Annual Report 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 3 Why significant How our audit addressed the key audit matter impairment by reviewing exploration results, project developments and other available information relevant to the commercial viability of the Group’s areas of interest. • Compared the Group’s market capitalization to its net assets as one indicator in assessing whether the carrying value of exploration and evaluation assets appeared reasonable. • Assessed the adequacy and appropriateness of the disclosures included in the Notes to the financial report. Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Group’s 2026 Annual Report other than the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Group are responsible for the preparation of: ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 4 ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation. A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 3 Why significant How our audit addressed the key audit matter impairment by reviewing exploration results, project developments and other available information relevant to the commercial viability of the Group’s areas of interest. • Compared the Group’s market capitalization to its net assets as one indicator in assessing whether the carrying value of exploration and evaluation assets appeared reasonable. • Assessed the adequacy and appropriateness of the disclosures included in the Notes to the financial report. Information other than the financial report and auditor’s report thereon The directors are responsible for the other information. The other information comprises the information included in the Group’s 2026 Annual Report other than the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon with the exception of the Remuneration Report and our related assurance opinion. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Group are responsible for the preparation of: ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001; and ► The consolidated entity disclosure statement that is true and correct in accordance with the Corporations Act 2001; and for such internal control as the directors determine is necessary to enable the preparation of: A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 4 ► The financial report (other than the consolidated entity disclosure statement) that gives a true and fair view and is free from material misstatement, whether due to fraud or error; and ► The consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor ’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report. As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ► Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. ► Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
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Silver Mines Limited Annual Report 2026 98 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 5 ► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 39 to 45 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Silver Mines Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young James Johnson Partner Sydney 29 September 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 5 ► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 39 to 45 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Silver Mines Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young James Johnson Partner Sydney 29 September 2026
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99 Silver Mines Limited Annual Report 2026 ADDITIONAL SECURITIES EXCHANGE INFORMATION At 22 September 2026 the issued capital in the Company was comprised of: • 2,219,374,185 fully paid ordinary shares held by 17,840 holders; • 5,000,000 unlisted options held by one holder, with an exercise price of $0.20 and an expiry date which is three years from the date of achievement of certain milestones, set out in the Company’s Notice of Annual General Meeting dated 31 October 2017. • 2,500,000 unlisted options held by 1 holder, with an exercise price of $0.50 and an expiry date 01 March 2028; • 9,673,749 unlisted options held by 20 holders, with an exercise price of $0.145 and an expiry date 18 December 2027; • 4,000,000 performance rights held by one holder, which vest upon the Company’s Shares achieving a 10 day VWAP of $0.30 at any time prior to 31 December 2026; • 4,000,000 performance rights held by one holder, which vest upon the Company’s Shares achieving a 10 day VWAP of $0.40 at any time prior to 31 December 2026, provided commencement of mine construction has occurred; and • 4,000,000 performance rights held by one holder, which vest upon the Company’s Shares achieving a 10 day VWAP of $0.50 at any time prior to 31 December 2026, provided commencement of mine commissioning has occurred. Each fully paid ordinary share in the Company entitles the holder to one vote at a meeting of shareholders when a poll is called, otherwise each member present at a meeting or by proxy has one vote on a show of hands. Options and Performance Rights do not carry voting rights. At 22 September 2026, the Company has 2,269 shareholders whose holdings are less than a marketable parcel of shares (total value of A$500, assuming a share price of $0.175). There is no on‑market buy back currently being undertaken. There are currently no listed options on issue. Substantial shareholders at 22 September 2026 Silver Mines Limited has the following substantial shareholders: Holder Shares % FRANKLIN RESOURCES INC AND ITS ASSOCIATES 119,419,866 5.38 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 5 ► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 39 to 45 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Silver Mines Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young James Johnson Partner Sydney 29 September 2026 A member firm of Ernst & Young Global Limited Liability limited by a scheme approved under Professional Standards Legislation Page 5 ► Plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the Group financial report. We are responsible for the direction, supervision and review of the audit work performed for the purposes of the Group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated to the directors, we determine those matters that were of most significance in the audit of the financial report of the current year and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on the audit of the Remuneration Report Opinion on the Remuneration Report We have audited the Remuneration Report included in pages 39 to 45 of the directors’ report for the year ended 30 June 2026. In our opinion, the Remuneration Report of Silver Mines Limited for the year ended 30 June 2026, complies with section 300A of the Corporations Act 2001. Responsibilities The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing Standards. Ernst & Young James Johnson Partner Sydney 29 September 2026
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Silver Mines Limited Annual Report 2026 100 ADDITIONAL SECURITIES EXCHANGE INFORMATION 20 Largest Holders of Ordinary Shares and their holdings at 22 September 2026 Pos Group/Holder Name Holding % IC 1 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 247,158,557 11.14 2 CITICORP NOMINEES PTY LIMITED 191,273,844 8.62 3 J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 145,195,670 6.54 4 BNP PARIBAS NOMINEES PTY LTD <CLEARSTREAM> 67,990,270 3.06 5 BNP PARIBAS NOMINEES PTY LTD <IB AU NOMS RETAILCLIENT> 42,416,611 1.91 6 BNP PARIBAS NOMS PTY LTD 28,446,883 1.28 7 HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED ‑ A/C 2 15,471,150 0.70 8 NRB SUPER PTY LTD <NRB SUPER FUND A/C> 13,066,381 0.59 9 PROV1322 GLOBAL PTY LTD <TEAM HARDER FAMILY A/C> 12,850,000 0.58 10 CIRCUMFERENCE CAPITAL CT PTY LTD <CIRCUMFERENCE CAPITAL A/C> 10,123,175 0.46 11 MR MARK ANDREW MATHEWS 9,208,246 0.41 12 SHARESIES AUSTRALIA NOMINEE PTY LIMITED 8,848,626 0.40 13 LAK HOLDINGS PTY LTD <THE LAK A/C> 8,785,654 0.40 14 ALDON FINANCE PTY LTD <GREG RANSOM SUPER FUND A/C> 8,500,000 0.38 15 FINCLEAR SERVICES PTY LTD <SUPERHERO SECURITIES A/C> 7,483,478 0.34 16 COOLHAND NOMINEES PTY LIMITED <COOLHAND INVESTMENT A/C> 7,266,667 0.33 17 CODE NOMINEES PTY LTD <RETAIL A/C> 6,735,068 0.30 18 TREBLA ENTERPRISES PTY LTD 6,000,000 0.27 19 MR PHILLIP RICHARD PERRY 5,922,001 0.27 20 GOLDCREST INVESTMENTS PTY LTD <MAO SUPERANNUATION FUND A/C> 5,138,487 0.23 TOTAL TOP 20 HOLDERS 847,880,768 38.20 TOTAL OTHER HOLDERS 1,371,493,417 61.80 TOTAL ISSUED CAPITAL 2,219,374,185 100.00 Distribution of shareholders and option holdings at 22 September 2026 Fully paid ordinary shares: Holdings Ranges Holders Total Units % 1‑1,000 413 78,717 0.00% 1,001‑5,000 4,477 14,905,836 0.67% 5,001‑10,000 2,929 23,411,951 1.05% 10,001‑100,000 7,461 285,287,426 12.85% 100,001‑9,999,999,999 2,560 1,895,690,255 85.42% Totals 17,840 2,219,374,185 100.00%
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101 Silver Mines Limited Annual Report 2026 ADDITIONAL SECURITIES EXCHANGE INFORMATION Unlisted options, exercise price of $0.20, expiry 3 years and an expiry date which is three years from the date of achievement of certain milestones, set out in the Company’s Notice of Annual General Meeting dated 31 October 2017: Holdings Ranges Holders Total Units % 1‑1,000 ‑ ‑ ‑ 1,001‑5,000 ‑ ‑ ‑ 5,001‑10,000 ‑ ‑ ‑ 10,001‑100,000 ‑ ‑ ‑ 100,001‑9,999,999,999 1 5,000,000 100.00% Totals 1 5,000,000 100.00% Unlisted options, exercise price $0.50 expiry 01 March 2028: Holdings Ranges Holders Total Units % 1‑1,000 ‑ ‑ ‑ 1,001‑5,000 ‑ ‑ ‑ 5,001‑10,000 ‑ ‑ ‑ 10,001‑100,000 ‑ ‑ ‑ 100,001‑9,999,999,999 1 2,500,000 100.00% Totals 1 2,500,000 100.00% Unlisted options, exercise price $0.145 expiry 18 December 2027: Holdings Ranges Holders Total Units % 1‑1,000 ‑ ‑ ‑ 1,001‑5,000 ‑ ‑ ‑ 5,001‑10,000 ‑ ‑ ‑ 10,001‑100,000 ‑ ‑ ‑ 100,001‑9,999,999,999 20 9,673,749 100.00% Totals 20 9,673,749 100.00% Performance rights which vest upon the Company’s Shares achieving a 10 day VWAP of $0.30 at any time prior to 31 December 2026 Holdings Ranges Holders Total Units % 1‑1,000 ‑ ‑ ‑ 1,001‑5,000 ‑ ‑ ‑ 5,001‑10,000 ‑ ‑ ‑ 10,001‑100,000 ‑ ‑ ‑ 100,001‑9,999,999,999 1 4,000,000 100.00% Totals 1 4,000,000 100.00%
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Silver Mines Limited Annual Report 2026 102 ADDITIONAL SECURITIES EXCHANGE INFORMATION Performance rights which vest upon the Company’s Shares achieving a 10 day VWAP of $0.40 at any time prior to 31 December 2026 Holdings Ranges Holders Total Units % 1‑1,000 ‑ ‑ ‑ 1,001‑5,000 ‑ ‑ ‑ 5,001‑10,000 ‑ ‑ ‑ 10,001‑100,000 ‑ ‑ ‑ 100,001‑9,999,999,999 1 4,000,000 100.00% Totals 1 4,000,000 100.00% Performance rights which vest upon the Company’s Shares achieving a 10 day VWAP of $0.50 at any time prior to 31 December 2026 Holdings Ranges Holders Total Units % 1‑1,000 ‑ ‑ ‑ 1,001‑5,000 ‑ ‑ ‑ 5,001‑10,000 ‑ ‑ ‑ 10,001‑100,000 ‑ ‑ ‑ 100,001‑9,999,999,999 1 4,000,000 100.00% Totals 1 4,000,000 100.00% Unquoted Equity Securities Holdings as at 22 September 2026 The following persons hold 20% or more of unquoted equity securities (excluding those issued under an employee incentive scheme): Holder Name Class Holding % JJB ADVISORY Unlisted Options, exercise price $0.20 and expiry dates various 5,000,000 100%
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103 Silver Mines Limited Annual Report 2026 Tenement Project Name Location Silver Mines Ownership Change in 2026 FY EL 5920 Bowdens Silver NSW 100% ‑ EL 6354 Bowdens Silver NSW 100% ‑ EL 8159 Bowdens Silver NSW 100% ‑ EL 8160 Bowdens Silver NSW 100% ‑ EL 8168 Bowdens Silver NSW 100% ‑ EL 8268 Bowdens Silver NSW 100% ‑ EL 8403 Bowdens Silver NSW 100% ‑ EL 8405 Bowdens Silver NSW 100% ‑ EL 8480 Bowdens Silver NSW 100% ‑ EL 8682 Bowdens Silver NSW 100% ‑ EL 9580 Bowdens Silver NSW 100% ‑ EL 8526 Tuena NSW 100% ‑ EL 8973 Tuena NSW 100% ‑ EL 8974 Tuena NSW 100% ‑ EL 8975 Tuena NSW 100% ‑ EL 9588 Tuena NSW 100% ‑ TENEMENT INFORMATION AS AT 30 JUNE 2026
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Silver Mines Limited Annual Report 2026 104 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑1 22‑Nov‑21 20220030932 CA San Bernardino 10N 1E 6 SBBM CA105296587 100% 100% CAAg‑2 22‑Nov‑21 20220030933 CA San Bernardino 10N 1E 6 SBBM CA105296588 100% 100% CAAg‑3 22‑Nov‑21 20220030934 CA San Bernardino 10N 1E 6 SBBM CA105296589 100% 100% CAAg‑4 22‑Nov‑21 20220030935 CA San Bernardino 10N 1E 6 SBBM CA105296590 100% 100% CAAg‑5 22‑Nov‑21 20220030936 CA San Bernardino 10N 1E 6 SBBM CA105296591 100% 100% CAAg‑6 22‑Nov‑21 20220030937 CA San Bernardino 10N 1E 6 SBBM CA105296592 100% 100% CAAg‑7 22‑Nov‑21 20220030938 CA San Bernardino 10N 1E 6, 7 SBBM CA105296593 100% 100% CAAg‑8 22‑Nov‑21 20220030939 CA San Bernardino 10N 1E 7 SBBM CA105296594 100% 100% CAAg‑9 22‑Nov‑21 20220030940 CA San Bernardino 10N 1E 7 SBBM CA105296595 100% 100% CAAg‑10 22‑Nov‑21 20220030941 CA San Bernardino 10N 1E 7 SBBM CA105296596 100% 100% CAAg‑11 22‑Nov‑21 20220030942 CA San Bernardino 10N 1E 7 SBBM CA105296597 100% 100% CAAg‑12 22‑Nov‑21 20220030943 CA San Bernardino 10N 1E 7 SBBM CA105296598 100% 100% CAAg‑13 22‑Nov‑21 20220030944 CA San Bernardino 10N 1E 7, 18 SBBM CA105296599 100% 100% CAAg‑14 22‑Nov‑21 20220030945 CA San Bernardino 10N 1E 18 SBBM CA105296600 100% 100% CAAg‑15 22‑Nov‑21 20220030946 CA San Bernardino 10N 1E 18 SBBM CA105296601 100% 100% CAAg‑16 22‑Nov‑21 20220030947 CA San Bernardino 10N 1E 18 SBBM CA105296602 100% 100% CAAg‑17 22‑Nov‑21 20220030948 CA San Bernardino 10N 1E 18 SBBM CA105296603 100% 100% CAAg‑18 22‑Nov‑21 20220030949 CA San Bernardino 10N 1E 6 SBBM CA105296604 100% 100% CAAg‑19 22‑Nov‑21 20220030950 CA San Bernardino 10N 1E 6 SBBM CA105296605 100% 100% CAAg‑20 22‑Nov‑21 20220030951 CA San Bernardino 10N 1E 6 SBBM CA105296606 100% 100% CAAg‑21 22‑Nov‑21 20220030952 CA San Bernardino 10N 1E 6 SBBM CA105296607 100% 100% CAAg‑22 22‑Nov‑21 20220030953 CA San Bernardino 10N 1E 6 SBBM CA105296608 100% 100% CAAg‑23 22‑Nov‑21 20220030954 CA San Bernardino 10N 1E 6 SBBM CA105296609 100% 100% CAAg‑24 22‑Nov‑21 20220030955 CA San Bernardino 10N 1E 7 SBBM CA105296610 100% 100% CAAg‑25 22‑Nov‑21 20220030956 CA San Bernardino 10N 1E 7, 18 SBBM CA105296611 100% 100% CAAg‑26 22‑Nov‑21 20220030957 CA San Bernardino 10N 1E 18 SBBM CA105296612 100% 100% CAAg‑27 22‑Nov‑21 20220030958 CA San Bernardino 10N 1E 18 SBBM CA105296613 100% 100% CAAg‑28 22‑Nov‑21 20220030959 CA San Bernardino 10N 1E 18 SBBM CA105296614 100% 100% CAAg‑29 22‑Nov‑21 20220030960 CA San Bernardino 10N 1E 18 SBBM CA105296615 100% 100% CAAg‑30 22‑Nov‑21 20220030961 CA San Bernardino 10N 1E 6 SBBM CA105296616 100% 100% CAAg‑31 22‑Nov‑21 20220030962 CA San Bernardino 10N 1E 6 SBBM CA105296617 100% 100% CAAg‑32 22‑Nov‑21 20220030963 CA San Bernardino 10N 1E 6 SBBM CA105296618 100% 100% CAAg‑33 22‑Nov‑21 20220030964 CA San Bernardino 10N 1E 6 SBBM CA105296619 100% 100% CAAg‑34 22‑Nov‑21 20220030965 CA San Bernardino 10N 1E 6 SBBM CA105296620 100% 100% CAAg‑35 22‑Nov‑21 20220030966 CA San Bernardino 10N 1E 6 SBBM CA105296621 100% 100% CAAg‑36 22‑Nov‑21 20220030967 CA San Bernardino 10N 1E 6 SBBM CA105296622 100% 100% CAAg‑37 22‑Nov‑21 20220030968 CA San Bernardino 10N 1E 6 SBBM CA105296623 100% 100% CAAg‑38 22‑Nov‑21 20220030969 CA San Bernardino 10N 1E 6, 7 SBBM CA105296624 100% 100% CAAg‑39 22‑Nov‑21 20220030970 CA San Bernardino 10N 1E 18 SBBM CA105296625 100% 100% CAAg‑40 22‑Nov‑21 20220030971 CA San Bernardino 10N 1E 18 SBBM CA105296626 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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105 Silver Mines Limited Annual Report 2026 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑41 22‑Nov‑21 20220030972 CA San Bernardino 10N 1E 18 SBBM CA105296627 100% 100% CAAg‑42 22‑Nov‑21 20220030973 CA San Bernardino 10N 1E 5,6 SBBM CA105296628 100% 100% CAAg‑43 22‑Nov‑21 20220030974 CA San Bernardino 10N 1E 5,6 SBBM CA105296629 100% 100% CAAg‑44 22‑Nov‑21 20220030975 CA San Bernardino 10N 1E 5,6 SBBM CA105296630 100% 100% CAAg‑45 22‑Nov‑21 20220030976 CA San Bernardino 10N 1E 5,6 SBBM CA105296631 100% 100% CAAg‑46 22‑Nov‑21 20220030977 CA San Bernardino 10N 1E 5,6 SBBM CA105296632 100% 100% CAAg‑47 22‑Nov‑21 20220030978 CA San Bernardino 10N 1E 5,6 SBBM CA105296633 100% 100% CAAg‑48 22‑Nov‑21 20220030979 CA San Bernardino 10N 1E 5,6 SBBM CA105296634 100% 100% CAAg‑49 22‑Nov‑21 20220030980 CA San Bernardino 10N 1E 5,6 SBBM CA105296635 100% 100% CAAg‑50 22‑Nov‑21 20220030981 CA San Bernardino 10N 1E 5,6 SBBM CA105296636 100% 100% CAAg‑51 22‑Nov‑21 20220030982 CA San Bernardino 10N 1E 6,7 SBBM CA105296637 100% 100% CAAg‑52 22‑Nov‑21 20220030983 CA San Bernardino 10N 1E 8 SBBM CA105296638 100% 100% CAAg‑53 22‑Nov‑21 20220030984 CA San Bernardino 10N 1E 8 SBBM CA105296639 100% 100% CAAg‑54 22‑Nov‑21 20220030985 CA San Bernardino 10N 1E 8, 17 SBBM CA105296640 100% 100% CAAg‑55 22‑Nov‑21 20220030986 CA San Bernardino 10N 1E 18 SBBM CA105296641 100% 100% CAAg‑56 22‑Nov‑21 20220030987 CA San Bernardino 10N 1E 18 SBBM CA105296642 100% 100% CAAg‑57 22‑Nov‑21 20220030988 CA San Bernardino 10N 1E 18 SBBM CA105296668 100% 100% CAAg‑58 23‑Nov‑21 20220030989 CA San Bernardino 10N 1E 5 SBBM CA105296643 100% 100% CAAg‑59 23‑Nov‑21 20220030990 CA San Bernardino 10N 1E 5 SBBM CA105296644 100% 100% CAAg‑60 23‑Nov‑21 20220030991 CA San Bernardino 10N 1E 5 SBBM CA105296645 100% 100% CAAg‑61 23‑Nov‑21 20220030992 CA San Bernardino 10N 1E 5 SBBM CA105296646 100% 100% CAAg‑62 23‑Nov‑21 20220030993 CA San Bernardino 10N 1E 5, 8 SBBM CA105296647 100% 100% CAAg‑63 23‑Nov‑21 20220030994 CA San Bernardino 10N 1E 8 SBBM CA105296648 100% 100% CAAg‑64 23‑Nov‑21 20220030995 CA San Bernardino 10N 1E 8 SBBM CA105296649 100% 100% CAAg‑65 23‑Nov‑21 20220030996 CA San Bernardino 10N 1E 8 SBBM CA105296650 100% 100% CAAg‑66 23‑Nov‑21 20220030997 CA San Bernardino 10N 1E 8 SBBM CA105296651 100% 100% CAAg‑67 23‑Nov‑21 20220030998 CA San Bernardino 10N 1E 8, 17 SBBM CA105296652 100% 100% CAAg‑68 23‑Nov‑21 20220030999 CA San Bernardino 10N 1E 5 SBBM CA105296653 100% 100% CAAg‑69 23‑Nov‑21 20220031000 CA San Bernardino 10N 1E 5 SBBM CA105296654 100% 100% CAAg‑70 23‑Nov‑21 20220031001 CA San Bernardino 10N 1E 5 SBBM CA105296655 100% 100% CAAg‑71 23‑Nov‑21 20220031002 CA San Bernardino 10N 1E 5 SBBM CA105296656 100% 100% CAAg‑72 23‑Nov‑21 20220031003 CA San Bernardino 10N 1E 5,8 SBBM CA105296657 100% 100% CAAg‑73 23‑Nov‑21 20220031004 CA San Bernardino 10N 1E 8 SBBM CA105296658 100% 100% CAAg‑74 23‑Nov‑21 20220031005 CA San Bernardino 10N 1E 8 SBBM CA105296659 100% 100% CAAg‑75 23‑Nov‑21 20220031006 CA San Bernardino 10N 1E 8 SBBM CA105296660 100% 100% CAAg‑76 23‑Nov‑21 20220031007 CA San Bernardino 10N 1E 5 SBBM CA105296661 100% 100% CAAg‑77 23‑Nov‑21 20220031008 CA San Bernardino 10N 1E 5 SBBM CA105296662 100% 100% CAAg‑78 23‑Nov‑21 20220031009 CA San Bernardino 10N 1E 5 SBBM CA105296663 100% 100% CAAg‑79 23‑Nov‑21 20220031010 CA San Bernardino 10N 1E 5 SBBM CA105296664 100% 100% CAAg‑80 23‑Nov‑21 20220031011 CA San Bernardino 10N 1E 5, 8 SBBM CA105296665 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 106 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑81 23‑Nov‑21 20220031012 CA San Bernardino 10N 1E 8 SBBM CA105296666 100% 100% CAAg‑82 23‑Nov‑21 20220031013 CA San Bernardino 10N 1E 8 SBBM CA105296667 100% 100% CAAg‑83 23‑Nov‑21 20220031014 CA San Bernardino 10N 1E 8 SBBM CA105296669 100% 100% CAAg‑84 23‑Nov‑21 20220031015 CA San Bernardino 10N 1E 8 SBBM CA105296670 100% 100% CAAg‑85 23‑Nov‑21 20220031016 CA San Bernardino 10N 1E 8 SBBM CA105296671 100% 100% CAAg‑86 23‑Nov‑21 20220031017 CA San Bernardino 10N 1E 8 SBBM CA105296672 100% 100% CAAg‑87 23‑Nov‑21 20220031018 CA San Bernardino 10N 1E 8 SBBM CA105296673 100% 100% CAAg‑88 23‑Nov‑21 20220031019 CA San Bernardino 10N 1E 8 SBBM CA105296674 100% 100% CAAg‑89 23‑Nov‑21 20220031020 CA San Bernardino 10N 1E 4, 5 SBBM CA105296675 100% 100% CAAg‑90 23‑Nov‑21 20220031021 CA San Bernardino 10N 1E 4, 5 SBBM CA105296676 100% 100% CAAg‑91 23‑Nov‑21 20220031022 CA San Bernardino 10N 1E 4, 5 SBBM CA105296677 100% 100% CAAg‑92 23‑Nov‑21 20220031023 CA San Bernardino 10N 1E 4, 5 SBBM CA105296678 100% 100% CAAg‑93 23‑Nov‑21 20220031024 CA San Bernardino 10N 1E 4, 5 SBBM CA105296679 100% 100% CAAg‑94 23‑Nov‑21 20220031025 CA San Bernardino 10N 1E 8, 9 SBBM CA105296680 100% 100% CAAg‑95 23‑Nov‑21 20220031026 CA San Bernardino 10N 1E 8, 9 SBBM CA105296681 100% 100% CAAg‑96 23‑Nov‑21 20220031027 CA San Bernardino 10N 1E 8, 9 SBBM CA105296682 100% 100% CAAg‑97 23‑Nov‑21 20220031028 CA San Bernardino 10N 1E 8, 9 SBBM CA105296683 100% 100% CAAg‑98 23‑Nov‑21 20220031029 CA San Bernardino 10N 1E 8, 9 SBBM CA105296684 100% 100% CAAg‑99 23‑Nov‑21 20220031030 CA San Bernardino 10N 1E 8, 9 SBBM CA105296685 100% 100% CAAg‑100 23‑Nov‑21 20220031031 CA San Bernardino 10N 1E 8, 9 SBBM CA105296686 100% 100% CAAg‑101 23‑Nov‑21 20220031032 CA San Bernardino 10N 1E 8, 9 SBBM CA105296687 100% 100% CAAg‑102 23‑Nov‑21 20220031033 CA San Bernardino 10N 1E 8, 9, 16 SBBM CA105296688 100% 100% CAAg‑103 23‑Nov‑21 20220031034 CA San Bernardino 10N 1E 16 SBBM CA105296689 100% 100% CAAg‑104 23‑Nov‑21 20220031035 CA San Bernardino 10N 1E 16 SBBM CA105296690 100% 100% CAAg‑105 23‑Nov‑21 20220031036 CA San Bernardino 10N 1E 16 SBBM CA105296691 100% 100% CAAg‑106 23‑Nov‑21 20220031037 CA San Bernardino 10N 1E 16 SBBM CA105296692 100% 100% CAAg‑107 23‑Nov‑21 20220031038 CA San Bernardino 10N 1E 16 SBBM CA105296693 100% 100% CAAg‑108 23‑Nov‑21 20220031039 CA San Bernardino 10N 1E 4 SBBM CA105296694 100% 100% CAAg‑109 23‑Nov‑21 20220031040 CA San Bernardino 10N 1E 4 SBBM CA105296695 100% 100% CAAg‑110 23‑Nov‑21 20220031041 CA San Bernardino 10N 1E 4 SBBM CA105296696 100% 100% CAAg‑111 23‑Nov‑21 20220031042 CA San Bernardino 10N 1E 4 SBBM CA105296697 100% 100% CAAg‑112 23‑Nov‑21 20220031043 CA San Bernardino 10N 1E 4, 9 SBBM CA105296698 100% 100% CAAg‑113 23‑Nov‑21 20220031044 CA San Bernardino 10N 1E 9 SBBM CA105296699 100% 100% CAAg‑114 23‑Nov‑21 20220031045 CA San Bernardino 10N 1E 9 SBBM CA105296700 100% 100% CAAg‑115 23‑Nov‑21 20220031046 CA San Bernardino 10N 1E 9 SBBM CA105296701 100% 100% CAAg‑116 23‑Nov‑21 20220031047 CA San Bernardino 10N 1E 9 SBBM CA105296702 100% 100% CAAg‑117 23‑Nov‑21 20220031048 CA San Bernardino 10N 1E 9 SBBM CA105296703 100% 100% CAAg‑118 23‑Nov‑21 20220031049 CA San Bernardino 10N 1E 9 SBBM CA105296704 100% 100% CAAg‑119 23‑Nov‑21 20220031050 CA San Bernardino 10N 1E 9 SBBM CA105296705 100% 100% CAAg‑120 23‑Nov‑21 20220031051 CA San Bernardino 10N 1E 9 SBBM CA105296706 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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107 Silver Mines Limited Annual Report 2026 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑121 23‑Nov‑21 20220031052 CA San Bernardino 10N 1E 9, 16 SBBM CA105296707 100% 100% CAAg‑122 23‑Nov‑21 20220031053 CA San Bernardino 10N 1E 4 SBBM CA105296708 100% 100% CAAg‑123 23‑Nov‑21 20220031054 CA San Bernardino 10N 1E 4 SBBM CA105296709 100% 100% CAAg‑124 23‑Nov‑21 20220031055 CA San Bernardino 10N 1E 4 SBBM CA105296710 100% 100% CAAg‑125 23‑Nov‑21 20220031056 CA San Bernardino 10N 1E 4 SBBM CA105296711 100% 100% CAAg‑126 23‑Nov‑21 20220031057 CA San Bernardino 10N 1E 4, 9 SBBM CA105296712 100% 100% CAAg‑127 23‑Nov‑21 20220031058 CA San Bernardino 10N 1E 9 SBBM CA105296713 100% 100% CAAg‑128 23‑Nov‑21 20220031059 CA San Bernardino 10N 1E 9 SBBM CA105296714 100% 100% CAAg‑129 23‑Nov‑21 20220031060 CA San Bernardino 10N 1E 9 SBBM CA105296715 100% 100% CAAg‑130 23‑Nov‑21 20220031061 CA San Bernardino 10N 1E 9 SBBM CA105296716 100% 100% CAAg‑131 23‑Nov‑21 20220031062 CA San Bernardino 10N 1E 9 SBBM CA105296717 100% 100% CAAg‑132 23‑Nov‑21 20220031063 CA San Bernardino 10N 1E 9 SBBM CA105296718 100% 100% CAAg‑133 23‑Nov‑21 20220031064 CA San Bernardino 10N 1E 9 SBBM CA105296719 100% 100% CAAg‑134 23‑Nov‑21 20220031065 CA San Bernardino 10N 1E 9 SBBM CA105296720 100% 100% CAAg‑135 23‑Nov‑21 20220031066 CA San Bernardino 10N 1E 9, 16 SBBM CA105296721 100% 100% CAAg‑136 23‑Nov‑21 20220031067 CA San Bernardino 10N 1E 4, 3 SBBM CA105296722 100% 100% CAAg‑137 23‑Nov‑21 20220031068 CA San Bernardino 10N 1E 4, 3 SBBM CA105296723 100% 100% CAAg‑138 23‑Nov‑21 20220031069 CA San Bernardino 10N 1E 4, 3 SBBM CA105296724 100% 100% CAAg‑139 23‑Nov‑21 20220031070 CA San Bernardino 10N 1E 4, 3 SBBM CA105296725 100% 100% CAAg‑140 23‑Nov‑21 20220031071 CA San Bernardino 10N 1E 4, 3 SBBM CA105296726 100% 100% CAAg‑141 23‑Nov‑21 20220031072 CA San Bernardino 10N 1E 9, 10 SBBM CA105296727 100% 100% CAAg‑142 23‑Nov‑21 20220031073 CA San Bernardino 10N 1E 9, 10 SBBM CA105296728 100% 100% CAAg‑143 23‑Nov‑21 20220031074 CA San Bernardino 10N 1E 9, 10 SBBM CA105296729 100% 100% CAAg‑144 23‑Nov‑21 20220031075 CA San Bernardino 10N 1E 9, 10 SBBM CA105296730 100% 100% CAAg‑145 23‑Nov‑21 20220031076 CA San Bernardino 10N 1E 9, 10 SBBM CA105296731 100% 100% CAAg‑146 23‑Nov‑21 20220031077 CA San Bernardino 10N 1E 9, 10 SBBM CA105296732 100% 100% CAAg‑147 23‑Nov‑21 20220031078 CA San Bernardino 10N 1E 9, 10 SBBM CA105296733 100% 100% CAAg‑148 23‑Nov‑21 20220031079 CA San Bernardino 10N 1E 9, 10 SBBM CA105296734 100% 100% CAAg‑149 23‑Nov‑21 20220031080 CA San Bernardino 10N 1E 9, 10 SBBM CA105296735 100% 100% CAAg‑150 23‑Nov‑21 20220031081 CA San Bernardino 10N 1E 15,16 SBBM CA105296736 100% 100% CAAg‑151 23‑Nov‑21 20220031082 CA San Bernardino 10N 1E 15,16 SBBM CA105296737 100% 100% CAAg‑152 23‑Nov‑21 20220031083 CA San Bernardino 10N 1E 15,16 SBBM CA105296738 100% 100% CAAg‑153 23‑Nov‑21 20220031084 CA San Bernardino 10N 1E 15,16 SBBM CA105296739 100% 100% CAAg‑154 23‑Nov‑21 20220031085 CA San Bernardino 10N 1E 15,16 SBBM CA105296740 100% 100% CAAg‑155 23‑Nov‑21 20220031086 CA San Bernardino 10N 1E 15,16 SBBM CA105296741 100% 100% CAAg‑156 23‑Nov‑21 20220031087 CA San Bernardino 10N 1E 15,16 SBBM CA105296742 100% 100% CAAg‑157 23‑Nov‑21 20220031088 CA San Bernardino 10N 1E 15,16 SBBM CA105296743 100% 100% CAAg‑158 23‑Nov‑21 20220031089 CA San Bernardino 10N 1E 15,16, 22 SBBM CA105296744 100% 100% CAAg‑159 9‑Dec‑21 20220031090 CA San Bernardino 10N 1E 21, 22 SBBM CA105296745 100% 100% CAAg‑160 9‑Dec‑21 20220031091 CA San Bernardino 10N 1E 21, 22 SBBM CA105296746 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 108 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑161 23‑Nov‑21 20220031092 CA San Bernardino 10N 1E 10 SBBM CA105296747 100% 100% CAAg‑162 23‑Nov‑21 20220031093 CA San Bernardino 10N 1E 10 SBBM CA105296748 100% 100% CAAg‑163 23‑Nov‑21 20220031094 CA San Bernardino 10N 1E 10 SBBM CA105296749 100% 100% CAAg‑164 23‑Nov‑21 20220031095 CA San Bernardino 10N 1E 10 SBBM CA105296750 100% 100% CAAg‑165 23‑Nov‑21 20220031096 CA San Bernardino 10N 1E 10 SBBM CA105296751 100% 100% CAAg‑166 23‑Nov‑21 20220031097 CA San Bernardino 10N 1E 10 SBBM CA105296752 100% 100% CAAg‑167 23‑Nov‑21 20220031098 CA San Bernardino 10N 1E 10 SBBM CA105296753 100% 100% CAAg‑168 23‑Nov‑21 20220031099 CA San Bernardino 10N 1E 10 SBBM CA105296754 100% 100% CAAg‑169 23‑Nov‑21 20220031100 CA San Bernardino 10N 1E 10, 15 SBBM CA105296755 100% 100% CAAg‑170 23‑Nov‑21 20220031101 CA San Bernardino 10N 1E 15 SBBM CA105296756 100% 100% CAAg‑171 23‑Nov‑21 20220031102 CA San Bernardino 10N 1E 15 SBBM CA105296757 100% 100% CAAg‑172 23‑Nov‑21 20220031103 CA San Bernardino 10N 1E 15 SBBM CA105296758 100% 100% CAAg‑173 23‑Nov‑21 20220031104 CA San Bernardino 10N 1E 15 SBBM CA105296759 100% 100% CAAg‑174 23‑Nov‑21 20220031105 CA San Bernardino 10N 1E 15 SBBM CA105296760 100% 100% CAAg‑175 23‑Nov‑21 20220031106 CA San Bernardino 10N 1E 15 SBBM CA105296761 100% 100% CAAg‑176 9‑Dec‑21 20220031107 CA San Bernardino 10N 1E 22 SBBM CA105296762 100% 100% CAAg‑177 9‑Dec‑21 20220031108 CA San Bernardino 10N 1E 22 SBBM CA105296763 100% 100% CAAg‑178 9‑Dec‑21 20220031109 CA San Bernardino 10N 1E 22 SBBM CA105296764 100% 100% CAAg‑179 9‑Dec‑21 20220031110 CA San Bernardino 10N 1E 22 SBBM CA105296765 100% 100% CAAg‑180 9‑Dec‑21 20220031111 CA San Bernardino 10N 1E 22, 27 SBBM CA105296766 100% 100% CAAg‑181 23‑Nov‑21 20220031112 CA San Bernardino 10N 1E 10 SBBM CA105296767 100% 100% CAAg‑182 23‑Nov‑21 20220031113 CA San Bernardino 10N 1E 10 SBBM CA105296768 100% 100% CAAg‑183 23‑Nov‑21 20220031114 CA San Bernardino 10N 1E 10 SBBM CA105296769 100% 100% CAAg‑184 23‑Nov‑21 20220031115 CA San Bernardino 10N 1E 10 SBBM CA105296770 100% 100% CAAg‑185 23‑Nov‑21 20220031116 CA San Bernardino 10N 1E 10 SBBM CA105296771 100% 100% CAAg‑186 23‑Nov‑21 20220031117 CA San Bernardino 10N 1E 10 SBBM CA105296772 100% 100% CAAg‑187 23‑Nov‑21 20220031118 CA San Bernardino 10N 1E 10 SBBM CA105296773 100% 100% CAAg‑188 23‑Nov‑21 20220031119 CA San Bernardino 10N 1E 10 SBBM CA105296774 100% 100% CAAg‑189 23‑Nov‑21 20220031120 CA San Bernardino 10N 1E 10, 15 SBBM CA105296775 100% 100% CAAg‑190 23‑Nov‑21 20220031121 CA San Bernardino 10N 1E 15 SBBM CA105296776 100% 100% CAAg‑191 23‑Nov‑21 20220031122 CA San Bernardino 10N 1E 15 SBBM CA105296777 100% 100% CAAg‑192 23‑Nov‑21 20220031123 CA San Bernardino 10N 1E 15 SBBM CA105296778 100% 100% CAAg‑193 23‑Nov‑21 20220031124 CA San Bernardino 10N 1E 15 SBBM CA105296779 100% 100% CAAg‑194 8‑Dec‑21 20220031125 CA San Bernardino 10N 1E 15 SBBM CA105296780 100% 100% CAAg‑195 8‑Dec‑21 20220031126 CA San Bernardino 10N 1E 15 SBBM CA105296781 100% 100% CAAg‑196 8‑Dec‑21 20220031127 CA San Bernardino 10N 1E 15 SBBM CA105296782 100% 100% CAAg‑197 8‑Dec‑21 20220031128 CA San Bernardino 10N 1E 15 SBBM CA105296783 100% 100% CAAg‑198 9‑Dec‑21 20220031129 CA San Bernardino 10N 1E 22 SBBM CA105296784 100% 100% CAAg‑199 9‑Dec‑21 2022031130 CA San Bernardino 10N 1E 22 SBBM CA105296785 100% 100% CAAg‑200 9‑Dec‑21 20220031131 CA San Bernardino 10N 1E 22 SBBM CA105296786 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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109 Silver Mines Limited Annual Report 2026 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑201 9‑Dec‑21 20220031132 CA San Bernardino 10N 1E 22 SBBM CA105296787 100% 100% CAAg‑202 9‑Dec‑21 20220031133 CA San Bernardino 10N 1E 22, 27 SBBM CA105296788 100% 100% CAAg‑203 23‑Nov‑21 20220031134 CA San Bernardino 10N 1E 10 SBBM CA105296789 100% 100% CAAg‑204 23‑Nov‑21 20220031135 CA San Bernardino 10N 1E 10 SBBM CA105296790 100% 100% CAAg‑205 23‑Nov‑21 20220031136 CA San Bernardino 10N 1E 10 SBBM CA105296791 100% 100% CAAg‑206 23‑Nov‑21 20220031137 CA San Bernardino 10N 1E 10 SBBM CA105296792 100% 100% CAAg‑207 23‑Nov‑21 20220031138 CA San Bernardino 10N 1E 10 SBBM CA105296793 100% 100% CAAg‑208 23‑Nov‑21 20220031139 CA San Bernardino 10N 1E 10 SBBM CA105296794 100% 100% CAAg‑209 23‑Nov‑21 20220031140 CA San Bernardino 10N 1E 10 SBBM CA105296795 100% 100% CAAg‑210 23‑Nov‑21 20220031141 CA San Bernardino 10N 1E 10 SBBM CA105296796 100% 100% CAAg‑211 23‑Nov‑21 20220031142 CA San Bernardino 10N 1E 10 SBBM CA105296797 100% 100% CAAg‑212 23‑Nov‑21 20220031143 CA San Bernardino 10N 1E 10, 15 SBBM CA105296798 100% 100% CAAg‑213 23‑Nov‑21 20220031144 CA San Bernardino 10N 1E 15 SBBM CA105296799 100% 100% CAAg‑214 23‑Nov‑21 20220031145 CA San Bernardino 10N 1E 15 SBBM CA105296800 100% 100% CAAg‑215 8‑Dec‑21 20220031146 CA San Bernardino 10N 1E 15 SBBM CA105296801 100% 100% CAAg‑216 8‑Dec‑21 20220031147 CA San Bernardino 10N 1E 15 SBBM CA105296802 100% 100% CAAg‑217 8‑Dec‑21 20220031148 CA San Bernardino 10N 1E 15 SBBM CA105296803 100% 100% CAAg‑218 8‑Dec‑21 20220031149 CA San Bernardino 10N 1E 15 SBBM CA105296804 100% 100% CAAg‑219 8‑Dec‑21 20220031150 CA San Bernardino 10N 1E 15 SBBM CA105296805 100% 100% CAAg‑220 9‑Dec‑21 20220031151 CA San Bernardino 10N 1E 22 SBBM CA105296806 100% 100% CAAg‑221 9‑Dec‑21 20220031152 CA San Bernardino 10N 1E 22 SBBM CA105296807 100% 100% CAAg‑222 9‑Dec‑21 20220031153 CA San Bernardino 10N 1E 22 SBBM CA105296808 100% 100% CAAg‑223 9‑Dec‑21 20220031154 CA San Bernardino 10N 1E 22 SBBM CA105296809 100% 100% CAAg‑224 9‑Dec‑21 20220031155 CA San Bernardino 10N 1E 22, 27 SBBM CA105296810 100% 100% CAAg‑225 24‑Nov‑21 20220031156 CA San Bernardino 10N 1E 10,11 SBBM CA105296811 100% 100% CAAg‑226 24‑Nov‑21 20220031157 CA San Bernardino 10N 1E 10,11 SBBM CA105296812 100% 100% CAAg‑227 24‑Nov‑21 20220031158 CA San Bernardino 10N 1E 10,11 SBBM CA105296813 100% 100% CAAg‑228 24‑Nov‑21 20220031159 CA San Bernardino 10N 1E 10,11 SBBM CA105296814 100% 100% CAAg‑229 24‑Nov‑21 20220031160 CA San Bernardino 10N 1E 10,11 SBBM CA105296815 100% 100% CAAg‑230 24‑Nov‑21 20220031161 CA San Bernardino 10N 1E 10,11 SBBM CA105296816 100% 100% CAAg‑231 24‑Nov‑21 20220031162 CA San Bernardino 10N 1E 10,11 SBBM CA105296817 100% 100% CAAg‑232 24‑Nov‑21 20220031163 CA San Bernardino 10N 1E 10,11 SBBM CA105296818 100% 100% CAAg‑233 24‑Nov‑21 20220031164 CA San Bernardino 10N 1E 10,11 SBBM CA105296819 100% 100% CAAg‑234 24‑Nov‑21 20220031165 CA San Bernardino 10N 1E 14 SBBM CA105296820 100% 100% CAAg‑235 24‑Nov‑21 20220031166 CA San Bernardino 10N 1E 14 SBBM CA105296821 100% 100% CAAg‑236 8‑Dec‑21 20220031167 CA San Bernardino 10N 1E 15 SBBM CA105296822 100% 100% CAAg‑237 8‑Dec‑21 20220031168 CA San Bernardino 10N 1E 14,15 SBBM CA105296823 100% 100% CAAg‑238 8‑Dec‑21 20220031169 CA San Bernardino 10N 1E 14,15 SBBM CA105296824 100% 100% CAAg‑239 8‑Dec‑21 20220031170 CA San Bernardino 10N 1E 14,15 SBBM CA105296825 100% 100% CAAg‑240 8‑Dec‑21 20220031171 CA San Bernardino 10N 1E 14,15, 22 SBBM CA105296826 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 110 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑241 8‑Dec‑21 20220031172 CA San Bernardino 10N 1E 22,23 SBBM CA105296827 100% 100% CAAg‑242 8‑Dec‑21 20220031173 CA San Bernardino 10N 1E 22,23 SBBM CA105296828 100% 100% CAAg‑243 8‑Dec‑21 20220031174 CA San Bernardino 10N 1E 22,23 SBBM CA105296829 100% 100% CAAg‑244 8‑Dec‑21 20220031175 CA San Bernardino 10N 1E 22,23 SBBM CA105296830 100% 100% CAAg‑245 9‑Dec‑21 20220031176 CA San Bernardino 10N 1E 22,23 SBBM CA105296831 100% 100% CAAg‑246 9‑Dec‑21 20220031177 CA San Bernardino 10N 1E 22,23 SBBM CA105296832 100% 100% CAAg‑247 9‑Dec‑21 20220031178 CA San Bernardino 10N 1E 22,23 SBBM CA105296833 100% 100% CAAg‑248 9‑Dec‑21 20220031179 CA San Bernardino 10N 1E 22,23 SBBM CA105296834 100% 100% CAAg‑249 9‑Dec‑21 20220031180 CA San Bernardino 10N 1E 22,23, 26 SBBM CA105296835 100% 100% CAAg‑250 24‑Nov‑22 20220031181 CA San Bernardino 10N 1E 11 SBBM CA105296836 100% 100% CAAg‑251 24‑Nov‑22 20220031182 CA San Bernardino 10N 1E 11 SBBM CA105296837 100% 100% CAAg‑252 24‑Nov‑22 20220031183 CA San Bernardino 10N 1E 11 SBBM CA105296838 100% 100% CAAg‑253 24‑Nov‑22 20220031184 CA San Bernardino 10N 1E 11 SBBM CA105296839 100% 100% CAAg‑254 24‑Nov‑22 20220031185 CA San Bernardino 10N 1E 11 SBBM CA105296840 100% 100% CAAg‑255 24‑Nov‑22 20220031186 CA San Bernardino 10N 1E 11 SBBM CA105296841 100% 100% CAAg‑256 24‑Nov‑22 20220031187 CA San Bernardino 10N 1E 11 SBBM CA105296842 100% 100% CAAg‑257 24‑Nov‑22 20220031188 CA San Bernardino 10N 1E 11 SBBM CA105296843 100% 100% CAAg‑258 24‑Nov‑22 20220031189 CA San Bernardino 10N 1E 11, 14 SBBM CA105296844 100% 100% CAAg‑259 24‑Nov‑22 20220031190 CA San Bernardino 10N 1E 14 SBBM CA105296845 100% 100% CAAg‑260 24‑Nov‑22 20220031191 CA San Bernardino 10N 1E 14 SBBM CA105296846 100% 100% CAAg‑261 24‑Nov‑22 20220031192 CA San Bernardino 10N 1E 14 SBBM CA105296847 100% 100% CAAg‑262 8‑Dec‑21 20220031193 CA San Bernardino 10N 1E 14 SBBM CA105296848 100% 100% CAAg‑263 8‑Dec‑21 20220031194 CA San Bernardino 10N 1E 14 SBBM CA105296849 100% 100% CAAg‑264 8‑Dec‑21 20220031195 CA San Bernardino 10N 1E 14, 23 SBBM CA105296850 100% 100% CAAg‑265 8‑Dec‑21 20220031196 CA San Bernardino 10N 1E 23 SBBM CA105296851 100% 100% CAAg‑266 8‑Dec‑21 20220031197 CA San Bernardino 10N 1E 23 SBBM CA105296852 100% 100% CAAg‑267 8‑Dec‑21 20220031198 CA San Bernardino 10N 1E 23 SBBM CA105296853 100% 100% CAAg‑268 8‑Dec‑21 20220031199 CA San Bernardino 10N 1E 23 SBBM CA105296854 100% 100% CAAg‑269 9‑Dec‑21 20220031200 CA San Bernardino 10N 1E 23 SBBM CA105296855 100% 100% CAAg‑270 9‑Dec‑21 20220031201 CA San Bernardino 10N 1E 23 SBBM CA105296856 100% 100% CAAg‑271 9‑Dec‑21 20220031202 CA San Bernardino 10N 1E 23 SBBM CA105296857 100% 100% CAAg‑272 9‑Dec‑21 20220031203 CA San Bernardino 10N 1E 23 SBBM CA105296858 100% 100% CAAg‑273 9‑Dec‑21 20220031204 CA San Bernardino 10N 1E 23, 26 SBBM CA105296859 100% 100% CAAg‑274 24‑Nov‑21 20220031205 CA San Bernardino 10N 1E 11 SBBM CA105296860 100% 100% CAAg‑275 24‑Nov‑21 20220031206 CA San Bernardino 10N 1E 11 SBBM CA105296861 100% 100% CAAg‑276 24‑Nov‑21 20220031207 CA San Bernardino 10N 1E 11 SBBM CA105296862 100% 100% CAAg‑277 24‑Nov‑21 20220031208 CA San Bernardino 10N 1E 11 SBBM CA105296863 100% 100% CAAg‑278 24‑Nov‑21 20220031209 CA San Bernardino 10N 1E 11 SBBM CA105296864 100% 100% CAAg‑279 24‑Nov‑21 20220031210 CA San Bernardino 10N 1E 11 SBBM CA105296865 100% 100% CAAg‑280 24‑Nov‑21 20220031211 CA San Bernardino 10N 1E 11 SBBM CA105296866 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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111 Silver Mines Limited Annual Report 2026 Claim Name Location Date County Doc No. State County Twnshp Range Sections Meridian Serial No. Silver Mines Owner‑ ship Change in 2026 FY CAAg‑281 24‑Nov‑21 20220031212 CA San Bernardino 10N 1E 11 SBBM CA105296867 100% 100% CAAg‑282 24‑Nov‑21 20220031213 CA San Bernardino 10N 1E 11, 14 SBBM CA105296868 100% 100% CAAg‑283 24‑Nov‑21 20220031214 CA San Bernardino 10N 1E 14 SBBM CA105296869 100% 100% CAAg‑284 24‑Nov‑21 20220031215 CA San Bernardino 10N 1E 14 SBBM CA105296870 100% 100% CAAg‑285 24‑Nov‑21 20220031216 CA San Bernardino 10N 1E 14 SBBM CA105296871 100% 100% CAAg‑286 9‑Dec‑21 20220031217 CA San Bernardino 10N 1E 14, 23 SBBM CA105296872 100% 100% CAAg‑287 9‑Dec‑21 20220031218 CA San Bernardino 10N 1E 23 SBBM CA105296873 100% 100% CAAg‑288 9‑Dec‑21 20220031219 CA San Bernardino 10N 1E 23 SBBM CA105296874 100% 100% CAAg‑289 9‑Dec‑21 20220031220 CA San Bernardino 10N 1E 23 SBBM CA105296875 100% 100% CAAg‑290 9‑Dec‑21 20220031221 CA San Bernardino 10N 1E 23 SBBM CA105296876 100% 100% CAAg‑291 9‑Dec‑21 20220031222 CA San Bernardino 10N 1E 23 SBBM CA105296877 100% 100% CAAg‑292 9‑Dec‑21 20220031223 CA San Bernardino 10N 1E 23, 26 SBBM CA105296878 100% 100% CAAg‑293 24‑Nov‑21 20220031224 CA San Bernardino 10N 1E 11 SBBM CA105296879 100% 100% CAAg‑294 24‑Nov‑21 20220031225 CA San Bernardino 10N 1E 11 SBBM CA105296880 100% 100% CAAg‑295 24‑Nov‑21 20220031226 CA San Bernardino 10N 1E 11 SBBM CA105296881 100% 100% CAAg‑296 24‑Nov‑21 20220031227 CA San Bernardino 10N 1E 11 SBBM CA105296882 100% 100% CAAg‑297 24‑Nov‑21 20220031228 CA San Bernardino 10N 1E 11 SBBM CA105296883 100% 100% CAAg‑298 24‑Nov‑21 20220031229 CA San Bernardino 10N 1E 11 SBBM CA105296884 100% 100% CAAg‑299 24‑Nov‑21 20220031230 CA San Bernardino 10N 1E 11 SBBM CA105296885 100% 100% CAAg‑300 24‑Nov‑21 20220031231 CA San Bernardino 10N 1E 11 SBBM CA105296886 100% 100% CAAg‑301 24‑Nov‑21 20220031232 CA San Bernardino 10N 1E 11, 14 SBBM CA105296887 100% 100% CAAg‑302 24‑Nov‑21 20220031233 CA San Bernardino 10N 1E 14 SBBM CA105296888 100% 100% CAAg‑303 24‑Nov‑21 20220031234 CA San Bernardino 10N 1E 14 SBBM CA105296889 100% 100% CAAg‑304 24‑Nov‑21 20220031235 CA San Bernardino 10N 1E 14 SBBM CA105296890 100% 100% CAAg‑305 24‑Nov‑21 20220031236 CA San Bernardino 10N 1E 14 SBBM CA105296891 100% 100% CAAg‑306 24‑Nov‑21 20220031237 CA San Bernardino 10N 1E 14 SBBM CA105296892 100% 100% CAAg‑307 9‑Dec‑21 20220031238 CA San Bernardino 10N 1E 14 SBBM CA105296893 100% 100% CAAg‑308 9‑Dec‑21 20220031239 CA San Bernardino 10N 1E 14 SBBM CA105296894 100% 100% CAAg‑309 9‑Dec‑21 20220031240 CA San Bernardino 10N 1E 14 SBBM CA105296895 100% 100% CAAg‑310 23‑Nov‑21 20220031241 CA San Bernardino 10N 1E 8, 17 SBBM CA105296896 100% 100% AS AT 30 JUNE 2026 CALICO NORTH PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 112 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH14 CA106751388 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH15 CA106751389 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH16 CA106751390 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH17 CA106751391 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH18 CA106751392 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH19 CA106751393 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH20 CA106751394 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH21 CA106751395 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH22 CA106751396 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH23 CA106751397 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH24 CA106751398 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH25 CA106751399 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH26 CA106751400 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH27 CA106751401 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH28 CA106751402 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH29 CA106751403 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH30 CA106751404 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH31 CA106751405 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH32 CA106751406 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH33 CA106751407 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH34 CA106751408 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH35 CA106751409 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH36 CA106751410 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH37 CA106751411 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH38 CA106751412 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH39 CA106751413 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH40 CA106751414 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH42 CA106751415 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH43 CA106751416 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH44 CA106751417 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH45 CA106751418 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH46 CA106751419 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH47 CA106751420 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH48 CA106751421 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH49 CA106751422 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH50 CA106751423 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH51 CA106751424 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH52 CA106751425 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH53 CA106751426 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH54 CA106751427 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH55 CA106751428 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH56 CA106751429 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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113 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH57 CA106751430 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH58 CA106751431 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH69 CA106751432 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH70 CA106751433 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH71 CA106751434 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH72 CA106751435 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH73 CA106751436 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH74 CA106751437 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH75 CA106751438 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH76 CA106751439 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH77 CA106751440 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH78 CA106751441 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH79 CA106751442 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH80 CA106751443 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH81 CA106751444 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH82 CA106751445 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH83 CA106751446 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH84 CA106751447 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH85 CA106751448 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH86 CA106751449 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH87 CA106751450 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH91 CA106751451 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH92 CA106751452 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH93 CA106751453 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH94 CA106751454 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH95 CA106751455 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH96 CA106751456 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH97 CA106751457 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH98 CA106751458 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH99 CA106751459 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH100 CA106751460 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH101 CA106751461 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH102 CA106751462 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH103 CA106751463 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH104 CA106751464 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH105 CA106751465 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH106 CA106751466 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH107 CA106751467 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH108 CA106751468 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH109 CA106751469 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH110 CA106751470 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH111 CA106751471 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 114 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH112 CA106751472 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH130 CA106751473 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH131 CA106751474 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH132 CA106751475 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH133 CA106751476 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH134 CA106751477 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH135 CA106751478 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH136 CA106751479 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH137 CA106751480 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH138 CA106751481 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH139 CA106751482 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH140 CA106751483 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH141 CA106751484 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH142 CA106751485 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH143 CA106751486 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH144 CA106751487 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH150 CA106751488 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH151 CA106751489 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH152 CA106751490 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH153 CA106751491 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH154 CA106751492 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH155 CA106751493 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH156 CA106751494 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH157 CA106751495 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH158 CA106751496 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH159 CA106751497 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH160 CA106751498 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH161 CA106751499 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH162 CA106751500 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH163 CA106751501 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH164 CA106751502 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH165 CA106751503 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH166 CA106751504 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH167 CA106751505 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH168 CA106751506 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH169 CA106751507 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH170 CA106751508 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH171 CA106751509 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH189 CA106751510 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH190 CA106751511 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH191 CA106751512 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH192 CA106751513 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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115 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH193 CA106751514 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH194 CA106751515 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH195 CA106751516 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH196 CA106751517 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH197 CA106751518 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH198 CA106751519 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH199 CA106751520 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH200 CA106751521 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH201 CA106751522 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH202 CA106751523 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH203 CA106751524 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH204 CA106751525 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH205 CA106751526 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH206 CA106751527 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH207 CA106751528 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH208 CA106751529 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH209 CA106751530 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH210 CA106751531 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH211 CA106751532 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH212 CA106751533 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH213 CA106751534 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH214 CA106751535 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH215 CA106751536 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH216 CA106751537 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH217 CA106751538 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH218 CA106751539 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH219 CA106751540 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH220 CA106751541 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH221 CA106751542 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH222 CA106751543 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH223 CA106751544 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH224 CA106751545 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH225 CA106751546 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH226 CA106751547 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH227 CA106751548 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH228 CA106751549 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH229 CA106751550 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH230 CA106751551 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH252 CA106751552 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH253 CA106751553 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH254 CA106751554 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH255 CA106751555 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 116 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH256 CA106751556 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH257 CA106751557 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH258 CA106751558 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH259 CA106751559 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH260 CA106751560 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH261 CA106751561 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH262 CA106751562 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH263 CA106751563 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH264 CA106751564 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH265 CA106751565 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH266 CA106751566 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH267 CA106751567 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH268 CA106751568 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH269 CA106751569 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH270 CA106751570 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH271 CA106751571 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH272 CA106751572 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH273 CA106751573 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH274 CA106751574 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH275 CA106751575 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH276 CA106751576 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH277 CA106751577 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH278 CA106751578 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH279 CA106751579 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH280 CA106751580 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH281 CA106751581 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH282 CA106751582 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH283 CA106751583 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH284 CA106751584 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH285 CA106751585 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH286 CA106751586 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH287 CA106751587 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH288 CA106751588 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH289 CA106751589 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH290 CA106751590 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH291 CA106751591 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH292 CA106751592 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH293 CA106751593 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH315 CA106751594 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH316 CA106751595 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH317 CA106751596 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH318 CA106751597 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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117 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH319 CA106751598 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH320 CA106751599 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH321 CA106751600 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH322 CA106751601 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH323 CA106751602 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH324 CA106751603 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH325 CA106751604 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH326 CA106751605 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH327 CA106751606 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH328 CA106751607 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH329 CA106751608 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH330 CA106751609 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH331 CA106751610 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH332 CA106751611 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH333 CA106751612 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH334 CA106751613 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH335 CA106751614 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH336 CA106751615 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH337 CA106751616 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH338 CA106751617 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH339 CA106751618 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH340 CA106751619 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH341 CA106751620 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH342 CA106751621 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH343 CA106751622 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH344 CA106751623 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH345 CA106751624 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH346 CA106751625 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH347 CA106751626 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH348 CA106751627 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH349 CA106751628 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH350 CA106751629 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH351 CA106751630 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH352 CA106751631 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH353 CA106751632 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH354 CA106751633 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH355 CA106751634 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH356 CA106751635 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH357 CA106751636 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH358 CA106751637 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH359 CA106751638 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH360 CA106751639 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 118 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH361 CA106751640 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH362 CA106751641 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH363 CA106751642 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH364 CA106751643 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH365 CA106751644 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH366 CA106751645 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH367 CA106751646 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH368 CA106751647 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH369 CA106751648 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH370 CA106751649 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH371 CA106751650 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH372 CA106751651 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH373 CA106751652 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH374 CA106751653 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH375 CA106751654 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH376 CA106751655 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH395 CA106751656 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH396 CA106751657 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH397 CA106751658 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH398 CA106751659 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH399 CA106751660 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH400 CA106751661 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH401 CA106751662 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH402 CA106751663 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH403 CA106751664 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH404 CA106751665 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH405 CA106751666 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH406 CA106751667 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH407 CA106751668 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH408 CA106751669 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH409 CA106751670 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH410 CA106751671 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH411 CA106751672 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH412 CA106751673 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH413 CA106751674 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH414 CA106751675 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH421 CA106751676 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH422 CA106751677 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH423 CA106751678 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH424 CA106751679 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH425 CA106751680 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH426 CA106751681 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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119 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH427 CA106751682 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH428 CA106751683 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH429 CA106751684 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH430 CA106751685 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH431 CA106751686 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH432 CA106751687 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH433 CA106751688 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH434 CA106751689 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH435 CA106751690 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH436 CA106751691 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH437 CA106751692 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH438 CA106751693 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH439 CA106751694 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH440 CA106751695 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH441 CA106751696 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH442 CA106751697 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH443 CA106751698 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH444 CA106751699 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH445 CA106751700 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH446 CA106751701 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH447 CA106751702 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH448 CA106751703 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH449 CA106751704 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH450 CA106751705 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH472 CA106751706 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH473 CA106751707 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH474 CA106751708 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH475 CA106751709 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH476 CA106751710 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH477 CA106751711 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH478 CA106751712 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH479 CA106751713 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH480 CA106751714 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH481 CA106751715 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH482 CA106751716 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH483 CA106751717 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH484 CA106751718 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH485 CA106751719 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH486 CA106751720 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH487 CA106751721 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH488 CA106751722 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH489 CA106751723 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 120 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH490 CA106751724 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH491 CA106751725 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH492 CA106751726 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH493 CA106751727 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH494 CA106751728 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH495 CA106751729 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH496 CA106751730 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH497 CA106751731 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH498 CA106751732 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH499 CA106751733 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH521 CA106751734 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH522 CA106751735 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH523 CA106751736 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH524 CA106751737 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH525 CA106751738 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH526 CA106751739 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH527 CA106751740 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH528 CA106751741 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH529 CA106751742 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH530 CA106751743 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH531 CA106751744 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH532 CA106751745 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH533 CA106751746 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH534 CA106751747 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH535 CA106751748 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH536 CA106751749 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH537 CA106751750 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH538 CA106751751 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH539 CA106751752 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH540 CA106751753 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH541 CA106751754 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH542 CA106751755 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH543 CA106751756 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH544 CA106751757 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH545 CA106751758 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH546 CA106751759 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH547 CA106751760 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH548 CA106751761 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH570 CA106751762 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH571 CA106751763 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH572 CA106751764 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH573 CA106751765 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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121 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KH574 CA106751766 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH575 CA106751767 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH576 CA106751768 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH577 CA106751769 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH578 CA106751770 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH579 CA106751771 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH580 CA106751772 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH581 CA106751773 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH582 CA106751774 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH583 CA106751775 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH584 CA106751776 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH585 CA106751777 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH586 CA106751778 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH587 CA106751779 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH588 CA106751780 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH589 CA106751781 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH590 CA106751782 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH591 CA106751783 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH592 CA106751784 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH593 CA106751785 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH594 CA106751786 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH595 CA106751787 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH596 CA106751788 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KH597 CA106751789 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN73 CA106751221 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN74 CA106751222 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN75 CA106751223 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN76 CA106751224 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN77 CA106751225 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN78 CA106751226 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN79 CA106751227 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN80 CA106751228 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN81 CA106751229 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN82 CA106751230 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN83 CA106751231 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN84 CA106751232 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHN85 CA106751233 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS1 CA106751234 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS2 CA106751235 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS3 CA106751236 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS4 CA106751237 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS5 CA106751238 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 122 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KHS6 CA106751239 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS7 CA106751240 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS8 CA106751241 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS9 CA106751242 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS10 CA106751243 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS11 CA106751244 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS12 CA106751245 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS13 CA106751246 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS14 CA106751247 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS15 CA106751248 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS16 CA106751249 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS17 CA106751250 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS18 CA106751251 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS19 CA106751252 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS20 CA106751253 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS21 CA106751254 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS22 CA106751255 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS23 CA106751256 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS24 CA106751257 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS25 CA106751258 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS26 CA106751259 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS27 CA106751260 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS28 CA106751261 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS29 CA106751262 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS30 CA106751263 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS31 CA106751264 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS32 CA106751265 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS33 CA106751266 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS34 CA106751267 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS35 CA106751268 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS36 CA106751269 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS37 CA106751270 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS38 CA106751271 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS39 CA106751272 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS40 CA106751273 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS41 CA106751274 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS42 CA106751275 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS43 CA106751276 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS44 CA106751277 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS45 CA106751278 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS46 CA106751279 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS47 CA106751280 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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123 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KHS48 CA106751281 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS49 CA106751282 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS50 CA106751283 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS51 CA106751284 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS52 CA106751285 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS53 CA106751286 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS54 CA106751287 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS55 CA106751288 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS56 CA106751289 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS57 CA106751290 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS58 CA106751291 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS59 CA106751292 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS60 CA106751293 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS61 CA106751294 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS62 CA106751295 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS63 CA106751296 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS64 CA106751297 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS65 CA106751298 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS66 CA106751299 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS67 CA106751300 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS68 CA106751301 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS69 CA106751302 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS70 CA106751303 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS71 CA106751304 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS72 CA106751305 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS73 CA106751306 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS74 CA106751307 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS75 CA106751308 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS76 CA106751309 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS77 CA106751310 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS78 CA106751311 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS79 CA106751312 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS80 CA106751313 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS81 CA106751314 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS82 CA106751315 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS83 CA106751316 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS84 CA106751317 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS85 CA106751318 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS86 CA106751319 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS87 CA106751320 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS88 CA106751321 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS89 CA106751322 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 124 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KHS90 CA106751323 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS91 CA106751324 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS92 CA106751325 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS93 CA106751326 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS94 CA106751327 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS95 CA106751328 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS96 CA106751329 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS97 CA106751330 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS98 CA106751331 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS99 CA106751332 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS100 CA106751333 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS101 CA106751334 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS102 CA106751335 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS103 CA106751336 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS104 CA106751337 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS105 CA106751338 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS106 CA106751339 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS107 CA106751340 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS108 CA106751341 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS109 CA106751342 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS110 CA106751343 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS111 CA106751344 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS112 CA106751345 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS113 CA106751346 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS114 CA106751347 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS115 CA106751348 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS116 CA106751349 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS117 CA106751350 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS118 CA106751351 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS119 CA106751352 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS120 CA106751353 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS121 CA106751354 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS122 CA106751355 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS123 CA106751356 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS124 CA106751357 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS125 CA106751358 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS126 CA106751359 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS127 CA106751360 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS128 CA106751361 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS129 CA106751362 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS130 CA106751363 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS131 CA106751364 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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125 Silver Mines Limited Annual Report 2026 Claim Name BLM Number Product Admin State Silver Mines Ownership Change in 2026 FY KHS132 CA106751365 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS133 CA106751366 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS134 CA106751367 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS135 CA106751368 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS136 CA106751369 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS137 CA106751370 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS138 CA106751371 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS139 CA106751372 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS140 CA106751373 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS141 CA106751374 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS142 CA106751375 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS143 CA106751376 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS144 CA106751377 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS145 CA106751378 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS146 CA106751379 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS147 CA106751380 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS148 CA106751381 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS149 CA106751382 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS150 CA106751383 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS151 CA106751384 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS152 CA106751385 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS153 CA106751386 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ KHS154 CA106751387 LODE CLAIM CALIFORNIA 0% (Silver Mines earning up to 80%) ‑ AS AT 30 JUNE 2026 KRAMER HILLS PROJECT MINING CLAIMS
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Silver Mines Limited Annual Report 2026 126 CORPORATE GOVERNANCE STATEMENT This Corporate Governance Statement of Silver Mines Limited (the ‘Group’) has been prepared in accordance with the 4 th Edition of the Australian Securities Exchange’s (‘ASX’) Corporate Governance Principles and Recommendations of the ASX Corporate Governance Council (‘ASX Principles and Recommendations’). The Group is required to disclose the extent to which it has followed the recommendations during the financial year, including reasons where the Group has not followed a recommendation and any related alternative governance practice adopted. Both this Corporate Governance Statement and the ASX Appendix 4G have been lodged with the ASX. This statement has been approved by the Group’s Board of Directors (‘Board’) and is current as at 29 September 2026. The following governance related documents can be found on the Group’s website at http://www.silvermines.com.au, under the section marked ‘About’, ‘Corporate Governance’. Charters: Board Audit Committee Nomination and Remuneration Committee Health, Safety, Community, Environment and Sustainability Committee Charter Policies and Procedures: Code of Conduct Continuous Disclosure Selection and Appointment of New Directors Trading in Company Securities Assessing the Independence of Directors Independent Professional Advice Selection, Appointment and Rotation of External Auditor Performance Evaluation of the Board, Board Committees, Individual Directors and Key Executives Shareholder Communication Strategy Risk Management Policy Whistleblower Policy Environmental Policy Policy on Health and Safety Policy on Community Relations and Indigenous Peoples Policy on Equal Employment Opportunity Policy on Fitness for Work Policy on Suppliers Diversity Policy Anti‑Bribery and Corruption Policy The ASX Principles and Recommendations and the Group’s response as to how and whether it follows those recommendations are set out below. Principle 1: Lay solid foundations for management and oversight Recommendation 1.1 ‑ A listed entity should have and disclose a board charter setting out: (a) the respective roles and responsibilities of its board and management; and (b) those matters expressly reserved to the board and those delegated to management. The Group has established the functions reserved to the Board, and those delegated to senior executives and has set out these functions in its Board Charter, which is disclosed on the Group’s website. The Board is collectively responsible for promoting the success of the Group through its key functions of overseeing the management of the Group, providing overall corporate governance of the Group, monitoring the financial performance of the Group, engaging appropriate management commensurate with the Group’s structure and objectives, involvement in the development of corporate strategy and performance objectives, involvement in the development of corporate strategy and performance objectives, and reviewing, ratifying and monitoring systems of risk management and internal control, codes of conduct and legal compliance. Senior executives are responsible for supporting the Managing Director and assisting the Managing Director in implementing the running of the general operations and financial business of the Group in accordance with the delegated authority of the Board. Senior executives are responsible for reporting all matters which fall within the Group’s materiality thresholds at first instance to the Managing Director, or, if the matter concerns the Managing Director, directly to the chairman or the lead independent director, as appropriate. Recommendation 1.2 ‑ A listed entity should: (a) undertake appropriate checks before appointing a director or senior executive or putting someone forward for election, as a director; and (b) provide security holders with all material information in its possession relevant to a decision on whether or not to elect or re‑elect a director. Before appointing a director, or putting forward to shareholders a director for appointment, the Group undertakes comprehensive reference checks that cover elements such as the person’s character, experience, employment history and qualifications. Directors are required to declare each year that they have not been disqualified from holding the office of director by the Australian Securities and Investments Commission (‘ASIC’).
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127 Silver Mines Limited Annual Report 2026 CORPORATE GOVERNANCE STATEMENT An election of directors is held each year. A director that has been appointed during the year must stand for election at the next Annual General Meeting (‘AGM’). Retiring directors are not automatically re‑appointed. The Group has provided in the Director’s Report (in the Annual Report) information about each director of the Company. The Notice of Meeting for the AGM will also include information of each candidate standing for election or re‑election as a director that the Board considers is necessary for shareholders to make a fully informed decision. Such information includes the person’s biography, which includes experience and qualifications, details of other directorships, and any material information which may affect the person’s ability to act independently on matters before the Board, and whether the Board supports the appointment or re‑election. Recommendation 1.3 ‑ A listed entity should have a written agreement with each director and senior executive setting out the terms of their appointment. The terms of the appointment of a non‑executive director are set out in writing and cover matters such as the term of appointment, required committee work, notice requirements and other special duties and remuneration entitlements. Executive directors and senior executives are issued with service contracts which detail the above matters as well as the circumstances in which their service may be terminated (with or without notice) and any entitlements upon termination. Recommendation 1.4 ‑ The company secretary of a listed entity should be accountable directly to the Board, through the chair, on all matters to do with the proper functioning of the Board. The Company Secretary reports directly to the Board through the Managing Director and the Chairman and is accessible to all Directors. The Company Secretary’s role, in respect of matters relating to the proper functioning of the Board, includes: (a) advising the Board and its committees on governance matters; (b) monitoring compliance of the Board and associated committees with policies and procedures; (c) coordinating all Board business; (d) retaining independent professional advisors; (e) ensuring that the business at Board and committee meetings is accurately minuted; and (f) assisting with the induction and development of directors. Recommendation 1.5 ‑ A listed entity should: (a) have and disclose diversity policy; (b) through its board or a committee of the board set measurable objectives for achieving gender diversity in the composition of its board, senior executives and workforce generally; (c) disclose in relation to each reporting period: (i). the measuring objectives set for that period to achieve gender diversity; (ii). the entity’s progress towards achieving those objectives; and (iii). either: (A) the respective proportions of men and women on the board, in senior executive positions and across the whole workforce (including how the entity has defined “senior executive” for these purposes); or (B) if the entity is a “relevant employer” under the Workplace Gender Equality Act, the entity’s most recent ‘Gender Equality Indicators’, as defined in and published under that Act. If the entity was in the S&P/ASX 300 Index at the commencement of the reporting period, the measurable objective for achieving gender diversity in the composition of its board should be to have not less than 30% of its directors of each gender within a specified period. The Board has implemented a Diversity Policy. The Group believes that the promotion of diversity on its Board, in senior management and within the organisation generally is good practice and adds to the strength of the Group. The policy affirms existing employment arrangements which seek to attract and retain people by promoting an environment where employees are treated with fairness and respect and have equal access to opportunities as they arise. Diversity within the workforce includes such factors as religion, race, ethnicity, language, gender, disability and age. The Board has adopted a diversity policy that details the purpose of the policy and the employee selection and appointment guidelines, consistent with the recommendations of the Corporate Governance Council. The Board believes that the adoption of an efficient diversity policy has the effect of broadening the employee recruitment pool, supporting employee retention, including different perspectives and is socially and economically responsible governance practice.
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Silver Mines Limited Annual Report 2026 128 The Company employs new employees and promotes current employees on the basis of performance, ability and attitude. The Board is continually reviewing its practices with a focus on ensuring that the selection process at all levels within the organisation is formal and transparent and that the workplace environment is open, fair and tolerant. Historically, the Board has not set measurable objectives for achieving gender diversity. It is the Board’s policy that gender discrimination has no position in the workplace and that men and women must be treated equally and without any discrimination. The respective proportion of women employees in the whole organisation, women in senior executive positions and women on the Board as at the date of this statement are set out in the following table: Description Proportion of women On the Board 2 out of 6 (33.33%) In management positions 0 out of 9 (0%) Across the whole organisation 10 out of 29 (34.50%) Silver Mines acknowledges the recommendation that measurable objectives should be set to achieve gender diversity in the composition of a board if such an entity was in the S&P/ASX 300, which should not be less than 30% of its directors. Silver Mines notes the recommendation and will consider same in the context of the size and composition of the Board. Silver Mines notes that it currently satisfies the 30% gender diversity criteria at the board level. The Group is not a “relevant employer” under the Workplace Gender Equality Act. Recommendation 1.6 ‑ A listed entity should: (a) have and disclose a process for periodically evaluating the performance of the board, its committees and individual directors; and (b) disclose for each reporting period, whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. The NRC as a separate committee to the Board was established in April 2026 and is responsible for evaluation of the Board, its Committees and individual directors on an annual basis. The NRC evaluates the performance of the Board and individual directors including with reference to the composition of the Board and its suitability to carry out the Group’s objectives. An evaluation of the performance of the Board and individual directors took place in July and August of 2026. Recommendation 1.7 ‑ A listed entity should: (a) have and disclose a process for periodically evaluating the performance of its senior executives at least once every reporting period; and (b) disclose for each reporting period, whether a performance evaluation has been undertaken in accordance with that process during or in respect of that period. The Managing Director in consultation with the Chairman and the NRC reviews the performance of the senior executives. The current size and structure of the Group allows the Managing Director to conduct informal evaluations of the senior executives regularly. Open and regular communication with senior executives allows the Chairman to ensure that senior executives meet their responsibilities as outlined in their contracts with the Group, and to provide feedback and guidance, particularly where any performance issues are evident. Annually, individual performance may be more formally assessed in conjunction with a remuneration review. During the 2026 Financial Year, the Group conducted an evaluation of senior executives within the Group who were employed during the period. Principle 2: Structure the board to be effective and add value. Recommendation 2.1 ‑ The board of a listed entity should: (a) have a nomination committee which: (i). has at least three members, a majority of whom are independent directors; and (ii). is chaired by an independent director, (b) and disclose: (i). the charter of the committee; (ii). the members of the committee; and (iii). as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (c) if it does not have a nomination committee, disclose that fact and the processes it employs to address board succession issues and to ensure that the board has the appropriate balance of skills, knowledge, experience, independence and diversity to enable it to discharge its duties and responsibilities effectively. CORPORATE GOVERNANCE STATEMENT
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129 Silver Mines Limited Annual Report 2026 The Company had a Nomination and Remuneration Committee during the 2026 Financial Year. As at 30 June 2026, the Committee was comprised of an independent Chair (Non‑Executive Director Ms Kristen Podagiel) and two independent non‑executive directors (Mr Keith Perrett and Mr Robert Dennis). The Committee had at least three members and all members throughout the year were independent non‑executive directors. The number of times the Committee met during the year and the individual attendance of the members at those meetings is disclosed in the Annual Report. The Annual Report also includes the qualifications and experience of all Directors including the Directors who are members of the Committee. When the Nomination and Remuneration Committee convenes it carries out those functions which are delegated to it by the Nomination and Remuneration Committee Charter, which is available on the Group’s website. The committee deals with any conflicts of interest that may occur when convening by ensuring that the Director with the conflicting interests is not party to the relevant discussions. Recommendation 2.2 ‑ A listed entity should have and disclose a board skills matrix setting out the mix of skills that the board currently has or is looking to achieve in its membership. The Board’s skills matrix which it is looking to achieve in its membership includes technical experience, public company experience and financial experience. The Board ensures that it monitors its skills to ensure the mix of skills and diversity that the Board has or is looking to achieve in its membership meets the current needs of the Company’s operations and is considered when reviewing, proposing or appointing directors to the Board. The Board considers that this composition is appropriate for the effective execution of the Board’s responsibilities and the size and operations of the Group. During the 2026 Financial Year, the Group, considered the composition of the Board. Following this consideration the board appointed two additional independent directors in Ms Nicole Brook and Mr Joel Fitzgibbon with their appointments commencing 17 September 2026. The Board determines that the composition of the Board is appropriate for the current size and operations of the Group. Recommendation 2.3 ‑ A listed entity should disclose: (a) the names of the directors considered by the Board to be independent directors; (b) if a director has an interest, position or relationship of the type described in Box 2.3 but the board is of the opinion that it does not compromise the independence of the director, the nature of the interest, position or relationship in question and an explanation of why the board is of that opinion; and (c) the length of service of each director. The Board considers that Keith Perrett, Kristen Podagiel, Robert Dennis, Nicole Brook and Joel Fitzgibbon are independent directors. These directors are independent as they are non‑executive directors who are not members of management and who were free of any business or other relationship that could materially interfere with or could be reasonably perceived to interfere with, the independent exercise of their judgment. When considering the independence of a director, the Board considers whether the director: (a) is a substantial shareholder of the Group or an officer of, or otherwise; (b) associated directly with a substantial shareholder of the Group; (c) is employed, or has previously been employed in an executive capacity by the Group or another group member, and there has not been a period of at least three years between ceasing such employment and serving on the Board; (d) has within the last three years been a principal of a material professional adviser or a material consultant to the Group or another group member, or an employee materially associated with the service provided; (e) receives performance‑based remuneration (including options or performance rights) from, or participates in an employee incentive scheme of the Group; (f) has close personal ties with any person who falls within any of the categories described above; (g) is a material supplier or customer of the Group or other group member, or an officer of or otherwise associated directly or indirectly with a material supplier or customer; (h) has been a director of the Group for such a period that their independence from management and substantial holders may have been compromised; or (i) has a material contractual relationship with the Group or another group member other than as a director. CORPORATE GOVERNANCE STATEMENT
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Silver Mines Limited Annual Report 2026 130 Family ties and cross‑directorships may be relevant in considering interests and relationships which may affect independence, and should be disclosed to the Board. Details of the Board of directors, their appointment dated, length of service as independence status is as follows: Director’s name Appointment date Length of service (approx.) Independence status Keith Perrett 20 June 2016 10 years and 3 months Independent Non‑Executive Jonathan Battershill 16 June 2017 9 years and 3 months (appointed as Managing Director effective 1 January 2024) Executive Kristen Podagiel 19 April 2022 4 years and 5 months Independent Non‑Executive Robert Dennis 1 July 2024 2 year and 2 months Independent Non‑Executive Nicole Brook 17 September 2026 1 month Independent Non‑Executive Joel Fitzgibbon 17 September 2026 1 month Independent Non‑Executive Where it is determined that a non‑executive director should no longer be considered independent, the Group shall make an announcement to the market. Recommendation 2.4 ‑ A majority of the board of a listed entity should be independent directors. The majority of the Board is considered independent. To assist directors with independent judgement, it is the Board’s policy (set out on the Group’s website) that if a director considers it necessary to obtain independent professional advice to properly discharge the responsibility of their office as a director then, provided the director first obtains approval from the Chairman for incurring such expense, the Group will pay the reasonable expenses with obtaining such advice. Recommendation 2.5 ‑ The chair of the board of a listed entity should be an independent director and, in particular, should not be the same person as the CEO/ managing director of the entity. Keith Perrett is the Chairman of the Board and is considered an independent director. Joel Fitzgibbon who will assume the role of Chairman at the end of the Silver Mines Annual General Meeting following Mr Perrett’s retirement is also considered independent. Recommendation 2.6 ‑ A listed entity should have a program for inducting new directors and for periodically reviewing whether there is a need for existing directors to undertake professional development opportunities to maintain the skills and knowledge needed to perform their role as directors effectively. The Nomination and Remuneration Committee has the responsibility to ensure all new directors are provided with an induction into the Group with all such information and advice which may be considered necessary or desirable for the director to commence their appointment to the Board. The Company Secretary is responsible for helping organise and facilitate inductions and professional development for directors. Each director has direct access to the Company Secretary who plays an important role in ensuring best governance practices are upheld by the Board and its Committees. Given the current size and composition of the Board, the Board members are expected to advise the Group when further professional development is required, however, the Board considers the current skill matrix of the Board is sufficient for the Group’s purposes as at the date of this annual report. CORPORATE GOVERNANCE STATEMENT
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131 Silver Mines Limited Annual Report 2026 Principle 3: Instil a culture of acting lawfully, ethically and responsibly Recommendation 3.1 ‑ A listed entity should articulate and disclose its values The Group is committed to providing shareholders with exceptional returns via the acquisition, exploration and development of assets containing silver and other metals. The Group’s core values include: • Integrity and Accountability • Excellence in Performance • Safety • Collaboration • Community • Education and Research & Development The Group is committed to working by its core values. Recommendation 3.2 ‑ A listed entity should: (a) have and disclose a code of conduct for its directors, senior executives and employees; and (b) ensure that the board or a committee of the board disclose is informed of any material breaches to that code. The Group has established a Code of Conduct as to the practices necessary to maintain confidence in the Group’s integrity, the practices necessary to take into account its legal obligations and the reasonable expectations of its stakeholders and the responsibility and accountability of individuals for reporting and investigating reports of unethical practices. The Code of Conduct is available on the Group’s website. It is a requirement under the Code of Conduct that the board be informed of any material incident reported under that policy, as soon as practicable following such a report. Recommendation 3.3 ‑ A listed entity should: (a) have and disclose a whistleblower policy; and (b) ensure that the board or a committee is informed of any material incidents reported under that policy. The Group has a whistleblower policy. The whistleblower policy is to ensure the Group is living up to its values and meets legislated requirements. This policy is available on the Group’s website. The Board is informed of any material incident reported under that policy, in accordance with the policy, as soon as practicable following such a report. Recommendation 3.4 ‑ A listed entity should: (a) have and disclose an anti‑bribery and corruption policy; and (b) ensure that the board or a committee of the board disclose is informed of any material breaches to that policy. The Group has established an anti‑bribery and corruption policy as a part of its Code of Conduct. The Code of Conduct policy is available on the Group’s website. The Board is informed of any material breaches of this policy. Principle 4: Safeguard the integrity in corporate reporting Recommendation 4.1 ‑ The board of a listed entity should: (a) have an audit committee which: (i). has at least three members, all of whom are non‑executive directors and a majority of whom are independent directors; and (ii). is chaired by an independent director, who is not the chair of the board, and disclose: (i). the charter of the committee; (ii). the relevant qualifications and experience of the members of the committee; and (iii). in relation to each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have an audit committee, disclose that fact and the processes it employs that independently verify and safeguard the integrity of its corporate reporting, including the processes for the appointment and removal of the external auditor and the rotation of the audit engagement partner. The Company has an Audit and Risk Committee. As at 30 June 2026, the Committee was comprised of an independent Chair (Mr Robert Dennis) and two independent non‑executive director members (Ms Kristen Podagiel and Mr Keith Perrett). CORPORATE GOVERNANCE STATEMENT
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Silver Mines Limited Annual Report 2026 132 The Committee had at least three members and a majority of Independent Non‑executive directors throughout the financial year. The Committee did not meet during the 2026 Financial Year having only been implemented in April 2026. However, the Committee met once between 1 July 2026 and the date of this report. When the Audit and Risk Committee convenes it carries out those functions which are delegated to it in the Group’s Audit Committee Charter, which is available on the Group’s website. The Committee deals with any conflicts of interest and corporate reporting issues that may occur when convening ensuring that the director with conflicting interests is not party to the relevant discussions (if applicable). Such matters are treated as a minuted item and appropriately recorded and considered. The Group has adopted an Audit and Risk Committee Charter which describes the role, compositions, functions and responsibilities of the audit committee. The Company’s auditors attend and present their closing audit report to the Audit and Risk Committee prior to approval of the Half Year and Full Year financial statements. The auditor’s closing report is also circulated to the full Board. The Annual Report also includes the qualifications and experience of all Directors including the Directors who are members of the Committee. Recommendation 4.2 ‑ The board of a listed entity should, before it approves the entity’s financial statements for a financial period, receive from its CEO/managing director and CFO/company secretary a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For the 2026 Financial Year, the Board received a statement from its Managing Director and Company Secretary, who perform the functions of CEO and CFO respectively, declaring that in their opinion, the financial records of the Group have been properly maintained and comply with the appropriate accounting standards. Recommendation 4.3 ‑ A listed entity should disclose its process to verify the integrity of any periodic corporate report it releases to the market that is not audited or reviewed by an external auditor. The Group engages an external accounting firm to maintain its financial records and assist with the collation of periodic cash flow reports which are released to the market. Such reports are provided by the Company’s accountants to the Group for consideration prior to release and are finally reviewed and signed off by the Board. The completion of periodic reports by external professionals assists the Group to ensure the integrity of its financial reporting. The Group’s activity reports are prepared by employees of the Group in conjunction with external consultants and professional advisers who provide assistance with respect to compliance with ASX Listing Rules and Joint Ore Reserve Committee standards, thus assisting the Group to ensure the integrity of those reports. Principle 5: Make timely and balanced disclosure Recommendation 5.1 ‑ A listed entity should have and disclose a written policy for complying with its continuous disclosure obligations under listing rule 3.1 The Group has established written policies and procedures designed to ensure compliance with ASX Listing Rule disclosure requirements and accountability at a senior executive level for that compliance. A summary of the Group’s Policy on Continuous Disclosure and Compliance Procedure is disclosed on the Group’s website. Recommendation 5.2 ‑ A listed entity should ensure that its board receives copies of all material market announcements promptly after they have been made. All ASX announcements are approved by the Managing Director of the Group or by resolution of the Board prior to release and are provided to the board promptly after they have been made. CORPORATE GOVERNANCE STATEMENT
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133 Silver Mines Limited Annual Report 2026 Recommendation 5.3 ‑ A listed entity that gives a new and substantive investor or analyst presentation should release a copy of the presentation materials on the ASX Market Announcements ahead of the Presentation The Group ensures that investor or analyst presentation materials are released on the ASX Market Announcements Platform prior to the presentation. Where practicable, the Company will consider providing shareholders the opportunity to participate in such presentations. Principle 6: Respect the rights of security holders Recommendation 6.1 ‑ A listed entity should provide information about itself and its governance to investors via its website. The Group maintains information in relation to governance documents, directors and senior executives, Board and committee charters, annual reports, ASX announcements and contact details on the Group’s website. Recommendations 6.2 and 6.3 A listed entity should have an investor relations program that facilitates effective two‑way communication with investors (6.2). A listed entity should disclose how it facilitates and encourages participation at meetings of security holders (6.3). The Group has designed a communications policy for promoting effective communication with shareholders and encouraging shareholder participation at general meetings. The Shareholder Communication Policy is disclosed on the Group’s website. The board aims to ensure that Shareholder are provided with all of the information necessary to assess the performance of the Company. The Company follows the principles of continuous disclosure to ensure all investors are fully informed on the activities of the Company. The Silver Mines website is the primary medium of providing information to shareholders and stakeholders. All ASX announcements are placed on the website. Information is also provided on the Board and executive management team, the Company’s strategy, operations, corporate governance and sustainability. The Company’s annual general meeting provides an important opportunity for Silver Mines to provide information to its shareholders and a reasonable opportunity for informed shareholder participation. The annual general meeting provides an important occasion to update shareholders on the Company’s performance and offers an opportunity for shareholders to ask questions of, and to hear from the Board. Silver Mines encourages shareholder attendance at shareholder meetings and shareholders are also able to submit a proxy voting form prior to the meetings if they are unable to attend. Recommendation 6.4 ‑ A listed entity should ensure that all substantive resolutions at a meeting of security holders are decided by a poll rather than by a show of hands. All resolutions put to a meeting of security holders in the Group are decided by poll rather than by a show of hands in accordance with Guidance Note 35 Security Holder Resolutions. This is to support the principle of “one share, one vote” and also supports the ASX stance on voting at general meetings of security holders. Recommendation 6.5 ‑ A listed entity should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically. The Group’s website allows security holders to receive communications from and send communications to the entity electronically. Investors may elect to receive email alerts from the Group. Links are made available on the Company’s website where all information provided to the ASX is immediately posted. Principle 7: Recognise and manage risk Recommendations 7.1 and 7.2 The board of a listed entity should: (a) have a committee or committees to oversee risk, each of which: (i). has at least three members, a majority of whom are independent directors; and (ii). is chaired by an independent director, and disclose: (i). the charter of the committee; (ii). the members of the committee; and (iii). as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or CORPORATE GOVERNANCE STATEMENT
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Silver Mines Limited Annual Report 2026 134 (b) if it does not have a risk committee or committees that satisfy (a) above, disclose that fact and the processes it employs for overseeing the entity’s risk management framework (7.1). The board or a committee of the board should: (a) review the entity’s risk management framework at least annually to satisfy itself that it continues to be sound and that the entity is operating with due regard to the risk appetite set by the board; and (b) disclose, in relation to each reporting period, whether such a review has taken place (7.2). The Company has an Audit and Risk Committee. As at 30 June 2026, the Committee was comprised of an independent Chair (Mr Robert Dennis) and two independent non‑executive director members (Ms Kristen Podagiel and Mr Keith Perrett). The Committee had at least three members and a majority of Independent Non‑executive directors throughout the financial year. The Committee did not meet during the 2026 Financial Year having only been implemented in April 2026. However, the Committee met once between 1 July 2026 and the date of this report. When the Audit and Risk Committee convenes it carries out those functions which are delegated to it in the Group’s Audit Committee Charter, which is available on the Group’s website. The Committee deals with any conflicts of interest and corporate reporting issues that may occur when convening ensuring that the director with conflicting interests is not party to the relevant discussions (if applicable). Such matters are treated as a minuted item and appropriately recorded and considered. The Group has adopted an Audit and Risk Committee Charter which describes the role, compositions, functions and responsibilities of the audit committee. The Company’s auditors attend and present their closing audit report to the Audit and Risk Committee prior to approval of the Half Year and Full Year financial statements. The auditor’s closing report is also circulated to the full Board. The Annual Report also includes the qualifications and experience of all Directors including the Directors who are members of the Committee. The Company also has a Risk Management Policy, disclosed on the Group website, which demonstrates the measures taken and policies implemented to manage risks associated with the Group’s business. The Board and Audit and Risk committee regularly considers and discusses the risks posed to it and the procedures in place to manage that risk to ensure that the Group is adequately protected against such risks. Annually, the Group receives and reviews recommendations from management and senior executives as to the effectiveness of the management of material business risks. During the 2026 Financial Year, the Board received and reviewed recommendations from management and senior executives as to the effectiveness of the management of material business risks. The Board is encouraged to update and challenge the matters disclosed with respect to the Company’s risk at and between each Board meeting and to raise any material risks that they believe are not adequately dealt with. Recommendation 7.3 ‑ A listed entity should disclose: (a) if it has an internal audit function, how the function is structured and what role it performs; or (b) if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its governance, risk management and internal control processes. Given the size and composition of the Group, the Board has not established an internal audit function, other than the audit and risk committee as disclosed in Recommendation 4 above and in the Audit Committee Charter disclosed on the website. The Board oversees the effectiveness of governance, risk management and internal control processes. Management is charged with resourcing, operating and monitoring the system of internal control, incorporating risk responses in the form of controls into its management systems, and reporting results of the effectiveness of these systems to the Board. The Board may from time to time engage an external auditor to conduct additional reviews of Group processes. CORPORATE GOVERNANCE STATEMENT
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135 Silver Mines Limited Annual Report 2026 Recommendation 7.4 ‑ A listed entity should disclose whether it has any material exposure to environmental or social risks and, if it does, how it manages or intends to manage those risks. The risk profile of the Group is as follows: Market‑related. Financial reporting. Operational. Environmental. Economic cycle/marketing. Legal and compliance. These risks are managed using the Risk Management Policy disclosed on the Group’s website. Under the policy, the Board is responsible for updating the Group’s material business risks. In addition, the following risk management measures have been adopted by the Board to manage the Group’s material business risks: (a) the Board has established authority limits for management, which, if proposed to be exceeded, requires prior Board approval; (b) the Board has adopted a compliance procedure for the purpose of ensuring compliance with the Group’s continuous disclosure obligations; and (c) the Board has adopted a corporate governance manual which contains other policies to assist the Group to establish and maintain its governance practices. The Company’s Audit and Risk Committee Charter requires it to review the disclosure by the Company on whether it has any material exposure to economic, environmental and social sustainability risks, and if it does, how it manages or intends to manage those risks. Additionally, as per the Group’s Environmental Policy (which is disclosed on the Group’s website), the Group views environmental management as essential to its own future and to the future of the mining industry in general. The Group considers that sound environmental management benefits all stakeholders, including shareholders, employees, contractors, the communities within which it works and the broader community as a whole. All employees will be active towards sound environmental management and as a minimum, ensure compliance with all statutory requirements associated with the Group’s activities, from mineral exploration, mining and processing through to the sale of mineral products. The Group has also implemented an Environmental Management System that incorporates elements to achieve and maintain high environmental standards. The Group and its employees undertake to identify, control, monitor and as appropriate rehabilitate environmental impacts from all stages of the Group’s activities ultimately managing and mitigating environmental risks. The Group also has a dedicated policy on community relations and indigenous peoples (as disclosed on the Group’s website) to deal with social risks and to develop mutually beneficial relationships with the communities in which the Group works and proposes to work. Principle 8: Remunerate fairly and responsibly Recommendation 8.1 ‑ The board of a listed entity should: (a) have a remuneration committee which: (i). has at least three members, a majority of whom are independent directors; and (ii). is chaired by an independent director, and disclose: (i). the charter of the committee; (ii). the members of the committee; and (iii). as at the end of each reporting period, the number of times the committee met throughout the period and the individual attendances of the members at those meetings; or (b) if it does not have a remuneration committee, disclose that fact and the processes it employs for setting the level and composition of remuneration for directors and senior executives and ensuring that such remuneration is appropriate and not excessive. The Company had a Nomination and Remuneration Committee during the 2026 Financial Year. As at 30 June 2026, the Committee was comprised of an independent Chair (Non‑Executive Director Ms Kristen Podagiel) and two independent non‑executive directors (Mr Keith Perrett and Mr Robert Dennis). The Committee had at least three members and all members throughout the year were independent non‑executive directors. The number of times the Committee met during the year and the individual attendance of the members at those meetings is disclosed in the Annual Report. The Annual Report also includes the qualifications and experience of all Directors including the Directors who are members of the Committee. When the Nomination and Remuneration Committee convenes it carries out those functions which are delegated to it by the Nomination and Remuneration Committee Charter, which is available on the Group’s website. The committee deals with any conflicts of interest that may occur when convening by ensuring that the Director with the conflicting interests is not party to the relevant discussions. CORPORATE GOVERNANCE STATEMENT
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Silver Mines Limited Annual Report 2026 136 Recommendation 8.2 ‑ A listed entity should separately disclose its policies and practices regarding the remuneration of non‑executive directors and the remuneration of executive directors and other senior executives. Details of remuneration are set out in the remuneration report which forms part of the directors report (in the Annual Report) and is set out in the Remuneration Charter on the Group’s website. The policy on remuneration clearly distinguishes the structure of non‑executive director’s remuneration from that of executive directors. Executive directors are offered a competitive level of base pay at market rates and are periodically reviewed to ensure market competitiveness. There are no termination or retirement benefits for non‑executive directors. The Group’s Share Trading Policy includes a statement of the Group’s policy on prohibiting transactions in associated products which limits the risk of participating in unvested entitlements under any equity based remuneration schemes. Recommendation 8.3 ‑ A listed entity which has an equity‑based remuneration scheme should: (a) have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and (b) disclose that policy or a summary of it. The Company’s Nomination and Remuneration Committee Charter sets out the Board’s approach and policy with respect to equity‑based remuneration. Such remuneration is only available where such schemes are made with sufficient disclosure to shareholders and in accordance with the Listing Rules. Additional Recommendations Recommendation 9.1 – A listed entity with a director who does not speak the language in which board or security holder meetings are held or key corporate documents are written should disclose the processes it has in place to ensure the director understands and can contribute to the discussions at those meetings and understands and can discharge their obligations in relation to those documents. This recommendation is not applicable to the Group. Recommendation 9.2 – A listed entity established outside Australia should ensure that meetings of security holders are held at a reasonable place and time. This recommendation is not applicable to the Group. Recommendation 9.3 – A listed entity established outside Australia, and an externally managed listed entity that has an AGM, should ensure that its external auditor attends its AGM and is available to answer questions from security holders relevant to the audit. This recommendation is not applicable to the Group. CORPORATE GOVERNANCE STATEMENT
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Designed and Produced by RDA Creative www.rda.com.au Chairman’s Letter ............................................................. 1 Review of Operations ....................................................... 3 Information on Board ...................................................... 37 Remuneration Report ...................................................... 39 Auditor’s Independence Declaration ................................ 52 Consolidated Statement of Profi t or Loss and Other Comprehensive Income .................................................. 53 Consolidated Statement of Financial Position .................. 54 Consolidated Statement of Changes In Equity ................. 55 Consolidated Statement of Cash Flows ........................... 56 Notes to the Financial Statements ................................... 57 Consolidated Entity Disclosure Statement ....................... 92 Directors’ Declaration ..................................................... 93 Independent Auditor’s Report .......................................... 94 Additional Securities Exchange Information ..................... 99 Tenement Information .................................................. 103 Calico North Project Mining Claims .............................. 104 Kramer Hills Project Mining Claims .............................. 112 Corporate Governance Statement ................................. 126 Corporate Directory ...................................................... 137 CORPORATE DIRECTORYCONTENTS Directors Keith Perrett – Non-Executive Chairman Jonathan Battershill – Managing Director Kristen Podagiel – Non-Executive Director Robert Dennis – Non-Executive Director Nicole Brook – Non-Executive Director (appointed 17 September 2026) Joel Fitzgibbon – Non-Executive Director (appointed 17 September 2026) Company Secretary Trent Franklin Australian Company Number 107 452 942 Registered Offi ce Silver Mines Limited Level 28 88 Phillip Street Sydney NSW 2000 Australia Tel: +61 2 8316 3997 Fax: +61 2 8316 3999 E-mail: info@silvermines.com.au Website: www.silvermines.com.au Share Registry XCEND Level 2, 477 Pitt Street Haymarket NSW 2000 Phone: +61 (2) 8591 8509 Email: support@xcend.co Website: www.xcend.co Auditors Ernst & Young 200 George St, Sydney NSW 2000 Tel: +61 2 9248 5555
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www.silvermines.com.au Silver Mines Limited ABN 45 107 452 942 Silver Mines Limited Annual Report 2026 2026 ANNUAL REPORT ANNUAL REPORT