# SVL: Annual Report to shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145955 Publisher: asx Original announcement: 2026-09-29T23:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T00:14:02.309Z Atlas analysis updated: 2026-09-30T00:14:02.309Z - Company: Silver Mines Limited - Ticker: SVL - Exchange: ASX - Region: New South Wales, Australia - Primary commodity: Silver - Secondary commodities: Zinc, Lead, Gold - Document categories: Resource update, Drill results, Capital raise - Extracted: 2026-09-30 00:14:02 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Silver Mines Limited's annual report highlights a year of substantial progress, driven by a Definitive Feasibility Study for its Bowdens Silver Project that confirmed robust economics and a significant increase in Ore Reserves to 93.5 million ounces of silver. The company also reported a record-breaking high-grade silver drill intercept, expanded its portfolio with strategic acquisitions in North America, and successfully completed capital raises to fund ongoing development and exploration. Regulatory approvals for Bowdens are advancing, with a final determination anticipated by year-end 2026. Reasoning: The annual report details significant advancements at the flagship Bowdens Silver Project, including a robust DFS, increased Ore Reserves, and a high-grade drill intercept, alongside strategic acquisitions and successful capital raises, positioning the company for future development despite ongoing regulatory processes. - Positive factor: Significant increase in Ore Reserves to 93.5 million ounces of silver, representing one of the largest undeveloped primary silver projects globally. - Positive factor: Definitive Feasibility Study \(DFS\) confirmed robust economics with a pre-tax NPV5% of A$1.04 billion and an IRR of 31.5%. - Positive factor: Reported a high-grade drill intercept of 116m @ 245g/t Ag, including 4m @ 2,247g/t Ag, the highest-grade mineralised intercept ever recorded at the Bowdens Silver Deposit. - Positive factor: Strategic land acquisition adjacent to Bowdens enhances water security, biodiversity options, and future infrastructure flexibility. - Positive factor: Successful capital raises through placement and share purchase plan, and royalty buy-backs, strengthening the company's financial position. - Positive factor: Progress in regulatory approvals for the Bowdens Silver Project, with DPHI reaffirming its approvable status. - Negative factor: Gold was removed from the silver equivalent calculation in the 2026 MRE, leading to a decrease in reported gold grade and AgEq values, though explained by processing flowsheet optimization. - Negative factor: Stage 2 of the Life of Mine \(LOM\) plan is at a pre-feasibility study level, introducing a higher level of uncertainty compared to the DFS for Stage 1. - Negative factor: Overall grade decline in both resource and reserve estimates compared to previous studies, despite tonnage and contained metal growth. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 79 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 79. Some facts used in scoring do not have a stored record. ## Drill Results (3) ### BD25007 [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-drill-facts-29) Bowdens · silver #### Identity - Hole ID: BD25007 - Project: Bowdens - Commodity: silver - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: SVL #### Geometry - Grade: 2247 - Grade Unit: g/t - Intercept: 4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BD25007:null-null #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This sub-interval is an outstanding bonanza-grade silver intercept, significantly enhancing the overall value and prospectivity of the Bowdens Silver Project. - Positive factor: Extremely high-grade silver intercept of 2,247 g/t over 4m, representing a bonanza zone within the broader intercept. - Positive factor: This is a highly material and novel result, indicating exceptional mineralization. - Negative factor: True width not stated, implying it is an apparent downhole width. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 17Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Table 8: Bowdens Silver Project Eco" #### Rejected tags **Bonanza Intercept** — Rejected; excluded from scoring Polarity: positive Definition: Exceptionally high-grade zone, well above the deposit-type norm. Reason: The intercept of 2,247 g/t Ag over 4m is an exceptionally high-grade bonanza zone. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: 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. Evidence · text > 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. **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The intercept is given as downhole length with no true width or drill orientation stated. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn ### BD25007 [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-drill-facts-30) Bowdens · lead #### Identity - Hole ID: BD25007 - Project: Bowdens - Commodity: lead - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: SVL #### Geometry - Grade: 2.37 - Grade Unit: % - Intercept: 4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BD25007:null-null #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This sub-interval shows very high-grade lead mineralization, reinforcing the polymetallic nature of the overall intercept and its positive implications for the project. - Positive factor: Very high-grade lead intercept of 2.37% over 4m, within the broader 116m intercept. - Positive factor: This sub-interval contributes significantly to the polymetallic nature of the discovery. - Negative factor: True width not stated, implying it is an apparent downhole width. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 17Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Table 8: Bowdens Silver Project Eco" #### Rejected tags **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: 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. Evidence · text > 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. **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The intercept is given as downhole length with no true width or drill orientation stated. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn ### BD25007 [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-drill-facts-31) Bowdens · zinc #### Identity - Hole ID: BD25007 - Project: Bowdens - Commodity: zinc - Region: australia\_nsw - Reported Region: australia\_nsw - Ticker: SVL #### Geometry - Grade: 1.03 - Grade Unit: % - Intercept: 4 m #### Classification - Program: exploration - Sample Type: drill - Group ID: BD25007:null-null #### Location - Location: Main Zone - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QP Signed: Yes - QA/QC Methods: standards, duplicates #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This sub-interval shows very high-grade zinc mineralization, reinforcing the polymetallic nature of the overall intercept and its positive implications for the project. - Positive factor: Very high-grade zinc intercept of 1.03% over 4m, within the broader 116m intercept. - Positive factor: This sub-interval contributes significantly to the polymetallic nature of the discovery. - Negative factor: True width not stated, implying it is an apparent downhole width. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "For personal use only 17Silver Mines Limited Annual Report 2026 REVIEW OF OPERATIONS Table 8: Bowdens Silver Project Eco" #### Rejected tags **QA/QC Disclosed** — Rejected; excluded from scoring Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Reason: 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. Evidence · text > 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. **Apparent Width Only** — Rejected; excluded from scoring Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Reason: The intercept is given as downhole length with no true width or drill orientation stated. Evidence · text > 4m @ 2,247g/t Ag, 2.37% Pb & 1.03% Zn ## Resource Estimates (76) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-0) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:b577430ff4bc5dcdb1d0 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 44600000 - Grade: 88.5 - Grade Unit: moz - Contained Metal: 88.5 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 31300000 - Prior Grade: 68.7 - Prior Contained Metal: 69.6 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > 88.5 Context: 44.6 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 88.5 against 68.7 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-1) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:b577430ff4bc5dcdb1d0 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 44600000 - Grade: 165 - Grade Unit: kt - Contained Metal: 165 - Contained Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 31300000 - Prior Grade: 0.38 - Prior Contained Metal: 121 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained zinc with high confidence, despite a slight decrease in grade compared to the prior estimate. - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained zinc metal of 165 kt in the Proved category. - Negative factor: Grade declined by 3% compared to the previous estimate. Evidence · table > 165 Context: 44.6 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 165 against 0.38 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-2) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:b577430ff4bc5dcdb1d0 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 44600000 - Grade: 122 - Grade Unit: kt - Contained Metal: 122 - Contained Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 31300000 - Prior Grade: 0.3 - Prior Contained Metal: 94 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained lead with high confidence, despite a decrease in grade compared to the prior estimate. - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained lead metal of 122 kt in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > 122 Context: 44.6 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 122 against 0.3 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-3) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:0090c28ed7e2fa4be609 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 3300000 - Grade: 4.9 - Grade Unit: moz - Contained Metal: 4.9 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 1300000 - Prior Grade: 50.6 - Prior Contained Metal: 2.1 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > 4.9 Context: 3.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The estimate is classified as 'Probable' Ore Reserve, indicating reasonable confidence in economic viability. Evidence · table > Probable Context: 3.3 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-4) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:0090c28ed7e2fa4be609 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 3300000 - Grade: 7 - Grade Unit: kt - Contained Metal: 7 - Contained Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 1300000 - Prior Grade: 0.19 - Prior Contained Metal: 2.5 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained zinc with reasonable confidence, and an increase in grade compared to the prior estimate. - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained zinc metal of 7 kt in the Probable category. - Positive factor: Grade increased by 11% compared to the previous estimate. Evidence · table > 7 Context: 3.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The estimate is classified as 'Probable' Ore Reserve, indicating reasonable confidence in economic viability. Evidence · table > Probable Context: 3.3 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-5) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:0090c28ed7e2fa4be609 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 3300000 - Grade: 5 - Grade Unit: kt - Contained Metal: 5 - Contained Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 1300000 - Prior Grade: 0.16 - Prior Contained Metal: 2 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained lead with reasonable confidence, despite a decrease in grade compared to the prior estimate. - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained lead metal of 5 kt in the Probable category. - Negative factor: Grade declined by 6% compared to the previous estimate. Evidence · table > 5 Context: 3.3 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The estimate is classified as 'Probable' Ore Reserve, indicating reasonable confidence in economic viability. Evidence · table > Probable Context: 3.3 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 5 against 0.16 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-6) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:a7ad87d984089a94eb71 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 47900000 - Grade: 93.5 - Grade Unit: moz - Contained Metal: 93.5 - Contained Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 32600000 - Prior Grade: 68 - Prior Contained Metal: 71.7 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Ore Reserve shows a substantial increase in contained silver and tonnage, despite an overall grade decline, reinforcing the project's global significance. - Positive factor: Total Ore Reserve of 93.5 Moz silver is globally significant. - Positive factor: Overall tonnage increased by 46%. - Negative factor: Overall grade declined by 11% compared to the previous estimate. Evidence · table > 93.5 Context: 47.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 93.5 against 68 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-7) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:a7ad87d984089a94eb71 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 47900000 - Grade: 172 - Grade Unit: kt - Contained Metal: 172 - Contained Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 32600000 - Prior Grade: 0.38 - Prior Contained Metal: 123.5 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Ore Reserve shows a substantial increase in contained zinc and tonnage, despite an overall grade decline. - Positive factor: Total Ore Reserve shows a significant contained zinc metal of 172 kt. - Positive factor: Overall tonnage increased by 46%. - Negative factor: Overall grade declined by 5% compared to the previous estimate. Evidence · table > 172 Context: 47.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 172 against 0.38 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-8) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:a7ad87d984089a94eb71 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 47900000 - Grade: 127 - Grade Unit: kt - Contained Metal: 127 - Contained Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 32600000 - Prior Grade: 0.29 - Prior Contained Metal: 96 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Ore Reserve shows a substantial increase in contained lead and tonnage, despite an overall grade decline. - Positive factor: Total Ore Reserve shows a significant contained lead metal of 127 kt. - Positive factor: Overall tonnage increased by 46%. - Negative factor: Overall grade declined by 10% compared to the previous estimate. Evidence · table > 127 Context: 47.9 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 127 against 0.29 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-9) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:0713c2f7242a27300ec2 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 105000000 - Grade: 139 - Grade Unit: moz - Contained Metal: 139 - Contained Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 100000000 - Prior Grade: 42 - Prior Contained Metal: 135 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained silver with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained silver metal of 139 Moz in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 2% compared to the previous estimate. Evidence · table > 139 Context: 105 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 139 against 42 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 139 from 135 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-10) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:0713c2f7242a27300ec2 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 105000000 - Grade: 377 - Grade Unit: kt - Contained Metal: 377 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 100000000 - Prior Grade: 0.37 - Prior Contained Metal: 368 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained zinc with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained zinc metal of 377 kt in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 3% compared to the previous estimate. Evidence · table > 377 Context: 105 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 377 against 0.37 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 377 from 368 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-11) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:0713c2f7242a27300ec2 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 105000000 - Grade: 270 - Grade Unit: kt - Contained Metal: 270 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 100000000 - Prior Grade: 0.27 - Prior Contained Metal: 265 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained lead with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained lead metal of 270 kt in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 4% compared to the previous estimate. Evidence · table > 270 Context: 105 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 270 against 0.27 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 270 from 265 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-12) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:0713c2f7242a27300ec2 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 105000000 - Grade: 0.02 - Grade Unit: g/t - Contained Metal: 81 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 100000000 - Prior Grade: 0.03 - Prior Contained Metal: 109 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a significant decline in gold grade and contained metal, primarily due to its exclusion from the AgEq calculation and processing flowsheet optimization, which negatively impacts its economic contribution. - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Tonnage increased by 5%. - Negative factor: Gold grade declined by 33% compared to the previous estimate. - Negative factor: Contained gold metal declined by 26% compared to the previous estimate. - Negative factor: Gold is no longer included in the silver equivalent formula due to processing flowsheet optimization. Evidence · table > 0.02 Context: 105 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 81 from 109 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-13) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:420f6067c3431ef9790f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 29 - Grade Unit: moz - Contained Metal: 29 - Contained Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 43000000 - Prior Grade: 22 - Prior Contained Metal: 30 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > 29 Context: 38 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-14) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:420f6067c3431ef9790f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 163 - Grade Unit: kt - Contained Metal: 163 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 43000000 - Prior Grade: 0.41 - Prior Contained Metal: 176 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 7%. Evidence · table > 163 Context: 38 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-15) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:420f6067c3431ef9790f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 110 - Grade Unit: kt - Contained Metal: 110 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 43000000 - Prior Grade: 0.28 - Prior Contained Metal: 121 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 4% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 9%. Evidence · table > 110 Context: 38 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-16) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:420f6067c3431ef9790f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 38000000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 103 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 43000000 - Prior Grade: 0.11 - Prior Contained Metal: 152 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows a significant decline in gold grade and contained metal, primarily due to its exclusion from the AgEq calculation and processing flowsheet optimization, which negatively impacts its economic contribution. - Positive factor: Indicated Resource category provides reasonable geological confidence. - Negative factor: Gold grade declined by 27% compared to the previous estimate. - Negative factor: Contained gold metal declined by 32% compared to the previous estimate. - Negative factor: Gold is no longer included in the silver equivalent formula due to processing flowsheet optimization. Evidence · table > 0.08 Context: 38 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-17) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:9f2924cf2d4d3a2c09be - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 143000000 - Grade: 168 - Grade Unit: moz - Contained Metal: 168 - Contained Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 143000000 - Prior Grade: 36 - Prior Contained Metal: 165 #### Metal Equivalent - Metal Eq. Grade: 54 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The combined M&I resource demonstrates a significant contained silver metal and an increase in grade, indicating overall positive development in the higher confidence categories. - Positive factor: Combined Measured and Indicated \(M&I\) resource shows a significant contained silver metal of 168 Moz. - Positive factor: Grade increased by 10% compared to the previous estimate. Evidence · table > 168 Context: 143 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-18) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:9f2924cf2d4d3a2c09be - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 143000000 - Grade: 540 - Grade Unit: kt - Contained Metal: 540 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 143000000 - Prior Grade: 0.38 - Prior Contained Metal: 544 #### Metal Equivalent - Metal Eq. Grade: 54 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The combined M&I resource demonstrates a significant contained zinc metal, with stable grade but a slight decline in contained metal. - Positive factor: Combined Measured and Indicated \(M&I\) resource shows a significant contained zinc metal of 540 kt. - Negative factor: Contained metal declined by 1%. Evidence · table > 540 Context: 143 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 540 against 0.38 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-19) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:9f2924cf2d4d3a2c09be - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 143000000 - Grade: 380 - Grade Unit: kt - Contained Metal: 380 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 143000000 - Prior Grade: 0.27 - Prior Contained Metal: 386 #### Metal Equivalent - Metal Eq. Grade: 54 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The combined M&I resource demonstrates a significant contained lead metal, with stable grade but a slight decline in contained metal. - Positive factor: Combined Measured and Indicated \(M&I\) resource shows a significant contained lead metal of 380 kt. - Negative factor: Contained metal declined by 2%. Evidence · table > 380 Context: 143 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 380 against 0.27 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-20) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:9f2924cf2d4d3a2c09be - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 143000000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 184 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 143000000 - Prior Grade: 0.06 - Prior Contained Metal: 261 #### Metal Equivalent - Metal Eq. Grade: 54 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The combined M&I resource shows a significant decline in gold grade and contained metal, primarily due to its exclusion from the AgEq calculation and processing flowsheet optimization, which negatively impacts its economic contribution. - Positive factor: Combined Measured and Indicated \(M&I\) resource. - Negative factor: Gold grade declined by 33% compared to the previous estimate. - Negative factor: Contained gold metal declined by 29% compared to the previous estimate. - Negative factor: Gold is no longer included in the silver equivalent formula due to processing flowsheet optimization. Evidence · table > 0.04 Context: 143 #### Tags used in scoring **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-21) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f2bbfe6bd77efe3d67f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 30000000 - Grade: 16 - Grade Unit: moz - Contained Metal: 16 - Contained Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 36000000 - Prior Grade: 16 - Prior Contained Metal: 16 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > 16 Context: 30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The estimate is classified as 'Inferred' Mineral Resource, indicating a speculative category. Evidence · table > Inferred Context: 30 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-22) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f2bbfe6bd77efe3d67f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 30000000 - Grade: 134 - Grade Unit: kt - Contained Metal: 134 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 36000000 - Prior Grade: 0.42 - Prior Contained Metal: 152 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows an increase in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Positive factor: Grade increased by 5%. - Negative factor: Tonnage declined by 17%. - Negative factor: Contained metal declined by 12%. Evidence · table > 134 Context: 30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The estimate is classified as 'Inferred' Mineral Resource, indicating a speculative category. Evidence · table > Inferred Context: 30 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-23) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f2bbfe6bd77efe3d67f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 30000000 - Grade: 101 - Grade Unit: kt - Contained Metal: 101 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 36000000 - Prior Grade: 0.32 - Prior Contained Metal: 115 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows an increase in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Positive factor: Grade increased by 3%. - Negative factor: Tonnage declined by 17%. - Negative factor: Contained metal declined by 12%. Evidence · table > 101 Context: 30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The estimate is classified as 'Inferred' Mineral Resource, indicating a speculative category. Evidence · table > Inferred Context: 30 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-24) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f2bbfe6bd77efe3d67f - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 30000000 - Grade: 0.12 - Grade Unit: g/t - Contained Metal: 118 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 36000000 - Prior Grade: 0.14 - Prior Contained Metal: 166 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a significant decline in gold grade and contained metal, primarily due to its exclusion from the AgEq calculation and processing flowsheet optimization, which negatively impacts its economic contribution. - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Gold grade declined by 14% compared to the previous estimate. - Negative factor: Contained gold metal declined by 29% compared to the previous estimate. - Negative factor: Gold is no longer included in the silver equivalent formula due to processing flowsheet optimization. Evidence · table > 0.12 Context: 30 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The estimate is classified as 'Inferred' Mineral Resource, indicating a speculative category. Evidence · table > Inferred Context: 30 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-25) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:71a6f17ec5ca80873329 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 173000000 - Grade: 184 - Grade Unit: moz - Contained Metal: 184 - Contained Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 179000000 - Prior Grade: 31 - Prior Contained Metal: 188 #### Metal Equivalent - Metal Eq. Grade: 51 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Mineral Resource shows an increase in grade but a decline in tonnage and contained metal, indicating a mixed outcome for the overall resource. - Positive factor: Total Mineral Resource shows a significant contained silver metal of 184 Moz. - Positive factor: Grade increased by 6% compared to the previous estimate. - Negative factor: Tonnage declined by 3%. - Negative factor: Contained metal declined by 2%. Evidence · table > 184 Context: 173 #### Tags used in scoring **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated Mineral Resource Estimate for the Bowdens Silver Deposit. Evidence · text > 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. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-26) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:71a6f17ec5ca80873329 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 173000000 - Grade: 674 - Grade Unit: kt - Contained Metal: 674 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 179000000 - Prior Grade: 0.39 - Prior Contained Metal: 696 #### Metal Equivalent - Metal Eq. Grade: 51 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Mineral Resource shows stable grade but a decline in tonnage and contained metal, indicating a mixed outcome for the overall resource. - Positive factor: Total Mineral Resource shows a significant contained zinc metal of 674 kt. - Negative factor: Tonnage declined by 3%. - Negative factor: Contained metal declined by 3%. Evidence · table > 674 Context: 173 #### Tags used in scoring **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated Mineral Resource Estimate for the Bowdens Silver Deposit. Evidence · text > 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. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 674 against 0.39 previously **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-27) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:71a6f17ec5ca80873329 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 173000000 - Grade: 481 - Grade Unit: kt - Contained Metal: 481 - Contained Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 179000000 - Prior Grade: 0.28 - Prior Contained Metal: 501 #### Metal Equivalent - Metal Eq. Grade: 51 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Mineral Resource shows stable grade but a decline in tonnage and contained metal, indicating a mixed outcome for the overall resource. - Positive factor: Total Mineral Resource shows a significant contained lead metal of 481 kt. - Negative factor: Tonnage declined by 3%. - Negative factor: Contained metal declined by 3%. Evidence · table > 481 Context: 173 #### Tags used in scoring **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated Mineral Resource Estimate for the Bowdens Silver Deposit. Evidence · text > 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. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 481 against 0.28 previously **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-28) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:71a6f17ec5ca80873329 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 173000000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 302 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 - Prior Tonnes: 179000000 - Prior Grade: 0.07 - Prior Contained Metal: 397 #### Metal Equivalent - Metal Eq. Grade: 51 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The total Mineral Resource shows a significant decline in gold grade and contained metal, primarily due to its exclusion from the AgEq calculation and processing flowsheet optimization, which negatively impacts its economic contribution. - Negative factor: Gold grade declined by 29% compared to the previous estimate. - Negative factor: Contained gold metal declined by 29% compared to the previous estimate. - Negative factor: Gold is no longer included in the silver equivalent formula due to processing flowsheet optimization. Evidence · table > 0.05 Context: 173 #### Tags used in scoring **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated Mineral Resource Estimate for the Bowdens Silver Deposit. Evidence · text > 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. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 30 [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-32) Bowdens Silver Project #### Identity - Project: Bowdens Silver Project - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Reporting standards: jorc - Resource group id: resource:c986af6b5c8067716525 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This substantial A$70 million placement, with strong institutional support, provides significant capital to fund key project milestones and strategic initiatives, marking a highly positive financial development for the company. - Positive factor: Successfully raised A$70 million, indicating very strong investor support from highly credentialed investors. - Positive factor: Funds will be used for critical project development, royalty buy-backs, exploration, and working capital, significantly advancing the company's strategic goals. - Negative factor: A portion of the placement \(Tranche 2 and Director Placement Shares\) is subject to shareholder approval, introducing a minor element of uncertainty. Evidence · text > 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 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. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-33) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b9645a6bb7db3e3acbb6 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 5000000 - Grade: 3 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained silver with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained silver metal of 139 Moz in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 2% compared to the previous estimate. Evidence · table > +3% Context: +5% #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-34) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b9645a6bb7db3e3acbb6 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 5000000 - Grade: 2 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained silver with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained silver metal of 139 Moz in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 2% compared to the previous estimate. Evidence · table > +2% Context: +5% #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-35) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b9645a6bb7db3e3acbb6 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 5000000 - Grade: 2 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained silver with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained silver metal of 139 Moz in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 2% compared to the previous estimate. Evidence · table > +2% Context: +5% #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-36) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b9645a6bb7db3e3acbb6 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: measured - Tonnes: 5000000 - Grade: 33 - Grade Unit: g/t - Contained Metal: 26 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 58 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Measured Resource shows a substantial amount of contained silver with the highest confidence, and an increase in tonnage, despite a slight decrease in grade. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource category indicates highest confidence. - Positive factor: Significant contained silver metal of 139 Moz in the Measured category. - Positive factor: Tonnage increased by 5%. - Negative factor: Grade declined by 2% compared to the previous estimate. Evidence · table > ‑33% Context: +5% #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-37) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f62b84a21d359a54b9ae - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 1 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑1 Context: ‑5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-38) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f62b84a21d359a54b9ae - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 13 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑13 Context: ‑5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-39) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f62b84a21d359a54b9ae - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 11 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑11 Context: ‑5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-40) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f62b84a21d359a54b9ae - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 5000000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 49 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑0.03 Context: ‑5 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-41) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:e856f8b63bf945a3b15d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 0 - Grade: 2 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > +2% Context: 0% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-42) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:e856f8b63bf945a3b15d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 0 - Grade: 1 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑1% Context: 0% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-43) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:e856f8b63bf945a3b15d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 0 - Grade: 2 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑2% Context: 0% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-44) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:e856f8b63bf945a3b15d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 0 - Grade: 33 - Grade Unit: g/t - Contained Metal: 29 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > +33% Context: 0% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-45) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b547826bc867f77d71a8 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 4 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > +4 Context: ‑6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-46) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b547826bc867f77d71a8 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 22 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑22 Context: ‑6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-47) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b547826bc867f77d71a8 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 20 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑20 Context: ‑6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-48) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:b547826bc867f77d71a8 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 6000000 - Grade: 0.02 - Grade Unit: g/t - Contained Metal: 124 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑0.02 Context: ‑6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-49) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f75bade0e33022da924 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 12000000 - Grade: 3 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑3% Context: ‑12% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-50) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f75bade0e33022da924 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 12000000 - Grade: 7 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑7% Context: ‑12% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-51) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f75bade0e33022da924 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 12000000 - Grade: 9 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑9% Context: ‑12% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-52) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:8f75bade0e33022da924 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 12000000 - Grade: 27 - Grade Unit: g/t - Contained Metal: 32 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 44 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Indicated Resource shows an improvement in grade but a decline in tonnage and contained metal, indicating a mixed outcome for this category. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource category provides reasonable geological confidence. - Positive factor: Grade increased by 5% compared to the previous estimate. - Negative factor: Tonnage declined by 12%. - Negative factor: Contained metal declined by 3%. Evidence · table > ‑27% Context: ‑12% #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-53) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:bfed2d3e59f89d6bbd1e - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 0 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > 0% Context: ‑17% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-54) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:bfed2d3e59f89d6bbd1e - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 12 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑12% Context: ‑17% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-55) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:bfed2d3e59f89d6bbd1e - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 12 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑12% Context: ‑17% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-56) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:bfed2d3e59f89d6bbd1e - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 17000000 - Grade: 14 - Grade Unit: g/t - Contained Metal: 29 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑14% Context: ‑17% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-57) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f2ee817797b76f2bd945 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 2 - Grade Unit: moz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑2% Context: ‑3% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-58) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f2ee817797b76f2bd945 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 3 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑3% Context: ‑3% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-59) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f2ee817797b76f2bd945 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 3 - Grade Unit: kt - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑3% Context: ‑3% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-60) Bowdens Silver Project · gold #### Identity - Project: Bowdens Silver Project - Commodity: gold - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: resource - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Arnold van der Heyden - Resource group id: resource:f2ee817797b76f2bd945 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 3000000 - Grade: 29 - Grade Unit: g/t - Contained Metal: 29 - Contained Unit: koz - Cutoff Grade: 25 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Metal Eq. Grade: 38 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Inferred Resource shows a decline in both tonnage and grade, indicating a reduction in the speculative resource, which is a negative outcome. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Inferred Resource category indicates potential for future conversion to higher confidence categories. - Negative factor: Tonnage declined by 17%. - Negative factor: Grade declined by 14%. Evidence · table > ‑29% Context: ‑3% #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-61) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:d90a645520c928f32bb5 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 13100000 - Grade: 18.9 - Grade Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > +18.9 Context: +13.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-62) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:d90a645520c928f32bb5 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 13100000 - Grade: 44.2 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > +44.2 Context: +13.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-63) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:d90a645520c928f32bb5 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 13100000 - Grade: 28.5 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > +28.5 Context: +13.1 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-64) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:00e4c2cb6c95a47df4eb - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 2000000 - Grade: 2.8 - Grade Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +2.8 Context: +2.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-65) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:00e4c2cb6c95a47df4eb - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 2000000 - Grade: 4.5 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +4.5 Context: +2.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-66) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:00e4c2cb6c95a47df4eb - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 2000000 - Grade: 3 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +3.0 Context: +2.0 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-67) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:6a73c5e4880ffad5d59d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 15100000 - Grade: 21.8 - Grade Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +21.8 Context: +15.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-68) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:6a73c5e4880ffad5d59d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 15100000 - Grade: 48.7 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +48.7 Context: +15.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-69) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:6a73c5e4880ffad5d59d - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 15100000 - Grade: 31.5 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +31.5 Context: +15.1 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-70) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:edf8a62540440dd430a4 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 42000000 - Grade: 27 - Grade Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > +27% Context: +42% #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-71) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:edf8a62540440dd430a4 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 42000000 - Grade: 37 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > +37% Context: +42% #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-72) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:edf8a62540440dd430a4 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Tonnes: 42000000 - Grade: 30 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Proved Reserve shows a substantial amount of contained silver with high confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Proved Reserve category indicates high confidence in economic viability. - Positive factor: Significant contained silver metal of 88.5 Moz in the Proved category. - Negative factor: Grade declined by 10% compared to the previous estimate. Evidence · table > +30% Context: +42% #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-73) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:4a84317e539422840259 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 154000000 - Grade: 133 - Grade Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +133% Context: +154% #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-74) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:4a84317e539422840259 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 154000000 - Grade: 180 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +180% Context: +154% #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-75) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:4a84317e539422840259 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 154000000 - Grade: 150 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +150% Context: +154% #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-76) Bowdens Silver Project · silver #### Identity - Project: Bowdens Silver Project - Commodity: silver - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:02f7305c965082e07565 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 46000000 - Grade: 30 - Grade Unit: moz - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +30% Context: +46% #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-77) Bowdens Silver Project · zinc #### Identity - Project: Bowdens Silver Project - Commodity: zinc - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:02f7305c965082e07565 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 46000000 - Grade: 39 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +39% Context: +46% #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/svl-annual-report-to-shareholders--2fda4549-805f-436a-a436-22fbdf671b97#fact-resource-facts-78) Bowdens Silver Project · lead #### Identity - Project: Bowdens Silver Project - Commodity: lead - Region: australia\_nsw - Reported Region: New South Wales, Australia - Ticker: SVL #### Resource scope - Estimate type: reserve - Effective date: 2026-07-21T00:00:00.000Z - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Andrew Hutson - Resource group id: resource:02f7305c965082e07565 - Mining method: combined - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Tonnes: 46000000 - Grade: 33 - Grade Unit: kt - Cutoff Grade: 30 - Cutoff Unit: A$/t #### Prior Estimate - Resource Date: 2026-07-21 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: The Probable Reserve shows a substantial amount of contained silver with reasonable confidence, despite a decrease in grade compared to the prior estimate. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Probable Reserve category indicates reasonable confidence in economic viability. - Positive factor: Significant contained silver metal of 4.9 Moz in the Probable category. - Negative factor: Grade declined by 7% compared to the previous estimate. Evidence · table > +33% Context: +46% #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.