# SVL: Sydney Mining Club - Investor Presentation

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147117

Publisher: asx

Original announcement: 2026-09-30T23:43:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-10-01T00:14:44.432Z

Atlas analysis updated: 2026-10-01T00:14:44.432Z

- Company: Silver Mines Limited

- Ticker: SVL

- Exchange: ASX

- Region: New South Wales, Australia

- Primary commodity: Silver

- Secondary commodities: Zinc, Lead, Gold, Copper

- Document categories: Resource update, Permitting, Drill results, Metallurgy

- Extracted: 2026-10-01 00:14:45 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Silver Mines Limited's investor presentation details the robust Definitive Feasibility Study \(DFS\) for its Bowdens Silver Project in New South Wales, Australia, confirming significant silver, zinc, and lead resources and reserves, a 26-year mine life, and strong financial metrics. The project's Ore Reserves have increased to 93.5 Moz Ag, and recent royalty buy-backs are expected to reduce the life-of-mine All-In Sustaining Costs \(AISC\). The permitting process is advancing, with a public hearing scheduled and a decision anticipated by December 2026. The presentation also includes historical gold drill results from the Kramer Hills project in the US, highlighting exploration potential.

Reasoning: The investor presentation highlights the strong economic fundamentals and significant resource base of the Bowdens Silver Project, supported by a recently completed DFS and increased Ore Reserves. Positive updates on permitting and royalty buy-backs further de-risk the project, despite some historical permitting challenges and the re-release of historical drill data for another project.

- Positive factor: Significant increase in contained silver in Ore Reserves \(93.5 Moz Ag vs 71.7 Moz Ag previously\)

- Positive factor: Robust DFS economics with a pre-tax NPV5% of A$1.04 billion and a 3.0-year payback period

- Positive factor: Long mine life of 26 years based on current reserves

- Positive factor: High confidence in resource categories with 143 Mt in Measured & Indicated categories

- Positive factor: Permitting process advancing with a public hearing scheduled and decision expected soon

- Positive factor: Royalty buy-backs reducing LOM AISC by approximately 4.0%

- Positive factor: Elimination of cyanide from the processing flowsheet, indicating a more environmentally friendly process

- Positive factor: Strong zinc recovery \(90.5%\) in metallurgical testwork

- Negative factor: Drill results presented for Kramer Hills are historical and lack true width disclosure and QA/QC information

- Negative factor: Permitting process has experienced past setbacks, including a court appeal suspension

- Negative factor: Silver and lead recoveries are moderate \(82.1% Ag, 80.8% Pb\) compared to strong benchmarks for flotation

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 28

## Classification and evidence

**JORC Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: The Mineral Resource Estimate and Ore Reserves are reported as compliant with the 2012 JORC Code and Guidelines.

Evidence · text

> The Bowdens Mineral Resource Estimate has been compiled by H&S Consultants Pty Ltd and the reporting is compliant with the 2012 JORC Code and Guidelines.

**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: The document refers to 'Competent Person's findings' for both Mineral Resources and Ore Reserves, indicating professional sign-off.

Evidence · text

> The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from those announcements.

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The Mineral Resource Estimate is reported to a 25g/t AgEq cut off and Ore Reserves are calculated using a Net Smelter Return cut-off grade of A$30/t.

Evidence · text

> Bowdens Silver Mineral Resource Estimate reported to a 25g/t AgEq cut off

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The Ore Reserve estimate increased to 93.5 Moz Ag in July 2026 from 71.7 Moz Ag in December 2024.

Evidence · text

> Jul 2026 MRE \(184Moz Ag1\) ORE \(93.5Moz Ag1\) update; DFS completed1

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: The MRE increased to 184 Moz Ag in July 2026 from 180 Moz Ag in December 2024.

Evidence · text

> Jul 2026 MRE \(184Moz Ag1\) ORE \(93.5Moz Ag1\) update; DFS completed1

**DFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.

Why it applies: The resource and reserve estimates are part of the Definitive Feasibility Study \(DFS\) for the project.

Evidence · text

> Bowdens DFS Confirms Robust Economics as Reserves Increase

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document presents an update to the Mineral Resource and Ore Reserve estimates.

Evidence · text

> MRE \(184Moz Ag1\) ORE \(93.5Moz Ag1\) update; DFS completed1

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: The drill results for Kramer Hills are explicitly stated as historical and refer to a previous announcement from June 2025.

Evidence · text

> Refer to Silver Mines Limited announcement “US Silver-Gold Acquisitions Transform Exploration Portfolio” dated 24 June 2025 for further details relating to significant intercepts.

**Apparent Width Only**

Polarity: negative

Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness.

Why it applies: The document explicitly states that 'All intersection lengths are downhole lengths, not true thicknesses' for the Kramer Hills drill results.

Evidence · text

> All intersection lengths are downhole lengths, not true thicknesses.

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: The section presenting Kramer Hills drill results does not include any disclosure regarding QA/QC procedures.

Evidence · text

> Hole1 Section Depth \(m\) From \(m\) To \(m\) Length \(m\) Grade \(g/t Au\) KRH-17 22800 27.4 0 21.3 21.3 0.4

**Permitting Progress**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document outlines several positive steps in the permitting journey, including a determination from the NSW Planning Secretary and an upcoming public hearing.

Evidence · text

> Apr 2023 NSW State mine development approvals received

**Permitting Setback**

Polarity: negative

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The Court of Appeal suspended the NSW approval consent in August 2024, indicating a significant challenge in the permitting process.

Evidence · text

> Aug 2024 Court of Appeal suspends the NSW approval consent

**Equity Placement**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The company announced a two-tranche equity placement to raise $70 million.

Evidence · text

> Two-tranche equity placement announced 23 September 2026 \(“Silver Mines Receives Firm Commitments to Raise $70 Million’\)

**Moderate Recovery**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The modelled silver recovery of 82.1% and lead recovery of 80.8% are within the moderate band for flotation \(80-85%\).

Evidence · text

> Silver recovery modelled at 82.1% \(Zn at 90.5% and Pb at 80.8%\).

**Strong Recovery**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The modelled zinc recovery of 90.5% is within the strong band for flotation \(85-90%\).

Evidence · text

> Silver recovery modelled at 82.1% \(Zn at 90.5% and Pb at 80.8%\).

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: the document describes a heap\_leach route \("heap leach"\)

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("flotation"\)

## Extracted facts

Stored fact records: 28. Some facts used in scoring do not have a stored record.

## Drill Results (1)

### KRH-50

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-drill-facts-25)

Kramer Hills · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: KRH-50
- Project: Kramer Hills
- Commodity: gold
- Region: california
- Reported Region: california
- Ticker: SVL

#### Geometry

- Grade: 1.9
- Grade Unit: g/t
- Intercept: 12.2 m
- From: 0 m
- To: 12.2 m
- Intercept Depth: 0 m

#### Classification

- Sample Type: drill
- Group ID: KRH-50:0-12.2

#### QA/QC

- QA/QC Methods: standards

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes
- Historical Source Date: 2025-06-24T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This historical intercept shows a moderate gold grade over a moderate length, but its value is limited by being re-released historical data with no true width or QA/QC information.

- Negative factor: Historical data re-released, not new results

- Negative factor: Apparent width only, true width not disclosed

- Negative factor: No QA/QC disclosure

Evidence · table

> 1.9

Context: 12.2

#### Tags used in scoring

**No QA/QC Disclosure**

Polarity: negative

Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.

Why it applies: qaqc\_disclosed is not true

**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

**Stale Data Re-release**

Polarity: negative

Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty.

Why it applies: the fact restates a prior release

## Resource Estimates (24)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#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: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:8acfb458e3064026b37a

#### 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: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 58
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Measured resource category indicates a high level of geological confidence, with a substantial contained silver quantity, supporting the project's robust economics.

- Positive factor: High confidence resource category \(Measured\)

- Positive factor: Significant contained silver \(139 Moz\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 139

Context: 105

#### 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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#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: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:8acfb458e3064026b37a

#### Resource Data

- Category: measured
- Tonnes: 105000000
- Grade: 0.36
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 58
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Measured resource includes a notable zinc grade, contributing to the polymetallic nature of the deposit and overall project economics.

- Positive factor: High confidence resource category \(Measured\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.36

Context: 105

#### 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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#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: resource
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:8acfb458e3064026b37a

#### Resource Data

- Category: measured
- Tonnes: 105000000
- Grade: 0.26
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 58
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Measured resource includes a notable lead grade, contributing to the polymetallic nature of the deposit and overall project economics.

- Positive factor: High confidence resource category \(Measured\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.26

Context: 105

#### 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

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-3)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:8acfb458e3064026b37a

#### Resource Data

- Category: measured
- Tonnes: 105000000
- Grade: 0.02
- Grade Unit: g/t
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 58
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Measured resource includes a low but present gold grade, which is noted as an attribute for informational purposes.

- Positive factor: High confidence resource category \(Measured\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.02

Context: 105

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-4)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:f96f3833f52b44c1b2c4

#### 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: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 44
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Indicated resource category provides good confidence in the contained silver, contributing significantly to the overall resource base.

- Positive factor: Good confidence resource category \(Indicated\)

- Positive factor: Significant contained silver \(29 Moz\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 29

Context: 38

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-5)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:f96f3833f52b44c1b2c4

#### Resource Data

- Category: indicated
- Tonnes: 38000000
- Grade: 0.43
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 44
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Indicated resource includes a notable zinc grade, adding to the polymetallic value of the project.

- Positive factor: Good confidence resource category \(Indicated\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.43

Context: 38

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-6)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:f96f3833f52b44c1b2c4

#### Resource Data

- Category: indicated
- Tonnes: 38000000
- Grade: 0.29
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 44
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Indicated resource includes a notable lead grade, adding to the polymetallic value of the project.

- Positive factor: Good confidence resource category \(Indicated\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.29

Context: 38

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-7)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:f96f3833f52b44c1b2c4

#### Resource Data

- Category: indicated
- Tonnes: 38000000
- Grade: 0.08
- Grade Unit: g/t
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 44
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Indicated resource includes a low but present gold grade, which is noted as an attribute for informational purposes.

- Positive factor: Good confidence resource category \(Indicated\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.08

Context: 38

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-8)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:57a560cc07b7afded14a

#### 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: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 54
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The substantial combined Measured and Indicated resource provides a strong foundation for the project's economic viability and future development.

- Positive factor: Combined Measured & Indicated resource shows high confidence

- Positive factor: Significant contained silver \(168 Moz\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 168

Context: 143

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-9)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:57a560cc07b7afded14a

#### Resource Data

- Category: indicated
- Tonnes: 143000000
- Grade: 0.38
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 54
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The combined Measured and Indicated resource includes a significant zinc grade, enhancing the polymetallic value of the project.

- Positive factor: Combined Measured & Indicated resource shows high confidence

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.38

Context: 143

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-10)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:57a560cc07b7afded14a

#### Resource Data

- Category: indicated
- Tonnes: 143000000
- Grade: 0.27
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 54
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The combined Measured and Indicated resource includes a significant lead grade, enhancing the polymetallic value of the project.

- Positive factor: Combined Measured & Indicated resource shows high confidence

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.27

Context: 143

#### 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

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-11)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:57a560cc07b7afded14a

#### Resource Data

- Category: indicated
- Tonnes: 143000000
- Grade: 0.04
- Grade Unit: g/t
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 54
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The combined Measured and Indicated resource includes a low but present gold grade, noted for informational purposes.

- Positive factor: Combined Measured & Indicated resource shows high confidence

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

Evidence · table

> 0.04

Context: 143

#### 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-12)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:fe0718e46fe7f3113aa1

#### 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: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 38
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource provides additional silver potential but with a lower level of geological confidence compared to Measured and Indicated categories.

- Positive factor: Significant contained silver \(16 Moz\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

- Negative factor: Lower confidence resource category \(Inferred\)

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: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-13)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:fe0718e46fe7f3113aa1

#### Resource Data

- Category: inferred
- Tonnes: 30000000
- Grade: 0.44
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 38
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource includes a notable zinc grade, adding to the polymetallic potential, but with lower confidence.

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

- Negative factor: Lower confidence resource category \(Inferred\)

Evidence · table

> 0.44

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: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-14)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:fe0718e46fe7f3113aa1

#### Resource Data

- Category: inferred
- Tonnes: 30000000
- Grade: 0.33
- Grade Unit: %
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 38
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource includes a notable lead grade, adding to the polymetallic potential, but with lower confidence.

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

- Negative factor: Lower confidence resource category \(Inferred\)

Evidence · table

> 0.33

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: 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

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-15)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:fe0718e46fe7f3113aa1

#### Resource Data

- Category: inferred
- Tonnes: 30000000
- Grade: 0.12
- Grade Unit: g/t
- Cutoff Grade: 25
- Cutoff Unit: g/t AgEq

#### Prior Estimate

- Resource Date: 2026-07-01

#### Metal Equivalent

- Metal Eq. Grade: 38
- Metal Eq. Unit: g/t AgEq
- Assumptions Disclosed: Yes

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Inferred resource includes a low but present gold grade, noted for informational purposes, with lower confidence.

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade and metal equivalent assumptions disclosed

- Negative factor: Lower confidence resource category \(Inferred\)

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: 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

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-16)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:df1bf85bc3237488408d

#### Resource Data

- Category: proven
- Tonnes: 44600000
- Grade: 61.7
- Grade Unit: g/t
- Contained Metal: 88.5
- Contained Unit: moz
- Cutoff Grade: 30
- Cutoff Unit: A$/t

#### Prior Estimate

- Resource Date: 2026-07-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Proved Reserve represents a high-confidence, economically viable portion of the resource, forming a substantial part of the project's mine plan.

- Positive factor: Highest confidence reserve category \(Proved\)

- Positive factor: Significant contained silver \(88.5 Moz\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade disclosed

Evidence · table

> 61.7

Context: 44.6

#### 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

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-17)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:df1bf85bc3237488408d

#### Resource Data

- Category: proven
- Tonnes: 44600000
- Grade: 0.37
- Grade Unit: %
- Contained Metal: 165
- Contained Unit: kt
- Cutoff Grade: 30
- Cutoff Unit: A$/t

#### Prior Estimate

- Resource Date: 2026-07-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Proved Reserve includes a substantial amount of contained zinc, adding significant byproduct value to the project's economics.

- Positive factor: Highest confidence reserve category \(Proved\)

- Positive factor: Significant contained zinc \(165 kt\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade disclosed

Evidence · table

> 0.37

Context: 44.6

#### 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

### proven

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-18)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:df1bf85bc3237488408d

#### Resource Data

- Category: proven
- Tonnes: 44600000
- Grade: 0.27
- Grade Unit: %
- Contained Metal: 122
- Contained Unit: kt
- Cutoff Grade: 30
- Cutoff Unit: A$/t

#### Prior Estimate

- Resource Date: 2026-07-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Proved Reserve includes a substantial amount of contained lead, adding significant byproduct value to the project's economics.

- Positive factor: Highest confidence reserve category \(Proved\)

- Positive factor: Significant contained lead \(122 kt\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade disclosed

Evidence · table

> 0.27

Context: 44.6

#### 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-19)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:781952561003fb498a86

#### Resource Data

- Category: probable
- Tonnes: 3300000
- Grade: 47.3
- Grade Unit: g/t
- Contained Metal: 4.9
- Contained Unit: moz
- Cutoff Grade: 30
- Cutoff Unit: A$/t

#### Prior Estimate

- Resource Date: 2026-07-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Probable Reserve adds to the economically viable portion of the resource, contributing to the overall mine plan.

- Positive factor: High confidence reserve category \(Probable\)

- Positive factor: Contained silver \(4.9 Moz\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade disclosed

Evidence · table

> 47.3

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: 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-20)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:781952561003fb498a86

#### Resource Data

- Category: probable
- Tonnes: 3300000
- Grade: 0.21
- Grade Unit: %
- Contained Metal: 7
- Contained Unit: kt
- Cutoff Grade: 30
- Cutoff Unit: A$/t

#### Prior Estimate

- Resource Date: 2026-07-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Probable Reserve includes contained zinc, adding to the byproduct value of the project.

- Positive factor: High confidence reserve category \(Probable\)

- Positive factor: Contained zinc \(7 kt\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade disclosed

Evidence · table

> 0.21

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: 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

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-21)

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
- Reporting standards: jorc
- QP Signed: Yes
- Resource group id: resource:781952561003fb498a86

#### Resource Data

- Category: probable
- Tonnes: 3300000
- Grade: 0.15
- Grade Unit: %
- Contained Metal: 5
- Contained Unit: kt
- Cutoff Grade: 30
- Cutoff Unit: A$/t

#### Prior Estimate

- Resource Date: 2026-07-01

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The Probable Reserve includes contained lead, adding to the byproduct value of the project.

- Positive factor: High confidence reserve category \(Probable\)

- Positive factor: Contained lead \(5 kt\)

- Positive factor: JORC compliant estimate with QP sign-off

- Positive factor: Cut-off grade disclosed

Evidence · table

> 0.15

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: 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

### Fact 23

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-26)

Bowdens Silver Project

#### Identity

- Project: Bowdens Silver Project
- Region: australia\_nsw
- Reported Region: New South Wales, Australia
- Ticker: SVL

#### Resource scope

- Resource group id: resource:3eef4cfb32566973a476

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The expected IPC decision date provides a clear timeline for the final regulatory outcome, which is a significant de-risking event for the project.

- Positive factor: Clear timeline for final regulatory decision

Evidence · text

> Dec 2026 Expected IPC decision

#### 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

**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

### Fact 24

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-resource-facts-27)

#### Identity

- Ticker: SVL

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The equity placement secures substantial funding for the company's activities, although it involves shareholder dilution. The placement price is noted.

- Positive factor: Secured significant funding for project development

- Positive factor: Placement price at A$0.145

- Negative factor: Dilution from new share issuance

Evidence · text

> Two-tranche equity placement announced 23 September 2026 \(“Silver Mines Receives Firm Commitments to Raise $70 Million’\) issuing 482,758,621 new shares, of which 277,733,713 have been issued for Tranche 1. Tranche 2 shares subject to shareholder approval at the AGM on 26 November 2026.

#### 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

**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

## Metallurgical Results (3)

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-metallurgical-facts-22)

Bowdens Silver Project · silver

#### Identity

- Project: Bowdens Silver Project
- Commodity: silver
- Region: australia\_nsw
- Reported Region: New South Wales, Australia
- Ticker: SVL

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: Two stage crushing, two stage SAG and ball mill, bulk flotation for rougher conc. Concentrate regrind and two stage cleaning.
- Grind P80: 106 µm

#### Recovery

- Recovery: 82.1 %
- Recovery Basis: theoretical

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The modelled silver recovery of 82.1% is moderate for a flotation circuit, but the elimination of cyanide and standard metallurgy are positive aspects for project development.

- Positive factor: Cyanide eliminated from processing flow sheet

- Positive factor: Standard metallurgy

- Negative factor: Recovery is moderate for flotation \(82.1% vs strong benchmark of 85%\)

Evidence · text

> Silver recovery modelled at 82.1%

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Theoretical Recovery Only**

Polarity: negative

Definition: Only theoretical or liberation-derived recovery reported, with no actual test result.

Why it applies: recovery\_basis is theoretical

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-metallurgical-facts-23)

Bowdens Silver Project · zinc

#### Identity

- Project: Bowdens Silver Project
- Commodity: zinc
- Region: australia\_nsw
- Reported Region: New South Wales, Australia
- Ticker: SVL

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: Two stage crushing, two stage SAG and ball mill, bulk flotation for rougher conc. Concentrate regrind and two stage cleaning.
- Grind P80: 106 µm

#### Recovery

- Recovery: 90.5 %
- Recovery Basis: theoretical

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The modelled zinc recovery of 90.5% is strong for a flotation circuit, indicating efficient extraction of this byproduct metal.

- Positive factor: Strong recovery for zinc \(90.5% vs strong benchmark of 85%\)

- Positive factor: Cyanide eliminated from processing flow sheet

- Positive factor: Standard metallurgy

Evidence · text

> Zn at 90.5%

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Theoretical Recovery Only**

Polarity: negative

Definition: Only theoretical or liberation-derived recovery reported, with no actual test result.

Why it applies: recovery\_basis is theoretical

### flotation

[Link to this fact](https://atlas-staging.minestarters.com/news/svl-sydney-mining-club-investor-presentation--36762fd4-6d8f-43d3-a72e-339b0f5faf7f#fact-metallurgical-facts-24)

Bowdens Silver Project · lead

#### Identity

- Project: Bowdens Silver Project
- Commodity: lead
- Region: australia\_nsw
- Reported Region: New South Wales, Australia
- Ticker: SVL

#### Test Work

- Program Status: detailed
- Test Type: flotation
- Processing Route: Two stage crushing, two stage SAG and ball mill, bulk flotation for rougher conc. Concentrate regrind and two stage cleaning.
- Grind P80: 106 µm

#### Recovery

- Recovery: 80.8 %
- Recovery Basis: theoretical

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: The modelled lead recovery of 80.8% is moderate for a flotation circuit, contributing to the overall polymetallic recovery profile.

- Positive factor: Cyanide eliminated from processing flow sheet

- Positive factor: Standard metallurgy

- Negative factor: Recovery is moderate for flotation \(80.8% vs strong benchmark of 85%\)

Evidence · text

> Pb at 80.8%

#### Tags used in scoring

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: processing\_route matches the flotation signal

**Theoretical Recovery Only**

Polarity: negative

Definition: Only theoretical or liberation-derived recovery reported, with no actual test result.

Why it applies: recovery\_basis is theoretical

## 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.