Silver Mines Launches Oversubscribed $70M Placement to Advance Bowdens Silver Project

$70 million placement secures firm commitments as SVL advances Bowdens Silver Project

Silver Mines Limited (ASX: SVL) has received firm commitments for a $70 million two-tranche placement at $0.145 per share, with demand exceeding the funds raised. The offer price represents a 10.0% discount to the 5-trading day volume weighted average price (VWAP) to 18 September 2026, and saw strong participation from both existing and new institutional, professional and sophisticated investors, including highly credentialled Australian and international participants. A total of 482,758,621 new fully paid ordinary shares will be issued under the placement.

How the capital will be deployed

After costs, the funds raised are intended to be used for the following purposes:

• Bowdens Silver Project development consent approvals and engineering studies
• Cash consideration for the acquisition of the Fitzroy Royalty and Asia Metals Royalty (refer to the ASX announcement dated 21 September 2026)
• Ongoing community and freehold purchases, including property purchases and land access agreements
• Continued exploration at the Calico North Project, Kramer Hills Project (United States), and New South Wales projects including the Tuena Project
• Business development opportunities
• General working capital

One of these uses relates directly to royalty acquisitions announced separately on 21 September 2026. Financial terms for those acquisitions are not disclosed in this announcement.

Understanding silver development-stage placements

Silver developers at SVL’s stage typically raise equity capital through placements rather than debt, because project revenues are still years away and lenders require cash flow security that pre-production companies cannot offer. A placement allows the company to bring in institutional and sophisticated investors at a defined price without the time and cost of a full prospectus process.

“Development consent approvals” refers to the regulatory permissions required before construction can begin, while “engineering studies” are the technical feasibility and design work that underpin those applications. Together, they form the critical pre-construction corridor every mining project must navigate.

The fact that demand exceeded the funds raised is a meaningful signal. Oversubscription in a placement of this size indicates that institutional investors, who conduct their own detailed due diligence, saw sufficient confidence in the Bowdens Silver Project to compete for allocations.

Placement structure and key dates

The placement is structured across two tranches. Tranche 1 comprises 277,733,713 shares, issued unconditionally to institutional, professional and sophisticated investors under ASX Listing Rule 7.1. Tranche 2 comprises 204,335,252 shares to institutional and sophisticated investors, plus 689,656 Director Placement Shares issued to directors or their nominees, both subject to shareholder approval at the company’s annual general meeting (AGM).

The Director Placement Shares align management interests with those of shareholders by ensuring directors participate in the raise on the same terms.

Petra Capital acted as Sole Lead Manager and Sole Bookrunner. Morgans Corporate Limited acted as Co-Manager. All new shares will rank pari passu (equally) with existing Silver Mines ordinary shares from their respective dates of issue.

The indicative timetable for key events is set out below. Note that this timetable is indicative only and subject to change.

Jo Battershill, Managing Director, Silver Mines

“We are very pleased with the strong support received for the Placement from both existing and new institutional, professional and sophisticated investors. The level of interest reflects the quality of the Bowdens Silver Project and the significant opportunity we see ahead for Silver Mines.

The Placement provides us with a strengthened funding position and greater certainty as we continue to progress Bowdens through the development consent and engineering processes, while also allowing us to maintain momentum across our broader exploration portfolio and pursue opportunities that can add further value to the Company.

We thank our existing shareholders and new investors for their support and look forward to delivering on the opportunities ahead as we continue to advance Silver Mines towards the next stage of its growth.”

Why the raise matters for SVL shareholders

1. Strengthened balance sheet reduces execution risk. The $70 million raise gives Silver Mines greater certainty to progress Bowdens through the development consent and engineering study phase, the pre-construction corridor where many projects stall due to funding gaps.

2. Oversubscribed demand validates institutional confidence. When demand exceeds funds raised in a placement of this scale, it reflects that institutions with access to independent research chose to compete for stock. That kind of external validation carries weight.

3. Royalty acquisitions add portfolio breadth. The Fitzroy Royalty and Asia Metals Royalty acquisitions, funded in part from this raise and announced on 21 September 2026, add royalty exposure to the company’s asset base.

4. Exploration funding preserves optionality. Continued funding across US projects (Calico North, Kramer Hills) and NSW projects including Tuena means the company maintains active resource-growth programmes alongside its primary development focus.

The next material catalysts for shareholders are the progression of Bowdens development consent approvals and the 26 November 2026 AGM, where shareholder approval for the Tranche 2 shares and Director Placement Shares will be sought.

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