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2026-11-06
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Silver Mines Limited

DFS Unfunded Developer · Silver · AU · US Rating locked: sign in to view v8.1 · svl-20261104t223126-full
Last 2026-11-06
A$0.12
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$306.3M
EV
A$271.2M
Cash
A$35.1M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$35.1M2025-06-30: 19,299,496 A$2026-06-30: 35,751,420 A$2026-09-30: 35,057,000 A$ Finite
Debt A$0 Net cash A$35.1M
Basic shares 2.6B 2026-09-29
Runway 1.7 quarters (cash 35.06m + committed tranche 2 29.73m) divided by the quarter to 30 Sep 2026 net operating and investing outflow of 38.21m; that outflow includes 19.76m one-off royalty buy-back payments. Excluding them, the underlying quarterly outflow of about 18.45m gives about 3.5 quarters.

Liquidity

Financial position

Funds cover pre-construction and exploration work but not construction: the DFS pre-production capital is A$454.5m, against about A$64.8m of cash and committed placement funds. Remaining funding needs debt or equity after the development consent.

Inventory composition1

Only livestock inventory; no ore, concentrate or metal inventory.

Livestock inventory (farm, held for sale)
A$487.6K carrying

Capital structure

Ownership and dilution

Ordinary shares
2.6B
Fully diluted
2.6B

30 Jun 2026: 2,219,374,185 shares (AR note 15). Sep 2026: + tranche 1 277,733,713 + Fitzroy consideration 51,724,138 + Asia Metals consideration 3,448,276 = 2,552,280,312 at 29 Sep 2026 (quotations). Pending: 205,024,908 tranche 2 shares. Options 17,173,749 and 12,000,000 performance rights per AR note 15; fully diluted here counts performance rights and the A$0.145 options only.

Security classes5
ClassTypeQuantityStrikeExpiry
Ordinary fully paid shares on issueOrdinary Share2.6B——
Options exercisable at A$0.145 expiring 18 Dec 2027Option9.7MA$0.1452027-12-18
Options exercisable at A$0.20 (financing milestone vesting)Option5MA$0.2—
Options exercisable at A$0.50 expiring 1 Mar 2028Option2.5MA$0.52028-03-01
Performance rights (market and milestone hurdles)Performance Right12M——

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY2025AFY2026A
Profit and loss
RevenueAUDmFY2025: 212,972 AUDFY2026: 511,107 AUD0.20.5
Operating and corporate costs (excluding D&A)AUDmFY2025: -4,164,548 AUDFY2026: -4,287,711 AUD(4.2)(4.3)
EBITDAAUDmFY2025: -3,951,576 AUDFY2026: -3,776,604 AUD(4.0)(3.8)
Net profit after taxAUDmFY2025: -3,768,394 AUDFY2026: -3,208,592 AUD(3.8)(3.2)
Cash flow
Operating cash flowAUDmFY2025: -2,550,383 AUDFY2026: -2,240,234 AUD(2.6)(2.2)
Capital expenditure (sustaining and growth)AUDmFY2025: -12,346,452 AUDFY2026: -24,126,754 AUD(12.3)(24.1)
Free cash flowAUDmFY2025: -14,896,835 AUDFY2026: -26,366,988 AUD(14.9)(26.4)
Balance sheet
Cash (year end)AUDmFY2025: 19,299,496 AUDFY2026: 35,751,420 AUD19.335.8
Interest-bearing debtAUDm0.00.0
Net debt (negative is net cash)AUDmFY2025: -19,299,496 AUDFY2026: -35,751,420 AUD(19.3)(35.8)
Per share
Shares on issue (pro forma)millionFY2025: 1,780 millionFY2026: 2,219 million1,7802,219
Basic earnings per shareAUD/shareFY2025: -0.00 AUD/shareFY2026: -0.00 AUD/share(0.00)(0.00)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY2025: -65.41 xFY2026: -68.44 x(65.4)(68.4)
P / E (x, current market cap)xFY2025: -77.89 xFY2026: -91.48 x(77.9)(91.5)
FCF yield (current market cap)%FY2025: -0.05 fractionFY2026: -0.09 fraction-5.1%-9.0%
EBITDA margin%FY2025: -18.55 fractionFY2026: -7.39 fraction-1855.4%-738.9%
Net debt / EBITDA (x)xFY2025: 4.88 xFY2026: 9.47 x4.99.5

KPI history

Operating metrics

Source values by period
Operating metric source table6
MetricProjectPeriodPeriod typeValueStatus
Cash at 30 June 2025CompanyFY2025Point In Time19,299,496 AUDReported
Cash at 30 June 2026CompanyFY2026Point In Time35,751,420 AUDReported
Cash at 30 September 2026CompanyQ1 FY2027Point In Time35,057,000 AUDSource Derived
Revenue (farm and other) FY2026CompanyFY2026Year511,107 AUDReported
Revenue (farm and other) FY2025CompanyFY2025Year212,972 AUDReported
Interest-bearing debt at 30 June 2026CompanyFY2026Point In Time0 AUDReported

Capital history

Capital events

7 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-23RaisingOrdinary SharesA$29.7M205MA$0.145AnnouncedTranche 2 (204,335,252 institutional shares and 689,656 director shares) subject to shareholder approval at the 26 Nov 2026 meeting; allotment expected 3 Dec 2026.Max 205M · Until 2026-12-03 · Petra Capital (sole lead manager) · Holder approval required
2026-09-29Ann. 2026-09-21RaisingOrdinary SharesA$40.3M277.7MA$0.145CompletedTranche 1 under ASX LR 7.1 capacity; settled 28 Sep 2026, allotted 29 Sep 2026.Petra Capital (sole lead manager), Morgans Corporate (co-manager)
2026-09-29Ann. 2026-09-21RaisingA$7.5M51.7M—Completed—
2026-09-29Ann. 2026-09-21RaisingA$500K3.4M—Completed—
2025-08-29Ann. 2025-08-05RaisingA$33M283.9M—Completed—
2025-07-01Ann. 2025-06-12RaisingA$2.7M23.5M—Completed—
2025-07-01Ann. 2025-06-12RaisingA$4.5M39M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-04

Royalty buy-backs completed 29 Sep 2026; Kramer Hills farm-in is the only live contract disclosed; other private royalties on tenements are summarised in the DFS and not individually named.

Extinguished: the 2% (reducing to 1%) NSR was bought back and extinguished on 29 Sep 2026; modelled as removed from project cash flows in the restatement.

Royalty · Terminated
Counterparties
Royalco Resources Pty Ltd (Fitzroy River Corporation Ltd)
Applies to
Bowdens Silver Project (NSW) · Silver
Economic direction
Burden
Period
Through 2026-09-29; start date not stated
Key terms
Royalty rate: 2 % NSR
Buy-back consideration cash: 10,000,000 AUD
Buy-back consideration shares: 7,500,000 AUD
Completion: —
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Acquired 100% of Asia Metals 4 Pty Ltd, which held the royalty; royalty extinguished on completion.

Royalty · Terminated
Counterparties
Asia Metals 4 Pty Ltd
Applies to
Bowdens Silver Project (NSW) · Silver
Economic direction
Burden
Period
Through 2026-09-29; start date not stated
Key terms
Royalty rate: 1 % gross revenue
Acquisition cash: 8,000,000 AUD
Acquisition shares: 500,000 AUD
Completion: —
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

Remaining private royalty burdens on other Bowdens tenements; modelled as a residual cost of 0.35% of revenue in the restatement; counterparties and terms are not fully disclosed in the documents read.

Royalty · Active
Counterparties
Private royalty holders (not named in documents read)
Applies to
Bowdens Silver Project (NSW) · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
Other royalties residual: 0.35 % revenue
Royalty over tenements EL6354 and others: 1 % GR
How it affects our valuation

No valuation treatment is available for this arrangement.

Farm-in under which the company funds exploration to earn an interest in Lustrum Exploration Corp (Kramer Hills). Earn-in spend remaining is a cash obligation, deducted in the bridge; no interest is valued before it is earned.

Farm In · Active
Counterparties
Lustrum Gold Corp
Applies to
Kramer Hills Gold-Silver Project (farm-in, California) · Gold · Silver
Economic direction
Mixed
Period
From 2025-07-01; no end date stated
Key terms
Interest earned: 0 %
First earn-in expenditure: 3,500,000 USD
Landholder payment: 1,250,000 USD
Initial payments made: 500,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.