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- Last 2026-11-06
- A$0.12
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- Mkt cap
- A$306.3M
- EV
- A$271.2M
- Cash
- A$35.1M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 24All sources ▸- Quarterly Activities and Appendix 5B, quarter to 30 September 2026Results
- Notice of Annual General Meeting and general meeting (26 November 2026)Governance
- Date of AGM and closing date for director nominationsGovernance
- Sydney Mining Club investor presentation (October 2026)Presentation
- Silver Mines Annual Report FY2026 (year to 30 June 2026)Results
- Completion of the royalty buy-backs (29 September 2026)Economic Arrangement
- Application for quotation: tranche 1 placement shares (277,733,713)Financing
- Application for quotation: Fitzroy consideration shares (51,724,138)Economic Arrangement
- Application for quotation: Asia Metals consideration shares (3,448,276)Economic Arrangement
- Firm commitments to raise A$70 millionFinancing
- Capital raising investor presentation (September 2026)Financing
- Launch of A$70 million placement at A$0.145 per shareFinancing
Event calendar · next 12 months
7 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| IPC public hearing held 14-15 Oct 2026; determination expected on or before 9 Dec 2026 (85 days from DPHI supplementary advice) | NSW IPC determination on the Bowdens development application (redetermination), on or before 9 Dec 2026 | Permitting | Company Guided | High | Development consent is the gating item for the DFS; a refusal removes the Bowdens value. |
| Two years from commencement on 1 July 2025 (AR p24-25) | Kramer Hills first earn-in: US$3.5m exploration spend and US$1.25m landholder payment (August 2026) within the two-year window | Exploration | Inferred | Medium | Drilling and spend under the farm-in define whether the company earns 50% of Kramer Hills. |
| 26 Nov 2026, 11:00am (AEDT), Sydney | AGM and general meeting: approval of tranche 2 placement shares (A$29.7m) and Chair succession | Governance | Confirmed | High | Tranche 2 is the balance of the A$70m placement; Joel Fitzgibbon succeeds Keith Perrett as Chair after the AGM. |
| Settlement 2 Dec and allotment 3 Dec 2026 (indicative, subject to approval) | Settlement and allotment of tranche 2 placement shares (205,024,908 at A$0.145) | Financing | Company Guided | High | Adds A$29.7m cash and about 205m shares (7.4% dilution of the pro forma basic count). |
| Due within one month of quarter end under ASX Listing Rule 4.7B | Quarterly activities and Appendix 5B for the quarter to 31 Dec 2026 | Results | Confirmed | Medium | Shows the cash burn after the royalty buy-backs and placement proceeds. |
| Due within two months of half-year end | Half-year report to 31 Dec 2026 | Results | Confirmed | Medium | First half-year after the DFS and royalty buy-backs; updates the cash bridge and capital structure. |
| Follows development consent; no date given | Start of FEED and development decision after consent (timing not set) | Construction Or Commissioning | Company Guided | High | Capital raising, financing structure and dilution are decided at this point. |
Executive roster
As of 2026-11-04Background checks ▸Executive team per the FY26 annual report corporate directory and the Chair letter (CFO appointment); non-executive directors Perrett, Podagiel, Dennis, Brook and Fitzgibbon are excluded from the executive roster.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Jonathan Battershill | Managing Director | Executive Director · Chief Executive | — | Silver Mines Annual Report FY2026 (year to 30 June 2026) |
| David Morgan | Chief Financial Officer | Finance | — | Silver Mines Annual Report FY2026 (year to 30 June 2026) |
| Trent Franklin | Company Secretary | Company Secretary | — | Silver Mines Annual Report FY2026 (year to 30 June 2026) |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Bowdens Silver Project (NSW)
AU
DFS Unfunded Developer100% ownedSilverZincLeadGold
DFS completed July 2026; NSW development consent set aside in 2024 and under redetermination (IPC determination expected by 9 Dec 2026); unfunded pre-production capital of about A$455m.
- Study
- Definitive feasibility study (DFS), Lycopodium, July 2026
- Post-tax NPV (study prices, attributable)
- A$735.8md
- NPV restated at our deck (attributable)
- Locked
- IRR
- 2,620.0%s
- Initial capex (100%)
- A$454.5ms
- Capital intensity
- A$142/(oz/yr)d
- LoM AISC
- A$32.91/ozs
- Mine life
- 26.0 yrss
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$735.8M5% discount
IRR26.2%Published return
Initial capexA$454.5MPublished capital estimate
Operating cost32.91AUD/oz
NPVA$1.4B5% discount
Initial capexA$454.5MPublished capital estimate
Operating cost32.91AUD/oz
DFS base case: LOM Stage 1 and 2, US$45/oz real, A$:US$ 0.70, post-tax, 100% equity, real terms
DFS spot case: US$61/oz, A$:US$ 0.69, LOM post-tax (study table 1.21.5)
Resources & reserves7
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | measured | 105 Mt | Ag 41 g/t | Silver | 2026-07-21 |
| Mineral Resource | indicated | 38 Mt | Ag 23 g/t | Silver | 2026-07-21 |
| Mineral Resource | inferred | 30 Mt | Ag 16 g/t | Silver | 2026-07-21 |
| Mineral Resource | total | 173 Mt | Ag 33 g/t | Silver · Zinc · Lead · Gold | 2026-07-21 |
| Ore Reserve | proved | 44.6 Mt | Ag 61.7 g/t | Silver | 2026-07-21 |
| Ore Reserve | probable | 3.3 Mt | Ag 47.3 g/t | Silver | 2026-07-21 |
| Ore Reserve | total | 47.9 Mt | Ag 60.8 g/t | Silver · Zinc · Lead | 2026-07-21 |
Tenements2
Milestones3
- IPC determination on the Bowdens development application (redetermination)
Pending · High materiality
- Shareholder approval of tranche 2 placement shares at the AGM
Pending · High materiality
- Front-end engineering and design (FEED) commences after the DFS
Pending · Medium materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| NSW development consent SSD-5765 (redetermination) | NSW | Pending | — | Yes |
| Federal EPBC approval | Commonwealth | Required | — | Yes |
| State mining lease | NSW | Required | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Bowdens Definitive Feasibility Study (Lycopodium, July 2026) | DFS | Current | 2026-07-21 | LOM 26 years, Stage 1 development 16.75 years; 2.0 Mtpa; post-tax NPV5 A$735.8m, pre-tax A$1,043.3m, IRR 26.2% post-tax; initial capex A$454.5m; AISC A$32.91/oz. |
| December 2024 optimisation study (superseded) | PFS | Superseded | 2024-12-20 | Superseded study: post-tax NPV5 A$253m, initial capex A$331m, 16-year life. |
Material
Calico North Silver Project (San Bernardino County, California)
US
Early Explorer100% ownedSilver
Acquired 100% in July 2025 (consideration A$5.44m capitalised); brownfield silver exploration, no resource estimate in the documents read.
- Ownership
- 10,000.0%
- Commodity
- Agr
- Country
- USr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Material
Kramer Hills Gold-Silver Project (farm-in, California)
US
Early Explorer0% ownedGoldSilver
Farm-in with Lustrum Gold: currently no earned interest; right to earn 50% after US$3.5m exploration, up to 80% with further payments.
- Ownership
- 0.0%
- Commodity
- Aur
- Country
- USr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Milestones1
- First earn-in (50%) requires US$3.5m exploration expenditure within two years of commencement
Pending · Medium materiality
Other
Tuena Project (gold/silver, NSW)
AU
Early Explorer100% ownedGoldSilver
100% owned exploration project 80 km south of Orange, NSW; no resource estimate in the documents read.
- Ownership
- 10,000.0%
- Commodity
- Aur
- Country
- AUr
- Best recent intercept (grade x width)
- —
- Metres drilled (12M)
- —
- Exploration spend (12M)
- —
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares on issue | Ordinary Share | 2.6B | — | — |
| Options exercisable at A$0.145 expiring 18 Dec 2027 | Option | 9.7M | A$0.145 | 2027-12-18 |
| Options exercisable at A$0.20 (financing milestone vesting) | Option | 5M | A$0.2 | — |
| Options exercisable at A$0.50 expiring 1 Mar 2028 | Option | 2.5M | A$0.5 | 2028-03-01 |
| Performance rights (market and milestone hurdles) | Performance Right | 12M | — | — |
Actuals and forecasts
Financial statements
| AUD | Unit | Trend | FY2025A | FY2026A |
|---|---|---|---|---|
| Profit and loss | ||||
| Revenue | AUDm | 0.2 | 0.5 | |
| Operating and corporate costs (excluding D&A) | AUDm | (4.2) | (4.3) | |
| EBITDA | AUDm | (4.0) | (3.8) | |
| Net profit after tax | AUDm | (3.8) | (3.2) | |
| Cash flow | ||||
| Operating cash flow | AUDm | (2.6) | (2.2) | |
| Capital expenditure (sustaining and growth) | AUDm | (12.3) | (24.1) | |
| Free cash flow | AUDm | (14.9) | (26.4) | |
| Balance sheet | ||||
| Cash (year end) | AUDm | 19.3 | 35.8 | |
| Interest-bearing debt | AUDm | 0.0 | 0.0 | |
| Net debt (negative is net cash) | AUDm | (19.3) | (35.8) | |
| Per share | ||||
| Shares on issue (pro forma) | million | 1,780 | 2,219 | |
| Basic earnings per share | AUD/share | (0.00) | (0.00) | |
| Dividends per share | AUD/share | 0.00 | 0.00 | |
| Multiples and ratios | ||||
| EV / EBITDA (x, current EV) | x | (65.4) | (68.4) | |
| P / E (x, current market cap) | x | (77.9) | (91.5) | |
| FCF yield (current market cap) | % | -5.1% | -9.0% | |
| EBITDA margin | % | -1855.4% | -738.9% | |
| Net debt / EBITDA (x) | x | 4.9 | 9.5 | |
KPI history
Operating metrics
Operating metric source table6
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash at 30 June 2025 | Company | FY2025 | Point In Time | 19,299,496 AUD | Reported |
| Cash at 30 June 2026 | Company | FY2026 | Point In Time | 35,751,420 AUD | Reported |
| Cash at 30 September 2026 | Company | Q1 FY2027 | Point In Time | 35,057,000 AUD | Source Derived |
| Revenue (farm and other) FY2026 | Company | FY2026 | Year | 511,107 AUD | Reported |
| Revenue (farm and other) FY2025 | Company | FY2025 | Year | 212,972 AUD | Reported |
| Interest-bearing debt at 30 June 2026 | Company | FY2026 | Point In Time | 0 AUD | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-09-23 | RaisingOrdinary Shares | A$29.7M | 205M | A$0.145 | Announced | Tranche 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. 2026-09-21 | RaisingOrdinary Shares | A$40.3M | 277.7M | A$0.145 | Completed | Tranche 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. 2026-09-21 | Raising | A$7.5M | 51.7M | — | Completed | — |
| 2026-09-29Ann. 2026-09-21 | Raising | A$500K | 3.4M | — | Completed | — |
| 2025-08-29Ann. 2025-08-05 | Raising | A$33M | 283.9M | — | Completed | — |
| 2025-07-01Ann. 2025-06-12 | Raising | A$2.7M | 23.5M | — | Completed | — |
| 2025-07-01Ann. 2025-06-12 | Raising | A$4.5M | 39M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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Sensitivity lab
Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This initial public-source management review covers the selected company.json roster plus issuer-confirmed current management additions. Career histories are unevenly documented, and role-specific achievements are often issuer-reported rather than independently attributable.
Decision-relevant facts
Material summary
Jonathan Battershill
Managing Director
EnvironmentDocumented · High materiality
Bowdens development consent overturned; project determination remains pending
The NSW Court of Appeal set aside the 2023 Bowdens Silver development consent in August 2024 after finding the assessment had failed to consider an environmental impact of the project’s required powerline. The IPC’s case page states the application remained pending, with a new panel to continue the hearing and determine it; case updates and party responses were still appearing on 9 October 2026. This is a project approval setback and not a personal misconduct finding.
Role overlaps event; causation unproven · Jonathan Battershill was Managing Director during the project approval and reversal period. The reviewed sources establish tenure overlap and project oversight only; they do not establish that he personally caused the legal error.
Bingman Catchment Landcare Group Inc v Bowdens Silver Pty Ltd [2024] NSWCA 205 · Judgment, findings on required transmission line and biodiversity impact
Bowdens Silver project assessment and case updates · Case update and 2026 documents, lines 322–324 and 397–403
Evidence gaps · 2
- The IPC case remained pending at cutoff following the Court of Appeal’s 2024 consent reversal; no final 2026 determination was available by 9 October.
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Trent Franklin
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 1
- Open-web searches do not constitute an exhaustive criminal, sanctions, litigation, regulator, safety or credential check; sources outside the documented search scope may exist.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-22 · 2,219,374,185 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 11.14% | 247,158,557 | |
| 2 | 8.62% | 191,273,844 | |
| 3 | 6.54% | 145,195,670 | |
| 4 | 3.06% | 67,990,270 | |
| 5 | 1.91% | 42,416,611 | |
| 6 | 1.28% | 28,446,883 | |
| 7 | 0.70% | 15,471,150 | |
| 8 | 0.59% | 13,066,381 | |
| 9 | 0.58% | 12,850,000 | |
| 10 | 0.46% | 10,123,175 | |
| 11 | 0.41% | 9,208,246 | |
| 12 | 0.40% | 8,848,626 | |
| 13 | 0.40% | 8,785,654 | |
| 14 | 0.38% | 8,500,000 | |
| 15 | 0.34% | 7,483,478 | |
| 16 | 0.33% | 7,266,667 | |
| 17 | 0.30% | 6,735,068 | |
| 18 | 0.27% | 6,000,000 | |
| 19 | 0.27% | 5,922,001 | |
| 20 | 0.23% | 5,138,487 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 5.43%Voting power | 2026-06-16 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Annual-report register is dated 22 September 2026; later capital-raising announcements may have changed the share denominator, but no newer complete registered-holder list was located by the cutoff.
- Substantial-holder percentage is reported on the notice-date denominator; later capital issues make it unsuitable as a current percentage.
- Nominee/custodian rows are registered accounts; underlying beneficial holders were not inferred.
Sources
- Annual Report 2026
Silver Mines Limited / ASX · Published 2026-09-30 · Accessed 2026-10-09
Dated registered ordinary-share top-20 table, percentages, and issued-capital denominator.
PDF p. 102, “20 Largest Holders of Ordinary Shares and their holdings at 22 September 2026” and total issued capital.
- Becoming a substantial holder (Form 603)
Franklin Resources, Inc. / ASX · Published 2026-06-19 · Accessed 2026-10-09
Franklin Resources, Inc. and affiliates disclosed 119,419,866 ordinary shares, 5.43% voting power on 2,198,902,096 shares, held through Franklin Advisers, Inc.; registered holder JPMorgan Chase Bank, N.A.
PDF pp. 1 and 4, sections 1–4 and Annexure B; holder became substantial on 16 June 2026.
Disclosed activity
Insider transactions
Trading activity2 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-09-03 | Keith PerrettLehavo Pty Ltd
Details & evidence for Keith Perrett on 2025-09-03As disclosed: 250,000 shares acquired under the SPP at A$0.12/share for A$30,000.
Lehavo Pty Ltd · director and shareholder; indirect interest held through Lehavo Pty Ltd Change of Director's Interest Notice - K Perrett ↗ | SubscriptionOrdinary shares | 250,000 | AUD 30,000.00 | AUD 0.12Disclosed price | — |
| 2024-01-17 | Jonathan BattershillJJB Advisory Limited
Details & evidence for Jonathan Battershill on 2024-01-17As disclosed: 4,000,000 rights vest after 10-day VWAP at or above A$0.50 provided successful mine commissioning has occurred; expire 31 December 2026.
JJB Advisory Limited · director of JJB Advisory Limited; indirect interest Change of Director's Interest Notice - J Battershill ↗ | GrantUnquoted performance rights PR3, VWAP hurdle A$0.50, expiry 2026-12-31 | 4,000,000 | —Non Cash | — | — |
| 2024-01-17 | Jonathan BattershillJJB Advisory Limited
Details & evidence for Jonathan Battershill on 2024-01-17As disclosed: 4,000,000 rights vest after 10-day VWAP at or above A$0.40 provided commencement of mine construction has occurred; expire 31 December 2026.
JJB Advisory Limited · director of JJB Advisory Limited; indirect interest Change of Director's Interest Notice - J Battershill ↗ | GrantUnquoted performance rights PR2, VWAP hurdle A$0.40, expiry 2026-12-31 | 4,000,000 | —Non Cash | — | — |
| 2024-01-17 | Jonathan BattershillJJB Advisory Limited
Details & evidence for Jonathan Battershill on 2024-01-17As disclosed: 4,000,000 rights vest after 10-day VWAP at or above A$0.30; expire 31 December 2026.
JJB Advisory Limited · director of JJB Advisory Limited; indirect interest Change of Director's Interest Notice - J Battershill ↗ | GrantUnquoted performance rights PR1, VWAP hurdle A$0.30, expiry 2026-12-31 | 4,000,000 | —Non Cash | — | — |
| 2023-04-19 | Kristen PodagielBlue Furry Monster Holdings Pty Ltd as trustee for the Grover Podagiel Family Trust
Details & evidence for Kristen Podagiel on 2023-04-19As disclosed: 312,500 ordinary shares acquired through trustee company as part of the company placement for A$50,000.
Blue Furry Monster Holdings Pty Ltd as trustee for the Grover Podagiel Family Trust · director of trustee company; indirect holding Change of Director's Interest Notice ↗ | SubscriptionOrdinary shares | 312,500 | AUD 50,000.00 | AUD 0.16Disclosed price | — |
Disclosed holding observations5 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2023-12-31 | Anthony McClure
Details & evidence for Anthony McClure on 2023-12-31
McClure Family Superannuation Pty Ltd ATF McClure Family Super Fund · director; relevant indirect interest Georgina King · spouse; disclosed indirect interest Frederick McClure · son; disclosed indirect interest Hugo McClure · son; disclosed indirect interest Final Director's Interest Notice ↗ | FinalOrdinary shares | 26,445,313 | — |
| 2023-12-31 | Anthony McClure
Details & evidence for Anthony McClure on 2023-12-31
McClure Family Superannuation Pty Ltd ATF McClure Family Super Fund · director; relevant indirect interest Georgina King · spouse; disclosed indirect interest Frederick McClure · son; disclosed indirect interest Hugo McClure · son; disclosed indirect interest Final Director's Interest Notice ↗ | FinalOrdinary shares | 10,000,001 | — |
| 2023-12-31 | Anthony McClure
Details & evidence for Anthony McClure on 2023-12-31
McClure Family Superannuation Pty Ltd ATF McClure Family Super Fund · director; relevant indirect interest Georgina King · spouse; disclosed indirect interest Frederick McClure · son; disclosed indirect interest Hugo McClure · son; disclosed indirect interest Final Director's Interest Notice ↗ | FinalOrdinary shares | 2,389,063 | — |
| 2023-12-31 | Anthony McClure
Details & evidence for Anthony McClure on 2023-12-31
McClure Family Superannuation Pty Ltd ATF McClure Family Super Fund · director; relevant indirect interest Georgina King · spouse; disclosed indirect interest Frederick McClure · son; disclosed indirect interest Hugo McClure · son; disclosed indirect interest Final Director's Interest Notice ↗ | FinalOrdinary shares | 2,389,063 | — |
| 2023-12-31 | Anthony McClure
Details & evidence for Anthony McClure on 2023-12-31
McClure Family Superannuation Pty Ltd ATF McClure Family Super Fund · director; relevant indirect interest Georgina King · spouse; disclosed indirect interest Frederick McClure · son; disclosed indirect interest Hugo McClure · son; disclosed indirect interest Final Director's Interest Notice ↗ | FinalOrdinary shares | 7,854,688 | — |
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Narrative and provenance
Research & Sources
AI Analyst Report
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Sign in or enter a guest codeChronological evidenceSource-document inventory29 documents
SVL close A$0.115 on 4 Nov 2026 (local ASX daily price, reference price)Market Data · HighMetadata Only
Reference price: local ASX close A$0.115 on 2026-11-04 (fresh, 0 days), volume 3,578,371, one ASX SVL ordinary share, from miners.reference_price with the local price database; 52-week range A$0.105-0.28; avg traded value 20d A$1.16m.
- Document ID
- svl-market-price-2026-11-04
- Published UTC
- 2026-11-04T00:00:00+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Silver spot US$49.75/oz (daily average, published 3 Nov 2026), metal price databaseCommodity Data · HighMetadata Only
Silver spot US$49.75/oz (daily average published 2026-11-03, Gold API XAG series, stored in the local metal price database); AUD/USD about 0.69-0.70 from fx_rates at 30 Oct 2026. DFS spot case was US$61/oz (July 2026).
- Document ID
- svl-silver-spot-2026-11-03
- Published UTC
- 2026-11-04T00:00:00+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Top-20 register and substantial holders, SVL (local research product)Other · MediumMetadata Only
Local ownership product (cutoff 9 Oct 2026): top-20 register as at 22 Sep 2026 (847,880,768 shares, 38.2%) and substantial-holder notices; used for ownership context only.
- Document ID
- svl-investors-register
- Published UTC
- 2026-11-04T00:00:00+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Management assessment summary, SVL (local research product)Leadership · MediumMetadata Only
Local management review with external background checks (public sources, cutoff applied); used for leadership context, its score is not reproduced in the report.
- Document ID
- svl-management-summary
- Published UTC
- 2026-11-04T00:00:00+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Quarterly Activities and Appendix 5B, quarter to 30 September 2026Results · HighExtracted
Quarter to 30 Sep 2026: cash A$35.06m after A$40.3m tranche 1 placement proceeds and A$19.8m royalty buy-back payments; operating outflow A$0.97m; investing outflow A$37.2m; 2026 Oct placement tranche 2 pending.
- Document ID
- svl-q1-fy27-5b
- Published UTC
- 2026-10-29T21:39:15+00:00
- Projects
- bowdens-silver-project · calico-north · kramer-hills · tuena
- Commodities
- silver · zinc · lead · gold
Notice of Annual General Meeting and general meeting (26 November 2026)Governance · MediumExtracted
Notice for the 26 Nov 2026 AGM, including resolution 3 approving tranche 2 placement shares and resolution 6 ratifying the Fitzroy consideration shares.
- Document ID
- svl-agm-notice-2026-10
- Published UTC
- 2026-10-25T21:41:45.000+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Date of AGM and closing date for director nominationsGovernance · LowExtracted
Confirms the AGM date and the nomination closing date.
- Document ID
- svl-agm-date-2026-10
- Published UTC
- 2026-10-07T21:51:24+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Sydney Mining Club investor presentation (October 2026)Presentation · LowExtracted
October 2026 investor presentation: approvals timetable (IPC hearing 14-15 Oct 2026) and funding context.
- Document ID
- svl-smc-2026-10
- Published UTC
- 2026-09-30T23:43:53+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Silver Mines Annual Report FY2026 (year to 30 June 2026)Results · HighExtracted
FY26 audited annual report: loss of A$3.21m, revenue A$0.51m (farm), cash A$35.75m at 30 June 2026, nil debt, 2,219,374,185 shares, Bowdens Ore Reserve 93.5 Moz Ag from July 2026 DFS, Kramer Hills earn-in terms, Calico North consideration.
- Document ID
- svl-ar-fy26
- Published UTC
- 2026-09-29T23:45:59+00:00
- Projects
- bowdens-silver-project · calico-north · kramer-hills · tuena
- Commodities
- silver · zinc · lead · gold
Completion of the royalty buy-backs (29 September 2026)Economic Arrangement · HighExtracted
Completed 29 Sep 2026 for A$18m cash and A$8m in shares at A$0.145 (51,724,138 and 3,448,276 shares); royalty obligations extinguished.
- Document ID
- svl-royalty-buyback-complete
- Published UTC
- 2026-09-29T00:16:44+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Application for quotation: tranche 1 placement shares (277,733,713)Financing · MediumExtracted
Appendix 2A for 277,733,713 tranche 1 placement shares issued 29 Sep 2026; total ordinary shares after issue 2,497,107,898 (before the royalty consideration issues).
- Document ID
- svl-quote-tr1-2026-09
- Published UTC
- 2026-09-28T23:16:59+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Application for quotation: Fitzroy consideration shares (51,724,138)Economic Arrangement · LowExtracted
Appendix 2A for 51,724,138 consideration shares issued 29 Sep 2026 for the Fitzroy royalty buy-back.
- Document ID
- svl-quote-fitzroy-2026-09
- Published UTC
- 2026-09-28T23:20:14+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Application for quotation: Asia Metals consideration shares (3,448,276)Economic Arrangement · LowExtracted
Appendix 2A for 3,448,276 consideration shares issued 29 Sep 2026 for the Asia Metals acquisition; total on issue 2,222,822,461 after this issue.
- Document ID
- svl-quote-asia-2026-09
- Published UTC
- 2026-09-28T23:26:19+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Firm commitments to raise A$70 millionFinancing · HighExtracted
Firm commitments for the A$70m placement: 277,733,713 tranche 1 shares, 204,335,252 tranche 2 institutional shares and 689,656 director shares subject to approval.
- Document ID
- svl-placement-commit-2026-09
- Published UTC
- 2026-09-22T23:23:08+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Capital raising investor presentation (September 2026)Financing · MediumExtracted
Presentation for the A$70m placement: use of funds including royalty buy-backs, land and approvals; funding gap to development capital.
- Document ID
- svl-capraise-2026-09
- Published UTC
- 2026-09-20T23:57:04+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Launch of A$70 million placement at A$0.145 per shareFinancing · HighExtracted
A$70m two-tranche placement at A$0.145 (10% discount to 5-day VWAP): tranche 1 277,733,713 shares settled 28 Sep 2026; tranche 2 205,024,908 shares subject to the November 2026 AGM.
- Document ID
- svl-placement-2026-09
- Published UTC
- 2026-09-20T23:56:45+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Bowdens royalty buy-backs: Fitzroy 2% NSR and Asia Metals 1% GREconomic Arrangement · HighExtracted
Agreements to extinguish the Fitzroy River royalty (2% NSR, 1% after US$5m) for A$10.0m cash plus A$7.5m shares, and to acquire Asia Metals (1% GR after 20 Moz silver) for A$8.0m cash plus A$0.5m shares.
- Document ID
- svl-royalty-buyback-2026-09
- Published UTC
- 2026-09-20T23:51:09+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Fitzroy River Corporation: sale of Bowdens silver royalty for A$17.5mEconomic Arrangement · MediumExtracted
Counterparty release: Royalco to sell the Bowdens royalty for A$17.5m (A$10m cash, A$7.5m SVL shares), conditional on a A$50m placement.
- Document ID
- svl-fzr-royalty-sale
- Published UTC
- 2026-09-20T23:37:24+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Board changes: Brook and Fitzgibbon appointed; Chair Perrett to retireLeadership · HighExtracted
Non-executive directors Nicole Brook and Joel Fitzgibbon appointed effective 17 Sep 2026; Chair Keith Perrett retires after the November 2026 AGM and Fitzgibbon succeeds him.
- Document ID
- svl-board-2026-08
- Published UTC
- 2026-08-26T22:53:35+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Quarterly Activities and Appendix 5B, quarter to 30 June 2026Results · MediumExtracted
Quarter to 30 June 2026 Appendix 5B and activities report: DFS-related spending and land acquisition settlement; used for quarterly cash trend.
- Document ID
- svl-q4-fy26-5b
- Published UTC
- 2026-07-30T22:42:09+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver · zinc · lead · gold
Investor presentation (July 2026)Presentation · MediumExtracted
Investor presentation following the DFS: development pathway, project economics and approvals timeline.
- Document ID
- svl-ip-2026-07
- Published UTC
- 2026-07-22T23:00:00+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Bowdens Definitive Feasibility Study and updated Mineral Resource and Ore Reserve (21 July 2026)Study · HighExtracted
Lycopodium-led DFS (July 2026): Stage 1 plus Stage 2 LOM 26 years, 48.2 Mt mill feed at 60.6 g/t Ag, payable Ag 73.2 Moz, initial capex A$454.5m incl. pre-production, post-tax NPV5 A$735.8m (real, US$45/oz base) and spot case A$1,414.6m LOM.
- Document ID
- svl-dfs-2026
- Published UTC
- 2026-07-21T00:00:58+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver · zinc · lead · gold
Strategic land acquisition adjacent to Bowdens (A$12.5m)Transaction · MediumExtracted
Freehold land and water entitlements adjacent to Bowdens for A$12.5m cash (A$1.76m paid, balance settled July 2026).
- Document ID
- svl-land-acq-2026-05
- Published UTC
- 2026-05-25T22:31:38+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Silver Mines Annual Report FY2025 (year to 30 June 2025)Results · MediumExtracted
FY25 annual report: loss A$3.77m, cash A$19.30m at 30 June 2025, 1,779,775,392 shares; prior-year comparatives used for FY25 actual columns.
- Document ID
- svl-ar-fy25
- Published UTC
- 2025-09-30T04:50:44+00:00
- Projects
- bowdens-silver-project · kramer-hills
- Commodities
- silver · zinc · lead · gold
Placement and SPP to raise A$33 millionFinancing · MediumExtracted
FY26 placement of 250m shares at A$0.12 plus a share purchase plan of 33.9m shares at A$0.12, with A$2.1m capital costs.
- Document ID
- svl-placement-2025-08
- Published UTC
- 2025-08-04T23:56:15+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Calico North acquisition completes; Kramer Hills earn-in commencesEconomic Arrangement · HighExtracted
Completion of the 100% Calico North acquisition (USD 0.5m cash plus 39m shares) and commencement of the Kramer Hills earn-in (USD 0.5m plus 23.5m shares).
- Document ID
- svl-calico-2025-07
- Published UTC
- 2025-07-01T23:53:08+00:00
- Projects
- calico-north · kramer-hills
- Commodities
- silver · gold
US silver-gold acquisitions transform exploration portfolioEconomic Arrangement · HighExtracted
Announces the Calico North acquisition and the Kramer Hills farm-in (earn 50% after US$3.5m expenditure; up to 80% for further payments) with Lustrum Gold.
- Document ID
- svl-kramer-2025-06
- Published UTC
- 2025-06-11T22:42:34+00:00
- Projects
- calico-north · kramer-hills
- Commodities
- silver · gold
Amendment to 20 Dec 2024 Ore Reserve and Resource announcementReserve Update · MediumExtracted
Amended December 2024 Ore Reserve (71.7 Moz Ag) superseded by the July 2026 reserve of 93.5 Moz Ag; history only.
- Document ID
- svl-reserve-2025-01
- Published UTC
- 2025-01-10T02:11:39+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver
Optimisation study highlights (December 2024), supersededStudy · MediumExtracted
Superseded December 2024 optimisation study: post-tax NPV5 A$253m, initial capex A$331m, 16-year life; used only as a comparison to the 2026 DFS.
- Document ID
- svl-study-2024-12
- Published UTC
- 2024-12-19T22:48:35+00:00
- Projects
- bowdens-silver-project
- Commodities
- silver · zinc · lead
Evidence facts22
35751420 AUD
2026-06-30-3208592 AUD
2026-06-302219374185 shares
2026-06-301779775392 shares
2025-06-3019299496 AUD
2025-06-3035057 AUD
2026-09-30-972000 AUD
2026-09-30-37237000 AUD
2026-09-30735.8 AUD m
2026-07-211043.3 AUD m
2026-07-211414.6 AUD m
2026-07-21454.5 AUD m
2026-07-2190.8 AUD m
2026-07-2145.0 USD/oz
2026-07-2126.2 %
2026-07-21253 AUD m
2024-12-2070000000 AUD
2026-09-210.145 AUD/share
2026-09-21205024908 shares
2026-09-2110000000 AUD
2026-09-218000000 AUD
2026-09-2112500000 AUD
2026-05-26Conflicts requiring judgment1
- ordinary shares on issue after the September 2026 issues
Each Appendix 2A states a cumulative count for its own issue only; the three issues are added to the 22 Sep 2026 count of 2,219,374,185 to give 2,552,280,312 shares at 29 Sep 2026.