Silver Mines Limited
Silver Mines' 100%-owned Bowdens project is Australia's largest undeveloped silver deposit. The completed DFS outlines 93.5 million ounces of silver reserves, a 26-year mine life, initial capex of A$455M, and a pre-tax NPV of A$1.04 billion. Development consent was overturned by the NSW Court of Appeal in Aug 2024; as of July 2026 the company has submitted an updated Biodiversity Development Assessment Report and is awaiting an IPC redetermination.
Lifecycle Milestones
Construction Milestones
0 of 5 reached- Not yet reached
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Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Managing Director of Silver Mines Limited; the company's Board of Directors page prints his preferred name "Jonathan (Jo) Battershill". Bachelor of Engineering (Geology) with honours, Camborne School of Mines, UK (1995). Over 20 years' career in mining, business development and finance in Australia and internationally, including senior roles at WMC Resources Limited and as a stockbroker at Hartleys, Citigroup and UBS (Sydney and London). Between 2009 and 2015 was voted by institutional investors among Australia's leading mining analysts.
Company Secretary of Silver Mines Limited; the company's Corporate Directory page additionally titles him "Company Secretary/CFO" (a discrepancy between the company's own two pages -- Board of Directors page prints "Company Secretary" only). Qualifications in Finance, Financial Planning and Insurance Broking; Bachelor of Science (Geology/Geophysics), University of Sydney; Graduate, Australian Institute of Company Directors (GAICD). Manages Enrizen Financial Group; chairs Gateway Mining Limited; previously a director of the Australian Olympic Committee Inc and Australian Water Polo Inc; Fellow, Australian Institute of Company Directors.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Silver Mines' shareholder register is dominated by the company itself (98%+ insider/founder held). The only outside fund of note is Swiss resource specialist Konwave AG, holding a small stake.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Bowdens Silver Project (Mudgee, NSW), Silver Mines' flagship, PERMITTING stage (development consent set aside by the NSW Court of Appeal Aug 2024, resubmission for redetermination in progress). Definitive Feasibility Study announced 21 Jul 2026: two-stage mine plan (Stage 1: 16 years + Stage 2: +10 years = 26-year total mine life, matching this Miner's already-VERIFIED mineLifeYears), pre-tax NPV = A$1.04 billion, pre-tax IRR = 31.5%, at a base case of US$45/oz Ag (A$64/oz) and an FX assumption of A$1 = US$0.70. Ore Reserve lifted 30% to 93.5 Moz Ag (47.9 Mt @ 60.8 g/t Ag, 0.36% Zn, 0.26% Pb). Initial capex A$455M, payback ~3 years. At spot-price sensitivity (US$61/oz Ag, FX 0.69): pre-tax NPV rises to A$2.01B (not used -- base case is the headline). Written here as US$728M, converting the AUD figure at the DFS's OWN stated FX assumption (A$1=US$0.70) rather than a separate spot reference rate, since the company already published a USD-equivalent framing (silver price given as "US$45/oz (A$64/oz)") -- using its own conversion basis for consistency with the study's internal logic. PRE-TAX only: no after-tax NPV/IRR was disclosed in any source checked (company press coverage consistently reports only the pre-tax headline for this DFS) -- pre-tax written and flagged, same precedent as wave 7/8's POL/BML. Discount rate: not stated in any secondary source checked (the primary DFS document/ASX PDF was not text-extractable in this pass) -- NOT asserted as 5%/7%/8% without confirmation; dcfNpvDiscountRatePct intentionally omitted from companion fields rather than guessed.