Company Interview / Silver lining for Silver Mines as Bowdens edges closer to development

Key points:

Bowdens approval remake in New South Wales seen as the primary near term catalystFeasibility study uses conservative US$35/oz silver price to support debt fundingPre production capex of ~A$455m targeted via conventional debt equity structureAdditional upside targeted from new drilling at North American gold and silver projects

Silver Mines outlines Bowdens approval path and funding strategy ,Jo Battershill from Silver Mines outlines how the Bowdens project in New South Wales is positioned, in his view, to become a major global silver operation, with a new feasibility study pointing to more than 25 years of mine life and significant pre-tax value. Battershill states that the key near‑term catalyst is the remake of the development consent after the 2023 approval was overturned on what he describes as a minor technicality. Updated information was lodged with the New South Wales government at the end of June, and he remains confident the submission addresses all outstanding issues.

Over the next 12–18 months, Battershill points to development consent, front-end engineering design, and a final investment decision as major milestones. He stresses that project economics are engineered using a conservative US$35/oz silver price assumption versus a spot price he notes is close to US$60/oz, aiming to satisfy prospective debt providers. Pre‑production capital is estimated at about A$455 million, with a conventional debt‑equity mix of roughly 50:50 or 60:40 viewed as likely.

Battershill highlights what he sees as strong leverage to higher silver prices and a potential “catch‑up trade” in $SVL (ASX:SVL) if development consent is regained. He also flags upcoming drilling at gold and silver projects in California as additional growth options.