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Asia

Silver Mines Secures AU$70 Million Through Placement; Shares Fall 13%

Silver Mines (ASX:SVL) has secured firm commitments for a AU$70 million placement, issuing 482.8 million new shares at AU$0.145 per share, representing a 10% discount to its five-day volume-weighted average price, according to a Wednesday filing with the Australian bourse.The placement was oversubscribed and attracted strong support from both existing and new institutional and sophisticated investors, per the filing.The company will issue 277.7 million new shares under its placement capacity, with a further 205 million shares subject to shareholder approval, the filing said.The funds will be used to advance the Bowdens silver project, acquire the Fitzroy and Asia Metals royalties, support land access and property purchases, fund exploration and business development, and provide working capital, the filing added.The company's shares fell around 13% in recent Wednesday trade.

ASX:SVL
Asia

Silver Mines Says State Planning Department Completes Review of Additional Information on New South Wales Project

Silver Mines (ASX:SVL) said the New South Wales Department of Planning, Housing and Infrastructure finalized its evaluation of additional information about the Bowdens project, according to a Wednesday filing with the Australian bourse.The department provided supplementary advice to the Independent Planning Commission for its consideration as part of the determination process for reinstating the project's development consent, the filing said.The commission is scheduled to review the department's supplementary assessment report and hold a public hearing in October, with the final determination expected in December, per the filing.

ASX:SVL
Asia

Silver Mines Reports 93.5 Million Ounce Silver Ore Reserve in Bowdens Project DFS

Silver Mines (ASX:SVL) said its definitive feasibility study (DFS) for the Bowdens Silver Project in New South Wales has returned silver ore reserves of 47.9 million tonnes at 60.8 grams per tonne silver for 93.5 million ounces, with 91% of project revenue expected to be derived from silver, according to a Tuesday Australian bourse filing.The company said the initial Stage 1 of the proposed development will focus on a subset of the life-of-mine plan containing 29.9 million tonnes at 68 grams per tonne silver for 65.4 million ounces over 16 years, with a low strip ratio of 1.47 to 1.Economic results for the life-of-mine using a silver price of $45 per ounce and an exchange rate of AU$0.70 to the US dollar include a life-of-mine operating margin of AU$2.39 billion, the filing added.The company's shares rose 2% in recent Tuesday trade.

ASX:SVL
Asia

Silver Mines Submits Updated Biodiversity Development Assessment Report for New South Wales Project; Shares Rise 8%

Silver Mines (ASX:SVL) submitted an updated biodiversity development assessment report for its Bowdens silver project to the New South Wales Department of Planning, Housing, and Infrastructure, according to a Thursday filing with the Australian bourse.The submission will help the government agency provide an updated assessment report to the state's Independent Planning Commission for a redetermination of the project's development application."The Bowdens definitive feasibility study is almost complete, and we look forward to updating investors with the results in the coming weeks," said Silver Mines Managing Director Jo Battershill.The company's shares rose 8% in recent Thursday trade.

ASX:SVL
Asia

Silver Mines Enters Into Option Underwriting Agreement; Shares Down 4%

Silver Mines (ASX:SVL) entered into an option underwriting agreement with Petra Capital to fully underwrite the exercise of unlisted options, exercisable at AU$0.1196 apiece and expiring on June 17, according to a Friday filing with the Australian bourse.Petra Capital will underwrite up to 63.2 million options that remain unexercised at the expiry date, representing about AU$7.6 million, by subscribing for shares on the exercise of the underwritten options, the filing said.Upon completion of exercise of all options, the company expects to issue a total of 63.2 million shares to raise about AU$7.6 million, per the filing.Silver Mines shares fell nearly 4% in morning trade Friday.

ASX:SVL
Asia

Silver Mines Unit to Acquire Freehold Land Near New South Wales Project

Silver Mines' (ASX:SVL) Bowdens Silver subsidiary signed a binding contract to acquire a strategic parcel of freehold land near the Bowdens project in New South Wales for AU$12.5 million in cash, according to a Tuesday filing with the Australian bourse.The company will own about 3,345 hectares of freehold land upon completion of the transaction, the filing said.Settlement of most lots to be acquired will take place on July 24, per the filing.

ASX:SVL
Asia

Silver Mines Completes Field Mapping Program at California Project

Silver Mines (ASX:SVL) completed a field mapping program at the Calico North project in California, assessing along-strike variation in grade, as well as volume controls on higher grade portions, with 219 rock samples collected, and phase one drill planning is underway, according to a Thursday Australian bourse filing.Around 20% of the samples returned assays greater than 50 grams per tonne grade of silver, and 10% returned assays greater than 100 g/t grade of silver. The mapping and rock chip sampling program also confirmed the presence of barite, a designated critical mineral in the US.It also completed a field mapping program and an initial ground magnetic survey at the Kramer Hills project, also in California, confirming the location of the target structure to the west of the historic Shaherald pit.

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