Silver Mines surpasses target in share purchase plan

Silver Mines Limited successfully completed its Share Purchase Plan (SPP) on August 27, 2025, raising AUD 4.07 million, well above the original AUD 3 million target. Strong demand from eligible shareholders led the company to exercise its discretion to increase the SPP size, resulting in no scale back of applications. A total of 33,918,984 new ordinary shares will be issued under the SPP, priced at AUD 0.12 per share, matching the recent AUD 30 million placement.

The new shares are scheduled for issuance on September 3, 2025, and will rank equally with existing issued shares. Proceeds from both the SPP and the earlier placement are earmarked primarily for development consents, engineering studies, freehold purchases, exploration, business development opportunities, and general working capital.

The SPP offered parcels ranging from AUD 1,000 to AUD 30,000, with an offer price of AUD 0.12 per security. Directors and related parties participated under Listing Rule 10.12 Exception 4.