Key Highlights
- A definitive feasibility study was announced for the Bowdens Silver Project during the September 2026 quarter.
- Silver ore reserves increased to 47.9 million tonnes at 60.8 grams per tonne, containing 93.5 million ounces.
- Stage 1 covers 29.9 million tonnes at 68 grams per tonne, equal to 65.4 million ounces over 16 years.
- Silver is expected to make up 91% of the project's revenue.
Silver Mines Limited (ASX:SVL) released its activities report for the quarter ended 30 September 2026 on 30 October 2026. The report highlights the completion of a definitive feasibility study, a life of mine plan and an updated mineral resource estimate for the Bowdens Silver Project in New South Wales. The company describes the project as one of the world's premier undeveloped silver projects.
Reserves and Resource Update
Silver ore reserves for the Bowdens Silver Project were increased to 47.9 million tonnes at an average grade of 60.8 grams of silver per tonne. That combination contains 93.5 million ounces of silver, according to the company's estimate.
The company expects 91% of the project's revenue to come from silver. The remaining share is expected to come from other metals present in the ore, and the report reflects that composition in the revenue estimate.
Staged Development Plan
Stage 1 of the proposed development focuses on a subset of the full life of mine plan. That subset contains 29.9 million tonnes at 68 grams per tonne of silver, equal to 65.4 million ounces, over a period of 16 years.
The stage carries a low strip ratio of 1.47 to 1, meaning 1.47 tonnes of waste are moved for each tonne of ore. A second stage, supported by pre-feasibility level work and subject to approvals, is expected to mine the remaining 18.3 million tonnes, extending the total operating life to 26 years.
Approval and Study Status
The second stage remains subject to approvals, and the report does not set a date for those decisions. The company's plan therefore separates the work that is studied in full from the work that still needs further consideration.
The feasibility study is described as complete, but the release does not provide a construction decision or financing outcome for the project.
Final Word
Silver Mines' feasibility study sets out a staged development path for Bowdens, with reserves reported at 93.5 million ounces and a 26-year total operating life. The first stage covers the larger share of the near-term plan, while the second stage depends on approvals. The company's next quarterly reports will indicate progress on those approvals and on the decisions that follow from the study.





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