Silver Mines Limited (ASX:SVL), a mineral exploration and development company primarily focused on silver projects, has announced its intention to raise approximately $70 million (before costs) through a two-tranche placement. The capital raise, offered to existing and new investors at an issue price of $0.145 per share, represents a 10.0% discount to the company’s five-trading day volume weighted average price up to 18 September 2026. The Placement will involve the issuance of 482,758,621 new fully paid ordinary shares.
The proceeds from the Placement are intended to be allocated towards several strategic initiatives. These include the progression of development consent approvals and engineering studies for the flagship Bowdens Silver Project, cash consideration for the acquisition of the Fitzroy Royalty and Asia Metals Royalty, and ongoing community and freehold purchases. Furthermore, a portion of the funds will support continued exploration activities aimed at Mineral Resource growth across its projects, including the Kramer Hills Project and Calico North Project in the United States, as well as the Tuena Project in New South Wales, alongside general working capital requirements.
Silver Mines Managing Director, Mr Jo Battershill, commented on the Offer, stating that the company is pleased to launch the Placement as it continues to advance the Bowdens Silver Project towards development. He emphasised Bowdens remains the primary focus while also highlighting the value in maintaining exploration momentum and assessing growth opportunities across its broader portfolio. Mr Battershill added that the Placement is designed to provide the necessary funding and flexibility to pursue these priorities with a disciplined approach to capital allocation.
The Placement consists of two tranches. Tranche 1, comprising 277,733,713 New Shares, will be issued unconditionally under the company’s available placement capacity, with allotment anticipated by 29 September 2026. Tranche 2, involving 205,024,908 New Shares, is subject to shareholder approval at the upcoming Annual General Meeting, expected around 26 November 2026. Petra Capital is acting as Sole Lead Manager and Sole Bookrunner, with Morgans Corporate Limited as Co-Manager for the Placement.
