Silver Mines Limited has reported progress across its major projects in New South Wales during the quarter ending 31 March 2025. The company is advancing work on the Bowdens Silver Project, Australia’s largest undeveloped silver deposit, by engaging with government bodies to reinstate the development consent. Recent efforts include a new application seeking a determination on whether the transmission line for the project is part of a single proposed development—a key step toward reactivating the consent process with the NSW Independent Planning Commission. At Bowdens, a 2,000‐metre diamond drilling program has commenced with the goal of gathering geo-metallurgical samples for pilot plant beneficiation using the Optimisation Study designs, targeting both the optimized pit design and potential high-grade extensions. Technical intercepts include impressive drill results over widths ranging from 3 to 5 metres with silver grades up to 286g/t, alongside zinc, lead, and traces of gold, which could ultimately lead to conversions of existing resources into increased ore reserves. The company is also progressing exploration at the Elsienora Project adjacent to its Tuena Gold Project portfolio. During the quarter, an initial 1,700‐metre diamond drilling program began targeting the Picker, Barite, and Elsienora Prospects that have the potential to host “McPhillamys” style gold mineralisation. Historic drilling over these prospects presents promising, albeit low-grade, gold, silver, and barium anomalies that warrant further testing and quantification. Meanwhile, additional work on the Tuena Gold Project continues, with historical data and recent airborne surveys contributing to the identification of mineralisation controls and potential high-grade targets. Operationally, Silver Mines Limited continues its rigorous R&D work in collaboration with the University of New South Wales and other key partners. The integrated approach, including spectral, chemical, mechanical, and metallurgical analyses, aims to fine-tune plant design, operational tactics, and overall mining effectiveness. Financially, the company ended the quarter with cash reserves of A$23.30 million, having spent A$3.239 million on evaluation and exploration activities, predominantly on the Bowdens Silver and Tuena projects. The outlook in light of these developments presents mixed sentiment. Bullish indicators include the robust drilling intercepts, the strategic legislative engagement to reinstate development consent, and potential increases in ore reserves. These factors, coupled with extensive R&D and systematic exploration, could boost long-term project value along with improved access to high-grade mineralisation. Conversely, bearish considerations center on the regulatory uncertainties surrounding the project consent process and the inherent risks of pilot plant scale testing, which may delay full-scale development and marketable production. For beginner traders, these insights suggest that while opportunities for future profitability exist, the near-term progress is subject to regulatory and operational challenges.