Andean Silver (ASL) investor relations material

Resource and project context

• Historic producing silver-gold mine with 20+ years of production; nearly 100 Moz AgEq produced; currently on care and maintenance.

• July 2026 resource estimate: ~20 Mt at ~211 g/t AgEq for 136 Moz AgEq, including 55 Moz silver and 1 Moz gold.

• Resource is silver-gold dominant with no base metals; concentrate receives ~98% metal payables.

• Acquired in late 2023 for AUD 5 million; drilling to date has focused within a little over 1 km of the process plant.

Infrastructure and restart plans

• Existing facilities include a 500 ktpa flotation plant, 2 Mtpa crushing circuit, ~14 MW diesel power, assay lab and permitted tailings facility.

• Approved environmental and extraction permits; much of the workforce is local, with ongoing community engagement supporting a restart.

• Restart concept combines open-pit and underground mining, using ~30 km of existing underground infrastructure and the Taitao open pit.

• Mill reconditioning is underway, with the mill targeted to restart in calendar 2028 and new mining to follow.

Drilling and development timetable

• Six diamond rigs are active; infill drilling aims to lift the indicated share of the resource to ~70% over the next six months.

• Scoping study targeted for early 2027; feasibility study and maiden ore reserve targeted by year-end 2027.

• First drilling in the historic Cerro Bayo district is planned for early 2027; ~19 drill pads are permitted after more than 20 years without drilling there.

• More than 200 drill pads are being permitted across a nearly 10 km exploration trend; regional greenfield drilling is planned for 2027.