Andean Silver (ASL) investor relations material

Executive summary

• Achieved a 230% increase in Indicated Mineral Resources at Cerro Bayo, now totaling 60Moz AgEq, with total resources at 136Moz AgEq as of June 2026.

• Initiated the first district-wide resource growth drilling in 20 years, with a 60,000m program underway targeting multiple corridors.

• Appointed Matthew Allen as Managing Director to advance the project toward development and production restart.

Financial highlights

• Cash and cash equivalents at 30 June 2026 were $42.7 million, down from $53.4 million at 31 March 2026.

• Net cash outflow from operating activities for the quarter was $5.2 million; investing activities outflow was $5.4 million.

• Estimated quarters of funding available at current burn rate is 4.04.

Outlook and guidance

• Four drill rigs will continue to operate, focusing on resource de-risking and growth ahead of feasibility studies.

• Economic studies are ongoing to assess various restart mining scenarios at Cerro Bayo.

• Strategy includes parallel exploration and feasibility work to maximize shareholder value and leverage existing infrastructure.