Andean Silver (ASL) investor relations material

Market and project overview

• Silver price has risen from under $40/oz to nearly $70/oz in the past year, driving renewed interest in the sector.

• The project holds 136 million ounces silver equivalent, including 55 million ounces of silver and 1 million ounces of gold.

• Share price closely tracks silver price, offering strong exposure to silver market movements.

• The project is located in the Deseado Massif, with significant infrastructure and a history of major mining operations.

• Institutional investors and inclusion in the GDXJ index highlight strong financial backing.

Resource development and exploration

• Six rigs are drilling nearly 4,000 meters per month, aiming to convert over 70% of the resource to indicated status in the coming months.

• Outstanding recent discoveries include 2.4 meters at over 15,000 grams silver equivalent per ton at Trinidad, near the process plant.

• The Juanita prospect revealed rock chip samples up to 62,600 grams per ton at surface, with channel assays pending.

• New drilling at Temer and planned drilling at Marcela and Guanaco aim to expand resources and mine life.

• The Droughtmaster/Sinter Hill corridor and other zones are being mapped and permitted for drilling, targeting high-grade surface mineralization.

Infrastructure and operational readiness

• The site features a full-process plant, power station, tailings dam, and on-site assay lab, with infrastructure insured for AUD 150 million.

• Existing underground and open pit infrastructure supports rapid restart, with early mine plans focused on high-grade zones.

• The project benefits from environmental approvals and extraction permits, streamlining the restart process.

• Concentrate is shipped via deepwater ports, with historical exports to Asia and a concentrate grade of 1.5% silver.

• Annual production targets 11,000 tons of concentrate at full operation.