Andean Silver (ASL) investor relations material

Executive summary

• Strong drilling results at Cerro Bayo Silver-Gold Project in Chile, with resource extension and continuity confirmed in key zones including Coyita, Delia SE, and Temer.

• Approximately 30,000m of drilling to feed into a Mineral Resource Estimate (MRE) update set for release in the June quarter, focusing on resource growth and upgrading inferred resources.

• Ongoing economic studies are assessing various restart mining scenarios, leveraging significant installed infrastructure.

• Management restructure with Matthew Allen appointed CEO and inclusion in the VanEck Junior Gold Miners ETF (GDXJ) during the quarter.

Financial highlights

• Cash and cash equivalents at 31 March 2026 were A$53.4 million, down from A$56.1 million at 31 December 2025.

• Net cash used in operating activities for the quarter was A$3.6 million, with A$5.3 million used in investing activities, mainly for exploration and evaluation.

• Raised A$6 million via a Share Purchase Plan, issuing 3,243,057 shares at A$1.85 each.

• Proceeds of A$340,000 from the exercise of options.

Outlook and guidance

• Four drill rigs to continue post-June resource update, aiming to further derisk and grow the resource base.

• Feasibility-level work and broader regional exploration campaigns planned for 2026, with a focus on both brownfields and greenfields targets.

• Internal studies and infill drilling to support future restart planning and feasibility studies.