Andean Silver (ASL) Investor presentation summary

Investment highlights

• Cerro Bayo is a brownfield silver-gold restart project in Chile, combining existing processing infrastructure with ongoing resource growth and restart studies.

• Mineral Resource totals 136Moz AgEq at 20.0Mt and 211g/t AgEq; 60Moz AgEq is Indicated, up 230% in June 2026.

• Cash was ~A$70.5M at 30 Sep 2026, with no debt; studies, early works and drilling are planned to be funded from available cash.

Resource and operating base

• The resource comprises 92Moz AgEq underground at 361g/t and 44Moz AgEq open pit at 112g/t.

• Laguna Verde has a 1,650tpd plant on warm idle, while site infrastructure includes a 2mtpa crushing circuit and 500ktpa SAG/ball mill and flotation plant.

• The project has over 30km of underground infrastructure; Cerro Bayo historically produced 36.5Moz AgEq at 679g/t during 2002–2008.

• Historic operations ran for over 20 years, with peak annual output of 3.7Moz of pure silver and additional gold credits.

Restart studies and timetable

• A project-readiness Gap Analysis is underway; the Scoping Study is targeted for early CY27, with the Feasibility Study and maiden Ore Reserve targeted by end CY27.

• Studies will assess integrated open-pit and underground mining, existing-plant throughput and expansion options, and potential early feed from surface stockpiles.

• Planned CY27 early works include mill refurbishment, underground dewatering and infrastructure upgrades ahead of a future investment decision.

• A resource update is targeted for early CY27; the presentation’s indicative timeline targets greenfields drilling in 2H CY27.