Andean Silver (ASL) Revised Gold Coast Investment Showcase presentation summary

Project overview and resource growth

• Cerro Bayo project holds a JORC-compliant resource of 9.8Mt at 353g/t AgEq for 111Moz AgEq, including 47Moz silver and 0.8Moz gold, with significant Zn, Cu, and Pb potential.

• Resource has grown by 349% since initial estimate in Feb 2024, with aggressive exploration ongoing and three drill rigs operating.

• Over $150m in existing infrastructure and investment, including a 1,500 tpd flotation plant and over 30km of underground development.

• Project benefits from existing permits, strong local community support, and a mining-friendly jurisdiction in Chile.

• Internal scoping study underway, with feasibility study targeted for CY26 and a well-funded cash position of A$20.2M as of March 2025.

Exploration and development strategy

• Brownfield drilling at Laguna Verde and Cerro Bayo districts aims to extend resources and support robust mine life.

• Greenfield exploration to commence in 2H 2025 at Droughtmaster-Sinter Hill, Los Domos, and Cerro Diablo, targeting district-scale discoveries.

• Multiple high-grade targets identified, including Coyita, Pegaso 7, Marcela Sth, and Raul, with significant drill intercepts and near-surface mineralization.

• Regional opportunities at Los Domos (polymetallic) and Cerro Diablo (VMS style) offer additional upside.

• Geophysical campaigns and mapping are underway to identify new targets and support future drilling.

Market positioning and silver fundamentals

• Silver demand is rising, driven by photovoltaics, electronics, and new technologies, while global vault stocks are declining, with only ~7 years of supply at current consumption rates.

• The project offers unhedged exposure to silver, gold, and USD FX, with historic smelter payabilities of 96.5-98% for silver and 97.25-98% for gold.

• Chile is a top global producer of copper, lithium, and silver, with over $700m invested in mining exploration in 2024.

• Cerro Bayo is positioned among world-class silver assets, with a median peer market cap of A$1.9b for similar high-grade projects.

• The company is well-funded, with a market capitalization of A$167M and strong institutional support (over 40% holdings).