Andean Silver (ASL) RRS Gather Round Conference presentation summary

Project overview and resource growth

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

• Over 400km² of mining and exploration tenure, with a permitted 500ktpa mill and more than $150m in existing infrastructure.

• Three drill rigs are currently active, with plans to expand to four and target 40,000m of drilling in FY25.

• Multiple resource updates and ongoing brownfield and greenfield exploration campaigns are underway.

• The project benefits from strong governmental and community support, with over 90% of staff sourced locally.

Financial and corporate structure

• Market capitalization stands at A$152M, with a share price of A$0.96 and cash reserves of A$26M as of December 2024.

• No debt is reported, and the company is well-funded for its 2025 work program.

• Board and management hold 17.9% of shares, with significant institutional investment.

• The company is covered by multiple global research firms.

Operations, infrastructure, and production pathway

• Existing 1,500 tpd flotation plant is on warm idle, with access to water, power, and a trained workforce.

• Over 30km of underground mines are established, and the mine plan aims for a 10+ year life.

• Historic recoveries are 90-92% for silver and 89-91% for gold, with historic smelter payabilities above 96%.

• Expansion and restart permits are being pursued, with mine planning and greenfield exploration set for 2H 2025.