Andean Silver (ASL) RRS Summer Series Conference presentation summary

Project overview and resource scale

• Cerro Bayo project in Chile hosts a 91Moz AgEq resource, with high grades averaging 342g/t AgEq and significant growth potential through ongoing drilling and exploration.

• The project benefits from substantial infrastructure, including a 500ktpa processing plant, permitted tailings storage, 14MW power, and water rights, supporting rapid restart capability.

• Over $150M in infrastructure investment and a skilled local workforce are in place, with multiple shallow, high-grade mining fronts and more than 30km of underground development.

• Historical production exceeds 100Moz AgEq, and the district remains underexplored with multiple new vein discoveries and regional targets.

• The company holds over 400km² of tenure in a world-class silver-gold province, with strong Chilean government and community support.

Exploration and growth strategy

• Resource has grown from 25Moz to 91Moz AgEq in less than a year, driven by four rounds of drilling and three new vein system discoveries.

• Two drill rigs are currently operating, with plans to increase to four and target 40,000m of drilling in FY25.

• District-scale exploration is underway, including the Droughtmaster corridor, Sinter Hill, and Los Domos, with high-grade surface samples and walk-up drill targets.

• Geophysical and hyperspectral surveys are planned to identify deeper and undercover targets, leveraging limited historical geophysics.

• Multiple mineralisation styles (Ag-Au, VHMS, Ag-Au-Zn-Pb) and overlapping systems provide significant upside for future resource growth.

Key deposits and recent discoveries

• Laguna Verde Mine Complex (LVMC) and Cerro Bayo Mine Complex (CBMC) are the main resource areas, with LVMC hosting 6.2Mt @ 329g/t AgEq for 65.5Moz AgEq and CBMC 2.0Mt @ 387g/t AgEq for 25.2Moz AgEq.

• High-grade zones include Delia SE (up to 4,042g/t Ag, 81.9g/t Au), Coyita Trend (up to 1,308g/t Ag, 13.5g/t Au), and Marcela Sth (up to 1,322g/t AgEq).

• New discoveries at Cristal and Pegaso 7 show significant high-grade intercepts, with Cristal located within 1.5km of the processing plant.

• Regional targets such as Los Domos and Cerro Diablo offer additional high-grade polymetallic and copper-gold mineralisation.