Andean Silver Limited · ASX:ASL
Andean Silver — Investor Presentation (June 2025)
30 slides from Andean Silver's investor presentation, Jun 25, 2025
Slide 1: Cerro Bayo Silver-Gold Project
For personal use only Cerro Bayo Silver-Gold Project Developing Chile’s historic silver district June 2025
Slide 2: Disclaimers
DISCLAIMERS This presentation has been prepared by Andean Silver Ltd (ACN 645 578 454) (Company) based on information from its own and third party sources and is JORC CODE not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, dispatch o
Slide 3: Growing a Major Silver/Gold Project
Growing a Major Silver/Gold Project • Resource of 9.8Mt @ 353g/t AgEq for 111Moz AgEq1 Grade and Scale For personal use only • Contained 47Moz of Silver and 0.8Moz of Gold1 • Primary Gold and Silver with Zn, Cu and Pb potential • Multiple Resource Updates Strong News Flow • Three drill rigs currentl
Slide 4: Board and Management
Board and Management Proven Leadership Team at growing shareholder value … Steve Parsons Corporate Consultant For personal use only FireFly Metals (MD), Bellevue Gold (NED) Michael Naylor Corporate Consultant FireFly Metals (ED), Bellevue Gold (NED) Damien Koerber David Southam Tim Laneyrie COO – Am
Slide 5: Corporate structure
Corporate structure Well funded with strong support from foundation shareholders … SHARE PRICE PERFORMANCE SINCE ACQUISITION CAPITAL STRUCTURE 1 For personal use only 1.80 10,000,000 Shares on issue 158.8 M 1.60 9,000,000 Share Price (AUD $ per share) 1.40 8,000,000 Unlisted Options, RSUs & Performa
Slide 6: Silver – Powering The Future
Silver – Powering The Future World silver stockpiles falling as demand growth continues … For personal use only 1400 1800 Photovoltaics Electrical Applications Moz Silver (Vault Stocks) 1600 Moz SIlver (Demand) 1200 (~20g of Silver per KW) 1400 (19% of Silver use in Electrical Circuits) 1000 1200 80
Slide 7: Cerro Bayo Overview
For personal use only Cerro Bayo Overview ASX CODE: ASL
Slide 8: Milestones & Objectives and News Flow
Milestone & Objectives 12 Month News Flow For personal use only 111 Moz AgEq Development Tier One Mining2 Management Infrastructure and JORC Mineral Resource Estimate Internal Scoping Study Commenced Chile ranked 4th largest Track Record Operating Mine +349% growth on initial MRE in Progress to Feas
Slide 9: Cerro Bayo Silver/Gold Project: Pathway to resuming production
Cerro Bayo Silver/Gold Project Pathway to resuming production… For personal use only Key Priorities to bring Cerro Bayo into production Mine plan to support 10+ year mine life Right size process plant for future operations Grow future resource base with greenfield exploration Resource Drilling and M
Slide 10: Cerro Bayo Silver/Gold Project: Pathway to resuming production
Cerro Bayo Silver/Gold Project Pathway to resuming production… Mineral Resource currently at 9.8 Mt @ 353 g/t for 111Moz AgEq For personal use only Key Priorities to bring Cerro Bayo into production Exploration Proven geological understanding continuing to deliver new discoveries Greenfield explorat
Slide 11: Cerro Bayo Project: Rapid Low-Cost Growth through the Drill Bit
Cerro Bayo Project Rapid Low-Cost Growth through the Drill Bit … For personal use only › Sits within world class Deseado Massif › Over 400km2 of mining and exploration tenure › Existing permitted 500ktpa mill facility on freehold land › 3 Drill rigs currently drilling › +30yrs of existing mining his
Slide 12: Infrastructure Overview
Infrastructure Overview Operating mine on warm idle at Laguna Verde … Crusher SAG MILL BALL MILL FLOAT CIRCUIT For personal use only Water Intake 6.5MW installed, 3 x 1MW spare ASX CODE: Crusher Mill Offices Assay lab Stores/HV workshop ASL
Slide 13: Laguna Verde District
Laguna Verde District 80 Moz AgEq Resource @ 342 g/t AgEq * and Growing … For personal use only Major mineralised system, multiple untested veins Veining extending over 16km2 Relatively shallow – Deepest drilling ~300m Multiple untested targets Taitao Base Feed • Open Pit JORC Inferred Resource of 3
Slide 14: Coyita Trend – Exceptional Value
Coyita Trend – Exceptional Value Extensional and Conversion Drilling Commenced … › Coyita veins over 1.3km of strike For personal use only › Access via established Coyita Decline › Mined by traditional Long Hole Stoping from 2014- 2017, 1m minimum mining width at 200g/t AgEq › Potential for multiple
Slide 15: Pegaso – Growing Resource
Pegaso 7 – Growing Resource Near mine satellite resource › Surface mineralisation extends over 1km in strike with For personal use only multiple shoots and not fully tested › Short 2km haulage to the processing plant › Initial resource of 6Moz @ 342g/t AgEq (4.1g/t AuEq) (Inf 1.6Moz @ 306g/t AgEq, I
Slide 16: Cerro Bayo District
Cerro Bayo District Targeting new discoveries in highly prospective extension … District Scale Potential For personal use only Historic mining from outcropping veins Average mining depth to 150m Exploration historically focused on only drilling below outcropping high grade veins Limited Epithermal k
Slide 17: Marcela Sth Vein
Marcela Sth Vein Advanced project with untested mineralized extensions … › Part of a larger 1.5km vein system For personal use only › Development in place › Untested mineralised shoots › Known mining conditions › Drilling to commence from Q4 2025 Significant drill results1 include: 2.0m @ 1,322g/t A
Slide 18: Outcropping Mineralization
Outcropping Mineralization Resources outcropping at surface provides low cost start up … Multiple high-grade lodes exposed on surface For personal use only Historic open cut operations and undergrounds Optionality for future mine restart Significant drill results1 include: 3.1m @ 923g/t AgEq (252g/t
Slide 19: Droughtmaster corridor
Droughtmaster corridor Emerging untested district scale exploration opportunity … For personal use only A1 A B1 Continued new discoveries (Monserrat) C1 B Geophysics completed over Droughtmaster corridor Further growth continuing on surface and undercover C Future drilling program to be developed to
Slide 20: Geophysical Program – Droughtmaster
Geophysical Program – Droughtmaster Large target corridors, deep and consistent … Guanaco 2 Mine Guanaco 1 Mine For personal use only Claudia/Guanaco Vein Pampa la Pera target Excellent correlation of resistivity highs against known trends (Marcela/Raul and Cerro Bayo) Large corridor of similar scal
Slide 21: Au-Ag Epithermal Deposits
Au-Ag Epithermal Deposits 1,200 High Grade Mines For personal use only Median Market Capitalization A$1.2b Las Chispas 1,000 Cerro Moro San Jose San Dimas Cerro Negro 800 Cienega Complex AgEq Grade (g/t) San Julian -Vein Guanacevi Pallancata 600 Dolly Varden Arcata Inmaculada Manatial Espejo Santa E
Slide 22: For personal use only
For personal use only (+61) 8 6256 3950 Level 2/8 Richardson Street, West Perth, WA 6005 info@ANDEANSILVER.com ANDEANSILVER.COM
Slide 23: Appendix
APPENDIX For personal use only Appendix A – Regional Exploration Opportunities Appendix B – Silver Statistics Appendix C – Mineral Resources Appendix D – World Class Silver Assets ASX CODE: ASL
Slide 24: Appendix A - Regional Exploration Opportunities: Los Domos
Appendix A - Regional Exploration Opportunities Los Domos – polymetallic extension For personal use only › Polymetallic intermediate sulphidation style deposit with only ~7,000m drilled to date – walk up drill targets › Los Domos covers a 10km Strike › Southern Extension to the Cerro Bayo Project =
Slide 25: Appendix A - Regional Exploration Opportunities: Cerro Diablo
Appendix A - Regional Exploration Opportunities Cerro Diablo – VMS style mineralization Exceptional high grade surface rock chips › Cerro Diablo geological model related to Hod Maden style Hybrid For personal use only mineralisation (VMS/intermediate sulphidation) including: › Large Permit with high
Slide 26: Appendix B Silver Statistics
APPENDIX B Silver Statistics For personal use only Global Silver production versus demand Major bullion vaults stocks 2020-2022 2020 2021 2022 2023 2yr_avg Mine Supply Recycling Capacity Market Demand Auditable Vault London Vaults 1080.5 1161.5 840.9 856.2 -26% Year Deficit (Moz) CME 396.5 355.7 299
Slide 27: Appendix C Cerro Bayo Project Mineral Resource Estimate
APPENDIX C Cerro Bayo Project Mineral Resource Estimate As at 1 April 2025 Indicated For personal use only Area Tonnes (Mt) Ag Grade (g/t) Au Grade (g/t) Silver (Moz) Gold (Moz) AgEq (g/t) AgEq (Moz) AuEq (g/t) AuEq (Moz) LVMC - UG 1.0 331 3.1 10 0.1 588 18 7.1 0.2 1.0 331 3.1 10 0.1 588 18 7.1 0.2
Slide 28: Appendix D World class silver assets - Resources
APPENDIX D World class silver assets - Resources Resource - Project Comps Measured Indicated Inferred Total Resource For personal use only Tonnes Au Ag Au Ag Tonnes Au Ag Au Ag Tonnes Au Ag Au Ag Tonnes Au Ag Au Ag Mine Company (kt) (g/t) (g/t) (koz) (koz) (kt) (g/t) (g/t) (koz) (koz) (kt) (g/t) (g/
Slide 29: Appendix D World class silver assets - Reserves
APPENDIX D World class silver assets - Reserves Reserve - Project Comp Proven Probable Total Reserve For personal use only Mine Company tonnes (kt) Au(g/t) Ag(g/t) Au (koz) Ag(koz) tonnes (kt) Au(g/t) Ag(g/t) Au (koz) Ag(koz) tonnes (kt) Au(g/t) Ag(g/t) Au (koz) Ag(koz) Cerro Negro Newmont 2,200 11.
Slide 30: Appendix D World class silver assets - Total In-situ Resources
APPENDIX D World class silver assets - Total In-situ Resources, inclusive of Reserves Total Resource Total Resource AgEq(g/ Source Mine Company Resource Date tonnes (kt) Au(g/t) Ag(g/t) Au (koz) Ag(koz) AgEq (koz) t) Cerro Negro^ Newmont Production Dec 31, 2024 20,100 7.60 46 4,910 29,880 437,400 67