Andean Silver Limited · ASX:ASL
Andean Silver — Investor Presentation (September 2026)
45 slides from Andean Silver's investor presentation, Sep 2, 2026
Slide 1: Cerro Bayo Silver-Gold Project
Not for release to US wire services or distribution in the United States ASX: ASL OTCQX: ADSLF Cerro Bayo Silver-Gold Project Advancing Chile’s historic silver district 2 September 2026
Slide 2: Important Information and Disclaimers
IMPORTANT INFORMATION AND DISCLAIMERS The following notice and disclaimer applies to this investor presentation (Presentation) and investors are advised to read this carefully before reading This Presentation may not be reproduced in whole or in part, nor may any of its contents be divulged to any t
Slide 3: Important Information and Disclaimers
IMPORTANT INFORMATION AND DISCLAIMERS INVESTMENT RISKS There are a number of risks specific to the Placement, the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company. An investment in New Shares
Slide 4: Investment Highlights
Investment Highlights Cerro Bayo Silver-Gold project advancing restart 136 Moz AgEq 55 Moz Pure Ag + A$561 M 6 rigs operating Total Mineral Resource 1.0 Moz Pure Au Pro-Forma Market capitalisation at the Drill program supporting advancing Contained metal Offer Price 20.0Mt @ 211g/t AgEq1 Indicated r
Slide 5: Equity Raising Overview
Equity Raising Overview Offer Size and Structure • Single tranche non-underwritten institutional placement seeking to raise A$40 million (before costs) (“Placement” or “Offer”) • The Placement will comprise the issue of approximately 16.3 new fully paid ordinary Use of Funds shares (“New Shares”) ut
Slide 6: Indicative Timetable
Indicative Timetable EVENT DATE Trading Halt Monday, 31 August 2026 Announcement of Placement, trading halt lifted and Andean Shares recommence trading on ASX Wednesday, 2 September 2026 Settlement of New Shares under the Placement Tuesday, 8 September 2026 Allotment and application for trading of N
Slide 7: Corporate structure
Corporate structure Well-funded with strong support from foundation shareholders CAPITAL STRUCTURE 2 SHARE PRICE PERFORMANCE SINCE ACQUISITION Shares on issue 212.7 M 3.50 10,000,000 Unlisted RSUs & Performance Rights 17.3 M 9,000,000 Share Price (AUD $ per share) 3.00 8,000,000 Share price A$2.84 2
Slide 8: Board and Management
Board and Management Proven Leadership Team at growing shareholder value Steve Parsons Corporate Consultant FireFly Metals (Managing Director) Michael Naylor Corporate Consultant FireFly Metals (Executive Director) Damien Koerber David Southam Matthew Allen Tim Laneyrie COO – Americas and Alvaro Fue
Slide 9: Regional Overview
Regional Overview ASX CODE: 9 ASL
Slide 10: Cerro Bayo Project Overview
Cerro Bayo Project Overview • MRE of 20Mt @ 212 g/t AgEq for 136Moz AgEq • Contained 55 Moz of Silver and 1.0 Moz of Gold • UG resource of 7.9Mt @ 362g/t AgEq for 92Moz AgEq • OP resource of 12Mt @ 112g/t AgEq for 44Moz ASX CODE: 10 * Refer to ASX release dated 30 June 2026 and Appendix C. ASL
Slide 11: Infrastructure already in place and on warm idle
Infrastructure already in place and on warm idle 1 2 mtpa crushing circuit 2 500,000 tpa SAG/Ball mill and flotation plant 7 3 14 MW diesel power station 5 3 4 6 4 Site offices and lunchrooms 3 5 Assay laboratory 2 6 Heavy vehicle workshop 1 7 Permitted TSF, waste dumps, Environmental approvals with
Slide 12: Cerro Bayo has 30+ years of operations
Cerro Bayo has 30+ years of operations Significant exploration potential remains untested • Previously operated during much lower metal price cycles ~1/10th of current prices • Exploration historically undercapitalized leaving significant upside potential • Located in globally recognized epithermal
Slide 13: Cerro Bayo delivered consistent pure silver output
Cerro Bayo delivered consistent pure silver output With an additional substantial gold credit Junacipio (Fres/PAS) 17.2 Saucito (Fresnillo) 13.8 Cannington (South32) 10.3 Fresnillo (Fresnillo) 10.3 Pirquitas (SSR Mining) 9.8 PURE SILVER PRODUCTION Greens Creek (Hecla) 8.7 Los Gatos (First Majestic)
Slide 14: Laguna Verde District
Laguna Verde District Mines Pegaso7 Infrastructure Cristal Taitao UG mine office Appaloosa Coyita Temer Fabiola Dagny Delia SE Processing & TSF Tranque * Refer to ASX release dated 30 June 2026 and Appendix C. The use of economic assumptions in the MSO and Whittle pit optimisation is necessary to de
Slide 15: Coyita Trend – Long life underground
Coyita Trend – Long life underground Single, Sub Vertical, high-grade Silver-Gold Vein over 1.3km of strike Mined by traditional Long Hole Stoping from 2014-2017, 4m x 4.5m Decline Future drilling programs targeting conversion of inferred resources ASX CODE: 15 * Refer to ASX releases dated 27 Febru
Slide 16: Delia/Trinidad – High Grade and Open
Delia/Trinidad – High Grade and Open Processing & TSF Mines ASX CODE: 16 Infrastructure ASL *Refer ASX releases dated 1 December 2023, 4 March 2024, 11 December 2025, 30 June 2026 and 7 July 2026
Slide 17: Temer – Near mill growth story
Temer – Near mill growth story Temer mine located ~750m from 1,650tpd processing facility Processing & TSF Drilling campaign currently targeting conversion of resource First drilling and exploration at Temer in over 20yrs Mines ASX CODE: 17 Infrastructure *Refer ASX releases dated 9 October and 11 D
Slide 18: Cerro Bayo District
Cerro Bayo District Lourdes Cerro Bayo Underground Underground Marcela North Marcela Prospect Underground Guanaco 1 Underground ASX CODE: 18 ASL
Slide 19: Marcela Sth Vein
Marcela Sth Vein Advanced project with untested mineralized extensions › Part of a larger 1.5km vein system › Development in place › Untested mineralised shoots › Known mining conditions Significant drill results1 include: 2.0m @ 1,322g/t AgEq (900g/t Ag & 5.1g/t Au) (~2.0m @ 15.9g/t AuEq) 5.0m @ 79
Slide 20: Outcropping Mineralization
Outcropping Mineralization Resources outcropping at surface provides low cost start up Multiple high-grade lodes exposed on surface Historic open cut operations and undergrounds Optionality for future mine restart Significant drill results1 include: 3.1m @ 923g/t AgEq (252g/t Ag & 8.1g/t Au) (~3.1m
Slide 21: Cerro Bayo Exploration
Cerro Bayo Exploration ASX CODE: 21 ASL
Slide 22: Juanita Prospect
Juanita Prospect Emerging large-scale Target Juanita Prospect No work done on prospect for 20 years Over 2km of defined strike High-grade breccia style target with both width and grade Work continuing to define prospect ASX CODE: 22 *Refer to ASX * Refer release to ASX dateddated releases 22 July 22
Slide 23: Guanaco Exploration Success
Guanaco Exploration Success Drilling to commence in Q3-2026 Guanaco Exploration Growth Defining multiple new veins in a mature district Veins have both width and grade with potential for depth extensions Drilling planned to extend and de- risk existing mineral resources Sawn channels include: 2.7m @
Slide 24: Droughtmaster
Droughtmaster District scale exploration opportunity Droughtmaster Corridor Consistent discoveries over 2yr window Recent geophysics shows considerable depth extents (+300m) Future drilling program to be developed to test large, greenfield exploration potential, due to commence early 2028 Veta Madre
Slide 25: Regional Infrastructure in Place
Regional Infrastructure in Place ASX CODE: 25 ASL
Slide 26: Stable Jurisdiction & Social License
Stable Jurisdiction & Social License • Clear Chilean regulatory and environmental framework • 23 existing environmental approvals (RCA) → First EIA submitted in Chile • Deep-rooted social license: • ~90% historical workforce hired locally • Strong community, municipal, regional, and federal alignmen
Slide 27: Investment Overview
Investment Overview Drilling Planning Exploration Progress infill drilling Continue to re-evaluate historically under-explored Aggressive drilling campaign planned for rest of 2026 Commence feasibility study work near mine targets Target high value Laguna Verde district (<2km from mill) Map out earl
Slide 28: Key Risks
Key Risks In this risks section, “Group” refers to Andean Silver Limited and includes its subsidiaries where the context permits. Mineral Resource Estimates The following list, which is not exhaustive, represents the material business risks that could affect the Group, including The Group's Mineral
Slide 29: Key Risks (cont.)
Key Risks (cont.) Tenure, access and grant of licences / permits Data management Operations are subject to obtaining and maintaining the necessary titles, permits, authorisations and licences from There are risks associated with retaining or managing corporate data in a way that is inconsistent with
Slide 30: International Offer Restrictions
International Offer Restrictions This Presentation does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offered or sold,
Slide 31: International Offer Restrictions (cont.)
International Offer Restrictions (cont.) Canada (Alberta, British Columbia, Ontario and Quebec provinces) Brazil This presentation constitutes an offering of New Shares only in the Provinces of Alberta, British Columbia, Ontario and The New Shares have not been, and will not be, registered with the
Slide 32: ANDEANSILVER.COM
ASX: ASL OTCQX: ADSLF (+61) 8 6256 3950 Level 2/8 Richardson Street, West Perth, WA 6005 info@ANDEANSILVER.com ANDEANSILVER.COM
Slide 33: Appendix
APPENDIX Appendix A – Geology and exploration overviews Appendix B – Silver Statistics Appendix C – Mineral Resources ASX CODE: 33 ASL
Slide 34: Cerro Bayo District
Cerro Bayo District Targeting new discoveries in highly prospective extension … District Scale Potential Historic mining from outcropping veins Average mining depth to 150m Exploration historically focused on only drilling below outcropping high grade veins Limited Epithermal knowledge, geophysical
Slide 35: Pegaso – High value Growth
Pegaso 7 – High value Growth New Discovery, Historic district › Surface mineralisation extends over 1km in strike with 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, Ind 4.1Moz @ 356g/
Slide 36: Greenfield Exploration
Greenfield Exploration Veta Madre Prospect ASX CODE: 37 Cerro Bayo Dome, Site of Cerro Bayo underground ASL
Slide 37: Droughtmaster – Sinter Hill geophysical survey
Droughtmaster – Sinter Hill geophysical survey Emerging untested district scale exploration opportunity 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 38: Geophysical Program – Droughtmaster
Geophysical Program – Droughtmaster Large target corridors, deep and consistent Guanaco 2 Mine Guanaco 1 Mine New Vein Claudia/Guanaco Vein Pampa la Perra target Excellent correlation of resistivity highs against known trends (Marcela/Raul and Cerro Bayo) Large corridor of similar scale to Cerro Bay
Slide 39: Geophysical Program – Droughtmaster
Geophysical Program – Droughtmaster Large target corridors, deep and consistent Marcela Mine Cerro Bayo Mine Guanaco 1 Mine Guanaco 2 Mine Raul Mine Pampa la Perra target Claudia target ASX CODE: 40 See ASX releases dated 13 February 2025, 12 March 2025 and 28 May 2025. ASL
Slide 40: District Opportunities
District Opportunities Los Domos – polymetallic extension › 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 = 26km long vein system Los Domos zone Drill Inte
Slide 41: District Opportunities
District Opportunities Cerro Diablo – VMS style mineralization Exceptional high grade surface rock chips › Cerro Diablo geological model related to Hod Maden style Hybrid mineralisation (VMS/intermediate sulphidation) including: › Large Permit with high priority walk up drill targets Copper Rich Zon
Slide 42: Silver – Powering The Future
Silver – Powering The Future World silver stockpiles falling as demand growth continues 1400 2000 Moz Silver (Vault Stocks) Photovoltaics Electrical Applications Moz SIlver (Demand) 1200 (~20g of Silver per KW) 1500 (19% of Silver use in Electrical Circuits) 1000 800 1000 600 400 500 Future Technolo
Slide 43: Appendix B Silver Statistics
APPENDIX B Silver Statistics Global Silver production versus demand Major bullion vaults stocks 2020-2024 2020 2021 2022 2023 2024 2yr_avg Mine Supply Recycling Capacity Market Demand Auditable Vault London Vaults 1080.5 1161.5 840.9 856.2 827.5 -29% Year Deficit (Moz) CME 396.5 355.7 299.0 277.9 31
Slide 44: Appendix C Cerro Bayo Project Mineral Resource Estimate
APPENDIX C Cerro Bayo Project Mineral Resource Estimate As at 15 June 2026 Underground Resource Category Tonnes (Mt) Ag (g/t) Ag (Moz) Au (g/t) Au (Moz) AgEq(g/t) AgEq(Moz) Indicated 3.5 199 22 2.6 0.3 417 47 Inferred 4.4 139 20 2.2 0.3 318 45 Total 7.9 165 42 2.4 0.6 361 92 Open Pit Resource Catego
Slide 45: Appendix D Sources for 2025-2026 Silver Production
APPENDIX D Sources for 2025-2026 Silver Production Company Link Fresnillo https://www.fresnilloplc.com/media/jrfelmad/280126-fres-4q25-production-report.pdf Pan American Silver https://panamericansilver.com/wp-content/uploads/2026/03/Annual-Report-2025-Pan-American-Silver.pdf South32 https://www.sou
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