Andean Silver Limited · ASX:ASL
Andean Silver — Euroz Hartleys Institutional Conference (March 2025)
31 slides from Andean Silver's conference presentation, Mar 12, 2025
Slide 1: Cerro Bayo Silver-Gold Project
For personal use only Cerro Bayo Silver-Gold Project Developing Chile’s historic silver district March 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 8.2Mt @ 342g/t AgEq for 91Moz AgEq1 Grade and Scale For personal use only • Contained 39Moz of Silver and 628Koz of Gold1 • Primary Gold and Silver with Zn, Cu and Pb potential • Multiple Resource Updates Strong News Flow • Three drill rigs currently
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 For personal use only 1.80 10,000,000 Shares on issue 1 158.8 M 1.60 9,000,000 Share Price (AUD $ per share) 1.40 8,000,000 Unlisted Options & Performance Ri
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: Cerro Bayo Project
Cerro Bayo Project Rapid Low-Cost Growth through the Drill Bit … › Sits within world class Deseado Massif For personal use only › 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 9: 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 10: Laguna Verde District
Laguna Verde District 65 Moz AgEq Resource @ 328 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 2
Slide 11: 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 12: Pegaso – Future Resource Growth
Pegaso 7 – Future Resource Growth Drilling targeting infill and resource growth … Surface mineralisation extends over 1km in strike with For personal use only multiple shoots and not fully tested Significant drill results 5.85m @ 807g/t AgEq (351.6g/t Ag & 5.5g/t Au) (~5.85m @ 10g/t AuEq) 1.4m @ 1,8
Slide 13: 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 14: 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 15: 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 results include: 3.1m @ 923g/t AgEq (252g/t
Slide 16: Au-Ag Epithermal Deposit Comparison
Au-Ag Epithermal Deposit Comparison 1,200 Las Chispas For personal use only High Grade Mines 1,000 Median Market Capitalization A$1.2b Cerro Moro 800 San Dimas San Jose AgEq Grade (g/t) Guanacevi Pallancata San Julian -Vein Cienega Complex 600 Manatial Espejo Arcata Dolly Varden Inmaculada Cerro Neg
Slide 17: Regional Exploration and Growth
For personal use only Regional Exploration and Growth ASX CODE: ASL
Slide 18: Droughtmaster corridor
Droughtmaster corridor Emerging untested district scale exploration opportunity … For personal use only Extensive Surface outcrop over 4km Strike Discovery of new high grade vein trends weekly 40% of corridor under cover = future discoveries to be identified with geophysical data Sits within a large
Slide 19: Geophysical Program
Geophysical Program First geophysical survey on Cerro Bayo Project … For personal use only • CSAMT to cover the immediate near Guanaco, Marcela, Lourdes mine and first ranked targets Cerro Bayo • Will cover an area of approx. 10km x 5km Mine (~300 line km) Laguna Verde Mallines • Cover an elevation
Slide 20: Geophysical Program – Pampa la Pera location
Geophysical Program – Pampa la Pera location Pampa la Pera target identified undercover and previously untested … For personal use only Claudia/Guanaco Pampa la Pera target Veins Claudia/Guanaco Vein Cerro Bayo vein Pampa la Pera target Raul/Marcela vein trend Initial orientation lines conducted ove
Slide 21: Geophysical Program – Sinter Hill location
Geophysical Program – Sinter Hill location Sinter Hill identified as major new target area … For personal use only Excellent geophysical response over the Sinter Hill location Presence of large Sinter Cap at Cerro Bayo indicates potential for intact epithermal system Coincident Resistivity and Charg
Slide 22: Continued Resource growth and discovery News Flow
Continued Resource growth and discovery 12 Month News Flow For personal use only Well-funded for 2025 works program and multiple resource updates • 3 x Drill rigs on the ground Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Evaluation of Historic Data • Planning to increase to 4 by Q2 2025 Resource Extensi
Slide 23: For personal use only
For personal use only (+61) 8 6243 6542 Level 2/8 Richardson Street, West Perth, WA 6005 info@ANDEANSILVER.com ANDEANSILVER.COM
Slide 24: Appendix
APPENDIX For personal use only Appendix A – Regional Exploration Opportunities Appendix B – Silver Statistics Appendix C – Mineral Resources Appendix D – Comparison tables ASX CODE: ASL
Slide 25: Appendix A - Regional Targets: Los Domos
Appendix A - Regional Targets 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 = 26km long vein sys
Slide 26: Appendix A - Regional Targets: Cerro Diablo
Appendix A - Regional Targets 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 priority walk up
Slide 27: 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 28: Appendix C - Cerro Bayo Project Mineral Resource Estimate
APPENDIX C Cerro Bayo Project Mineral Resource Estimate As at 1 September 2024 Indicated For personal use only AuEq Area Tonnes (Mt) Ag Grade (g/t) Au Grade (g/t) Silver (Moz) Gold (koz) AgEq (g/t) AgEq (Moz) AuEq (g/t) (koz) LVMC - UG 0.4 532 4.9 6.5 60 939 11.5 11.3 139 0.4 532 4.9 6.5 60 939 11.5
Slide 29: Appendix D - World class silver assets - Resources
APPENDIX D World class silver assets - Resources For personal use only Resource - Project Comps Measured Indicated Inferred Total Resource tonnes Au tonnes Au Mine Company Au(g/t) Ag(g/t) 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) Au(g/t) Ag(g/t
Slide 30: 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 1,900 11.
Slide 31: Appendix D - Total In-situ Resources, inclusive of Reserves
APPENDIX D World class silver assets - Total In-situ Resources, inclusive of Reserves Total Resource Total Resource AgEq Source Mine Company Resource Date Project Status tonnes (kt) Au (g/t) Ag (g/t) Au (koz) Ag(koz) AgEq (koz) (g/t) Cerro Negro^ Newmont Dec 31, 2023 Production 18,800 7.87 48 4,759
Andean Silver — Euroz Hartleys Institutional Conference (March 2025) on 6ix