Andean Silver Limited · ASX:ASL
Andean Silver — RRS Gather Round Conference (April 2025)
33 slides from Andean Silver's conference presentation, Apr 9, 2025
Slide 1: Cerro Bayo Silver-Gold Project
For personal use only Cerro Bayo Silver-Gold Project Developing Chile’s historic silver district April 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 For personal use only Grade and Scale • 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 & 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 Moz Silver (Vault Stocks) Photovoltaics Electrical Applications Moz SIlver (Demand) 1200 1600 (~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 … 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 9: Cerro Bayo Silver/Gold Project
Cerro Bayo Silver/Gold Project Pathway to resuming production… For personal use only Mineral Resource currently at 9.8 Mt @ 353 g/t for 111Moz AgEq Key Priorities to bring Cerro Bayo into production Exploration Proven geological understanding continuing to deliver new discoveries Greenfield explorat
Slide 10: 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 11: Community Engagement
Community Engagement Continued presence in our local community … Bahia Jara water intake platform installation For personal use only Andean Silver has proudly supported several community initiatives in the Chile Chico and Aysen regions, where we live and work: › Donated equipment to the local boxing
Slide 12: 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 13: 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 14: Pegaso – Growing Resource
Pegaso 7 – Growing Resource Near mine satellite resource For personal use only › 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, I
Slide 15: 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 16: Marcela Sth Vein
Marcela Sth Vein Advanced project with untested mineralized extensions … For personal use only › Part of a larger 1.5km vein system › 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 17: 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 18: Au-Ag Epithermal Deposit Comparison
Au-Ag Epithermal Deposit Comparison 1,200 Las Chispas For personal use only High Grade Mines Median Market Capitalization A$1.2b 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 Espe
Slide 19: Regional Exploration and Growth
For personal use only Regional Exploration and Growth ASX CODE: ASL
Slide 20: Droughtmaster corridor
Droughtmaster corridor Emerging untested district scale exploration opportunity … For personal use only Extensive Surface outcrop over 4km Strike Regular discovery of new high grade vein trends 40% of corridor under cover = future discoveries to be identified with geophysical data Sits within a larg
Slide 21: 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 22: 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 Veins Pampa la Pera target Claudia/Guanaco Vein Cerro Bayo vein Pampa la Pera target Raul/Marcela vein trend Initial orientation lines conducted ove
Slide 23: 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 24: Continued Resource growth and discovery
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 Q3 2025 Resource Extensi
Slide 25: 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 26: 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 Comparison tables ASX CODE: ASL
Slide 27: Appendix A - Los Domos – polymetallic extension
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 28: Appendix A - Cerro Diablo – VMS style mineralization
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 29: 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 30: 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 31: 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 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 32: 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 33: 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) For personal use only Cerro Negro^ Newmont Production Dec 31, 2024 20,100 7.60 46 4
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