Andean Silver Limited · ASX:ASL
Andean Silver — RRS Summer Series Conference (February 2026)
35 slides from Andean Silver's conference presentation, Feb 9, 2026
Slide 1: Cerro Bayo Silver-Gold Project: Advancing Chile's historic silver district
For personal use only ASX: ASL OTXQX: Cerro Bayo Silver-Gold Project ADSLF Advancing Chile’s historic silver district February 2026
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: Corporate structure
Corporate structure Well funded with strong support from foundation shareholders … SHARE PRICE PERFORMANCE SINCE ACQUISITION CAPITAL STRUCTURE 1 For personal use only 3.00 10,000,000 Shares on issue 211.8 M 9,000,000 Share Price (AUD $ per share) 2.50 8,000,000 Unlisted Options, RSUs & Performance R
Slide 4: Cerro Bayo Silver-Gold Project
Cerro Bayo Silver-Gold Project Advanced, Established Project with Sustained Growth For personal use only Grade and Scale Strong Value Creation Established Mining Site Resource of 9.8Mt @ 353g/t AgEq for 111Moz AgEq* ~350% Resource growth over 2yrs Over 400sqkm of land holding Contained 47Moz of Silv
Slide 5: Board and Management
Board and Management Proven Leadership Team at growing shareholder value … Steve Parsons Corporate Consultant For personal use only FireFly Metals (Managing Director) Michael Naylor Corporate Consultant FireFly Metals (Executive Director) Damien Koerber David Southam Tim Laneyrie COO – Americas and
Slide 6: Key Pillars for 2026
3 Key Pillars for 2026 For personal use only Drilling PLANNING EXPLORATION Aggressive drilling Continue to re-evaluate Develop mine plan to campaign planned for 2026 historically underexplored understand key focus for near mine targets to Target high value Laguna CY2026 and restart support growth dr
Slide 7: Laguna Verde District
Laguna Verde District Mines Pegaso7 70% of the Current MRE located within 1.5km Infrastructure Cristal of 1,650tpd processing facility For personal use only Open Pit JORC Inferred Resource of 3.0Mt @ 171g/t AgEq for 16Moz AgEq* UG mine office Taitao Underground JORC Inferred and Indicated Appaloosa
Slide 8: Laguna Verde Fly Through
Laguna Verde Fly Through For personal use only Video Link https://www.andeansilver.com/wp-content/uploads/2026/02/Taitao_Flayover_Labelled_v2.mp4 8 ASX CODE: ASL
Slide 9: Coyita Trend – Long life underground
Coyita Trend – Long life underground Single, Sub Vertical, high-grade Silver-Gold Vein over 1.3km of strike For personal use only Mined by traditional Long Hole Stoping from 2014-2017, 4m x 4.5m Decline, 1m minimum mining width at 165g/t AgEq UG mining office/workshop Recent Drilling identified 200m
Slide 10: Temer – Near mill growth story
Temer – Near mill growth story Temer mine located ~750m from 1,650tpd processing facility Processing & TSF For personal use only Drilling campaign currently targeting Down plunge growth and conversion from inferred to indicated First drilling and exploration at Temer in over 20yrs Mines ASX CODE: 10
Slide 11: Delia Sth Trend – High Grade and Open
Delia Sth Trend – High Grade and Open High Grade Silver-Gold Vein with multiple splay veins remaining Processing & unmodelled For personal use only TSF Delia mine located ~1.5km from 1,650tpa processing facility Drilling campaign currently targeting Dow plunge growth and conversion from inferred to
Slide 12: Laguna Verde Growth Potential: Temer Discovery
Laguna Verde Growth Potential For personal use only Temer Discovery New veins discovered 750m from Processing Facility High grade intercepts1 include: Discoveries sit proximal to areas mined 25yrs ago Drilling commencing on new discoveries in current quarter 1.3m @ 2,661g/t AgEq or (~32g/t AuEq) 0.7
Slide 13: Laguna Verde Growth Potential
Laguna Verde Growth Potential Mines Pegaso7 Infrastructure Cristal For personal use only Taitao Appaloosa Temer Coyita Fabiola Dagny Processing & TSF Delia SE Tranque Focused Exploration Next to Infrastructure New discovery has untested potential to extend Exceptional grades* including: mineralisati
Slide 14: Cerro Bayo Growth
Cerro Bayo Growth For personal use only ASX CODE: 14 Outcrop within Droughtmaster ASL
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: Guanaco - Cerro Bayo Fly Through
Guanaco - Cerro Bayo Fly Through For personal use only Video Link https://www.andeansilver.com/wp-content/uploads/2026/02/Cerro-Bayo_Labelled_V2.mp4 ASX CODE: 16 ASL
Slide 17: Cerro Bayo Exploration Success
Cerro Bayo Exploration Success For personal use only Guanaco Exploration Growth Defining multiple new veins in a mature district Veins have both width and grade with potential for depth extensions 1.5m @ 534g/t AgEq or (~6.4g/t AuEq) 1.6m @ 496g/t AgEq or (~6.0g/t AuEq) 2.6m @ 251g/t AgEq or (~3.0g/
Slide 18: 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 Significant drill results1 include: 2.0m @ 1,322g/t AgEq (900g/t Ag & 5.1g/t Au) (~2.0m @
Slide 19: Cerro Bayo Exploration
Cerro Bayo Exploration For personal use only ASX CODE: 19 Cerro Bayo Dome, Site of Cerro Bayo underground ASL
Slide 20: Cerro Bayo Project pipeline
Cerro Bayo Project pipeline Generating consistent new discoveries Laguna Verde • Continued discoveries proximal to infrastructure For personal use only • New discoveries leading to initial resources within 1yr of discovery: Pegaso 7 and Cristal Droughtmaster • New vein discoveries extending over 4km
Slide 21: Regional Potential
Regional Potential Emerging untested district scale exploration opportunity … Droughtmaster Corridor For personal use only Consistent discoveries over 2yr window Recent geophysics shows considerable depth (+300m) Future Drilling program to be developed to test large, greenfield exploration potential
Slide 22: Veta Madre – Veta Segunda Targets Fly through
Veta Madre – Veta Segunda Targets Fly through For personal use only Video Link https://www.andeansilver.com/wp-content/uploads/2026/02/Veta-Madre_Secunda_Labelled_V2.mp4 ASX CODE: 22 ASL
Slide 23: Investment Overview
Investment Overview For personal use only Drilling Aggressive drilling campaign planned for 2026 Target high value Laguna Verde district (<2km from mill) Integrate Cerro Bayo growth drilling into 2026 plan Planning Develop internal mine plan Progress infill drilling and study work Map out early work
Slide 24: 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 25: Appendix
APPENDIX For personal use only Appendix A – Geology and exploration overviews Appendix B – Silver Statistics Appendix C – Mineral Resources ASX CODE: 25 ASL
Slide 26: Planning
Planning Existing Environmental Permits (granted 1994) Water Permits (800L/S) For personal use only 3 Milling Infrastructure (1,650tpd Au-Ag float) 7 Existing undergrounds (+30km) 5 mine offices, power (13MW), Lab, workshops 1 4 Mine, TSF, Waste dump licenses (~1.2Mt capacity) 2 6 2026 Restart Plann
Slide 27: District Opportunities: Los Domos
District 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 = 26km long vein system Los
Slide 28: District Opportunities: Cerro Diablo
District 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 priority walk up drill t
Slide 29: 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 30: Pegaso – High value Growth
Pegaso 7 – High value Growth New Discovery, Historic district 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 Ag
Slide 31: 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 32: 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 New Vein Pampa la Perra target Excellent correlation of resistivity highs against known trends (Marcela/Raul and Cerro Bayo) Large corridor of si
Slide 33: 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 34: Appendix B: Silver Statistics
APPENDIX B Silver Statistics For personal use only 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.
Slide 35: 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
Andean Silver — RRS Summer Series Conference (February 2026) on 6ix