First Andes Silver Ltd · TSXV:FAS
First Andes Silver — Investor Presentation (January 2026)
18 slides from First Andes Silver's investor presentation, January 2026
Slide 1: First Andes Silver Ltd. Corporate Presentation, January 2026
First Andes Silver Ltd. High-Grade Silver, Gold and Base Metals in Peru and Australia TSXV: FAS | OTC Pink: MSLVF | FSE: 9TZ0 Corporate Presentation, January 2026
Slide 2: The Opportunity
THE OPPORTUNITY • Experienced team with track record of success (over $C3.9B in M&A deal-flow) • 100% ownership of high-grade Santas Gloria Silver Project, Peru • Located within core of prolific epithermal Ag-Au belt with multiple tier-1 deposits • Highly underexplored: modern techniques applied sin
Slide 3: Depth of Experience: >C$3.9B in M&A Transactions
DEPTH OF EXPERIENCE: >C$3.9B in M&A Transactions Colin Smith, M.Sc., P.Geo. Ian Stalker Charles Hethey Patrick Hickey Chris Wilson, Ph.D., FAusIMM CP, FSEG James Hutton CEO & Director Executive Chairman Director Director Chief Geologist Corporate Advisor • Professional geologist and • Senior mining
Slide 4: Capital Structure & Ownership
CAPITAL STRUCTURE & OWNERSHIP Common Shares 67.96M Options 3.06M Warrants 8.15M RSUs 2.25M Fully Diluted 81.42M Market Capitalization C$12M As of Jan 21, 2026 Insiders & Close Acossiates Retail & 40% Institutions 60% Outcropping Kelly Vein (up to 56 g/t Au in channel sample) - undrilled 4
Slide 5: Santas Gloria Project, Peru
SANTAS GLORIA PROJECT, PERU • First-mover opportunity in substantial high-grade, outcropping epithermal system • 1,100 ha drill-permitted concession, 55 km east of Lima Santas Gloria • Within core of prolific epithermal belt that hosts multiple tier-1 deposits • Highly underexplored – modern systema
Slide 6: 2024 Drill Program – 1st Drill Program in Project's History
2024 DRILL PROGRAM – 1st DRILL PROGRAM IN PROJECT’S HISTORY (See news release dated October 29, 2024) • 12 holes (1,175 m), targeting four vein systems, strong silver intervals returned from all four veins • San Jorge Vein (7 holes, 734 m); Tembladera (2 holes, 211 m), Maribel & Paquita (3 holes, 23
Slide 7: 2025 Drill Program – Follow Up
2025 DRILL PROGRAM – FOLLOW UP (See news releases dated August 21, 2025; and September 16, 2025) Vein Hole From (m) To (m) Length* (m) Ag (g/t) Au (g/t) Pb (%) Zn (%) AgEq** (g/t) g x AgEq • 14 holes (2,025 m), targeting San Jorge vein San Jorge SG016 75.0 77.0 2.0 109 0.04 0.35 0.20 125 255 • 11 of
Slide 8: 2025 Drill Program – Follow Up
2025 DRILL PROGRAM – FOLLOW UP • Epithermal structure intercepted in 100% of holes drilled • Primary higher-grade sulphide zone to be targeted at depth in Phase 3 (2026) program • Mineralization open in all directions 8
Slide 9: 2026 Drill Program – Phase 3: Tembladera
2026 DRILL PROGRAM – PHASE 3: TEMBLADERA • High-grade Tembladera vein remains largely undrilled (planned for Q2, 2026) • Tembladera: – Largely undrilled, with cumulative strike length of ~4 km – Underground channel samples >16,000 g/t Ag (see news release dated June 2, 2021) – Remains open and undri
Slide 10: 2026 Drill Program – Phase 3: San Jorge
2026 DRILL PROGRAM – PHASE 3: SAN JORGE • Follow up on high-grade intercepts from San Jorge vein (planned for Q2, 2026) • San Jorge: – 18 of 21 holes to date have returned strong silver intercepts, largely still in the oxide horizon – Vein strikes for 2.7 km, only drill tested over 400 m of strike l
Slide 11: 2025-2026 Property-Wide Exploration Program
2025-2026 PROPERTY-WIDE EXPLORATION PROGRAM (See news releases dated November 19, 2025; December 8, 2025; January 15, 2026) • 23 intermediate-sulphidation epithermal veins (>12 km of strike) yet no history of systematic exploration, underscoring its exceptional discovery potential • Systematic 2026
Slide 12: Multi-Kilometer WorldView-3 Alteration Cell Defined
MULTI-KILOMETER WORLDVIEW-3 ALTERATION CELL DEFINED (See news release dated January 15, 2025) • WorldView-3 spectral alteration mapping has defined a 1.3 x 2 km alteration cell • Alteration cell is coincident with several undrilled veins which collectively total >5 km of strike • Cell is strongly zo
Slide 13: Property-Wide Soil Sampling
PROPERTY-WIDE SOIL SAMPLING • No prior soil sampling ever conducted at Santas Gloria Project – significant opportunity to identify new drill targets • 2025-2026 soils will cover all 23 known veins property-wide, which collectively strike >12 km • Phase 1 sampling is complete (1,037 soils) → assay re
Slide 14: Local Milling Opportunities
LOCAL MILLING OPPORTUNITIES • Multiple mines operating in the Morococha Mining Camp • Several with excess mill capacity for high grade silver-base metal feed that are within 40 to 50 km of Santas Gloria. • Private local Peruvian miners have capacity to provide underground miners and equipment • Oppo
Slide 15: District-Scale Acquisition, New South Wales, Australia
DISTRICT-SCALE ACQUISITION, NEW SOUTH WALES, AUSTRALIA (See news release dated January 20, 2025) • Three large silver-gold exploration projects totaling 454 km² (45,400 ha) in the highly prospective Lachlan Orogen of New South Wales, Australia • Portfolio covers at least 12 historic silver, gold and
Slide 16: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS • Experienced corporate team with track record of delivering value to shareholders • Deep in-house technical knowledge of epithermal systems, early- stage exploration, and subsequent resource development • Santas Gloria is remarkably underexplored, with 12 km of mapped epit
Slide 17: Forward Looking Statements
Forward Looking Statements Certain statements contained in this presentation constitute forward-looking statements. These statements relate to future events or the Corporation's future performance, business prospects or opportunities. All statements other than statements of historical fact may be fo
Slide 18: Contact
Contact 604 687 5792 info@firstandessilver.com Suite 704, 595 Howe Street, Vancouver BC V6C2T5
First Andes Silver — Investor Presentation (January 2026) on 6ix