Andean Silver Limited · ASX:ASL
Andean Silver — Noosa Mining Investor Conference (July 2026)
38 slides from Andean Silver's conference presentation, Jul 22, 2026
Slide 1: Cerro Bayo Silver-Gold Project: Advancing Chile's historic silver district
For personal use only ASX: ASL OTCQX: Cerro Bayo Silver-Gold Project ADSLF Advancing Chile’s historic silver district 22 July 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 JORC CODE and is 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 CAPITAL STRUCTURE 2 For personal use only ACQUISITION 3.00 10,000,000 Shares on issue 212.7 M 9,000,000 Unlisted RSUs & Performance Rights 17.3 M Share Price (AUD $ per share) 2.50 8,000,
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 (Managing Director) Michael Naylor Corporate Consultant FireFly Metals (Executive Director) Damien Koerber David Southam Matthew Allen Tim Laneyrie COO – A
Slide 5: Regional Overview
Regional Overview For personal use only ASX CODE: 5 ASL
Slide 6: 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 For personal use only • OP resource of 12Mt @ 112g/t AgEq for 44Moz ASX CODE: 6 ASL
Slide 7: Infrastructure already in place on warm idle
Infrastructure already in place and on warm idle 1 2 mtpa crushing circuit For personal use only 2 500,000 tpa SAG/Ball mill and flotation plant 7 3 14 MW diesel power station 5 3 4 Site offices and lunchrooms 4 6 5 Assay laboratory 3 6 Heavy vehicle workshop 2 7 Permitted TSF, waste dumps, Environm
Slide 8: Cerro Bayo has 30+ years of operations
Cerro Bayo has 30+ years of operations Significant exploration potential remains untested For personal use only • Previously operated during much lower metal price cycles ~1/10th of current prices • Exploration historically undercapitalized leaving significant upside potential • Located in globally
Slide 9: Laguna Verde District
Laguna Verde District Mines Pegaso7 Infrastructure Cristal For personal use only Taitao UG mine office Appaloosa Coyita Temer Fabiola Dagny Delia SE Processing & TSF Tranque ASX CODE: 9 * Refer to ASX release dated 30 June2026 and Appendix C. ASL
Slide 10: 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 Future drilling programs targeting conversion of inferred resources ASX CODE: 10 ASL * Refer to A
Slide 11: Delia/Trinidad – High Grade and Open
Delia/Trinidad – High Grade and Open Processing & For personal use only TSF Mines ASX CODE: 11 Infrastructure ASL *See ASX releases dated 1 December 2023, 4 March 2024, 11 December 2025, 30 June 2026 and 7 July 2026
Slide 12: 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 conversion of resource First drilling and exploration at Temer in over 20yrs Mines ASX CODE: 12 Infrastructure *See ASX releases date
Slide 13: Cerro Bayo District
Cerro Bayo District Lourdes Cerro Bayo Underground Underground For personal use only Marcela North Marcela Prospect Underground Guanaco 1 Underground ASX CODE: 13 ASL
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 Significant drill results1 include: 2.0m @ 1,322g/t AgEq (900g/t Ag & 5.1g/t Au) (~2.0m @
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 results1 include: 3.1m @ 923g/t AgEq (252g/t A
Slide 16: Cerro Bayo Exploration
Cerro Bayo Exploration For personal use only ASX CODE: 16 ASL
Slide 17: Juanita Prospect
Juanita Prospect Emerging large-scale Target Juanita Prospect For personal use only 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: 17 *Refer * Refer to ASX to ASX release dated re
Slide 18: Guanaco Exploration Success
Guanaco Exploration Success Drilling to commence in Q3-2026 … Guanaco Exploration Growth For personal use only Defining multiple new veins in a mature district Veins have both width and grade with potential for depth extensions Drilling to plan to extend and de-risk existing mineral resources Sawn c
Slide 19: Droughtmaster
Droughtmaster District scale exploration opportunity Droughtmaster Corridor For personal use only 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
Slide 20: Regional Infrastructure in Place
Regional Infrastructure in Place For personal use only ASX CODE: 20 ASL
Slide 21: Stable Jurisdiction & Social License
Stable Jurisdiction & Social License For personal use only • 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
Slide 22: Investment Overview
Investment Overview Drilling Planning Exploration For personal use only Aggressive drilling campaign planned for 2026 Progress infill drilling Continue to re-evaluate historically under-explored Target high value Laguna Verde district (<2km from mill) Commence feasibility study work near mine target
Slide 23: For personal use only
For personal use only ASX: ASL OTCQX: ADSLF (+61) 8 6256 3950 Level 2/8 Richardson Street, West Perth, WA 6005 info@ANDEANSILVER.com ANDEANSILVER.COM
Slide 24: Appendix
APPENDIX For personal use only Appendix A – Geology and exploration overviews Appendix B – Silver Statistics Appendix C – Mineral Resources ASX CODE: 24 ASL
Slide 25: 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 26: Pegaso – High value Growth
Pegaso 7 – High value Growth New Discovery, Historic district › Surface mineralisation extends over 1km in strike with For personal use only 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 27: Greenfield Exploration
Greenfield Exploration For personal use only Veta Madre Prospect ASX CODE: 28 Cerro Bayo Dome, Site of Cerro Bayo underground ASL
Slide 28: Droughtmaster – Sinter Hill geophysical survey
Droughtmaster – Sinter Hill geophysical survey 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 prog
Slide 29: Geophysical Program – Droughtmaster
Geophysical Program – Droughtmaster Large target corridors, deep and consistent Guanaco 2 Mine Guanaco 1 Mine For personal use only 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 simi
Slide 30: Geophysical Program – Droughtmaster
Geophysical Program – Droughtmaster Large target corridors, deep and consistent For personal use only Marcela Mine Cerro Bayo Mine Guanaco 1 Mine Guanaco 2 Mine Raul Mine Pampa la Perra target Claudia target ASX CODE: 31 See ASX announcement’s dated 13 February 2025, 12 March 2025 and 28 May 2025. A
Slide 31: 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 32 ASX CODE: ASL
Slide 32: 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: 33 ASL
Slide 33: 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: 34 ASL
Slide 34: 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 35: 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 36: Silver – Powering The Future
Silver – Powering The Future World silver stockpiles falling as demand growth continues For personal use only 1400 2000 Photovoltaics Electrical Applications Moz Silver (Vault Stocks) Moz SIlver (Demand) 1200 (~20g of Silver per KW) 1500 (19% of Silver use in Electrical Circuits) 1000 800 1000 600 4
Slide 37: 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 38: 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) For personal use only 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 Op
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