Andean Silver Cerro Bayo corporate presentation

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# Andean Silver Cerro Bayo corporate presentation

Source: https://www.andeansilver.com/wp-content/uploads/2025/12/ASL-RRS-November-2025.pdf
Published: 2025-11-30T00:00:00+00:00
Fetched: 2026-05-12T17:05:53.606+00:00
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# Andean Silver Cerro Bayo corporate presentation
Source: https://www.andeansilver.com/wp-content/uploads/2025/12/ASL-RRS-November-2025.pdf
Published: 2025-11-30
ASX:
ASL
OTXQX:
Cerro Bayo Silver-Gold Project ADSLF
Advancing Chile’s historic silver district
December 2025
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 or provision of this
presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with
for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code).
disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this presentation Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this
including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of document comply with the JORC Code (such JORC Code-compliant ore reserves and mineral resources being "Ore Reserves"
accuracy, completeness, currency or reliability or you or any other person placing any reliance on this presentation, its accuracy, completeness, and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular,
currency or reliability. This presentation is not a prospectus, disclosure document or other offering document under Australian law or under any other may not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities
law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral
jurisdiction. This presentation does not purport to contain all the information that a prospective investor may require in connection with any potential reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may
investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any shares in the Company not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of
(Shares). Canadian or US securities laws.
COMPLIANCE STATEMENTS
This presentation may not be released to US wire services or distributed in the United States. Shares have not been, and will not be, registered under
the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration This Presentation contains references to Mineral Resource Estimates extracted from the Company’s ASX announcement dated
requirements of the US Securities Act and applicable US state securities laws. The distribution of this presentation in the United States and elsewhere 1 April 2025, titled “Cerro Bayo Resource increases by 22 per cent to 111Moz” (refer Appendix C). References in this Presentation to
outside Australia may be restricted by law. Persons who come into possession of this presentation should observe any such restrictions as any non- Exploration Results have been extracted from the Company’s ASX announcements dated 1 December 2023, 12 March 2024, 26
compliance could contravene applicable securities laws. March 2024, 3 April 2024, 30 May 2024, 18 July 2024, 5 August 2024, 16 September 2024, 31 October 2024, 17 December 2024,
24 January 2025, 13 February 2025, 27 February 2025, 12 March 2025, 24 June 2025, 18 August2025, and 9 October 2025 and
NOT INVESTMENT ADVICE 23rd October 2025. Andean confirms that it is not aware of any new information or data that materially affects the information
included in the original announcements and, in the case of estimates of Mineral Resources, that all material assumptions and
Each recipient of the presentation should make its own enquiries and investigations regarding all information in this presentation including but not technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not
limited to the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented
outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors have not been materially modified from the original market announcements.
and has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an
investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives,
financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. The Company is not licensed to provide Metal equivalents have been calculated at a silver price of US$23/oz and gold price of US$1,900/oz. Individual grades for the
financial product advice in respect of its securities. metals are set out in the presentation and at Appendix C. Silver equivalent was calculated based on the formula AgEq(g/t) =
Ag(g/t) + (83 x Au(g/t) and gold equivalent was calculated based on the formula AuEq(g/t) = Au(g/t) + (Ag(g/t) / 83). Metallurgical
FORWARD LOOKING STATEMENTS recoveries for gold and silver are closely linked and are typically 90-93% for gold and silver. The actual assumed metallurgical
recovery rate used to calculate the metal equivalents is 90% for each of gold and silver. The Company considers the estimation
This document contains forward looking statements concerning the Company. Forward-looking statements are not statements of historical fact, and of metallurgical recoveries in respect of exploration work to be reasonable based on the past processing records from the
actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties and nearby Cerro Bayo plant between 1995 and 2016, and work undertaken in preparing the mineral resource estimate. It is the
other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and Company’s view that all elements in the silver and gold equivalents calculations have a reasonable potential to be recovered
contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking and sold.
information provided by the Company, or on behalf of the Company. Such factors include, among other things, risks relating to additional funding
requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including INVESTMENT RISK
environmental regulation and liability and potential title disputes. Forward looking statements in this document are based on the Company’s beliefs,
opinions and estimates of the Company as of the dates the forward-looking statements are made, and no obligation is assumed to update forward There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial
looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital
the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the requirements, the potential for shareholders to be diluted, risks associated with the reporting of resources estimates, budget
forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors risks, risks associated with the COVID-19 pandemic and operational risk. An investment in Shares is subject to known and unknown
which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the
performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price performance of the Company.
of commodities, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors FINANCIAL DATA
disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in accordance with applicable securities laws. No representation, warranty or undertaking, All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained
express or implied, is given or made by the Company that the occurrence of the events expressed or implied in any forward-looking statements in this in this Presentation may not necessarily be in statutory format. Amounts, totals and change percentages ASX CODE:
presentation will actually occur. are calculated on whole numbers and not the rounded amounts presented. 2
ASL
Corporate structure
Well funded with strong support from foundation shareholders …
SHARE PRICE PERFORMANCE SINCE ACQUISITION CAPITAL STRUCTURE 1
2.50 10,000,000
Shares on issue 190.5 M
9,000,000
Share Price (AUD $ per share)
2.00 8,000,000 Unlisted Options, RSUs & Performance Rights 19.6 M
7,000,000
1.50 6,000,000
Share price 2 A$1.79
5,000,000 Market Capitalisation A$341 M
1.00 4,000,000
3,000,000 Cash Position 1 ~A$34.1 M
0.50 2,000,000
Debt 1 A$0.0 M
1,000,000
- -
Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25
SHAREHOLDER SUMMARY 2
Closing Share Price - ASX Volume - ASX Board and Management 16.9%
GLOBAL RESEARCH COVERAGE incl. Stephen Parsons 9.2%
Australian and Global Institutions 46.0%
Kyle De Souza incl. Scotia Asset Management (1832) 9.1%
Tim McCormack incl. Sprott Inc. and Sprott Silver Miners 7.7%
& Physical ETF
Brandon Gaspar
1. As at 30th September 2025. ASX CODE:
3
2. As at 29th October 2025.
ASL
Cerro Bayo Silver-Gold Project
Advanced, Established Project with Sustained Growth
Grade and Scale Strong News Flow Established Mining Site
Resource of 9.8Mt @ 353g/t AgEq for 111Moz AgE

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