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Cerro Bayo Silver-Gold Project Advancing Chile’s historic silver district 2 September 2026 ASX: ASL OTCQX: ADSLF Not for release to US wire services or distribution in the United States
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ASX CODE: ASL The following notice and disclaimer applies to this investor presentation (Presentation) and investors are advised to read this carefully before reading or making any other use of this Presentation. This Presentation is dated 2 September 2026 and has been prepared by Andean Silver Ltd (ACN 645 578 454) (ASX:ASL) (Andean or the Company) in connection with the Company’s proposed equity raising of A$40million through the offer of new fully paid ordinary shares in the Company (New Shares) to certain institutional, sophisticated and professional investors under a non-underwritten placement pursuant to section 708 of the Corporations Act 2001 (Cth) (Corporations Act), (Placement). The joint lead managers and bookrunners to the Placement are Canaccord Genuity (Australia) Limited (ABN 19 075 071 466) (AFSL 234666) and Euroz Hartleys Limited (ABN 33 104 195 057) (ASFL 230052) (Joint Lead Managers). Jet Capital Advisors, LLC is acting as Co-Manager to the Placement. This Presentation has been authorised for release to the Australian Securities Exchange (ASX) by the Board of Directors of the Company (Board). SUMMARY INFORMATION ONLY This Presentation is in summary form and contains general and background information about the Company and its subsidiaries and their activities, which is current as at the date of this Presentation (unless otherwise indicated). The information in this Presentation remains subject to change without notice. The information in this Presentation is general in nature and does not purport to be accurate nor complete, nor does it contain all of the information that an investor may require in evaluating a possible investment in the Company, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act. It has been prepared by the Company with due care, but no representation or warranty, express or implied, is provided in relation to the accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this Presentation by the Company or any other party involved in its preparation. Reliance should not be placed on information or opinions contained in this Presentation and to the extent permitted by law, the Company is not responsible for updating, and does not undertake to correct or update the content of this Presentation regardless of whether new information, future events or results or other factors affect the information contained in this Presentation. This Presentation should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at https://www.asx.com.au/ or at https://www.andeansilver.com/investors/#announcements. NOT AN OFFER OR INVESTMENT ADVICE Neither this Presentation nor any of its contents will form the basis of any understanding, proposal, offer, invitation, contract or commitment. This Presentation does not constitute or contain an offer, invitation, solicitation or recommendation to subscribe for, acquire or sell of any securities in the Company (including the New Shares), or any other financial products or securities, in any place or jurisdiction. This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. Each recipient of this Presentation should make its own enquiries and investigations regarding all information in this Presentation, including the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company and form their own views as to what information is relevant to such decisions. This Presentation does not constitute investment or financial product advice (nor tax, accounting or legal advice) or any recommendation to acquire New Shares and does not and will not form any part of any contract for the of New Shares. Information in this Presentation is not intended to be relied upon as advice to investors or potential investors 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 financial product advice in respect of its securities. Cooling off rights do not apply to applications for New Shares. This Presentation may not be released to US wire services or distributed in the United States. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States, Canada or any other jurisdiction in which such an offer would be illegal. The New Shares have not been and will not be registered under the US Securities Act of 1933, as amended (US Securities Act) and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This Presentation has been prepared for publication in Australia and not for distribution to Canadian newswire services or for release, publication, distribution, or dissemination directly, or indirectly, in Canada. This Presentation may not be reproduced in whole or in part, nor may any of its contents be divulged to any third party without the prior consent in writing of the Company. The distribution of this Presentation (including an electronic copy) in the United States and elsewhere outside Australia is restricted by law. If you come into possession of this Presentation, you should observe such restrictions, including those set forth in the “International Offer Restrictions” of this Presentation. Any non-compliance with these restrictions may contravene applicable securities laws. Refer to “International Offer Restrictions” of this Presentation for more information. By accessing this Presentation, you represent and warrant that you are entitled to receive this Presentation in accordance with the restrictions, and agree to be bound by the limitations, contained within it. JORC CODE It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources on the ASX are reported in accordance with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while ore reserve and mineral resource estimates of the Company in this document are reported in accordance with the JORC Code (such ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, may not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the SEC. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. COMPLIANCE STATEMENTS This Presentation contains references to Mineral Resource Estimates extracted from the Company’s ASX announcement dated 30 June 2026, titled “Andean Silver’s Indicated Resource increases by 230% to 60Moz AgEq” (refer Appendix C). References in this Presentation to Exploration Results have been extracted from the Company’s ASX announcements dated 1 December 2023, 12 March 2024, 26 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 August 2025, 9 October 2025, 21 October 2025, 2 December 2025, 11 December 2025, 9 February 2026, 31 March 2026, 14 May 2026, 30 June 2026, 7 July 2026 and 21 July 2026. 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 technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements. Metal equivalents have been calculated at a silver price of US$36/oz and gold price of US$3,000/oz. Individual grades for the metals are set out in the presentation and at Appendix C. Silver equivalent was calculated based on the formula AgEq(g/t) = Ag(g/t) + (83 x Au(g/t) and gold equivalent was calculated based on the formula AuEq(g/t) = Au(g/t) + (Ag(g/t) / 83). Metallurgical recoveries for gold and silver are closely linked and are typically 85-93% for gold and silver. The actual assumed metallurgical recovery rate used to calculate the metal equivalents is 90% for each of gold and silver. The Company considers the estimation of metallurgical recoveries in respect of exploration work to be reasonable based on the past processing records from the nearby Cerro Bayo plant between 1995 and 2016, and work undertaken in preparing the mineral resource estimate. It is the Company’s view that all elements in the silver and gold equivalents calculations have a reasonable potential to be recovered and sold. FINANCIAL DATA All dollar values are in Australian dollars (A$ or AUD) unless otherwise stated. The information contained in this Presentation may not necessarily be in statutory format. Amounts, totals and change percentages are calculated on whole numbers and not the rounded amounts presented. IMPORTANT INFORMATION AND DISCLAIMERS 2
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ASX CODE: ASL INVESTMENT RISKS There are a number of risks specific to the Placement, the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company. An investment in New Shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company or the New Shares. Investors should have regard to the risk factors outlined in the “Key Risks” section of this Presentation when making their investment decision. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in the Company (including the New Shares) in the future. There is no guarantee that the New Shares will make a return on the capital invested or that there will be an increase in the value of the New Shares in the future. DISCLAIMER To the maximum extent permitted by law, each of the Company and its related bodies corporate, and their respective its directors, officers, employees, agents and advisers, together with the Joint Lead Managers and their directors, employees, agents and advisers expressly exclude and disclaim to the maximum extent permitted by law: • any and all responsibility and liability, including, without limitation, any liability arising out of fault or negligence or in respect of any expenses, losses, damages or costs incurred in respect of this Presentation, as a result of your participation in the Placement, from the use or reliance on information in this Presentation, and the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by way of negligence or otherwise. This Presentation does not constitute and shall not be relied on as a promise, representation or guarantee as to the past, present or future performance of the Company or its subsidiaries; • all liabilities in respect of, make no representations regarding, any part of this Presentation and make no representation or warranty as to the currency, accuracy, reliability or completeness or fairness of that information, or that this Presentation contains all material information about the Company, the Placement or information that a prospective investor or purchaser may require in evaluating a possible investment in the Company or the acquisition of New Shares; and • any fiduciary relationship between, or assumption of any duty by them or in favour of you. FORWARD LOOKING STATEMENTS This document contains forward looking statements concerning the Company. Forward-looking statements are not statements of historical fact, and 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 other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking 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 environmentalregulation and liability and potential title disputes. Forward looking statements in thisdocument 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 looking statements if these beliefs, opinions and estimates should change or to reflect other future developments. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of commodities, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors 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, 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 presentation will actually occur. IMPORTANT INFORMATION AND DISCLAIMERS 3
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ASX CODE: ASL 4 Investment Highlights Cerro Bayo Silver-Gold project advancing restart A permitted, infrastructure-ready silver-gold restart at Chile’s historic Cerro Bayo project 136 Moz AgEq Total Mineral Resource 20.0Mt @ 211g/t AgEq1 55 Moz Pure Ag + 1.0 Moz Pure Au Contained metal Indicated resource up 230% to 60Moz AgEq A$561 M Pro-Forma Market capitalisation at the Offer Price Pro-forma cash of ~A$83M3 6 rigs operating Drill program supporting advancing studies and restart activities Large, growing resource base • 136Moz AgEq across underground (92Moz @ 361g/t) and open pit (44Moz) • Indicated resource increased 230% to 60Moz AgEq (June 2026) Infrastructure already built • 500ktpa SAG/ball mill, 2mtpa crusher, 14MW power on warm idle • Assay lab, workshops, offices and permitted TSF in place Permitted with deep social licence • Voluntary EIA approved in 1994 • 23 environmental approvals (RCA); active ~1.2Mt remaining tailings permit • ~90% of historic workforce hired locally; 500-600 potential jobs High-grade discovery momentum • Trinidad: 2.4m @ 15,558g/t AgEq (incl. 1.4m @ 25,340g/t AgEq) near the mill2 • Delia SE: 3.1m @ 3,356g/t AgEq2 • Growing and upgrading resource continues to deliver excellent results throughout program District-scale exploration upside • Over 15km vein strike from Juanita to Claudia untouched for 20 years • Droughtmaster geophysics shows +300m depth extents Funded, backed and covered • No debt; 54.5% institutional register incl. Sprott, Equinox, Scotia (1832) • GDXJ inclusion in March 2026 • Sell-side research coverage from Canaccord, Euroz, SCP , Argonaut 1. Refer ASX release dated 30 June 2026 and Appendix C. 2. Refer to ASX release dated 7 July 2026. 3. Assumes A$40 million raised (before costs) at the Offer Price of A$2.45 per share
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ASX CODE: ASL 5 Equity Raising Overview Offer Size and Structure • Single tranche non-underwritten institutional placement seeking to raise A$40 million (before costs) (“Placement” or “Offer”) • The Placement will comprise the issue of approximately 16.3 new fully paid ordinary shares (“New Shares”) utilising the Company’s existing placement capacity under ASX Listing Rule 7.1 Offer Price • Fixed Offer Price of A$2.45 per New Share ("Offer Price"), representing a discount of: ▪ 13.7% to the last closing price of A$2.84 per Share on 28 August 2026; and ▪ 5.8% to the 10-day volume weighted average price of A$2.60 per Share, calculated up to and including Friday, 28 August 2026 Ranking • New Shares issued under the Placement will rank equally with existing fully paid ordinary shares on issue Brokers • Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited are acting as Joint Lead Managers and Bookrunners to the Placement • Jett Capital Advisors, LLC is acting as Co-Manager to the Placement Use of Funds Proceeds to accelerate restart activities in parallel to planning major resource upgrade and greenfield exploration program Resource Upgrade and Growth • Drilling fleet currently 6 rigs upgrading MRE to Measured and Indicated and testing key growth targets at the Cerro Bayo district • Greenfield permitting underway targeting >200 drill pads in the Juanita to Droughtmaster corridor for drilling commencing in 2H CY27 Studies, Development and Early Works • Scoping study underway for delivery to market within 6 months • Deliver Feasibility Study and maiden Ore Reserve by end CY27 • Commence early works for restart activities (mill refurbishments, underground dewatering, infrastructure upgrades etc)
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ASX CODE: ASL 6 Indicative Timetable EVENT DATE Trading Halt Monday, 31 August 2026 Announcement of Placement, trading halt lifted and Andean Shares recommence trading on ASX Wednesday, 2 September 2026 Settlement of New Shares under the Placement Tuesday, 8 September 2026 Allotment and application for trading of New Shares under the Placement Wednesday, 9 September 2026 The dates in this Presentation are indicative only and the Company reserves the right to vary the timetable at any time before the issue of the relevant securities without notice, subject to the ASX Listing Rules and the Corporations Act and other applicable laws. The commencement of trading and quotation of New Shares is subject to ASX confirmation. The Company gives no assurance that such quotation will be granted. Nothing contained in this announcement constitutes investment, legal, tax or other advice. Investors should seek appropriate professional advice before making any investment decision.
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ASX CODE: ASL SHARE PRICE PERFORMANCE SINCE ACQUISITION Board and Management 9.0% incl. Stephen Parsons 5.5% Australian and Global Institutions 54.5% incl. Equinox 7.7% incl. Scotia Asset Management (1832) 6.7% incl. Sprott Inc. and Sprott Silver Miners 5.7% Kyle De Souza Joe Mazumdar Tim McCormack Hayden Bairstow Justin Chan Corporate structure 1. As at 30 June 2026 2. As at 28 Aug 2026. 3. As at 31 July 2026. Well-funded with strong support from foundation shareholders CAPITAL STRUCTURE 2 Shares on issue 212.7 M Unlisted RSUs & Performance Rights 17.3 M Share price A$2.84 Market Capitalisation A$604 M Cash Position 1 ~A$42.7 M Debt 1 A$0.0 M SHAREHOLDER SUMMARY 3 GLOBAL RESEARCH COVERAGE 7 - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 - 0.50 1.00 1.50 2.00 2.50 3.00 3.50 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 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Share Price (AUD $ per share) Closing Share Price - ASX Volume - ASX
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ASX CODE: ASL Board and Management Ray Shorrocks Non-Executive Director Sinclair Gold (Non-Exec Chair), Cygnus Metals (NED) Jessie Liu-Ernsting Independent Non-Executive Director FireFly Metals (Chief Corporate Development Officer) Carl Travaglini Independent Non-Executive Director Midas Minerals (CFO), Cygnus Metals (CFO & Joint Co Sec) Michael Naylor Corporate Consultant FireFly Metals (Executive Director) David Southam Non-Executive Chair Mr Southam is a FCPA with over 30 years’ experience in accounting, operations, capital markets & finance across the resources & industrial sectors. He was previously Managing Director of Mincor Resources NL & was Executive Director of ASX200 nickel company Western Areas & has held senior executive roles within Brambles Group, ANZ Investment Bank. He is currently Executive Chairman of Cygnus Metals (ASX: CY5) & Non-Executive Director of Ramelius Resources (ASX: RMS). Tim Laneyrie Technical Director Mr Laneyrie has previously held senior positions with Northern Star Resources, Saracen Minerals & Resolute Mining. Mr Laneyrie is an experienced geologist with 20 years’ industry experience in Australia and Africa spanning exploration, resource development, mining and business development. He is an Executive Director of Great Dirt Resources (ASX:GR8) Damien Koerber COO – Americas and GM Exploration Mr Koerber brings over 30 years of experience in technical and management roles in exploration across Australia & Latin America for Newcrest, Billiton, MIM, Mirasol Resources. He was an integral team member in several significant precious metal discoveries in both continents including Sunrise Dam (Anglo Ashanti) and Tanami (Newmont). Proven Leadership Team at growing shareholder value Steve Parsons Corporate Consultant FireFly Metals (Managing Director) Matthew Allen Managing Director Mr Allen is a FCA and has more than 25 years’ experience in the resources finance sector in a range of commodities. He has significant experience in debt and equity funding solutions for resources development, and the operation and management of listed public companies. He was previously MD& CEO of Otto Energy and CFO of Global Lithium Resources and Hastings Technology Metals. Alvaro Fuentes GM - Operations Mr Fuentes has a strong record of success in providing strategic and operational guidance. He has experience in guiding companies through substantial growth and innovation, with asset sales exceeding $100 million. He was previously the General Manager for KGHM and Commercial Director of Ausenco South America. Maddison Cramer Company Secretary Cygnus Metals and Midas Minerals (Co Sec), Belltree Corporate (Managing Director) Alex Forster Exploration Manager Ms Forster is an experienced exploration geologist with a diverse background across Africa, Latin America, and Australia. She has held senior roles at Bellevue Gold (ASX: BGL) and Bellavista Resources (ASX:BVR), where she gained valuable management and technical expertise. Ms Forster is passionate about exploration and enabling collaborative team environments. Sofia Aravena Environment Manager Ms Aravena is a hydrogeologist specializing in water resources, she has over 20 years of experience in environmental assessment and sectoral permitting. She previously served as Head of the Environmental Assessment Department at the SEA Executive Directorate and as Project Manager at the consulting firm Minería y Medio Ambiente Ltda. (Myma). 8 ASX CODE: ASL
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ASX CODE: ASL 9 Regional Overview
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ASX CODE: ASL 10 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 • OP resource of 12Mt @ 112g/t AgEq for 44Moz * Refer to ASX release dated 30 June 2026 and Appendix C.
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ASX CODE: ASL 11 Infrastructure already in place and on warm idle 2 mtpa crushing circuit 500,000 tpa SAG/Ball mill and flotation plant 14 MW diesel power station Site offices and lunchrooms Assay laboratory Heavy vehicle workshop Permitted TSF, waste dumps, Environmental approvals with active ~1.2Mt mining permit ASX CODE: ASL 1 2 3 4 5 6 1 2 3 3 4 5 6 7 7
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ASX CODE: ASL Cerro Bayo has 30+ years of operations Significant exploration potential remains untested • Previously operated during much lower metal price cycles ~1/10th of current prices • Exploration historically undercapitalized leaving significant upside potential • Located in globally recognized epithermal Ag– Au district (~100 Moz AuEq produced + remaining resources) • Compelling exploration potential for Cerro Bayo * Source: NI 43-101 reports filed by Coeur and Mandalay between 1995 and 2017, as supplemented by internal company records.
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ASX CODE: ASL 13 Cerro Bayo delivered consistent pure silver output With an additional substantial gold credit PURE SILVER PRODUCTION UNDER COEUR (1995-2008) 1 PURE SILVER PRODUCTION UNDER MANDALAY (2011- 2017) 1 2.4 Moz average per year 2.8 Moz average per year Peak annual production reached 3.7 million ounces of silver during Coeur’s operation of Cerro Bayo. Peak annual production reached 3.7 million ounces before the mine was placed on care and maintenance in 2017. 1. NI 43-101 reports filed by Coeur and Mandalay between 1995 and 2017, as supplemented by internal company records. 2. Data set represents top primary silver mines; calculated as silver's contribution to Financial year 2025 production for each mine. Refer to Appendix D for sources. Junacipio (Fres/PAS) Saucito (Fresnillo) Cannington (South32) Fresnillo (Fresnillo) Pirquitas (SSR Mining) Greens Creek (Hecla) Los Gatos (First Majestic) San Julian (Fresnillo) Palmarejo (Coeur) Ying (SilverCorp) Rochester (Coeur) La Colorada (Pan American Silver) San Dimas (First Majestic) Lucky Firday (Hecla) Las Chispas (Coeur) Zgounder (Aya) San Bartolome (Andean Precious) San Cristobal (Volcan) Guanacevi (Endeavour Silver) El Penon (Pan American Silver) San Jose (Hochschild/McEwan) Huaron (Pan American Silver) Matsa (Sandfire) San Vicente (Pan American Silver) Keno Hill (Hecla) Cienega (Fresnillo) La Encantada (First Majestic) Cerro Moro (Pan American Silver) Vares (DPM/Adriatic) Salares Norte (Goldfields) Boliden (Boliden) McArthur River (Glencore) Cerro (Volcan) Andaychagua (Volcan) Chungar (Volcan) Kolpa (Endeavour Silver) Galena Complex (Americas Gold &… Santa Elena (First Majestic) Avino (Avino) 17.2 1.7 1.7 1.9 2.1 2.3 13.8 10.3 9.8 8.7 8.4 8.3 6.5 6.4 6.1 6.0 5.4 5.3 5.1 4.8 4.5 4.3 3.9 3.9 3.6 3.3 3.1 3.1 3.0 2.8 2.8 2.5 2.5 2.4 10.3 1.2 1.4 1.5 1.6
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ASX CODE: ASL 14 Laguna Verde District * Refer to ASX release dated 30 June 2026 and Appendix C. The use of economic assumptions in the MSO and Whittle pit optimisation is necessary to define a reporting shell that demonstrates reasonable prospects for eventual economic extraction and does not constitute, nor should it be interpreted as, an in-situ valuation of the mineralisation. Taitao Cristal Pegaso7 Temer Tranque Delia SE Coyita Fabiola Dagny Appaloosa Processing & TSF Mines Infrastructure UG mine office ASX CODE: ASL
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ASX CODE: ASL 15 Coyita Trend – Long life underground Single, Sub Vertical, high-grade Silver-Gold Vein over 1.3km of strike Mined by traditional Long Hole Stoping from 2014-2017, 4m x 4.5m Decline Future drilling programs targeting conversion of inferred resources * Refer to ASX releases dated 27 February, 16 March, 24 June, 6 September, 31 October and 17 December 2025, and, 31 March, 30 June and 7 July 2026.
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ASX CODE: ASL 16 Delia/Trinidad – High Grade and Open Mines Infrastructure Processing & TSF *Refer ASX releases dated 1 December 2023, 4 March 2024, 11 December 2025, 30 June 2026 and 7 July 2026
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ASX CODE: ASL 17 Temer – Near mill growth story Temer mine located ~750m from 1,650tpd processing facility Drilling campaign currently targeting conversion of resource First drilling and exploration at Temer in over 20yrs Mines Infrastructure Processing & TSF *Refer ASX releases dated 9 October and 11 December 2025, 9 February 2026, 31 March 2026 and 30 June 2026 ASX CODE: ASL
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ASX CODE: ASL 18 Cerro Bayo District Guanaco 1 Underground Cerro Bayo Underground Marcela Underground Lourdes Underground Marcela North Prospect
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ASX CODE: ASL Marcela Sth Vein › Part of a larger 1.5km vein system › Development in place › Untested mineralised shoots › Known mining conditions Refer to ASX release dated 10 September 2024. Significant drill results1 include: 2.0m @ 1,322g/t AgEq (900g/t Ag & 5.1g/t Au) (~2.0m @ 15.9g/t AuEq) 5.0m @ 798g/t AgEq (452g/t Ag & 4.2g/t Au) (~5.0m @ 9.6g/t AuEq) 3.9m @ 956g/t AgEq (624g/t Ag & 4.0g/t Au) (~3.9m @ 11.5g/t AuEq) 1. Refer to ASX releases dated 16 September 2024 and 30 June 2026 Marcela Sth unmined stope panel ~2007 Advanced project with untested mineralized extensions 19
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ASX CODE: ASL Resources outcropping at surface provides low cost start up Multiple high-grade lodes exposed on surface Historic open cut operations and undergrounds Optionality for future mine restart Significant drill results1 include: 3.1m @ 923g/t AgEq (252g/t Ag & 8.1g/t Au) (~3.1m @ 11.1g/t AuEq) 6.1m @ 724g/t AgEq (492g/t Ag & 2.8g/t Au) (~6.1m @ 8.7g/t AuEq) 1.3m @ 2,267g/t AgEq (1,441g/t Ag & 10g/t Au) (~1.3m @ 27.3g/t AuEq) 1. Refer to ASX releases dated 16 September 2024 and 30 June 2026 Guanaco Nth Slot Cut Outcropping Mineralization 20
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ASX CODE: ASL 21 Cerro Bayo Exploration
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ASX CODE: ASL Juanita Prospect * Refer to ASX releases dated 22 July 2026. Emerging large-scale Target 22 Juanita Prospect 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 *Refer to ASX release dated 22 July 2026
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ASX CODE: ASL 23 Guanaco Exploration Success Guanaco Exploration Growth Defining multiple new veins in a mature district Veins have both width and grade with potential for depth extensions Drilling planned to extend and de- risk existing mineral resources Sawn channels include: 2.7m @ 1,104g/t Silver equivalent (13.5g/t AuEq) 1.7m @ 618g/t Silver Equivalent (7.4g/t AuEq) 1.9m @ 590g/t Silver Equivalent (7.1g/t AuEq) *See ASX releases dated 2 December 2025, 14 April 2026 and 14 May 2026 ASX CODE: ASL Drilling to commence in Q3-2026
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ASX CODE: ASL Droughtmaster * Refer to ASX releases dated 5 August 2024, 24 January 2025 and 28 May 2025. District scale exploration opportunity 24 Droughtmaster Corridor 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 early 2028 Veta Madre Outcrop within Droughtmaster Corridor ~700m strike
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ASX CODE: ASL 25 Regional Infrastructure in Place
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ASX CODE: ASL Stable Jurisdiction & Social License • 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, and federal alignment • Potentially 500–600 direct jobs in a town of ~4,000 → transformational employment impact • Regional authorities recognize Cerro Bayo’s historic economic contribution → significant % of regional economy at full operation
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ASX CODE: ASL Q4 2027Q3 2027 Investment Overview 27 Drilling Aggressive drilling campaign planned for rest of 2026 Target high value Laguna Verde district (<2km from mill) Commence Cerro Bayo growth drilling in 2026 plan Planning Progress infill drilling Commence feasibility study work Map out early works programs (permits, metallurgy, geotechnical, Infrastructure upgrades) Exploration Continue to re-evaluate historically under-explored near mine targets Advance greenfields exploration campaigns to establish long life project pipeline Q2 2027Q1 2027Q4 2026Q3 2026 Exploration and Resource Growth Resource Infill Drilling (x4 rigs) Cerro Bayo Resource Extension Drilling (x2 rigs) Regional Exploration Regional Greenfield Drilling Campaign Studies and Mine Restart Scoping Study Feasibility Study Investigate Early Works The timetable is indicative and subject to change
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ASX CODE: ASL 28 Key Risks In this risks section, “Group” refers to Andean Silver Limited and includes its subsidiaries where the context permits. The following list, which is not exhaustive, represents the material business risks that could affect the Group, including material exposure to economic, environmental and social sustainability risks, and how the Group seeks to manage them. Future capital requirements and market risks As an exploration entity, the Group is not generating net cash flow and is reliant on raising funds from investors or lenders to fund operations and scale growth. The Group will require further funding in the future. It is exposed to external market forces that impact commodity prices and market sentiment, which may restrict access to new flows of capital if the project pipeline is not ascribed value at any given time. The Group manages this risk through a constant focus on its financial position and forecast working capital requirements, and by focusing discretionary exploration on commodities and jurisdictions that support access to capital in weaker markets. Additional equity financing may be dilutive to shareholders, may be undertaken at lower prices than the current market price, or may involve restrictive covenants. Debt financing (not currently a focus), if available, may involve restrictions on financing and operating activities. No assurance can be made that appropriate capital will be available on favourable terms, or at all. If the Group is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities, which could materially adversely affect its activities and its ability to continue as a going concern. Commodity prices volatility and exchange rates Commodity prices fluctuate according to changes in demand and supply. The Group is exposed to changes in commodity prices which could affect the profitability of its projects. Significant adverse movements could also affect the ability to raise debt and equity to fund exploration and development. The Group is exposed to changes in the US Dollar, Australian Dollar and Chilean Peso. Exploration and development risks The prospects of the Group's projects must be considered in light of the considerable risks, expenses and difficulties frequently encountered by early-stage exploration and development companies. Mineral exploration and development is a high-risk undertaking and there can be no assurance that it will result in the discovery of further mineral deposits. Even if an apparently viable deposit is identified, there is no guarantee it can be economically exploited. Future exploration activities may be affected by geological conditions, seasonal weather patterns, unanticipated operational and technical difficulties, industrial and environmental accidents, First Nations process, changing government regulations and other factors beyond the Group's control. Success will also depend on access to sufficient development capital, maintaining title to the projects and obtaining all required approvals. Unsuccessful exploration programs could lead to a diminution in project value, a reduction in cash reserves and possible relinquishment of part or all of the projects. Mineral Resource Estimates The Group's Mineral Resources are estimates and no assurance can be given that they are accurate or that the indicated level of silver, gold or any other mineral will be produced. Estimates are based largely on interpretations of geological data from drill holes and other sampling techniques, and actual mineralisation or geological conditions may differ from those predicted. No assurance can be given that any part, or all, of the Mineral Resource Estimates constitute or will be converted into Ore Reserves. Price fluctuations of silver and gold, as well as increased production and capital costs, may render lower grade mineralisation uneconomic, and estimates may have to be re-estimated based on actual production experience. Any of these factors may require the Group to reduce its Mineral Resource Estimates, which could negatively impact financial results. Mining risks and insurance risks The mining industry is subject to significant risks and hazards, including environmental hazards, industrial incidents, unusual or unexpected geological conditions, unavailability of materials and equipment, pit wall failures, rock bursts, seismic events, cave-ins and weather conditions (including flooding and bush fires), most of which are beyond the Group's control. These risks could result in significant costs or delays with a material adverse effect on financial performance, liquidity and results of operations. The Group maintains insurance to cover the most common of these risks in amounts considered reasonable, however available insurance may not provide sufficient coverage for all losses or may not be available at all. Risks of operating in another country The Group's Cerro Bayo Project is located in Chile, and its operations are subject to the laws and regulations of Chile. Exploration, development and mining activities may be affected by political instability and changes to government regulations relating to the mining industry and foreign investment. Adverse changes may negatively affect the Group's growth plans and strategy. Operations may also be affected by changes to mining laws, environmental laws, employment laws, income and other taxes, and exchange controls. Evolving regulatory environment The Group faces the risk of failing to adapt and adhere to the complex and rapidly evolving regulatory environments in Australia, Chile and other jurisdictions. This can increase the complexity and cost of doing business and create the risk of forfeiture of exploration and mining claims. Development and exploration activities are subject to extensive and constantly evolving laws governing worker health and safety, the environment, water management, waste disposal, mine development and rehabilitation, and the protection of cultural heritage and special status species. Regulatory changes may adversely impact financial performance and/or position. The Group's risk management strategy is designed to monitor and limit the adverse consequences of existing and new regulations efficiently and at minimum compliance cost.
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ASX CODE: ASL 29 Key Risks (cont.) Tenure, access and grant of licences / permits Operations are subject to obtaining and maintaining the necessary titles, permits, authorisations and licences from appropriate governmental authorities, as well as securing appropriate land access arrangements with local communities and other third-party stakeholders (Authorisations). Delays and/or unforeseen costs in obtaining Authorisations may adversely impact exploration activities or development operations. New or additional Authorisations may be required due to changes in proposed operations, relevant law or government enforcement policy. There is no assurance the Group will acquire or maintain all Authorisations necessary to develop or continue operating at any particular project, and Authorisations held may be subject to third party challenge. Community relations and reputational risks The mining industry is subject to community relations risks which may disrupt activities and delay approval timelines for key development activities. The Company's host communities are supportive of mining and the associated employment and flow-on economic benefits, and the Company is committed to community upliftment and regional growth through effective partnerships with local stakeholders. The Group recognises that a failure to appropriately manage local community stakeholder expectations may lead to dissatisfaction and reputational loss, with the potential to disrupt operations and/or impact financial performance. Health and safety Mining operations inherently involve risks related to equipment failures, accidents and geological challenges. These risks, along with health crises such as pandemics, can disrupt operations and pose risks to the workforce. The Group has implemented a range of health and safety initiatives to manage and support the health and safety of employees and contractors. Despite this, there is no guarantee such measures will eliminate accidents or other incidents which may result in personal injury or property damage, and in certain circumstances could give rise to regulatory fines and/or civil liability. Environment risks Exploration and mine development operations have an impact on the environment and are subject to various environmental risks, including those associated with legal compliance, land and biodiversity, nature reservations and parks, water, tailings, rehabilitation and mine closure. Operations are subject to the environmental laws and regulations of Chile and Australia. Failure to comply or to appropriately manage environmental risks can lead to fines, legal liabilities, forfeiture of titles and reputational damage. Delays in obtaining, or failure to obtain, environmental permits and approvals may adversely impact the Group, and new laws or stricter enforcement may be implemented in the future. Data management There are risks associated with retaining or managing corporate data in a way that is inconsistent with the Group's regulatory obligations. This is a growing risk as the Group and related data volumes grow and cyber-security threats become more sophisticated. Failure to properly manage corporate data could result in significant financial, operational and/or regulatory implications. The Group has implemented company-wide controls to mitigate this risk, including continuous review and updating of security controls on the Group's network based on known security threats and the latest intelligence. People capability The Group is currently reliant on the Board and key management personnel and expects to continue to rely on those personnel. The loss of one or more key contributors, or an inability to source a sufficient number of appropriately experienced consultants, could adversely impact the business. The Group's remuneration framework is intended to align remuneration and reward structures with shareholders' interests by being market competitive to attract and retain high calibre individuals, rewarding superior individual performance, and linking long-term incentives to shareholder value. Climate change A number of climate-related factors may affect the business. Climate change or prolonged periods of adverse weather and climatic conditions (including rising sea levels, floods, hail, drought, water scarcity, temperature extremes, frosts, earthquakes and pestilences) may adversely affect the Group's ability to access and utilise its tenements and carry out operations. Changes in policy, technological innovation, and consumer or investor preferences could adversely impact business strategy, particularly in the event of a transition to a lower-carbon economy. Unforeseen expenditure risk The Group's cost estimates and financial forecasts include appropriate provisions for material risks and uncertainties and are considered fit for purpose for the proposed activities of the Group. If risks and uncertainties prove to be greater than expected, or if new currently unforeseen material risks and uncertainties arise, the expenditure forecasts of the Group are likely to be adversely affected. General economic climate Factors such as inflation, currency fluctuations, interest rates, legislative changes, political decisions and industrial disruption have an impact on operating costs. The Group's future income, asset values and share price can be affected by these factors. Speculative investment The above list of risk factors is not exhaustive of the risks faced by the Group or by investors in the Company. These factors, and others not specifically referred to above, may in the future materially affect the financial performance of the Group and the value of the Company’s securities. An investment in the Company should be considered speculative, and potential investors should consult their professional advisers before making an investment decision.
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ASX CODE: ASL 30 International Offer Restrictions New Zealand This Presentation has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) other than to a person who: • is an investment business within the meaning of clause 37 of Schedule 1 of the FMC Act; • meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act; • is large within the meaning of clause 39 of Schedule 1 of the FMC Act; • is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act; or • is an eligible investor within the meaning of clause 41 of Schedule 1 of the FMC Act. Hong Kong WARNING: This presentation has not been, and will not be, registered as a prospectus under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong, nor has it been authorised by the Securities and Futures Commission in Hong Kong pursuant to the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong (the “SFO”). Accordingly, this presentation may not be distributed, and the New Shares may not be offered or sold, in Hong Kong other than to “professional investors” (as defined in the SFO and any rules made under that ordinance). No advertisement, invitation or document relating to the New Shares has been or will be issued, or has been or will be in the possession of any person for the purpose of issue, in Hong Kong or elsewhere that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Shares that are or are intended to be disposed of only to persons outside Hong Kong or only to professional investors. No person allotted New Shares may sell, or offer to sell, such securities in circumstances that amount to an offer to the public in Hong Kong within six months following the date of issue of such securities. The contents of this presentation have not been reviewed by any Hong Kong regulatory authority. You are advised to exercise caution in relation to the offer. If you are in doubt about any contents of this presentation, you should obtain independent professional advice. European Union (excluding Austria) This Presentation has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this Presentation may not be made available, nor may the New Shares be offered for sale, in the European Union except in circumstances that do not require a prospectus under Article 1(4) of Regulation (EU) 2017/1129 of the European Parliament and the Council of the European Union (the “Prospectus Regulation”). In accordance with Article 1(4)(a) of the Prospectus Regulation, an offer of New Shares in the European Union is limited to persons who are “qualified investors” (as defined in Article 2(e) of the Prospectus Regulation). Singapore This Presentation and any other materials relating to the New Shares have not been, and will not be, lodged or registered as a prospectus in Singapore with the Monetary Authority of Singapore. Accordingly, this Presentation and any other document or materials in connection with the offer or sale, or invitation for subscription or purchase, of New Shares, may not be issued, circulated or distributed, nor may the New Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore except pursuant to and in accordance with exemptions in Subdivision (4) Division 1, Part 13 of the Securities and Futures Act 2001 of Singapore (the “SFA”) or another exemption under the SFA. This Presentation has been given to you on the basis that you are an “institutional investor” or an “accredited investor” (as such terms are defined in the SFA). If you are not such an investor, please return this Presentation immediately. You may not forward or circulate this Presentation to any other person in Singapore. Any offer is not made to you with a view to the New Shares being subsequently offered for sale to any other party in Singapore. On-sale restrictions in Singapore may be applicable to investors who acquire New Shares. As such, investors are advised to acquaint themselves with the SFA provisions relating to resale restrictions in Singapore and comply accordingly. United States This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United StatesThe New Shares have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This presentation may be distributed, and the New Shares may be offered and sold, in the United States only to: • “qualified institutional buyers” (as defined in Rule 144A under the US Securities Act); and • dealers or other professional fiduciaries organized or incorporated in the United States that are acting for a discretionary or similar account (other than an estate or trust) held for the benefit or account of persons that are not US persons and for which they exercise investment discretion, within the meaning of Rule 902(k)(2)(i) of Regulation S under the US Securities Act. This Presentation does not constitute an offer of new ordinary shares (New Shares) of the Company in any jurisdiction in which it would be unlawful. In particular, this Presentation may not be distributed to any person, and the New Shares may not be offered or sold, in any country outside Australia, except to the extent permitted below.
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ASX CODE: ASL 31 International Offer Restrictions (cont.) Canada (Alberta, British Columbia, Ontario and Quebec provinces) This presentation constitutes an offering of New Shares only in the Provinces of Alberta, British Columbia, Ontario and Quebec (the “Provinces”), only to persons to whom New Shares may be lawfully distributed in the Provinces, and only by persons permitted to sell such securities. This presentation is not a prospectus, an advertisement or a public offering of securities in the Provinces. This presentation may only be distributed in the Provinces to investors that are both (i) “accredited investors” (as defined in National Instrument 45-106 – Prospectus Exemptions) and (ii) “permitted clients” (as defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations). No securities commission or authority in the Provinces has reviewed or in any way passed upon this presentation, the merits of the New Shares or the offering of the New Shares and any representation to the contrary is an offence. No prospectus has been, or will be, filed in the Provinces with respect to the offering of New Shares or the resale of such securities. Any person in the Provinces lawfully participating in the offer will not receive the information, legal rights or protections that would be afforded had a prospectus been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the New Shares in the Provinces must be made in accordance with applicable Canadian securities laws. While such resale restrictions generally do not apply to a first trade in a security of a foreign, non-Canadian reporting issuer that is made through an exchange or market outside Canada, Canadian purchasers should seek legal advice prior to any resale of the New Shares. The Company as well as its directors and officers may be located outside Canada and, as a result, it may not be possible for purchasers to effect service of process within Canada upon the Company or its directors or officers. All or a substantial portion of the assets of the Company and such persons may be located outside Canada and, as a result, it may not be possible to satisfy a judgment against the Company or such persons in Canada or to enforce a judgment obtained in Canadian courts against the Company or such persons outside Canada. Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s Province. A purchaser may refer to any applicable provision of the securities legislation of the purchaser’s Province for particulars of these rights or consult with a legal adviser. Certain Canadian income tax considerations. Prospective purchasers of the New Shares should consult their own tax adviser with respect to any taxes payable in connection with the acquisition, holding or disposition of the New Shares as there are Canadian tax implications for investors in the Provinces. Language of documents in Canada. Upon receipt of this presentation, each investor in Canada hereby confirms that it has expressly requested that all documents evidencing or relating in any way to the sale of the New Shares (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only. Par la réception de ce document, chaque investisseur canadien confirme par les présentes qu’il a expressément exigé que tous les documents faisant foi ou se rapportant de quelque manière que ce soit à la vente des valeurs mobilières décrites aux présentes (incluant, pour plus de certitude, toute confirmation d’achat ou tout avis) soient rédigés en anglais seulement. Brazil The New Shares have not been, and will not be, registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários or “CVM”) or any other authority in Brazil and may not be offered or sold, directly or indirectly, to the public in Brazil. This presentation and any other document relating to an offer of New Shares may not be distributed in Brazil except to “professional investors” (within the meaning of Resolution 160 of the CVM) or otherwise in compliance with Brazilian law. This presentation has not been approved by any Brazilian regulatory authority and does not constitute an offer to sell, or a solicitation of any offer to buy, any securities to the public in Brazil. The Company’s ordinary shares are not listed on any stock exchange, over-the-counter market or electronic system of securities trading in Brazil. United Kingdom This Presentation has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) has been published or is required to be published in respect of the New Shares. This presentation is issued on a confidential basis to “qualified investors” (within the meaning of paragraph 2 of Schedule 1 to the POATRs) in the United Kingdom. The New Shares may not be offered or sold in the United Kingdom by means of this presentation or any other document except pursuant to an exemption from the general prohibition on offers of relevant securities to the public in the United Kingdom. This presentation should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended (“FSMA”)) received in connection with the offer or sale of the New Shares has been, and only will be, communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of the FSMA does not apply to the Company. In the United Kingdom, this presentation is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within Article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (“FPO”), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (“relevant persons”). The investment to which this presentation relates is available only to relevant persons. Any person who is not a relevant person should not act or rely on this presentation.
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ANDEANSILVER.COM (+61) 8 6256 3950 Level 2/8 Richardson Street, West Perth, WA 6005 info@ANDEANSILVER.com ASX: ASL OTCQX: ADSLF
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ASX CODE: ASL APPENDIX Appendix A – Geology and exploration overviews Appendix B – Silver Statistics Appendix C – Mineral Resources 33
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ASX CODE: ASL District Scale Potential Cerro Bayo District ASX CODE: ASL Current Activities Drilling permits granted Drill planning for 2H CY2026 programs Continued exploration pipeline generation 1. Refer to ASX release dated 1 April 2025 and Appendix C. 2. Coeur/Mandalay production reconciliations. Targeting new discoveries in highly prospective extension … Historic mining from outcropping veins Average mining depth to 150m Exploration historically focused on only drilling below outcropping high grade veins Limited Epithermal knowledge, geophysical and hyperspectral work 34 Pampa La Perra High-grade Underground Veins • JORC underground Resource of 2.5Mt @ 393g/t AgEq for 31Moz AgEq1 • High grade vein mineralisation • Unmodelled and under extracted halo mineralisation in and around Cerro Bayo mine • Historical production of 36.5Moz AgEq at 679g/t AgEq from 2002-20082
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ASX CODE: ASL Pegaso 7 – High value Growth * Refer to ASX releases dated 16 September 2024, 31 October 2024, 27 February 2025, 1 April 2025 and 24 June 2025. Pegaso 7 New Discovery, Historic district Green = Laguna Verde Complex, Purple = Tranque, Blue = Cristal, Orange = Temer › 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, Ind 4.1Moz @ 356g/t AgEq) › Continued evaluation of down dip and along strike growth potential 35
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ASX CODE: ASL 37 Greenfield Exploration Cerro Bayo Dome, Site of Cerro Bayo underground Veta Madre Prospect
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ASX CODE: ASL Droughtmaster – Sinter Hill geophysical survey Continued new discoveries (Monserrat) Geophysics completed over Droughtmaster corridor Further growth continuing on surface and undercover Future drilling program to be developed to test large, greenfield exploration potential * Refer to ASX releases dated 5 August 2024, 24 January 2025 and 28 May 2025. Emerging untested district scale exploration opportunity A1 A B1 B C1 C 38
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ASX CODE: ASL Geophysical Program – Droughtmaster Identification of deep structures throughout Droughtmaster All known veins returned strong and deep alteration responses See ASX releases dated 13 February 2025, 12 March 2025 and 28 May 2025. Large target corridors, deep and consistent Excellent correlation of resistivity highs against known trends (Marcela/Raul and Cerro Bayo) Large corridor of similar scale to Cerro Bayo detected under cover at Pampa la Pera where no previous drilling conducted Guanaco 1 Mine Pampa la Perra target Claudia/Guanaco Vein Guanaco 2 Mine 39 New Vein
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ASX CODE: ASL Geophysical Program – Droughtmaster See ASX releases dated 13 February 2025, 12 March 2025 and 28 May 2025. Large target corridors, deep and consistent 40 Guanaco 2 Mine Guanaco 1 Mine Cerro Bayo Mine Raul Mine Marcela Mine Pampa la Perra target Claudia target
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ASX CODE: ASL District Opportunities Los Domos – polymetallic extension Drill Intercepts include: › 1.3m @ 27.42g/t Au, 32g/t Ag, 0.04% Pb, 0.2% Zn, 0.15% Cu › 9.7m @ 181g/t Ag, 2.58g/t Au, 4.15% Pb, 8.5% Zn, 0.4% Cu › 2.7m @ 132g/t Ag, 1.32g/t Au, 11.4% Pb, 10.7% Zn, 0.32% Cu › 8.39m @ 248g/t Ag, 20.7% Pb, 7.1% Zn, 0.7g/t Au › 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 High grade polymetallic mineralisation from Los Domos in hole LDD001 Los Domos zone *Refer to ASX release dated 1 December 2023
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ASX CODE: ASL Exceptional high grade surface rock chips including: District Opportunities Gold Rich Zone Copper Rich Zone › 20.6% Cu, 30.8g/t Ag, 0.38% Zn, 0.17% Pb, 0.26g/t Au › 16.2% Cu, 24.6g/t Ag, 0.18% Zn, 0.11% Pb, 0.15g/t Au › 6.79% Cu, 11.7g/t Ag, 0.53g/t Au › 4.34% Cu, 12.5g/t Ag › 5.40g/t Au, 6.2g/t Ag › 4.91g/t Au, 3.8g/t Ag › 3.93g/t Au, 12.2g/t Ag Polymetallic Rich Zone › 7.95% Zn, 35% Pb, 0.35% Cu, 112g/t Ag › 19% Zn, 20.8% Pb, 1.12% Cu, 100g/t Ag › 9.74% Zn, 7% Pb, 0.33% Cu, 54.7g/t Ag › 7.2% Zn, 5.7% Pb, 0.78% Cu, 84.8g/t Ag Cerro Diablo – VMS style mineralization › Cerro Diablo geological model related to Hod Maden style Hybrid mineralisation (VMS/intermediate sulphidation) › Large Permit with high priority walk up drill targets › Over 1km of surface veining and alteration *Refer to ASX release dated 1 December 2023. Sample ID 456954* Sample ID 456968*
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ASX CODE: ASL Silver – Powering The Future World Vault Stocks Decreasing to Meet Increasing Demand* LME -29% (~827 Moz remain) CME -10% (~319 Moz remain) SGE -45% (~40 Moz remain) SHFE -42% (~44 Moz remain) At Current Consumption Demand Ratio ~5.8yrs of Vault Stocks Remain Finite Supply 2021 to 2024 Cumulative Deficit of ~650 Moz Photovoltaics (~20g of Silver per KW) Future Technology Value (5G Networks, Hydrogen Storage, Lithium Extraction, solid state batteries) Water Purification (Silver Dust Used to Purify Water) Electrical Applications (19% of Silver use in Electrical Circuits) Medical and Sanitarys (Biomedical, Dentistry, Anti-Bacterial Uses, Medical Imagery) Financial Value (Currency, Jewellery) *Refer to Appendix B for Sources World silver stockpiles falling as demand growth continues 43 0 500 1000 1500 2000 0 200 400 600 800 1000 1200 1400 Moz Silver (Vault Stocks) Moz SIlver (Demand) Mine Supply (Moz) Recycling Capacity (Moz) Hedging Supply (Moz) Sector Sales (Moz) Market Demand (Moz) Auditable Vault Stocks (Moz)
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ASX CODE: ASL Silver Statistics APPENDIX B Global Silver production versus demand Major bullion vaults stocks 2020-2024 2020 2021 2022 2023 2024 2yr_avg London Vaults 1080.5 1161.5 840.9 856.2 827.5 -29% CME 396.5 355.7 299.0 277.9 318.6 -10% SGE 130.0 73.9 69.0 46.5 40.5 -45% SHFE 95.2 75.9 69.2 38.2 43.9 -42% Total 1702.2 1667.0 1278.1 1218.8 1230.6 -26% Year Mine Supply (Moz) Recycling Capacity (Moz) Market Demand (Moz) Deficit (Moz) Auditable Vault Stocks (Moz) 2014 882 160.4 1110 -67.6 2015 896 146.9 1153 -110.1 2016 899.8 145.6 1074 -28.6 2017 863.6 147 1053 -42.4 2018 850.3 148.5 1081 -82.2 2019 836.6 148 1004.4 -19.8 2020 782.2 164.3 989 -42.5 1,702 2021 827.6 175.3 1158 -155.1 1,667 2022 822.4 180.6 1278.9 -275.9 1,278 2023 830.5 178.6 1195 -185.9 1,219 2024 819.7 193.9 1224.5 -210.9 1,230 2025E 835.0 193.2 1215.9 -187.7 Data sourced from the Silver Institute’s yearly World Silver Survey World-Silver-Survey-2025.pdf (silverinstitute.org) 44
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ASX CODE: ASL Cerro Bayo Project Mineral Resource Estimate APPENDIX C 1. Mineral Resource Estimates are classified and reported in accordance with the JORC Code. 2. MSO shapes were generated to constrain the Resource using an NSR value of US$124/t and a minimum mining width of 1.2m. 3. Pit optimisation shells were generated at an NSR cutoff or US$47/t to constrain the open pit resources with SMU of 3m x 5m x 5m applied. 4. A gold price of US$3,500/oz and Silver price of US$45/oz was used to generate NSR cutoffs. 5. Individual grades for all metals included in the metal equivalents calculation are set out in the table above. Silver equivalents are calculated using the equation AgEq = Ag(g/t) + (83 x Au(g/t)) and gold equivalents are calculated based on the equation AuEq = Au(g/t) + (Ag(g/t) / 83) based on a gold price of US$3,000/oz and Silver price of US$36/oz. Metallurgical recoveries for gold and silver are closely linked and are typically 85- 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 of metallurgical recoveries in respect of exploration work to be reasonable based on the past processing records from the nearby Cerro Bayo plant between 1995 and 2016, and work undertaken in preparing the Mineral Resource Estimate. It is the Company’s view that all elements in the silver and gold equivalents calculations have a reasonable potential to be recovered and sold. 6. Bulk Density of 2.63g/cm3 has been applied to veins and 2.57g/cm3 has been applied to stockwork and waste domains. 7. Numbers may not add due to rounding. As at 15 June 2026 45 Underground Resource Category Tonnes (Mt) Ag (g/t) Ag (Moz) Au (g/t) Au (Moz) AgEq(g/t) AgEq(Moz) 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 Open Pit Resource Category Tonnes (Mt) Ag (g/t) Ag (Moz) Au (g/t) Au (Moz) AgEq(g/t) AgEq(Moz) Indicated 1.2 110 4 2.7 0.1 330 13 Inferred 10.9 23 8 0.8 0.3 88 31 Total 12.1 32 12 1.0 0.4 112 44 Total Resource Category Tonnes (Mt) Ag (g/t) Ag (Moz) Au (g/t) Au (Moz) AgEq(g/t) AgEq(Moz) Indicated 4.7 176 27 2.6 0.4 395 60 Inferred 15.3 57 28 1.2 0.6 155 76 Total 20.0 85 55 1.5 1.0 211 136
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ASX CODE: ASL Sources for 2025-2026 Silver Production APPENDIX D 46 Company Link Fresnillo https://www.fresnilloplc.com/media/jrfelmad/280126-fres-4q25-production-report.pdf Pan American Silver https://panamericansilver.com/wp-content/uploads/2026/03/Annual-Report-2025-Pan-American-Silver.pdf South32 https://www.south32.net/docs/default-source/exchange-releases/2026-annual-report-0x26180fcdeb9a183c.pdf?sfvrsn=a7ba2fc0_0 SSR mining https://s22.q4cdn.com/546540291/files/doc_earnings/2025/q4/filing/2025 -Q4-10-k.pdf Hecla https://s29.q4cdn.com/244919359/files/doc_financials/2025/ar/HMC_2025_ACO_041426.pdf First Majestic Silver https://www.firstmajestic.com/_resources/financials/FSMDA-Q4-2025.pdf?v=082808 Coeur https://www.coeur.com/investors/news/news-details/2026/Coeur-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx SilverCorp https://staging.silvercorpmetals.com/wp-content/uploads/2024/08/20250522_SVM_F2025_MDA.pdf Aya https://ayagoldsilver.com/_resources/financials/2025/Q4-2025-Aya-Gold-Silver-Inc_MDA.pdf Andean Precious https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2026/03/25102844/Q42025 -APM-MDA-filing.pdf Volcan https://www.volcan.com.pe/wp-content/uploads/2026/05/Results-4Q.pdf Endeavour Silver https://edrsilver.com/site/assets/files/14787/2025_q4_edr_md_a.pdf Hochschild https://tools.eurolandir.com/tools/Pressreleases/GetPressRelease/?ID=7876792&lang=en-GB&companycode=uk-hoc&v=2022 McEwan Mining https://s21.q4cdn.com/390685383/files/doc_financials/2025/Q4/03/McEwen_inc_20251231_10 -K_EDGAR.pdf Sandfire https://sfr.live.irmau.com/site/pdf/ae1e63a1-9bd8-47b7-8f85-87490cd6b9b7/Platform/ListPage/FY26-Financial-Results-Presentation.pdf DPM https://dpmmetals.com/site/assets/files/18860/q4_2025_composite_binder_in_colour.pdf Goldfields https://www.goldfields.com/pdf/investors/integrated-annual-reports/2025/afs-2025.pdf Boliden https://investors.boliden.com/sites/boliden-ir/files/pr/202602025006-1.pdf Glencore https://www.glencore.com/.rest/api/v1/documents/static/9b103e11-72e7-40bf-ae7c-eabe57361522/GLEN-2025-Annual-Report.pdf Americas Gold and Silver https://americas-gold.com/site/assets/files/6086/2025q4mda.pdf Avino https://cdn.prod.website-files.com/68684222725a56e6775e0877/69b07e5c16d077516aa1d88e_ASM -Q4-2025-MD%26A-Final.pdf