Andean Silver Finds New High-Grade Shoots Near Cerro Bayo Plant, Strengthening Resource Growth Plans

Highlights:

• Maiden drilling at the Temer 4 vein has outlined mineralisation over roughly 350 metres of length and 100 metres of depth.

• Dagny drilling uncovered new hangingwall structures, named the Lucia veins, which extend about 600 metres and 300 metres below surface and sit outside the existing resource.

• Cash of about AU$70.5 million at the end of September 2026 backs further growth drilling and feasibility work.

Andean Silver Limited (ASX: ASL) has reported fresh drilling results from its Cerro Bayo Silver-Gold Project in Chile, pointing to several high-grade zones sitting outside the current resource and only about one kilometre from the processing plant.

A Two-Track Strategy

The results come from roughly 11,000 metres of drilling at the Laguna Verde Mine Complex. The company is working to expand its existing resource of 20 million tonnes at 211 g/t silver equivalent, or 136 million ounces, while converting more of that inventory into the Measured and Indicated categories. At the same time, restart studies are running in parallel. Managing Director Matthew Allen said the shoots remain open and that numerous veins and new targets are still waiting to be tested.

Temer 4 and Dagny Deliver

At Temer 4, the best intercept was 1.7 metres at 1,269 g/t silver equivalent in hole 26LVDH016. Other holes returned results between 211 and 404 g/t over widths of 1.3 to 2.6 metres. The vein was first identified through re-mapping in early 2026.

At Dagny, the main lode was intersected beyond the current resource, including 3.3 metres at 628 g/t. The hangingwall Lucia veins produced 1.6 metres at 1,102 g/t and 0.7 metres at 1,251 g/t. All widths are downhole measurements.

Trinidad, Condor and Delia SE

Infill holes at Trinidad confirmed continuity, and surface mapping showed the shoot reaches the surface beneath shallow gravel, leaving an untested zone of 50 to 100 metres above it. At Condor, a 12.5-metre interval grading 153 g/t included 3.5 metres at 527 g/t. Final Delia SE drilling returned 9.2 metres at 503 g/t, and all of those results will feed a resource update expected in the first half of 2027.

What Comes Next

Over the next twelve months Andean plans to keep several rigs turning on infill and extension drilling while building a study team for scoping and feasibility work. The company stresses that its timetable is indicative and may change.

Market snapshot: at the time of writing, ASL shares were quoted at AU$1.555, up AU$0.135 or 9.507% on the day.

Note: All data presented is based on information available at the time of writing.

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