• Drilling hits extremely high-grade silver and gold well outside current resources
• New and previously unmodelled east-west high-grade linking lodes identified
• Potential for substantial additional resources and targets to be tested

Andean Silver has announced more extremely high-grade drilling results from well outside the current Mineral Resources at its Cerro Bayo Silver-Gold Project in Chile. The drilling has identified numerous extensions to known mineralisation as well as new discoveries, highlighting the potential for substantial growth in the Cerro Bayo resource. Highlights include intersections of up to 3,224g/t silver and 21.9g/t gold, extending the known mineralisation which remains open in numerous lodes. The drilling has also identified a new mineralised orientation extending northwest through the project, with results including 16.1m @ 352g/t AgEq. Drilling has intersected the Fabiola lode ~120m below the existing workings, demonstrating the continued depth potential of the Laguna Verde systems. The company is targeting all lodes within 1km of the processing facility, with a drilling program underway to grow the current global Mineral Resource of 9.8Mt @ 351g/t AgEq for 111 Moz AgEq and upgrade resources to the Measured and Indicated categories.

Andean remains well funded to continue to achieve its goals into the future with ~A$34.1m in cash at 30 September 2025. The company's exploration strategy for the coming 12-month period will focus on drilling brownfields targets for growth of existing Resources, underpinning long-term growth through project generation, reviewing results and building a comprehensive drill campaign over the greenfield projects, commencing broader regional exploration campaigns, and commencing internal studies to guide future restart planning phases.