• Successful completion of Placement and SPP will see Andean emerge with ~A$61m in cash
• Funds to be used to accelerate drilling programs at Cerro Bayo Silver-Gold Project
• Strong shareholder demand led to doubling of SPP size from A$3m to A$6m

Andean Silver Limited (ASX: ASL; OTCQX: ADSLF) has announced that it has doubled the size of its recently announced share purchase plan (SPP) to A$6 million following strong shareholder demand. The original SPP target was A$3 million, but applications totaled approximately A$18 million, significantly exceeding the original target. The funds raised under the Placement and SPP (A$36 million in total before costs) will be used to accelerate drilling at the Cerro Bayo Silver-Gold Project, including resource growth, resource conversion, and regional exploration. Additionally, funds will support the advancement of project studies, the evaluation of land right acquisitions in areas close to Cerro Bayo, general working capital requirements, and costs associated with the raisings. Andean Chairman David Southam stated that the demand for the SPP was exceptionally strong, reflecting the rapid progress the company is making at the Cerro Bayo Project and its ability to unlock growth and value creation opportunities. The successful completion of the Placement and SPP will see Andean emerge with approximately A$61 million in cash, which will help the company accelerate its drilling programs, project studies, and potential land acquisitions.

The funds raised under the Placement and SPP (A$36 million in total before costs) will be used to accelerate drilling at the Cerro Bayo Silver-Gold Project, including resource growth, resource conversion, and regional exploration. Additionally, funds will support the advancement of project studies, the evaluation of land right acquisitions in areas close to Cerro Bayo, general working capital requirements, and costs associated with the raisings.