• Over 30,000m of drilling completed in 2025 with results up to 692g/t silver and 9.8g/t gold
• New resource estimate due in 1H 2026 to include significant high-grade mineralization
• Exploration identified multiple new veins and extensions of existing veins

Andean Silver Limited (ASX: ASL, OTCQX: ADSLF) reported another highly successful quarter, during which the Company continued to generate exceptional drilling results as part of its strategy to grow and upgrade the Mineral Resource Estimate at its Cerro Bayo Silver-Gold Project. During the quarter, Andean discovered multiple high-grade silver-gold mineralised veins at the Laguna Verde district east of the Taitao open pit, and commenced mapping to extend mineralised vein corridors in the Cerro Bayo district. Andean completed more than 30,000m of new diamond drilling in CY25, which will be incorporated into a new Mineral Resource Estimate due to be released in the first half of 2026. The drilling results continued to extend mineralisation beyond the known resource, all within 1km of the processing facility. Significant intercepts include 8.6m @ 375g/t AgEq (170g/t Ag & 2.5g/t Au) and 2.0m @ 1,507g/t AgEq (692g/t Ag & 9.8g/t Au) at Delia SE, as well as high-grade results from the Temer and Appaloosa Breccia areas. Regional exploration also identified multiple new high-grade veins within the Cerro Bayo project area. The Company completed a capital raising and closed its Share Purchase Plan in December, which were strongly supported by existing and new investors. The proceeds will be used to accelerate drilling, evaluate potential land acquisitions, complete permitting, and advance project studies.

Andean has 4 rigs working at Cerro Bayo, targeting the extensive vein systems to continue growing the resource by drilling these vein systems and testing new targets. The exploration strategy is aimed at continuing to grow the resource over the next 12 months.