Andean Silver Ltd.

Andean Silver Ltd. is a junior silver exploration company headquartered in West Perth, Australia, operating primarily in South America. The company's portfolio consists of 1 exploration project, in addition to several early-stage exploration prospects. Key assets include Cerro Bayo. The company's principal activity is mining exploration, with a business model centered on advancing a significant project that has a history of past production and includes existing processing infrastructure. The operational approach integrates the revitalization of brownfield areas with the pursuit of greenfield discoveries across an extensive land package. A key characteristic is the application of modern exploration technologies, including the first large-scale geophysical surveys in over 15 years, to systematically evaluate the tenure. An internal geological review, supported by an external consultant, identified the potential for multiple overlapping mineralization styles, which could enhance project economics through polymetallic credits. This dual strategy of expanding known zones while simultaneously generating and testing new regional targets is supported by the recent recruitment of key personnel, including an Exploration Manager and an Environmental/Permitting Manager, to manage expanding site operations. The organization's operational capability is further defined by its use of detailed field mapping and geochemical sampling to refine targets ahead of drilling, creating a comprehensive and data-driven exploration framework.

The organization's strategy is focused on aggressive, district-scale exploration designed to generate a robust, multi-year project pipeline and support a phase of strong growth. A central pillar of this strategy is the execution of a 200+ line-kilometer geophysical survey aimed at defining high-priority drill targets down to a depth of 300 meters across key structural corridors. This data will be integrated with existing mapping and surface geochemistry to guide future campaigns. The exploration approach combines brownfields drilling to grow existing resources with greenfields drilling on newly generated targets derived from geological work and the geophysical program. To execute this, management has deployed a 3-rig drilling fleet and a dedicated geological team for the 2025 period. The strategy also includes expanding the company's footprint through applications for new exploration tenements adjacent to its current holdings, selected based on geological similarities. The overarching 12-month plan prioritizes the completion of the geophysical campaign, targeted drilling programs, and the commencement of regional exploration on other prospective tenures to ensure a continuous pipeline of discovery opportunities.

The governance structure was recently refreshed with the appointment of a highly experienced mining executive as Non-Executive Chairman on 1 October 2024, who had previously served as a Non-Executive Director since April 2024. The former Non-Executive Chairman transitioned to a Non-Executive Director role, ensuring leadership continuity on the board, which comprises a chairman and 3 other non-executive directors. Executive leadership was significantly strengthened by the appointment of a new Chief Financial Officer on 9 December 2024, a resource finance specialist with a proven track record in identifying opportunities and implementing complex transactions for project development and funding. The management team is further supported by 2 joint Company Secretaries. The leadership's approach includes leveraging external expertise, demonstrated by the engagement of a respected geological consultant to conduct a technical review that enhanced the company's understanding of its regional potential. This combination of experienced board oversight and specialized executive management is structured to guide the company's aggressive exploration and growth phase.

The corporation underwent a significant identity change on 5 July 2024, rebranding from Mitre Mining Corporation Limited to Andean Silver Limited, which included adopting a new stock exchange code and launching an updated corporate website. The group's structure includes controlled entities, with one key operational subsidiary identified as Compania Minera Cerro Bayo SpA. A material structural arrangement is a reimbursement agreement with Mandalay Resources Corporation, which has committed to contribute approximately 50% of future closure costs for a principal asset, based on a closure plan approved by the relevant regulatory body on 21 February 2024. The company is also actively modifying its asset structure through tenement expansion, having applied for new exploration leases adjacent to its existing project. This includes a central tenure previously held by Goldcorp (now part of Newmont since 2019), which is situated along a prospective vein corridor. This strategic consolidation and expansion of its land holdings is a core component of its corporate growth framework.