Drilling Continues to Expand Known Mineralisation Ahead of Resource Update

• Latest drilling has identified new areas of mineralisation at the Coyita North, Pegaso 7 and Cristal discoveries within Cerro Bayo
• Outstanding results from all three areas, with grades up to 1,457g/t Silver Equivalent
• Imminent resource update planned for late this quarter will include, for the first time, a host of exceptional results from Andean’s past year of drilling at Cerro Bayo for the first time
• Three rigs now drilling to grow the resource at Cerro Bayo amid an increasingly favourable supply-demand outlook for silver

Latest assays:

• Coyita North drilling intercepted the main structure up to 100m below historic drilling; Significant intercept of:
  • 1.5m @ 513g/t AgEq (360g/t Ag & 1.8g/t Au) (6.2g/t AuEq) CBD171
• Pegaso 7 resource potential continues to expand with multiple high-grade shoots defined within the main structure; Significant intercepts include:
  • 1.9m @ 596g/t AgEq (329g/t Ag & 3.2g/t Au) (7.2g/t AuEq) CBD169;
  • 3.0m @ 456g/t AgEq (56g/t Ag & 4.8g/t Au) (5.5g/t AuEq) CBD176;
  • 1.7m @ 322g/t AgEq (19g/t Ag & 3.7g/t Au (3.9g/t AuEq) CBD176 ; and
  • 0.5m @ 1,306g/t AgEq (1,078g/t Ag & 2.8g/t Au) (15.7g/t AuEq) CBD169
• At Cristal, drilling and structural mapping has defined an extensive central main shoot over 500m strike enveloped by multiple subsidiary veins; Significant intercepts include:
  • 1.4m @ 1,457g/t AgEq (632g/t Ag & 9.9g/t Au) (17.6g/t AuEq) CBD170;
  • 3.1m @ 206g/t AgEq (138g/t Ag & 0.8g/t Au) (2.5g/t AuEq) CBD175;
  • 1.0m @ 794g/t AgEq (174g/t Ag & 7.5g/t Au) (9.6g/t AuEq) CBD170; and
  • 38m @ 93g/t AgEq (50g/t Ag & 0.5g/t Au) (1.1g/t AuEq) CBD170, including:
    • 1.2m @ 3.5g/t AgEq (176g/t Ag & 1.4g/t Au) (3.5g/t AuEq);
    • 1.1m @ 433g/t AgEq (238g/t Ag & 2.3g/t Au) (5.2g/t AuEq); and
    • 1.6m @ 263g/t AgEq (182g/t Ag & 1g/t Au) (3.2g/t AuEq)
• Similarities between the broad stockwork zones at Cristal and the historic Taitao open pit show potential for future base load mill sources

“We have generated a wealth of outstanding assays since we started drilling a year ago and these will underpin next month’s resource update.

“To be able to advance from discovery to definition drilling and into a planned maiden resource for both Cristal and Pegaso 7 in such a short period highlights the compelling exploration potential we have at Cerro Bayo.

“Given the amount of drilling we are doing, the open nature of the known mineralisation and the prospective ground we have identified through sampling and mapping, we are very confident about the next 6-12 months at Cerro Bayo”.

Drilling and Exploration Update

The drilling campaign continues to progress at the Laguna Verde Project area with three rigs aimed at expanding and infilling the existing resources at Coyita North (Figure 1) and continuing to define deeper mineralised shoots within the Pegaso 7 discovery.

Figure 1. Coyita North drill platform testing the northern shoot.

Geophysics campaign

As announced on 13 February 2025, the geophysics campaign is currently ~30% complete and has defined extensive new enhanced resistivity corridors within the broader Pampa La Perra and Cerro Bayo trends. The campaign has progressed to the Sinter Hill/Cascada areas (Figure 2) with the aim of defining the mapped veins of Meseta (Figure 3) and Mallines at depth and further along strike as well as the undercover zones below the Sinter Hill.

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