# Andean Silver (CSE:Not available)

> Andean Silver Limited (ASX:ASL) is an Australian mineral exploration and development company focused on advancing its 100% owned Cerro Bayo Silver-Gold project in the Aysen region of Southern Chile, which boasts some of the largest precious and base metals in the world.

## About

Andean Silver Limited (ASX:ASL) is an Australian mineral exploration and development company focused on advancing its 100% owned Cerro Bayo Silver-Gold project in the Aysen region of Southern Chile, which boasts some of the largest precious and base metals in the world. The project currently hosts Indicated and Inferred Mineral Resources of 9.8Mt @ 353g/t AgEq for 111Moz AgEq. The Company is supported by a highly experienced team with a track record of creating shareholder wealth.

## Key facts

- **Cash position:** A$62 M
- **Shares outstanding:** 212.7 M
- **Fully diluted shares:** N/A
- **Warrants:** N/A
- **Options:** 25.6M
- **Mineral resource:** The Cerro Bayo Project has a high grade resource of 9.8Mt @ 353g/t AgEq for 111Moz AgEq. The resource comprises both open pit and underground mines across 2 mining complexes with the Cerro Bayo project and is supported by the collected knowledge and drilling investment over 20yrs of mining history through the district.

1. _Mineral Resources are classified and reported in accordance with the 2012 JORC Code._
2. _Open pit resources are reported to a cutoff grade of 65g/t AgEq._
3. _Pit optimisation shells were used to constrain the resource using a gold price of US$1,850/oz and Silver price of US$24/oz._
4. _Taitao Underground Mineral Resource Estimates are reported at a cut-off of 165g/t AgEq beneath the open pit. LVMC_
5. _and CBMC Resources external to Taitao are reported at a cut-off of 200g/t AgEq._
6. _Silver equivalents are calculated using the equation AgEq = Ag(g/t) + (83 x Au(g/t) and gold equivalents are calculated based on the equation AuEq = Au(g/t) + (Ag(g/t) / 83) based on a gold price of US$1,900/oz and Silver price of US$23/oz. Metallurgical recoveries for gold and silver are closely linked and are typically 92-93% for gold and silver. The Company considers the estimation of metallurgical recoveries in respect of exploration work to be reasonable based on the past processing records from the nearby Cerro Bayo plant between 1995 and 2016, and work undertaken in preparing the mineral resource estimate. It is the Company’s view that all elements in the silver and gold equivalents calculations have a reasonable potential to be recovered and sold._
7. _Bulk Density of 2.63g/cm3 has been applied to veins and 2.57g/cm3 has been applied to stockwork and waste domains._
8. _No internal selectivity or dilution has been applied and the stockwork domains have been modelled using an SMU of 2.5m x 5m x 2.5m (X,Y,Z) with dilution incorporated into the SMU._
9. _Numbers may not add due to rounding._
- **Projects:** ["Cerro Bayo Silver-Gold Project\n- The Cerro Bayo mine is 100% owned by Andean Silver. The mine covers 285sq.km and comprises over 70 contiguous exploration concessions as well as surface properties that covers the areas of the Laguna Verde mining district and processing facilities.\n- The Cerro Bayo Project was in production for over 15 years, producing more than 45Moz Ag and 650koz Au (~99Moz AgEq). The Project has been on care and maintenance since October 2022.\n\nLocation\n- The Cerro Bayo mine is located 10km west of the town of Chile Chico in the Aysen region of Chile which is a 2.5hr commercial flight from Santiago that runs multiple times per day. Chile Chico has a population of ~4,000 people with skilled labour and major infrastructure including hospitals, schools and all weather road access to major deep-water regional ports.\n\nResources\n- The Cerro Bayo project has a high grade resource of 5.03Mt for 50.2Moz at 311g/t AgEq. This resource comprises the existing Taitao open pit resource and the high grade underground mines of Delia Sth and Coyita SE. The Resource is supported by significant historic mining over a number of years by both open pit and underground as well as significant investment in drilling and geological knowledge.\n\nGeology\n- The mineralization is typical of a low sulphidation type and is interpreted to be of a multi-stage, open space filling epithermal origin resulting in mineralized veins, stockworks and breccias. Two different mineralization events can be recognized at Taitao. A mesothermal early stage Ag-Mo-Zn-Pb with subordinated gold, well exposed in the Taitao and Breccia zones; and, a late stage typical epithermal gold-silver rich system, of the low sulfidation type, representative of the main mineralization stage of the district, represented by the NW trending Condor vein systems.\n- Two main vein systems are recognized at Laguna Verde. NS to NNE trending brecciated veins and breccias varying in dip from vertical to 45º E, and N15ºW to N35ºW oriented veins varying in dip between vertical and 75º NW and SE. Strike lengths up to 1.5km have been recognized in some of the vein systems evaluated to date. Widths are highly variable between the different vein systems and in individual veins along-strike and down-dip varying from centimetres up to 50 meters in breccias and stockworks (sheeted zones).\n\nExploration\n- There is extensive areas within the existing mine area as well as greenfields targets to support future resource growth. Approximately 50% of the tenure remains undrill tested with a further 25% under drilled. Established greenfield targets within the know tenure that have not been drill tested that will be targeted for future drilling includes the Raul West, Claudia Vein and Draught Master vein swarm.\n- Further greenfields exploration will be conducted East and Southeast of the Cerro Bayo Dome through to Sinter Hill where the topography increases and early stage programs such as IP and Magnetic surveys, Alteration studies and on ground mapping will need to be conducted to establish target zones."]
- **Leadership:** Board of Directors
David Southam
Non-Executive Chairman
Mr Southam is a CPA with more than 30 years’ experience in accounting, operations, capital markets and finance across the resources and industrial sectors. He was previously Managing Director of Mincor Resources NL (ASX: MCR). Prior to Mincor, David was Executive Director of ASX200 nickel company Western Areas (ASX: WSA) and has held senior executive roles within Brambles Group, ANZ Investment Bank and WMC Resources. David is currently a Non-Executive Director of Ramelius Resources (ASX: RMS) and Executive Chairman of Cygnus Metals (ASX: CY5).

Jessie Liu-Ernsting
Non-Executive Director​
Ms Liu-Ernsting is a highly credentialled resources executive and engineer with 20 years of experience in the mining industry. She has held progressively senior strategic, financial and technical positions at G Mining Ventures Corp. (TSX:GMIN), Hudbay Minerals Inc (NYSE:HBM), Resource Capital Funds and two preeminent Canadian EPCM firms. Ms Liu-Ernsting is currently Chief Corporate Development Officer at Canadian copper developer FireFly Metals Ltd (ASX/TSX: FFM) and is a Director of the Prospectors & Developers Association of Canada (PDAC) and Aston Bay Holdings Ltd (TSXV:BAY). She holds an MBA from the Schulich School of Business with specialisations in Mining, Finance and Strategy, and an Electrical Engineering degree from Queen’s University.

Ray Shorrocks
Non-Executive Director
Mr Shorrocks is the immediate past Executive Chairman of FireFly Metals (ASX: FFM), currently Non-Executive Director of Cygnus Metals (ASX: CY5) and was the founding Executive Chairman of Bellevue Gold (ASX: BGL). He has more than 30 years’ experience in corporate finance in the mining sector and has advised a diverse range of resources companies during his career at one of Australia’s largest investment banking and stockbroking/financial services firms.

Carl Travaglini
Non-Executive Director​
Mr Travaglini is a Chartered Accountant, Chartered Company Secretary and a Graduate of the Australian Institute of Company Directors, with over 18 years’ experience in the resources sector, having served in various executive finance and company secretarial roles in Australia, Canada and Africa. Mr Travaglini is also the CFO of Midas Minerals (ASX:MM1) and CFO and Joint Company Secretary of Cygnus Metals Limited (ASXCY5).


Management Team
Tim Laneyrie​
Technical Director
Mr Laneyrie is a geologist with 19 years’ industry experience. His most recent position was in business development at Northern Star (ASX:NSE), where he conducted evaluations on potential project acquisitions and asset divestments, notably the Saracen/Northern Star merger and Super Pit acquisition. He has also held senior positions with Saracen Minerals.

Matthew Allen ​
Chief Executive Officer
Mr Allen is a FCPA and has more than 25 years’ experience in the resources finance sector in a range of commodities. He has significant experience in debt and equity funding solutions for resources development, and the operation and management of listed public companies. He was previously CFO of Global Lithium Resources and Hastings Technology Metals.

Damien Koerber
Chief Operating Officer
Mr Koerber brings over 30 years of experience in technical and management roles in exploration across Australia & Latin America for Newcrest, Billiton, MIM, Mirasol Resources. He was an integral team member in several significant precious metal discoveries in both continents including Sunrise Dam (Anglo Ashanti) and Tanami (Newmont).

Alvaro Fuentes
General Manager
Mr Fuentes is a mining executive with over 20 years of experience in operations, finance, and corporate management across Latin America and Australasia. He leads Andean Silver in Chile, overseeing the development of the flagship silver-gold project in the Aysén Region of Southern Chile. His expertise spans permitting, stakeholder engagement, and project execution, with a strong commitment to sustainability, community collaboration, and responsible resource development.

Alex Forster
Exploration Manager
Ms Forster is an exploration geologist with over 13 years of experience, primarily in early-stage precious metals exploration, across Africa, Latin America, and Australia. She has held senior geological roles with Bellevue Gold (ASX: BGL) and Bellavista Resources (ASX: BVR) and has worked with major mining companies including Gold Fields Australia (NYSE: GFI), gaining broad technical and project management experience.

Sofía Aravena Fernández
Environmental Manager
Ms Aravena is a geologist specializing in hydrogeology and environment. She has over 20 years of experience in environmental assessment, sectoral permitting and strategic analysis of complex projects, and has also led multidisciplinary teams. She previously served in SERNAGEOMIN, Head of the Environmental Assessment Department at the SEA Executive Directorate, and as Project Manager at the consulting firm Minería y Medio Ambiente Ltda. ( Myma).

Maddison Cramer
Company Secretary​
Ms Cramer is a corporate lawyer with a focus on mining and resources. Ms Cramer was previously Joint Company Secretary at Bellevue Gold (ASX:BGL) and an Associate at Bellanhouse Legal and HWL Ebsworth Lawyers. She is also a Company Secretary for Alicanto Minerals (ASX: AQI), Bellavista Resources (ASX:BVR), Cygnus Metals (ASX:CY5) and Midas Minerals (ASX:MM1). 

_Verified data last updated: 2026-06-12_

## Recent filings

- 2026-05-25 — press_release — [06xdydmnwpd1k6.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52420?documentId=52420)
- 2026-05-25 — annual_report — [06ysq291d7gm3g.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52427?documentId=52427)
- 2026-05-25 — press_release — [06wlxldnx83w7x.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52415?documentId=52415)
- 2026-05-25 — other — [06vjmdfmsdymzv.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52411?documentId=52411)
- 2026-05-25 — press_release — [06v03vr0qyshgd.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52409?documentId=52409)
- 2026-05-25 — other — [06xrrv4pff2w93.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52422?documentId=52422)
- 2026-05-25 — press_release — [06v0s0zcvnq4f4.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52407?documentId=52407)
- 2026-05-25 — press_release — [06w7pv9grbxbtw.pdf](https://ai-chat-dev-red.vercel.app/adslf/preview/52413?documentId=52413)

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- Investor website: https://www.andeansilver.com/