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2026-11-06
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Andean Silver Limited

Care And Maintenance · Silver · CL Rating locked: sign in to view v8.1 · asl-20261104t223132-full
Last 2026-11-06
A$1.42
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$326.9M
EV
A$256.5M
Cash
A$70.5M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$70.5M Finite
Debt A$0 Net cash A$70.5M
Basic shares 230.2M 2026-09-17
Runway 7.1 quarters A$70.5m cash at 30 Sep 2026 divided by the September quarter net burn of A$9.9m (operating plus investing); no committed funding after the cash date; no restart capex in the bridge.

Liquidity

Financial position

Funded for the six-rig resource drilling, studies and early restart works into 2027 on current burn; the restart capex and any construction funding are not yet sized, so a financing will be needed before any construction decision.

Capital structure

Ownership and dilution

Ordinary shares
230.2M
Fully diluted
247.5M

212,667,063 shares at 30 Jun 2026 (H1 note 7) + 33,334 (2 Jul conversion) + 16,326,531 placement (9 Sep) + 500,000 (9 Sep conversion) + 500,000 (15 Sep conversion) + 165,000 (17 Sep conversion) = 230,191,928. Options: none outstanding at 30 Jun 2026. Fully diluted adds performance rights 16,340,001 and RSUs 950,122 = 247,482,051 (upper bound).

Security classes3
ClassTypeQuantityStrikeExpiry
Fully paid ordinary shares on issue (derived from 30 Jun 2026 balance plus quotations to 17 Sep 2026)Ordinary Share230.2M——
Performance rights outstanding after 2 Jul 2026 conversion (upper bound; Sep conversions may have reduced it)Performance Right16.3MA$0—
Restricted stock units outstanding at 30 Jun 2026Other950.1KA$0—

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-09Ann. 2026-09-02RaisingA$40M16.3M—Completed—
2026-01-06RaisingA$6M3.2M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-11-04

The Mandalay NSR royalty is disclosed in the Cerro Bayo resource release (pp.35-36). Not yet re-read: the FY2025 report arrangement notes, the 2024 Cerro Bayo acquisition terms and the 2024 deferred-consideration release. No royalty, stream, offtake, JV, hedge or farm-in is identified beyond the Mandalay royalty.

A 2.25 per cent NSR royalty is payable to Mandalay Resources on Cerro Bayo production above the first 50,000 oz gold equivalent; Andean holds the right to buy it back for US$4m cash and US$2m in shares. Mandalay also bears about 50 per cent of mine closure costs.

Royalty · Active
Counterparties
Mandalay Resources
Applies to
Cerro Bayo silver-gold project · Silver · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
NSR royalty rate: 2.25 percent
Royalty threshold (first production excluded): 50,000 oz AgEq
Buy-back cash consideration: 4,000,000 USD
Buy-back share consideration: 2,000,000 USD in shares
How it affects our valuation

No valuation treatment is available for this arrangement.