Highlights

  • Shares rose 15.85% to A$1.65 on 9 November 2026, giving Andean Silver a Market Capitalisation of about A$378.67 million.
  • Cerro Bayo's resource totals 136 million silver-equivalent ounces, with the Indicated portion up 230% to 60 million.
  • A Placement of about A$40 million at A$2.45 per share backs restart activities, drilling, studies and early works.
  • Andean plans a scoping study within six months and a feasibility study with maiden Ore Reserve by end of 2027.

Andean Silver Limited (ASX:ASL) is moving from explorer to restart candidate, and the market noticed on 9 November 2026, with the shares jumping 15.85% to A$1.65. The Chile-focused company has paired a sharply larger resource at its Cerro Bayo silver-gold project with fresh capital and a dated roadmap towards feasibility, even as the stock remains 3.52% lower over twelve months.

A Larger, Higher-Confidence Resource

As at 15 June 2026, Cerro Bayo hosts a Mineral Resource of 20.0 million tonnes at 211 grams per tonne silver equivalent for 136 million ounces. Indicated resources total 4.7 million tonnes at 395 grams per tonne for 60 million ounces, up 230%, while Inferred resources total 15.3 million tonnes at 155 grams per tonne for 76 million ounces.

Underground resources account for 92 million ounces and open pit for 44 million ounces. The estimate used prices of US$45 per ounce silver and US$3,500 per ounce gold, below the spot levels quoted in the company's release.

Placement and Half-Year Results

On 2 September 2026, Andean announced an institutional placement to raise about A$40 million through roughly 16.3 million shares at A$2.45 each. Proceeds, with existing cash, are intended to accelerate restart activities, resource growth and upgrade drilling, development studies, early works and working capital.

The half-year report to 30 June 2026 showed a net loss of A$11.6 million and cash of A$42.7 million, down from A$56.1 million at the end of December 2025. Exploration and evaluation Assets rose to A$44.9 million.

Drilling Powers the Next Phase

A drilling program of about 60,000 metres aims to convert resources to Measured and Indicated categories and update geotechnical and metallurgical data ahead of feasibility work, focused on the near-mine Laguna Verde district. Andean also planned the first resource growth drilling in the Cerro Bayo district in about 20 years, starting in the third quarter of 2026. A large greenfield program remains subject to permitting, with drilling targeted from the second half of 2027.

Future Outlook

Over the next twelve months, Andean aims to deliver a scoping study within six months, complete a feasibility study and maiden Ore Reserve by the end of calendar 2027, begin early restart works such as mill refurbishment and underground dewatering, and keep six drill rigs operating. Matthew Allen became Managing Director on 1 July 2026.