Andean Silver Limited has secured firm commitments for an A$40 million placement to accelerate economic studies and production restart activities at its Cerro Bayo silver-gold project in Southern Chile.

The placement involves issuing 16,326,531 ordinary shares at A$2.45 each, representing a 13.7% discount to the last sale price of A$2.84 and a 5.8% discount to the 10-day volume-weighted average price. Settlement of the raising is scheduled for Tuesday, 8 September 2026. The capital injection lifts the company's pro-forma cash position to approximately A$82.7 million.

The funds will support an aggressive drilling campaign using six rigs to test key growth targets and upgrade current mineral resources. Proceeds will also fund greenfield permitting targeting over 200 drill pads in the Juanita to Droughtmaster corridor ahead of drilling in the second half of 2027.

“We will maintain our aggressive drilling campaign with six rigs turning. This is aimed at driving further growth in the resources by pursuing extensions to known mineralisation and testing the huge number of mineralised veins already identified across the project. We also intend to continue converting inferred resources to the indicated category.”

— Matt Allen, Managing Director

In parallel with the drilling program, the company is advancing a Scoping Study scheduled for delivery within six months. This work will be followed by a Feasibility Study and maiden Ore Reserve by the end of calendar year 2027. Early works for restart activities, including mill refurbishments, underground dewatering, and infrastructure upgrades, are also underway.

Read the full announcement: Andean Announces Successful A$40 Million Raising