Andean Silver Limited
Despite its name, Andean Silver's indicated resource is led by gold. Its 100%-owned Cerro Bayo project in southern Chile previously produced over 45 million oz silver and 650,000 oz gold (approximately 99 million oz AgEq) over 15+ years before entering care and maintenance in October 2022. The resource as at 15 June 2026 stands at 20.0 Mt at 211 g/t AgEq for 136 million oz AgEq; its indicated part, 4.7 Mt at 176 g/t silver and 2.6 g/t gold, contains about 0.4 Moz of gold and 27 Moz of silver, and at the estimate's own US$3,000/oz gold and US$36/oz silver gold is about 55% of that value. Infill and expansion drilling is under way.
Notable vs. Peers
- Trading within 5% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Jurisdiction (40%)8/10
Chile is one of Latin America's most stable, established mining jurisdictions with strong rule of law, though recent tax/regulatory reform discussions add some uncertainty.
Infrastructure (40%)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Cerro Bayo Silver-Gold Project, Aysén Region, Chile.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: San Jose (Santa Cruz) (Hochschild Mining plc), 119 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:2.7/10
Nearest producing mine: San Jose (Santa Cruz) (Hochschild Mining plc), 119 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:8/10
Chile: jurisdiction score 8/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director of Andean Silver Limited, appointed 1 July 2026 after serving as the company's Chief Executive Officer from February 2026. An FCPA with more than 25 years' experience in the resources finance sector across a range of commodities, with significant experience in debt and equity funding solutions for resources development, project development, operations, M&A and the operation and management of listed public companies. Previously CFO of Global Lithium Resources and Hastings Technology Metals, and Managing Director and Chief Executive Officer of Otto Energy Limited from 2014 to 2020.
Technical Director of Andean Silver Limited. A geologist with 19 years' industry experience whose most recent position was in business development at Northern Star, where he conducted evaluations on potential project acquisitions and asset divestments, notably the Saracen/Northern Star merger and the Super Pit acquisition. Has also held senior positions with Saracen Minerals.
Chief Operating Officer of Andean Silver Limited. Brings over 30 years of experience in technical and management roles in exploration across Australia and Latin America for Newcrest, Billiton, MIM and Mirasol Resources. Was an integral team member in several significant precious metal discoveries on both continents, including Sunrise Dam (Anglo Ashanti) and Tanami (Newmont).
General Manager of Andean Silver Limited. A mining executive with over 20 years of experience in operations, finance and corporate management across Latin America and Australasia. 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.
Exploration Manager of Andean Silver Limited. An exploration geologist with over 13 years of experience, primarily in early-stage precious metals exploration, across Africa, Latin America and Australia. Has held senior geological roles with Bellevue Gold and Bellavista Resources and has worked with major mining companies including Gold Fields Australia, gaining broad technical and project management experience.
Environmental Manager of Andean Silver Limited. A geologist specializing in hydrogeology and environment, with over 20 years of experience in environmental assessment, sectoral permitting and strategic analysis of complex projects, and experience leading multidisciplinary teams. Previously served in SERNAGEOMIN, as 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).
Company Secretary of Andean Silver Limited; also Joint Company Secretary of Cygnus Metals Limited and Midas Minerals Limited. A corporate lawyer with a focus on mining and resources, previously Joint Company Secretary at Bellevue Gold and an Associate at Bellanhouse Legal and HWL Ebsworth Lawyers. Also serves as Company Secretary for Alicanto Minerals and Bellavista Resources.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
1832 Asset Management L.P., the Scotiabank-affiliated manager behind the Dynamic Funds family, holds the largest single disclosed stake at 7.7% (Andean's own 22 June 2026 fact sheet) -- a concentrated position from a generalist Canadian asset manager rather than a resource-sector specialist. ASA Gold & Precious Metals Ltd and Franklin Gold and Precious Metals Fund, both genuine specialist funds, separately hold smaller stakes, with institutional ownership over 36% providing corroboration. No genuine open-market insider buying was found; two directors sold stock in December 2025.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Despite its name, Andean Silver's indicated resource is led by gold. Renamed from Mitre Mining in July 2024, it owns 100% of the Cerro Bayo silver-gold project in the Aysén Region of southern Chile, a past-producing mine that produced more than 45 Moz of silver and 650,000 oz of gold over more than 15 years before being placed on care and maintenance in October 2022. The resource estimate as at 15 June 2026 totals 20.0 Mt at 211 g/t silver equivalent for 136 Moz AgEq, up 23%, across open-pit and underground material. Its indicated part, 4.7 Mt at 176 g/t silver and 2.6 g/t gold with no measured category, contains about 400,000 oz of gold and 27 Moz of silver, plus about 600,000 oz of gold and 28 Moz of silver inferred; at the estimate's own US$3,000/oz gold and US$36/oz silver, gold is about 55% of the indicated value. Infill and expansion drilling is under way, and no economic study has been published yet.