Andean Silver Limited (ASX: ASL)
Executive Summary
Andean Silver Limited (ASX: ASL) is a high-risk, high-upside junior explorer focused on advancing the Cerro Bayo silver-gold project in southern Chile. With a resource base of 111 Moz AgEq, institutional support through recent capital raisings, and existing infrastructure at site, the project has significant optionality. However, the company remains at a pre-production stage, with no reserves defined, negative cash flow, and high dilution risk. Share price performance over the past year has been volatile with a –71% maximum drawdown, underscoring speculative risk.
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