X-twitter Linkedin Youtube

Silver : From Monetary Anchor to Essential Strategic Commodity

The global silver market is currently navigating a period of unprecedented structural realignment. For millennia, silver’s identity was inextricably linked to gold, serving as a primary pillar of the global monetary system and a universal store of value. However, the late twentieth and early twenty-first centuries have witnessed a profound transition. Silver has evolved from a circulating currency into an indispensable industrial metal, foundational to the green energy transition, high-performance computing, and modern military defense. This transition is not merely a change in use-case but a fundamental shift in market mechanics. Unlike gold, which is largely preserved and recycled in the form of jewelry and bullion, modern silver demand is increasingly characterized by industrial dispersion and single-use military applications where the metal is consumed and lost to the global supply chain. As industrial demand reaches record highs and mine production remains inelastic due to its nature as a byproduct, the silver market has entered a period of persistent structural deficits that provide a compelling case for a significant upward rerating of the silver price.

The Physical Imperative: Why Silver is Irreplaceable

The transition of silver from a monetary asset to an industrial necessity is rooted in its unique physical and chemical properties. Silver is not merely a “precious” metal; it is a “functional” metal with no direct substitute in high-performance applications.8

Unmatched Electrical and Thermal Conductivity

Silver possesses the highest electrical conductivity, thermal conductivity, and reflectivity of any element in the periodic table.8 These properties are not marginally better than alternatives; they are fundamentally superior. For example, silver’s electrical conductivity is approximately ~5–7% higher than that of copper and ~40% higher than that of gold.8

In modern electronics, where miniaturization and energy efficiency are paramount, this 15% advantage is critical. As devices become smaller and more powerful, the heat generated by electrical resistance becomes a primary failure point. Silver’s ability to conduct electricity with minimal resistance and its simultaneous ability to dissipate heat faster than any other metal make it the only viable material for high-density circuit boards and high frequency 5G components.8

The Green Revolution: Silver as the Engine of Decarbonization

The modern era of silver demand is dominated by the global push for decarbonization. As nations transition from fossil fuels to renewable energy and electrified transport, silver has moved from the periphery to the center of the “green economy”.14

The Photovoltaic (PV) Explosion

The solar energy sector has become the single most important driver of industrial silver demand. Silver paste is used in the manufacturing of solar cells to collect the electrons generated when sunlight hits the silicon wafer.2 Despite significant efforts by the solar industry to “thrift”—or reduce the amount of silver used per panel—the sheer scale of global solar deployment has overwhelmed these efficiency gains.15

In 2024, the solar sector consumed ~200 million ounces of silver, accounting for roughly 17% of total global silver demand.2 This demand is largely concentrated in China, which added a record 278 gigawatts of solar capacity in 2024.13 The growth of this sector is staggering; the Silver Institute reported a 158% increase in silver demand for solar panels between 2019 and 2023, with continued growth projected as nations ramp up efforts to meet carbon-reduction targets.2

Electrification of the Automotive Sector

The transition to electric vehicles (EVs) represents another massive structural shift in silver consumption. A standard internal combustion engine vehicle contains approximately 15 to 28 grams of silver, used primarily in basic electrical switches and relays.8 However, an EV requires significantly more silver—often roughly double the amount—due to the complexity of battery management systems, power inverters, and autonomous driving sensors.8

Furthermore, the infrastructure required to support EVs, such as high-speed charging stations, relies heavily on silver-plated connectors to handle high-voltage electricity without overheating.13 As the global automotive industry moves toward full electrification, the demand for silver in this sector is expected to remain a permanent and growing fixture of the market.14

The Silent Consumer: Silver in Military and Defense

While solar panels and EVs are the visible face of silver demand, the military and defense sector acts as a significant “silent consumer.” In military applications, silver’s properties are utilized in ways that make it functionally irreplaceable and, crucially, non-recyclable.10

Precision Munitions and Missiles

Modern warfare relies on precision-guided munitions, all of which require high-performance electronics and specialized power sources. Silver is used extensively in the guidance systems, radar components, and ignition batteries of missiles and torpedoes.10 There has been considerable debate regarding the silver content in systems like the Tomahawk cruise missile. While some sources have claimed hundreds of ounces per unit, informed industry experts clarify that a Tomahawk contains approximately 10 to 15 ounces of silver.18

Although 15 ounces may seem modest compared to the total silver market, the cumulative impact of global munitions production is substantial. Furthermore, once a missile or torpedo is deployed, the silver it contains is lost.10 Unlike a silver ring or a bullion bar, the silver in a missile is vaporized or scattered across a debris field upon impact, making military demand a permanent “drain” on the global silver supply.10

Unmanned Aerial Vehicles (UAVs) and Drones

The rise of drone warfare has accelerated silver demand in the defense sector. Drones are essentially flying computers that operate in extreme environments, requiring flawless signal integrity and rapid heat dissipation.10 Silver is used in drone circuit boards, telemetry systems, and EMI (electromagnetic interference) shielding to ensure that communication links remain stable in the presence of adversarial jamming.10 As military strategies shift toward “drone swarms”—where hundreds of networked drones operate in unison—the aggregate consumption of silver in these systems is set to rise significantly.10

Strategic Power and Submarine Systems

Silver chemistry batteries, such as silver-zinc and silver-oxide, are preferred in military and aerospace applications for their high energy density and reliability after long-term storage.10 These batteries are essential for torpedoes, submarines, and satellites.10 In some legacy torpedo systems, the silver content could reach as high as 137 kilograms per battery.19 While modern designs may be more efficient, the reliance on silver for high-reliability, instant-activation power remains a cornerstone of naval and aerospace defense.10

The Industrial Recycling Challenge

A critical factor distinguishing silver from gold is the efficiency of recycling. Gold is primarily used in large, concentrated forms—bars, coins, and high-value jewelry—which are easy to track and highly profitable to recycle.21 In contrast, industrial silver is often “dispersed” in microscopic quantities across billions of consumer and industrial products.8

The Economics of Dispersion

In a typical smartphone, there is approximately 0.34 grams of silver.8 While the silver is vital for the phone’s function, the cost of collecting the device, shredding it, and chemically extracting that 0.34 grams often exceeds the market value of the metal recovered.8 This “dispersion problem” means that a significant portion of the silver used in electronics, medical devices, and consumer goods is never recovered, but instead ends up in landfills.8

The Non-Recyclable Nature of Green Tech

Even in sectors where silver use is more concentrated, such as solar panels, recycling remains a challenge. Solar panels have a lifespan of 25 to 30 years, and the massive wave of installations currently occurring will not enter the recycling stream for decades.15 Furthermore, the silver in solar cells is encapsulated in layers of glass, plastic, and silicon, requiring complex and energy-intensive processes to reclaim.8 Consequently, while gold recycling rates hover around 30% annually, silver recycling rates are estimated at only 15%, leaving the market heavily dependent on fresh mine supply to meet growing demand.21

The Supply Crisis: Byproduct Inelasticity and Mine Depletion

As industrial demand reaches record levels, the global silver supply is facing severe structural constraints. This supply-demand imbalance is exacerbated by the fact that silver is rarely the primary target of mining operations.21

The Byproduct Trap

Approximately 70% to 80% of the world’s silver production is a byproduct or co-product of mines that are primarily focused on copper, lead, zinc, or gold.21 This creates a condition of supply inelasticity; if the price of silver rises, a copper miner cannot simply “turn up” silver production without also increasing copper output.21 If copper or zinc prices are low, these mines may even reduce production, inadvertently cutting the global silver supply regardless of how high silver prices may be.24

Declining Ore Grades and Lack of Discovery

The mining industry has struggled to find new “primary” silver deposits. Most of the world’s easily accessible, high-grade silver has already been exploited.25 Existing mines are facing declining ore grades, meaning that companies must process more rock to get the same amount of metal, leading to higher all-in sustaining costs (AISC).14 Furthermore, the timeline to bring a new major silver mine from discovery to production has extended to 10 to 18 years due to regulatory, environmental, and permitting hurdles.24

Year

Global Mine Production (Moz)

Total Demand (Moz)

Deficit (Moz)

2021

827.6

1,112.0

-89.0

2022

822.4

1,306.0

-274.0

2023

823.5

1,200.0

-175.0

2024

819.7

1,162.0

-148.9

2025 (Forecast)

832.0

1,147.0

-117.6

The Inventory Drawdown
To meet the multi-year structural deficit, the global market has been drawing down above-ground inventories. The LBMA (London Bullion Market Association) and COMEX vaults, which serve as the primary repositories for global silver supply, have seen their stocks fall to multi-year lows.15 In 2024, “free float” silver in London fell to approximately 155 million ounces—enough to cover only about six weeks of global demand.27 This reduction in available liquidity increases the risk of a “price squeeze,” where industrial buyers are forced to compete for a rapidly shrinking pool of physical metal.27
The Modern Store of Value: Investment Demand in a Fragmented World
While industrial demand provides the floor for the silver market, investment demand provides the ceiling. In an era of geopolitical uncertainty and persistent inflation, silver’s role as “digital gold” or a portfolio diversifier has been revitalized.2
The Gold-Silver Ratio (GSR) as an Indicator
The gold-silver ratio is a key metric for institutional investors, representing the number of ounces of silver it takes to purchase one ounce of gold.2 Historically, this ratio has averaged around 70:1 in the modern era.2 However, in 2024, the ratio spent much of the year between 80:1 and 90:1, suggesting that silver is historically undervalued relative to its yellow counterpart.2 Whenever the GSR expands significantly beyond its historical average, it has often signaled a period of silver outperformance as the “cheaper” metal catches up to gold’s price movements.2 With gold reaching record highs in 2024 and 2025, many analysts believe that silver is poised for a major “catch-up” rally driven by both investment inflows and the underlying industrial deficit.29
Strategic National Stockpiling
A new and significant development in the silver market is the recognition of silver as a “critical mineral.” The United States and other Western nations have begun to view silver through the lens of national security, given its indispensable role in defense and the energy transition.10 This has led to calls for strategic national stockpiling, similar to how nations stockpile oil or rare earth elements.8 If governments begin to compete with industrial buyers for physical silver, it would represent a massive and price-insensitive new demand source.8
Conclusion: The Case for a Higher Silver Price
The evidence presented in this report suggests that the silver market is at a historical inflection point. The transition from a monetary asset to an industrial necessity is now complete, and the world is discovering that it cannot function without silver.8 The case for a higher silver price is built on three pillars:

  1. Structural Deficit: The Silver Institute has recorded five (2020–2024) consecutive years of massive deficits, with demand consistently outpacing mine supply and recycling.12

  2. Inelastic Supply: Most silver production is a byproduct, making the mining industry unable to respond rapidly to price increases. New primary mines are rare and take over a decade to develop.21

  3. Strategic Consumption: In critical sectors like military defense and solar energy, silver is being used in ways that are non-recyclable. Once this silver is used, it is gone from the market forever.8

As above-ground stocks continue to dwindle and the gold-silver ratio remains stretched, the mechanical pressure for a price rerating is becoming undeniable.2 Silver is no longer the “poor man’s gold”; it is the “strategic metal” of the modern age, and the market must eventually reflect its true scarcity and utility. For investors and exploration companies, the current environment represents a unique opportunity to participate in the repricing of a metal that has become the indispensable conductor of our global future.2

First Andes Silver Highlights

  • First Andes Silver Ltd. (the “Company”) is an exploration and development company strategically positioned in premier silver jurisdictions of Peru and the Australian Lachlan Orogen.1

  • The company’s flagship asset, the 1,100-hectare Santas Gloria Silver Project in Peru (the “Project”) is located 55 kilometers east of Lima, within the heart of the prolific Miocene epithermal belt.1

  • Santas Gloria hosts a district-scale intermediate-sulphidation epithermal system, expressed by 23 mapped veins with a cumulative strike length exceeding 12 kilometers.1 The veins exhibit widths ranging from 1 to 5 meters at surface, and are rich in silver, lead, and zinc, with localized high-grade gold.17 The Project remained largely underexplored by modern systematic exploration until 2024.1

  • Historical and modern sampling has revealed the exceptional grade profile of the system:

    • Underground Channel Samples: Yielded results exceeding 16,000 g/t Ag, 20% Pb, 9.1% Zn, and 1.27 g/t Au.1

    • Surface Channel Samples: Identified up to 56 g/t Au 1

  • In 2024, the Company completed Santas Gloria’s maiden phase of diamond drilling at Santas Gloria, with reportable silver grades reported on all drilled vein systems, including San Jorge, Tembladera, Paquita and Maribel.4

  • The maiden drill program at Santas Gloria consisted of 12 holes totaling 1,175 meters. This phase was critical in validating the surface mapping and confirming that the veins carried consistent grades below the surface oxide layer.1

  • The Company conducted a follow-up 2,025-metre drill program in 2025, focusing on the high-grade San Jorge vein, and returned strong silver intercepts in 11 of 14 holes. To date, First Andes has drilled significant silver intercepts in 21 of the Project’s first 26 holes, confirming in situ, mineralized epithermal vein systems at San Jorge, Paquita, Maribel and Tembladera.

  • Management’s geological thesis is that the oxide mineralization drilled to date represents the upper portion of a well-preserved, fully intact and higher-grade sulphide system that remains open at depth.1

  • In Q4 2025, the Company launched a property-wide exploration initiative that utilized high-resolution satellite alteration mineral mapping (WorldView-3 SWIR and LWIR data) and systematic soil sampling to generate a new group of drill targets.8

  • WorldView-3 (WV-3) facilitated mineral alteration mapping across a 50 km2 area encompassing Santas Gloria.1 This technology allows for the detection of up to 12 specific alteration minerals that represent key pathfinders in epithermal systems.8

  • Santas Gloria is located within the prolific Miocene Epithermal Belt, a geological terrain that hosts numerous significant silver and gold deposits, with some of the following operators:

    • Pan American Silver (~US$30B market cap): One of the largest silver producers globally. Pan Am operates the Huaron mine in the same region as Santas Gloria.23

    • Hochschild Mining (~US$5.5B market cap): Major epithermal silver-gold producer with primary high-grade underground mine operations (Pallancata, Inmaculada and Arcata) within Miocene epithermal belt of Peru.

    • Volcan Compañía Minera (~US$4B market ca): Operates within the Peruvian Miocene epithermal belt, producing Ag-Zn-Pb-Cu from a polymetallic intermediate-sulphidation system, very comparable to Santas Gloria. Long history of large-scale, multi-vein district mining. Demonstrates district-scale continuity and metal endowment.

  • When compared to regional producers, First Andes exhibits key attributes associated with successful polymetallic epithermal systems, including high-grade silver mineralization confirmed through drilling and sampling, strong access to infrastructure such as roads, power, and nearby processing facilities, and a district-scale network of over 23 mapped veins. These factors collectively support the potential for a scalable and developable mineralized system.

  • Santas Gloria benefits from a suite of infrastructure advantages that significantly reduce the potential capital expenditure required to move toward production.

    • Location: The project is only 55 kilometers (about a 3-hour drive) from Lima, the capital city of Peru, providing easy access to technical personnel and supplies.1

    • Existing Infrastructure: High-voltage electrical lines and a water reservoir are located proximal to the project site.1

    • Milling Opportunities: Santas Gloria is within 40 to 50 kilometers of several operating mines in the Morococha Mining Camp. Many of these mines have excess mill capacity, which could allow First Andes to process locally without building a new plant.1

    • Preliminary Metallurgy: Early tests on oxide samples from Santas Gloria have shown excellent results. Gravity plus cyanidation recoveries reached over 97% for gold and 82% for silver.18 Subsequent flotation tests on base-metal rich samples have also shown strong preliminary recoveries, suggesting amenability to conventional processing methods.1
 
  • First Andes recently completed the acquisition of three high-grade silver projects in New South Wales, Australia.4 This acquisition provides the Company with geographic diversification and exposure to one of the world’s most productive mining regions, the Lachlan Orogen.
 
  • The Australian portfolio covers 454 km2 and encompasses at least 12 historic silver and gold mines, and First Andes will apply the same systematic exploration methodology in Australia that has been successful in Peru.

    • First Andes offers investors a high-torque, discovery-driven opportunity in the junior mining sector, supported by an experienced management team, a district-scale epithermal system with demonstrated high-grade mineralization, and a clear pipeline of upcoming catalysts. These factors provide a strong foundation for continued exploration success and value creation.

    • Ongoing property-wide exploration has already identified a large WorldView-3 alteration cell and multiple coherent soil anomalies, underscoring the broader exploration potential at Santas Gloria. Importantly, the project has seen little to no systematic modern exploration prior to 2024, suggesting substantial discovery upside remains across the property. As the Company advances toward its 2026 drill programs in Peru and target generation in Australia, it remains well-capitalized and strategically positioned to execute on its exploration objectives.

    • Phase 3 diamond drilling at Santas Gloria, planned for Q2 2026, will comprise approximately 3,500 metres, targeting high-grade vein shoots along the Tembladera and San Jorge vein systems, and potentially additional veins property wide. Concurrently, additional metallurgical test work will be conducted on mineralized core samples to support flowsheet development and assess potential pathways for early-stage processing through local milling arrangements.

  • Beginning in Q2 2026, the Company also intends to expand its investor relations and marketing initiatives through increased market engagement and participation in key industry events.

First Andes Silver Corporate Overview April 2026

First Andes Silver Ltd. (TSXV: FAS | OTC: FASLF | FSE: 9TZO) is a high-conviction exploration and development entity, strategically positioned in the premier silver jurisdictions of Peru and the Australian Lachlan Orogen.1 The company’s flagship asset, the Santas Gloria Silver Project, represents a rare “first-mover” opportunity in a district-scale epithermal system that remained virtually untouched by modern systematic exploration until 2024.1 By applying cutting-edge spectral mapping and systematic diamond drilling, the company has successfully confirmed the presence of high-grade silver mineralization across multiple vein corridors, validating a geological model that points toward a large-scale, well-preserved sulphide system at depth.5

The strategic pivot of the company in early 2024 has catalyzed a series of operational milestones, including the completion of two phases of diamond drilling, the identification of a significant 1.3 by 2.0-kilometer alteration cell, and the acquisition of a highly prospective Australian portfolio4.

Capital Structure Summary

The following data reflects the company’s capitalization as of March 13, 2026, integrated with recent financing activity.

Security Category

Units Outstanding (Millions)

Notes

Common Shares

86.51 M

Trading under FAS (TSXV), FASLF (OTC), 9TZO (FSE) 1

Restricted Share Units (RSUs)

3.12 M

Performance-based incentives 1

Stock Options

8.65 M

Managed to ensure alignment with milestones 1

Warrants

8.76 M

Potential for future capital influx 1

Fully Diluted Total

107.04 M

Strategic float management for liquidity 1

Market Capitalization

$12 M – $15 M

Based on recent trading levels 1

On February 13, 2026, the company announced the closing of a private placement financing 10 resulting in the issuance of 16,708,331 common shares at a price of $C0.12 per share for total gross proceeds of $C2,004,999.72.10 The proceeds of this financing are strategically allocated to three primary areas: an augmented Q2 2026 drilling program at Santas Gloria, ongoing property-wide exploration including soil geochemistry, and general working capital.10

Insiders and close associates control approximately 40% of the common shares, while the remaining 60% comprises a mix of retail and institutional investors.1 Furthermore, the transition to the OTC symbol “FASLF” on March 13, 2026, alongside DTC eligibility, and an expected uplisting to the OTCQB tier represents a critical step in enhancing liquidity for United States investors, effectively removing barriers to electronic clearing and settlement.9

Depth of Management and Corporate Governance

First Andes’ executive team and board of directors bring extensive technical and corporate experience to the Company, collectively facilitating over $C3.9 billion in merger and acquisition (M&A) deal flow.

Executive Leadership and Board of Directors
  • Ian Stalker (Executive Chairman): A senior executive with more than 50 years in the resource sector. Stalker has raised over $C1 billion in capital and led 12 major projects across gold, base metals, and battery minerals. His past leadership roles include serving as CEO of K92 Mining, LSC Lithium (sold for $C111 million), UraMin (acquired for $US2.5 billion) and founder and advisor of Tolu Minerals.1

  • Colin Smith, M.Sc., P.Geo. (CEO & Director): A professional geologist and mining executive with over 20 years of experience across the Western Hemisphere. Smith’s expertise spans exploration, M&A, and project development. Notably, he led exploration at the Seabee Gold Operation for Claude Resources, which resulted in a $C337 million acquisition by SSR Mining in 2016.1 His previous roles at Discovery Group and De Beers have provided him with a deep understanding of precious and base metal systems.1
  • Charles Hethey (Director): A securities lawyer with over 19 years of experience in capital markets, corporate finance and M&A in British Columbia and New York. He represents numerous listed mining companies on the TSX.V advising on all types of equity financings, public and private, as well as significant acquisitions through North and South America, Australia, Africa and South Pacific region. Hethey currently holds directorships at Great Pacific Gold Corp. and Zacatecas Silver Corp.1

  • Patrick Hickey (Director): An engineer and executive with 40 years of experience at industry leaders such as BHP, Kinross, and Newmont. Hickey formerly served as the President and Director of the $C2 billion Batu Hijau mine and the COO of Lion One Metals, bringing significant operational depth to the board.1

  • James Hutton (Corporate Advisor): A capital markets veteran with 40 years of experience. Hutton has facilitated over $C1.4 billion in flow-through financings and specializes in institutional capital raising and corporate finance for resource companies.1
 
  • Ryan Johnson (VP, Corporate Communications): Johnson brings 20 years of capital markets experience specifically focused on corporate communications, investor relations, and digital marketing for public issuers.7 He has extensive experience managing large multi-channel marketing campaigns and assisting companies through financings and corporate transactions.
Santas Gloria Silver Project: A District-Scale Opportunity
Located 55 kilometers east of Lima, Peru, the Santas Gloria Project covers 1,100 hectares within the heart of the prolific Miocene epithermal belt.1 This region is globally recognized for its world-class silver and polymetallic deposits, yet Santas Gloria remained fundamentally underexplored until modern techniques were applied by First Andes Silver starting in 2024.1 The project is strategically positioned at an elevation of 3,400 meters, which is relatively low for the Peruvian Andes, allowing for year-round operational access and simplified logistics.17
Geological Framework and Mineralization Style
Santas Gloria is characterized as an intermediate-sulphidation Ag-Pb-Zn-Au epithermal system. At the surface, the project hosts 23 mapped epithermal veins with a cumulative strike length exceeding 12 kilometers.1 These veins exhibit widths ranging from 1 to 5 meters and are rich in silver, lead, and zinc, with localized high-grade gold.17 Historical and modern sampling has revealed the exceptional grade profile of the system:

  • Underground Channel Samples: Yielded results exceeding 16,000 g/t Ag, 20% Pb, 9.1% Zn, and 1.27 g/t Au (Tembladera vein).1

  • Surface Channel Samples: Up to 56 g/t Au in outcropping veins such as the Kelly (undrilled).1

The presence of outcropping multi-kilometer vein systems point to a robust hydrothermal plumbing system. Management’s geological thesis is that the high-grade oxide mineralization observed at the surface represents the upper portion of a well-preserved, fully intact sulphide system that remains open at depth.1
Past Drilling and Exploration Successes
Since initiating the project’s first-ever drill program in 2024, First Andes has demonstrated a high success rate in intercepting mineralized epithermal structures. To date, 21 out of 26 diamond drill holes have returned significant silver intercepts, confirming the continuity of mineralization across four primary vein systems: San Jorge, Tembladera, Maribel, and Paquita.1
2024 Maiden Drill Program Results
The 2024 program (Phase 1) consisted of 12 holes totaling 1,175 meters. This phase was critical in validating the surface mapping and confirming that the veins carried consistent grades below the surface oxide layer.1

Vein

Hole ID

From (m)

Length (m)

Ag (g/t)

Au Eq (g/t)

Ag Eq (g/t)

San Jorge

SG003

85.5

7.4

193

224

1664

including

SG003

88.7

1.0

701

754

716

San Jorge

SG001

47.3

3.1

138

155

481

Maribel

SG010

12.4

4.1

54

78

320

Paquita

SG011

35.4

3.3

64

110

363

including

SG011

36.7

0.5

310

391

188

2025 Follow-Up Drilling Results

The 2025 program (Phase 2) focused primarily on the San Jorge vein, with 14 holes totaling 2,025 meters completed.1 This program targeted deeper levels of the system and aimed to identify the transition into the primary sulphide zone. Of the 14 holes drilled, 11 returned strong silver intervals, further demonstrating the reliability of the geological model.1

Vein

Hole ID

From (m)

Length (m)

Ag (g/t)

Au Eq (g/t)

Ag Eq (g/t)

San Jorge

SG022

91.9

3.9

249

268

1045

including

SG022

95.1

0.7

606

638

447

San Jorge

SG019

109.8

1.1

332

350

385

San Jorge

SG024

231.7

1.9

191

239

454

including

SG024

231.7

0.5

494

597

299

San Jorge

SG017

174.7

6.2

165

191

1184

including

SG017

176.8

0.6

534

579

347

Modern Exploration Techniques: Satellite Mapping and Geochemistry
A defining characteristic of First Andes approach is the integration of modern technology to accelerate exploration in a historically understudied district. In late 2025, the company launched a property-wide exploration initiative that utilized high-resolution satellite spectral alteration mapping and systematic soil sampling to delineate a new generation of drill target corridors.8
WorldView-3 Spectral Alteration Mapping
The Company employed WorldView-3 (WV-3) satellite technology to map mineral alteration across a 50 km2 area encompassing Santas Gloria.1 This technology allows for the detection of specific mineral signatures that indicate hydrothermal activity, even where veins do not outcrop.8

  • Discovery of Alteration Cell: The WV-3 data successfully identified a 1.3 by 2.0-kilometer zoned alteration cell.1

  • Geological Zonation: The cell exhibits a mineral assemblage typical of intermediate-sulphidation systems, including kaolinite, sericite, and iron-oxide gossans.1

  • Strategic Overlap: Critically, this alteration center overlaps with multiple undrilled vein systems totaling over 5 kilometers of strike length, providing new vectoring insights into highly prospective portions of the epithermal system.1
Property-Wide Soil Geochemistry
In early 2026, the company released the results of Phase 1 soil sampling, which covered 6.5 kilometers of cumulative vein strike in the northern half of the project.19

  • Results: The program delineated multiple kilometer-scale silver-in-soil anomalies tracking known and suspected vein corridors.20

  • Kelly Anomaly: Identified as the largest and most intense corridor, measuring 850 by 400 meters with peak values of 68.1 ppm silver.16

  • Rosario and Paquita Trends: These trends showed excellent multi-line continuity, tracking mapped veins and suggesting structural thickening at depth.20

These results are currently being integrated with the WV-3 data and ground-based geophysics to prioritize targets for Phase 3 and Phase 4 drilling.18
Relationship to Successful Peer Companies
In the mining world, being in a “good neighborhood” is one of the most important factors for success. First Andes is located in a famous mining belt that has produced billions of dollars worth of silver.1 First Andes is in an area known as the Miocene Epithermal Belt. This area is full of successful companies that have found notable amounts of silver.

  • Pan American Silver (~US$30B market cap): One of the largest silver producers globally. Pan Am operates the Huaron mine in the same region as Santas Gloria.23

  • Hochschild Mining (~US$5.5B market cap): Major epithermal silver-gold producer with primary high-grade underground mine operations (Pallancata, Inmaculada and Arcata) within Miocene epithermal belt of Peru.

  • Volcan Compañía Minera (~US$4B market ca): Operates within the Peruvian Miocene epithermal belt, producing Ag-Zn-Pb-Cu from a polymetallic intermediate-sulphidation system, very comparable to Santas Gloria. Long history of large-scale, multi-vein district mining. Demonstrates district-scale continuity and metal endowment.
Why These Comparisons Matter
The relevance of these peer comparisons lies in the shared geological, operational, and jurisdictional characteristics that underpin successful silver-gold systems within the Miocene Epithermal Belt. First Andes exhibits several key attributes consistent with established producers in the district:

  • High-Grade Epithermal Mineralization: Sampling and drilling at Santas Gloria confirm the presence of high-grade silver-dominant mineralization, comparable in tenor to producing operations within the belt.

  • Favourable Infrastructure and Location: Proximity to Lima and existing road and power infrastructure aligns with the logistical advantages that support low-cost development across peer operations.

  • District-Scale System Potential: The presence of >20 mapped veins over >12 km of cumulative strike, together with a large alteration footprint, is consistent with the multi-vein, long-life systems observed at operations such as Huaron, Pallancata, and Volcan’s district-scale camps.

Collectively, these characteristics support the interpretation that Santas Gloria represents a mineralized system with the potential for similar scale and style to those that have underpinned long-term production within the Miocene Epithermal Belt.
Strategic Expansion into Australia: The Lachlan Orogen Portfolio
While Santas Gloria remains the flagship asset, First Andes recently completed the acquisition of three high-grade silver projects in New South Wales, Australia.4 This acquisition provides the company with geographic diversification and exposure to another of the world’s most productive mining regions.
Portfolio Breakdown
The Australian projects, Carrington, Stony Creek and Dartmoor, cover 454 km2 and cover at least 12 historic silver and gold mines.4

Project

Size (km2)

Primary Target Style

Key Historic Results

Carrington

160

Iron-rich Au-Ag-Pb-Sb Skarn

6,037 g/t Ag, 85 g/t Au 1

Stony Creek

247

Orogenic and Epithermal  Au-Ag

212 g/t Ag, 50 g/t Au 1

Dartmoor

47

Volcanogenic Massive Sulphides

980 g/t Ag, 12% Cu 1

First Andes will apply the same systematic exploration approach in Australia that has been successful in Peru. The initial focus will be on field validation of historic occurrences and early-stage target generation using geochemistry and geophysics.4 This “greenfields” opportunity in Australia provides the Company with valuable optionality across jurisdiction, commodity exposure, drilling timelines, and discovery potential, complementing ongoing exploration at Santas Gloria.1
Infrastructure and Metallurgical Advantages
The economic viability of a mining project is often determined as much by its location as by its grade. Santas Gloria benefits from a suite of infrastructure advantages that significantly reduce the potential capital expenditure (CAPEX) required to move toward production.

  • Location: The project is only 55 kilometers (about a 3-hour drive) from Lima, the capital city of Peru, providing easy access to technical personnel and supplies.1

  • Existing Infrastructure: High-voltage electrical lines and a water reservoir are located proximal to the project site.1

  • Milling Opportunities: Santas Gloria is within 40 to 50 kilometers of several operating mines in the Morococha Mining Camp. Many of these mines have excess mill capacity, which could allow First Andes to process material locally without building a new plant.1

  • Preliminary Metallurgy: Early tests on oxide samples from Santas Gloria have shown excellent results. Gravity plus cyanidation recoveries reached over 97% for gold and 82% for silver.18 Subsequent flotation tests on base-metal rich samples have also shown good preliminary recoveries, suggesting efficacy of conventional processing methods.1
Community Relations and ESG Commitment
In Peru, where community support is critical for project success, the company has established positive, mutually beneficial relationships with local stakeholders.1

  • Agreements in Place: The company has fully supportive local communities with formal agreements that allow for uninterrupted exploration and drilling.1

  • Local Involvement: Local personnel are actively involved in all stages of exploration, from soil sampling to road maintenance, ensuring that the economic benefits of the project are shared with the community.1

  • Social License: By prioritizing environmental stewardship and transparent communication, First Andes has secured a robust “social license” to operate, which is a major competitive advantage in the Andean region.13
Conclusion: Value Catalysts and the Road Ahead

First Andes represents a compelling discovery-driven opportunity in the junior mining sector, supported by an experienced management team, high-grade drill results, and a district-scale, highly underexplored epithermal system. The application of modern, systematic exploration techniques has led to the identification of a large alteration cell and multiple coherent soil anomalies, highlighting the untapped exploration potential at Santas Gloria. As the Company advances toward its 2026 drill program in Peru and target generation in Australia, First Andes remains well-capitalized and strategically positioned to execute on its exploration objectives and deliver long-term shareholder value.

Summary of Upcoming Work for 2026

The following summary outlines the critical operational milestones planned for First Andes in the coming months.

  • Phase 3 Diamond Drilling (Q2/Q3 2026): A roughly 3,500-meter drill program is planned for the Santas Gloria Project, focusing on high-grade targets at the Tembladera and San Jorge veins, and potentially additional veins property-wide. This program will specifically test the depth extensions of previous intercepts to confirm the existence of a high-grade sulphide system.6

  • Completion of Property-Wide Geochemistry: The company will launch Phase 2 soil sampling in March 2026, targeting 1,430 samples across the southern half of the Santas Gloria project, including the newly defined 1.3 by 2.0 km alteration center.1

  • Advanced Target Integration: During the first half of 2026, management will integrate the final results from the Phase 1 and Phase 2 soil assays with high-resolution WorldView-3 spectral mapping. This data-driven approach will be used to rank and refine targets for a subsequent Phase 4 drill program.18

  • Australian Fieldwork Initiation: Following the acquisition of the Lachlan Orogen licenses, First Andes will begin fieldwork in Australia. Initial activities will include soil and stream-sediment geochemistry and field validation of historic mines to prioritize areas for future drilling.4

  • Metallurgical Optimization: Continued metallurgical test work will be conducted at SGS Lakefield on mineralized core samples.1

  • Enhanced Corporate Communications: By adding dedicated Corporate Communications to the team, the company will implement an expanded marketing and investor relations strategy. Prior to this initiative, there was no capital spend allocated to marketing initiatives.7
  1. First Andes Deck January 2026.pdf
  2. Silver Junior Miners: 2026 Junior Mining Hub Trends – Farmonaut, accessed March 13, 2026, https://farmonaut.com/mining/silver-junior-miners-2026-junior-mining-hub-trends
  3. Silver’s Designation Opens Support Pathways as Advanced Projects Target 2026 Milestones – Article | Crux Investor, accessed March 13, 2026, https://www.cruxinvestor.com/posts/silvers-designation-opens-support-pathways-as-advanced-projects-target-2026-milestones
  4. First Andes Silver Closes Acquisition of Silver Projects in New South Wales, Australia, accessed March 13, 2026, https://www.nasdaq.com/press-release/first-andes-silver-closes-acquisition-silver-projects-new-south-wales-australia-2026
  5. First Andes Silver Successfully Intercepts San Jorge Epithermal Vein in First Drill Hole Completed to Target Depth at Santas Gloria Project, Peru – Junior Mining Network, accessed March 13, 2026, https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2939-tsx-venture/fas/183000-first-andes-silver-successfully-intercepts-san-jorge-epithermal-vein-in-first-drill-hole-completed-to-target-depth-at-santas-gloria-project-peru.html
  6. First Andes Silver Consolidates 2024-2025 Drilling Results and Prepares for Next Phase of Exploration, Santas Gloria Project, Peru – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/272854/First-Andes-Silver-Consolidates-20242025-Drilling-Results-and-Prepares-for-Next-Phase-of-Exploration-Santas-Gloria-Project-Peru
  7. First Andes Silver Engages Vice President, Corporate Communications – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/284821/First-Andes-Silver-Engages-Vice-President-Corporate-Communications
  8. First Andes Silver outlines Santas Gloria plan: the next steps toward a new silver discovery, accessed March 13, 2026, https://www.miningreporters.com/noticia/explorations/2026/01/first-andes-silver-santas-gloria-alteration-center-worldview3-peru
  9. First Andes Silver adds new U.S. OTC trading symbol | FASLF Stock News, accessed March 13, 2026, https://www.stocktitan.net/news/FASLF/first-andes-silver-announces-new-u-s-stock-y17bk0nmtg2i.html
  10. First Andes Silver Closes Oversubscribed $2 Million Private Placement Financing, accessed March 13, 2026, https://www.mining.com/press-release?id=698f25dd806a177a96add3a1
  11. First Andes Silver Announces $2 Million Private Placement Financing – Stock Titan, accessed March 13, 2026, https://www.stocktitan.net/news/MSLVF/first-andes-silver-announces-2-million-private-placement-qwfowy0qff3l.html
  12. First Andes Silver Announces New U.S. Stock Symbol – Mining.com, accessed March 13, 2026, https://www.mining.com/press-release?id=69b401b5a329627344bd9608
  13. First Andes Silver stock price, news and analysis, accessed March 13, 2026, https://goldsilver.ai/mining-stocks/companies/first-andes-silver
  14. First Andes Silver Engages Vice President, Corporate Communications – Stock Titan, accessed March 13, 2026, https://www.stocktitan.net/news/MSLVF/first-andes-silver-engages-vice-president-corporate-c6xfoty3hftf.html
  15. First Andes Silver Announces New U.S. Stock Symbol – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/288352/First-Andes-Silver-Announces-New-U.S.-Stock-Symbol
  16. First Andes Silver Ltd. – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/company/10525/First-Andes-Silver-Ltd.
  17. Project Page – First Andes Silver, accessed March 13, 2026, https://firstandes.com/project-page/
  18. First Andes Silver Provides Exploration Program Update, Santas Gloria Project, Peru, accessed March 13, 2026, https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2939-tsx-venture/fas/192902-first-andes-silver-provides-exploration-program-update-santas-gloria-project-peru.html
  19. MSLVF – FIRST ANDES SILVER LTD. | News – OTC Markets, accessed March 13, 2026, https://www.otcmarkets.com/stock/MSLVF/news/First-Andes-Silver-Provides-Exploration-Program-Update-Santas-Gloria-Project-Peru?e&id=3369615
  20. MSLVF – FIRST ANDES SILVER LTD. | News | OTC Markets, accessed March 13, 2026, https://www.otcmarkets.com/stock/MSLVF/news/First-Andes-Silver-Reports-Phase-1-Soil-Assay-Results-and-Delineates-Kilometre-Scale-Silver-in-Soil-Anomalies-Santas-Glo?e&id=3417961
  21. First Andes Silver Provides Exploration Program Update, Santas Gloria Project, Peru, accessed March 13, 2026, https://money.tmx.com/quote/FAS:OMG/news/7702717616654892/First_Andes_Silver_Provides_Exploration_Program_Update_Santas_Gloria_Project_Peru
  22. From Juniors to Majors: Peru’s Mining Legacy Drives Next, accessed March 13, 2026, https://www.allpennystocks.com/specialreportsca/2407/from-juniors-to-majors-perus-mining-legacy-drives-next-exploration-wave
  23. Pan American Silver Achieves 2025 Production Guidance and Provides Guidance for 2026, accessed March 13, 2026, https://panamericansilver.com/news/pan-american-silver-achieves-2025-production-guidance-and-provides-guidance-for-2026/
  24. Huaron – Pan American Silver, accessed March 13, 2026, https://panamericansilver.com/operations/silver-segment/huaron/
  25. Silver X Delivers Production Growth During the Fourth Quarter of 2025, accessed March 13, 2026, https://www.silverxmining.com/silver-x-delivers-production-growth-during-the-fourth-quarter-of-2025/
  26. PEA Highlights District-Scale Silver Project in Peru – The Streetwise Reports, accessed March 13, 2026, https://www.streetwisereports.com/article/2025/09/05/pea-highlights-district-scale-silver-project-in-peru.html
  27. Silver X Delivers Production Growth During the Fourth Quarter of 2025 | Morningstar, accessed March 13, 2026, https://www.morningstar.com/news/accesswire/1125168msn/silver-x-delivers-production-growth-during-the-fourth-quarter-of-2025
  28. Silver X Defines High-Grade Mineralization at Red Silver: Underground channel sampling includes averages of 735 g/t Ag Over 65 metres and 649 g/t Ag Over 40 metres. Announces 1,200-Metre Drill Program to Test Continuity – Silver X Mining Corp. | Peru’s next high growth silver producer, accessed March 13, 2026, https://www.silverxmining.com/silver-x-defines-high-grade-mineralization-at-red-silver-underground-channel-sampling-includes-averages-of-735-g-t-ag-over-65-metres-and-649-g-t-ag-over-40-metres/
  29. Rio Silver acquires high-grade silver project in Peru – Mining Weekly, accessed March 13, 2026, https://www.miningweekly.com/article/rio-silver-acquires-high-grade-silver-project-in-peru-2025-03-26
  30. Rio Silver Highlights High-Grade Silver up to 6.26 g/t Au and 991 g/t Ag over 0.70 metres at Maria Norte and Advances a Clear Near-Term Development Path in Peru – Investing News Network, accessed March 13, 2026, https://investingnews.com/rio-silver-highlights-high-grade-silver-up-to-6-26-g-t-au-and-991-g-t-ag-over-0-70-metres-at-maria-norte-and-advances-a-clear-near-term-development-path-in-peru/
  31. NEM Press Release: From Juniors to Majors: Peru’s Mining Legacy D… – Market Chameleon, accessed March 13, 2026, https://marketchameleon.com/PressReleases/i/2228155/NEM/from-juniors-to-majors-perus-mining-legacy
  32. First Andes Silver Closes Acquisition of Silver Projects in New South Wales, Australia, accessed March 13, 2026, https://www.stocktitan.net/news/MSLVF/first-andes-silver-closes-acquisition-of-silver-projects-in-new-7meku7owy75a.html
  33. GR Silver Mining: Fully Funded Silver Growth Story Poised for Major Resource Expansion, accessed March 13, 2026, https://www.cruxinvestor.com/posts/gr-silver-mining-fully-funded-silver-growth-story-poised-for-major-resource-expansion
  34. Tier One Silver Provides 2025 Year-End Corporate and Operational Recap and Outlines Growth Catalysts for 2026 – Junior Mining Network, accessed March 13, 2026, https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2998-tsx-venture/tslv/194277-tier-one-silver-provides-2025-year-end-corporate-and-operational-recap-and-outlines-growth-catalysts-for-2026.html
  35. Junior Silver Miners: 2026 Trends & Challenges – Farmonaut, accessed March 13, 2026, https://farmonaut.com/mining/junior-silver-miners-2026-trends-challenges
  36. First Andes Silver Announces Conditional Grant of Exploration Licences in New South Wales, Australia – Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/280888/First-Andes-Silver-Announces-Conditional-Grant-of-Exploration-Licences-in-New-South-Wales-Australia
  1. The Demise of Silver in U.S. Coinage, accessed April 22, 2026, https://cmi-gold-silver.com/silver-in-u-s-coinage/
  2. Silver’s Impressive Strength in 2024 – Sprott, accessed April 22, 2026, https://sprott.com/insights/silvers-impressive-strength-in-2024/
  3. Why Silver: A Condensed History | GoldClub Direct, accessed April 22, 2026, https://goldclubdirect.com/why-silver-a-condensed-history/
  4. Free silver – Wikipedia, accessed April 22, 2026, https://en.wikipedia.org/wiki/Free_silver
  5. accessed April 22, 2026, https://briandcolwell.com/a-complete-history-of-silver-from-precious-metal-to-industrial-necessity/#:~:text=Nations%20systematically%20eliminated%20Silver%20from,Kennedy%20Half%2Ddollars%20in%201971.
  6. The History Of 90% Silver Coins – apmex, accessed April 22, 2026, https://learn.apmex.com/learning-guide/history/the-history-of-90-precent-silver-coins/
  7. A History of the End of Circulating U.S. 90% Silver Coinage – Antique Sage, accessed April 22, 2026, https://www.antiquesage.com/history-end-circulating-us-90-silver-coinage/
  8. Silver Demand: Key Industrial Applications & Market Trends – Discovery Alert, accessed April 22, 2026, https://discoveryalert.com.au/silver-demand-industrial-applications-2025-electronics-solar/
  9. Industrial Uses of Silver: Complete 2025 Guide – GR Reserve, accessed April 22, 2026, https://grreserve.com/learn/silver-industrial-uses-applications-demand/
  10. Silver in Military Drones: Technical Role and Market Impact – The …, accessed April 22, 2026, https://thewessexmint.com/blogs/academy-articles/silver-in-military-drones-technical-role-and-market-impact
  11. The Use of Silver by the Military Remains Shrouded in Mystery – MiningNewsWire, accessed April 22, 2026, https://www.miningnewswire.com/the-use-of-silver-by-the-military-remains-shrouded-in-mystery/
  12. Silver Industrial Demand Reached a Record 680.5 Moz in 2024 – The Silver Institute, accessed April 22, 2026, https://silverinstitute.org/silver-industrial-demand-reached-a-record-680-5-moz-in-2024/
  13. Silver Industrial Demand Reached a Record 680.5 Million Ounces in 2024, accessed April 22, 2026, https://silverinstitute.org/wp-content/uploads/2025/05/Silver-News-Apr-2025_Draft-FINAL.pdf
  14. Global Industrial Demand on Track for a New Record High in 2024., accessed April 22, 2026, https://silverinstitute.org/global-industrial-demand-on-track-for-a-new-record-high-in-2024/
  15. Why the World Needs More Silver Than It Can Mine – GoldSilver, accessed April 22, 2026, https://goldsilver.com/industry-news/article/why-the-world-needs-more-silver-than-it-can-mine/
  16. What happens when silver becomes too expensive for industry use? : r/Silverbugs – Reddit, accessed April 22, 2026, https://www.reddit.com/r/Silverbugs/comments/1q8f9be/what_happens_when_silver_becomes_too_expensive/
  17. Global Industrial Demand on Track for a Record High in 2024 – The Silver Institute, accessed April 22, 2026, https://silverinstitute.org/wp-content/uploads/2025/01/Silver-News-December2024.pdf
  18. Clarifying Silver Usage in Missiles: Myths vs. Facts – botslash, accessed April 22, 2026, https://www.botslash.com/en/market/clarifying-silver-usage-in-missiles-myths-vs-facts-en/
  19. . What’s everyone’s thoughts? – Reddit, accessed April 22, 2026, https://www.reddit.com/r/Silver/comments/1q6gre9/asked_gpt_do_deep_research_and_determine_whether/
  20. PRECIOUS METALS | Silver Usage in Missiles: Misconceptions and Reality – Binance, accessed April 22, 2026, https://www.binance.com/sl/square/post/296739688971585
  21. Understanding Why Silver Falls While Gold Rises During Market Stress – Discovery Alert, accessed April 22, 2026, https://discoveryalert.com.au/gold-silver-pricing-disconnect-2026-demand-volatility/
  22. Why is recycled metal not the first choice for responsible jewellery? – ORIGEN, accessed April 22, 2026, https://origengoldforfuture.org/en/actualidad/why-is-recycled-metal-not-the-first-choice-for-responsible-jewellery/
  23. The Use of Gold in Electronics – Garfield Refining, accessed April 22, 2026, https://www.garfieldrefining.com/resources/blog/the-uses-of-gold-in-electronics/
  24. Is Silver More Difficult to Mine Than Gold? The Shiny (and Surprising) Truth, accessed April 22, 2026, https://robinsonsjewelers.com/blogs/news/is-silver-more-difficult-to-mine-than-gold-the-shiny-and-surprising-truth
  25. Silver Mine Production Forecast 2024: Global Trends & Output – Discovery Alert, accessed April 22, 2026, https://discoveryalert.com.au/global-silver-mine-production-2024-trends/
  26. Silver Market Deficit: Supply Crisis Drives Record Highs – Discovery Alert, accessed April 22, 2026, https://discoveryalert.com.au/silver-market-deficit-drivers-2026/
  27. LBMA Silver Shortage Crisis: Market Stress Signals – Discovery Alert, accessed April 22, 2026, https://discoveryalert.com.au/lbma-silver-crisis-2025-silver-market-squeeze/
  28. Silver: The LBMA Is Closer Than Ever to Default | Investing.com, accessed April 22, 2026, https://www.investing.com/analysis/silver-the-lbma-is-closer-than-ever-to-default-200667653
  29. At a glance – LBMA, accessed April 22, 2026, https://www.lbma.org.uk/forecast-survey-2025/at-a-glance
  30. LBMA Precious Metals Market Report: Q4 and Full Year 2025, accessed April 22, 2026, https://www.lbma.org.uk/articles/lbma-precious-metals-market-report-q4-and-full-year-2025
  31. Discovery Reports Second Quarter 2024 Financial Results, accessed April 22, 2026, https://discoverysilver.com/news-and-media/news/discovery-reports-second-quarter-2024-financial-results/
  32. Discovery Reports Fourth Quarter & Full-Year 2024 Financial Results, accessed April 22, 2026, https://discoverysilver.com/news-and-media/news/discovery-reports-fourth-quarter-full-year-2024-financial-results/
  33. Discovery Silver Mining Exploration Upgrades 2024-2025 – Farmonaut, accessed April 22, 2026, https://farmonaut.com/mining/discovery-silver-mining-exploration-upgrades-2024-2025
  1. First Andes Deck January 2026.pdf
  2. Silver Junior Miners: 2026 Junior Mining Hub Trends – Farmonaut, accessed March 13, 2026, https://farmonaut.com/mining/silver-junior-miners-2026-junior-mining-hub-trends
  3. Silver’s Designation Opens Support Pathways as Advanced Projects Target 2026 Milestones – Article | Crux Investor, accessed March 13, 2026, https://www.cruxinvestor.com/posts/silvers-designation-opens-support-pathways-as-advanced-projects-target-2026-milestones
  4. First Andes Silver Closes Acquisition of Silver Projects in New South Wales, Australia, accessed March 13, 2026, https://www.nasdaq.com/press-release/first-andes-silver-closes-acquisition-silver-projects-new-south-wales-australia-2026
  5. First Andes Silver Successfully Intercepts San Jorge Epithermal Vein in First Drill Hole Completed to Target Depth at Santas Gloria Project, Peru – Junior Mining Network, accessed March 13, 2026, https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2939-tsx-venture/fas/183000-first-andes-silver-successfully-intercepts-san-jorge-epithermal-vein-in-first-drill-hole-completed-to-target-depth-at-santas-gloria-project-peru.html
  6. First Andes Silver Consolidates 2024-2025 Drilling Results and Prepares for Next Phase of Exploration, Santas Gloria Project, Peru – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/272854/First-Andes-Silver-Consolidates-20242025-Drilling-Results-and-Prepares-for-Next-Phase-of-Exploration-Santas-Gloria-Project-Peru
  7. First Andes Silver Engages Vice President, Corporate Communications – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/284821/First-Andes-Silver-Engages-Vice-President-Corporate-Communications
  8. First Andes Silver outlines Santas Gloria plan: the next steps toward a new silver discovery, accessed March 13, 2026, https://www.miningreporters.com/noticia/explorations/2026/01/first-andes-silver-santas-gloria-alteration-center-worldview3-peru
  9. First Andes Silver adds new U.S. OTC trading symbol | FASLF Stock News, accessed March 13, 2026, https://www.stocktitan.net/news/FASLF/first-andes-silver-announces-new-u-s-stock-y17bk0nmtg2i.html
  10. First Andes Silver Closes Oversubscribed $2 Million Private Placement Financing, accessed March 13, 2026, https://www.mining.com/press-release?id=698f25dd806a177a96add3a1
  11. First Andes Silver Announces $2 Million Private Placement Financing – Stock Titan, accessed March 13, 2026, https://www.stocktitan.net/news/MSLVF/first-andes-silver-announces-2-million-private-placement-qwfowy0qff3l.html
  12. First Andes Silver Announces New U.S. Stock Symbol – Mining.com, accessed March 13, 2026, https://www.mining.com/press-release?id=69b401b5a329627344bd9608
  13. First Andes Silver stock price, news and analysis, accessed March 13, 2026, https://goldsilver.ai/mining-stocks/companies/first-andes-silver
  14. First Andes Silver Engages Vice President, Corporate Communications – Stock Titan, accessed March 13, 2026, https://www.stocktitan.net/news/MSLVF/first-andes-silver-engages-vice-president-corporate-c6xfoty3hftf.html
  15. First Andes Silver Announces New U.S. Stock Symbol – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/288352/First-Andes-Silver-Announces-New-U.S.-Stock-Symbol
  16. First Andes Silver Ltd. – TMX Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/company/10525/First-Andes-Silver-Ltd.
  17. Project Page – First Andes Silver, accessed March 13, 2026, https://firstandes.com/project-page/
  18. First Andes Silver Provides Exploration Program Update, Santas Gloria Project, Peru, accessed March 13, 2026, https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2939-tsx-venture/fas/192902-first-andes-silver-provides-exploration-program-update-santas-gloria-project-peru.html
  19. MSLVF – FIRST ANDES SILVER LTD. | News – OTC Markets, accessed March 13, 2026, https://www.otcmarkets.com/stock/MSLVF/news/First-Andes-Silver-Provides-Exploration-Program-Update-Santas-Gloria-Project-Peru?e&id=3369615
  20. MSLVF – FIRST ANDES SILVER LTD. | News | OTC Markets, accessed March 13, 2026, https://www.otcmarkets.com/stock/MSLVF/news/First-Andes-Silver-Reports-Phase-1-Soil-Assay-Results-and-Delineates-Kilometre-Scale-Silver-in-Soil-Anomalies-Santas-Glo?e&id=3417961
  21. First Andes Silver Provides Exploration Program Update, Santas Gloria Project, Peru, accessed March 13, 2026, https://money.tmx.com/quote/FAS:OMG/news/7702717616654892/First_Andes_Silver_Provides_Exploration_Program_Update_Santas_Gloria_Project_Peru
  22. From Juniors to Majors: Peru’s Mining Legacy Drives Next, accessed March 13, 2026, https://www.allpennystocks.com/specialreportsca/2407/from-juniors-to-majors-perus-mining-legacy-drives-next-exploration-wave
  23. Pan American Silver Achieves 2025 Production Guidance and Provides Guidance for 2026, accessed March 13, 2026, https://panamericansilver.com/news/pan-american-silver-achieves-2025-production-guidance-and-provides-guidance-for-2026/
  24. Huaron – Pan American Silver, accessed March 13, 2026, https://panamericansilver.com/operations/silver-segment/huaron/
  25. Silver X Delivers Production Growth During the Fourth Quarter of 2025, accessed March 13, 2026, https://www.silverxmining.com/silver-x-delivers-production-growth-during-the-fourth-quarter-of-2025/
  26. PEA Highlights District-Scale Silver Project in Peru – The Streetwise Reports, accessed March 13, 2026, https://www.streetwisereports.com/article/2025/09/05/pea-highlights-district-scale-silver-project-in-peru.html
  27. Silver X Delivers Production Growth During the Fourth Quarter of 2025 | Morningstar, accessed March 13, 2026, https://www.morningstar.com/news/accesswire/1125168msn/silver-x-delivers-production-growth-during-the-fourth-quarter-of-2025
  28. Silver X Defines High-Grade Mineralization at Red Silver: Underground channel sampling includes averages of 735 g/t Ag Over 65 metres and 649 g/t Ag Over 40 metres. Announces 1,200-Metre Drill Program to Test Continuity – Silver X Mining Corp. | Peru’s next high growth silver producer, accessed March 13, 2026, https://www.silverxmining.com/silver-x-defines-high-grade-mineralization-at-red-silver-underground-channel-sampling-includes-averages-of-735-g-t-ag-over-65-metres-and-649-g-t-ag-over-40-metres/
  29. Rio Silver acquires high-grade silver project in Peru – Mining Weekly, accessed March 13, 2026, https://www.miningweekly.com/article/rio-silver-acquires-high-grade-silver-project-in-peru-2025-03-26
  30. Rio Silver Highlights High-Grade Silver up to 6.26 g/t Au and 991 g/t Ag over 0.70 metres at Maria Norte and Advances a Clear Near-Term Development Path in Peru – Investing News Network, accessed March 13, 2026, https://investingnews.com/rio-silver-highlights-high-grade-silver-up-to-6-26-g-t-au-and-991-g-t-ag-over-0-70-metres-at-maria-norte-and-advances-a-clear-near-term-development-path-in-peru/
  31. NEM Press Release: From Juniors to Majors: Peru’s Mining Legacy D… – Market Chameleon, accessed March 13, 2026, https://marketchameleon.com/PressReleases/i/2228155/NEM/from-juniors-to-majors-perus-mining-legacy
  32. First Andes Silver Closes Acquisition of Silver Projects in New South Wales, Australia, accessed March 13, 2026, https://www.stocktitan.net/news/MSLVF/first-andes-silver-closes-acquisition-of-silver-projects-in-new-7meku7owy75a.html
  33. GR Silver Mining: Fully Funded Silver Growth Story Poised for Major Resource Expansion, accessed March 13, 2026, https://www.cruxinvestor.com/posts/gr-silver-mining-fully-funded-silver-growth-story-poised-for-major-resource-expansion
  34. Tier One Silver Provides 2025 Year-End Corporate and Operational Recap and Outlines Growth Catalysts for 2026 – Junior Mining Network, accessed March 13, 2026, https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2998-tsx-venture/tslv/194277-tier-one-silver-provides-2025-year-end-corporate-and-operational-recap-and-outlines-growth-catalysts-for-2026.html
  35. Junior Silver Miners: 2026 Trends & Challenges – Farmonaut, accessed March 13, 2026, https://farmonaut.com/mining/junior-silver-miners-2026-trends-challenges
  36. First Andes Silver Announces Conditional Grant of Exploration Licences in New South Wales, Australia – Newsfile, accessed March 13, 2026, https://www.newsfilecorp.com/release/280888/First-Andes-Silver-Announces-Conditional-Grant-of-Exploration-Licences-in-New-South-Wales-Australia

First andes silver

Thank You For Subscribing