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Andean Silver

Silver explorer, with a project stated to be in Chile.

NoneChile — as stated on the recordings

explorer silver NoneChile
May 2026Covered
8 of 10Topics on record
1 executiveNamed on the record
Stage
Explorer
Primary commodity
Silver
Jurisdiction
Chile
Deposit
vein systems
Latest appearance
15 May 2026
On record
1 interview · 19 statements · 1 executive

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
10-year plus mine life
Management-stated Matthew Allen May 2026
Money on hand
54 million Australian dollars
Stated capital need: 4 million in and a little bit of change
Management-stated Matthew Allen May 2026
What happens next
probably in 2028
Management-stated Matthew Allen May 2026
The main open question
No material bearish view found.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
3 independent voices on record — 9 constructive
Don Durett, Rick Rule, Steve Barton
Outside voices

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Andean Silver's own claims across 1 interview — most-covered theme first.

What outside voices pick up on

3 independent voices — people who do not speak for the company — across 9 mentions.

9 constructive
  • Don Durett “Risk-reward looks very good; worried about takeover at current undervaluation; insiders own ~30%”
  • Rick Rule “He assigns it a 5 ranking.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the 111 million ounce silver-equivalent resource (grown from 25 million oz in 2 years) at a historic high-grade deposit (680+ g/t head grade, 2002–2008 production history) with 54M AUD cash, strong institutional backing…

What it rests on
Evidence: 4 moments from 1 interview
Read the full case

Management says the 111 million ounce silver-equivalent resource (grown from 25 million oz in 2 years) at a historic high-grade deposit (680+ g/t head grade, 2002–2008 production history) with 54M AUD cash, strong institutional backing (54% register), and 4M acquisition cost creates a 10+ year mine life restart play. Outside investors rank it a top-5 development play, with potential 5 million oz annual production by Q1 2028.

▼ Bear case

No material bearish view found.

Read the full case

No material bearish view found. Outside commentary is unanimously bullish. Risk profile—timeline stretch to 2028, feasibility study not due until mid-2027, and exploration-stage asset with no operating cash flow—is unaddressed by provided material. Material does not support specific bear case on geology, permitting, or financing headwinds.

◆ Watch next

65,000-meter drill program over next 12 months (vs.

What it rests on
Evidence: 3 moments from 1 interview
Read the full case

65,000-meter drill program over next 12 months (vs. 30,000 m completed since last update); resource update due this quarter; feasibility study delivery mid-2027; Drought Master to Cinder Hill corridor permitting for 2027 drilling; mill restart targeted 2028. Approval of 19 additional drill pads at second district (10 km from plant) signals permitting momentum in Chile.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 8 statements

The deposit 4

Key takeaway. Management of Andean Silver reports a resource of 111 million ounces silver equivalent and a reserve supporting a mine life of 10 years or more.

Read the full summary

They describe the deposit as vein systems and highlight exploration upside from a tenure package of nearly 400 square kilometers that remains to be drilled.

What was actually said
deposit type
vein systems
“we continue to find extensions to the vein systems, new discoveries that are going to get drilled.”
Matthew Allen· 15 May 2026·
exploration upside
nearly 400 square kilometers of tenure package to drill
“And we've got nearly 400 square kilometers of tenure package to go out and drill.”
Matthew Allen· 15 May 2026·
reserve size
10-year plus mine life
“we've got a 10-year plus mine life uh ahead of this uh this current resource.”
Matthew Allen· 15 May 2026·
Show the other 1 statement
resource size
111 million ounces silver equivalent
“we've grown the resource from uh originally 25 million ounces of silver equivalent 2 years ago to now 111 million ounces silver equivalent.”
Matthew Allen· 15 May 2026·

Jurisdiction 3

Key takeaway. Management reports that the company's second drilling district is located in Chile, where 19 drill pads have been approved as of May 2026.

Read the full summary

The company also says it has a community agreement in place, with its employment workforce situated "on the doorstep" of the project.

What was actually said
community agreement
employment workforce on doorstep
“you've got a employment workforce on your doorstep.”
Matthew Allen· 15 May 2026·
country
Chile
“Our core asset is the Cerro Bayo silver gold project in in southern Chile.”
Matthew Allen· 15 May 2026·
permit status
19 drill pads approved at second drilling district
“We've just had 19 drill pads approved uh at our second drilling district, which is 10 km from the process plant.”
Matthew Allen· 15 May 2026·

Technical risk 1

What was actually said
key assumption
four drill rigs operating for last 2 years within 1.5 km of process plant
“we've had four drill rigs running for the last 2 years. All of those drills have been operating within 1 and 1/2 km of the existing process plant.”
Matthew Allen· 15 May 2026·

Economics 2 statements

Financing 2

Key takeaway. Management says Andean Silver is fully funded for its current work programs.

Read the full summary

The company reports a cash position of A$54 million (as of May 2026) and states it needs only "4 million in and a little bit of change" for the upcoming phase.

What was actually said
capital needed
4 million in and a little bit of change
“we we picked this project up at the beginning of 2024 for $4 million in and a little bit of change.”
Matthew Allen· 15 May 2026·
cash position
54 million Australian dollars
“we reported the March quarter with 54 million Australian dollars cash in hand.”
Matthew Allen· 15 May 2026·

Timeline 6 statements

Timeline 4

Key takeaway. Andean Silver's management outlined a timeline in May 2026.

Read the full summary

They reported a milestone of 30,000 metres of drilling completed since the previous presentation and plan 65,000 metres of drilling over the following 12 months. A study is due in the middle of 2027, and management said first production will probably come in 2028.

What was actually said
first production
probably in 2028
“once we turn on the mill uh probably in 2028.”
Matthew Allen· 15 May 2026·
milestone
30,000 m of drilling since we last presented
“We've done 30,000 m of drilling since we last presented the Andiamo story to this audience”
Matthew Allen· 15 May 2026·
milestone
65,000 meters of drilling over the next 12 months
“we have a large drill program over the next 12 months. we have 65,000 meters of drilling we're going to complete.”
Matthew Allen· 15 May 2026·
Show the other 1 statement
study due
middle of 2027
“The feasibility study will kick off in middle of this year and we'll do it aim to deliver that to the market by the middle of 2027.”
Matthew Allen· 15 May 2026·

Catalysts 2

Key takeaway. Andean Silver's management said that a resource update is coming out this quarter (May 2026), and that permitting will allow Drought Master to drill the Cinder Hill Corridor in 2027 (May 2026).

What was actually said
upcoming decision
permitting Drought Master to Cinder Hill Corridor for drilling in 2027
“We're also permitting our very, very exciting Drought Master to Cinder Hill Corridor. we're looking to permit that for drilling in 2027.”
Matthew Allen· 15 May 2026·
upcoming result
resource update coming out this quarter
“We're on the cusp of updating that resource this quarter.”
Matthew Allen· 15 May 2026·

Corporate 3 statements

Share structure 2

Key takeaway. Management reports that as of May 2026, institutional holders account for 54% of the company's register.

Read the full summary

Among them, management notes that Sprott, Equinox and Scotia are substantial holders.

What was actually said
insider stake
Sprott, Equinox, Scotia are substantial holders
“We count Sprott, we count Equinox, we count Scotia as some of our substantial holders.”
Matthew Allen· 15 May 2026·
shares outstanding
54% of register held by institutions
“for a pre-cash flow entity we have around 54% of our register today held by institutions.”
Matthew Allen· 15 May 2026·

Market 1

What was actually said
cost curve position
historic high-grade deposits with 680 g plus head grade material
“the side of the historic high-grade deposits that were bringing in 680 g plus head grade material into the uh the plant between 2002-2008.”
Matthew Allen· 15 May 2026·

Outside views 9 mentions

9 mentions by people who do not speak for the company — 9 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Don Durett
bullish
Risk-reward looks very good; worried about takeover at current undervaluation; insiders own ~30%
The Silver Market· 21 Jul 2026·
Don Durett
bullish
He cites it as a restart project with production delayed until around 2028.
The Bullion Brief· 19 Jul 2026·
Don Durett
bullish
Restart project, low capex, large silver mine (likely Chile), production expected mid-2028 — developer 10-bagger
The Silver Market· 18 Jul 2026·
Don Durett
bullish
He likes the restart story and says it could return to 5 million oz production in 2028.
The Silver Market· 17 Jun 2026·
Show the other 5 mentions
Rick Rule
bullish
He assigns it a 5 ranking.
Rule Investment Media· 15 May 2026·
Steve Barton
bullish
He assigns it a 5 ranking.
Rule Investment Media· 15 May 2026·
Don Durett
bullish
Favorite silver development play with production expected around Q1 2028.
The Silver Market· 29 Apr 2026·
Don Durett
bullish
He uses it as an example of a potentially highly leveraged silver development play.
The Silver Market· 24 Mar 2026·
Don Durett
bullish
Development-stage silver miner: ~$400M market cap, 100M oz resource, targeting 5M oz/year production restart by Q1 2028. At $100 silver and $50 margins, projects $250M FCF → $2.5B valuation at 10x multiple (4x return). At $150 silver, 8x return. Thesis hinges entirely on silver staying above $40-45.
Wise Metals Investor· 23 Mar 2026·

Sources 1 interview

Every interview 1

DateChannelInterviewStatements
15 May 2026 Rule Investment Media Matthew Allen, CEO of Andean Silver Ltd | Rule Symposium 2026: Rick Rule interviews 19

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

cerro bayo silver gold project 1
equinox 1
gold 1
scotia 1
silver 1
sprott 1

Questions people ask

What is Andean Silver's project and where is it?

Andean Silver is a explorer silver company, with a project stated to be in Chile. Everything here is drawn from its executives' own interviews.

Which interviews mention Andean Silver?

We track 1 interview mentioning Andean Silver, across 1 channel (Rule Investment Media).

What are investors saying about Andean Silver?

9 independent voices — people who do not speak for the company — are on record discussing it (9 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Andean Silver cover?

The most-discussed topics on record are the deposit, timeline, jurisdiction, financing — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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