A$25m extra firepower for Andean's Chile exploration
Australian company Andean Silver has announced a successful A$25-million placement to fund its exploration activities at its Cerro Bayo silver project, in Chile.
The placement, priced at a discounted A$1.05 a share, was well supported with strong demand from existing and new domestic foreign investors, particularly from northernhemisphere-based groups.
“The overwhelming demand for the placement and the quality of investors reflects the outstanding exploration and resource growth outlook at Cerro Bayo,” said Andean CEO Tim Laneyrie.
In seven months of ownership, Andean has delivered an increase of 66-million ounces of silver-equivalent in mineral resources, taking it to 91-million silver-equivalent ounces.
“We have also made significant discoveries which remain outside the mineral resource estimate,” said Laneyrie.
“The proceeds of this placement will mean we can add extra firepower to discovery and resource conversion with up to four drill rigs on-site over the coming months,” he stated.
Andean will deliver its next mineral resource upgrade in the first quarter of the next calendar year.
“We have demonstrated the potentially significant scale of Cerro Bayo at a time when the demand for silver is increasing and stockpiles are being drawn to meet the demand in areas such as solar panel construction.”
The Cerro Bayo project was in production for more than 15 years, producing about 45-million ounces of silver and 650 000 oz of gold. The mine has been on care and maintenance since October 2022.
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