Andean Silver's Drill Results Keep The Restart Thesis Alive

Fund managers are watching a 65,000 metre drilling program as Cerro Bayo's mineralisation continuity supports renewed investor interest

28 Feb 2026 · 3 min read

A run of high-grade drill results has kept Andean Silver's exploration story front of mind for the managers who backed its 2025 capital raise. Endeavor Asset Management said in February 2026 that the stock rose strongly during the month following a series of high-grade drill results from its Cerro Bayo silver-gold project in Chile, which continued to demonstrate the scale and continuity of mineralisation. The manager pointed to a newly outlined 65,000-metre drilling program for 2026 aimed at upgrading resources and advancing the project toward development studies, alongside a supportive silver price backdrop and rising investor interest in silver developers generally.

Where the position began

Endeavor Asset Management first built its position in July 2025, redeploying proceeds from an earlier exit of Benz Mining into a capital raise priced at $1.20 a share. The manager said at the time the funds raised would advance exploration across Andean Silver's extensive landholding and accelerate studies aimed at restarting mining operations, both of which it viewed as key catalysts for unlocking value. That thesis played out quickly: by September 2025, the manager reported the stock had surged 38 per cent as silver prices climbed 17 per cent, describing Andean Silver as managed by the same team behind Firefly and expecting further value to come through ongoing drilling campaigns and economic study work.

Silver developer Andean (ASL), who is managed by the same team, surged 38% as silver prices climbed 17%. We expect both companies to deliver further value through ongoing drilling campaigns and economic study work.

— Endeavor Asset Management, Monthly Report, September 2025

Not every early holder stayed the distance

Tyndall Asset Management took a different path, exiting its position in November 2025 following what it described as strong share price appreciation and value recognition, a decision that came before the February 2026 drill results that reignited investor interest in the stock and reflects a shorter-duration approach to what had already been a substantial run in the shares.

What managers are watching next

With the 65,000-metre 2026 drilling program now underway and management targeting development studies as the next milestone, the key question for managers still holding Andean Silver is whether the Cerro Bayo project's mineralisation continuity, and the broader tailwind from rising silver prices, can support a formal restart-of-mining decision in the periods ahead.