ANDEAN SILVER LIMITED — Capital/Financing Update 2021

Sep 29, 2021

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30 September 2021

MITRE MINING CORPORATION TO COMMENCE TRADING ON ASX AFTER OVERSUBSCRIBED IPO

Highlights

• Gold, base metals and rare earths focused exploration company Mitre Mining Corporation to list on ASX today after an oversubscribed $5M IPO, corner stoned by predominant family office investors.

• Tight capital structure with EV of just $1.84M*

• Initial project located in the highly prospective Lachlan Fold Belt in Southern NSW

• Preliminary work shows prospectivity for gold, base metals, lithium and REEs

Mitre Mining Corporation Limited (MMC or Company) (ASX:MMC) is pleased to announce it will commence trading on the ASX today after its $5 million Initial Public Offering (IPO Offer) closed oversubscribed amidst strong investor demand.

The strong demand from investors is a reflection of the scope of MMC’s work program and its commitment to exploration and development to seek to establish a strong footprint within the highly prospective eastern Lachlan Fold Belt while at the same time remaining open to consideration further complementary acquisitions.

The IPO Offer closed early after successfully raising $5 million via the issue of 25,000,000 shares at $0.20 each. On listing the Company will have 34,200,100 shares on issue and an enterprise vale (EV) of $1.84M and a market capitalisation of $6.8M.

The Company will initially focus on exploration across Exploration Licence 9146 (EL9146) with a comprehensive program comprising geochemical surveys using pXRFs, detailed geophysical surveys, traditional mapping and follow up reverse circulation and diamond drilling. At the same time, and as noted in the IPO Prospectus, the Company proposes to actively pursue further acquisition opportunities which the Board considers to be complementary to the existing project – although no such proposals are under consideration at this time.

• Enterprise Value (EV) calculated as follows: Market Capitalisation less net cash balance (before IPO costs)

The Company will specifically target gold in both Intrusion and Reduced Intrusion Related Gold Systems, lithium associated with possible pegmatites and base metals associated with skarn mineralisation.

Mitre Mining CEO, Clinton Carey says, “ We are taking a multi-commodity, multi-deposit style approach to our exploration program of work and will be dispatching multiple teams on the ground. We recognise the importance of strong technical rigour in these environments particularly where there has been minor historical work. We have a dedicated, multidisciplinary team that are committed to utilising their skills and the best available techniques to maximise the chances of exploration success for the benefit of our shareholders. Importantly, we intend to hit the ground running with our initial exploration program scheduled to commence in the coming weeks.”

• Ends -

This announcement has been approved for release by the Board of MMC.

For further information:

Clinton Carey –CEO

clinton@mitremining.com.au