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Financings Material +

First Andes Silver closes $2-million private placement

First Andes Silver Secures $2 Million for Drilling as It Seeks to Unlock Peruvian Silver District

By The Northwire Desk — AI Analysis Feb 13, 2026 · 12:48 FAS · 0.145 First Andes Silver Ltd.
Executive Summary

The company announced the closing of an oversubscribed non-brokered private placement, issuing 16,708,331 common shares at $0.12 per share for gross proceeds of $2,004,999.72. The financing was conducted under the listed issuer financing exemption (LIFE). Proceeds are earmarked for an augmented Q2 2026 drilling program at the Santas Gloria property in Peru, further exploration work, annual mineral claim payments, and general working capital. Finder's fees of $120,790 cash and 1,001,583 warrants (exercisable at $0.12 for 24 months) were paid. Executive Chairman Ian Stalker is noted as a participating investor.

Material Impact

The $2 million raise is materially positive, representing approximately 17% of the company's estimated post-financing market cap. It significantly strengthens the balance sheet, extending the operational runway well into 2027 based on the historical quarterly cash burn of $400,000-$600,000. The oversubscribed nature indicates solid investor interest, particularly from insider Ian Stalker, reinforcing confidence. However, the $0.12 issue price represents a 20-33% discount to the recent trading range ($0.14-$0.18), which, while typical for such financings, is dilutive to existing shareholders. The capital ensures the planned, aggressive exploration program can proceed without immediate financial pressure.

FAS · Price
Company Overview

First Andes Silver Ltd. is a Canadian silver exploration company. Its flagship asset is the 100%-owned Santas Gloria silver property in Peru, located 55 km east of Lima. The project covers 1,100 hectares and hosts an intermediate-sulphidation epithermal system with over 12 km of mapped vein strike. Historical and recent drilling (2024-2025) has returned high-grade silver intercepts, confirming mineralization. The property is subject to a contingent discovery bonus of US $1,000,000 payable upon the announcement of a 10 million ounce silver equivalent resource. In February 2026, the company completed the acquisition of three early-stage, silver-focused exploration projects in New South Wales, Australia, diversifying its geographic portfolio.

Read the original news release →

More from First Andes Silver Ltd.

May 14, 2026 · 07:31

First Andes Delineates Gold Anomaly at Santas Gloria; Shares Consolidate

Drill Results Apr 20, 2026 · 07:31

First Andes Secures Peru Community Access as Drilling Push Shifts to Q3

Production / Operations Mar 18, 2026 · 18:23

First Andes receives three Aust. exploration licences

Drill Results Mar 18, 2026 · 08:01

First Andes Silver expands Australian footprint as Peru soil results confirm multi-kilometre silver anomalies

Drill Results Mar 02, 2026 · 08:01

First Andes Silver maps out kilometer-scale anomalies as it gears up for high-grade silver hunt in Peru

Drill Results Feb 13, 2026 · 07:31

First Andes Silver Closes Oversubscribed $2 Million Private Placement Financing

Financings