New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (152% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). Announcement • Apr 22
Andina Copper Corporation Reports Outstanding Drill Intercept At Cobrasco Project in Chocó, Colombia Andina Copper Corporation reported an outstanding drill intercept from CDH007, the second hole completed from a new step-out drill pad at the Cobrasco Project in Chocó, Colombia. Following the high-grade Cu-Mo intersections reported in recent drillholes CDH003 to CDH005, a new step-out drill pad was collared to test the continuity and extension of the Cobrasco Central mineralized system to the northwest. Drillhole CDH006 was drilled to the southwest along this new section line intersecting 232m @ 0.68% Cu, 75ppm Mo, 2.0g/t Ag from 38m. Hole CDH007 was drilled from the same pad to the northeast, in a section line parallel to previous holes CDH001 and CDH004. Results from CDH007 further expand the Cobrasco Central Cu-Mo porphyry system to the northwest and closely mirror those of CDH006, with near-surface mineralization commencing at 44m and continuing uninterrupted to 324m where a fault zone terminates the mineralized host unit and grades decrease. Two additional holes have been subsequently drilled from the same platform, with extensive visible mineralization observed in both holes and assay results pending. Hole CDH007 intercept confirms a significant extension of shallow Cu-Mo mineralization to the northwest continuous on section with hole CDH006: 292m @ 0.48% Cu, 62ppm Mo, 1.7g/t Ag from 44m. Additional step-out drillholes CDH008 (completed) and CDH009 (in progress) have been drilled from the same pad to test extensions to mineralization in north and northwest orientations respectively, with assays pending for both holes. Ongoing program of scout drilling continues to rapidly expand the mineralized footprint at Cobrasco Central, with every drillhole completed to date reporting significant porphyry Cu-Mo mineralized intercepts from surface or near-surface to depths of ~600m. Drillholes completed to date demonstrate a potentially world-class copper porphyry complex, comprising multiple intrusive phases, subvolcanic flow-domes and mineralization events occurring at (or near) surface. The current drillhole defined Cu-Mo mineralized footprint now measures approximately 1,000m x 500m, remains open in all directions and is expected to expand further with results from CDH008 and CDH009. High-grade intervals reported to date will be targeted with a 2nd drill rig. Previous drillhole CDH006 was the first of multiple holes from a large step-out collar position designed to test the NW-extensions of the Cobrasco Central mineralization footprint and was collared approximately 400m NW of the previous drill pad (CDH002 – CDH005), and approximately 300m SW of CDH001. CDH006 was drilled parallel to CDH001 and CDH004 and was notable in intersecting a near-surface (shallow) and continuous moderate to high grade Cu-Mo mineralized interval commencing at 38m over a span of 232m. Hole CDH007 (Az: 45o Dip: -70º Depth: 603m) was the second hole to be drilled from this drill pad, oriented to drill parallel to CDH006 but trending NE along a SW-NE section line. Its relatively steep 70o dip allowed it to test approximately 565m vertically and 205m horizontally. Mineralization observed in CDH007 is broadly consistent with that intersected in CDH006 and is dominated by chalcopyrite hosted within structurally prepared zones, including strong argillic alteration in near-surface saprolite and clay-rich fault gouge, transitioning to phyllic and grey-green sericite (GGS) alteration in more competent core intervals, with bornite occurring sporadically as disseminations and as rims to chalcopyrite mineralization. CDH007 is mineralized from surface, reporting subdued grades generally in the 0.10 – 0.20% Cu range and with strong saprolite development to 48m. This depth marks the start of strongly fractured rhyolitic porphyry that extends to 218m containing a continuous high-grade interval punctuated by local microdiorite xenoliths and fault zones with high clay and sulphide content. A discrete interval of daci-andesite is contained between 218-237m and is accompanied by a corresponding decrease in Cu-grades before returning to rhyolitic porphyry and moderate to high Cu-grades to a depth of 254m. 254m marks the first occurrence of magmatic breccias with associated high-grade assays > 1% Cu. Two intervals of breccias are recorded (254-284m and 292-324m) where the host exhibit intense A-veins as stockwork veining and chalcopyrite (Cpy) as fault gouge and fracture fill. The main alteration is sericitic superimposed on remnant potassic alteration. The end of the magmatic-hydrothermal brecciation in the drill hole is marked by a faulted contact at 324m, below which an intermediate composition dacitic-andesitic intrusive unit is present. This unit extends to 436m and is characterized by a marked decrease in Cu-Mo grades. A subsequent fault zone between 436m and 445m separates the dacitic-andesitic unit from a poorly mineralized phaneritic granodiorite to tonalite intrusion carrying abundant magnetite veins. This intrusive unit was intersected to the end of the hole at 603m. CDH007 was collared with a PQ size drill string to a depth of 153m and continued with HQ/HQ3 to a final depth of 603.00m. In all cases the drill core was extracted from the core barrel by the drill contractor under the supervision of Andina Copper personnel and placed in core boxes with appropriate depth markers (core blocks) and padding added for extra protection during transport. Full core boxes were then sealed before being transported by helicopter and pickup truck to the Cobrasco core cutting facility in Quibdó. Core was cleaned where required, marked-up and photographed, prior to undergoing geotechnical and geological logging. All core was cut by diamond saw by Andina Copper technicians, other than the top saprolite intervals that could be cut and sampled by hand tools. All sampling was conducted in nominal 2m intervals with cut-lines marked by the supervising geologists to ensure representative sampling. Samples were placed in plastic bags with non-repeatable sample tags and bagged in polyweave sacks ready for transport. The core trays with the remaining half-core are stored at the Andina Copper facility in Quibdó for ongoing geotechnical (Terraspec spectral analysis, magnetic susceptibility readings, rock density measurements) and follow-up detailed geological logging. From Quibdó, core samples were sent to the ALS preparation facility in Medellin, an accredited laboratory which is independent of the Company. Prepared sample pulps were then sent to the ALS laboratory in Lima, Peru for gold (Au-AA23), multi-elements (ME-MS61), and “overlimits” analysis (ME-OG62 including copper Cu-OG62). Coarse and fine rejects are returned by ALS Medellin for storage at the Andina Copper storage facility. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). 
