APM Q4 2024 News Relase vfinal

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# APM Q4 2024 News Relase vfinal

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# APM Q4 2024 News Relase vfinal
NEWS RELEASE
TSX: APM OTCQX: ANPMF
ANDEAN PRECIOUS METALS REPORTS FOURTH QUARTER AND FULL
YEAR 2024 OPERATING AND FINANCIAL RESULTS
ACHIEVED RECORD REVENUES OF $254 MILLION AND RECORD ADJUSTED EBITDA
OF $62.9 MILLION
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – March 18, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to report its operating highlights and financial results for the
year ended December 31, 2024. This news release should be read together with Andean’s management
discussion and analysis (“MD&A”) and the annual consolidated financial statements for the three and
twelve months ended December 31, 2024 (the “Financial Statements”), which are available under the
Company’s profile on SEDAR+ (www.sedarplus.ca).
Alberto Morales, Executive Chairman and CEO, stated: “2024 was a transformative year for Andean
Precious Metals. It marked our first full year with Golden Queen in our operating portfolio, and despite
operating at close to the lower end of our production range, we achieved record revenues and record
adjusted EBITDA, demonstrating the strength of the commodity markets and our operational
efficiencies.”
Mr. Morales continued: “We also proudly uplisted to the TSX from the TSX Venture Exchange, which
was an important milestone that enhances our market visibility and aligns with our long-term growth
strategy. In addition, we renewed our Normal Course Issuer Bid program, reinforcing our confidence in
Andean’s future growth and our commitment to delivering value to shareholders.
“We kicked off an exploration program at Golden Queen which tested near-mine exploration targets,
delivering promising results that could extend the open pit boundaries beyond the current design.
Alongside this, we continue to make good progress on key scheduled investments to enhance
operational stability and efficiency at Golden Queen. As we closed out 2024, we ended the year with a
stronger balance sheet, reflecting solid free cash flow generation since acquiring Golden Queen in 2023
and positioning Andean for its next phase of growth.
"For 2025, we remain committed to value creation at our operating sites, while also pursuing both,
organic and inorganic growth initiatives. Our guidance for 2025 is showing a conservative growth
forecast in production with a mid-point projection of 110,000 gold equivalent ounces, as compared to
106,287 gold equivalent ounces for 2024. We expect to generate significant operating cash flow and
EBITDA in 2025, and to use some of these proceeds in the outlay of CAPEX, which we estimate to be
around $30 million. Overall, we expect 2025 to be a solid year for the Company.
“Finally, I am very pleased with the integration of Yohann Bouchard, our new President, to the Company.
Yohann brings with him significant operational and strategic experience reinforcing our commitments
toward improving our technical and operational excellence.”
1
NEWS RELEASE
TSX: APM OTCQX: ANPMF
2024 Highlights:
Consolidated Results:
• Consolidated 2024 production of 106,287 gold equivalent ounces.
• Record consolidated revenue of $254.0 million from sales at an average realized gold price
of $2,332/oz and an average realized silver price of $28.84/oz.
• The Company strengthened its financial position in 2024, ending the period with $81.6
million in liquid assets compared to $70.1 million in liquid assets in 2023.
• The Company generated record free cash flow of $34.5 million1.
• Gross operating income of $68.6 million, mainly due to strong average realized gold and silver
prices and lower operating costs at San Bartolome.
• Net income and net income per share of $19.2 million and $0.12 (diluted basis), and
Adjusted EBITDA and Adjusted EBITDA per share of $62.9 million and $0.41 (diluted
basis), respectively.
Golden Queen Results:
• Golden Queen produced 54,275 gold equivalent ounces in 2024.
• Golden Queen operating cash costs (“OCC”) of $1,501/oz and all-in sustaining costs
(“AISC”)1 of $2,015/oz for 2024.
San Bartolome Results:
• San Bartolome produced 4.5 million silver equivalent ounces in 2024.
• Achieved a strong cash gross operating margin (“CGOM”) of $9.15 per ounce of silver
equivalent sold and a gross margin ratio (“GMR”)2 of 38.14% for 2024.
• Achieved an average recovery rate in 2024 of 82% when compared to an average recovery
rate of 78% for 2023.
2025 Production and Cost Guidance:
• The Company expects consolidated production to be between 103K-117K gold equivalent
ounces in 2025.
• At Golden Queen, OCC and AISC to be between $1,500 - $1,800/oz and $1,950-$2,150 /oz
respectively.
• At San Bartolome, CGOM and GMR to be between $6.50-$8.40/oz and 29%-36%/oz
respectively.
2
NEWS RELEASE
TSX: APM OTCQX: ANPMF
• The Company expects the total capital expenditures for 2025 to be between $28 - $32 million.
Corporate Updates:
• Effective January 9, 2025, the Company’s shares began trading on the TSX under the
ticker symbol APM.
• On January 12, 2024, the Company announced it entered an automatic share purchase plan in
conjunction with its normal course issuer bid and renewed the program on January 2, 2025.
• Health and Safety Performance: During the fourth quarter of 2024, no lost time injuries (“LTI”)
have been reported at Golden Queen or San Bartolome. As of December 31, 2024, San
Bartolome reached 118 days without LTI and Golden Queen reached 561 days without LTI.
Summary of Financial and Operating Results
OPERATING HIGHLIGHTS Q4 2024 Q4 2023 FY 2024 FY 2023
Gold ounces (Au, Oz)
Produced 11,560 5,818 50,348 7,088
Sold 11,948 7,290 50,448 7,705
Average realized gold price ($/oz) 1 2,505 2,028 2,332 2,023
Silver ounces (Ag, K-Oz)
Produced 1,411 1,245 4,817 4,602
Sold 1,385 1,393 4,727 4,541
Average realized silver price ($/oz) 1 30.96 24.42 28.84 24.16
Gold equivalent ounces (Au Eq, Oz)
Produced 27,676 19,896 106,287 62,620
Sold 27,429 23,137 105,352 62,500
Golden Queen
OCC ($ / Gold Ounces Sold)1 1,537 1,804 1,501 1,804
AISC ($ / Gold Ounces Sold) 1 2,139 1,738 2,015 1,738
San Bartolome
CGOM ($ / Silver Equivalent Ounces Sold)1 11.09 2.83 9.15 2.70
GMR / Silver Equivalent Ounces Sold (%)1 43.26 15.51 38.41 16.16
1
Average realized gold price, average realized silver price, free cash flow, OCC, AISC, CGOM, and GMR are measures of financial performance
with no prescribed definition under IFRS. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section
of this news release for further detail, including a reconciliation of these metrics to the financial statements.
3
NEWS RELEASE
TSX: APM OTCQX: ANPMF
FINANCIAL HIGHLIGHTS Q4 2024 Q4 2023 FY 2024 FY 2023
(In thousands of US dollars, except for net income per share and adjusted EBITDA per share)
Revenue 72,803 48,821 254,000 125,324
Gross operating income 23,806 5,106 68,561 14,201
Net income 1,706 41,474 19,224 41,938
Net income per share
-Basic 0.01 0.26 0.13 0.27
-Diluted 0.01 0.23 0.12 0.24
Adjusted EBITDA1 18,942 5,091 62,934 10,539
Adjusted EBITDA per share1
-Basic 0.13 0.03 0.42 0.07
-Diluted 0.12 0.03 0.41 0.06
Capital expenditures 7,044 6,956 31,658 9,571
Free cash flow 1 17,879 (1,432) 34,525 4,558
Cash and cash equivalents 62,441 64,907 62,441 64,907
Liquid assets1 81,575 70,069 81,575 70,069
2025 Production and Cost Guidance
Production Guidance
The Company’s 2025 annual gold and silver production guidance for Golden Queen and San Bartolome:
Gold Production Silver Production Gold Equivalent Production2
(Thousand Ounces) (Million Ounces) (Thousand Ounces)
Golden Queen 50.0 – 55.0 0.2 – 0.5 52.2 – 60.6
San Bartolome 1.8 – 2.2 4.4 – 4.9 50.7 – 56.6
Total 51.8 – 57.2 4.6 – 5.4 102.9 – 117.2
2
For 2025 guidance commodity price assumptions the Company is using $2,500 per ounce of gold and $27.78.
1
4
NEWS RELEASE
TSX: APM OTCQX: ANPMF
Cost Guidance
The Company’s 2025 annual cost guidance for Golden Queen and San Bartolome:
Golden Queen OCC ($ / Gold Ounces Sold) $ 1,500 - $ 1,800
AISC ($ / Gold Ounces Sold) $ 1,950 - $ 2,150
San Bartolome CGOM ($ / Silver Equivalent Ounces Sold) $ 6.50 - $8.40
GMR / Silver Equivalent Ounces Sold (%) 29 % - 36 %
CAPEX Guidance
The Company’s 2025 capital expenditures guidance:
In $ 000's 2025 Guidance
Sustaining capital expenditures
San Bartolome 5,600 – 6,200
Golden Queen 12,700 – 14,000
Total sustaining capital expenditures 18,300 – 20,200
Growth capital expenditures
San Bartolome 600 – 800
Golden Queen 9,300 – 11,000
Total growth capital expenditures 9,900 – 11,800
Total capital expenditures
San Bartolome 6,200 - 7,000
Golden Queen 22,000 - 25,000
Total capital expenditures 28,200 – 32,000
At San Bartolome, sustaining capital expenditures are expected to be $5.6 million to $6.2 million largely
due to tailings expansions and processing upgrade projects.
At Golden Queen, sustaining capital expenditures are expected to be $12.7 million to $14.0 million
largely due to stacking system and process plant equipment replacement, overhauls of existing
equipment, and upgrades to crushing equipment. Growth capital expenditures at Golden Queen are
expected to be $9.3 million to $11.0 million, largely due to initial capital outlays for a new phase of the
heap leach pad, purchase of new haul trucks, and spending on a new production water well for future
mine production.
Q4 and FY 2024 Conference Call and Webcast
● Wednesday, March 19, at 9:00 AM ET
● Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/13970.
5
NEWS RELEASE
TSX: APM OTCQX: ANPMF
● Participants may also listen to the conference call by calling North American toll free 1-833-821-
0164, or 1-647-846-2305 outside the U.S. or Canada.
● An archived reply of the webcast will be available for 90 days at:
https://www.gowebcasting.com/13970 or the Company website at www.andeanpm.com.
About Andean Precious Metals
Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the
Americas. The Company owns and operates the San Bartolomé processing facility in Potosí, Bolivia
and the Soledad Mountain mine in Kern County, California, and is well-funded to act on future growth
opportunities. Andean’s leadership team is committed to creating value; fostering safe, sustainable
and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals
producer.
Qualified Person Statement
The scientific and technical content disclosed in this news release was reviewed and approved by
Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by
National Instrument 43-101 – Standards for Disclosure for Mineral Projects, Registered Member,
Society for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and
Metallurgy (AusIMM).
For more information, please contact:
Amanda Mallough
Director, Investor Relations
amallough@andeanpm.com
T: +1 647 463 7808
Caution Regarding Forward-Looking Statements
Certain statements and information in this release constitute “forward-looking statements” within the
meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of
applicable Canadian securities laws, which we refer to collectively as “forward-looking statements”.
Forward-looking statements are statements and information regarding possible events, conditions or
results of operations that are based upon assumptions about future economic conditions and courses
of action. All statements and information other than statements of historical fact may be forward-looking
statements. In some cases, forward-look

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