ANDEAN PRECIOUS METALS REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS

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# ANDEAN PRECIOUS METALS REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS

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# ANDEAN PRECIOUS METALS REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS
NEWS RELEASE
TSX: APM OTCQX: ANPMF
ANDEAN PRECIOUS METALS REPORTS FIRST QUARTER
2025 FINANCIAL RESULTS
ACHIEVED ANOTHER RECORD IN QUARTERLY REVENUES OF $62 MILLION AND ADJUSTED
EBITDA OF $22 MILLION.
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – May 6, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”) (TSX:
APM) (OTCQX: ANPMF) is pleased to report its financial results for the three months ended March 31,
2025. This news release should be read together with Andean’s management discussion and analysis
(“MD&A”) and condensed interim consolidated financial statements for the three months ended March
31, 2025 (the “Financial Statements”) which are available under the Company’s profile on SEDAR+
(www.sedarplus.ca).
First Quarter 2025 Highlights:
• Consolidated revenue of $62.0 million from sales at an average realized gold price of
$2,694/oz and an average realized silver price of $31.91/oz for Q1 2025 versus consolidated
revenue of $43.1 million from sales at an average realized gold price of $2,074/oz and an
average realized silver price of $23.64/oz for Q1 2024.
• Consolidated Q1 2025 production of 21,361 gold equivalent ounces versus consolidated Q1
2024 production of 21,031 gold equivalent ounces.
• Gross operating income of $23.1 million for Q1 2025 versus $0.3 million for Q1 2024, mainly
due to higher average realized gold and silver prices, higher sales volume, and lower operating
costs at San Bartolome and Golden Queen.
• Income from operations of $18.9 million for Q1 2025 versus a net loss from operations of $1.6
million for Q1 2024, mainly due to higher gross operating income partially off-set by higher
exploration and evaluation expenditures.
• Adjusted EBITDA of $21.9 million for Q1 2025 adjusted EBITDA of $1.0 million for Q1 2024.
• Net income and net income per share of $14.6 million and $0.10 (diluted basis),
respectively for Q1 2025, net loss and net loss per share of $0.1 million and $0.00 (diluted
basis) for Q1 2024.
• The Company ended Q1 2025 with $75.7 million in liquid assets as compared to $61.4 million
in liquid assets at the end of Q1 2024.
• The Company strengthened its balance sheet with $320.0 million in total assets as
compared to $315.1 million in total assets at the end of Q4 2024, and $155.1 million in total
liabilities at the end of Q1 2025 as compared to $164.1 million at the end of Q4 2024.
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TSX: APM OTCQX: ANPMF
Golden Queen Results:
• Golden Queen produced 11,189 gold equivalent ounces in Q1 2025 versus 11,490 gold
equivalent ounces in Q1 2024.
• Golden Queen OCC of $1,459/oz and AISC of $2,213/oz for Q1 2025 versus OCC of
$1,762/oz and AISC of $1,936/oz for Q1 2024.
San Bartolome Results:
• San Bartolome produced 10,172 gold equivalent ounces in Q1 2025 versus 9,541 gold
equivalent ounces in Q1 2024.
• CGOM of $11.86 per silver equivalent ounce sold and a GMR of 42.11% for Q1 2025,
versus a CGOM of $(0.73) per silver equivalent ounce sold and a GMR of (1.12) % for Q1
2024.
Corporate Updates:
• On May 1, 2025 the Company reported the results of the 2024 exploration program and
outlined plans for its 2025 exploration program objectives and targets at Golden Queen.
• Effective January 9, 2025, the Company’s shares began trading on the TSX under the
ticker symbol APM.
• On January 12, 2025, 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.
• On January 16, 2025, the Company released the initial drill results from the 2024
exploration program at Golden Queen.
• On February 24, 2025, the Company announced the appointment of Yohann Bouchard as
President of the Company. Mr. Bouchard will continue to serve on the Board of Directors of
the Company as a non-independent director.
Alberto Morales, Executive Chairman and CEO stated “We delivered a strong financial performance in
the first quarter, highlighted by significant growth in revenue, operating income, and net income
compared to the same period last year. These results reflect the benefit of higher realized metal prices,
disciplined cost management at both San Bartolome and Golden Queen, and our ongoing focus on
generating strong cash flow. Operationally, production of 21,361 gold equivalent ounces in line with
expectations and we anticipate stronger production over the balance of the year, keeping us well
positioned to meet our 2025 guidance.
At San Bartolome, we achieved a meaningful improvement in margins, primarily driven by higher
average realized silver prices, better recoveries, larger ore purchases and favorable movements in the
Boliviano foreign exchange rate. At Golden Queen, operating costs decreased compared to the same
period last year, benefiting from a cash inventory adjustment, the reallocation of deferred stripping costs
to sustaining capital expenditures, and the capitalization of earthworks related to the construction of a
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TSX: APM OTCQX: ANPMF
new, more efficient haulage road. This road is expected to be completed early in the second quarter
and is designed to reduce cycle times and haulage costs.”
Mr. Morales continued, “Beyond our financial results, we are encouraged by the momentum building at
Golden Queen. The recently announced results from our 2024 exploration program highlight the strong
potential to expand the existing resource base and enhance the long-term value of the operation. Our
2025 exploration objectives at Golden Queen are focused on targeting near-mine extensions and testing
new zones that could support future growth and mine life extension. Exploration remains a core pillar of
our growth strategy, and we are energized by the opportunities we see ahead.
We have a solid balance sheet, a seasoned leadership team, a well-defined growth strategy, and are
well positioned to advance with our objective to create substantial and lasting value for our
shareholders.”
Summary of Financial and Operating Results
OPERATING HIGHLIGHTS Q1 2025 Q1 2024
Gold ounces (Au, Oz)
Produced 11,078 10,433
Sold 10,824 10,291
Average realized gold price ($/oz) 1 2,694 2,074
Silver ounces (Ag, K-Oz)
Produced 925 917
Sold 1,028 919
Average realized silver price ($/oz) 1 31.91 23.64
Gold equivalent ounces (Au Eq, Oz) 2
Produced 21,361 21,031
Sold 22,251 20,868
Golden Queen
OCC ($ / Gold Ounces Sold)1 3 1,459 1,762
AISC ($ / Gold Ounces Sold) 1 2,213 1,936
San Bartolome
CGOM ($ / Silver Equivalent Ounces Sold)1 11.86 (0.73)
GMR / Silver Equivalent Ounces Sold (%) 13
42.11 (1.12)
1 Average realized gold price, average realized silver price, 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 the news release for further detail, including a reconciliation of these metrics to the financial statements.
2 Beginning in 2025, gold equivalent ounces of silver produced or sold in a quarter are computed using a consistent ratio of silver price to the gold price and multiplying this ratio by silver
ounces produced or sold during that quarter. The Company is using a conversion factor of 90 using a price assumption of $2,500 per ounce of gold and $27.78 per ounce of silver.
3 Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to cost of sales which has a corresponding impact
on OCC, GMR, and gross operating income.
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TSX: APM OTCQX: ANPMF
FINANCIAL HIGHLIGHTS Q1 2025 Q1 2024
(In thousands of US dollars, except for net income per share metrics)
Revenue 61,978 43,070
Gross operating income1 23,032 312
Income from operations 18,922 (1,619)
Net income 14,608 (76)
Net income per share
-Basic 0.10 (0.00)
-Diluted 0.10 (0.00)
Adjusted EBITDA2 21,944 1,011
Capital expenditures 9,397 3,828
Free cash flow 2 (1,538) (8,091)
Cash and cash equivalents 53,133 41,495
Liquid assets1 75,684 61,348
1 Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to cost of sales which has a corresponding impact
on OCC, GMR, and gross operating income.
2 Free cash flow, EBITDA, Adjusted EBITDA, and Liquid Assets 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 the news release for further detail, including a reconciliation of these metrics to the financial statements.
Q1 2025 Conference Call and Webcast
• Wednesday, May 7th, at 9:00 AM ET
• Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/14022
• 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/14022 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 Bartolome processing facility in Potosí, Bolivia
and the Golden Queen 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
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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-looking statements can be identified by the use of words such as
“seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases
(including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-
looking statements in this release include, but are not limited to, statements and information regarding
the Company's production and expectations for. Such forward-looking statements are based on a
number of material factors and assumptions, including, but not limited to: the Company's ab

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