# Q1 2024 News Release vFINAL Source Brief: https://evesgoldminers.com/research/source-briefs/andean-precious-metals-2024-05-13-q1-2024-news-release-vfinal-6cc2950c Original source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2024/05/14122138/Q1-2024-News-Release-vFINAL.pdf Original published: 2024-05-13 EGM generated: 2026-09-04 Company: Andean Precious Metals (APM) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Q1 2024 News Release vFINAL Source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2024/05/14122138/Q1-2024-News-Release-vFINAL.pdf Published: 2024-05-13T00:00:00+00:00 Fetched: 2026-05-06T10:03:22.026+00:00 Source artifact: 6cc2950c-837c-44c6-b60c-6aa34e7a0153 Normalizer input: text ## Content # Q1 2024 News Release vFINAL NEWS RELEASE TSX-V: APM OTCQX: ANPMF ANDEAN PRECIOUS METALS REPORTS FIRST QUARTER 2024 RESULTS Consolidated Production of 1.8 million AgEq oz. 2024 Guidance Reaffirmed TORONTO, ON – May 13, 2024 – Andean Precious Metals Corp. (“Andean” or the “Company”) (TSX- V: APM) (OTCQX: ANPMF) is pleased to report its operating highlights and financial results for the three months ended March 31, 2024. All amounts are in United States Dollars unless otherwise stated. This news release should be read together with Andean’s management discussion and analysis (“MD&A”) and condensed interim financial statements for the three months ended March 31, 2024 (the “Financial Statements”) which are available under the Company’s profile on SEDAR+ (www.sedarplus.ca). First Quarter 2024 Highlights • The Company produced a total 1.8 million silver equivalent ounces (“AgEq oz”)1, an 82% increase from Q1 2023 • Golden Queen production exceeded the Company’s expectation by producing a total of 11,490 AuEq oz or 1.0 Moz AgEq despite the fire incident that occurred during Q4 2023. Operating cash costs (“OCC”) per ounce sold and all-in sustaining costs (“AISC”) per ounce sold for the quarter was $1,936/oz and $1,627/oz, respectively1 • $43.1 million of revenue reported for Q1 from the sale of total 1.8 million AgEq oz at an average realized silver price of $23.64 per ounce • Higher gross operating income. The Company recorded gross operating income of $3.2 million for Q1 2024 compared to $0.4 million for the same period of 2023 • Net loss after tax of $0.1 million compared to net income of $0.2 million in Q1 2013 • Strong liquid assets maintained to support ongoing strategic growth, totaling $72.8 million as of March 31, 2024 • The Company reaffirms 2024 guidance of 60 Koz AuEq at Golden Queen and 5.0 Moz AgEq at San Bartolome (see Company news release dated March 27, 2024) • Share buyback continued. In the first quarter of 2024, The Company repurchased 5,333,291 common shares for $2.8 million through its normal course issuer bid (NCIB) program • Strengthened management team with the addition of Marcos Holanda joining the Company as Chief Operating Officer Executive Chairman and Chief Executive Officer, Alberto Morales stated “Our acquisition of Golden 1 OCC and AISC are measures of financial performance with no prescribed definition under IFRS. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail, including a reconciliation of these metrics to the Financial Statements. 1 NEWS RELEASE TSX-V: APM OTCQX: ANPMF Queen represents a significant transformation, effectively doubling our Company's size across critical metrics such as revenue, production, reserves, and workforce. As we integrate Golden Queen into our operations this quarter, our team has been focused on streamlining processes to enhance efficiency and performance, in alignment with our annual plan for 2024. We anticipate the upcoming quarters will reflect this integration, with improved production and enhanced operational efficiencies.” Mr. Morales continued, “Despite the fire incident setback at Golden Queen and unusual weather conditions in Bolivia, our consolidated production for Q1 2024 reached 1.8 million AgEq oz, displaying resilience and adaptability. Golden Queen’s performance exceeded expectations with 11,490 AuEq oz, while San Bartolome experienced lower production due largely to a historic rainfall season that affected road transportation. However, we anticipate a significant production increase, revenue growth and margin improvement in the upcoming quarters reaffirming our guidance in accordance with our year plan. With a strong financial position, we continue to prioritize strategic growth initiatives to enhance value to our shareholders, as exemplified by our ongoing share buyback program, and are continuing to look into other growth opportunities. Welcoming Marcos Holanda as Chief Operating Officer, we're strengthening and broadening our operations team. This will position us well to pursue new growth opportunities and support the integration and optimization of our operations.” Summary of Financial and Operating Results (In thousands except for net income per share and oz) Q1 2024 Q1 20232 Change Financial Performance Revenue $ 43,070 $ 23,045 87% Cost of sales 37,279 21,217 76% Depreciation and depletion 2,630 1,454 81% Gross operating income 3,161 374 745% Net (loss) income after tax (76) 219 (135%) Net income (loss) per share -Basic (0.00) 0.00 100% -Diluted (0.00) 0.00 100% Net cash provided from (used in) operating activities (4,699) (4,323) (9)% Free cash flow3 (8,091) (4,874) (65%) EBITDA3 3,601 1,516 138% Adjusted EBITDA3 2,939 1,373 114% Capital expenditures 3,392 563 502% Inventories 77,846 12,215 537% Ending cash and cash equivalents 41,495 75,793 (45%) Marketable securities and investments 29,853 5,162 478% Total cash and short-term investments 71,348 80,955 (12%) (In thousands except for metal price per oz) Q1 2024 Q1 20231 Change Operating highlights Production Golden Queen Silver (koz) 105 - 100% Gold (oz) 10,259 - 100% Total AuEq ounces produced (oz) 11,490 - 100% 2 Financial and operational performance results exclude Golden Queen for the period ended March 31, 2023 as Golden Queen was acquired on November 24, 2023. 3 Free cash flow, EBITDA and Adjusted EBITDA are measures of financial performance with no prescribed definition under IFRS. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail, including a reconciliation of these metrics to the Financial Statements. 2 NEWS RELEASE TSX-V: APM OTCQX: ANPMF San Bartolomé Silver (koz) 812 978 (17%) Gold (oz) 174 234 (26%) Total AgEq ounces produced (koz) 827 997 (17%) Consolidated Golden Queen AgEq ounces (koz) 1,009 - 100% San Bartolomé AgEq ounces (koz) 827 997 (17%) Total Consolidated AgEq ounces produced (koz) 1,836 997 84% Sales Golden Queen Silver (koz) 108 - 100% Gold (oz) 11,121 - 100% Total AuEq ounces sold (oz) 11,343 - 100% San Bartolomé Silver (koz) 811 982 (17%) Gold (oz) 170 215 (21%) Total AgEq ounces sold (koz) 826 1,000 (17%) Consolidated ounces sold Golden Queen AgEq ounces (koz) 996 - 100% San Bartolomé AgEq ounces (koz) 826 1,000 (17%) Total Consolidated AgEq ounces sold (koz) 1,822 1,000 82% Average realized silver price ($/oz) $ 23.64 $ 23.04 3% Average market silver price ($/oz) $ 23.35 $ 21.73 7% Average realized gold price ($/oz) $ 2,074 $ 1,930 7% Average market gold price ($/oz) $ 1,942 $ 1,801 8% 2024 Outlook and Guidance Production guidance The Company is maintaining the 2024 annual gold and silver equivalent production guidance for Golden Queen and San Bartolomé. 2024 AuEq ounces Guidance4 2024 AgEq ounces Guidance4 +/- 5% +/- 5% Golden Queen (koz) 60 5,429 San Bartolomé (koz) 55 5,000 Consolidated (koz) 115 10,429 Quarter-to-quarter gold production in 2024 is expected to fluctuate during the year, with production continuing to be weighted towards the second half of the year. Cost guidance The Company is maintaining the 2024 cost guidance for Golden Queen and San Bartolomé as shown below: 2024 Guidance +/- 5% Golden Queen 4 Assuming gold equivalent ounces were calculated on a consolidated basis for the Company, the expected guidance of 10.4 million silver equivalent ounces would equate to approximately 115,000 gold AuEq ounces. AuEq production and AuEq sales both include silver production and sales. Equivalent ounces are calculated using the Company’s average realized gold and silver prices during the referenced period. For 2024 guidance commodity price assumptions supporting this estimate are $21 per ounce of silver and $1,900 per ounce of gold. 3 NEWS RELEASE TSX-V: APM OTCQX: ANPMF Operating cash cost (“OCC”) per gold ounce sold, on a by-product credit basis5 $ 1,500 All-in sustaining costs (“AISC”) per gold ounce sold, on a by-product credit basis5 $ 1,750 San Bartolomé CGOM $ 3.88 GMR 19.5% In line with 2024 guidance, capital investment is expected to total $24.0 million (+/-5%), largely due to the $9.5 million included in the growth capital for the procurement of six new 785-8 haul trucks, as part of the Company’s strategic mobile fleet replacement and mine optimization. Included in the sustaining capital at Golden Queen is the capitalization of the major overhaul maintenance/rebuild of equipment costs of $8.3 million. As at March 31, 2024, two new trucks out of the planned additional six have been commissioned. Capital expenditures guidance In $’000 2024 Guidance +/- 5% Sustaining capital Golden Queen $ 10,300 San Bartolomé 3,400 Total sustaining capital $ 13,700 Growth capital Golden Queen $ 9,500 San Bartolomé 840 Total growth capital $ 10,340 Total capital Golden Queen $ 19,800 San Bartolomé 4,240 Total capital expenditures $ 24,040 Q1 2024 Conference Call and Webcast Management will host a conference call and webcast on Tuesday, May 14, 2024 at 9:00 am ET to discuss the results. Participants may join the conference call via webcast or through the following dial-in numbers: • Participants may listen to the webcast by registering on our website at www.andeanpm.com or via the following link http://www.gowebcasting.com/13321 • Participants may also listen to the conference call by calling North American toll free 1-844-763- 8274, or 1-647-484-8814 outside of the U.S. or Canada • An archived replay of the webcast will be available for 90 days at http://www.gowebcasting.com/13321 or the Company website at www.andeanpm.com About Andean Precious Metals Andean is a growth-focused precious metals producer that owns and operates the San Bartolomé project located in the department of Potosí, Bolivia. San Bartolomé has been operating continuously 4 NEWS RELEASE TSX-V: APM OTCQX: ANPMF since 2008, producing an average of 5 million oz of silver equivalent per year. The Company is seeking accretive growth opportunities in Bolivia and the wider Americas. Andean is committed to fostering safe, sustainable, and responsible operations. Qualified Person Statement The scientific and technical content disclosed in this news release was reviewed and approved 8 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). Mr. Birak has visited Manquiri’s various sites frequently, most recently in September 2023. For more information, please contact: Amanda Mallough Director, Investor Relations amallough@andeanpm.com T: +1 647 463 7808 Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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 [Excerpt trimmed for readability. Open the original source for the complete filing or document.]