# APM Q4 2024 News Relase vfinal Source Brief: https://evesgoldminers.com/research/source-briefs/andean-precious-metals-2025-03-18-apm-q4-2024-news-relase-vfinal-9e132c23 Original source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2025/03/18231809/APM-Q4-2024-News-Relase-vfinal.pdf Original published: 2025-03-18 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 # APM Q4 2024 News Relase vfinal Source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2025/03/18231809/APM-Q4-2024-News-Relase-vfinal.pdf Published: 2025-03-18T00:00:00+00:00 Fetched: 2026-05-06T10:03:08.919+00:00 Source artifact: 9e132c23-a4f8-49c0-a6f4-d143daca5cbf Normalizer input: text ## Content # 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 [Excerpt trimmed for readability. Open the original source for the complete filing or document.]