ANDEAN PRECIOUS METALS PROVIDES UPDATE ON 2025 EXPLORATION RESULTS AT GOLDEN QUEEN AND SAN BARTOLOME Golden Queen Exploration Program Expanded by 3,800 metres Following Positive Results
NEWS RELEASE
TSX: APM OTCQX: ANPMF
1
ANDEAN PRECIOUS METALS PROVIDES UPDATE ON 2025
EXPLORATION RESULTS AT GOLDEN QUEEN AND SAN BARTOLOME
Golden Queen Exploration Program Expanded by 3,800 metres Following Positive Results
TORONTO, ON – October 16, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to provide an update on its 2025 exploration activities at its
Golden Queen mine located in Kern County, California, and San Bartolome operation located in Potosi,
Bolivia.
2025 Exploration Program Highlights:
Golden Queen
• Phase 3 program advancing with 4,300 metres of core drilling.
• 3,903 metres drilled at Hilltop (“HT” holes) (Please refer to Figure 1 below showing the location
of each exploration site) to date; all holes intersected projected veins.
• Assays confirm mineralized intervals, including:
• HT25-01: 0.79 grams per tonne (g/t) Au and 3 g/t Ag over 8.0m (drill metres)
• HT25-03: 1.94 g/t Au and 27 g/t Ag over 4.4m
• HT25-06 : 1.26 g/t Au and 15 g/t Ag over 5.8m and 5.11 g/t Au and 11 g/t Ag over 1.5m
• Infill drilling at Starlight Vein planned to support mine-life extension at Main Pit 2.
• Following the positive results extending mineralization along strike during the Phase 3
exploration program, the Company has approved an additional 3,800 metres of drilling, bringing
the total planned drilling to 8,100 metres for 2025.
• Updated mineral resource and reserve statement, with supporting technical report prepared in
accordance with National Instrument 43- 101 – Disclosure for Mineral Projects ( “NI 43 -101”),
anticipated in the first half of 2026.
San Bartolome
• Secured environmental exploration permits and social licenses in partnership with COMIBOL.
• Long-term COMIBOL agreement in place for the purchase of up to 7. 0 million tonnes of oxide
ore.
• Exploration underway at Turqui, Tacobamba, Ánimas, Santa Isabel, and Trapiche. (Please refer
to Figure 5 – Bolivia Exploration Project Locations)
• 5,500 metres of shallow core drilling to begin in Q4 2025, targeting ~800,000 tonnes grading
150–250 g/t Ag.
• Program designed to extend mine life and fully utilize the 5,000 tonnes per working day (tpd) mill
nameplate capacity without major capital investment.
NEWS RELEASE
TSX: APM OTCQX: ANPMF
2
Yohann Bouchard, President, commented, “Our exploration teams have made strong progress this year
at both Golden Queen and San Bartolom e. At Golden Queen, Phase 3 drilling has intersected
encouraging mineralized intervals that confirm continuity and support potential mine- life extensions,
while upcoming infill work at the Starlight Vein is designed to further expand Main Pit 2. In Bolivia, our
partnership with COMIBOL is advancing multiple targets under a long- term ore supply agreement that
secures access to up to 7 million tonnes of oxide ore. This program is designed to extend San
Bartolome’s mine life and maximize throughput of the existing 5,000 tpd mill without major capital spend.
Collectively, these initiatives highlight the quality of our asset base, reinforce the growth potential across
our portfolio, and position Andean as a growing Americas -focused precious metals producer. We look
forward to providing an updated resource and reserve statement, along with a supporting NI 43- 101
technical report, in the first half of 2026.”
Golden Queen Overview
After acquiring Golden Queen in late 2023, the Company adopted a multiphase strategy to expand
mineral resources and mineral reserves within the existing mining zones and to evaluate nearby targets
for potential to add to the current mineral resources and mineral reserves (“GQ Exploration Program”).
In 2024, the Company completed Phase 1 and Phase 2 of the GQ Exploration Program , consisting of
29 shallow infill reverse circulation (“RC”) drill hole s and 23 diamond drill holes , respectively. The RC
drilling confirmed mineral continuity at the Silver Queen Vein, Main Pit 2 and Main Pit 3. The 23 diamond
drill holes in Silver Queen Southwest Extension, Alphason, and the new Hilltop target also returned
favourable analytical results and are expected to contribute to development of new mineral resources
and mineral reserves.
The main highlights of Phase 1 and Phase 2 are the following:
.
• Phase 1 consisted of 29 shallow infill RC drill holes that were completed in July 2024 totaling
4,617 metres of drilling,12 RC holes (1,360 metres) in Silver Queen Vein, in Main Pit 2 and Main
Pit 3, confirming the geological model and;
• 17 RC holes (3,257 metres) in Alphason Target, tested the continuity of historic gold
mineralization identified prior to the Company’s acquisition.
• Silver Queen Southeast extension, 12 core holes (2,553 metres) were drilled, extending
mineralization 100 metres longitudinally, intercepting mineralization up to 1.67 g/t gold and 8 g/t
silver across 5.49 metres (DDH SQ24-06);
• Alphason, 7 core holes (1,196 metres) intercepted gold and silver mineralization, including hole
AL24-02 with 0.88 g/t Au and 10 g/t Ag across 92.96 metres;and
• Hilltop, 4 core holes (581 metr es) were drilled in this new target, all of which intercepted gold
and silver mineralization, including hole SQ24- 12 which intersected mineralization starting at
18.14 metres downhole, grading 1.67 g/t Au and 20 g/t Ag across 5.89 metres.
The Company released the results of the Phase 2 exploration campaign in a press release dated May
1, 2025.
Phase 3 – 2025 Golden Queen Exploration Program
The 2025 Exploration Program at Golden Queen initiated Phase 3. This phase consists of 4,300 metres
NEWS RELEASE
TSX: APM OTCQX: ANPMF
3
of core drilling and is focused on extending the mine life by exploring the Hilltop area, which represents
the southeast extension of the Silver Queen vein, as well as expanding current mining zones into areas
of limited exploration data, primarily the Starlight Vein in the southeast trend of Main Pit 2.
The Company is pleased to provide an update on Phase 3 of the 2025 Exploration Program:
• 20 core holes (3,903 metres) have been drilled at Hilltop, all intersecting projected veins, which
consist of low sulfidation- cryptocrystalline quartz veins and veinlets which are outcropping in the
area.
• Assay results for 6 core holes have been received. All 6 core holes report mineralized intervals,
and the main highlights are the following:
• Core hole HT25- 01 intersected 0.85 g/t Au and 9 g/t Ag across 5.2 metres, as well as
0.79 g/t Au and 3 g/t Ag across 8.0 metres.
• Core hole HT25-02: intersected 1.14 g/t Au and 14 g/t Ag across 0.7 metres.
• Core hole HT25-03 intersected 1.94 g/t Au and 27 g/t Ag across 4.4 metres.
• Core hole HT25-06 intersected 1.26 g/t Au and 15 g/t Ag across 5.8 metres.
• Core hole HT25-06 intersected 5.11 g/t Au and 11 g/t Ag across 1.5 metres.
• Longitudinal continuity of veins is being proved up to 280 metres on strike.
• Mineralization continuity is open to the southwest and at depth in the Silver Queen Vein and
Main Pit 1 and Main Pit 3.
The Company also plans to conduct infill drilling at the Starlight Vein, located in the southeast trend of
Main Pit 2, which is currently in production. This work is expected to provide additional geological
information to support the development of mineral resources and ultimately expand Main Pit 2 in this
direction.
Based on the positive outcomes achieved in the Phase 3 exploration program to date, the Company
has approved an additional 3,800 metres of core drilling to further expand and infilled the current mining
zone along strike. This brings the total Phase 3 drilling to 8,100 metres, which is expected to be
completed by the end of 2025.
The Company consistently updates its Golden Queen block model, integrating new geological data as
it becomes available. Mineral resources and mineral reserves are currently under development, with an
updated statement and accompanying technical report anticipated in the first half of 2026.
NEWS RELEASE
TSX: APM OTCQX: ANPMF
4
Figure 1 - 2025 Core Drill Holes
NEWS RELEASE
TSX: APM OTCQX: ANPMF
5
Figure 2 - 2025 Core Drill Holes at Hilltop
NEWS RELEASE
TSX: APM OTCQX: ANPMF
6
Figure 3 - Cross Section 600 (DDH’s HT25-03 and HT25-04)
NEWS RELEASE
TSX: APM OTCQX: ANPMF
7
Figure 4 - Cross Section 800 (DDH’s HT25-05 and HT25-06)
NEWS RELEASE
TSX: APM OTCQX: ANPMF
8
Table 1 - Composited Analytical Results – Hilltop Target
Hole ID Total
Depth (m)
Azimuth
(degrees)
Inclination
(degrees)
Analytical Results
From (m) To (m) Width (m) Au (g/t) Ag (g/t)
HT25-01 213 223 -57 16.4 21.6 5.2 0.85 9
40.7 41.5 0.8 0.44 3
47.7 55.6 8.0 0.79 3
58.3 60.9 2.7 0.46 3
77.1 77.9 0.8 0.69 3
80.2 81.1 0.9 0.59 5
HT25-02A 218 222 -74 26.9 28.3 1.5 0.80 10
26.9 27.6 0.7 1.14 14
31.8 33.1 1.3 0.43 9
40.4 42.8 2.4 0.57 4
40.4 41.3 0.9 0.99 4
HT25-03 201 225 -52 23.5 27.9 4.4 1.94 27
32.5 33.3 0.9 0.43 8
50.0 51.8 1.8 0.61 8
HT25-04 219 212 -68 34.9 43.8 8.9 0.42 14
59.0 63.9 4.9 0.36 9
66.6 67.2 0.6 0.50 10
70.0 70.7 0.8 0.57 14
80.6 81.7 1.1 0.33 21
185.6 187.9 2.3 0.39 1
HT25-05 197 225 -45 7.9 8.7 0.7 1.05 14
20.4 23.0 2.7 0.40 4
73.5 74.9 1.4 0.49 3
HT25-06 254 222 -66 7.9 13.7 5.8 1.26 15
30.2 31.7 1.5 5.11 11
212.2 212.9 0.7 1.20 7
Table Notes:
1. All drill and assay data originally reported in imperial units converted to metric.
2. 1302 HQ-sized core (63.5 mm diameter) were sampled with variable sample lengths. Mineralization widths are down-hole
lengths, true widths are not yet known.
3. A total of 1275 core samples plus 117 samples for QAQC purposes were submitted for analyses performed by Paragon
Geochemical; an ISO 17025 accredited analytical services provider with sample preparation and analytical facilities in Sparks,
NV, USA.
4. Paragon’s analytical methods used for gold were Au-FA 30 for gold and 48MA-MS for silver.
5. A 0.27 gold g/t cutoff grade used in compositing. No more than 2 consecutive values less than the cutoff were use. Grades
were not capped.