ANDEAN PRECIOUS METALS CHANGES EXECUTIVE TEAM AND CONSOLIDATES MAIN CORPORATE FUNCTIONS IN MONTERREY; APPOINTS FIRST LEAD INDEPENDENT DIRECTOR, GRANT ANGWIN Alberto Morales to assume Chief Executive Officer position Juan Carlos Sandoval named as Chief Financial Officer
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ANDEAN PRECIOUS METALS CHANGES EXECUTIVE TEAM AND
CONSOLIDATES MAIN CORPORATE FUNCTIONS IN MONTERREY;
APPOINTS FIRST LEAD INDEPENDENT DIRECTOR, GRANT ANGWIN
Alberto Morales to assume Chief Executive Officer position
Juan Carlos Sandoval named as Chief Financial Officer
TORONTO, Ontario, November 2, 2022 – Andean Precious Metals Corp. (TSX -V: APM)
(OTCQX: ANPMF) (“Andean” or the “Company”), a silver producer with the only large-scale
commercial oxide plant in Bolivia, announced it is moving its main corporate functions to
Monterrey, Mexico from Toronto, Canada. Monterrey is the business capital of Mexico and
home to many large multinational companies. The Company’s registered office will remain in
Canada.
“Consolidating our main corporate functions into one office is an important step for Andean
as we focus on the next stage of our growth,” said Alberto Morales, Andean’s Founder and
Executive Chairman. “I would like to express appreciation to our Canadian employees and
contractors for their dedication and continued support in assisting with a smooth transition
process.”
The move, which is planned to take place by the end of January 2023, is expected to result
in near-term cost efficiencies and greater cross-functional collaboration to improve decision-
making.
Executive Changes
Additionally, the Company announced changes to its senior leadership team. Effective
November 14, 2022, Andean’s Founder and Executive Chairman, Alberto Morales, will
assume the role of CEO. Prior to the Company's completion of its qualifying transaction in
March 2021, Mr. Morales was the CEO of Ag-Mining Investments AB, the company that in
early 2018 purchased Empresa Minera Manquiri S.A. (“Manquiri”) from Coeur Mining.
Manquiri is the entity that holds a 100% interest in Andean’s San Bartolomé mine. Under Mr.
Morales’ lead, Manquiri grew its cash position to approximately US$50 million1 by the end of
fiscal 2020, which allowed him to maintain a majority stake upon completion of the qualifying
transaction.
Andean’s current CEO, Simon Griffiths is resigning from Andean’s board of directors effective
immediately and will be stepping down as President and CEO as of the end of the day on
1 Includes cash of US$38.5 million, restricted cash of US$10.0 million and marketable securities of US$2.5 million as at
December 31, 2020. For more information, please refer to the Financial Statements for RTO Acquirer (1254688 B.C. Ltd.) for
the years ended December 31, 2020 and 2019, filed April 30, 2021 on www.sedar.com under Andean’s profile.
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November 13, 2022. He will assist in the transition and stay on as an advisor to the Company
for a period of time. Toronto-based Jeff Chan, CFO, will also be stepping down from his role
effective November 30, 2022. He will remain with the Company in an advisory capacity to
support his successor in the transition until December 31, 2022.
“On behalf of the Company, I would like to thank Simon and Jeff for their contributions as well
as their ongoing support,” stated Mr. Morales. “Through their efforts and the work of the entire
team, Andean has a strong foundation to grow and execute on its vision of becoming a mid-
tier precious metals producer. We have a debt-free balance sheet and cash and marketable
securities of more than US$90 million 2, positioning us well for the future. On behalf of
everyone at Andean, we thank Simon and Jeff for their contributions and wish them every
success in the future.”
Effective December 1, 2022, Juan Carlos Sandoval will join Andean as Chief Financial
Officer, leading the corporate finance team. Mr. Sandoval has more than two decades of
banking, finance, accounting and M&A experience mostly focused on mining, energy and
resource sectors. Mr. Sandoval joined BNP Paribas in 2000 and took on advancing roles as
he moved from BNP’s New York office to its Paris headquarters and then to Houston, where
for 12 years he worked on US and Latin American mining, energy and infrastructure
transactions. In 2014, he was appointed as Head of the Houston Structured Debt Team for
the Americas. In 2017, Mr. Sandoval moved to the Mexican energy group Perseus as CFO
of the upstream business. Mr. Sandoval holds a BA in Accounting from the Monterrey
Institute of Technology and Higher Education. He is a FINRA US registered licensed
representative and is fluent in Spanish, English and French.
“We are delighted to welcome Juan Carlos to our senior leadership team,” commented Mr.
Morales. “He brings extensive expertise as well as a depth of experience in banking, finance,
accounting and M&A and will be a key asset to the Company as we look to grow.”
Lead Independent Director
The Company also announced the appointment of its first Lead Independent Director, Grant
Angwin. Mr. Angwin joined Andean’s board as an independent director in July 2021 and is
Chair of the Health, Safety, Environment, Social and Sustainability Committee and Chair of
the Compensation Committee as well as a member of the Audit and Nomination & Corporate
Governance Committees.
“As Andean evolves, the time has come to appoint a Lead Independent Director. Grant joined
our board last year and is a well -respected veteran of the precious metals industry,” stated
2 Andean reported $88.4 million in cash and cash equivalents and $4.0 million marketable securities as of June 30, 2022. For
more information, please refer to the Company’s financial statements for the period ended June 30, 2022, which are available
on the Company’s website and under the Company’s profile on www.sedar.com.
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Mr. Morales. “We are pleased that he has agreed to take on this important role as we look to
build Andean into a multi-jurisdictional mid-tier producer.”
Mr. Angwin has nearly 40 years’ experience in precious metals, most recently as President
of Asahi Refining NA. In addition, he was former Chair of the London Bullion Market
Association (LBMA), past Member of the Shanghai Gold Exchange International Advisory
Board and a Board Member of the Silver Institute. He currently sits on the ICE Benchmark
Precious Metals Oversight Committee for LBMA gold and silver prices. He studied Chemistry
and Business & Finance at the University of Hertfordshire (UK) and completed the Executive
Management Programme at Queen’s University School of Business (Canada).
“I am honoured to be Lead Independent Director. Good governance is essential to our
success and o ur board is committed to continuing to advance Andean’s governance
standards and independence on behalf of the Company’s stakeholders,” stated Mr. Angwin.
About Andean Precious Metals
Andean Precious Metals is a growth-focused silver producer that owns and operates the San
Bartolomé project located in the department of Potosí, Bolivia. San Bartolomé has been
operating continuously since 2008, producing an average of over five million ounces of silver
equivalents per year. The Company is also exploring its wholly owned San Pablo project and
seeking other accretive opportunities in Bolivia and the wider Americas. Andean is committed
to fostering safe, sustainable and responsible operations. For more information, please visit
www.andeanpm.com.
Company Contact North America Europe
Trish Moran
VP Investor Relations
T: +1 416 564 4290
Anna Speyer
NATIONAL Capital Markets
T: +1 416 848 1376
Charles Vivian
Tavistock
T: +44 20 7920 3150
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
This press release contains statements which constitute "forward-looking statements" and
"forward-looking information" within the meaning of applicable securities laws (collectively,
"forward-looking statements"), including statements regarding the plans, intentions, beliefs
and current expectations of Andean with respect to future business activities and operating
performance. Forward-looking statements are often identified by the words "may", "would",
"could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar
expressions.
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Investors are cautioned that forward-looking statements are not based on historical facts but
instead reflect Andean's expectations, estimates or projections concerning future results or
events based on the opinions, assumptions and estimates of management considered rea-
sonable at the date the statements are made. Although Andean believes that the expecta-
tions reflected in such forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed thereon, as unknown or
unpredictable factors could have material adverse effects on future results, performance or
achievements of Andean.
Should one or more of these risks or uncertainties materialize, or should assumptions under-
lying the forward-looking statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed, estimated or expected.
Although Andean has attempted to identify important risks, uncertainties and factors which
could cause actual results to differ materially, there may be others that cause results not to
be as anticipated, estimated or intended and such changes could be material. Andean does
not intend, and does not assume any obligation, to update the forward-looking statements
except as otherwise required by applicable law.