Andean Precious Metals Provides Update ON Master Services Agreement Dispute with Silver Elephant
NEWS RELEASE
TSX-V: APM OTCQX: ANPMF
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ANDEAN PRECIOUS METALS PROVIDES UPDATE ON MASTER SERVICES
AGREEMENT DISPUTE WITH SILVER ELEPHANT
TORONTO, Ontario, December 31, 2024 – Andean Precious Metals Corp. (TSX-V: APM) (OTCQX:
ANPMF) (“Andean”, or the “Company”) provides an update regarding the Master Services Agreement
("MSA") with Silver Elephant Mining Corp. (“Silver Elephant”), dated September 11, 2023.
Andean denies allegations of any default by Andean under the MSA, including the payment obligation
of US$1 million, and considers Silver Elephant’s termination of the MSA to be wrongful and without
merit. Prior to the bad faith and wrongful termination, Silver Elephant had failed to fulfill several material
obligations under the MSA. These include maintaining its Mining Production Contract with COMIBOL,
permitting the mining of oxide minerals across all its mining areas, and providing the necessary access
for Andean to acquire oxide minerals in line with the agreed mining plan.
The Company is actively working with outside legal counsel to address this matter and intends to dispute
the wrongful termination of the MSA.
In the meantime, Andean has been diligently sourcing replacement tonnage from other suppliers to
mitigate the impact of Silver Elephant’s actions and ensure the continuity of its operations.
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.
For more information, please contact:
Amanda Mallough
Director, Investor Relations
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
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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 dispute with Silver Elephant regarding the MSA and the sourcing of replacement tonnage
from other suppliers. Such forward-looking statements are based on a number of material factors and
assumptions, including, but not limited to: the Company's ability to carry on exploration and development
activities; the Company's ability to secure and to meet obligations under property and option agreements
and other material agreements; the timely receipt of required approvals and permits; that there is no
material adverse change affecting the Company or its properties; that contracted parties provide goods
or services in a timely manner; that no unusual geological or technical problems occur; that plant and
equipment function as anticipated and that there is no material adverse change in the price of silver,
costs associated with production or recovery. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause actual results, performance or achievements, or
industry results, to differ materially from those anticipated in such forward-looking statements. The
Company believes the expectations reflected in suc h forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be correct, and you are cautioned not
to place undue reliance on forward-looking statements contained herein.
Some of the risks and other factors which could cause actual results to differ materially from those
expressed in the forward-looking statements contained in this release include, but are not limited to:
risks and uncertainties relating to the interpretati on of drill results, the geology, grade and continuity of
mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and
feasibility studies, and the possibility that future exploration, development or mining results will not be
consistent with the Company’s expectations; risks relating to possible variations in reserves, resources,
grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as
plans continue to be refined; mining and development risks, including risks related to accidents,
equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated
difficulties with or interruptions in exploration and development; the potential for delays in exploration or
development activities or the completion of feasibility studies; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and expenses; risks related to
commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the
cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms or delays in obtaining governmental or local
community approvals or in the completion of development or construction activities; risks related to
environmental regulation and liability; political and regulatory risks associated with mining and
exploration; risks related to the uncertain global economic environment; and other factors contained in
the section entitled “Risk Factors” in the Company’s MD&A for the three and nine months ended
September 30, 2024.
Although the Company has attempted to identify important factors that could cause actual results or
events to differ materially from those described in the forward-looking statements, you are cautioned
that this list is not exhaustive and there may be other factors that the Company has not identified.
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Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements
included in this release if these beliefs, estimates and opinions or other circumstances should change,
except as otherwise required by applicable law.