APM.TO · 2025-05-01 12:00:00

Andean Precious Metals Reports 2024 Exploration Results and Outlines 2025 Program at Golden Queen

Exploration Programs

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ANDEAN PRECIOUS METALS REPORTS 2024 EXPLORATION RESULTS

AND OUTLINES 2025 PROGRAM AT GOLDEN QUEEN

TORONTO, ON – May 1, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”) (TSX:

APM) (OTCQX: ANPMF) is pleased to provide an update on year -end 2024 exploration activities and

exploration plans for 2025 for its Golden Queen mine located in Kern County, California. The

Company’s focus remains on extending mine life by expanding the current mining zones on the south

side of the current pit design.

At the beginning of 2024, the Company’s exploration approach consisted of two distinct phases:

• Phase 1 consisted of 29 shallow infill reverse circulation (“RC”) drill holes that were completed

in July 2024 totaling 4,617 metres of drilling;

• 12 RC holes for a total of 1,360 metres in the Silver Queen Southeast Trend (Main Pit 2

and Main Pit 3) confirming the geological model and validating the approach for phase 2

and;

• 17 RC holes for a total of 3,257 metres in Alphason with the objective of defining the

geological structure and testing the continuity defined with the prior exploration campaign

results of 2022.

• Phase 2 had three main objectives with 4,330 metres of core drilling planned:

• Increase mineral resources and mineral reserves in the Silver Queen South- East trend

and Alphason;

• Test the geological continuity at Alphason to improve our understanding of the geologic

controls of mineralization and;

• Test, for the first time, the new Hilltop area located south of the Silver Queen Southeast

Extension that has the potential to connect to the Main Pit 2.

The Company released the initial results of the 2024 exploration campaign in a press release dated

January, 16, 2025.

The Company is now pleased to share additional highlights of the 2024 exploration campaign:

• Phase 1 shallow RC drilling confirmed the geological interpretation and accuracy of the block

model;

• Phase 2 completed with 23 core holes totaling 4,123 metres compared to the initial plan of 4,330

metres;

• The 2024 exploration program met expectations with all 23 core holes intersecting gold and

silver mineralization;

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• 12 core holes in Silver Queen Southeast have extended the mineralization longitudinally by 100

metres on strike in the southeast trend direction, including hole SQ24- 06 with 1.67 grams per

tonne (g/t) of gold and 8 g/t of silver over 5.49 drill metres;

• 7 core holes in Alphason including hole AL24-02 with 0.88 g/t of gold and 10 g/t of silver over

92.96 drill metres and;

• 4 core holes in the new Hilltop target including hole SQ24-12 which intersected mineralization

grading 1.67 g/t of gold and 20 g/t of silver over 5.89 drill metres starting at 18.14 metres

downhole.

Mr. Alberto Morales, Executive Chairman and CEO, stated “I am pleased with the 2024 exploration

campaign confirming our initial view on the exploration potential at Golden Queen. The exploration team

is delivering on the objective of increasing Golden Queen’s mine life by expanding methodically the

current mining areas in the south-east trend. The close to surface Hilltop area provides mining flexibility

by adding one more mining area with anticipated first ore in the third quarter of 2025. I am particular ly

pleased with these first results at the Alphason confirming the geo-structural model and the exploration

strategy”.

Golden Queen’s 2025 exploration program is focused on extending the mine life through continued

resource growth. The Company has allocated an initial budget of $2.8 million, which includes

approximately 4,267 metres of core drilling targeting the Silver Qu een Southeast Extension, including

the Hilltop area, as well as ongoing testing of the Alphason target.

Andean expects to release exploration results in the second half of 2025 and plans to update the Golden

Queen Technical Report as of year end, with the revised report anticipated in the first half of 2026.

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Figure 1. 2024 Core Drill Holes (Blue dots are the drill hole collars)

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Table 1. Composited Analytical Results – Silver Queen SE Extension Target

Hole ID Total Depth

(m)

Azimuth

(degrees)

Inclination

(degrees)

Analytical Results

From

(m) To (m) Width

(m)

(g/t)

SQ24-01 213.36 225 -68 36.03 37.80 1.77 0.53 16

41.15 42.82 1.68 0.53 8

52.12 53.34 1.22 1.37 44

112.87 117.84 4.97 0.87 9

147.34 147.74 0.40 1.27 23

172.12 173.00 0.88 0.37 16

SQ24-02 146 na vertical 51.57 57.09 5.52 1.70 28

SQ24-02A 216.1 na vertical 52.52 56.57 4.05 2.50 19

60.35 64.71 4.08 0.93 6

112.56 115.82 3.26 2.37 44

122.68 124.11 1.43 0.53 4

184.10 185.93 1.83 0.53 18

SQ24-03 214.43 226 -72 73.91 82.30 8.38 0.97 8

122.53 128.32 5.79 0.47 6

133.35 136.55 3.20 0.57 1

SQ24-04 225.55 na vertical 95.40 103.90 7.92 2.37 13

137.20 138.70 1.52 0.43 2

205.70 206.70 0.91 0.57 14

213.70 214.10 0.46 0.53 32

SQ24-05 206.20 225 -45 39.17 40.54 1.37 0.79 24

42.98 43.59 0.61 0.38 31

57.91 58.83 0.91 1.11 8

96.47 99.79 3.32 0.69 14

114.15 115.52 1.37 0.64 12

143.26 144.48 1.22 0.54 9

172.82 177.64 4.82 1.16 5

182.88 183.79 0.91 0.70 11

193.55 195.68 2.13 0.90 16

SQ24-06 229.51 225 -68 17.62 18.01 0.40 4.06 62

38.53 40.36 1.83 1.10 17

43.89 47.24 3.35 0.80 9

78.79 79.61 0.82 0.42 14

105.16 110.64 5.49 1.67 8

126.95 128.02 1.07 0.41 4

133.44 134.11 0.67 0.54 6

150.88 154.53 3.66 0.56 52

171.79 172.33 0.55 1.58 90

207.02 210.31 3.29 0.81 23

218.75 220.89 2.13 0.38 5

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Table 1. Continued

Hole ID Total Depth

(m)

Azimuth

(degrees)

Inclination

(degrees)

Analytical Results

From

(m) To (m) Width

(m)

(g/t)

SQ24-07 213.36 225 -53 11.44 12.80 1.37 2.59 180

39.81 40.51 0.70 0.38 9

44.44 49.53 5.09 0.40 6

63.31 67.73 4.42 0.67 8

79.64 81.08 1.43 0.60 5

90.46 90.92 0.46 1.72 4

117.13 121.55 4.42 0.34 7

123.44 123.75 0.30 0.68 2

128.93 130.15 1.22 0.35 2

156.82 162.46 5.64 0.43 2

183.98 188.06 4.08 0.51 6

SQ24-08 233.17 225 -73 15.70 16.82 1.13 2.88 86

65.07 65.84 0.76 1.76 46

97.32 98.30 0.98 0.43 12

121.31 122.83 1.52 0.69 7

135.03 138.07 3.05 0.76 4

180.44 182.33 1.89 1.45 20

202.39 203.06 0.67 0.45 4

SQ24-09 226.16 225 -45 19.20 23.47 4.27 1.19 50

33.50 35.08 1.58 0.58 15

44.35 46.06 1.71 0.37 8

70.41 72.02 1.62 0.50 8

74.83 75.44 0.61 0.52 19

79.40 80.50 1.10 2.05 4

107.35 110.61 3.26 0.74 5

118.87 123.23 4.36 0.90 7

130.64 132.04 1.40 0.55 7

135.79 139.54 3.75 0.60 7

146.36 147.68 1.31 1.74 18

153.16 154.38 1.22 0.43 5

164.74 167.61 2.87 0.36 6

181.97 183.22 1.25 0.48 10

207.57 208.42 0.85 0.35 5

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Table 1. Continued

Hole ID Total Depth

(m)

Azimuth

(degrees)

Inclination

(degrees)

Analytical Results

From

(m) To (m) Width

(m)

(g/t)

SQ24-10 226.16 225 -70 24.63 27.49 2.87 0.92 18

35.51 38.56 3.05 0.86 24

58.22 63.40 5.18 1.07 7

67.67 69.95 2.29 1.41 15

92.96 94.49 1.52 0.39 4

115.37 115.92 0.55 1.62 86

188.98 189.59 0.61 0.62 8

SQ24-11 202.69 225 -75 32.58 40.39 7.80 0.38 17

44.78 45.93 1.16 1.36 25

71.90 72.97 1.07 0.38 3

107.90 111.56 3.66 2.50 14

124.94 129.60 4.66 0.54 11

132.89 133.72 0.82 0.38 3

138.99 140.18 1.19 0.51 9

Figure 2. 2024 Silver Queen SE Extension & Hilltop Core Holes

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Table 2. Composited Analytical Results – 2024 Hilltop Target

Hole ID Total Depth

(m)

Azimuth

(degrees)

Inclination

(degrees)

Analytical Results

From

(m) To (m) Width

(m)

(g/t)

SQ24-12 136.55 225 -45 0.00 2.59 2.59 0.68 4

7.56 17.07 9.51 0.85 5

22.40 26.40 3.99 0.37 6

37.37 41.51 4.15 0.49 5

SQ24-13 144.78 225 -70 18.14 24.02 5.88 1.67 20

41.12 48.01 6.89 0.31 5

56.24 56.94 0.70 0.48 1

59.19 62.18 2.99 0.29 3

65.38 67.18 1.80 0.34 7

92.54 93.88 1.34 0.35 5

142.80 143.77 0.98 0.39 5

SQ24-14 145.54 225 -50 38.86 42.67 3.81 0.39 13

104.76 105.92 1.16 0.50 4

133.87 134.33 0.46 0.37 8

SQ24-15 154.23 225 -45 9.45 12.50 3.05 1.51 9

21.49 25.91 4.42 0.49 1

49.26 50.29 1.04 0.35 1

75.86 77.02 1.16 0.40 5

80.95 82.91 1.95 0.48 5

85.92 86.84 0.91 0.40 2

112.01 125.21 13.20 0.57 4

147.43 148.44 1.01 0.84 1

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Figure 3. 2024 Alphason Core Holes

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