ANDEAN PRECIOUS METALS REPORTS FOURTH QUARTER AND YEAR- END 2025 PRODUCTION RESULTS AND PROVIDES 2026 PRODUCTION AND COST GUIDANCE Highest production quarter of 2025, supported by record realized prices
NEWS RELEASE
TSX: APM OTCQX: ANPMF
1
ANDEAN PRECIOUS METALS REPORTS FOURTH QUARTER AND YEAR-
END 2025 PRODUCTION RESULTS AND PROVIDES 2026 PRODUCTION
AND COST GUIDANCE
Highest production quarter of 2025, supported by record realized prices
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – February 26, 2026 – Andean Precious Metals Corp. (“Andean” or the “Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to report its operational results for the quarter and year ended
December 31, 2025, along with its production, cost, and capital investment guidance for 2026. The
Company is also providing notice that it will release its fourth quarter and year-end 2025 financial results
after market close on Tuesday, March 24, 2026. Andean will host its fourth quarter and year end 2025
earnings conference call and webcast on Wednesday, March 25, 2026, at 9:00 am Eastern Time.
Alberto Morales, Executive Chairman and CEO, stated, “Andean exited 2025 with a stronger fourth
quarter production and improved momentum across the portfolio.
When viewed through a silver-equivalent lens, consolidated silver production in Q4 was approximately
1.4 million silver ounces, and 2025 consolidated silver production represents approximately 4.8 million
silver ounces, highlighting the meaningful silver exposure within our portfolio. In parallel, we advanced
exploration programs across our assets, supporting longer-term mine planning and enhancing our ability
to unlock additional value from our existing operations.
Looking ahead to 2026, we anticipate a well-balanced production profile, with approximately 45% in the
first half and 55% in the second half, reflecting the mining sequence at Golden Queen and the ore
delivery schedule at San Bartolom e. Our capital investment program for the year is aligned with our
value creation strategy and supports processing improvements and operational flexibility.
With disciplined capital allocation, a competitive cost structure, and exposure to both gold and silver
prices, the Company is well positioned to generate strong margins, free cash flow, and long-term value
for our shareholders.”
Q4 and FY 2025 Highlights:
• Fourth quarter 2025 consolidated production of 27,777 gold equivalent ounces 3 and full
year 2025 consolidated production of 99,165 gold equivalent ounces 3, near the bottom of
the Company’s full-year consolidated production guidance.
• Golden Queen produced 11,828 gold equivalent ounces3 in the fourth quarter and 45,311
gold equivalent ounces3 for the full year 2025. Production in the fourth quarter benefited from
an improved leach-cell permeability as identified earlier in the year and the implementation of
optimized ore blending and leaching strategies.
• San Bartolome produced 15,949 gold equivalent ounces3 in the fourth quarter and 53,854
gold equivalent ounces 3 for the full year 2025 with continued emphasis on leveraging
NEWS RELEASE
TSX: APM OTCQX: ANPMF
2
throughput capacity, optimizing recoveries, and securing long-term ore purchase agreements.
• Record realized prices: In the fourth quarter the Company achieved an average realized gold
price of $4,171/oz and average realized silver price of $59.88/oz, both higher than the spot
market averages for gold and silver prices of $4,167/oz and $55.29/oz respectively
• Golden Queen – expanded drilling program: The 2025 exploration program at Golden Queen
was expanded following positive drilling results, including approximately 3,800 metres of core
drilling added to the plan. Exploration activities during 2025 were focused on testing extensions
of known mineralization with the objective of supporting potential mine life extension. An updated
mineral resource estimate is expected to be released in mid-year 2026.
• In June 2025, the Company entered into a long-term exclusive agreement with COMIBOL
to acquire up to 7 million tonnes of oxide ore within 250 kilometres of the San Bartolome
plant, enhancing feed security and supporting potential throughput growth. First ore deliveries
are expected by the end of 2026.
Year End 2025 Production Summary
San Bartolome 12M 2025 Guidance 12M 2025 2
Gold ounces produced (Au, oz) 4,373 1,800 - 2,200
Silver ounces produced (Ag, k-oz) 4,453 4,400 - 4,900
Gold equivalent ounces produced (Au, oz) 1 53,854 50,689 - 56,644
Golden Queen
Gold ounces produced (Au, oz) 41,627 50,000 - 55,000
Silver ounces produced (Ag, k-oz) 332 200 - 500
Gold equivalent ounces produced (Au, oz) 1 45,311 52,222 - 60,556
Consolidated
Gold ounces produced (Au, oz) 46,000 51,800 - 57,200
Silver ounces produced (Ag, k-oz) 4,785 4,600 - 5,400
Gold equivalent ounces produced (Au, oz) 1 99,165 102,911 - 117,200
NEWS RELEASE
TSX: APM OTCQX: ANPMF
3
Q4 and Year End 2025 Operational Results
Golden Queen Outlook
In 2025, exploration activities at Golden Queen made significant progress, marked by an expanded
drilling program launched following encouraging results. The program remains focused on extending
known mineralization and further refining mine planning, setting the stage for the 2026 exploration
program, which is now underway with the objective of extending mine life.
Building on these developments, the Company has commenced work to expand the existing leach pad
by adding capacity for an additional 3 million tonnes of ore. In addition, detailed engineering and
permitting for a new leach pad are undergoing final review. Together, these initiatives are expected to
extend leaching capacity through 2033.
To support anticipated production requirements, the mobile fleet will be increased by three additional
haul trucks, bringing the total fleet size to twelve during 2026. Golden Queen also replaced the stacker
San Bartolome Q4 2025 12M 2025
Gold ounces produced (Au, oz) 1,683 4,373
Silver ounces produced (Ag, k-oz) 1,284 4,453
Gold equivalent ounces produced (Au, oz) 1 15,949 53,854
Gold ounces sold (Au, oz) 1,440 3,979
Silver ounces sold (Ag, k-oz) 1,288 4,492
Gold equivalent ounces sold (Au, oz) 1
15,747 53,884
Golden Queen
Gold ounces produced (Au, oz) 10,866 41,627
Silver ounces produced (Ag, k-oz) 87 332
Gold equivalent ounces produced (Au, oz) 1 11,828 45,311
Gold ounces sold (Au, oz) 10,836 40,820
Silver ounces sold (Ag, k-oz) 90 330
Gold equivalent ounces sold (Au, oz) 1 11,833 44,492
Consolidated
Gold ounces produced (Au, oz) 12,548 46,000
Silver ounces produced (Ag, k-oz) 1,371 4,785
Gold equivalent ounces produced (Au, oz) 1 27,777 99,165
Gold ounces sold (Au, oz) 12,275 44,798
Silver ounces sold (Ag, k-oz) 1,377 4,822
Gold equivalent ounces sold (Au, oz) 1 27,580 98,376
NEWS RELEASE
TSX: APM OTCQX: ANPMF
4
and the agglomeration drum, improvements that enhanced ore stacking quality. The agglomeration
process improved the quality of the stacked material, while the new stacker enhanced blending and
reduced fine particle segregation. These improvements are expected to result in higher solution
percolation rates and reduced particle migration. The Merrill-Crowe Plant is undergoing an upgrade
from a capacity of approximately 3,000 gallons per minute (GPM) to 4,000 GPM, with commissioning
planned for the fourth quarter. This upgrade is expected to increase gold and silver production from
the leach pad by approximately 6 to 10% by directing a higher proportion of lower-grade solution to the
Merrill-Crowe process and reducing the volume sent to the operating pond.
San Bartolome Outlook
In 2025, San Bartolome advanced its ore supply strategy by establishing new ore purchase
agreements with local communities, supporting long-term operational stability while broadening its
network of business partners. In addition, the Company finalized a long-term agreement with
COMIBOL to acquire up to 7 million tonnes of oxide ore within a 250-kilometre radius of the
processing facility. The first delivery of ore is anticipated by the end of 2026, increasing the diversity of
feed sources over the long term and enhancing future feed strategies.
Transportation logistics at San Bartolome were notably improved in 2025, contributing to a 21%
increase in processing throughput compared to the previous year. Building on this progress, the focus
in 2026 will be on improving processing recoveries through automation initiatives and the construction
of an additional thickener, scheduled for completion in the first quarter of 2027. These process
improvements are expected to improve recovery rates by approximately 0.5% to 1.0%.
2026 Guidance
At Golden Queen, capital investment in 2026 is primarily directed toward infrastructure and mine
development initiatives supporting exploration results and potential mine life extension. Planned
expenditures include the expansion of the existing leach pad, detailed engineering and permitting for
the construction of a new leach pad, acquisition of three additional haul trucks, deferred waste
stripping, and upgrades to the Merrill-Crowe facility. These investments are intended to ensure
sufficient processing capacity and operational flexibility to support anticipated future production
requirements.
At San Bartolome, capital spending in 2026 is focused on processing enhancements and sustaining
infrastructure. Planned capital expenditures include the construction of an additional thickener and
related plant optimization initiatives designed to improve overall plant performance.
2026 Production Guidance 2026
Consolidated
Gold ounces (Au, K-Oz) 46 - 54
Silver ounces (Ag, M-Oz) 4.6 - 5.1
Gold Equivalent Ounces (K-GEO) 3 100 - 114
Golden Queen
NEWS RELEASE
TSX: APM OTCQX: ANPMF
5
Gold ounces (Au, K-Oz) 43 - 50
Silver ounces (Ag, K-Oz) 200 - 300
Gold Equivalent Ounces (K-GEO) 3 45 - 54
San Bartolome
Silver ounces (Ag, M-Oz) 4.4 - 4.8
Gold ounces (Au, K-Oz) 3 - 4
Gold Equivalent Ounces (K-GEO) 55 - 60
2026 Cost Guidance 2026
Golden Queen
Cash Cost ($/ Au oz, sold, by-product) 1,2 $1,500 - $1,800
AISC ($/ Au oz, sold, by-product) 1,2 $1,850 - $2,150
San Bartolome
CGOM ($/ AgEq oz, sold) 1 $20.00 - $35.00
GMR (%/ AgEq oz, sold) 1 35% - 45%
2026 Capital Investment (CAPEX) ($000s) 2026
Sustaining CAPEX1
Golden Queen $15,000 - $20,000
San Bartolome $2,000 - $4,000
Growth CAPEX1
Golden Queen $17,000 - $23,000
San Bartolome $4,000 - $7,000
Consolidated CAPEX
Golden Queen $32,000 - $43,000
San Bartolome $6,000 - $11,000
Q4 2025 Conference Call and Webcast
● Wednesday, March 25, at 9:00 AM ET
● Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/14609
● Participants may also listen to the conference call by calling North American toll free 1-800-715-
9871, or 1-647-932-3411 outside the U.S. or Canada.
● An archived repl ay of the webcast will be available for 90 days at:
https://www.gowebcasting.com/14609 or the Company website at www.andeanpm.com.
NEWS RELEASE
TSX: APM OTCQX: ANPMF
6
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 Bartolome processing facility in Potosí, Bolivia
and the Golden Queen 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
Yohann Bouchard, President of the Company. Mr. Bouchard has over 30 years of mining experience in
progressively senior leadership positions, is a professional engineer with Professional Engineers
Ontario, holds a Bachelor of Mining Engineering degree from Ecole Polytechnique of Montreal, and is a
Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators.
For more information, please contact:
Amanda Mallough
Director, Investor Relations
T: +1 647 463 7808
NEWS RELEASE
TSX: APM OTCQX: ANPMF
7
Endnotes
1. “Cash cost”, “all-in-sustaining costs” (or “AISC”), “cash gross operating margins” (or “CGOM”),
“gross margin ratio” (or “GMR”), “sustaining capital”, and “growth capital” are all non-GAAP
financial performance measures that are used in this news release. These measures do not
have any standardized meaning under IFRS and therefore may not be compatible to similar
measures presented by other issuers. For more information about these measures and why
they are used by the Company, see the “Non-GAAP Financial Measures, Ratios, and
Supplementary Financial Measures” section (the “MD&A Information”) of the Company’s
Management’s Discussion & Analysis for the three and nine months ended September 30, 2025,
available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The MD&A Information
is incorporated by reference into this press release.
2. Golden Queen produces silver as a by -product of its gold production. The calculation of Cash
Cost and AISC per gold ounce is net of by-product silver sales revenue.
3. Gold equivalent ounces of silver produced or sold in a given period are computed using a
consistent ratio of the silver price to the gold price. In 2025, the Company is using a factor of
90. For 2026, the Company is using a factor of 85.
4. The Company has assumed a foreign exchange rate of $9.00 Bolivian Bolivianos to $1.00 U.S.
dollar in its guidance.
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-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 Company's anticipated production and production profile, planned capital investments,
including but not limited to the expansion of the leach pad, acquisition of three new haul trucks, deferred
waste stripping, upgrading the Merrill -Crowe facility and building a new thickener, strengthening
partnerships with local communities, and leveraging a refined block model, planned exploration
activities, and the Company’s release of its financial results for quarter and year ended December 31,
2025. 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
NEWS RELEASE
TSX: APM OTCQX: ANPMF
8
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,
price of gold, 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 such 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, 2025.
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.
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.