Andean Precious Metals Reports Second Quarter 2026 Production Results First-Half Production up 15% and Second Quarter Production up 4% Year-over-Year; Consolidated Production IN-LINE with 2026 Guidance
NEWS RELEASE
TSX: APM OTCQX: ANPMF
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ANDEAN PRECIOUS METALS REPORTS SECOND QUARTER 2026
PRODUCTION RESULTS
FIRST-HALF PRODUCTION UP 15% AND SECOND QUARTER PRODUCTION UP 4%
YEAR-OVER-YEAR; CONSOLIDATED PRODUCTION IN-LINE WITH 2026 GUIDANCE
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – July 14, 2026 – Andean Precious Metals Corp. (“Andean” or the “Company”) (TSX:
APM) (OTCQX: ANPMF) is pleased to report its operational results for the second quarter of 2026. The
Company will release its second quarter financial results after market close on Tuesday, August 11,
2026, followed by an earnings conference call and webcast hosted by management on Wednesday,
August 12, 2026, at 9:00 a.m. Eastern Time.
Alberto Morales, Executive Chairman and CEO, stated “We delivered another solid quarter, with
consolidated production of 25,387 gold equivalent ounces (“GEOs”), up 4% year-over-year, bringing
first-half consolidated production to 52,730 GEOs, an increase of 15% over the prior-year period and in
line with our 2026 guidance. San Bartolome was the clear driver this quarter, with gold equivalent
production up 39% year-over-year on higher silver and gold output, once again reflecting the strength
of our ore sourcing strategy. At Golden Queen, production was below the prior-year quarter, reflecting
mine sequencing and grade timing, and we remain focused on achieving our mine plan in the second
half of the year. At the end of Q2 management decided, for treasury management purposes, to defer
the sale of finished inventory of approximately 731,939 ounces of silver and 2,585 ounces of gold.
With a strong first half of 2026 complete and continued strength in gold and silver prices, we remain well
positioned to deliver on our full-year objectives. As a reminder, we ended the first quarter with
approximately $204.1 million in Liquid Assets3, comprised of $114.5 million in cash and cash equivalents
and $89.6 million in marketable securities and other investments, providing significant financial flexibility
as we continue to execute on our growth strategy. We expect these balances to increase even further
upon the sale of the unsold inventory referenced above. We look forward to reporting our full second
quarter financial and operating results on August 11, 2026.”
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Q2 2026 Production Summary:
Q2 2026 Operational Results:
Consolidated Q2 2026 6M 2026 Guidance 12M 2026 2
Gold ounces produced (Au, oz) 9,102 21,091 46,000 - 54,000
Silver ounces produced (Ag, k-oz) 1,384 2,689 4,600 - 5,100
Gold equivalent ounces produced (Au, oz) 1 25,387 52,730 100,000 - 114,000
Golden Queen
Gold ounces produced (Au, oz) 7,792 18,391 43,000 - 50,000
Silver ounces produced (Ag, k-oz) 66 142 200 - 300
Gold equivalent ounces produced (Au, oz) 1 8,568 20,064 45,000 - 54,000
San Bartolome
Gold ounces produced (Au, oz) 1,311 2,701 3,000 - 4,000
Silver ounces produced (Ag, k-oz) 1,318 2,547 4,400 - 4,800
Gold equivalent ounces produced (Au, oz) 1 16,818 32,666 55,000 - 60,000
Consolidated Q2 2026 Q2 2025 6M 2026 6M 2025
Gold ounces produced (Au, oz) 9,102 11,945 21,091 23,023
Silver ounces produced (Ag, k-oz) 1,384 1,115 2,689 2,041
Gold equivalent ounces produced (Au, oz) 1 25,387 24,339 52,730 45,701
Gold ounces sold (Au, oz) 6,149 11,403 18,180 22,227
Silver ounces sold (Ag, k-oz) 524 1,046 1,841 2,074
Gold equivalent ounces sold (Au, oz) 1 12,314 23,024 39,841 45,275
Golden Queen
Gold ounces produced (Au, oz) 7,792 11,224 18,391 21,533
Silver ounces produced (Ag, k-oz) 66 89 142 168
Gold equivalent ounces produced (Au, oz) 1 8,568 12,212 20,064 23,401
Gold ounces sold (Au, oz) 6,149 10,871 16,510 20,900
Silver ounces sold (Ag, k-oz) 62 87 125 164
Gold equivalent ounces sold (Au, oz) 1 6,883 11,842 17,977 22,723
San Bartolome
Gold ounces produced (Au, oz) 1,311 721 2,701 1,491
Silver ounces produced (Ag, k-oz) 1,318 1,027 2,547 1,873
Gold equivalent ounces produced (Au, oz) 1 16,818 12,128 32,666 22,300
Silver equivalent ounces produced (Ag, k-oz) 1 1,430 1,091 2,777 2,007
Gold ounces sold (Au, oz) - 532 1,670 1,327
Silver ounces sold (Ag, k-oz) 462 958 1,716 1,910
Gold equivalent ounces sold (Au, oz) 1 5,430 11,182 21,864 22,552
Silver equivalent ounces sold (Ag, k-oz) 1 462 1,006 1,858 2,030
NEWS RELEASE
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Q2 2026 Conference Call and Webcast:
● Wednesday, August 12, at 9:00 AM ET
● Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/14762
● 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 replay of the webcast will be available for 90 days at:
https://www.gowebcasting.com/14762 or the Company website at www.andeanpm.com.
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
Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by
National Instrument 43-101 – Standards for Disclosure for Mineral Projects, Registered Member, Society
for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and Metallurgy
(AusIMM).
For more information, please contact:
Dom Kizek
Vice President, Finance & Corporate Controller
T: +1 416 565 9723
Endnotes:
1. 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.
2. Please refer to the Q4 2025 MD&A for additional detail on the 2026 production, cost, and margin
guidance.
3. “Liquid Assets” is a non-GAAP financial measure and is not a standardized financial measure
under IFRS. Liquid Assets might not be comparable to similar financial measures disclosed by
other issuers. For additional information regarding the composition and calculation of Liquid
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Assets, see the section entitled "Non-GAAP Financial Measures, Ratios, and Supplementary
Financial Measures" in Andean’s MD&A for the three months ended March 31, 2026, available
on SEDAR+.
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 operational performance, including expectations
on inventory sales, the timing of the release of the Company’s financial and operating results for the
quarter ended June 30, 2026, and expectations regarding future financial or operational results based
on current metal prices and operating conditions.
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 execute its strategic initiatives and growth plans; the Company’s ability to secure
and meet obligations under property and option agreements and other material agreements; that there
is no material adverse change affecting the Company or its properties, and that the Company’s assets
continue to operate consistent with expectations; that contracted parties provide goods and services in
a timely manner; that no unusual geological or technical problems occur; that plant and equipment
function as anticipated; the availability of labour and key personnel; and that there are no material
adverse changes in commodity prices, foreign exchange rates, inflationary pressures (including diesel
and energy costs), or general economic conditions.
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 expressed or implied by such forward-looking statements. Such risks and uncertainties include,
without limitation: risks relating to the interpretation 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; risks that exploration, development or mining results will not be consistent with the
Company’s expectations; risks relating to variations in reserves, resources, grades, planned mining
dilution, 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 operational difficulties; risks
relating to delays in exploration, development, permitting or construction 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 volatility 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 inflation and increases in input costs, including fuel,
energy and consumables; risks related to the Company’s ability to maintain liquidity and effectively
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allocate capital; risks associated with capital markets conditions and the Company’s ability to obtain
adequate financing on a timely basis and on acceptable terms; risks relating to delays in the completion
of development or construction activities, or in obtaining local community, governmental or regulatory
approvals; risks related to environmental regulation and liability; political and regulatory risks associated
with mining and exploration; risks related to the global economic environment. For additional risk factors,
please refer to the section entitled “Risk Factors” in the Company’s Management’s Discussion and
Analysis for the year ended December 31, 2025, and the Company’s Annual Information Form for the
year ended December 31, 2025, each dated March 25, 2026, which are available on SEDAR+ at
www.sedarplus.ca.
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, there may be other
factors that cause results or events not to be as anticipated, estimated or intended. 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 undue reliance should not
be placed on forward-looking statements. The forward-looking statements contained in this release are
made as of the date of this release, and 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.