Andean Precious Metals Reports Third Quarter 2025 Financial Results Another Strong Quarter with Record Revenues, EBITDA, Earnings PER Share and Liquid Assets
NEWS RELEASE
TSX: APM OTCQX: ANPMF
1
88913713.1
ANDEAN PRECIOUS METALS REPORTS THIRD QUARTER
2025 FINANCIAL RESULTS
ANOTHER STRONG QUARTER WITH RECORD REVENUES, EBITDA,
EARNINGS PER SHARE AND LIQUID ASSETS
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – November 11, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to report its financial results for the three and nine months
ended September 30, 2025. This news release should be read together with Andean’s management ’s
discussion and analysis (“ MD&A”) and condensed interim consolidated financial statements for the
three and nine months ended September 30, 2025 (the “Financial Statements”) which are available
under the Company’s profile on SEDAR+ (www.sedarplus.ca).
Alberto Morales, Executive Chairman and CEO stated: “The third quarter was another strong period for
Andean, marked by record revenue and net income driven by higher metal prices, disciplined cost
management, and solid margin performance.
At Golden Queen, we maintained excellent cost control, delivering operating cash costs1 of $1,623 and
all-in sustaining costs 1 of $1,807 , both well within guidance. This helped sustain healthy operating
margins despite lower production tied to leach -cycle timing. However, we have seen improvements
during the initial part of the fourth quarter 2025.
San Bartolom e also performed well, benefiting from higher silver prices, increased production, and
steady plant performance. The operation achieved a cash gross operating margin 1 of $16.13 and a
gross margin ratio1 of 43.76%, reflecting the team’s continued focus on efficiency and cost discipline.
Consolidated CAPEX1,4 totaled just $ 0.6 million in the quarter, reflecting our disciplined approach to
investing in line with production targets and planned initiatives.
These results translated into record earnings and a significant increase in liquid assets 1 with $121.4
million1 at quarter-end. We remain in a very strong financial position, providing flexibility to continue
investing in our assets, advancing exploration, and pursuing growth opportunities that create long-term
value for our shareholders.
Looking ahead to year -end, production at Golden Queen is expected to fall below the lower end of
guidance resulting from lower production tied to the leach-cycle timing, although showing improvements
into the initial part of the fourth quarter. San Bartolome continues to perform strongly at the top of its
production guidance range and we expect our consolidated production to finish at year-end near the
lower end of our guidance range.
Importantly, the Company expects to deliver solid cost and margin performance, with Golden Queen’s
costs tracking within mid-range guidance, San Bartolome’s margins are expected to be near the upper
end, and consolidated CAPEX remaining in line with expectations. These results reflect strong
operational discipline and highlights the Company’s ability to maintain a robust financial performance
despite production variances.”
NEWS RELEASE
TSX: APM OTCQX: ANPMF
2
88913713.1
Third Quarter 2025 Highlights:
• Record Consolidated Revenue of $90.4 million arising from higher silver production and
sales at an average realized gold price1 of $3,448/oz and an average realized silver price1 of
$40.09/oz.
• Consolidated Q3 production of 25,688 gold equivalent ounces2 and 71,388 gold equivalent
ounces2 for YTD 2025.
• Record Gross Operating Income of $36.8 million, mainly due to higher average realized gold
and silver prices, and higher silver production.
• Record Income from Operations of $ 30.7 million, mainly due to higher gross operating
income partially offset by higher exploration expenditures.
• Record Adjusted EBITDA1 of $36.0 million.
• Record Net Income and Net Income per Share of $43.7 million and $0.29 (diluted basis),
respectively.
• Record Liquid Assets, ended Q3 2025 with $121.4 million
• Free cash flow1 of $12.4 million.
• The Company strengthened its balance sheet, increasing total assets to $37 0.8 million
while total liabilities decreased to $145.2 million. The improved financial position reflects strong
cash-flow generation, unrealized gains on equity investments , higher working capital, and the
repayment of the Company’s revolving credit facilities.
Golden Queen Results:
• Golden Queen produced 10,083 gold equivalent ounces2 in Q3 2025 and 33,484 gold
equivalent ounces2 YTD.
• Golden Queen OCC1 of $1,623/oz and AISC1 of $1,807/oz for Q3 2025.
San Bartolome Results:
• San Bartolome produced 15,606 gold equivalent ounces2 in Q3 2025 and 37,906 gold
equivalent ounces2 YTD.
• Cash Gross Operating Margin (“CGOM”)1 of $16.13 per silver equivalent ounce sold and
a Gross Margin Ratio (“GMR”)1 of 43.76% for Q3 2025.
Corporate Updates:
• Effective August 29, 2025, Peter Gundy stepped down from the board of directors. The
Company extends sincere appreciation to Mr. Gundy for his many years of dedicated service
NEWS RELEASE
TSX: APM OTCQX: ANPMF
3
88913713.1
and valuable contributions in guiding Andean through key corporate milestones and strategic
initiatives.
• On November 10, 2025, the Company filed a base shelf prospectus with the securities
regulator in Canada, qualifying the Company for an issuance of up to $200 million of securities
over the next 25 months. This filing provides the Company with enhanced flexibility to access
capital markets efficiently as opportunities arise, supporting funding for strategic growth
initiatives, project development, and general corporate purposes. The base shelf prospectus
does not represent an immediate offering of securities but positions the Company to respond
swiftly to favorable market conditions, ensuring a strong platform for continued development
and shareholder value creation.
FINANCIAL HIGHLIGHTS Q3 2025 Q3 2024 YTD 2025 YTD 2024
(In thousands of US dollars, except for net income per share metrics)
Revenue 90,422 68,348 226,139 181,197
Gross operating income 3 36,769 23,696 89,173 35,685
Income from operations 30,751 19,919 74,175 28,077
Net income 43,739 8,210 75,760 17,518
Net income per share
-Basic 0.29 0.05 0.51 0.12
-Diluted 0.29 0.05 0.50 0.11
Adjusted EBITDA 1 36,031 19,570 86,865 43,378
CAPEX 1,4 642 4,976 17,624 15,105
Free cash flow 1 12,409 18,468 23,149 16,646
Cash and cash equivalents 54,770 58,074 54,770 58,074
Liquid assets1 121,374 82,628 121,374 82,628
OPERATING HIGHLIGHTS Q3 2025 Q3 2024 YTD 2025 YTD 2024
Gold ounces (Au, Oz)
Produced 10,429 13,046 33,452 38,789
Sold 10,296 12,530 32,523 38,501
Average realized gold price ($/oz) 1
3,448
2,413
3,151
2,278
Silver ounces (Ag, K-Oz)
Produced 1,373 1,248 3,414 3,371
Sold 1,370 1,214 3,445 3,342
Average realized silver price ($/oz) 1 40.09 31.40 35.90 27.97
NEWS RELEASE
TSX: APM OTCQX: ANPMF
4
88913713.1
Gold equivalent ounces (Au Eq, Oz) 2
Produced 25,688 27,283 71,388 78,614
Sold 25,520 26,897 70,796 77,924
Golden Queen
OCC ($ / Gold Ounces Sold)1,3 1,623 1,714 1,602 1,627
AISC ($ / Gold Ounces Sold) 1,3 1,807 2,300 2,088 1,977
San Bartolome
CGOM ($ / Silver Equivalent Ounces Sold)1,3 16.13 12.30 14.06 8.00
GMR / Silver Equivalent Ounces Sold (%)1,3 43.76 46.56 43.88 36.03
Q3 2025 Conference Call and Webcast
● Wednesday, November 12, at 9:00 AM ET
● Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/14383
● 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 reply of the webcast will be available for 90 days at :
https://www.gowebcasting.com/14383 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 Bartolom e 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 Canadian National Instrument 43-101.
For more information, please contact:
Amanda Mallough
Director, Investor Relations
T: +1 647 463 7808
NEWS RELEASE
TSX: APM OTCQX: ANPMF
5
88913713.1
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 production guidance and expectations for CAPEX, the Company’s expectations
regarding production costs, exchange rates and spot prices and the Company’s expectations regarding
its base shelf prospectus. 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, 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 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, 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.
NEWS RELEASE
TSX: APM OTCQX: ANPMF
6
88913713.1
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.
NON-GAAP FINANCIAL MEASURES, RATIOS, AND SUPPLEMENTARY FINANCIAL MEASURES
This news release includes “specified financial measures” within the meaning of National Instrument 52-
112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52 -112”), specifically the non -GAAP
financial measures, non -GAAP ratios and supplementary financial measures d escribed below.
Management believes that the use of these measures assists analysts, investors and other stakeholders
of the Company in understanding the costs associated with producing silver and gold, understanding
the economics of silver and gold mining , assessing operating performance, the Company’s ability to
generate free cash flow from current operations, and for planning and forecasting of future periods.
The specified financial measures used in this news release do not have any standardized meaning
prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even
as compared to other issuers who may be applying the World Gold Council (“WGC”) guidelines.
Accordingly, these measures are intended to provide additional information and should not be
considered in isolation or as a substitute for measures of performance prepared in accordance with
IFRS.
Operating Cash Costs
OCC includes total production cash costs incurred at the Company’s mining operations, which form the
basis of the Company’s cash costs, less by-product revenue.
Beginning in 2025 with impact on prior -year comparative periods, the Company reclassed mine -site
general and administrative expenses to cost of sales which has a corresponding impact on the
calculation of OCC.
The following table provides a reconciliation of the OCC per ounce sold on a by -product basis to the
Financial Statements:
Golden Queen
Three months ended
September 30,
Nine months ended
September 30,
(in thousands of US dollars) 2025 2024 2025 2024
Costs of sales, as reported 17,747 24,651 56,442 72,116
Less: by-product silver credits (3,006) (4,056) (8,401) (10,980)
Total OCC 14,742 20,595 48,041 61,136
Divided by Au ounces sold 9,084 12,018 29,984 37,581
OCC ($ / Au ounces sold) 1,623 1,714 1,602 1,627
NEWS RELEASE
TSX: APM OTCQX: ANPMF
7
88913713.1
All-in Sustaining Costs
AISC on a by-product basis per ounce is a non -GAAP ratio calculated as AISC on a by -product basis
divided by ounces of gold sold. AISC on a by-product basis is a non-GAAP financial measure calculated
as the aggregate of production costs as recorded in the consolidated statements of income (loss),
refining and transport costs, cash component of sustaining capital expenditures, lease payments related
to sustaining assets, corporate general and administrative expenses and accretion expenses. When
calculating AISC on a by-product basis, all revenue received from the sale silver at Golden Queen are
treated as a reduction of costs incurred. The Company believes that AISC represents the total costs of
producing gold from current operations and provides the Company and other stakeholders of the
Company with additional information relating to the Company’s operational performance and ability to
generate cash flow.
The following table provides a reconciliation of the AISC per ounce sold on a by -product basis to the
Financial Statements:
Golden Queen
Three months ended
September 30,
Nine months ended
September 30,
(in thousands of US dollars) 2025 2024 2025 2024
OCC, net of by-product credits 14,742 20,595 48,041 61,136
General and administration-site and
corporate allocation 1,134 1,856 4,330 3,431
Sustaining capital expenditures 360 5,114 9,845 9,447
Accretion for decommissioning liability 181 83 402 278
Total all in sustaining cost 16,416 27,648 62,619 74,292
Divided by Au ounces sold 9,084 12,018 29,984 37,581
AISC ($ / Au ounces sold) 1,807 2,301 2,088 1,977
Cash Gross Operating Margin
CGOM per silver equivalent ounce sold is calculated by subtracting the average cash cost of sale (cost
of sales, allocated corporate administrative costs and business unit general and administration cost) per
equivalent ounce sold from the average selling price per equivalent ounce. It is a measure of fina ncial
performance with no prescribed definition under IFRS and may not be comparable to similar financial
measures disclosed by other issuers.
The following table provides a reconciliation of the CGOM per ounce to the Financial Statements and
the most directly comparable IFRS measure:
San Bartolome
Three months ended
September 30,
Nine months ended
September 30,
(in thousands of US dollars) 2025 2024 2025 2024
Costs of sales, as reported 31,663 18,870 69,304 54,140
General and administration-site and
corporate allocation 2,010 2,600 5,930 6,289
Total gross operating costs 33,673 21,470 75,234 60,429
NEWS RELEASE
TSX: APM OTCQX: ANPMF
8
88913713.1
San Bartolome
Three months ended
September 30,
Nine months ended
September 30,
(in thousands of US dollars) 2025 2024 2025 2024
Divided by AgEq ounces sold (koz) 1,403 1,123 3,432 3,062
Gross operating cost per AgEq ounce sold 24.01 19.12 21.92 19.97
Average realized silver price per oz 40.14 31.54 35.98 27.98
CGOM ($ / Silver Equivalent Ounces
Sold) 16.13 12.43 14.06 8.02
Gross Margin Ratio
GMR is calculated by subtracting the cost of sales as reported in the income statement from the revenue
of equivalent ounces divided by revenue from sales of equivalent ounces. GMR is a measure of financial
performance with no prescribed definition under IFRS and may not be comparable to similar financial
measures disclosed by other issuers.
Beginning in 2025 with impact on prior -year comparative periods, the Company reclassed mine -site
general and administrative expenses to cost of sales which has a corresponding impact on the
calculation of GMR.
The following table provides a reconciliation of the GMR per ounce to the most directly comparable IFRS
measure:
San Bartolome
Three months ended
September 30,
Nine months ended
September 30,
(in thousands of US dollars) 2025 2024 2025 2024
Costs of sales, as reported 31,663 18,870 69,304 54,140
Divided by AgEq ounces sold (koz) 1,403 1,123 3,432 3,026
Costs of sales per AgEq oz sold 22.57 16.80 20.09 17.89
Average realized silver price per oz 40.13 31.54 35.98 27.98
GM per AgEq oz sold 17.56 14.74 15.79 10.10
GMR per Silver Equivalent Ounces Sold
(%) 43.76 46.74 43.88 36.07
Free Cash Flow
The Company has included free cash flow as a non-GAAP financial measure in this news release. The
Company considers net cash provided from operating activities, less capital expenditures on property,
plant and equipment, to be a measure that allows the Company and investors to evaluate the ability of
the Company to generate cash flow. Accordingly , free cash flow is intended to provide additional
information and should not be considered in isolation or as a substitute for measures of performance
prepared in accordance with IFRS.