Andean Precious Metals Reports Third Quarter Operational Results
NEWS RELEASE
TSX: APM OTCQX: ANPMF
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ANDEAN PRECIOUS METALS REPORTS THIRD QUARTER
OPERATIONAL RESULTS
TORONTO, ON – October 15, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to report its third quarter operational results for the quarter
ended September 30, 2025. The Company is also providing notice that it will release its third quarter
2025 financial results after market close on Tuesday , November 11, 2025. The Company will host its
third quarter 2025 earnings conference call and webcast on Wednesday , November 12, 2025, at 9:00
am Eastern Time.
Alberto Morales, Executive Chairman and CEO, commented: “The Company’s consolidated gold
equivalent production increased from 24,341 oz in Q2 to 25,688 oz in Q3, driven by a strong increase
in silver production at San Bartolome. Silver equivalent production at San Bartolom e increased as
forecast, from 1.092 million oz in Q2 to 1. 404 million oz in Q3. At Golden Queen, the migration of fine
ore particles impacted the permeability of a designated high-grade leach cell scheduled for processing.
To resolve this challenge, the cell underwent reconditioning, and the leaching solution was administered
at a reduced rate to mitigate further particle migration. The operations team utilized this situation to
optimize ore blending protocols and adjust the strategy for applying the leaching solution. This delayed
the timing of the leaching process, which resulted in gold equivalent production of 10,083 oz in Q3
versus 12,213 oz in Q2. We expect the Q3 production shortfall to be incremental to our future quarterly
production. Golden Queen has returned to operating within expected parameters, with gold production
increasing from late September through early October and showing a stabilizing trend.
Consolidated gold equivalent production for the first nine months of this year is slightly below guidance,
with strong silver output helping to offset lower-than-expected gold production. As we move toward year-
end, Andean is operating closer to the lower range of its annual production guidance, with expectations
for a solid fourth quarter supported by continued strength from San Bartolom e and stabilizing
performance at Golden Queen.
Notably, Andean achieved record realized prices in the third quarter at $3,448 per ounce of gold and
$40.09 per ounce of silver, further strengthening our financial results and balance sheet and positioning
us for a strong finish to the year. We look forward to providing a full update with our Q3 financial results
after market close on November 11, with our conference call the following morning.”
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Production Summary
Operational Results
(1) Beginning in 2025, gold equivalent ounces of silver produced or sold in a quarter are computed using a
consistent ratio of silver price to the gold price and multiplying this ratio by silver ounces produced or sold during
that quarter. The Company is using a conversion factor of 90 using a price assumption of $2,500 per ounce of
gold and $27.78 per ounce of silver.
Consolidated Q3 2025 9M 2025 Guidance 9M 2025 2
Gold ounces produced (Au, oz) 10,429 33,452 36,260 - 40,040
Silver ounces produced (Ag, k-oz) 1,373 3,414 3,220 - 3,780
Gold equivalent ounces produced (Au, oz) 1 25,688 71,388 72,038 - 82,040
Golden Queen
Gold ounces produced (Au, oz) 9,228 30,761 35,000 - 38,500
Silver ounces produced (Ag, k-oz) 77 245 140 - 350
Gold equivalent ounces produced (Au, oz) 1 10,083 33,484 36,556 - 42,389
San Bartolome
Gold ounces produced (Au, oz) 1,200 2,691 1,260 - 1,540
Silver ounces produced (Ag, k-oz) 1,296 3,169 3,080 - 3,430
Gold equivalent ounces produced (Au, oz) 1 15,605 37,905 35,482 - 39,651
Silver equivalent ounces produced (Ag, k-oz) 1 1,404 3,411 3,193 - 3,569
Consolidated Q3 2025 Q3 2024
Gold ounces produced (Au, oz) 10,429 13,046
Silver ounces produced (Ag, k-oz) 1,373 1,248
Gold equivalent ounces produced (Au, oz) 1 25,688 29,284
Gold ounces sold (Au, oz) 10,296 12,530
Silver ounces sold (Ag, k-oz) 1,370 1,214
Gold equivalent ounces sold (Au, oz) 1 25,520 27,774
Silver ounces sold (Ag, k-oz) 3,448 2,413
Silver ounces sold (Ag, k-oz) 40.09 31.40
Golden Queen
Gold ounces produced (Au, oz) 9,228 12,366
Silver ounces produced (Ag, k-oz) 77 130
Gold equivalent ounces produced (Au, oz) 1 10,083 14,025
Gold ounces sold (Au, oz) 9,084 12,018
Silver ounces sold (Ag, k-oz) 77 134
Gold equivalent ounces sold (Au, oz) 1 9,935 13,174
San Bartolome
Gold ounces produced (Au, oz) 1,200 680
Silver ounces produced (Ag, k-oz) 1,296 1,118
Gold equivalent ounces produced (Au, oz) 1 15,605 15,259
Silver equivalent ounces produced (Ag, k-oz) 1 1,404 1,176
Gold ounces sold (Au, oz) 1,212 512
Silver ounces sold (Ag, k-oz) 1,294 1,080
Gold equivalent ounces sold (Au, oz) 1 15,585 14,600
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(2) The production targets for the nine-month period ending September 30, 2025 are 70% of annual production for
San Bartolome and Golden Queen . The Company expects 30% of annual production for San Bartolome and
Golden Queen to occur in the fourth quarter of 2025. Refer to the Q1 2025 Production news release dated April
15, 2025 for additional details regarding the Company's 2025 production guidance.
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 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.
For more information, please contact:
Amanda Mallough
Director, Investor Relations
T: +1 647 463 7808
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, expectations for 2025 and the Company’s release of its third
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quarter 2025 financial results . 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 pl ace 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 six months ended June 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.