Andean Precious Metals’ Subsidiary Secures $25 Million Revolving LINE of Credit
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ANDEAN PRECIOUS METALS’ SUBSIDIARY SECURES
$25 MILLION REVOLVING LINE OF CREDIT
(All amounts are in U.S. dollars unless otherwise stated)
TORONTO, ON – February 29, 2024 – Andean Precious Metals Corp. (“Andean” or the
“Company”) (TSX -V: APM) (OTCQX: ANPMF) announced that through its wholly-owned
subsidiary, Andean PM, AB, it has entered into an agreement for a 12-month $25 million
renewable secured revolving line of credit (“LOC”) with Banco Santander International . The
agreement is effective as of February 28, 2024.
The LOC provides for $25 million to be used for general corporate purposes and is secured by
short-term investments and cash equivalents. It bears interest on any outstanding borrowings at
the 3-month Secured Overnight Financing Rate (SOFR) plus 90 basis points.
“While we expect to maintain a strong year-end balance sheet as at December 31, 2023 with liquid
assets of approximately $72 million, including an unaudited cash balance of $65 million, this LOC
provides the Company with continued financial flexibility and builds on our treasury management
capabilities as we pursue our vision of being a multi-asset mid-tier precious metals producer,”
stated Juan Carlos Sandoval, Andean’s Chief Financial Officer.
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 Bartolomé processing facility in Potosí,
Bolivia and the Soledad Mountain 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 its ambition to be a multi-asset, mid-
tier precious metals producer.
For more information, please contact:
Trish Moran
VP Investor Relations
T: +1 416 564 4290
Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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 ass umptions 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) suggestin g
future outcomes or statements regarding an outlook.
Forward-looking statements in this release include, but are not limited to, statements and
information regarding the use of proceeds of the LOC and the expected impact on the Company’s
financial flexibility. 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, 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
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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 liabilit y; 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 Management Discussion and
Analysis dated November 29, 2023.
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.