Click OR Tap Here to Enter Text. Andean Precious Metals Reports Second Quarter 2025 Financial Results Another Strong Quarter with Record Revenues and EBITDA; San Bartolome Financial Metrics Revised Upward
NEWS RELEASE
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ANDEAN PRECIOUS METALS REPORTS SECOND QUARTER
2025 FINANCIAL RESULTS
ANOTHER STRONG QUARTER WITH RECORD REVENUES AND EBITDA;
SAN BARTOLOME FINANCIAL METRICS REVISED UPWARD
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – August 12, 2025 – Andean Precious Metals Corp. (“Andean” or the “ Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to report its financial results for the three and six months
ended June 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 six months ended June 30, 2025 (the “Financial Statements”) which are available under the
Company’s profile on SEDAR+ (www.sedarplus.ca).
Second Quarter 2025 Highlights:
• Consolidated revenue of $73.7 million from sales at an average realized gold price of
$3,316/oz1 and an average realized silver price of $34.36/oz1 for Q2 2025 versus consolidated
revenue of $69.8 million from sales at an average realized gold price of $2,305/oz and an
average realized silver price of $27.80/oz for Q2 2024.
• Consolidated Q2 2025 production of 24,341 gold equivalent ounces.
• Gross operating income of $29.4 million for Q2 2025 versus $11.7 million for Q2 2024, mainly
due to higher average realized gold and silver prices and lower operating costs at San Bartolome
and Golden Queen.
• Income from operations of $24.5 million for Q2 2025 versus income from operations of $9.8
million for Q 2 2024, mainly due to higher gross operating income partially offset by higher
exploration and evaluation expenditures.
• Adjusted EBITDA2 of $28.9 million for Q2 2025 compared to adjusted EBITDA of $17.2 million
for Q2 2024.
• Net income and net income per share of $17. 4 million and $ 0.12 (diluted basis),
respectively for Q 2 2025, net income and net income per share of $9. 4 million and $0. 06
(diluted basis) for Q2 2024.
• The Company ended Q2 2025 with $87.3 million in liquid assets as compared to $72.0 million
in liquid assets at the end of Q2 2024.
• The Company strengthened its balance sheet with $320 .9 million in total assets as
compared to $315.1 million in total assets at the end of Q 4 2024, and $ 139.4 million in total
liabilities at the end of Q2 2025 as compared to $164.1 million at the end of Q 4 2024. The
improved financial position is attributed to cash- flow generation (with a portion converted to
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marketable securities), additions to working capital, and paydown of the Company’s revolving
credit facilities.
• During Q2 2025, the Company paid down its existing revolving credit facilities to $nil.
• The Company is pleased to favourably update its 2025 San Bartolome financial metrics
as well as to reaffirm its 2025 Production, CAPEX, and Golden Queen Guidance.
Golden Queen Results:
• Golden Queen produced 12,213 gold equivalent ounces in Q2 2025 versus 16,986 gold
equivalent ounces in Q2 2024.
• Golden Queen OCC1 of $1,717/oz and AISC1 of $2,245/oz for Q2 2025 versus OCC of
$1,471/oz and AISC of $1,752/oz for Q2 2024.
San Bartolome Results:
• San Bartolome produced 12,128 gold equivalent ounces in Q2 2025 versus 12,795 gold
equivalent ounces in Q2 2024.
• Cash Gross Operating Margin (“CGOM”)1 of $13.89 per silver equivalent ounce sold and
a Gross Margin Ratio (“GMR”)1 of 45.89% for Q2 2025, versus a CGOM of $5.03 per silver
equivalent ounce sold and a GMR of 20.80% for Q2 2024.
Corporate Updates:
• On May 1, 2025 the Company reported the results of the 2024 exploration program and
outlined plans for its 2025 exploration program objectives and targets at Golden Queen.
• On June 2, 202 5 the Company entered into an exclusive long -term agreement with
COMIBOL to purchase up to 7 million tonnes of oxide ore.
Alberto Morales, Executive Chairman and CEO stated: “Q2 was another strong quarter for Andean,
marked by record revenue, and robust EBITDA.
Operationally, San Bartolome delivered improved margins, supported by strong silver prices and steady
cost control, enabling us to favourably revise our 2025 guidance for CGOM and GMR. As previously
announced, the Company signed a 7 million tonne purchase agreement with state- owned company
COMIBOL. We continue to make progress developing this project where we anticipate first ore in the
second half of 2026. The agreement provides additional prospective oxide deposits that will increase
ore sourcing for years to come and ultimately leverage processing capacity which is currently under
utilized.
Golden Queen remains on track to meet its production and cost guidance, with production weighted to
the second half of the year as planned. We are also reaffirming our 2025 production and capital
expenditure guidance for both operations. The exploration results released in May at Golden Queen are
encouraging, and our 2025- 2026 exploration program is underway to extend mine life and grow
resources.
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With a stronger balance sheet, solid free cash flow, and a clear growth strategy , Andean is well
positioned to continue creating long-term value for shareholders."
OPERATING HIGHLIGHTS Q2 2025 Q2 2024 YTD 2025 YTD 2024
Gold ounces (Au, Oz)
Produced 11,945 15,309 23,024 25,742
Sold 11,403 15,679 22.227 25,971
Average realized gold price ($/oz) 1
3,316
2,305
3,013
2,213
Silver ounces (Ag, K-Oz)
Produced 1,116 1,208 2.041 2,128
Sold 1,046 1,210 2.074 2,129
Average realized silver price ($/oz) 1 34.36 27.80 33.14 26.00
Gold equivalent ounces (Au Eq, Oz) 2
Produced 24,341 29,867 45,702 50,792
Sold 23,024 30,262 45,275 51,027
Golden Queen
OCC ($ / Gold Ounces Sold)1 3 1,717 1,471 1,593 1,586
AISC ($ / Gold Ounces Sold) 1 2,245 1,752 2,229 1,825
San Bartolome
CGOM ($ / Silver Equivalent Ounces Sold)1 13.89 5.03 12.88 2.50
GMR / Silver Equivalent Ounces Sold (%)1 3 45.89 20.80 44.08 12.12
1 Average realized gold price, average realized silver price, OCC, AISC, CGOM, and GMR are measures of financial performance with no
prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-
GAAP Financial Measures, Ratios and Supplementary Financial Measures” section of this release for further detail, including a reconciliation
of these metrics to the financial statements.
2 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.
3 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 OCC, GMR, and gross operating income.
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FINANCIAL HIGHLIGHTS Q2 2025 Q2 2024 YTD 2025 YTD 2024
(In thousands of US dollars, except for net income per share metrics)
Revenue 73,739 69,799 135,717 112,849
Gross operating income1 29,381 11,677 52,404 11,989
Income from operations 24,538 9,777 43,460 8,158
Net income 17,413 9,385 32,021 9,309
Net income per share
-Basic 0.12 0.06 0.22 0.06
-Diluted 0.12 0.06 0.21 0.06
Adjusted EBITDA2 28,895 17,176 50,833 18,187
Capital expenditures 8,200 5,379 17,596 9,207
Free cash flow2 12,265 8,150 10,727 59
Cash and cash equivalents 36,073 47,049 36,073 47,049
Liquid assets1 87,293 71,960 87,293 71,960
1 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 OCC, GMR, and gross operating income.
2 Free cash flow, EBITDA, Adjusted EBITDA, and Liquid Assets are measures of financial performance with no prescribed definition under
IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures,
Ratios and Supplementary Financial Measures” section of this news release for further detail, including a reconciliation of these metrics to
the financial statements.
The Company is pleased to revise, on a favourable basis, the cost guidance for San Bartolome for
CGOM and GMR. The CGOM range guidance increases from a range of $6.50 - $8.40 to $8.00 -
$13.00, and the GMR range guidance increases from 29 – 36% to 33% – 45%. The Company continues
to see favorable production costs, primarily due to favourable foreign exchange rates, and continued
elevated realized spot silver prices which are expected to continue through to the end of 2025.
Given our strong cash position, the Company took the strategic decision to fully repay all outstanding
amounts under its revolving credit facilities during Q2. The $25 million facility remains fully available,
providing additional financial flexibility if required.
ORIGINAL
GUIDANCE
REVISED GUIDANCE
Golden Queen OCC ($ / Au Oz Sold)
AISC ($ / Au Oz Sold)
$ 1,500 - $ 1,800
$ 1,950 - $ 2,150
$ 1,500 - $ 1,800
$ 1,950 - $ 2,150
San Bartolome CGOM ($ / AgEq Oz Sold)
GMR / AgEq Oz Sold (%)
$ 6.50 - $8.40
29 % - 36 %
$ 8.00 - 13.00
35 % - 45 %
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Production Guidance
The Company reaffirms its 2025 annual gold and silver production guidance for Golden Queen and San Bartolome:
Gold Production
(Thousand Ounces)
Silver Production
(Million Ounces)
Gold Equivalent Production2
(Thousand Ounces)
Golden Queen
San Bartolome
50.0 – 55.0
1.8 – 2.2
0.2 – 0.5
4.4 – 4.9
52.2 – 60.6
50.7 – 56.6
Total 51.8 – 57.2 4.6 – 5.4 102.9 – 117.2
Q2 2025 Conference Call and Webcast
• Wednesday, August 13, at 9:00 AM ET
• Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/14129
• Participants may also listen to the conference call by calling North American toll free 1-833-821-
0164, or 1-647-846-2305 outside the U.S. or Canada.
• An archived repl ay of the webcast will be available for 90 days at :
https://www.gowebcasting.com/14129 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:
Amanda Mallough
Director, Investor Relations
T: +1 647 463 7808
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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 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 and the Company’s expectations
regarding production costs, exchange rates and spot prices. 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
six months ended June 30, 2025.
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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 described 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
June 30,
Six months ended
June 30,
(in thousands of US dollars) 2025 2024 2025 2024
Costs of sales, as reported 21,617 27,100 38,695 47,470
Less: by-product silver credits (2,948) (4,390) (5,395) (6,924)
Total OCC 18,669 22,710 33,300 40,546
Divided by Au ounces sold 10,871 15,441 20,900 25,563
OCC ($ / Au ounces sold) 1,717 1,471 1,593 1,586
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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 A ISC 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
June 30,
Six months ended
June 30,
(in thousands of US dollars) 2025 2024 2025 2024
OCC, net of by-product credits 18,669 22,710 33,299 40,541
General and administration-site and corporate
allocation 2,132 1,036 3,581 1,579
Sustaining capital expenditures 3,488 3,224 9,485 4,333
Accretion for decommissioning liability 114 84 222 195
Total all in sustaining cost 24,403 27,053 46,587 46,648
Divided by Au ounces sold 10,871 15,441 20,900 25,563
AISC ($ / Au ounces sold) 2,245 1,752 2,229 1,825
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 financial 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
June 30,
Six months ended
June 30,
(in thousands of US dollars) 2025 2024 2025 2024
Costs of sales, as reported 18,739 23,608 37,641 43,366
General and administration-site and corporate
allocation 1,914 776 3,535 1,223
Total gross operating costs 20,653 24,384 41,176 44,589
Divided by AgEq ounces sold (koz) 1,007 1,076 2,030 1,902
Gross operating cost per AgEq ounce sold 20.52 22.63 20.29 23.43
Average realized silver price per oz 34.41 27.67 33.16 25.93
CGOM ($ / Silver Equivalent Ounces Sold) 13.89 5.03 12.88 2.50