Business
Andean Precious Metals Reports Q3 2023 Results
Company continues to pivot Bolivian operations into a processing facility focused on securing lon...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Reports Q3 2023 ResultsCompany continues to pivot Bolivian operations into a processing facility focused on securing long-term material purchasing contracts, driving margins and cash flowToronto, Ontario--(Newsfile Corp. - November 29, 2023) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") reported its operating highlights and unaudited condensed interim financial results for the three and nine months ended September 30, 2023. All amounts are expressed in United States dollars, unless otherwise noted (C$ refers to Canadian dollars). This news release should be read together with Andean's management discussion and analysis (\"MD&A\") and condensed interim consolidated financial statements for the three and nine months ended September 30, 2023 (the \"Financials\"), which are available under the Company's profile on SEDAR+ (www.sedarplus.ca).\"This has been a transformative period for Andean. In September, we announced our exclusive agreement with Silver Elephant to purchase up to 800,000 tonnes of oxide material from its Paca Silver Project,\" stated Alberto Morales, Andean's Executive Chairman and Chief Executive Officer. Mr. Morales added, \"Earlier this week, we shared the exciting news of our acquisition of Golden Queen Mining, LLC, which operates Soledad Mountain mine, strengthening our position as a larger, more robust, and better diversified precious metals producer while maintaining our strong liquid asset position. From the outset of 2023 we've been clear about our objectives: extend the life of our Bolivian operations and grow our Company through acquisitions in the Americas. We have now achieved both objectives.\"As part of Andean's strategy to grow while improving margins and cash flow, the Company is making strategic adjustments to optimize production in Bolivia and at Soledad Mountain in California. In January 2024, Andean will release an updated NI 43-101 reserve and resource estimate for Soledad Mountain. This will be followed by a new mine plan, changes in the ore control process as well as production and cost improvements. Meanwhile, at San Bartolomé, the transition from a conventional mining operation is near complete, with the majority of ounces produced arising from third party feedstock. By mid-2024, Andean anticipates that production fr...