Andean Precious Metals Corp · TSX:APM
Andean Precious Metals — Investor Presentation (November 2025)
23 slides from Andean Precious Metals's investor presentation, November 2025
Slide 1: Building a Mid-Tier Precious Metals Producer
APM ANPMF Building a Mid-Tier Precious Metals Producer INVESTOR PRESENTATION November 2025
Slide 2: Legal Disclaimers
LEGAL DISCLAIMERS This presentation is informational purposes only and is solely to assist equivalents. The Company uses net debt to provide investors with Risk Factors interested parties in determining whether to seek additional transparency regarding the liquidity position of the Company. The The
Slide 3: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements and information contained in this presentation differ materially from those anticipated in forward-looking statements of economic evaluations; results of initial feasibility, pre-feasibility and constitute forward-looking information or forward-looking s
Slide 4: Building a Mid-Tier Producer
Building a Mid-Tier Producer
Slide 5: Our History
OUR HISTORY In November 2023 Andean acquires the gold producing Golden In June 2008 San Bartolome Queen mine in California, USA, diversifying achieves commercial its portfolio production In March 2021 Andean executes a Reverse Take Over agreement to In January 2025 Andean go public in the TSX Ventur
Slide 6: Building Momentum: 2023 - 2025
BUILDING MOMENTUM: 2023 - 2025 Revenues Adj. EBITDA 245M A Solid Foundation In 2023 Andean operated as a single-asset silver 136M 2023 producer in Bolivia. Despite being concentrated in one 125M 63M 51M jurisdiction, the Company delivered revenues of $125M 10M and generated $10M of Adj. EBITDA FY 20
Slide 7: Our Producing Assets in the Americas
OUR PRODUCING ASSETS IN THE AMERICAS TORONTO, CANADA Corporate Headquarters CALIFORNIA, USA Golden Queen Mine Type Open Pit Processing Heap Leach POTOSI, BOLIVIA 2025 Production 52 - 60Koz Au Eq San Bartolome 2025 OCC $1,500 - $1,800 /Au oz Mine Type Material Purchase 2025 AISC $1,950 - $2,150 /Au o
Slide 8: Our Operations: Golden Queen
OUR OPERATIONS: GOLDEN QUEEN U S A Extending Mine Life Through Exploration Ongoing drilling is targeting extensions of the current pits and nearby satellite zones, aimed at converting resources into reserves and securing a longer production profile Driving Operational Efficiency Improvements Focused
Slide 9: Exploration Strategy – Golden Queen
EXPLORATION STRATEGY – GOLDEN QUEEN Exploration Strategy: 2024 • Relatively modest capital investment directed to extending 2025 mineral reserves and testing new near-mine targets • Focused on extending mine life, reducing risk, and unlocking new open-pit opportunities Silver Queen MP2 SE Extension
Slide 10: Our Operations: San Bartolome
OUR OPERATIONS: SAN BARTOLOME Low-Risk, Profitable Operation Supported by Long-Term Contracts San Bartolome’s 60/40 blend of contracted versus spot ore supply provides stability, flexibility, and sustained profitability Increasing Ore Supply Through Expanded Ore Sourcing Agreements Bolivia Advancing
Slide 11: Exploration Strategy – San Bartolome
EXPLORATION STRATEGY – SAN BARTOLOME Located in a Prolific Mining District Situated in Bolivia’s historic Potosi region, home to centuries of continuous mining activity and extensive mineralization. Expanding Third-Party Ore Opportunities Evaluating and securing long-term partnerships with Current S
Slide 12: Creating Value for Communities and Economies
CREATING VALUE FOR COMMUNITIES AND ECONOMIES SOCIAL LICENSE 25% Economic impact of the San Bartolome • Our social license to operate in Bolivia allows us to enhance the social and asset to the City of Potosi Economy economic development of the communities associated with our operations • We work wit
Slide 13: Capital Structure and Ownership Overview
CAPITAL STRUCTURE AND OWNERSHIP OVERVIEW Capital Structure Andean Share Ownership Analyst Coverage 147M ETF’S 3% Shares Outstanding (as at June 30, 2025) C$961M INSTITUTIONS & RETAIL 28% Market Capitalization (Nov 3, 2025 closing price) C$9.01 / C$1.10 Top Institutional Shareholders / ETF’s 52 Week
Slide 14: H1 2025 Financial Highlights
H1 2025 FINANCIAL HIGHLIGHTS RECORD REVENUE $135.7 million in revenue from sales at an average realized gold price of $3,013/oz and an average realized silver price of $33.14/oz RECORD ADJUSTED EBITDA $50.8 million, up 68% year-over-year FREE CASH FLOW $10.7 million compared to ($303K) H1 2024 despi
Slide 15: 2025 / 2026 Catalysts
2025 / 2026 CATALYSTS EXPLORATION RESULTS AT GOLDEN QUEEN - OCTOBER 2025 UPDATED TECHNICAL REPORT FOR GOLDEN QUEEN - FIRST HALF 2026 GOLDEN QUEEN DEBT REFINANCING - Q4 2025 INORGANIC GROWTH THROUGH M&A IN THE AMERICA’S 15
Slide 16: Strong Balance Sheet – Well Positioned for Growth
STRONG BALANCE SHEET – WELL POSITIONED FOR GROWTH Cash Flow Generation Strong Liquidity and Balance Sheet Strong Cash flow from producing assets $87M in liquid assets and negative net debt Balanced exposure to silver and gold commodities Compelling (as at June 30, 2025) Investment Organic Performanc
Slide 17: Building a Mid-Tier Precious Metals Producer
APM ANPMF Building a Mid-Tier Precious Metals Producer For more information, please contact: Amanda Mallough Director, Investor Relations T: 647-463-7808 E: amallough@andeanpm.com
Slide 18: Appendix
POS Appendix
Slide 19: Board of Directors
Board of Directors ALBERTO MORALES GRANT ANGWIN MICHELE ASHBY Executive Chair & CEO Lead Independent Director Independent Director Member of Nomination & Corporate Chair of Health, Safety, ESG Committee, Chair of Governance Committee Compensation Committee, Member of Audit and Nomination & Corporate
Slide 20: 2024 Highlights
2024 Highlights RECORD REVENUE GROWTH $254 million in revenue from sales at an average realized gold price of $2,332/oz and an average realized silver price of $28.84/oz RECORD FREE CASH FLOW OF $35 MILLION Despite capital expenditures of $31.6 million, supported by $56.6 million in operating cash f
Slide 21: 2025 Production and Cost Guidance
2025 Production and Cost Guidance Production Guidance The Company’s 2025 annual gold and silver production guidance for Golden Queen and San Bartolome: Gold Production Silver Production Gold Equivalent Production1 (Thousand Ounces) (Million Ounces) (Thousand Ounces) Golden Queen 50.0 – 55.0 0.2 – 0.
Slide 22: Targeting Near- to Mid-Term Cost Savings
Targeting Near- to Mid-Term Cost Savings • Mining Costs • New mine plan is expected to identify opportunities for cost savings and efficiency improvements. • Purchase of new trucks will reduce overhaul and contract maintenance costs while increasing availability. • Mine Optimization • Optimize the d
Slide 23: Qualified Persons
Qualified Persons Qualified Person for Andean Precious Metals Qualified Persons for Golden Queen mineral Qualified Persons for San Bartolomé mineral reserves and resources reserves and resources The scientific and technical content disclosed herein The following people served as the Qualified The fo
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