Reaffirms 2023 production guidance; adjusts AISC and capex guidance
TORONTO, ON – August 15, 2023 – Andean Precious Metals Corp. (“Andean” or the
“Company”) (TSX-V: APM) (OTCQX: ANPMF) reported its operating highlights and unaudited
condensed interim financial results for the three and six months ended June 30, 2023 (the
“Financials”). All amounts are expressed in United States dollars (“U.S. dollars”), unless otherwise
noted (C$ refers to Canadian dollars). This news release should be read together with Andean’s
Financials, which are available under the Company’s profile on SEDAR+ (www.sedarplus.ca).
Q2 2023 Highlights
Three months ended June 30, 2023 vs. three months ended March 31, 2023
• Produced 1.2 million silver equivalent ounces (“AgEq oz”)1
, an increase of 22%. The
Company is reaffirming its full year 2023 production guidance of 4.8-5.2 million AgEq oz.
• Recovery rates improved with an average of 79% in each of the first two quarters of 2023.
For the first half of 2023 compared to the first half of 2022, the average recovery rate
improved from 76% to 79%.
• Of the 1.2 million ounces produced, 0.6 million AgEq oz were sold at an average realized
price of $24.65 per ounce for Q2 2023 revenue of $15.3 million. The 38% decrease in ounces
sold in Q2 2023 vs. Q1 2023 was due to the sales deferral of approximately 540,000 AgEq
oz, which was classified as inventory and valued at $11.3 million. Subsequent to June 30,
2023, the bullion was sold for total revenue of $13.3 million based on an average realized
price of $24.70 per ounce.
• Cost of sales decreased by 45% to $11.8 million predominantly due to lower ounces sold
and a decrease of $1.2 million in mining and material purchasing costs.
• Operating cash costs (“OCC”)2 per ounce of silver produced, net of by-product credits, was
$19.15, a decrease of 11%.
• All-in sustaining costs (“AISC”)2 per silver ounce sold, net of by-product credits, was $23.69,
a decrease of only 2% despite lower ounces sold.

1 Silver equivalent ounces include gold ounces and are converted to a silver equivalent based on a ratio of average realized silver
and gold prices during the periods discussed.
2 EBITDA, Adjusted EBITDA, OCC and AISC are non-IFRS measures. Please refer to the “Non-GAAP Financial Measures, Ratios
and Supplementary Financial Measures” section of this press release.

• General and administrative (“G&A”) expenses of $3.1 million were $0.7 million higher quarterover-quarter due to increased corporate development activities as well as a stronger Mexican
peso relative to the U.S. dollar. G&A decreased by $0.4 million and by $0.8 million,
respectively, compared to Q2 2022 and H1 2022.
• Income from mine operations increased to $2.4 million from $0.4 million.
• Net income attributable to equity holders remained unchanged at $0.2 million.
• For Q2 2023, earnings before interest, taxes, depreciation and amortization (“EBITDA”)2 and
adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)2
was $3.7 million and $4.9 million, respectively, compared with $1.5 million and $1.4 million,
respectively, in Q1 2023. EBITDA improved by $0.7 million and Adjusted EBITDA improved
by $0.9 million in the first six months of 2023 compared to the first six months of 2022.
Liquidity and Capital Resources
• Debt-free balance sheet with cash and cash equivalents of $70.4 million. Cash was lower
due to the sales deferment of approximately 540,000 AgEq oz, which were sold in July 2023
at an average price of $24.70 per Ag oz, representing revenue of $13.3 million.
• Positive working capital of $90.3 million as at June 30, 2023, including liquid assets of $89.9
million, comprised of $70.4 million in cash, silver bullion of $13.3 million, marketable
securities of $4.7 million and VAT certificates receivable of $1.5 million. Liquid assets were
$91.8 million as at December 31, 2022.
• Pursuant to its normal course issuer bid (“NCIB”), the Company repurchased and cancelled
1,430,500 shares at an average purchase price of C$0.77 per share for a total of $0.8 million
(C$1.1 million). Since the inception of the NCIB in the fall of 2022 to the end of June 2023,
a total of 2,379,600 shares have been repurchased and cancelled at an average purchase
price of C$0.80 for a total of $1.4 million (C$1.9 million).
• During Q2 2023, the Company entered into silver sales forward contracts for the delivery of
1,025,000 ounces of silver at an average price of $25.75 per ounce. As a result of the
decrease in the silver price in May, the forward contracts were unwound, and net cash see & read more on
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