Andean Precious Metals Reports Q1 2023 Results

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Overig advies 25/05/2023 08:54
Reaffirms 2023 guidance
TORONTO, ON – May 24, 2023 – Andean Precious Metals Corp. (“Andean” or the
“Company”) (TSX-V: APM) (OTCQX: ANPMF) reported its operating and financial results for the
three months ended March 31, 2023. All amounts are expressed in United States dollars, unless
otherwise noted (C$ refers to Canadian dollars).
Q1 2023 Highlights
Three months ended March 31, 2023 vs. three months ended March 31, 2022
• The Company achieved zero lost time injuries (“LTI”) and achieved a significant safety
milestone of 1.158 million operating hours with no LTI.
• Produced 1.0 million silver equivalent ounces1 compared with 1.2 million silver
equivalent ounces1
• Revenue decreased by 23% to $23.0 million due to an 18% decline in production
volume and a 6% reduction in the average realized price of silver per ounce.
• Cost of sales of $21.2 million increased by 3% from $20.6 million.
• Income from mine operations was $0.4 million compared with $6.4 million.
• Net income was $0.2 million compared with net income of $2.3 million in the prior year.
• Earnings before interest, taxes, depreciation and amortization(“EBITDA”)2 and adjusted
earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)2 of $1.5
million and $1.4 million, respectively, compared with $8.1 million and $6.6 million,
respectively, in Q1 2022.
• All-in sustaining costs (“AISC”)2 per silver ounce sold of $24.27 compared to full year 2023
guidance of $19.50 to $20.30 per ounce. Planned production increases anticipated for the
second half of 2023 are expected to decrease average AISC during 2023.
• The Company continues to expect silver equivalent production for 2023 to be between 4.8
million and 5.2 million ounces at a total average AISC2 of $19.50 to $20.30 per ounce.
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 and AISC are non-IFRS measures. Refer to the “Non-GAAP Financial Measures, Ratios and
Supplementary Financial Measures” section of this press release.

• Debt-free balance sheet with cash and cash equivalents of $75.8 million and marketable
securities of $6.1 million.
• Net cash flow used in operating activities for Q1 2023 was $4.3 million, primarily due to the
working capital movements arising from timing of some vendor payments.
• During Q1 2023, pursuant to its normal course issuer bid, the Company repurchased and
cancelled 627,100 shares totaling $0.4 million.
• The Company continues to advance the silver recovery project at its fines disposal facility.
• The Company recently received the Responsible Minerals Initiative Certification and the Environmental Management System Standard ISO 14001:2015 Certification. The Company is committed to working to achieve high environmental, social and corporate
governance (“ESG”) standards and is implementing several community programs, while continuing to develop a broader framework and policies. The Company will continue to develop a broader ESG program, including reporting aligned with definitions from the World Economic Forum, and identifying its contributions to the United Nations Sustainable
Development Goals over the remainder of FY 2023.

“The market volatility and inflationary pressures experienced in 2022 persisted throughout the
first quarter and is expected to continue during the current year. We are nonetheless reaffirming
our 2023 guidance based on the progress we are making at site and our planned strategies to
increase operational efficiencies. Our industry consultants continue to review our operations for
the purpose of further optimizing production and improving recoveries throughout the course of
the year,” stated Alberto Morales, Executive Chairman and CEO of Andean.
Mr. Morales continued, “Moreover, our top priority is to extend the mine life at San Bartolomé by both pursuing contract opportunities with new third-party feed material providers and bringing
the tailings material into production. After some delays, the tailings review is advancing and, subject to completion of the final feasibility studies and Board approval, we could be targeting to
begin production of the fines deposit facility material in the first half of 2024. Simultaneous with improving the performance of our flagship asset in Bolivia, our focus is growth. We continue to evaluate potential acquisition targets in the wider Americas, and have narrowed potential targets
to a short list, diversifying our geographic and production risk as we look to achieve our vision of becoming a multi-jurisdictional mid-tier producer.”

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