Andean Precious Metals: Scaling Silver and Gold Production Across the Americas

Jurisdiction

Andean Precious Metals operates in two mining-friendly jurisdictions: Bolivia and the United States. Its flagship asset is the San Bartolomé silver operation in Potosí, Bolivia—one of the richest historic silver-producing regions in the world. In late 2023, Andean expanded into the U.S. by acquiring the Golden Queen gold-silver project in California. Both jurisdictions offer established mining infrastructure, skilled local labor, and stable regulatory environments that support responsible development.

Project Portfolio & Production Platform

Andean’s portfolio includes:

• San Bartolomé (Bolivia): A fully operational silver oxide plant sourcing ore from both its own deposits and local cooperative miners. In July 2024, Andean commissioned the new Fine Dense Flow (FDF) plant, increasing processing capacity to ~1,300 tonnes per day, with a ramp-up to 1,500 tpd expected in Q3 2024.

• Golden Queen (California): A former producing heap-leach gold-silver mine that Andean is revitalizing. The project is benefiting from infrastructure upgrades, including a new haulage road and mobile equipment to improve stacking and reduce costs.

Together, these assets provide Andean with a diversified, scalable production base focused on cash flow, operational efficiency, and margin expansion.

Grade & Recovery

• San Bartolomé has demonstrated consistent silver recoveries and improving margins. In Q2 2024, the operation produced approximately 2.5 million silver-equivalent ounces and generated gross margins of over $5 per ounce.

• Golden Queen is expected to contribute 50,000+ gold-equivalent ounces per year at improving cost profiles due to operational optimization underway.

Infrastructure & Access

• San Bartolomé is located in the city of Potosí, providing direct access to paved roads, utilities, and a skilled workforce. The company has longstanding agreements with local cooperatives for ore supply.

• Golden Queen benefits from modern heap-leach infrastructure in California’s Kern County, close to major logistics networks and support services.

Management & Technical Team

Led by CEO Alberto Morales and CFO J.C. Sandoval, Andean’s leadership brings deep expertise in Latin American operations, public markets, and responsible mine development. The company has invested in local ESG initiatives and achieved ISO 14001, ISO 45001, and Responsible Mineral Initiative (RMI) certifications at San Bartolomé.

Market Position & Strategic Growth

• 2024 Financials: Andean reported over $254 million in revenue and $62.9 million in adjusted EBITDA for the full year 2024, generating approximately 106,000 gold-equivalent ounces.

• Q1 2025 Performance: The company produced 21,361 gold-equivalent ounces and maintained strong liquidity with $75.7 million in cash and equivalents.

• Listing Milestone: Andean was uplisted to the TSX main board in late 2024 and was named to the TSX Venture 50 prior to the uplisting.

  
  

Growth & Near-Term Catalysts

• Full ramp-up of the FDF plant at San Bartolomé in Q3 2025

• Expanded leach pad and haulage improvements at Golden Queen

• Continued exploration and mine life extension at both operations

• Share buyback underway, with authorization for up to 7.5 million shares

  
  

Conclusion

Andean Precious Metals is building a unique mid-tier precious metals platform across Bolivia and the United States, combining strong cash flow with growth upside. With operational scale, low-cost production, and disciplined capital management, Andean offers investors exposure to silver and gold through a proven team and a diversified asset base.

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Jimmy Lederer

Vice President

Trinity Financing Investments Corporation

Phone: 347-514-0000

Email: jimmy@trinityfinancinginvestments.com

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