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Andean Precious Metals Reports Third Quarter 2021 Results Toronto , Ontario -- ( Newsfile Corp. - November 22 , 2021 ) - Andean Precious Metals Corp. ( TSXV : APM ) ( OTCQB : ANPMF ) ( " Andean " or the " Company " ) , a Latin - America focused , precious metals production and exploration company , today reported its operational and financial results for the three and nine months ended September 30 , 2021 ( " Q3 " and " YTD " respectively ) . All amounts are expressed in U.S. dollars unless indicated otherwise . Operational and Financial Highlights • Q3 2021 production of 1.5 million silver equivalent ounces ( 1 ) , YTD production of 4.4 million silver equivalent ounces ( 1 ) , on track to achieve 2021 production guidance of 5.8 - 6.1 million ounces ; • Q3 2021 all - in sustaining costs ( " AISC " ) ( 2 ) per silver ounce sold of $ 17.94 , compared with AISC of $ 18.04 per silver ounce sold during Q3 2020. YTD AISC of $ 18.08 on track to achieve 2021 guidance of $ 17.50 - $ 19.50 per ounce ; • Achieved significant safety milestone with zero lost incidents reported for over 900 days ; • Q3 2021 revenues of $ 36.7 million from sales of 1.5 million silver equivalent ounces ( 1 ) , compared with $ 38.1 million from sales of 1.7 million ounces in Q3 2020 ; • Adjusted earnings before interest , taxes , depreciation and amortization ( " Adjusted EBITDA " ) ² of $ 7.8 million , compared with $ 11.3 million for Q3 2020 . " During the quarter we continued to demonstrate the strong , sustainable nature of our cash flow from operations in Bolivia ; adjusting for the timing of sales collections deferred to the fourth quarter , our Q3 free cash flow generated was approximately $ 7.2 million , " said Simon Griffiths , President and CEO . " While solid operating and financial performance are key to our success , nothing is more important than the health and safety of our employees and we are especially proud to reach the milestone of over 900 days with zero lost time incidents . " Mr. Griffiths went on to say ; " Andean remains focused on re - investing our capital in accretive growth opportunities both internally - through exploration and project redevelopment - and externally through corporate M & A . " Operational and Financial Results Financial Performance³ Revenue Cost of sales Income from mine operations Net income Net cash from operating activities Free cash flow ( 2 ) Adjusted EBITDA ( 2 ) Ending cash and cash equivalents Capital expenditures Cash operating costs ( " COC " ) ( 2 ) All - in sustaining costs on a by - product basis ( " AISC " ) ( 1 ) $ Q3 2021 36.7 $ 24.6 $ $ 9.7 $ 1.8 $ $ 5.3 $ 4.0 $ $ 7.8 $ 83.1 $ 1.4 $ $ 15.34 17.94 $ AAAAAAAAAAAAAA $ Q3 2020 38.1 $ 27.5 $ YTD 2021 YTD 2020 113.1 $ 75.1 73.6 $ 49.9 $ 7.8 $ 32.2 $ 17.2 4.8 $ 4.2 $ 6.9 $ 12.1 $ 28.0 $ 13.5 11.3 $ 25.2 $ 12.0 $ 9.9 $ 29.0 $ 18.6 $ 16.1 $ 83.1 $ 16.1 0.8 $ 2.8 $ 1.5 16.24 $ 15.90 $ 12.70 $ 18.04 $ 18.08 $ 14.50 1 Silver equivalent ounces include gold ounces and are converted to a silver equivalent based on a ratio of realized silver and gold prices during the periods discussed . 2 Free cash flow , EBITDA , Adjusted EBITDA , COC and AISC are measures of financial performance with no prescribed definition under IFRS . Refer to the " Non - IFRS Measures " section of the third quarter 2021 MD & A for further detail , including a reconciliation of these metrics to the Company's Financials . 3 Figures in this table are presented in millions except for COC and AISC . Revenue for the nine months ended September 30 , 2021 was $ 113.1 million compared to $ 75.1 million during the same period last year . Revenue for Q3 2021 was $ 36.7 million compared to $ 38.1 million in Q3 2020. The decline in Q3 2021 was driven by lower sales of silver equivalent ounces , and offset by higher average realized prices compared to Q3 2020. The Company sold 1.5 million silver equivalent ounces during Q3 2021 at an average realized price of $ 24.13 per silver ounce and 1.7 million silver equivalent ounces during Q3 2020 at an average realized price of $ 22.48 per silver ounce . Lower sales volumes drove lower cost of sales of $ 24.6 million in Q3 2021 compared with $ 27.5 million in Q3 2020 , and together with the changes in revenue described , income from mine operations was $ 9.7 million , up from $ 7.8 million in Q3 2020 . General and administrative costs for the quarter increased to $ 3.3 million compared to $ 1.9 million in Q3 2020 due to higher expenses following the Company's public listing in March 2021 , which include the costs of salaries and office administration , management fees , share - based compensation , severance , public company costs and community relations expenses . Deferred income taxes of $ 0.4 million were recorded during Q3 2021 , relative to none during Q3 2020. Overall , net income and comprehensive income for Q3 2021 totaled $ 1.8 million . Operational Performance Mined ore ( 1 ) ( k dmt ) Average ore mined grade ( Ag g / t ) Purchased ore ( 2 ) ( kdmt ) Average purchased ore grade ( Ag g / t ) Ore milled ( kdmt ) Daily average throughput ( k dmt ) Average head grade ( Ag g / t ) Silver recovery ( % ) Silver production ( kozs ) Q3 2021 Q3 2020 480 654 YTD 2021 1,366 YTD 2020 1,588 96 100 129 121 98 395 98 252 209 233 200 235 440 428 1,291 1,063 4,894 4,805 4,852 4,644 114 128 115 129 85 85 85 89 1,375 1,502 4,087 3,885