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BUILDING A MID-TIER AMERICAS-FOCUSED PRECIOUS METALS PRODUCER TSX: APM OTCQX: ANPMF Q3 2025 EARNINGS CONFERENCE CALL AND WEBCAST November 12, 2025
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Legal Disclaimers This presentation is informational purposes only and is solely to assist interested parties in determining whether to seek additional information. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of Andean Precious Metals Corp. (the “Company” or “Andean”). This presentation is not, and under no circumstances is to be construed as, a prospectus, advertisement, or public offering document with respect any securities of . No person is authorized to give any information or to make any representation not contained in this presentation, and any information or representation other than those contained herein must not be relied upon. This presentation or any information contained in it, is not to be transmitted, reproduced or otherwise made available except with the written consent of . Non-GAAP Financial Measures The Company uses a number of financial measures to assess its performance. Some of these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), which are based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, are not defined by GAAP and do not have standardized meanings that would ensure consistency and comparability among companies using these measures. The Company believes that certain non- GAAP/non-IFRS measures are useful in assessing ongoing business performance and provide readers with a better understanding of how management assesses performance. Readers are cautioned that these non-GAAP/non-IFRS financial measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the Management Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2025 for Non- GAAP Financial Measures, Ratios, and Supplementary Financial Measures. Use of Market and Industry Data This presentation includes market and industry data that has been obtained from third party sources, including third-party consultants, industry publications, as ll as industry data prepared by ’s management on the basis of its knowledge of and experience in the industry in which operates (including management’s estimates and assumptions relating to the industry based on that knowledge). Management’s knowledge of the industry has been developed through its industry experience and participation. Management believes that its industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although believed to be reliable, ’s management has not independently verified any of the data from third party sources referred to in this presentation or ascertained the underlying economic assumptions relied upon by such sources. Risk Factors The Company’s activities expose it to a variety of financial market risks, credit risks and liquidity risks. The risk factors of are further described in ’s Management Discussion and Analysis for the three nine ended September 30, '25, available on ’s SEDAR profile at www.sedarplus.ca. These factors include, but are not limited to: (i) commodity prices; (ii) (supply and quality of purchase ore; (iii) cost estimates; (iv) exploration, development and operating risks; (v) health, safety and environmental risks and hazards; (vi) nature and climatic conditions; (vii) uncertainty in estimation of mineral reserves and resources, (viii) uncertainty relating to mineral resources, (ix) uncertainty relating to future production estimates, (x) foreign operations and political risks, (xi) increases in production costs, (xii) compliance costs, and (xiii) community relations. 2
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Certain statements and information contained in this presentation constitute forward-looking information or forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. These statements relate to future events or ’s future performance, business prospects or opportunities. All statements other than statements of historical fact may be forward- looking statements. Forward-looking statements are often, but not always, identified by the use of words such as: "seek", "anticipate", "plan", "continue", "estimate", "expect,“ “may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe“ and similar expressions. Forward-looking statements in this presentation include, but are not limited to, statements and information regarding: ’s expectations regarding production and processing capacity, plans for growth through exploration activities, acquisitions or otherwise. Forward-looking statements are necessarily based on a number of estimates and assumptions, while considered reasonable by as at the date of this presentation in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and risks. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: ’s ability to carry on exploration and development activities; ’s ability to secure and to meet obligations under property and option agreements and other material agreements; the timely receipt of required approvals and permits; that there is no material adverse change affecting or its properties; that contracted parties provide goods or services in a timely manner; that no unusual geological or technical problems occur; that plant and equipment function as anticipated and that there is no material adverse change in the price of silver, costs associated with production or recovery. Known and unknown risks, uncertainties and other factors may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in forward-looking statements set out herein. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and you are cautioned not to place undue reliance on forward-looking statements contained herein. Readers are cautioned that any financial outlook and future-oriented financial information contained herein should not be used for purposes other than for which it is disclosed herein. The prospective financial information included in this presentation has been prepared by, and is the responsibility of, management and has been approved by management as of the date hereof. The Company and management believe that prospective financial information has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of management’s knowledge and opinion, ’s expected course of action. Hover, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Andean believes that its financial analyses must be considered as a whole and that selecting portions of its analyses and the factors considered by it, without considering all factors and analyses together, could create a misleading view of the process underlying such financial analyses. The preparation of any financial forecast is complex and is not necessarily susceptible to partial analysis or summary description and any attempt to do so could lead to undue emphasis on any particular factor or analysis. The financial outlook and future-oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information contained in this document should not be used for purposes other than for which it is disclosed herein. Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this presentation include, but are not limited to: risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with 's expectations; risks relating to possible variations in reserves, resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development, including risks relating to permitting; the potential for delays in exploration or development activities or the completion of feasibility studies; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity prices and foreign exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the industry in which operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or local community approvals or in the completion of development or construction activities; risks related to environmental regulation and liability; political, legal and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment; and other factors contained in the section entitled “Risk Factors” in ’s most recent Management Discussion and Analysis available on sedarplus.ca. All of the forward-looking statements contained in this presentation are qualified by these cautionary statements. The reader of this presentation is cautioned not to place undue reliance on any forward- looking statements. Andean expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All currency is in US dollars unless otherwise noted. Forward-Looking Statements 3
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Alberto Morales Executive Chairman & CEO
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5 Q3 2025 Highlights RECORD QUARTERLY REVENUE $90.4 million in revenue from sales at an average realized gold price of $3,448/oz and an average realized silver price of $40.09/oz RECORD ADJUSTED EBITDA $36.0 million, and $86.8 million year-to-date RECORD NET INCOME $43.7 million or $0.29/share (diluted) FREE CASH FLOW $12.4 million, and $23.2 million year-to-date STRONG FINANCIAL POSITION Ended Q3’25 with $121.4M in liquid assets and $25M undrawn credit capacity $62M $72M $90M Q1'25 Q2'25 Q3'25 Revenues $22M $29M $36M Q1'25 Q2'25 Q3'25 Adjusted EBITDA $15M $17M $44M Q1'25 Q2'25 Q3'25 Net Income $(1.5M) $12M $12M Q1'25 Q2'25 Q3'25 Free Cash Flow
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Yohann Bouchard President
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Q3 2025 Operating Highlights – San Bartolome 7 Operational Performance Q3 2025 Q3 2024 YTD 2025 YTD 2024 Ore purchases Tonnes purchased k dmt 327 220 769 628 Average purchase grade Ag g/t 158 194 153 183 Production Ore tonnes milled k dmt 356 315 985 782 Daily average throughput dmt 4,117 4,054 3,913 3,953 Average head grade Ag g/t 135 131 119 147 Silver recovery % 85 83 84 81 Silver production k oz 1,296 1,118 3,169 2,981 Gold production oz 1,200 680 2,691 1,128 Silver equivalent production k oz 1,404 1,176 3,411 3,077 Gold equivalent production 2 oz 15,605 13,743 37,905 36,415 Sales Silver sales k oz 1,294 1,080 3,204 2,948 Gold sales oz 1,212 512 2,539 920 Silver equivalent sales k oz 1,404 1,124 3,432 3,026 Gold equivalent sales oz 15,585 13,079 38,137 35,691 Margin profile per ounce CGOM ($ / Silver Equivalent Ounces Sold) 3 $/oz 16.13 12.30 14.06 8.00 GMR / Silver Equivalent Ounces Sold (%) 3 % 43.76 46.56 43.88 36.03 $12 $14 $16 42% 46% 44% Q1'25 Q2'25 Q3'25 CGOM GMR Operating Cost Profile: Production Profile: 10,172 12,128 15,605 Q1'25 Q2'25 Q3'25
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Q3 2025 Operating Highlights – Golden Queen 8 Operational Performance Q3 2025 Q3 2024 YTD 2025 YTD 2024 Mining Tonnes ore mined k dmt 1,051 690 3,530 2,450 Tonnes mined k dmt 4,393 6,021 15,096 11,188 Strip ratio 3.18 7.73 3.28 3.57 Ore mined grade Au g/t 0.87 0.51 0.74 0.73 Heap leach Tonnes stacked and processed k dmt 1,025 721 3,154 2,496 Average stacked grade Au g/t 0.82 0.55 0.71 0.72 Production Gold production Oz 9,228 12,367 30,761 37,661 Silver production Oz 76,889 130,358 245,017 395,489 Gold equivalent production Oz 10,083 14,025 33,484 42,501 Sales Gold sales Oz 9,084 12,018 29,984 37,581 Silver sales Oz 76,610 133,587 240,691 394,280 Gold equivalent sales2 Oz 9,935 13,741 32,658 42,405 Costs profile per ounce OCC ($ / Gold Ounces Sold)3 $/oz 1,623 1,714 1,602 1,627 AISC ($ / Gold Ounces Sold) 3 $/oz 1,807 2,301 2,088 1,977 $1,459 $1,717 $1,623 $2,213 $2,245 $1,807 Q1'25 Q2'25 Q3'25 OCC AISC Cost and Margin Profile: Production Profile: 11,189 12,213 10,083 Q1'25 Q2'25 Q3'25
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(3.6 Mt grading 0.45 g/t Au) 9 EXPLORATION STRATEGY – GOLDEN QUEEN Exploration Strategy: • Relatively modest capital investment directed to extending mineral reserves and testing new near-mine targets • Focused on extending mine life, reducing risk, and unlocking new open-pit opportunities Key Intercepts to Date: • Silver Queen SE Extension: up to 7.06 g/t Au & 43.2 g/t Ag over 1.9m; mineralization extended 100m, open along strike & depth • Alphason: 0.88 g/t Au & 10 g/t Ag over 92.9m, confirming near-surface mineralization across 5,000 feet of strike • Hilltop: 1.67 g/t Au & 20 g/t Ag over 5.9m, new target with potential for incremental ounces • Sheeted Vein Zone: new resource estimate (2022), consistent with Soledad/Starlight, adds near-mine growth potential 2024 2025 Silver Queen SE Extension Hilltop Alphason MP3 MP2 Phase 1 Reserve Circulation 4,617 metres Phase 2 Core Drilling 3,330 metres Phase 3 Core Drilling 4,300 metres Total - Completed 12,247 metres Phase 3 Core Drilling (on going) 3,800 metres Total 16,047 metres
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Juan Carlos Sandoval Chief Financial Officer
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Q3 2025 Balance Sheet & Liquidity Highlights 11 $121.4M Liquidity $121.4M in cash and investments nil Credit Facility Balance Q3 2025 ($M) Q3 2024 ($M) YTD 2025 ($M) YTD 2024 ($M) Revenue 90.4 68.3 226.1 181.2 Gross Operating Income 36.8 23.7 89.2 35.7 Income from Operations 30.8 19.9 74.2 28.1 Net Income 43.7 8.2 75.8 17.5 Adjusted EBITDA 36.0 19.6 86.9 43.4 Free Cash Flow 12.4 16.9 23.1 16.6 Capital Allocation: Fully repaid revolver; $25M undrawn TOTAL ASSETS: $370.8 MILLION | TOTAL LIABILITIES: $145.2 MILLION
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Alberto Morales Executive Chairman & CEO
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13 WELL-POSITIONED FOR GROWTH AND VALUE CREATION STRONG FINISH TO 2025 • San Bartolome tracking to the high end of production guidance • Golden Queen production stabilized post-leach cycle EXPLORATION AND GROWTH CATALYSTS • Golden Queen Phase 3 drill results and updated technical report (H1 2026) • San Bartolome oxide-ore drilling program results (H1 2026) FINANCIAL FLEXIBILITY • $121 million in liquidity and no long-term debt • $200 million base shelf filed providing strategic optionality STRATEGIC INITIATIVES • Evaluating selective M&A opportunities in the America’s • Delivering sustainable value through disciplined execution
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Q&A