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Reserves & Resources

(as of December 1, 2023)
Mineral Reserve and Resource Estimates and Notes
11.9
Moz Ag
2P Reserves (5.1Mt grading 93 g/t Ag)
19.0
Moz Ag
M+I Resources Including 2P Reserves (6.1Mt grading 98 g/t Ag)
5.0
Moz Ag
Inferred Resources (9.6Mt grading 167 g/t Ag)
4.6
Years
Operating Life (estimated)
*Mineral resources are inclusive of mineral reserves. Mineral reserve & resource estimate includes resources in the Company’s fines deposit facility which contains untreated fine-grained plant feed from the oxide reserves previously mined as well as third party contracted high-grade oxide material,. For further information, please see the Company’s news release dated December 27, 2023.

Growth Strategy for San Bartolomé:
The Largest Oxide Plant in Bolivia

Andean produces silver at its wholly owned subsidiary, Empresa Minera Manquiri S.A., located in the Altiplano in southwest Bolivia in the Potosí Department. The nearest major city is Potosí, the capital city, which is easily accessible by either road or air.

In 2008, Manquiri began commercial operation at its San Bartolomé plant under the ownership of Coeur Mining.

San Bartolomé is the largest oxide processing plant in Bolivia.

In early 2018, Coeur sold its ownership of Manquiri to AG-Mining Investments AB. In March 2021, which in turn became Andean Precious Metals Corp. as part of a reverse-takeover.

With a designed capacity of 1.8 million tonnes per annum, the San Bartolomé plant has produced an average of 5 million ounces of silver equivalents annually since 2008. The plant produces silver doré bars for shipment to commercial refiners.

Andean’s objective is to expand its Bolivian business safely, sustainably and responsibly.

Bolivia Growth Strategy

Additional oxides from Bolivian government
New purchase contracts for third-party ore
M&A
Tailings reprocessing

Flowsheet: Conventional Comminution, Leach (Cyanide), Merrill-Crowe Process

Flowsheet: Conventional Comminution, Leach (Cyanide), Merrill-Crowe Process

Driving Cash Flow & Profitability Through Long-Term Feed Purchase Contracts

Andean has developed a unique industrial processing model at its Bolivian operation – San Bartolomé.
As part of its focus on driving cash flow generation and profitability, the Company has transitioned away from conventional mining and processing.

In 2023, with its high-cost, low-grade pallacos nearly depleted, the Company accelerated its plan to focus strictly on processing material from both its lower cost fines deposit facility (FDF) and from third-party mining cooperatives and private Bolivian mining companies.

Until such time as the FDF production commences, anticipated in the first half of 2024, the Company intends to increase its purchase and processing of third-party material.

While the move towards an industrial processing model has been gradual, in 2023, plans accelerated as the Company signed contracts for approximately 1 million tonnes of mill feed. Commencing in 2024, 100% of feedstock will be sourced from either FDF or third-party purchased material.

During 2023, the Company signed mid to long-term contracts for ~1Mt of mill feed, including:

4
Alta Vista (located 420 km from San Bartolomé): Signed in June 2023, the purchase agreement is for 170,000 metric tonnes over 24 months.
Average grade: 350 g/t
5
Tollojchi (located 40 km from the San Bartolomé): The 10-year contract was signed in January 2023, and is for a minimum of 25,000 tonnes per month.
Average grade: 145 g/t
9
Paca (located <200 km from San Bartolomé): Signed in September 2023, this is a 5-year exclusive contract to purchase up to 800,000 tonnes of oxide.
Average grade: 185 g/t

Averaging ~5 Moz Silver Equivalent* Production Since Commissioning in 2008

Silver Equivalent* Production
5.9 Moz 5.8 Moz 5.0 Moz 4.7 Moz 5.0 Moz FY 2020 FY 2021 FY 2022 FY 2023 FY 2024E
* 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.

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