Andean Precious Metals (APM) 2025 Precious Metals Summit - Beaver Creek summary

Company history and growth

• Transitioned from a single-asset silver operation in Bolivia to a dual-asset company with the acquisition of Golden Queen Mine in California in late 2023.

• Publicly listed on the TSX Venture Exchange in 2021 and graduated to the Toronto Stock Exchange in January 2025.

• Achieved significant financial growth: 2023 EBITDA of $10M and revenues of $125M, rising to 2024 EBITDA of $63M and revenues of $245M.

• Market cap surpassed $1 billion CAD by September 2024, with liquid assets growing to $87M.

Operational highlights and strategy

• Golden Queen Mine's exploration campaign aims to extend its life of mine, with ongoing drilling and efficiency improvements targeting 52,000–60,000 gold equivalent ounces annually.

• San Bartolomé operates on a cash flow-focused model, purchasing ore from third parties and maintaining a resilient balance sheet for opportunistic M&A.

• Entered a 7 million ton contract with Comibol, enabling exploration across multiple sites in Potosí, Bolivia.

• Shifted financial metrics to focus on cash gross operating margin and gross margin ratio, emphasizing cash flow resilience.

Exploration, community, and sustainability

• Golden Queen's life of mine extended to 4–5 years, with further exploration results expected in Q4 2025.

• San Bartolomé sources ore from up to 500 km away, focusing on high-grade oxide deposits and expanding exploration beyond Comibol contracts.

• Operations contribute approximately 25% to the GDP of Potosí, Bolivia, and support local communities and environmental initiatives in both Bolivia and California.

• Maintains strict environmental standards, supports mining education, and has increased market cap without shareholder dilution.