Andean Precious Metals (APM) Corporate presentation summary

Business profile and growth strategy

• Two producing assets in the Americas support a diversified gold and silver production profile and established cash flow.

• Strategy centers on exploration-led mine-life extension, operating improvements, expanded ore sourcing and processing, and disciplined acquisitions in the Americas.

• San Bartolome is positioned as a regional processing hub, handling external ore in addition to feed sourced for its own operations.

2026 outlook

• Production guidance: 100k–114k gold-equivalent ounces, weighted 45% to H1 and 55% to H2.

• Golden Queen guidance: cash costs of $1,500–$1,800/oz and AISC of $1,850–$2,150/oz.

• San Bartolome guidance: cash gross operating margin of $20–$35/Ag Eq oz and gross margin rate of 35%–45%.

• 2026 capital program: $17M–$24M sustaining and $21M–$30M growth.

Golden Queen operations and exploration

• California open-pit heap-leach mine with 12,000 tpd capacity; produced more than 400 koz Au and 4.1 Moz Ag since 2016 start-up.

• 2026 work includes a 3Mt leach-pad expansion, three additional haul trucks and a Merrill-Crowe upgrade; the plant upgrade is expected to lift leach-pad production by ~6%–10%.

• Exploration targets pit extensions and nearby zones; reported intercepts include 0.88 g/t Au and 10 g/t Ag over 92.9m at Alphason, and 1.67 g/t Au and 20 g/t Ag over 5.9m at Hilltop.

• A permitted 40-year aggregates business produces landscaping and construction materials, providing ongoing revenue while deferring closure costs.