Andean Precious Metals (APM) Investor Presentation summary

Strategic growth and transformation

• Transitioned from a single-asset silver producer in Bolivia to a diversified mid-tier precious metals company with the acquisition of the Golden Queen gold mine in California, doubling production and expanding jurisdictional reach.

• Achieved record revenues and EBITDA in 2024 and H1 2025, supported by strong operational performance and successful integration of new assets.

• Maintains a robust balance sheet with $87M in liquid assets and negative net debt as of June 2025, providing flexibility for future growth and M&A opportunities.

• Ongoing exploration at Golden Queen targets mine life extension and resource growth, with a comprehensive update expected in Q4 2025.

• Focused on operational efficiency, cost control, and leveraging full processing capacity at both Golden Queen and San Bartolome.

Operational highlights and asset performance

• Golden Queen produced over 400 koz Au and 4.1 Moz Ag since 2016, with 2025 production guidance of 52–60 koz Au Eq at $1,500–$1,800/oz OCC and $1,950–$2,150/oz AISC.

• San Bartolome has averaged 5 Moz AgEq annually since 2008, with 2025 guidance of 4.4–4.9 Moz Ag Eq at $8–$13/oz CGOM.

• San Bartolome benefits from a stable ore supply through long-term contracts and acts as a regional processing hub.

• Both assets are implementing cost-saving initiatives, including mine and plant optimization, contract renegotiations, and efficiency improvements.

• Exploration at both sites is focused on extending mine life, securing new ore sources, and unlocking near-mine growth opportunities.

Financial performance and capital structure

• H1 2025 revenue reached $135.7M, with record adjusted EBITDA of $50.8M and free cash flow of $10.7M.

• 2024 revenue was $254M, with $35M in free cash flow and 106,287 gold equivalent ounces produced.

• Market capitalization stood at C$961M as of November 2025, with 147M shares outstanding and $36M in debt facilities.

• Maintains strong liquidity, fully repaid revolving credit facilities, and $25M undrawn credit as of Q2 2025.

• Insiders hold 54% of shares, with significant institutional and ETF ownership.