Andean Precious Metals (APM) Mining Forum Europe 2026 summary

Company history and strategic positioning

• Celebrating nine years since inception, with a transition from private to public and key acquisitions in Bolivia and California.

• Uplisted to the TSX Big Board in January 2025 and included in major mining indices by March 2026.

• Maintains a strong capital structure, with insiders holding 48% and a proven record of annual positive cash flow.

• Balanced revenue mix in 2025: 57% from silver, 43% from gold, enabling flexibility amid market fluctuations.

• Focused on both organic growth (exploration, mine life extension) and inorganic growth (potential M&A).

Operational performance and guidance

• Golden Queen Mine in California targets 45,000–54,000 gold equivalent ounces in 2024, with all-in sustaining costs of $1,850–$2,150 per ounce.

• San Bartolomé facility in Bolivia processes third-party ore, aiming for 4.4–4.9 million silver equivalent ounces in 2026.

• Business model emphasizes cash flow spread, with resilient margins and a mix of fixed-price, spot, and profit-sharing contracts.

• Ongoing optimization includes expanding haul truck fleet, improving recovery rates, and enhancing logistics due to improved diesel access.

• Recovery rates at San Bartolomé now in the mid-80s, with further optimization underway.

Growth initiatives and exploration

• Golden Queen Mine is extending mine life through expanded drilling campaigns and considering a second leach pad.

• Exploration results to be updated with a new MRE statement in 2025, with further campaigns planned for 2026.

• Aggregate business in California being developed, leveraging permitted waste sales through 2061, potentially generating significant new revenue.

• San Bartolomé continues to secure new ore contracts, including from distant sources, and explores COMIBOL areas for further growth.