Record Quarterly Revenue of $197 Million; Net Income of $32 Million; Operating Cash Flow of $72 Million and Free Cash Flow of $70 Million; Cash of $94 Million and Liquid Assets of $196 Million; 2026 Guidance Updated

Andean Precious Metals Corp. (TSX: APM) (OTCQX: ANPMF) reports its financial results for the three and nine months ended September 30, 2026. Management will host an earnings conference call and webcast on Wednesday, November 11, 2026, at 9:00 a.m. Eastern Time (details below). This news release should be read together with the Company’s management’s discussion and analysis and condensed interim consolidated financial statements for the three and nine months ended September 30, 2026, which are available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website at www.andeanpm.com.

(All amounts expressed in United States (“U.S.”) dollars unless otherwise stated)

Q3 2026 Highlights:

• Record quarterly revenue of $196.6 million, up 117% from $90.4 million in Q3 2025, on record sales of 39,178 gold equivalent ounces² – which included the finished inventory whose sale was deferred at the end of the second quarter – and average realized prices¹ of $4,287 per gold ounce and $63.49 per silver ounce, up 24% and 58% year over year. Silver contributed 71% of revenue during the quarter. Nine-month revenue was $427.4 million, up 89%.
• Net income was $32.3 million, or $0.22 per share ($0.21 diluted), down from $43.7 million, or $0.29 per share, in Q3 2025 which included significant unrealized gains on marketable securities; nine-month net income was $66.5 million, or $0.44 per share.
• Adjusted EBITDA¹ of $54.4 million, up 51% from $36.0 million in Q3 2025; nine-month Adjusted EBITDA of $141.0 million, up 62%.
• Free cash flow¹ of $69.8 million, up from $12.4 million in Q3 2025, on net cash provided by operating activities of $72.2 million, reflecting the sale of deferred inventory and higher metal prices; nine-month free cash flow of $53.9 million, which also benefited from lower capital expenditures ($11.2 million compared to $17.6 million in the prior-year period).
• Liquid Assets¹ of $195.8 million at September 30, 2026, including cash and cash equivalents of $93.7 million, compared to $170.8 million and $52.2 million at June 30, 2026. Liquid Assets excludes $32.8 million of receivables from refiners for metal sold in the final days of the quarter, all of which was collected in October.
• Sale of the deferred inventory: The Company sold approximately 731,939 ounces of silver and 2,585 ounces of gold held at June 30, 2026, early in the quarter at average realized prices of $62.26 per silver ounce and $4,168 per gold ounce, for gross proceeds of approximately $56.3 million. The margin on this inventory, which was carried at a cost of $37.6 million, is reflected in the third-quarter results.
• Consolidated production of 27,262 GEOs², up 6% year over year and 7% from the second quarter; nine-month production of 79,992 GEOs, up 12% year over year.
• Golden Queen operating cash costs¹ of $2,088 and all-in sustaining costs¹ of $2,216 per gold ounce sold (Q3 2025: $1,623 and $1,682), reflecting lower stacked grades and higher mining and site costs; nine-month AISC of $2,067 per ounce.
• San Bartolome cash gross operating margin¹ of $18.13 per silver equivalent ounce sold and gross margin ratio¹ of 28.55% (Q3 2025: $17.56 and 43.76%), as higher realized silver prices were largely offset by ore purchase costs, which are linked to the spot price of silver.
• 2026 guidance updated: consolidated production guidance narrowed to 101,000 to 109,000 GEOs, within the original range, as higher expected silver production at San Bartolome (4.8 to 5.2 million ounces, up from 4.4 to 4.8 million ounces, with CGOM and GMR guidance unchanged) offsets lower gold production at Golden Queen (37,000 to 40,000 ounces, with OCC and AISC guidance increased); consolidated capital expenditure guidance has been reduced by about half to $17 to $28 million. The original and revised ranges, and the reasons for each change, are set out under “2026 Guidance Update” below.
• Strategic precious metals holding: On September 30, 2026, the Company purchased 200,000 ounces of silver for $12.1 million as a strategic treasury holding. The silver is held at a third-party refinery, carried at cost, presented separately as precious metals on the statement of financial position, and included in Liquid Assets.
• Return of capital: 2,348,530 common shares repurchased under the Company’s normal course issuer bid (“NCIB“) during the quarter for approximately C$14.5 million (US$10.7 million), and a further 545,000 shares subsequent to quarter-end, bringing total purchases to 2,893,530 shares (approximately C$17.6 million, US$12.5 million) of the 4,000,000 shares authorized under the NCIB.

Alberto Morales, Executive Chairman and CEO, stated: “The third quarter demonstrates the strength of our business and the benefits of disciplined execution. Our choice to defer the sale of finished inventory at the end of the second quarter allowed us to realize stronger metal prices early in Q3, contributing to record quarterly revenue and strong cash generation, which combined with our solid balance sheet, positions Andean with considerable financial flexibility.

Operationally, our teams at San Bartolome and Golden Queen continue to advance the priorities at each operation. San Bartolome delivered another strong quarter, with higher purchased-ore grades and sustained throughput supporting an improved silver outlook. At Golden Queen, higher heap leach recoveries contributed to a sequential improvement in production. We remain focused on supporting our people and driving further operational improvements at both assets.

Our updated guidance reflects the operating outlook for the remainder of the year, while the reduction in planned capital expenditures demonstrates our disciplined approach to prioritizing investment and capital allocation. We also continue to execute on that approach through our share repurchases and the addition of a strategic silver holding to our treasury.

Andean’s vision is to build the company into a leading mid-tier precious metals producer with a diversified portfolio across the Americas. The updated Golden Queen technical report will be an important input into our assessment of the operation and future investment opportunities. With a strong financial foundation, two operating assets and an experienced team, we are focused on improving performance, allocating capital thoughtfully and creating sustainable long-term value for shareholders.”

Q3 2026 Financial and Operating Results:

Golden Queen Results:

• Golden Queen produced 10,868 GEOs² in Q3 2026, comprising 9,905 ounces of gold and 81,812 ounces of silver, up 8% from Q3 2025 and 27% from the second quarter, reflecting the timing of recoveries from the heap leach pad. Nine-month production of 30,932 GEOs was 8% lower than the prior-year period on mine sequencing and lower stacked grades. Gold sales were 10,646 ounces, compared to 9,084 ounces in Q3 2025.
• OCC¹ of $2,088 and AISC¹ of $2,216 per gold ounce sold (Q3 2025: $1,623 and $1,682), reflecting higher mining and site costs, a lower average stacked grade and a lower net inventory credit, partially offset by higher by-product silver credits; nine-month AISC of $2,067 per ounce. Golden Queen cost of sales, the most directly comparable IFRS measure, was $28.3 million (Q3 2025: $17.7 million).

San Bartolome Results:

• San Bartolome produced 16,394 GEOs² in Q3 2026, comprising 1.28 million ounces of silver and 1,336 ounces of gold, up 5% from Q3 2025, driven by higher purchased ore grades and sustained plant throughput. Nine-month production of 49,060 GEOs was up 29% from the prior-year period. Silver sales of 2.09 million ounces (Q3 2025: 1.29 million ounces) included the deferred inventory.

• CGOM¹ was $18.13 per silver equivalent ounce sold, and GMR¹ was 28.55% (Q3 2025: $17.56 and 43.76%), as higher realized silver prices were offset by higher ore purchase costs linked to the spot price of silver. San Bartolome cost of sales, the most directly comparable IFRS measure, was $105.7 million (Q3 2025: $31.7 million), including the cost of the deferred inventory sold during the quarter.

Corporate Updates:

• Strategic precious metals holding. On September 30, 2026, the Company purchased 200,000 ounces of silver for $12.1 million for strategic treasury management purposes. The silver is held at a third-party refinery, is carried at cost, is presented separately as precious metals on the statement of financial position and is included in Liquid Assets; any margin on these ounces will be realized only upon their eventual sale.

• Normal course issuer bid. Under the NCIB that commenced on July 2, 2026, the Company may purchase up to 4,000,000 common shares through July 1, 2027. During the quarter, the Company repurchased 2,348,530 common shares at a weighted average price of C$6.14 per share, for total consideration of approximately C$14.5 million (US$10.7 million), and a further 545,000 common shares subsequent to quarter-end through October 14, 2026, bringing total purchases under the NCIB to 2,893,530 common shares for approximately C$17.6 million. All shares purchased under the NCIB have been, or will be, cancelled.

• New York Stock Exchange listing. The Company continues to progress the listing of its common shares on the New York Stock Exchange. Based on market conditions, the Company now expects the listing to be completed in 2027 under a new ticker symbol to be announced, subject to the satisfaction of customary listing conditions and completion of remaining regulatory steps. The Company’s common shares will continue to trade on the TSX under the symbol “APM” and on the OTCQX under the symbol “ANPMF”.

• Golden Queen technical report. The Company expects to announce the results of an updated technical report for the Golden Queen mine by news release by the end of 2026, with the technical report to be filed on SEDAR+ thereafter.

• Recognition and appointments. On September 9, 2026, Andean was named to the 2026 TSX30, ranking 11^th among the top-performing companies on the Toronto Stock Exchange based on dividend-adjusted share price appreciation over the three years ended June 30, 2026. On September 21, 2026, Brenda Dayton joined the Company as Vice President, Investor Relations.

• Bolivian exchange-rate regime. The third quarter was the first full quarter under Bolivia’s flexible exchange-rate regime, adopted on June 29, 2026. The boliviano traded within a range of approximately 9.76 to 12.64 per U.S. dollar during the quarter, and the Company recognized boliviano-denominated costs at an average rate of 11.58. The original 2026 guidance assumed a rate of 9.00 bolivianos per U.S. dollar; the revised guidance assumes 12.00 for the fourth quarter.

2026 Guidance Update:

The Company’s original and revised guidance for 2026 is summarized below. Following a review of its results for the nine months ended September 30, 2026 and its operating forecasts for the fourth quarter, the Company has revised its full-year guidance for each operation and on a consolidated basis; nine-month production of 79,992 GEOs represents approximately 76% of the midpoint of the revised consolidated range of 101,000 to 109,000 GEOs. The original guidance assumed a foreign exchange rate of 9.00 Bolivian bolivianos to 1.00 U.S. dollar, while the revised guidance assumes 12.00 BOB to 1.00 U.S. dollar for the fourth quarter of 2026. This guidance constitutes forward-looking information and is subject to the risks, uncertainties and assumptions described under “Caution Regarding Forward-Looking Statements” below. The OCC, AISC, CGOM, GMR and capital expenditure guidance are forward-looking non-GAAP financial measures and non-GAAP ratios; they are calculated on the same basis as the equivalent historical measures reconciled under “Non-GAAP Financial Measures” below, and there are no significant differences in composition between the forward-looking and the historical measures.

Golden Queen: gold production guidance has been revised to 37,000 to 40,000 ounces (from 43,000 to 50,000 ounces), with OCC and AISC guidance increased to $1,800 to $2,000 and $2,100 to $2,300 per gold ounce sold, respectively (from $1,500 to $1,800 and $1,850 to $2,150), reflecting lower stacked grades and tonnes under the current mine sequence and the timing of heap leach recoveries. Capital expenditure guidance has been reduced to $14 to $21 million (from $32 to $43 million) as the heap leach pad expansion has been deferred and the Merrill-Crowe plant upgrade is under review in conjunction with the updated technical report.

San Bartolome: silver production guidance has been revised to 4.8 to 5.2 million ounces, up from 4.4 to 4.8 million ounces, on higher purchased-ore volumes and grades and sustained plant throughput, while CGOM and GMR guidance are unchanged at $20.00 to $35.00 per silver equivalent ounce and 35% to 45%, respectively, with ore purchase costs moving with the spot price of silver.

About Andean Precious Metals

Andean is building the next generation of precious metals production in the Americas – combining established operating assets with a disciplined strategy for growth in some of the world’s most attractive mining jurisdictions. The Company owns and operates the San Bartolome processing facility in Potosí, Bolivia and the Golden Queen mine in Kern County, California, providing a strong operating foundation and a platform for further expansion.

Andean is strategically positioned to maximize the value of its existing assets while pursuing compelling opportunities to expand and diversify its portfolio. The Company has an experienced management team with a strong track record of value creation, and is committed to operational excellence, responsible and sustainable development and disciplined capital allocation.

Andean’s objective is to build a leading multi-asset, mid-tier precious metals producer in the Americas, creating enduring value for shareholders while maintaining the highest standards of safety, environmental stewardship, and community responsibility.

Qualified Person Statement

The scientific and technical content disclosed in this news release was reviewed and approved by Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Registered Member, Society for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and Metallurgy (AusIMM).