Andean Precious Metals Corp. announced an updated Mineral Resource Estimate for the Company's San Bartolomé mine in Bolivia. This updated MRE includes stockpiles of previously crushed and sorted mineralized material at the Company's fines depositional facility and will serve as a primary input in the Company's upcoming life-of-mine expansion study.

The FDF mineral resource was prepared by SRK Consulting Inc. and recorded measured and indicated resources of 16.2 million ounces of silver and of 11,930 tonnes of tin contained in 10.15 million tonnes grading 50 g/t silver and 0.12% tin. This represents 87% of the total material in the FDF, the balance of which remains inferred due to delays in receiving assays. This exceeds previous market guidance by Andean which was based on production records from the start of operations in 2008 through December 31, 2021, the effective date of the new mineral resource estimate.

Detailed metallurgical test work is advancing at SGS Lakefield in Canada. This test work is focused on mineral liberation and the development of flowsheets to produce both silver doré and tin concentrates from the FDF. Preliminary tests by Andean metallurgists on FDF samples indicated that it could be amenable to significant upgrading through the removal of clay and other very fine materials.

Additionally, a mining study is advancing with Golder Associates in Australia. This study is focused on the evaluation of low-cost hydraulic mining methods to recover the FDF material. Andean has the environmental data and permits in place to modify the plant to recover tin.

Despite ongoing laboratory delays caused by the COVID-19 pandemic, Andean is expecting to release results of the scoping level San Bartolomé Expansion Study early in Second Quarter 2022. The Company expects to release an updated global Mineral Reserve Estimate in Fourth Quarter 2022. The updated mineral reserve estimate will include the Pallacos and the FDF and will be supported by industry standard technical and economic studies.

SRK has been engaged for this purpose along with other industry leading consultants. Andean is being advised by Tin specialists Ron Goodman and Jerry Perkins who are being supported by professionals at SGS Lakefield, EPCM Consultores and DRA Global.