Andean Precious Metals Corp. announced that, late Friday November 24, 2023, through its wholly-owned subsidiary Soledad Holdings Inc., Andean signed and closed a transaction to acquire a 100% interest in Golden Queen Mining Company, LLC ("Golden Queen") from Auvergne Umbrella LLC (the "Seller"). Golden Queen operates the Soledad Mountain mine and heap leach operation located in Kern County, Southern California.

Since its commercial start-up in mid-2016, Soledad Mountain has produced more than 340,000 ounces of gold and approximately 3.5 million ounces of silver. Transaction Highlights: Established Mine Performance, Since mid-2016, Soledad Mountain has produced more than 340,000 ounces of gold and approximately 3.5 million ounces of silver1. Based on a historical total proven and probable mineral reserve estimate at Soledad Mountain, as defined in 2022, Andean is targeting to maintain steady-state annual production until 2028.

Management team is focused on driving ongoing and sustainable improvements to production, operations, cash flow and costs per ounce at Soledad Mountain. Value Creation Opportunities Through Optimization, Efficiencies & Exploration Extensive due diligence and strategic reviews conducted by Andean and third-party consultants highlight opportunities to surface underlying value at Soledad Mountain through mine plan optimization, ore control processes and production efficiencies. Additionally, there is potential exploration upside at Soledad Mountain.

The epithermal mineral system consists of a cluster of northwest trending veins and vein breccias and features near-pit and near-surface mineralization within permitted boundaries. It is deemed favourable for new discoveries that may yield expansion of Soledad Mountain's mineral resources and mineral reserves.