Toronto - Andean Precious Metals Corp. (TSXV: APM) (OTCQB: ANPMF) ('Andean' or the 'Company') today reported its positive financial results for the first quarter ended March 31, 2022 ('Q1').

All currency amounts are expressed in U.S. dollars unless indicated otherwise.

Q1 2022 Highlights

Well-positioned for growth with ending cash and cash equivalents balance of $89.5 million and ending marketable securities balance of $6.9 million with no debt; Production of 1.2 million silver equivalent ounces1; Processing plant throughput of 0.4 million tonnes, on par with Q1 2021; Revenues of $29.9 million from sales of 1.2 million silver equivalent ounces; Cost of sales of $20.6 million and all-in sustaining costs ('AISC')2 per silver ounce sold of $18.86; Adjusted EBITDA2 of $5.4 million and net income of $2.3 million; Positive free cash flow2 of $2.2 million and operating cash flow of $2.7 million; Completed 1,419 metres of phase two drilling at the San Pablo gold exploration property, targeting recently identified porphyry intrusions.

'I am pleased by our solid execution on several fronts, including continued cash generation at San Bartolome, growth activities and the phase two drilling at our San Pablo gold exploration property where we recently intercepted the target porphyry system,' said Simon Griffiths, President and CEO of Andean. 'Our first quarter operational results were consistent with our annual plans, with expected increases to silver production included in our mine plan for the remaining quarters of the year. As a result, we reaffirm our production and cost guidance for 2022.'

'We remain well-positioned for the future. Our Expansion Study progresses as does our screening of known oxide deposits in Bolivia as we look to extend the mine life o

2022 Outlook and Guidance

For the balance of the year, Andean will continue to process ore from its surface deposits (termed 'Pallacos') at San Bartolome and reclaim silver bearing mine waste stockpiles at Tatasi-Portugalete, driving an increase in quarterly silver production beginning in March 2022. Andean will also continue to purchase mineralized material from its community mining partners.

Andean released a Mineral Resource Estimate ('MRE') prepared by SRK Consulting (U.S.) Ltd. ('SRK') for San Bartolome, effective December 31, 2021. The MRE includes measured and indicated resource estimates of 16.2 million ounces of silver and 11.9 thousand tonnes of tin contained in its fines disposal facility ('FDF'), as well as an updated Pallacos resource. Metallurgical studies and economic estimates continue to progress on the Company's stockpile of material in its FDF.

Drilling completed at the Company's dry-stack tailings facility ('DSF') during the quarter to assess potential for mineral resources. Initial drill results on 39 of 48 drill holes at the DSF assayed 42.7 g/t silver and 0.16% tin. These initial results from this drill program confirm the potential for processing both stockpiles and tailings.

Andean's expanded drill program at its San Pablo gold exploration program completed 2,532 metres as of the date of this news release. The phase two drilling program targets altered porphyry intrusions as the source of gold mineralization hosted in sedimentary rocks. Recent core logging confirms the Company's geologic model. Assays are expected to be received in June 2022.

Andean continues to expect that production for fiscal 2022 will result in silver equivalent production of 5.3 to 5.8 million ounces at an AISC (by-product) of $17.25 to $18.75 per silver ounce sold.

About Andean Precious Metals Corp.

Andean Precious Metals is a Canadian, growth-focused silver producer that owns and operates the San Bartolome project located in the department of Potosi, Bolivia. San Bartolome has been operating consistently since 2008, producing an average of over five million ounces of silver per year. The Company is also exploring its wholly-owned San Pablo and Rio Blanco gold projects and seeking other accretive opportunities in Bolivia and Latin America. Andean Precious Metals is committed to fostering safe, sustainable and responsible operations.

Contact:

Fraser Buchan

Tel: +1 647 480 1550

Email: ir@andeanpm.com

Caution Regarding Forward-Looking Statements

This press release contains statements which constitute 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws (collectively, 'forward-looking statements'), including statements regarding the plans, intentions, beliefs and current expectations of Andean with respect to future business activities and operating performance. Forward-looking statements are often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' or similar expressions. Forward-looking statements in this news release include statements made under the heading Andean's 2022 Outlook and Guidance, regarding Andean's plans to continue to process ore from its surface deposits at San Bartolome, begin reclaiming silver bearing mine waste stockpiles at Tatasi-Portugalete and purchase ore from its community mining partners, Andean's expectation that quarterly silver production will be higher for the balance of the year and the statement regarding Andean's position for the future, Andean's expectation that the assay results will be received in June 2022 and Andean's continued expectation regarding its silver production and AISC for fiscal 2022.

Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Andean's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Andean believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Andean. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation; the risks and uncertainties associated with foreign markets. These forward-looking statements may be affected by risks and uncertainties in the business of Andean and general market conditions, including COVID-19 and the ongoing conflict between Russia and Ukraine and any actions taken by other countries in response thereto, such as sanctions or export controls.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Andean has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. Andean does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

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