Andean Precious Metals Corp. provided an update on the progress of the Company's scoping level study at the San Bartolomé Mine in Bolivia. The Expansion Study is evaluating options to extend the life of mine at San Bartolomé through the extraction of silver and tin contained in a stockpile of fine material at the fines disposal facility adjacent to the tailings facility.

Information pertaining to the FDF was included in a National Instrument 43-101 Standards of Disclosure for Mineral Projects technical report dated March 25, 2022, titled "NI 43-101 Technical Report San Bartolomé Mine Bolivia. As disclosed in this technical report, the FDF contains 16.2 million silver ounces and 11,930 tonnes of tin within 10.15 million tonnes of indicated mineral resources and 2.3 million ounces of silver and 1,330 tonnes of tin within 1.51 million tonnes of inferred mineral resources. The Expansion Study will inform the Company's decision to move forward with a feasibility study related to the FDF.

Initial capital estimates for the hydraulic mining and tin recovery circuit are lower than expected, ranging from US$20M to US$25M versus previous guidance of US$30M to US$50M; Estimated hydraulic mining costs range from US$0.80 to $0.95 per tonne, Estimated operating costs for gravity tin recovery range from US$4.50 to US$5.50 per tonne, based on the initial flowsheet, exclusive of silver processing costs of approximately US$18 per tonne, Silver recoveries are expected to be consistent with current process plant performance subject to continued test-work confirmation;Initial analysis supports the utilization of pre-concentration to upgrade the metal content of material being delivered to the proposed gravity and existing leach circuit. The Company has experienced significant delays on the metallurgical test program due to transportation, customs and Covid-19 impacts, along with backlogs at SGS Canada's testing facility in Lakefield. These delays may impact the Company's ability to complete the Expansion Study by the end of the second quarter as previously guided.