Andean Precious Metals Provides Update on Master Services Agreement Dispute with Silver Elephant

In This Article:

Toronto, Ontario--(Newsfile Corp. - December 31, 2024) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) ("Andean", or the "Company") provides an update regarding the Master Services Agreement ("MSA") with Silver Elephant Mining Corp. ("Silver Elephant"), dated September 11, 2023.

Andean denies allegations of any default by Andean under the MSA, including the payment obligation of US$1 million, and considers Silver Elephant's termination of the MSA to be wrongful and without merit. Prior to the bad faith and wrongful termination, Silver Elephant had failed to fulfill several material obligations under the MSA. These include maintaining its Mining Production Contract with COMIBOL, permitting the mining of oxide minerals across all its mining areas, and providing the necessary access for Andean to acquire oxide minerals in line with the agreed mining plan.

The Company is actively working with outside legal counsel to address this matter and intends to dispute the wrongful termination of the MSA.

In the meantime, Andean has been diligently sourcing replacement tonnage from other suppliers to mitigate the impact of Silver Elephant's actions and ensure the continuity of its operations.

About Andean Precious Metals

Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the Americas. The Company owns and operates the San Bartolomé processing facility in Potosí, Bolivia and the Soledad Mountain mine in Kern County, California, and is well-funded to act on future growth opportunities. Andean's leadership team is committed to creating value; fostering safe, sustainable and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals producer.

For more information, please contact:

Amanda Mallough
Director, Investor Relations
amallough@andeanpm.com
T: +1 647 463 7808

Neither the TSX Venture Exchange, Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

Certain statements and information in this release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which we refer to collectively as "forward-looking statements". Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.