Ms. Amanda Mallough of Andean reports

ANDEAN PRECIOUS METALS PROVIDES UPDATE ON MASTER SERVICES AGREEMENT DISPUTE WITH SILVER ELEPHANT

Andean Precious Metals Corp. is providing an update regarding the master services agreement (MSA) with Silver Elephant Mining Corp., dated Sept. 11, 2023.

Andean denies allegations of any default by Andean under the MSA, including the payment obligation of $1-million (U.S.), 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 Corp.

Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the Americas. The company owns and operates the San Bartolome processing facility in Potosi, Bolivia, and the Soledad Mountain mine in Kern county, California, and is well financed to act on future growth opportunities. Andean's leadership team is committed to creating value; fostering safe, sustainable and responsible operations; and achieving its ambition to be a multiasset, mid-tier precious metals producer.

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