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Andean Precious Metals

Gold producer, with a project stated to be in California.

California · United States — as stated on the recordings

producer gold California, United States
Oct 2025 → Apr 2026Covered
8 of 10Topics on record
3Figures tracked over time
2 executivesNamed on the record
Generate Claims & Checks What management and commentators said, and what still needs independent verification 2 interviews with the company · 4 independent recordings
Stage
Producer
Primary commodity
Gold
Jurisdiction
California
Deposit
gold oxide deposit discovered in 1894
Latest appearance
08 Apr 2026
On record
2 interviews · 36 statements · 2 executives

At a glance

What the record holds today. Every card names where it came from — a management representation is not an established fact, and the page never blurs the two.

What is in the ground
five six years of life of mine as of December 2023, officially two two years now
Management-stated JC Sandoval Apr 2026
Money on hand
early 2023 we had almost hund00 million in cash
Stated capital need: invested more than $50 million in the last or ever since we acquired the company, we allocated another $30 million
Management-stated JC Sandoval Apr 2026
What happens next
updated 43101 compliant technical report more towards the end of the year
Management-stated JC Sandoval Apr 2026
The main open question
Management acquired Golden Queen in December 2023 with only 2–2.5 years of mine life remaining (down from 5–6 years in late 2023), requiring a life-of-mine extension to justify the operation.
Weighed from the statements below, not our opinion of the company.
Our reading
How outsiders read it
1 independent voice on record — 4 constructive
Clive Thompson
Outside voices

How the stated figures have moved

The same figure, as management put it on the earliest and the latest recording we hold. A difference may be a genuine update, a different measure of the same thing (total against indicated), or a mis-heard number — both quotes are here, and both recordings are one click away.

Cash position ● Lower 2 statements on record
29 Oct 2025
liquid assets in excess of $87 million US as of end of Q2
“as of the end of uh June 30th that we have just a liquidity just liquid assets in excess of $87 million US.”
08 Apr 2026
early 2023 we had almost hund00 million in cash
“by 20 early 2023 we had almost hund00 million in cash.”
Reserves ≠ Different basis One statement qualifies the figure and the other does not (reserves) 2 statements on record
29 Oct 2025
original reserves had less than one year life of mine when purchased in December 2017
“exhausted the life of mine. That meant that the runway of their own reserves was less than one year”
08 Apr 2026
five six years of life of mine as of December 2023, officially two two years now
“So it's as of December 2023 it showed u five six years of life of mine. It's been almost three years. So I would say two officially it's two two years I would say”
Capital needed ? New figure The earlier statement put no number on this 2 statements on record
29 Oct 2025
negative debt
“We have negative debt.”
08 Apr 2026
purchasing from 15 to 20 different sources between spot purchases and long-term contracts including Comibol
“right now we're purchasing anywhere from I would say 15 to 20 different between the spot purchases and and uh and and long-term contracts including combo which is the stateowned mining company.”

Management view vs outside view

Management interviews are promotional by nature; the outside view is the counterweight. Both are quoted from the recordings, not added by us.

What management spends its time on

Counted from Andean Precious Metals's own claims across 2 interviews — most-covered theme first.

What outside voices pick up on

1 independent voice — people who do not speak for the company — across 4 mentions.

4 constructive
  • Clive Thompson “Gold and silver producer named among undervalued miners.”

Bull · Bear · Watch next

Weighed from the statements on this page — management's pitch and the outside view. Not financial advice, and not our opinion of the company.

▲ Bull case

Management says the company holds $87 million in liquid assets with negative debt, operates a California gold mine generating 40–50k oz annually at ~$1,600–2,000 all-in sustaining cost, and controls a large silver operation in Bolivia…

What it rests on
Evidence: 3 moments from 2 interviews
Read the full case

Management says the company holds $87 million in liquid assets with negative debt, operates a California gold mine generating 40–50k oz annually at ~$1,600–2,000 all-in sustaining cost, and controls a large silver operation in Bolivia under a 7 million-ton Comibol contract. An outside investor noted record free cash flow at current gold/silver prices and a valuation of 7.19x P/E with strong Q1 results, while a major shareholder has accumulated ~1.5M shares.

▼ Bear case

Management acquired Golden Queen in December 2023 with only 2–2.5 years of mine life remaining (down from 5–6 years in late 2023), requiring a life-of-mine extension to justify the operation.

What it rests on
Evidence: 2 moments from 1 interview
Read the full case

Management acquired Golden Queen in December 2023 with only 2–2.5 years of mine life remaining (down from 5–6 years in late 2023), requiring a life-of-mine extension to justify the operation. The company has invested over $50 million and allocated another $30 million in capital with no certainty on permitting or drilling success. Material data on the Bolivian asset's profitability, reserves, and permitting status is absent.

◆ Watch next

Life-of-mine extension at Golden Queen expected before year-end; updated 43-101 technical report on resources and reserves targeting H1, preferably before June 30; drilling campaign completion and results from three active drills within…

What it rests on
Evidence: 2 moments from 2 interviews
Read the full case

Life-of-mine extension at Golden Queen expected before year-end; updated 43-101 technical report on resources and reserves targeting H1, preferably before June 30; drilling campaign completion and results from three active drills within mine boundaries.

Each moment links to the exact point in the source recording. The cases are drawn from the transcripts, weighed as written — they are not a rating, a target or a recommendation.

Project 17 statements

The deposit 7

Key takeaway. Management describes the project as a silver and gold oxide deposit, with silver oxides and alluvial oxides (Oct 2025) and a gold oxide deposit discovered in 1894 (Oct 2025).

Read the full summary

The company reports that when purchased in December 2017, original reserves had less than one year of mine life (Oct 2025); as of December 2023 reserves supported five to six years, but management now says reserves officially stand at two years as of April 2026. The CEO notes the deposit has been mined since colonial times, with more than a billion ounces of silver extracted from the area (Oct 2025), and states that the current exploration plan is going very well with very optimistic results from drill holes, targeting between 40 to 50,000 ounces of gold production (Apr 2026).

What was actually said
exploration upside
exploration plan is going very well with very optimistic results from drill holes
“Results we're getting from from the uh uh the the drill holes, they're very we're very optimistic on what we're seeing.”
JC Sandoval· 08 Apr 2026·
reserve size
five six years of life of mine as of December 2023, officially two two years now
“So it's as of December 2023 it showed u five six years of life of mine. It's been almost three years. So I would say two officially it's two two years I would say”
JC Sandoval· 08 Apr 2026·
resource size
between 40 to 50,000 ounce gold production
“it's between 40 to 50,000 ounce gold production.”
JC Sandoval· 08 Apr 2026·
Show the other 4 statements
deposit type
gold oxide deposit discovered in 1894
“Golden Queen literally came from a a gold deposit that was discovered in 1894 in the Solidad Mountain.”
Alberto Morales· 29 Oct 2025·
deposit type
silver oxides, aluvial oxides
“The original deposits were oxides, but they were mostly what it's called the aluvial oxides.”
Alberto Morales· 29 Oct 2025·
exploration upside
Sero Rico has been mined since colonial times, with more than a billion ounces of silver extracted
“The Sero Rico has probably been the biggest discovery ever found in the in the planet of silver which more than a billion ounces of silver has come out of that.”
Alberto Morales· 29 Oct 2025·
reserve size
original reserves had less than one year life of mine when purchased in December 2017
“exhausted the life of mine. That meant that the runway of their own reserves was less than one year”
Alberto Morales· 29 Oct 2025·

Jurisdiction 8

Key takeaway. Management has described Andean Precious Metals' jurisdiction as spanning the United States (California) and Bolivia.

Read the full summary

Regarding the US side, the company points to the Mojave Desert, specifically the Solidad Mountain area, about 6 to 7 miles west of Mojave and close to Lancaster, California (Oct 2025). In Bolivia, management referenced a "big contract worth 7 million tons with Comibol announced last year" (Apr 2026), and they have also identified the Sero Rico mountain in that country (Oct 2025).

What was actually said
community agreement
big contract worth 7 million tons with Comibol announced last year
“we just announced last year a big contract worth 7 million tons uh which we are already working”
JC Sandoval· 08 Apr 2026·
country
Bolivia
“We bought it as a distressed asset because it had less than one year of life of mine. Uh what we started doing”
JC Sandoval· 08 Apr 2026·
country
United States
“we had almost hund00 million in cash. We had no debts, no streams, no royalties or balance sheet commitments. So just a clean balance sheet and that allowed us to buy a gold producing mine in the US called gold and queen.”
JC Sandoval· 08 Apr 2026·
Show the other 5 statements
region
California
“I want to first begin with the gold producer Golden Queen which is in the state of California.”
JC Sandoval· 08 Apr 2026·
country
United States, California
“the other part of the company is in California and it's a gold mine.”
Alberto Morales· 29 Oct 2025·
country
Bolivia
“And was born out of a private play acquisition I did of a pure silver mine in Bolivia.”
Alberto Morales· 29 Oct 2025·
region
Sero Rico mountain
“The Sero Rico has probably been the biggest discovery ever found in the in the planet of silver which more than a billion ounces of silver has come out of that.”
Alberto Morales· 29 Oct 2025·
region
Mojave Desert, Solidad Mountain, 6 to 7 miles west of Mojave, close to Lancaster
“That's where we are located, which is about 6 to 7 miles west of the of the city of Mojave.”
Alberto Morales· 29 Oct 2025·

Technical risk 2

Key takeaway. Management says that three drills are currently exploring within the mine boundaries to extend the life of mine (April 2026).

Read the full summary

The company also reports that, as a key assumption, farther distance requires bigger grade, while shorter distance requires lesser grade per ton (October 2025).

What was actually said
key assumption
three drills currently exploring within mine boundaries to extend life of mine
“you said you have three drills currently going. Are those targets are they close by the current deposit or the current mine”
JC Sandoval· 08 Apr 2026·
key assumption
farther distance requires bigger grade; shorter distance requires lesser grade per ton
“So the farther you go, the bigger the grade has to be. The shorter distance, the lesser of a grade per ton you need to have.”
Alberto Morales· 29 Oct 2025·

Economics 8 statements

Economics 3

Key takeaway. Management says it has invested more than $50 million in the project since acquiring the company, and as of April 2026 it allocated another $30 million.

Read the full summary

The company reports an all-in sustaining cash cost of around $1,600, while the all-in sustaining cost (AISC) is around $2,000, "a little bit more than that."

What was actually said
aisc
All in sustaining cost is around 2,000, a little bit more than that
“All in sustaining cost is around 2,000, a little bit more than that.”
JC Sandoval· 08 Apr 2026·
capex
invested more than $50 million in the last or ever since we acquired the company, we allocated another $30 million
“we've invested more than $50 million in the last or ever since we acquired the company, we allocated another $30 million.”
JC Sandoval· 08 Apr 2026·
operating cost
all in sustain cash cost is around 1,600
“All in sustain cash cost is around 1,600.”
JC Sandoval· 08 Apr 2026·

Financing 5

Key takeaway. Management describes the company's financing as very strong.

Read the full summary

The company reports it has no debts, streams, royalties or balance sheet commitments as of April 2026. The CEO noted that in early 2023 the company had "almost a hundred million" in cash, and as of end of Q2 2025 it held liquid assets in excess of $87 million US. Regarding supply, management says it purchases from 15 to 20 different sources between spot purchases and long-term contracts, including Comibol.

What was actually said
capital needed
purchasing from 15 to 20 different sources between spot purchases and long-term contracts including Comibol
“right now we're purchasing anywhere from I would say 15 to 20 different between the spot purchases and and uh and and long-term contracts including combo which is the stateowned mining company.”
JC Sandoval· 08 Apr 2026·
cash position
early 2023 we had almost hund00 million in cash
“by 20 early 2023 we had almost hund00 million in cash.”
JC Sandoval· 08 Apr 2026·
financing status
no debts, no streams, no royalties or balance sheet commitments
“We had no debts, no streams, no royalties or balance sheet commitments.”
JC Sandoval· 08 Apr 2026·
Show the other 2 statements
capital needed
negative debt
“We have negative debt.”
Alberto Morales· 29 Oct 2025·
cash position
liquid assets in excess of $87 million US as of end of Q2
“as of the end of uh June 30th that we have just a liquidity just liquid assets in excess of $87 million US.”
Alberto Morales· 29 Oct 2025·

Timeline 9 statements

Timeline 6

Key takeaway. Management expects a life-of-mine extension at Golden Queen and an updated NI 43-101 compliant technical report before the end of the year, according to an April 2026 statement.

Read the full summary

The company notes it acquired Golden Queen in late 2023, and that the facility began production in early 2008. Separately, in an October 2025 statement, management said it acquired a different asset in December 2017 and recently announced a 7-million-ton contract with the Bolivian government.

What was actually said
milestone
updated 43101 compliant technical report more towards the end of the year
“more towards the end of the year we will be presenting an updated 43101 compliant technical report”
JC Sandoval· 08 Apr 2026·
milestone
life of mine extension at Golden Queen expected before the end of the year
“the main catalyst for the company is that life of mine extension at Golden Queen. Um, so expect that before the end of the year.”
JC Sandoval· 08 Apr 2026·
first production
commenced facility in early 2008
“They commissioned the facility in 2008, early 2008, and we ended up buying it in in December of 2017.”
Alberto Morales· 29 Oct 2025·
Show the other 3 statements
milestone
acquired Golden Queen in late 2023
“Golden Queen being the one that we decided to pull the trigger in late 2023.”
Alberto Morales· 29 Oct 2025·
milestone
acquired in December 2017
“we ended up buying it in in December of 2017.”
Alberto Morales· 29 Oct 2025·
milestone
7 million ton contract with Bolivian government recently announced
“we recently announced a 7 million ton contract with the Bolivian government.”
Alberto Morales· 29 Oct 2025·

Catalysts 3

Key takeaway. Management noted two upcoming results and a subsequent milestone.

Read the full summary

An update to technical reports on resources and reserves is expected in October 2025, while a further update is anticipated in the first half of 2026—preferably before June 30th—depending on when the drilling campaign finishes. Thereafter, the next milestone is finding a third asset to acquire, targeted for April 2026.

What was actually said
next milestone
finding a third asset to acquire
“I think we're putting a lot of time and efforts on on on finding our third asset.”
JC Sandoval· 08 Apr 2026·
upcoming result
update to technical reports on resources and reserves
“we have announced to the market that we're intending to update our our our technical reports on on resources and reserves.”
Alberto Morales· 29 Oct 2025·
upcoming result
update expected H1, depending on finishing drilling campaign, preferably before June 30th
“Uh H1. It depends on we need to finish the drilling campaign, but I think we're we're I say H1 because we in our mind would like it to be sooner than June 30th of”
Alberto Morales· 29 Oct 2025·

Corporate 2 statements

Market 2

Key takeaway. Management reports that about half of its production comes from spot purchases with a 35–45% gross margin, while the other half comes from long-term contracts (April 2026).

Read the full summary

Separately, as of October 2025, the company says it is seeking acquisition targets for inorganic transformational growth, primarily in North America.

What was actually said
cost curve position
around 50% coming from spot purchases at 35 to 45% gross margin, 50% from long-term contracts
“around 50% obviously that changes right is coming from spot purchases where the where we pay for the or based on market prices right and we always go for that that gross margin and it's it's on my guidance it's anywhere from 35 to I think to 45%.”
JC Sandoval· 08 Apr 2026·
strategic interest
seeking acquisition targets for inorganic transformational growth, primarily in North America
“We are now actively looking for doing another acquisition that will also allow us to increase our footprint. uh right now we're giving uh uh we're looking primarily North America.”
Alberto Morales· 29 Oct 2025·

Outside views 4 mentions

4 mentions by people who do not speak for the company — 4 constructive, 0 cautious, 0 neutral. These are their views, not the company's.

Clive Thompson
bullish
Gold and silver producer named among undervalued miners.
The Bullion Brief· 04 Dec 2025·
Clive Thompson
bullish
Gold and silver producer named among undervalued miners.
The Silver Market· 04 Dec 2025·
Clive Thompson
bullish
Down 13%; named as one of the silver stocks hit in the selloff.
Clive Thompson· 22 Oct 2025·
Clive Thompson
bullish
7.19x P/E, cheap; produces 54k oz gold in California and 4.5M oz silver in Bolivia; Eric Sprott has accumulated ~1.5M shares over 18 months; strong cash position and record Q1 results
Clive Thompson· 29 Aug 2025·

Sources 2 interviews

Every interview 2

DateChannelInterviewStatements
08 Apr 2026 Jimmy Connor Andean Precious Metals: Gold & Silver Producer in the Americas | JC Sandoval and Jimmy Connor 18
29 Oct 2025 Wealthion Andean Precious Metals’ Revolutionary Cash Flowing Mining Model | CEO & Founder Alberto Morales 18

What else those interviews covered

Every other asset named in the same recordings, by how many of them named it — the company's coverage context, not its holdings. Where the name is another company we hold a record for, it links to it.

comibol 1
copper 1
gold 1
golden queen 1
sambaloma 1
silver 1

Questions people ask

What is Andean Precious Metals's project and where is it?

Andean Precious Metals is a producer gold company, with a project stated to be in California, United States. Everything here is drawn from its executives' own interviews.

Which interviews mention Andean Precious Metals?

We track 2 interviews mentioning Andean Precious Metals, across 2 channels (Jimmy Connor, Wealthion).

What are investors saying about Andean Precious Metals?

4 independent voices — people who do not speak for the company — are on record discussing it (4 bullish). Their reasoning is quoted in the outside-view section above.

What do recent interviews with Andean Precious Metals cover?

The most-discussed topics on record are jurisdiction, the deposit, timeline, financing — each claim quoted and dated in the sections above.

How to read this page

What is here

Statements made by company representatives in the interviews listed above — each one carrying the words that made it, the date, and the recording. Nothing is added from any other source: if it was not said on a recording, it is not on this page. The one exception lives in the Claims & Checks record, which cites a metal price from our own feed so a stated cost can be set against it — and labels it as ours wherever it appears.

What is not verified

All of it. Resource figures, economics, timelines and promotional framing are management's own representations, checked against no filing and no technical report. Transcripts are automatic; we repair a clearly mis-heard word but never a number, a date, a unit or a speaker's hedge — “about 8.6 million ounces” keeps its “about”.

How to use it

Treat it as a map of what has been said, not as a source of fact. Where a figure matters to you, open the recording and read the company's filings. Nothing here is financial advice, a recommendation, or an offer to buy or sell any security — these are interested parties discussing their own company.

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