What you need to know: • We visited APM’s Golden Queen Mine in California on October 21st. • The visit was valuable in understanding the layout of the operation, the improvements made since acquiring the project in 2023, and the several improvements that the Company plans to make. • Below, we summarize the highlights from the tour and emphasize the many improvements that can still be made, which provide upside to the operation going forward. • As a reminder, the Golden Queen Mine is APM’s 100%-owned open-pit 11,000tpd heap leach operation, which produced 10.1Koz AuEq in Q3/25. On October 21st, we visited Andean Precious Metals’ (APM:TSX, ANPMF:OTC) Golden Queen operating gold mine. The visit was highly valuable in better understanding the layout, operational systems, and general infrastructure, as well as the exploration potential. Importantly, significant insight was obtained on all of the initiatives the company has undergone since acquiring the asset in 2023, increasing operational efficiencies, while also learning that there are still many projects to do to fully optimize the mine. We spent the day with CFO JC Sandoval, President Yohann Bouchard, and Director of IR Amanda Mallough. We are maintaining our BUY rating and C$11.00/share target price on APM. Site Visit Takeaways • During the visit, we toured most areas of the operation, from exploration drill pads to active open-pit mining operations, crushing and grinding facilities, the leach pad, and even a gold pour. • The mine site was ~8km from the town of Mojave and ~40km from Lancaster (population 167,000), where the workforce can live locally with a short commute and the mine has good access to infrastructure and materials. • The Company has made and is making significant changes from the previous private operator. Focusing on geology, planning, resource growth, and overall improving operational flow. We discuss many of these initiatives below.