The current surge in gold and silver prices is historic, driven by a profound shift in global economic dynamics and the impending loss of US dollar reserve status. Gold has soared above $4,200 and silver has decisively broken past the $50 resistance, with year-to-date gains of 60% for gold and 84% for silver—an explosion not seen since the stagflation era of the 1970s. This explosive rally is a direct result of global confidence eroding in the dollar system, as other nations and investors pivot away from dollar-based assets in search of safe haven alternatives.
While owning physical gold and silver remains rational, the best way to capitalize on this bull market is through mining stocks. These companies are not only seeing their valuations soar as commodity prices climb, but their earnings growth is increasingly explosive due to rising metals prices and historically suppressed valuations. Traditionally, analysts undervalued miners, assuming lower future bullion prices and dismissing rallies as temporary manias—yet today, sentiment is shifting as even major Wall Street figures finally acknowledge the enduring rationale and urgency of gold ownership.
Mining stocks now offer a rare combination of momentum and growth at still-attractive relative valuations, especially compared to overhyped sectors like AI or cryptocurrency. This influx of new capital—from private investors to central banks—means that mining stocks are set to benefit from not only surging spot prices but a fundamental re-rating of future earnings potential. With major ETFs such as GDX and GDXJ delivering annual gains of 140% or more, and individual stocks doubling or tripling since March, the sector is demonstrating unprecedented resilience and demand—particularly during market shakeouts when buyers rush in. As the gold and silver rally accelerates, mining stocks remain the most efficient, high-reward vehicle for participating in this generational wealth cycle.
Silver’s market is experiencing an extraordinary crisis marked by a genuine physical shortage, pushing this precious metal into global headlines and mainstream financial news. London Bullion Market Association (LBMA) vaults were rapidly depleted, with urgent physical shipments from COMEX to London attempting to prevent systemic failure in the global market. The latest data confirms only 173 million troy ounces of registered silver remain in COMEX vaults, while LBMA needs roughly 150 million ounces injected to stay afloat—essentially, nearly 90% of deliverable COMEX silver is being requisitioned just to prop up London’s market. This severe imbalance has sent London spot silver into backwardation, with premiums reaching historic highs above COMEX futures, and lease rates escalating to 39% as physical buyers desperately secure whatever silver remains.
Several structural factors have intensified this shortage. First, global silver-to-gold mining is imbalanced: for every one ounce of gold mined, only seven ounces of silver are produced, making silver inherently rarer in terms of industrial availability. Second, new silver discoveries have slowed dramatically, constraining future supplies of the metal. Third, Mexico—historically the world’s largest silver producer—has stopped granting new silver mining concessions under the Morena party, capping future exploration and output. Fourth, China circumvents traditional COMEX routes by purchasing silver dore bars and concentrate directly from Latin American miners, shrinking western inventories even further. Fifth, silver production has fallen for six consecutive years, dropping to only 820 million ounces per year—far below current demand of over 1.4 billion ounces, locking in a structural deficit that’s worsening each year. Sixth, industrial and military consumption are intensifying, with over 40,000 Chinese companies reliant on silver for solar panels, EV batteries, electronics, and AI components, as well as increased demand from armed forces globally.
Amid this unprecedented squeeze, analysts from Bank of America and the Silver Institute predict global deficits and higher prices in 2025 and beyond, with targets as high as $65 per ounce. ETF premiums have soared, especially in India and Asia, confirming desperate investor buying for real metal. Industry experts believe the supply crunch is deepening, and as ex-JP Morgan bullion executive Robert Gottlieb noted, “there is basically no free‑floating silver left.” Under these conditions, anyone holding silver above ground or investing in mining stocks stands to benefit enormously from a once-in-a-generation price expansion and wealth transfer.
Friday October 17th, BUY THIS DIP
Andean Precious Metals operates San Bartolome in Bolivia—secured by environmental exploration permits and social licenses with COMIBOL—and Golden Queen in California with a project called the Soledad Mountain Project, producing gold and silver.
These robust projects in two top mining jurisdictions ensure growth, stability, and regulatory alignment for consistent, long-term silver and gold production.
Andean Precious Metals stands out as a premier silver investment in today’s market turbulence. Operating in Bolivia’s legendary Potosi region, it controls the world’s most prolific silver deposit, paired with the country’s largest processing facility—a critical core competency, especially given nationalized silver assets and strict mining policies. The company also works with over 20,000 artisanal miners, scaling labor costs based on spot prices, which keeps margins healthy and production flexible in volatile conditions.
With millions of ounces still in the pipeline, mine life expectations extend well beyond a decade, providing long-term supply certainty. Andean maintains a robust balance sheet, ensuring financial stability even amid sudden price surges or regulatory changes.
Most importantly, Andean is a pure silver play, with production not diluted by base metals, positioning the stock as a high-leverage beneficiary of silver’s bull run and looming supply crunch in the global market.
– Andean Precious Metals Corp. (TSX: APM) (OTCQX: ANPMF)
2025 Exploration Results at Golden Queen and San Bartolome
Golden Queen Exploration Program Expanded by 3,800 metres Following Positive Results
An update on its 2025 exploration activities at its Golden Queen mine located in Kern County, California, and San Bartolome operation located in Potosi, Bolivia.
2025 Exploration Program Highlights:
Golden Queen
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Phase 3 program advancing with 4,300 metres of core drilling.
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3,903 metres drilled at Hilltop (”HT” holes) (Please refer to Figure 1 below showing the location of each exploration site) to date; all holes intersected projected veins.
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Assays confirm mineralized intervals, including:
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HT25-01: 0.79 grams per tonne (g/t) Au and 3 g/t Ag over 8.0m (drill metres)
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HT25-03: 1.94 g/t Au and 27 g/t Ag over 4.4m
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HT25-06 : 1.26 g/t Au and 15 g/t Ag over 5.8m and 5.11 g/t Au and 11 g/t Ag over 1.5m
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Infill drilling at Starlight Vein planned to support mine-life extension at Main Pit 2.
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Following the positive results extending mineralization along strike during the Phase 3 exploration program, the Company has approved an additional 3,800 metres of drilling, bringing the total planned drilling to 8,100 metres for 2025.
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Updated mineral resource and reserve statement, with supporting technical report prepared in accordance with National Instrument 43-101 – Disclosure for Mineral Projects (“NI 43-101”), anticipated in the first half of 2026.
San Bartolome
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Secured environmental exploration permits and social licenses in partnership with COMIBOL.
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Long-term COMIBOL agreement in place for the purchase of up to 7.0 million tonnes of oxide ore.
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Exploration underway at Turqui, Tacobamba, Ánimas, Santa Isabel, and Trapiche. (Please refer to Figure 5 – Bolivia Exploration Project Locations)
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5,500 metres of shallow core drilling to begin in Q4 2025, targeting ~800,000 tonnes grading 150-250 g/t Ag.
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Program designed to extend mine life and fully utilize the 5,000 tonnes per working day (tpd) mill nameplate capacity without major capital investment.
Yohann Bouchard, President, commented, “Our exploration teams have made strong progress this year at both Golden Queen and San Bartolome. At Golden Queen, Phase 3 drilling has intersected encouraging mineralized intervals that confirm continuity and support potential mine-life extensions, while upcoming infill work at the Starlight Vein is designed to further expand Main Pit 2. In Bolivia, our partnership with COMIBOL is advancing multiple targets under a long-term ore supply agreement that secures access to up to 7 million tonnes of oxide ore. This program is designed to extend San Bartolome’s mine life and maximize throughput of the existing 5,000 tpd mill without major capital spend. Collectively, these initiatives highlight the quality of our asset base, reinforce the growth potential across our portfolio, and position Andean as a growing Americas-focused precious metals producer. We look forward to providing an updated resource and reserve statement, along with a supporting NI 43-101 technical report, in the first half of 2026.”
Golden Queen Overview
After acquiring Golden Queen in late 2023, the Company adopted a multiphase strategy to expand mineral resources and mineral reserves within the existing mining zones and to evaluate nearby targets for potential to add to the current mineral resources and mineral reserves (”GQ Exploration Program”).
In 2024, the Company completed Phase 1 and Phase 2 of the GQ Exploration Program, consisting of 29 shallow infill reverse circulation (”RC”) drill holes and 23 diamond drill holes, respectively. The RC drilling confirmed mineral continuity at the Silver Queen Vein, Main Pit 2 and Main Pit 3. The 23 diamond drill holes in Silver Queen Southwest Extension, Alphason, and the new Hilltop target also returned favourable analytical results and are expected to contribute to development of new mineral resources and mineral reserves.
The main highlights of Phase 1 and Phase 2 are the following:
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Phase 1 consisted of 29 shallow infill RC drill holes that were completed in July 2024 totaling 4,617 metres of drilling,12 RC holes (1,360 metres) in Silver Queen Vein, in Main Pit 2 and Main Pit 3, confirming the geological model and;
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17 RC holes (3,257 metres) in Alphason Target, tested the continuity of historic gold mineralization identified prior to the Company’s acquisition.
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Silver Queen Southeast extension, 12 core holes (2,553 metres) were drilled, extending mineralization 100 metres longitudinally, intercepting mineralization up to 1.67 g/t gold and 8 g/t silver across 5.49 metres (DDH SQ24-06);
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Alphason, 7 core holes (1,196 metres) intercepted gold and silver mineralization, including hole AL24-02 with 0.88 g/t Au and 10 g/t Ag across 92.96 metres; and
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Hilltop, 4 core holes (581 metres) were drilled in this new target, all of which intercepted gold and silver mineralization, including hole SQ24-12 which intersected mineralization starting at 18.14 metres downhole, grading 1.67 g/t Au and 20 g/t Ag across 5.89 metres.
The Company released the results of the Phase 2 exploration campaign in a press release dated May 1, 2025.
Phase 3 – 2025 Golden Queen Exploration Program
The 2025 Exploration Program at Golden Queen initiated Phase 3. This phase consists of 4,300 metres of core drilling and is focused on extending the mine life by exploring the Hilltop area, which represents the southeast extension of the Silver Queen vein, as well as expanding current mining zones into areas of limited exploration data, primarily the Starlight Vein in the southeast trend of Main Pit 2.
The Company is pleased to provide an update on Phase 3 of the 2025 Exploration Program:
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20 core holes (3,903 metres) have been drilled at Hilltop, all intersecting projected veins, which consist of low sulfidation- cryptocrystalline quartz veins and veinlets which are outcropping in the area.
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Assay results for 6 core holes have been received. All 6 core holes report mineralized intervals, and the main highlights are the following:
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Core hole HT25-01 intersected 0.85 g/t Au and 9 g/t Ag across 5.2 metres, as well as 0.79 g/t Au and 3 g/t Ag across 8.0 metres.
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Core hole HT25-02: intersected 1.14 g/t Au and 14 g/t Ag across 0.7 metres.
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Core hole HT25-03 intersected 1.94 g/t Au and 27 g/t Ag across 4.4 metres.
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Core hole HT25-06 intersected 1.26 g/t Au and 15 g/t Ag across 5.8 metres.
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Core hole HT25-06 intersected 5.11 g/t Au and 11 g/t Ag across 1.5 metres.
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Longitudinal continuity of veins is being proved up to 280 metres on strike.
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Mineralization continuity is open to the southwest and at depth in the Silver Queen Vein and Main Pit 1 and Main Pit 3.
The Company also plans to conduct infill drilling at the Starlight Vein, located in the southeast trend of Main Pit 2, which is currently in production. This work is expected to provide additional geological information to support the development of mineral resources and ultimately expand Main Pit 2 in this direction.
Based on the positive outcomes achieved in the Phase 3 exploration program to date, the Company has approved an additional 3,800 metres of core drilling to further expand and infilled the current mining zone along strike. This brings the total Phase 3 drilling to 8,100 metres, which is expected to be completed by the end of 2025.
The Company consistently updates its Golden Queen block model, integrating new geological data as it becomes available. Mineral resources and mineral reserves are currently under development, with an updated statement and accompanying technical report anticipated in the first half of 2026.
View the entire news release here
https://www.newsfilecorp.com/release/270605/Andean-Precious-Metals-Provides-Update-on-2025-Exploration-Results-at-Golden-Queen-and-San-Bartolome
Figure 1 – 2025 Core Drill Holes
Figure 2 – 2025 Core Drill Holes at Hilltop
Figure 3 – Cross Section 600 (DDH’s HT25-03 and HT25-04)
Figure 4 – Cross Section 800 (DDH’s HT25-05 and HT25-06)