The company reported measured and indicated resources of 27.5 million ounces of silver and 11,930 tonnes of tin as of December 31, 2021. This represented 87% of the total material, as delays with assay results meant the balance remained inferred.

The results included stockpiles of previously crushed and sorted mineralised material at its fines depositional facility. The results will form part of the primary input in its life-of-mine expansion study.

The company's president and CEO Simon Griffiths said the updated mineral resource estimate represented a significant step forward for the company towards realising its plans to extend the life of the mine.

"While silver production remains our primary focus, the incorporation of tin as a co-product has the potential to further strengthen our cashflow profile and drive our all-in sustaining costs significantly lower," he said.

Andean Precious Metals is a Canadian silver producer that owns and operates the San Bartolome project in the department of Potosi, Bolivia. An updated global mineral reserve estimate will be released in the fourth quarter of this year.

The company felt the impact of the COVID-19 pandemic, and laboratory delays meant Andean would not be releasing the results of the scoping-level expansion study until the second quarter of this year.

On February 9, Andean Precious Metals traded on the Toronto Stock Exchange at C$1.89/share, moving 4.4% higher on the day. Its shares have remained above $1.70 since mid-December.