Good morning, everyone. Welcome to Andean Precious Metals 2022 First Quarter Earnings Call. After management's remarks, this call will include a question-and-answer session for analysts and institutional investors. If anyone has any difficulties hearing the conference, please press the star followed by zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded. Today's presenter is Simon Griffiths, Andean's President and Chief Executive Officer.
Joining Simon for the Q&A portion of the call is Jeff Chan, Chief Financial Officer, and Fraser Buchan, Investor Relations. Please note that comments made on today's call may contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties. Actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company's relevant filings on SEDAR. These documents are also available on Andean's website at andeanpm.com. Now, I'll pass the call over to Simon Griffiths. Please go ahead.
Thank you, Ariel, and, good morning, everyone. Thank you for joining us this morning. As usual, before we get started, please note that, all the dollar amounts expressed in this presentation will be U.S. dollars unless otherwise indicated. Earlier this morning, we announced, our quarterly results by way of news release, and as planned, our first quarter production was 1.2 million silver equivalent ounces. Processing through the plant remained consistent with quarter one of last year, which was 0.4 million tons. The remaining quarters do have higher silver production than we projected and achieved in this past quarter one. The average silver head grade realized during the quarter was 117 grams per tonne, which is similar to the prior year.
Metallurgical recoveries for silver was 78% during the quarter, which compares to 87% during quarter one in 2021, with the difference mostly attributable to the composition of the mill feed. In the first quarter, we had revenues of $29.9 million from sales of 1.2 million silver equivalent ounces at an average realized price of $24.40 against the LBMA spot average of $24.01. Our all-in sustaining cost per silver ounce sold was $18.86, which compares to $17.28 in quarter one of last year and compared to our full year 2022 guidance, which is $17.25-$18.75 per ounce. Unitary costs in the first quarter expected to be higher than the remaining quarters as we increase our silver production.
G&A expenses were significantly lower than past quarter, coming in at $2.9 million against $5.7 million last year. The delta is driven by the one-time transaction costs we had last year. We spent $3.5 million incurred during the reverse takeover when we brought the company to the capital markets. On the topic of costs, which I know has been a key topic for most companies during this earnings season, North America and other parts of the world are currently witnessing extreme inflation, higher than seen for many decades. That doesn't appear to be the case in Bolivia at the moment, which has the lowest inflation in the Americas, at 0.09% during 2021.
This lower inflation environment in Bolivia is sustained by a fixed exchange rate of the dollar and high subsidies for fuel and basic food goods which the government provides. Back to the financial results. For the quarter, we had adjusted earnings before interest, tax, depreciation, and amortization of $5.4 million, driving an income from mine operations of $6.4 million. Free cash flow generated was $2.2 million and ended the quarter well-positioned for growth, with an ending cash balance of $89.5 million and with no debt or warrants.
In our news release this morning, we also reaffirmed our guidance for the year as we continue to expect that production for this financial year will result in silver equivalent production of between 5.3 million and 5.8 million ounces at an all-in sustaining cost of $17.25-$18.70 per silver ounce sold. I mentioned we're well-positioned for growth a moment ago. Drilling completed at our dry stack tailings facility during the quarter to assess the potential for mineral resources. The addition of tin production at San Bartolomé remains an organic opportunity for us, and the initial results from this drill program reaffirm the potential for processing both stockpiles and tailings. The expanded drill program at San Pablo gold exploration program is ongoing. We completed 2,200 meters targeting altered porphyry intrusions as a source of gold-hosted mineralization.
Results have been very well. Recent core logging informs us that the geological models and the assays are expected to be received next month, so I'm very much looking forward to receiving the assays. Beyond our current footprint, we're actively in pursuit of M&A transactions. We have a number of live files as we continue to assess accretive opportunities in Bolivia and the nearby countries. Thank you for your time today. I will now open the line to questions. Daryl.
Thank you. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. Once again, to join the question queue, please press star then one now. Our first question comes from John Iglio of Desjardins. Please go ahead.
Good morning, guys. What about the mill feed this quarter drove some of the lower recoveries? I guess how do you expect that to trend over the remaining quarters?
Yeah. Good morning, John. This is the mine plan. Quarter one did have lower throughput projected, compared to the remaining three quarters of the year. We at the moment fully expect to achieve guidance. Quarters two, three and four do have higher mill throughput plus higher grade.
Got it. Thanks. I know you mentioned inflation in Bolivia is very low, but are you seeing, you know, what kind of impact are you seeing to your cost base on, you know, higher fuel prices or prices on some imported consumables? I guess, what kind of inflation are you guys seeing there?
Look, I suppose we're drawing comparisons to other operations. We don't have a large diesel hungry mining fleet. We have a small contractor fleet. Diesel and gasoline is subsidized in Bolivia. The cooperatives and the contractors that work for us, they have their fuel subsidized, so it's not a direct impact to us. The inflation is much lower than other countries around the world. We are seeing supply cost increases on other items. Cyanide, for example, we are starting to see inflationary impact.
Got it. Thanks. I guess one last one for me. On the dry stack facility, it seems like the grades are stacking up pretty well. You know, it seems like it's gonna be proven economic, at least from a grade standpoint. I guess, what's the timeline there for when you guys will be looking at the network?
Yeah, we're gonna conclude the FDF network first. That will give us the best indicator. We'll run some internal network on the dry stack before deciding next steps. The key here was to establish whether the dry stack was in fact carrying tin and silver, which we now know it is. Next step is to do some preliminary internal metallurgical test work.
I got it. Thanks. That's all the questions for me.
This concludes the question and answer session. I would like to turn the conference back over to Simon Griffiths for any closing remarks.
Thank you, everybody. Thanks for joining us. Thank you for your ongoing support. We look forward to continuing the good performance into quarter two. Thank you very much.
This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.