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Andean Precious Metals Corp (APM) investor relations material

Andean Precious Metals Corp Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary12 Nov, 2025

Executive summary

  • Achieved record consolidated revenue of $90.4 million, net income of $43.7 million ($0.29/share), adjusted EBITDA of $36.0 million, and liquid assets of $121.4 million in Q3 2025, driven by strong metal prices, disciplined cost management, and higher production.

  • San Bartolomé performed at the high end of production guidance, delivering strong silver output and efficiency, while Golden Queen stabilized after temporary leach cycle impacts.

  • Exploration programs advanced at both operations, aiming to extend mine life and resource base.

  • Ended Q3 2025 with $121.4 million in liquid assets and $25 million undrawn credit capacity, with no long-term debt.

  • Golden Queen maintained cost control with operating cash costs of $1,623/oz and AISC of $1,807/oz, supporting healthy margins.

Financial highlights

  • Q3 2025 revenue reached $90.4 million, adjusted EBITDA was $36.0 million, and net income was $43.7 million ($0.29 EPS), all company records.

  • Free cash flow for Q3 2025 was $12.4 million, and liquid assets rose to $121.4 million.

  • Total assets grew to $370.8 million, while total liabilities fell to $145.2 million due to debt repayment and higher working capital.

  • Gross operating income was $36.8 million, and income from operations was $30.7 million in Q3 2025.

  • Adjusted EBITDA margin and free cash flow both reached record levels.

Outlook and guidance

  • San Bartolomé is expected to meet the high end of production guidance for 2025, while Golden Queen's full-year production is expected near or below the lower end due to leach-cycle timing.

  • All financial metrics and CAPEX are expected to be within guidance for the year.

  • Focus remains on cost and capital discipline, with flexibility to pursue growth opportunities and further exploration.

  • $200 million base shelf prospectus filed to enhance capital market flexibility.

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Frequently asked questions

Andean Precious Metals Corp. is engaged in the acquisition, exploration, development, and processing of mineral resource properties, primarily focusing on silver and gold. The company operates the San Bartolomé processing facility in Potosí, Bolivia, and the Soledad Mountain mine in Kern County, California. The San Bartolomé facility processes silver-rich oxide ores, while the Soledad Mountain operation is an open-pit mine utilizing heap leach processing. The company is headquartered in Toronto, Ontario, and its shares are listed on the TSX Venture Exchange.

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