Andean Precious Metals (APM) investor relations material

Executive summary

• Record Q3 revenue of $196.6 million, net income of $32.3 million and free cash flow of $69.8 million; results benefited from higher metal prices and sales volumes, plus a $56.3 million deferred-inventory sale.

• Q3 production rose 6% YoY to 27,262 GEOs; 9M production rose 12% to 79,992 GEOs.

• Priorities include free cash flow generation, optimizing both operations, disciplined investment and maintaining financial flexibility.

Financial highlights

• Revenue was $196.6 million, up 117% YoY; gross profit was $55.5 million versus $36.8 million, and income from operations was $47.3 million versus $30.7 million.

• Adjusted EBITDA was $54.4 million, up 51%; 9M revenue rose 89% to $427.4 million and 9M Adjusted EBITDA rose 62% to $141 million.

• Net income was $32.3 million, or $0.22 basic and $0.21 diluted EPS, versus $43.7 million and $0.29 per share; 9M net income was $66.5 million versus $75.8 million.

• Operating cash flow was $72.2 million and free cash flow $69.8 million versus $12.4 million in Q3 2025; 9M free cash flow was $53.9 million versus $23.1 million.

• Q3 net income declined YoY mainly on lower other income and higher tax expense; Q3 2025 included significant unrealized gains on marketable securities.

Outlook and guidance

• 2026 consolidated production guidance narrowed to 101,000–109,000 GEOs, within the original 100,000–114,000 range; higher San Bartolomé silver output offsets lower Golden Queen gold output.

• Consolidated capex guidance fell to $17–$28 million from $38–$54 million, including sustaining capex of $14–$19 million and growth capex of $3–$9 million.

• San Bartolomé guidance is 4.8–5.2 million silver oz, 4,500–5,500 gold oz and 61,000–65,000 GEOs; cash gross operating margin guidance remains $20–$35/AgEq oz and gross margin ratio 35%–45%.

• Golden Queen guidance is 37,000–40,000 gold oz and 40,000–44,000 GEOs; cash costs are $1,800–$2,000/oz, AISC $2,100–$2,300/oz and capex $14–$21 million.

• Revised Q4 guidance assumes 12 BOB/USD versus 9 BOB/USD originally; Q3 rates ranged 9.76–12.64 BOB/USD, with an average cost conversion rate of 11.58.