Andean Precious Metals (APM) Mining Forum Americas 2026 summary

Strategic milestones and growth trajectory

• Achieved public listing on TSX Venture in 2021, acquired Golden Queen mine in 2023, and graduated to TSX in 2025.

• Included in major mining ETFs and recognized in TSX30 and other industry rankings in 2024–2026.

• Maintains a strong capital structure with significant insider ownership and institutional backing.

• Focused on both organic and inorganic growth, with ongoing exploration and active M&A search.

• Liquid assets exceeded $170 million as of Q2 2026, supporting aggressive expansion.

Asset performance and operational initiatives

• Operates Golden Queen (California) and San Bartolomé (Bolivia), with balanced gold and silver production.

• Golden Queen mine life being extended through exploration, with a technical report due before year-end.

• Aggregate business initiated at Golden Queen, leveraging long-term permits for waste sales.

• San Bartolomé sources ore from a wide radius, optimizing margins through dynamic pricing and supply contracts.

• Ongoing throughput and recovery optimizations, including new equipment and process improvements.

Financial management and profitability

• Deferred bullion sales in Q2 2026 to capitalize on rising spot prices, boosting profits.

• Maintains low debt levels, with only $30 million outstanding against substantial liquidity.

• Uses gross margin ratio and gross cash margin ratio as key profitability metrics, adapting to volatile spot prices.

• Margin spreads targeted at 30–40%, with purchasing systems adjusted for price volatility.