Andean Precious Metals (APM) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $73.7 million, driven by higher realized gold and silver prices and steady operational performance at San Bartolome and Golden Queen.

• Adjusted EBITDA reached $28.9 million, the highest in company history, and net income doubled year-over-year to $17.4 million or $0.12 per share.

• Ended Q2 2025 with $87.3 million in liquid assets, up from $72.0 million at Q2 2024, and fully repaid revolving credit facilities.

• Entered a long-term agreement with COMIBOL to purchase up to 7 million tonnes of oxide ore, with first orders expected in H2 2026.

• Both operations are on track to meet full-year guidance, with production expected to ramp up in the second half of 2025.

Financial highlights

• Q2 2025 revenue increased 5.5% year-over-year to $73.7 million, supported by average realized silver price of $34.36/oz and gold price of $3,316/oz.

• Gross profit rose 151% year-over-year to $29.4 million, with margin expansion at San Bartolome.

• Adjusted EBITDA up 68% year-over-year to $28.9 million; free cash flow for the quarter was $12.3 million.

• Total liabilities declined to $139 million; total assets increased to $321 million.

• Capital expenditures in Q2 totaled $8.2 million, mainly for Golden Queen infrastructure.

Outlook and guidance

• Revised 2025 margin metrics upwards for San Bartolome: cash gross operating margin now $8–$13/oz and gross margin ratio 35%–45%.

• Golden Queen full-year production guidance reaffirmed at 52,200–60,600 GEO, cash costs $1,500–$1,800/oz, and all-in sustaining costs $1,950–$2,150/oz.

• Consolidated capital expenditure guidance for 2025 remains $28–$32 million.

• Production expected to be weighted 40% in H1 and 60% in H2, with Q4 anticipated as the strongest quarter.

• Anticipates first ore from COMIBOL agreement in H2 2026.