Andean Precious Metals (APM) Q2 2026 earnings summary

Executive summary

• Year-to-date revenue rose 70% to $231 million, driven by higher realized prices and increased production, despite a strategic deferral of metal sales in Q2 2026.

• Deferred inventory of 731,939 oz silver and 2,585 oz gold was sold after quarter-end for $56.3 million, generating $18.7 million in gains to be recognized in Q3.

• Strong liquidity position with $171 million in liquid assets, including $52.2 million in cash and $54 million in finished metal inventory at cost.

• Multiple catalysts ahead, including NYSE listing and updated Golden Queen technical report expected in late September 2026.

• Positioned for growth with exposure to both gold and silver prices and an H2-weighted production profile.

Financial highlights

• Q2 2026 revenue was $67.6 million, down 8% year-over-year due to deferred sales; gross operating income was $23.6 million, Adjusted EBITDA $15.7 million, and net loss $14 million.

• Year-to-date revenue increased 70% to $231 million, gross operating income $99.1 million, Adjusted EBITDA $87 million, and net income $34.2 million.

• Average realized prices: $4,453/oz gold (up 34% YoY), $76.82/oz silver (up 124% YoY).

• Free cash flow outflow of $55.5 million in Q2 and $16 million YTD, reflecting inventory buildup and debt repayment.

• Liquid assets at quarter-end were $171 million, up from $90.5 million a year earlier.

Outlook and guidance

• Full-year 2026 production, cost, and margin guidance reiterated; production profile remains weighted to H2.

• Revenue from deferred inventory sales will be recognized in Q3 2026, expected to boost free cash flow.

• Golden Queen expected to see increased sustaining and growth CapEx in H2, with leach pad expansion and fleet investments.

• Updated Golden Queen technical report to be released in late September 2026, with mine life expected to extend to 2035.

• Continued focus on disciplined execution and free cash flow generation.