Andean Precious Metals (APM) Q3 2025 earnings summary

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.