Andean Precious Metals (APM) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformative year with the first full year of Golden Queen operations, record revenues of $254M, and adjusted EBITDA of $62.9M, driven by strong commodity prices and operational efficiencies.

• Free cash flow reached $35M despite $32M in capital expenditures, and liquid assets increased to $81.6M by year-end.

• Uplisting to the Toronto Stock Exchange and renewal of the Normal Course Issuer Bid program enhanced market visibility and capital market access.

• No lost time injuries at either Golden Queen or San Bartolomé in Q4 2024, reflecting a strong safety record.

• Management team strengthened with a new President and continued focus on operational excellence and strategic growth.

Financial highlights

• Record consolidated revenue of $254M, gross operating income of $68.6M, net income of $19.2M ($0.12/share), and adjusted EBITDA of $62.9M ($0.41/share diluted).

• FY 2024 consolidated production was 106,287 gold equivalent ounces; Golden Queen produced 54,275 gold equivalent ounces.

• Cash and cash equivalents of $62.4M and liquid assets of $81.6M as of December 2024.

• Q4 2024 revenue was $72.8M, with net income of $1.7M and adjusted EBITDA of $18.9M.

• Adjusted EBITDA increased from $10.5M in 2023 to $62.9M in 2024; free cash flow rose from $4.6M to $34.5M.

Outlook and guidance

• 2025 consolidated gold equivalent production guidance: 102.9–117.2K ounces, with a mid-point projection of 110,000 ounces.

• Golden Queen OCC and AISC expected at $1,500–$1,800/oz and $1,950–$2,150/oz, respectively.

• San Bartolomé CGOM and GMR expected at $6.5–$8.4/oz and 29%–36%, respectively.

• Total 2025 capital expenditures forecasted at $28.2M–$32M, including sustaining and growth capital.

• Exploration strategy at Golden Queen is under development, with updates and promising results expected in upcoming quarters.