Andean Precious Metals (APM) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of $62 million, up 44% year-over-year, driven by higher realized gold and silver prices and increased production at both San Bartolomé and Golden Queen.

• Net income reached $14.6 million ($0.10 per diluted share), rebounding from a net loss in Q1 2024.

• Produced 21,361 gold equivalent ounces, with significant contributions from both operations.

• Maintained a strong financial position with $75.7 million in liquid assets and reduced total liabilities.

• Strategic milestones included graduation to the TSX main board, positive exploration results at Golden Queen, and strengthening of the leadership team.

Financial highlights

• Revenue rose to $62 million from $43.1 million in Q1 2024, a 44% increase.

• Gross operating income surged to $23 million from $312,000 year-over-year.

• Adjusted EBITDA was $21.9 million, up from $1 million in Q1 2024.

• Free cash flow improved to negative $1.5 million from negative $8.1 million, despite higher capex.

• Cost of sales decreased by 10% to $36 million, reflecting disciplined cost management and favorable FX.

Outlook and guidance

• Full-year production and cost guidance maintained, with expectations for stronger results in the second half of 2025.

• 2025 exploration objectives at Golden Queen focus on near-mine extensions and new zones for future growth.

• Strategic M&A opportunities are being evaluated to enhance the portfolio.