Andean Precious Metals (APM) Q1 2026 earnings summary

Executive summary

• Achieved record financial results in Q1 2026, with all-time highs in revenue, adjusted EBITDA, and net income, driven by higher gold and silver prices and increased production at both San Bartolomé and Golden Queen.

• Strong operational execution and margin expansion at both assets, with consolidated production up 28% year-over-year.

• Ended Q1 with over $204 million in liquid assets, supporting growth, exploration, and future initiatives.

• Advanced corporate initiatives, including a non-dilutive secondary offering and progress toward a NYSE listing by late September 2026.

• Leadership changes included the appointment of Victor Flores as SVP, Exploration, Operations and Growth.

Financial highlights

• Revenue for Q1 2026 was $163.1 million, up 163% year-over-year, with 64% from silver and 36% from gold.

• Adjusted EBITDA reached $71 million; net income was $48.2 million or $0.32 per diluted share, both record highs.

• Free cash flow totaled $40 million, supporting liquidity and growth initiatives.

• Gross operating income increased to $75.6 million from $23 million in Q1 2025.

• Liquid assets at quarter-end were $204 million, including $114–150 million in cash and $90 million in marketable securities.

Outlook and guidance

• Reiterated full-year 2026 guidance for production, costs, and margins, with production weighted to H2.

• Sustaining and growth CapEx expected to increase through the year, in line with guidance.

• Multiple operational and strategic catalysts anticipated, including a planned NYSE listing.

• Monitoring geopolitical events for potential impacts on commodity prices and monetary policies.