Andean Precious Metals (APM) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, adjusted EBITDA, and net income in 2025, driven by strong gold and silver prices and increased production at Golden Queen and San Bartolomé.

• Strengthened balance sheet through strong free cash flow and full repayment of legacy debt, entering 2026 with significant liquidity and financial flexibility.

• Revenue split in 2025 was 57% silver and 43% gold, reflecting a balanced production profile.

• Key milestones ahead include a planned NYSE listing and an updated technical report at Golden Queen.

• Positioned for continued growth with enhanced liquidity, operational improvements, and exploration to extend mine life.

Financial highlights

• Full-year 2025 revenue reached $360 million, adjusted EBITDA $134 million, and net income $118 million ($0.78/share), all record highs.

• Free cash flow for 2025 was $59 million; liquid assets at year-end totaled $167 million.

• Q4 2025 revenue was $134 million, adjusted EBITDA $47 million, and net income $42.4 million.

• Total assets increased to $434 million; total liabilities declined to $170 million due to debt repayment.

• Year-over-year growth in revenue, adjusted EBITDA, and net income was driven by strong pricing and operational performance.

Outlook and guidance

• 2026 consolidated production guidance: 100,000–114,000 gold equivalent ounces, weighted 45% in H1 and 55% in H2.

• Golden Queen 2026 cash costs: $1,500–$1,800/oz gold; AISC: $1,850–$2,150/oz gold.

• San Bartolomé 2026 cash gross operating margin: $20–$35/oz silver; gross margin ratio: 35%–45%.

• Sustaining capital for 2026: $17–$24 million; growth capital: $21–$30 million.

• Capital allocation focused on leach pad expansion, infrastructure, and plant optimization.