Andean Precious Metals Reports Third Quarter 2026 Production and Sales Results

Andean Precious Metals Corp. (APM) released production and sales figures for the third quarter of 2026 on October 13, 2026. The company reported consolidated production of 27,262 gold-equivalent ounces (GEOs) for the quarter, representing a 6% increase year over year and a 7% rise from the second quarter. For the first nine months of 2026, consolidated production totaled 79,992 GEOs, up 12% from the same period last year.

At the San Bartolome mine, production reached 16,394 GEOs in the third quarter and 49,060 GEOs over the nine-month period, marking a 29% year-over-year increase. The Golden Queen mine produced 10,868 GEOs in Q3, a 27% increase from the second quarter and an 8% year-over-year gain, rebounding from a weaker second-quarter output of 8,568 GEOs.

The company recorded record quarterly sales of 39,178 GEOs, driven by the sale of all finished inventory deferred at the end of the second quarter along with 100% of third-quarter production. Sales included 13,416 ounces of gold and 2,190 thousand ounces of silver.

Andean Precious Metals maintained its twelve-month 2026 guidance unchanged, targeting 46,000 to 54,000 ounces of gold, 4,600 to 5,100 thousand ounces of silver, and 100,000 to 114,000 GEOs. The release noted that growth guidance details are contained in the Q4 2025 Management’s Discussion and Analysis, with no cost or margin guidance restated in the body of the announcement. The company also confirmed its inclusion in the 2026 TSX30.

Gold-equivalent ounces of silver are computed using a silver-to-gold price ratio of 85 in 2026, a change from the ratio of 90 used in 2025.

Revenue, cost, margin, realized-price, and cash-flow figures are not included in this release and will be reported with the Q3 financials after market close on November 10, 2026.

Andean Precious Metals Corp. (APM) released production data that confirms previously disclosed operational milestones, including the unwind of a forward silver and gold sale. The company had previously announced the deferral of approximately 732,000 ounces of silver and 2,585 ounces of gold on July 14 and again on August 11, 2026, quantifying a $56.3 million forward sale and an $18.7 million premium.

The Golden Queen mine’s sequential production rebound aligns with guidance issued during the Q2 call, where management cited mine sequencing and grade timing as factors driving a focus on achieving the mine plan in the second half of the year. Production guidance remains identical to the ranges issued on February 26, 2026, representing a reaffirmation rather than an increase.

Year-over-year growth percentages appear inflated by changes in the GEO conversion factor, and gold production is running materially behind the pace required to meet the low end of guidance. The stock has declined from C$7.45 on September 3, 2026, to C$5.97 on October 9, 2026, a 20% drop leading into the print.

Andean Precious Metals Corp. (APM), headquartered in Toronto, Ontario, is listed on the TSX and OTCQX under the ticker ANPMF and is pursuing a listing on the NYSE in 2026. The company’s stated objective is to build a leading multi-asset, mid-tier precious metals producer in the Americas. Its portfolio includes two assets in distinct jurisdictions: Golden Queen in California, a permitting-heavy but rule-of-law environment, and San Bartolome in Bolivia, a higher-risk jurisdiction currently transitioning to a flexible exchange-rate regime.

The San Bartolome facility in Potosi, Bolivia, is an oxide silver processing plant with a designed capacity of 1.8 Mt per annum. Throughput increased by 21% in 2025, with third-party ore accounting for approximately 87% of the plant feed that year. The site operates under a 25% tax rate and a 7% mining royalty. A long-term exclusive agreement with COMIBOL covers up to 7 Mt of oxide ore within a 250 km radius, with first deliveries anticipated at the end of 2026. An additional thickener is scheduled for completion in Q1 2027, which is expected to lift recoveries by roughly 0.5-1.0%.

The Golden Queen mine in Kern County, California, is an open-pit heap-leach gold operation with a leach capacity of 12,000 tpd. Since commencing production in 2016, the site has produced over 400 koz of gold and 4.1 moz of silver. A Merrill-Crowe plant upgrade, increasing capacity from 3,000 to 4,000 GPM, is slated for Q4 2026. Additionally, a leach pad expansion adding 3 Mt of capacity is expected to extend operations through 2033.