Andean Precious Metals Reports Second Quarter 2026 Financial Results

Andean Precious Metals Corp. reported second-quarter 2026 consolidated revenue of $67.6 million, a decline from $73.7 million in the same period last year. The company attributed the decrease to a strategic deferral of silver sales totaling 731,939 ounces and gold sales of 2,585 ounces for treasury management purposes.

The company posted a net loss of $14.0 million, or $0.09 per share, compared to an income of $17.4 million in the prior year period. Adjusted EBITDA fell to $15.7 million from $28.9 million. Production increased 4% year-over-year to 25,388 gold-equivalent ounces (GEOs), with first-half production rising 15% to 52,730 GEOs. San Bartolome’s silver-equivalent output grew 31% year-over-year, while the CGOM cost stood at $25.56 per ounce. Golden Queen produced 8,568 GEOs with an operating cost per ounce (OCC) of $1,779 and an all-in sustaining cost (AISC) of $2,159. Year-to-date AISC was $1,970 per ounce, remaining within 2026 guidance.

Following the quarter-end, the deferred inventory was sold at $62.26 per ounce for silver and $4,168 per ounce for gold, generating $56.3 million in gross proceeds to be recognized in the third quarter of 2026.

The balance sheet strengthened during the period, with total liabilities decreasing to $152.0 million and equity rising to $301.3 million. The company repaid $15 million on its revolver, leaving $14.5 million outstanding. Liquid assets totaled $170.8 million, including metal at refineries valued at cost.

In a net capital income buyback (NCIB), Andean Precious Metals purchased 2.1 million shares post-quarter for C$12.7 million, approximately $9.3 million. The company maintains that its NYSE listing remains on track for 2026, with an updated technical report for Golden Queen expected in late September.

Andean Precious Metals Corp. (APM) reported a net loss in its Q2 financial release, a figure entirely explained by previously disclosed inventory deferral. The July 14 production update had already revealed the deferred volumes and reiterated guidance, allowing the market to largely absorb that impact.

The company highlighted several incremental positives, including the confirmed sale of deferred stock at strong prices, generating $56.3M gross and guaranteeing a substantial Q3 revenue boost. Additionally, APM repaid $15M on its revolver and holds $170.8M in liquid assets, underscoring a strong balance sheet, while also executing an active buyback program.

Andean Precious Metals Corp. is an Americas-focused gold-silver producer operating two assets: the Golden Queen heap-leach gold mine in California, USA, and the San Bartolomé silver processing facility in Potosí, Bolivia.

Golden Queen, with a capacity of 12,000 tpd, has produced more than 400,000 ounces of gold since 2016. The company is pursuing a leach pad expansion and a Merrill-Crowe upgrade to extend the mine’s life and increase capacity.

San Bartolomé, operating at 1.8 million tonnes per annum, processes third-party oxide ore under a long-term agreement with COMIBOL that secures up to 7 million tonnes of feed. Andean Precious Metals Corp. is targeting a listing on the New York Stock Exchange to broaden its investor base.