Andean Precious Metals Reports Fourth Quarter and Year-End 2025 Production Results and Provides 2026 Production and Cost Guidance
Andean delivers steady production guidance for 2026 as record metal prices mask operational hiccups at Golden Queen
The most recent news (February 26, 2026) reports Q4 and full-year 2025 production results alongside 2026 guidance. Andean produced 99,165 gold equivalent ounces (AuEq oz) in 2025, missing the lower end of its original 102,900 - 117,200 AuEq oz guidance. For 2026, the company forecasts 100,000 - 114,000 AuEq oz. Cost guidance for 2026 is set at $1,500 - $1,800/oz for Golden Queen and $20.00 - $35.00/AgEq oz for San Bartolome. The company also highlighted record realized prices in Q4 2025 ($4,171/oz gold and $59.88/oz silver).
The impact is Routine - Positive. While the 2025 production missed the original guidance, the miss was well-telegraphed in Q3 2025 due to "fine ore particle migration" impacting leaching at Golden Queen. The 2026 guidance shows a return to stability, essentially aiming for the same production levels as the 2025 target. The record realized metal prices are a significant tailwind that has allowed the company to report record financial metrics (Net Income of $43.7M in Q3) despite the production shortfall. The secondary offering by PMB Partners (Alberto Morales) at C$10.50 in January 2026 suggests a floor for the stock price, though it was a non-dilutive transaction for the company itself.
Andean Precious Metals operates two primary assets: - San Bartolome (Bolivia): A silver-focused processing facility. It relies on purchasing ore from COMIBOL and local cooperatives. It is a consistent cash cow with high margins. - Golden Queen (California, USA): An open-pit heap leach gold-silver mine. This is the growth engine but has recently faced "percolation" issues due to clay content in high-grade ore.