Andean Precious Metals (APM) Q1 2026 earnings summary

Executive summary

• Achieved record financial results in Q1 2026, driven by higher realized gold and silver prices and increased production at both San Bartolomé and Golden Queen operations.

• Consolidated production increased 28% year-over-year and sequentially from Q4 2025.

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

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

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 ($0.32 per diluted share), both up significantly year-over-year.

• Free cash flow totaled $40 million for the quarter, up from negative $1.5 million a year earlier.

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

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

Outlook and guidance

• Reiterated full-year 2026 guidance for production, costs, and margins, with disciplined execution and free cash flow generation.

• Production profile remains weighted to the second half of the year, with 45% expected in H1 and 55% in H2.

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

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