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• Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets.
• Production was lower than expected but APM stated it remains on track to achieve its 2025 guidance, noting that Q1 is typically its weakest quarter.
• APM plans to release its Q1 financials after market on May 6th, with the conference call being held on May 7th at 9AM ET.
This morning, Andean Precious Metals (APM:TSX, ANPMF:OTC) announced its Q1/25 operating results that were lighter than our expectations. APM mentioned that Q1 is typically its lowest quarter for production and that the Company remains on track to achieve its 2025 guidance of 102.9-117.2 Koz of gold equivalent production across Golden Queen and San Bartolome. The Company highlighted that ~40% of its annual production should come in the first half of the year and the remaining 60% in the second half. As such, we have adjusted our 2025 estimates accordingly, pushing out revenue into H2.
While APM stock has been highly volatile over the last month, reaching lows of $1.28/share and highs of $1.86/share, we remind readers that it trades at only 2.6x 2025E EBITDA with a long-term track record of growth and successful acquisitions. We recently released an interview with APM’s CFO Juan Carlos Sandoval, to watch the full interview, click here. We are maintaining our BUY rating on APM with a target price of C$3.50/share.
Golden Queen Production Highlights
• Q1 AuEq produced came in at 11,189oz (-3% YoY) consisting of 10,309oz Au and 79Koz Ag. This came in below our estimate of 14,642oz AuEq produced but ahead of Q1/24 on gold production.
• Q1 ounces sold was 10,881oz AuEq, slightly lower than sales for the same quarter last year which can be attributed to the lower production.
San Bartolome Production Highlights
• Q1 AuEq produced for San Bartolome came in at 10,172oz (+11% YoY) and consisted of gold produced of 769oz and silver produced of 846Koz. This compares to our estimate of 1.0Moz AgEq or ~11,523oz AuEq.
• Q1 AuEq ounces sold was 11,370oz, growing 19% YoY.
APM: Q1 Production Results
What you need to know:• Andean reported its Q1 production results, producing 21.4Koz AuEq between its Golden Queen and San Bartolome assets.
• Production was lower than expected but APM stated it remains on track to achieve its 2025 guidance, noting that Q1 is typically its weakest quarter.
• APM plans to release its Q1 financials after market on May 6th, with the conference call being held on May 7th at 9AM ET.
This morning, Andean Precious Metals (APM:TSX, ANPMF:OTC) announced its Q1/25 operating results that were lighter than our expectations. APM mentioned that Q1 is typically its lowest quarter for production and that the Company remains on track to achieve its 2025 guidance of 102.9-117.2 Koz of gold equivalent production across Golden Queen and San Bartolome. The Company highlighted that ~40% of its annual production should come in the first half of the year and the remaining 60% in the second half. As such, we have adjusted our 2025 estimates accordingly, pushing out revenue into H2.
While APM stock has been highly volatile over the last month, reaching lows of $1.28/share and highs of $1.86/share, we remind readers that it trades at only 2.6x 2025E EBITDA with a long-term track record of growth and successful acquisitions. We recently released an interview with APM’s CFO Juan Carlos Sandoval, to watch the full interview, click here. We are maintaining our BUY rating on APM with a target price of C$3.50/share.
Golden Queen Production Highlights
• Q1 AuEq produced came in at 11,189oz (-3% YoY) consisting of 10,309oz Au and 79Koz Ag. This came in below our estimate of 14,642oz AuEq produced but ahead of Q1/24 on gold production.
• Q1 ounces sold was 10,881oz AuEq, slightly lower than sales for the same quarter last year which can be attributed to the lower production.
San Bartolome Production Highlights
• Q1 AuEq produced for San Bartolome came in at 10,172oz (+11% YoY) and consisted of gold produced of 769oz and silver produced of 846Koz. This compares to our estimate of 1.0Moz AgEq or ~11,523oz AuEq.
• Q1 AuEq ounces sold was 11,370oz, growing 19% YoY.
Underlying
ANDEAN PRECIOUS METALS CORP
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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