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• Andean reported Q4 and full-year 2025 production results and provided 2026 guidance.
• 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025.
• The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives.
• APM will release its Q4 and year-end 2025 financials after market on March 24th, followed by a conference call on March 25th at 9AM ET.
Yesterday, after market close, Andean Precious Metals (APM:TSX, ANPMF:OTC) reported Q4 and year-end 2025 production results and outlined 2026 guidance expectations. Q4 production of 27.8Koz was slightly below our 29.9Koz forecast; however, displayed solid QoQ improvement from 25.7Koz in Q3, ending the year with strong momentum heading into 2026. The Company has also provided 2026 guidance expectations, which include ~8% higher production YoY, and capital plans to expand and optimize long-term production. Higher production expectations in combination with higher precious metals prices and competitive costs position APM for a strong year ahead, as the Company maintains meaningful exposure to both gold and silver. We are maintaining our BUY rating and increasing our target price to C$18.00/share (previously C$11.00/share) on APM.
Production Results
Q4 production of 27.8Koz AuEq showed strong momentum QoQ, increasing 8%, compared to our 29.9Koz estimate. Production at Golden Queen benefited from improved leach-cell permeability and optimization in blending and leaching, while San Bartolome continued its focus on leveraging throughput capacity, recovery optimization, and securing long-term purchase agreements. Q4 consolidated production included contributions of 15.9Koz AuEq (1.7Koz Au & 1.3Moz Ag) from San Bartolome and 11.8Koz AuEq (10.9Koz Au & 0.9Moz Ag) from Golden Queen versus our estimates of 16.6Koz and 13.3Koz, respectively.
2025 production of 99.2Koz AuEq came in just below the low-end of 102.9-117.2Koz guidance, as a result of lower gold production of 46koz versus guidance of 51.8-57.2koz, which was driven by Golden Queen’s 41.6Koz Au below guidance of 50-55Koz. Nevertheless, growth was displayed in Q4 and 2026 should be stronger. At San Bartolome, full-year production of 53.9Koz AuEq was roughly at the midpoint of 52.2-60.6Koz. Consolidated silver production of 4.8Moz aligned with 4.6-5.4Moz.
APM: Q4 Production Improved QoQ; Further Growth in 2026
What you need to know:• Andean reported Q4 and full-year 2025 production results and provided 2026 guidance.
• 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025.
• The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives.
• APM will release its Q4 and year-end 2025 financials after market on March 24th, followed by a conference call on March 25th at 9AM ET.
Yesterday, after market close, Andean Precious Metals (APM:TSX, ANPMF:OTC) reported Q4 and year-end 2025 production results and outlined 2026 guidance expectations. Q4 production of 27.8Koz was slightly below our 29.9Koz forecast; however, displayed solid QoQ improvement from 25.7Koz in Q3, ending the year with strong momentum heading into 2026. The Company has also provided 2026 guidance expectations, which include ~8% higher production YoY, and capital plans to expand and optimize long-term production. Higher production expectations in combination with higher precious metals prices and competitive costs position APM for a strong year ahead, as the Company maintains meaningful exposure to both gold and silver. We are maintaining our BUY rating and increasing our target price to C$18.00/share (previously C$11.00/share) on APM.
Production Results
Q4 production of 27.8Koz AuEq showed strong momentum QoQ, increasing 8%, compared to our 29.9Koz estimate. Production at Golden Queen benefited from improved leach-cell permeability and optimization in blending and leaching, while San Bartolome continued its focus on leveraging throughput capacity, recovery optimization, and securing long-term purchase agreements. Q4 consolidated production included contributions of 15.9Koz AuEq (1.7Koz Au & 1.3Moz Ag) from San Bartolome and 11.8Koz AuEq (10.9Koz Au & 0.9Moz Ag) from Golden Queen versus our estimates of 16.6Koz and 13.3Koz, respectively.
2025 production of 99.2Koz AuEq came in just below the low-end of 102.9-117.2Koz guidance, as a result of lower gold production of 46koz versus guidance of 51.8-57.2koz, which was driven by Golden Queen’s 41.6Koz Au below guidance of 50-55Koz. Nevertheless, growth was displayed in Q4 and 2026 should be stronger. At San Bartolome, full-year production of 53.9Koz AuEq was roughly at the midpoint of 52.2-60.6Koz. Consolidated silver production of 4.8Moz aligned with 4.6-5.4Moz.
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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