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• Andean reported strong Q1 production of 27.3Koz AuEq, which matched our forecast, and increased 28% YoY.
• Production at San Bartolome beat our estimates by 11%, driven by higher throughput and grades.
• Q1’s production represents ~26% to the midpoint of guidance despite Q1 typically being the weakest quarter due to seasonality.
• We expect the record financial performance in 2025 to carry into Q1 when the Company reports on May 12th, with the tailwind of higher metal prices.
Andean Precious Metals (APM:TSX, ANPMF:OTC) reported Q1/26 production of 27.3Koz AuEq, which matched our forecast with slightly higher silver production and lower gold production versus our forecast. Production included a strong quarter at San Bartolome on higher YoY throughput and 25% higher grades vs. Q1/24, driving a 28% YoY increase in consolidated production, while Golden Queen broadly met expectations. Overall, this morning’s results are in line, and we continue to anticipate impressive cash generation into 2026, supporting an already strong balance sheet. We are maintaining our BUY rating and our C$18.00/share target price on APM.
Consolidated production included 1,305Koz of silver, beating our 1,207Koz forecast by 8%, given San Bartolome is primarily a silver operation, and 12.0Koz of gold vs. our 12.6Koz (-5%) on modestly lower production at Golden Queen compared to our forecast, which broadly met expectations. Overall, production in the quarter of 27.3Koz AuEq represents ~26% to the midpoint of 2026 guidance (100-114Koz), which is a strong start to the year, particularly given Q1 is typically a weaker quarter due to seasonality, and the Company had guided for 2026 production to be weighted 45% in H1, and 55% in H2. Consolidated sales in the quarter totalled 27.5Koz AuEq (12.0Koz Au & 1,317Koz Ag).
Strong production in the quarter positions APM to deliver another solid quarter financially. The Company reported record revenue and FCF of $133.7M and $35.8M in the prior quarter (see our note here), and this quarter’s production is broadly in line QoQ from 27.8Koz AuEq in Q4/25, with the tailwind of higher anticipated realized metal prices. We are forecasting revenue and FCF of $169M and $42M, respectively, further strengthening APM’s $167M year-end cash position.
APM: Solid Q1 Production Driven by San Bartolome
What you need to know:• Andean reported strong Q1 production of 27.3Koz AuEq, which matched our forecast, and increased 28% YoY.
• Production at San Bartolome beat our estimates by 11%, driven by higher throughput and grades.
• Q1’s production represents ~26% to the midpoint of guidance despite Q1 typically being the weakest quarter due to seasonality.
• We expect the record financial performance in 2025 to carry into Q1 when the Company reports on May 12th, with the tailwind of higher metal prices.
Andean Precious Metals (APM:TSX, ANPMF:OTC) reported Q1/26 production of 27.3Koz AuEq, which matched our forecast with slightly higher silver production and lower gold production versus our forecast. Production included a strong quarter at San Bartolome on higher YoY throughput and 25% higher grades vs. Q1/24, driving a 28% YoY increase in consolidated production, while Golden Queen broadly met expectations. Overall, this morning’s results are in line, and we continue to anticipate impressive cash generation into 2026, supporting an already strong balance sheet. We are maintaining our BUY rating and our C$18.00/share target price on APM.
Consolidated production included 1,305Koz of silver, beating our 1,207Koz forecast by 8%, given San Bartolome is primarily a silver operation, and 12.0Koz of gold vs. our 12.6Koz (-5%) on modestly lower production at Golden Queen compared to our forecast, which broadly met expectations. Overall, production in the quarter of 27.3Koz AuEq represents ~26% to the midpoint of 2026 guidance (100-114Koz), which is a strong start to the year, particularly given Q1 is typically a weaker quarter due to seasonality, and the Company had guided for 2026 production to be weighted 45% in H1, and 55% in H2. Consolidated sales in the quarter totalled 27.5Koz AuEq (12.0Koz Au & 1,317Koz Ag).
Strong production in the quarter positions APM to deliver another solid quarter financially. The Company reported record revenue and FCF of $133.7M and $35.8M in the prior quarter (see our note here), and this quarter’s production is broadly in line QoQ from 27.8Koz AuEq in Q4/25, with the tailwind of higher anticipated realized metal prices. We are forecasting revenue and FCF of $169M and $42M, respectively, further strengthening APM’s $167M year-end cash position.
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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