reports
- Ben Pirie
APM: Q2 Financial Results Well Ahead of Expectations
What you need to know: • Andean reported Q2 financial results that came in well above our expectations. The beat was driven by the higher metals prices and lower than expected costs. • Revenue was $73.7M (+6% YoY) vs. our estimate of $64.7M. OCF came in at $26.7M (+47% YoY) vs. our estimate of $13.0M. • APM ended the quarter with $35M in net cash. We are increasing our target price on the Company given the strong cashflow performance. Yesterday evening, Andean Precious Metals (APM:TSX, ANPMF:O...
- Ben Pirie
Mining Monthly: July Edition
What you need to know: • The metals and mining market settled in July, following a tremendous run over the last six months. • In July, gold was down 1%, silver was up 2%, and copper down 13%. The equities underperformed the commodities, with the GDX, GDXJ, SIL, and COPX down 0.8%, 5.0%, 1.5%, and 4.2%, respectively. • Financings remained elevated during July, with various juniors raising funds as capital continues to trickle down. Sentiment Update The mining sector saw mixed sentiment in July,...
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
FRG FORGE RESOURCES CORP.
- Ben Pirie
APM: Q2 Production Results; Expecting Large Cashflow
What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer than our estimates (primarily due to seasonality that we have now adjusted for). • Management reiterated that 60% of its annual production will be mined in H2 and that it remains on track for the top end of guidance. APM remains set up to generate large cash flow in the quarter, growing into H2. • The Company plans to release its Q2 financials after m...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q2/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities. Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively. This builds on the 13% gain from our coverage in Q1/25. Top performers include Santacruz Silver (+102%), Allegiant Gold (+79%) and Capitan Silver (+77%). Atrium Research was a...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
KNR. KONTROL ENERGY CORP
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
TSXV:RIO NICOLA MINING INC.
CEAD RIO2 LIMITED
CEA INDUSTRIES INC
- Ben Pirie
Mining Monthly: June Edition
What you need to know: • The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well. This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates. • Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%. • Financings remained strong in June led by a $200M equity raise for the Sprott Physical Uran...
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
- Ben Pirie
Mining Monthly: May Edition
What you need to know: • The metals and mining market continued its strong run in May, driven by inflationary concerns due to the trade war and geopolitical tensions. • In May, gold was up 1.8%, silver was up 1.7%, and copper was also up 1.7%. The equities outperformed the commodities, with the GDX up 3.3%, GDXJ up 6.4%, SIL up 5.9%, and COPX up 8.7%. • Financings remained elevated during May, with multiple juniors raising over $10M as generalist capital returns to the sector. • M&A activity con...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
TSXV:NIM NICOLA MINING INC.
TSXV:RIO RIO2 LIMITED
- Ben Pirie
APM: Increasing Target Price on Excellent Q1 Profitability
What you need to know: • Andean reported Q1 financial results that came in well above our expectations. The beat was driven by the higher metals prices and lower than expected costs at both assets. • Revenue was $62.0M (+44% YoY) vs. our estimate of $53.6M. OCF came in at $7.0M vs. our estimate of ($1.2M). • APM is up 68% YTD, yet still only trades at 3.1x 2025E CF. We remain highly bullish on the stock and are increasing our target price. Yesterday evening, Andean Precious Metals (APM:TSX, AN...
- Ben Pirie
Mining Monthly: April Edition
What you need to know: • The metals and mining market showed a fourth straight month of strong gains in April on the back of the escalating trade tensions. • In April, gold was up 5.6%, silver was down 4.2%, and copper was down 9.6%. The equities outperformed the commodities, with the GDX up 6.5%, GDXJ up 7.3%, and SIL up 3.3%. • Financings remained largely elevated during April, highlighting the institutional capital that has flowed into the mining sector recently. • M&A started to pick up agai...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
KRI KOBO RESOURCES INC.
- Ben Pirie
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 ope...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q1/25 Recap: All Our Research in One Place!
Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This mainly came from our exposure to precious metals, notably silver. Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively. The performance in Q1 was led by Santacruz Silver (+80%), Omai Gold Mines (+80%), and Tocvan Ventures (+67%). We also proudly hosted another Investor ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
KNR. KONTROL ENERGY CORP
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
INC. (SBIO)
- Ben Pirie
Mining Monthly: March Edition
What you need to know: • The metals and mining market showed a third straight month of strong gains in March as investors moved into safe haven assets to protect from trade tensions and economic uncertainty. • In March, gold was up 3.4%, silver was up 0.8%, and copper was up 6.1%. The equities largely outperformed compared to the commodities, with the GDX up 15.7%, GDXJ up 17.6%, and SIL up 13.6%. • The Trump administration announced an executive order to increase American mineral production acr...
ARG. AMERIGO RESOURCES LTD.
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
NIM NICOLA MINING INC
RIO RIO TINTO PLC
GIGA GIGA METALS
TOC TOCVAN VENTURES
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
- Ben Pirie
APM: Record Q4 & 2024 Financials Beat Expectations
What you need to know: • Andean reported strong Q4 financial and operating results from both of its assets with Golden Queen producing 11.8Koz AuEq (+106% YoY) and San Bartolome producing 1.4Moz AgEq (+14% YoY). • Revenue in Q4 came in at $72.8M (+49% YoY) vs. our estimate of $69.3M, supported by the strong precious metals prices. Adjusted EBITDA was $18.9M (+272% YoY) compared to our estimate of $17.1M. • APM ended the year with $101.0M in cash and $70.3M in debt. Yesterday after market clos...
- Ben Pirie
APM: Undervalued Producer with Strong Balance Sheet
What you need to know: • Andean Precious Metals is generating growing cash flows from its San Bartolomé processing plant in Bolivia and Golden Queen mine in California. • APM has an excellent balance sheet, with $27M in net cash, allowing the Company to pursue organic growth, M&A, and share buybacks. • APM is tightly held, with its CEO owning 53% and Eric Sprott owning 15%. • APM trades at 2.2x/1.9x 2024E/2025E EBITDA, a discount to its peers. Andean Precious Metals (APM:TSX, ANPMF:OTC) owns ...
Andean Precious Metals to Host Second Quarter Earnings Call on August ...
Toronto, Ontario--(Newsfile Corp. - August 11, 2021) - Andean Precious Metals Corp. (TSXV: APM) ("Andean" or the "Company"), a precious metals production and exploration company, is expected to report its 2021 second quarter financial results on Tuesday, August 24, 2021, after market close. Senior management will host a conference call to review the second quarter results on Wednesday, August 25, 2021, at 8:30 a.m. ET.Telephone Dial-In Access InformationTo access the conference call by telephone, dial 416-915-3239 or 1-800-319-4610. Please connect approximately 15 minutes prior to the beginnin...
Andean Precious Metals Announces Results of Annual General and Special...
Toronto, Ontario--(Newsfile Corp. - July 8, 2021) - Andean Precious Metals Corp. (TSXV: APM) ("Andean" or the "Company"), a precious metals production and exploration company, today announced the voting results from the Company's Annual General and Special Meeting of Shareholders (the "Meeting") held on Wednesday, July 7, 2021.A total of 134,474,428 common shares were voted at the Meeting, being 85.50% of the Company's total issued and outstanding common shares. A majority of shareholders voted in favour of all of the management resolutions brought before the Meeting, including:The number of d...
Andean Precious Metals Reports Increased Profitability & $11M of Free ...
Toronto, Ontario--(Newsfile Corp. - May 27, 2021) - Andean Precious Metals Corp. (TSXV: APM) ("Andean" or the "Company"), a precious metals production and exploration company, today reported its operational and financial results for the first quarter ended March 31, 2021. All amounts are expressed in U.S. dollars unless indicated otherwise.Q1 2021 HighlightsFree cash flow(1,2) of $10.9 million, an increase of $9.8 million compared to Q1 2020;Ending cash balance of $69.2 million, an increase of $59.6 million compared to March 31, 2020;Silver equivalent production(3) and sales of 1.5 million oun...
Andean Precious Metals Announces Engagement of Investor Relations Prov...
Toronto, Ontario--(Newsfile Corp. - May 5, 2021) - Andean Precious Metals Corp. (TSXV: APM) ("Andean" or the "Company"), a precious metals production, development and exploration company headquartered in Toronto, Ontario, is pleased to announce that it has retained Hybrid Financial Ltd. ("Hybrid") to perform marketing services for the Company (the "Services"). Hybrid has been engaged to heighten market and brand awareness for Andean and to broaden Andean's reach within the investment community through various channels including, but not limited to, direct telephone and e-mail marketing.The Co...
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