# APM Q2 Results news release vFINAL Source Brief: https://evesgoldminers.com/research/source-briefs/andean-precious-metals-2024-08-13-apm-q2-results-news-release-vfinal-b4e96280 Original source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2024/08/14021107/APM-Q2-Results-news-release-vFINAL.pdf Original published: 2024-08-13 EGM generated: 2026-09-04 Company: Andean Precious Metals (APM) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # APM Q2 Results news release vFINAL Source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2024/08/14021107/APM-Q2-Results-news-release-vFINAL.pdf Published: 2024-08-13T00:00:00+00:00 Fetched: 2026-05-06T10:03:16.17+00:00 Source artifact: b4e96280-7ed6-4525-a0bc-a280a6cb5be0 Normalizer input: text ## Content # APM Q2 Results news release vFINAL NEWS RELEASE TSX-V: APM OTCQX: ANPMF ANDEAN PRECIOUS METALS REPORTS SECOND QUARTER 2024 OPERATING AND FINANCIAL RESULTS RECORD CONSOLIDATED PRODUCTION AND REVENUES TORONTO, ON – August 13, 2024 – Andean Precious Metals Corp. (“Andean” or the “Company”) (TSX-V: APM) (OTCQX: ANPMF) is pleased to report its operating highlights and financial results for the three and six months ended June 30, 2024. All amounts are in United States Dollars unless otherwise stated. This news release should be read together with Andean’s management discussion and analysis (“MD&A”) and condensed consolidated interim financial statements for the three and six months ended June 30, 2024 (the “Financial Statements”) which are available under the Company’s profile on SEDAR+ (www.sedarplus.ca). Second Quarter 2024 Highlights: • Achieved zero lost time injuries and no reportable environmental incidents, demonstrating our commitment to a safe and sustainable operation. • The Company reported a record consolidated production of 29,888 gold equivalent ounces (“AuEq oz”), or its equivalent of 2.5 million silver equivalent ounces (“AgEq oz”), approximately a 40% increase from Q1 20241. • Golden Queen produced 16,986 AuEq oz, a 48% increase compared to Q1 2024, reflecting a strong recovery from the December 2023 fire and improved operations post-acquisition. • San Bartolomé produced 1.1 million AgEq oz, a 30% increase from Q1 2024, driven by a 27% rise in purchased ore. • Subsequent to the end of the quarter, the new Fine Minerals Processing Facility (“FDF”) was commissioned on July 23, 2024, now operating at 1,300 tonnes per day with planned ramp up to 1,500 tonnes per day by the end of Q3 2024, enhancing overall performance and sustainability. • The Company recorded consolidated revenue of $69.8 million, with an average realized gold price of $2,305/oz and silver price of $27.81/oz2. This marks a 62% increase, or $26.7 million, compared to Q1 2024, driven by increased production at Golden Queen and San Bartolomé and higher average realized gold and silver prices. Golden Queen’s operating cash cost (“OCC”) and all-in sustaining cost (“AISC”) per ounce of gold sold for the quarter were $1,350 and $1,752, respectively. 1 1. Silver equivalent production and silver equivalent sales include gold production and sales, respectively. Equivalent ounces are calculated using the Company’s average realized gold and silver prices during the referenced period. Gold equivalent production and gold equivalent sales include silver production and sales, respectively. Equivalent ounces are calculated using the Company’s average realized gold and silver prices during the referenced period. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail. 2. OCC, AISC and average realized prices are measures of financial performance with no prescribed definition under IFRS and may not be comparable to similar 1 NEWS RELEASE TSX-V: APM OTCQX: ANPMF • San Bartolomé’s cash gross operating margin (“CGOM”) and Gross Margin Ratio (“GMR”) were $5.15 and 24.45% respectively3. • Higher gross profit – Sustainable increased production and higher average realized prices for gold and silver led to a gross profit of $14.5 million, up from $3.2 million in Q1 2024. • Net income (after tax) totaled $9.4 million compared to a net loss of $0.1 million in Q1 2024. • Strong liquid assets maintained to support ongoing strategic growth, totaling $87.0 million as of June 30, 2024. • Share buyback continued. The Company repurchased and cancelled 2,298,000 of its common shares at an average cost of C$0.94 per share for a total cost of $1.6 million (C$2.1 million) through its normal course issuer bid ("NCIB") program. • Strengthened management team with the addition of Sylvain Lessard joining the Company as President and General Manager at Golden Queen Mine. Alberto Morales, Executive Chairman and CEO stated “Our second-quarter results highlight the significant progress and growth following our acquisition of Golden Queen. We have more than doubled our size compared to last year’s production and revenue. Compared to Q1 2024, total production increased by approximately 40% to 29,888 gold equivalent ounces, and consolidated revenue rose by 62% to $69.8 million. These achievements underscore our successful integration of Golden Queen and the improved performance at San Bartolomé. Our focus remains on delivering value to our shareholders and pursuing additional growth opportunities as we advance to become a mid-tier producer. During the quarter, we also advanced our FDF project, completing all concrete, structural steel, and mechanical work, while effectively managing costs, $5.5 million incurred against a $6.7 million budget. The commissioning of our Fine Minerals Processing Plant on July 23, 2024, was a key milestone, now operating at 1,300 tonnes per day with plans to reach 1,500 tonnes by the end of Q3. Golden Queen’s 48% production increase and San Bartolomé’s 30% rise in silver equivalent ounces highlight the success of our strategic initiatives. These advances boosted our gross profit to $14.5 million and net income to $9.4 million, marking a strong turnaround.” Mr. Morales continued, “Looking ahead, our strong financial position and operating milestones reaffirms our overall consolidated guidance for 2024. The FDF deposit, with its substantial resource base, aligns with our sustainability goals, contributing to improved silver recovery and reduced environmental impact. Our commitment to safety and environmental stewardship remains strong, evidenced by zero lost time injuries and no reportable environmental incidents this quarter.” financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail, including a reconciliation of these metrics to the Financial Statements. 3. Cash gross operating margin (“CGOM”) per equivalent ounce sold is calculated by subtracting the average cash cost of sale (Costs of sales, excluding depreciation depletion and amortization), allocated corporate administration costs and business unit general and administration cost per equivalent ounces sold from the average selling price per equivalent ounces. It is a measure of financial performance with no prescribed definition under IFRS. Refer to “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail, including a reconciliation of these metrics to the Financial Statements. Gross margin ratio (“GMR”) is calculated by subtracting the cost of sale, excluding depreciation depletion and amortization, as reported in the income statements from the revenue from sales of equivalent ounces divided by revenue from sales of equivalent ounces. It is a measure of financial performance with no prescribed definition under IFRS. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail, including a reconciliation of these metrics to the Financial Statements. 2 NEWS RELEASE TSX-V: APM OTCQX: ANPMF Summary of Financial and Operating Results (In thousands except for net income per Q2 2024 Q2 2023 Change YTD 2024 YTD 2023 Change share and oz) Financial Performance Revenue $ 69,779 $ 15,284 $ 357% 112,849 $ 38,329 194% Cost of sales 47,847 11,771 306% 85,126 32,988 158% Depreciation and depletion 7,399 1,065 595% 10,029 2,519 298% Gross profit 14,533 2,488 494% 17,694 2,822 527% Net income (after tax) 9,385 169 5,453% 9,309 388 2,299% Net income per share -Basic 0.06 0.00 - 0.06 0.00 - -Diluted 0.06 0.00 - 0.06 0.00 - Net cash provided from (used in) operating 13,006 (5,293) - 8,307 (9,616) - activities Free cash flow4 7,788 (5,588) - (303) (10,474) - EBITDA4 24,498 3,657 570% 28,099 5,173 443% Adjusted EBITDA4 21,732 4,928 341% 24,671 5,401 357% Capital expenditures (5,218) (295) (1,669%) (8,610) (858) (903%) Ending cash and cash equivalents 47,049 70,427 (33%) 47,049 70,427 (33%) Marketable securities and investments 39,911 4,687 752% 39,911 4,687 752% Total cash and short-term investments 86,960 75,114 16% 86,960 75,114 16% (In thousands except for metal price per oz) Q2 2024 Q2 2023 Change YTD 2024 YTD 2023( Change Operating highlights Production Golden Queen Silver (koz) 157 - - 265 - - Gold (oz) 15,035 - - 25,294 - - Total AuEq ounces produced (oz) 16,986 - - 28,476 - - San Bartolomé Silver (koz) 1,051 1,189 (12%) 1,863 2,167 (14%) Gold (oz) 274 396 (31%) 448 630 (29%) Total AgEq ounces produced (koz) 1,074 1,221 (12%) 1,901 2,218 (14%) Consolidated Golden Queen AgEq oz (koz) 1,403 - 2,417 - San Bartolomé AgEq oz (koz) 1,074 1,221 (12%) 1,901 2,218 (14%) Total Consolidated AgEq ounces produced 2,477 1,221 103% 4,319 2,218 95% (koz) Sales Golden Queen Silver (koz) 153 - - 261 - - Gold (oz) 15,441 - - 25,563 - - Total AuEq oz sold (oz) 17,348 - - 28,691 - - San Bartolomé Silver (koz) 1,057 620 71% 1,868 1,602 17% Gold (oz) 238 - 100% 408 215 90% Total AgEq oz sold (koz) 1,076 620 74% 1,902 1,620 17% Consolidated ounces sold Golden Queen AgEq oz (koz) 1,433 - 2,436 - San Bartolomé AgEq oz (koz) 1,076 620 74% 1,902 1,620 17% Total Consolidated AgEq oz sold (koz) 2,509 620 305% 4,339 1,620 168% Average realized silver price ($/oz) $ 27.81 $ 24.65 13% 26.01 $ 23.67 10% Average market silver price ($/oz) $ 28.79 $ 24.15 19% 26.08 $ 23.33 12% Average realized gold price ($/oz) $ 2,305 $ - $ 100% 2,213 $ 1,930 15% Average market gold price ($/oz) $ 2,337 $ 1,977 $ 18% 2,203 $ 1,932 14% 4. Free cash flow, EBITDA and Adjusted EBITDA are measures of financial performance with no prescribed definition under IFRS. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section below for further detail, including a reconciliation of these metrics to the Financial Statements. 3 NEWS RELEASE TSX-V: APM OTCQX: ANPMF 2024 Outlook and Guidance Production guidance The Company is maintaining the 2024 annual gold and silver equivalent production guidance for Golden Queen and San Bartolomé. 2024 AuEq oz Guidance5 +/- 2024 AgEq oz Guidance5 +/- 5% 5% Golden Queen (koz) 60 5,429 San Bartolomé (koz) 55 5,000 Consolidated (koz) 115 10,429 Quarter-to-quarter gold production in 2024 is expected to fluctuate during the year, with production continuing to be weighted towards the second half of the year. Cost guidance The Company is maintaining the 2024 cost guidance for Golden Queen and San Bartolomé as shown below: 2024 Guidance +/- 5% Golden Queen OCC per gold ounce sold, on a by-product credit basis 2 $ 1,500 AISC per gold ounce sold, on a by-product credit basis $ 1,750 San Bartolomé CGOM $ 3.88 GMR 19.5% In line with 2024 guidance, capital investment is expected to total $24.0 million (+/-5%), largely due to the $9.5 million included in the growth capital for the procurement of six new 785-8 haul trucks, as part of the Company’s strategic mobile fleet replacement and mine optimization. These trucks will be financed through an equipment finance 5-year facility. Included in the sustaining capital at Golden Queen is the capitalization of the major overhaul maintenance/rebuild of equipment costs of $8.3 million. As of June 30, 2024, two new trucks out of the planned additional six have been commissioned. Capital expenditures guidance In $’000 2024 Guidance +/- 5% Sustaining capital Golden Queen $ 10,300 San Bartolomé 3,400 Total sustaining capital $ 13,700 Growth capital Golden Queen $ 9,500 San Bartolomé 840 5. Assuming gold equivalent ounces were calculated on a c [Excerpt trimmed for readability. Open the original source for the complete filing or document.]