# Q2 2025 News Release vfinal

Source Brief: https://evesgoldminers.com/research/source-briefs/andean-precious-metals-2025-08-12-q2-2025-news-release-vfinal-e204de1d
Original source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2025/08/12220945/Q2-2025-News-Release-vfinal.pdf
Original published: 2025-08-12
EGM generated: 2026-09-04
Company: Andean Precious Metals (APM)

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# Q2 2025 News Release vfinal

Source: https://wp-andeanpm-2023.s3.ca-central-1.amazonaws.com/media/2025/08/12220945/Q2-2025-News-Release-vfinal.pdf
Published: 2025-08-12T00:00:00+00:00
Fetched: 2026-05-06T10:02:57.167+00:00
Source artifact: e204de1d-c38a-4947-a11f-8850f8750e3b
Normalizer input: text

## Content

# Q2 2025 News Release vfinal
NEWS RELEASE
TSX: APM OTCQX: ANPMF
ANDEAN PRECIOUS METALS REPORTS SECOND QUARTER
2025 FINANCIAL RESULTS
ANOTHER STRONG QUARTER WITH RECORD REVENUES AND EBITDA;
SAN BARTOLOME FINANCIAL METRICS REVISED UPWARD
(All amounts in U.S. dollars unless otherwise indicated)
TORONTO, ON – August 12, 2025 – Andean Precious Metals Corp. (“Andean” or the “Company”)
(TSX: APM) (OTCQX: ANPMF) is pleased to report its financial results for the three and six months
ended June 30, 2025. This news release should be read together with Andean’s management’s
discussion and analysis (“MD&A”) and condensed interim consolidated financial statements for the
three and six months ended June 30, 2025 (the “Financial Statements”) which are available under the
Company’s profile on SEDAR+ (www.sedarplus.ca).
Second Quarter 2025 Highlights:
• Consolidated revenue of $73.7 million from sales at an average realized gold price of
$3,316/oz1 and an average realized silver price of $34.36/oz1 for Q2 2025 versus consolidated
revenue of $69.8 million from sales at an average realized gold price of $2,305/oz and an
average realized silver price of $27.80/oz for Q2 2024.
• Consolidated Q2 2025 production of 24,341 gold equivalent ounces.
• Gross operating income of $29.4 million for Q2 2025 versus $11.7 million for Q2 2024, mainly
due to higher average realized gold and silver prices and lower operating costs at San Bartolome
and Golden Queen.
• Income from operations of $24.5 million for Q2 2025 versus income from operations of $9.8
million for Q2 2024, mainly due to higher gross operating income partially offset by higher
exploration and evaluation expenditures.
• Adjusted EBITDA2 of $28.9 million for Q2 2025 compared to adjusted EBITDA of $17.2 million
for Q2 2024.
• Net income and net income per share of $17.4 million and $0.12 (diluted basis),
respectively for Q2 2025, net income and net income per share of $9.4 million and $0.06
(diluted basis) for Q2 2024.
• The Company ended Q2 2025 with $87.3 million in liquid assets as compared to $72.0 million
in liquid assets at the end of Q2 2024.
• The Company strengthened its balance sheet with $320.9 million in total assets as
compared to $315.1 million in total assets at the end of Q4 2024, and $139.4 million in total
liabilities at the end of Q2 2025 as compared to $164.1 million at the end of Q4 2024. The
improved financial position is attributed to cash-flow generation (with a portion converted to
1
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NEWS RELEASE
TSX: APM OTCQX: ANPMF
marketable securities), additions to working capital, and paydown of the Company’s revolving
credit facilities.
• During Q2 2025, the Company paid down its existing revolving credit facilities to $nil.
• The Company is pleased to favourably update its 2025 San Bartolome financial metrics
as well as to reaffirm its 2025 Production, CAPEX, and Golden Queen Guidance.
Golden Queen Results:
• Golden Queen produced 12,213 gold equivalent ounces in Q2 2025 versus 16,986 gold
equivalent ounces in Q2 2024.
• Golden Queen OCC1 of $1,717/oz and AISC1 of $2,245/oz for Q2 2025 versus OCC of
$1,471/oz and AISC of $1,752/oz for Q2 2024.
San Bartolome Results:
• San Bartolome produced 12,128 gold equivalent ounces in Q2 2025 versus 12,795 gold
equivalent ounces in Q2 2024.
• Cash Gross Operating Margin (“CGOM”)1 of $13.89 per silver equivalent ounce sold and
a Gross Margin Ratio (“GMR”)1 of 45.89% for Q2 2025, versus a CGOM of $5.03 per silver
equivalent ounce sold and a GMR of 20.80% for Q2 2024.
Corporate Updates:
• On May 1, 2025 the Company reported the results of the 2024 exploration program and
outlined plans for its 2025 exploration program objectives and targets at Golden Queen.
• On June 2, 2025 the Company entered into an exclusive long-term agreement with
COMIBOL to purchase up to 7 million tonnes of oxide ore.
Alberto Morales, Executive Chairman and CEO stated: “Q2 was another strong quarter for Andean,
marked by record revenue, and robust EBITDA.
Operationally, San Bartolome delivered improved margins, supported by strong silver prices and steady
cost control, enabling us to favourably revise our 2025 guidance for CGOM and GMR. As previously
announced, the Company signed a 7 million tonne purchase agreement with state-owned company
COMIBOL. We continue to make progress developing this project where we anticipate first ore in the
second half of 2026. The agreement provides additional prospective oxide deposits that will increase
ore sourcing for years to come and ultimately leverage processing capacity which is currently under
utilized.
Golden Queen remains on track to meet its production and cost guidance, with production weighted to
the second half of the year as planned. We are also reaffirming our 2025 production and capital
expenditure guidance for both operations. The exploration results released in May at Golden Queen are
encouraging, and our 2025-2026 exploration program is underway to extend mine life and grow
resources.
2
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NEWS RELEASE
TSX: APM OTCQX: ANPMF
With a stronger balance sheet, solid free cash flow, and a clear growth strategy, Andean is well
positioned to continue creating long-term value for shareholders."
OPERATING HIGHLIGHTS Q2 2025 Q2 2024 YTD 2025 YTD 2024
Gold ounces (Au, Oz)
Produced 11,945 15,309 23,024 25,742
Sold 11,403 15,679 22.227 25,971
Average realized gold price ($/oz) 1 3,316 2,305 3,013 2,213
Silver ounces (Ag, K-Oz)
Produced 1,116 1,208 2.041 2,128
Sold 1,046 1,210 2.074 2,129
Average realized silver price ($/oz) 1 34.36 27.80 33.14 26.00
Gold equivalent ounces (Au Eq, Oz) 2
Produced 24,341 29,867 45,702 50,792
Sold 23,024 30,262 45,275 51,027
Golden Queen
OCC ($ / Gold Ounces Sold)1 3 1,717 1,471 1,593 1,586
AISC ($ / Gold Ounces Sold) 1 2,245 1,752 2,229 1,825
San Bartolome
CGOM ($ / Silver Equivalent Ounces Sold)1 13.89 5.03 12.88 2.50
GMR / Silver Equivalent Ounces Sold (%)1 3 45.89 20.80 44.08 12.12
1
Average realized gold price, average realized silver price, OCC, AISC, CGOM, and GMR are measures of financial performance with no
prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-
GAAP Financial Measures, Ratios and Supplementary Financial Measures” section of this release for further detail, including a reconciliation
of these metrics to the financial statements.
2
Beginning in 2025, gold equivalent ounces of silver produced or sold in a quarter are computed using a consistent ratio of silver price to the
gold price and multiplying this ratio by silver ounces produced or sold during that quarter. The Company is using a conversion factor of 90
using a price assumption of $2,500 per ounce of gold and $27.78 per ounce of silver.
3
Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to
cost of sales which has a corresponding impact on OCC, GMR, and gross operating income.
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NEWS RELEASE
TSX: APM OTCQX: ANPMF
FINANCIAL HIGHLIGHTS Q2 2025 Q2 2024 YTD 2025 YTD 2024
(In thousands of US dollars, except for net income per share metrics)
Revenue 73,739 69,799 135,717 112,849
Gross operating income1 29,381 11,677 52,404 11,989
Income from operations 24,538 9,777 43,460 8,158
Net income 17,413 9,385 32,021 9,309
Net income per share
-Basic 0.12 0.06 0.22 0.06
-Diluted 0.12 0.06 0.21 0.06
Adjusted EBITDA2 28,895 17,176 50,833 18,187
Capital expenditures 8,200 5,379 17,596 9,207
Free cash flow 2 12,265 8,150 10,727 59
Cash and cash equivalents 36,073 47,049 36,073 47,049
Liquid assets1 87,293 71,960 87,293 71,960
1
Beginning in 2025 with impact on prior-year comparative periods, the Company reclassed mine-site general and administrative expenses to
cost of sales which has a corresponding impact on OCC, GMR, and gross operating income.
2
Free cash flow, EBITDA, Adjusted EBITDA, and Liquid Assets are measures of financial performance with no prescribed definition under
IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures,
Ratios and Supplementary Financial Measures” section of this news release for further detail, including a reconciliation of these metrics to
the financial statements.
The Company is pleased to revise, on a favourable basis, the cost guidance for San Bartolome for
CGOM and GMR. The CGOM range guidance increases from a range of $6.50 - $8.40 to $8.00 -
$13.00, and the GMR range guidance increases from 29 – 36% to 33% – 45%. The Company continues
to see favorable production costs, primarily due to favourable foreign exchange rates, and continued
elevated realized spot silver prices which are expected to continue through to the end of 2025.
Given our strong cash position, the Company took the strategic decision to fully repay all outstanding
amounts under its revolving credit facilities during Q2. The $25 million facility remains fully available,
providing additional financial flexibility if required.
ORIGINAL REVISED GUIDANCE
GUIDANCE
Golden Queen OCC ($ / Au Oz Sold) $ 1,500 - $ 1,800 $ 1,500 - $ 1,800
AISC ($ / Au Oz Sold) $ 1,950 - $ 2,150 $ 1,950 - $ 2,150
San Bartolome CGOM ($ / AgEq Oz Sold) $ 6.50 - $8.40 $ 8.00 - 13.00
GMR / AgEq Oz Sold (%) 29 % - 36 % 35 % - 45 %
4
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NEWS RELEASE
TSX: APM OTCQX: ANPMF
Production Guidance
The Company reaffirms its 2025 annual gold and silver production guidance for Golden Queen and San Bartolome:
Gold Production Silver Production Gold Equivalent Production2
(Thousand Ounces) (Million Ounces) (Thousand Ounces)
Golden Queen 50.0 – 55.0 0.2 – 0.5 52.2 – 60.6
San Bartolome 1.8 – 2.2 4.4 – 4.9 50.7 – 56.6
Total 51.8 – 57.2 4.6 – 5.4 102.9 – 117.2
Q2 2025 Conference Call and Webcast
• Wednesday, August 13, at 9:00 AM ET
• Participants may listen to the webcast by registering via the following link
https://www.gowebcasting.com/14129
• Participants may also listen to the conference call by calling North American toll free 1-833-821-
0164, or 1-647-846-2305 outside the U.S. or Canada.
• An archived replay of the webcast will be available for 90 days at:
https://www.gowebcasting.com/14129 or the Company website at www.andeanpm.com.
About Andean Precious Metals
Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the
Americas. The Company owns and operates the San Bartolome processing facility in Potosí, Bolivia
and the Golden Queen mine in Kern County, California, and is well-funded to act on future growth
opportunities. Andean’s leadership team is committed to creating value; fostering safe, sustainable
and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals
producer.
Qualified Person Statement
The scientific and technical content disclosed in this news release was reviewed and approved by
Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by
National Instrument 43-101 – Standards for Disclosure for Mineral Projects, Registered Member, Society
for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and Metallurgy
(AusIMM).
For more information, please contact:
Amanda Mallough
Director, Investor Relations
amallough@andeanpm.com
T: +1 647 463 7808
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NEWS RELEASE
TSX: APM OTCQX: ANPMF
Caution Regarding Forward-Looking Statements
Certain statements and information in this release constitute “forward-looking statements” within the
meaning of applicable U.S. securiti

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