Mining Co. Reports Record Revenue Growth from California and Bolivia Mines

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Andean Precious Metals Corp. (APM:TSX; ANPMF:OTCQX) released its Q4 2025 and full 2025 financial results on March 25, 2026. Andean reported a record-high revenue of US$133.7 million for Q4 and US$359.8 million for the year, respectively, with 43% of sales coming from gold and 57% from silver. The company attributes this to a bullish market, along with strong gold production at the Golden Queen Project and silver production at its San Bartolome site.

A record adjusted EBITDA was also reported, coming in at US$46 million for Q4 and US$133.7 million for 2025 as a whole. As of December 31, the company's liquid assets hit another record, at US$166.8 million. Liability decreased to US$170.3 million, while assets increased to US$433.9 million.

Alberto Morales, Executive Chairman and CEO, said, "2025 was a robust year with strong financial results for Andean. The company delivered record revenue, EBITDA, earnings per share, and free cash flow. These results reflect strong financial contributions from both Golden Queen and San Bartolome, supported by higher precious metals prices.

Importantly, the year was defined not only by record financial results but also by the significant cash flow generated from our operations, which allowed us to further strengthen our balance sheet, repay outstanding credit facilities, and end the year with a record level of liquid assets.

This financial strength provides Andean with meaningful flexibility as we enter 2026. With strong margins and a balanced production profile with continued exposure to both gold and silver, we are well-positioned to fund growth initiatives, continue optimizing our operations, and evaluate opportunities to expand our asset base.

Our consolidated revenue shows that by having a balanced production profile, we are able to capitalize on the appreciation of either gold or silver spot prices. In 2025, this strategy resulted in higher revenue driven by silver production and sales."

Andean Precious Metals Corp. is a mining company headquartered in Canada that operates in California, USA, and Bolivia.

Gold Stabilizing Despite Inflation

Gold is rebounding from an uncertain week, reaching record lows after declining over the past four months.

"Central banks are likely going to have to keep rates higher to fight inflation, and that degrades the traditional bond diversification benefit. That leaves gold as a key diversifier. That diversification comes from sustained inflation, supply disruptions, and geopolitical stress, all of which point back to gold," said Mike Philbrick, CEO of Resolve Asset Management, in an interview with BNN Bloomberg on March 24, 2026.

Regarding inflation and its effect on potentially jittery investors, Jim Wyckoff wrote for Kitco on March 25, 2026, "[T]he metals traders on this day are focusing more on inflation prospects receding if the war in the Middle East de-escalates."

In regard to silver, Mike Philbrick said, "Silver tends to be more volatile than gold and can behave more like a risk asset during growth scares . . . That gives it more volatility — more beta — than gold. It can move more aggressively in both directions."

The market's trajectory is still unsure, but investors have calmed down somewhat in the past few days. Jeff Valks, Senior Analyst for The Gold Advisor, on March 25, 2026, addressed nervous investors: "Good sailors don't expect calm water every day. They plan for weather. They keep sailing anyway. In the meantime, the fundamentals haven't changed."

Andean Precious Metals Gains Analyst Approval

Ben Pirie and Nicholas Cortelluci of Atrium Research maintained their "Buy" rating for Andean on March 25, 2026, with an unchanged target price of CA$18.00.

Their confidence is based partly on Q4 and overall 2025 financial results, while they keep their eyes on the company's future endeavors: "On March 18th, the Company announced its inclusion in the VanEck Junior Gold Miners ETF (GDXJ) effective March 20th, marking a key milestone that reflects its growth, increased scale, and rising relevance in the precious metals sector. The addition is expected to enhance share liquidity, boost institutional ownership, and increase visibility among global investors, supporting the company's ongoing strategy of disciplined growth and asset expansion."

Pirie and Cortelluci also note positives like the company's "strong balance sheet . . . track record of successful acquisitions . . . robust cash flows . . ." and decades of leadership experience.

Chen Lin of "What Is Chen Buying? What Is Chen Selling?" wrote on March 25, 2026, "I followed my plan to buy back my liquid miners at lower prices and added two great producers, APM.to and ORE.to."

Other analysts are optimistic as well. "InvestingPro assigned Andean Precious Metals a "GOOD" Financial Health score of 2.87 out of 5, reflecting solid fundamentals despite recent market volatility."

Catalysts

In the company's March 25, 2026, earnings call transcript, Jean Bouchard, President of Andean, said, "Looking ahead to 2026, our primary objective is to advance infill drilling to convert inferred resources into the measured and indicated categories. Our second objective is to follow up on the zone drilled in 2025 with additional infill drilling, which is intended to further extend mineral reserves along the trend of the existing mining area. Postponing the release of the technical report by a few months ensures the market receives a clearer and more complete picture of the asset's long-term value.

At San Bartolomé, exploration is focused on securing additional oxide resources to support long-term plant feed. We continue to advance exploration across multiple targets with the objective of increasing available resources and maximizing utilization of the plant's capacity. Overall, these programs are designed to enhance production, extend mine life, and support long-term value creation across both operations."

CEO and Executive Chairman Alberto Morales said, "We also expect several important milestones in the year ahead, including the planned listing on the New York Stock Exchange and the release of an updated technical report at Golden Queen, which we believe will further enhance the company's visibility and profile with the global investment community."

Ownership & Share Structure¹

Andean Precious Metals Corp. has a market cap of CA$973.66 million and 149.79 million shares outstanding.

The company has a 52-week range of CA$1.22-CA$12.55.

Management and Insiders own 2.48% of the company's shares, while 53.88% belong to Strategic Investors. Institutions hold 10.35% of shares, and the remaining 33.29% are held by Retail.