Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • Q2 2025 adjusted EBITDA reached USD 28.9 million, up from USD 17.2 million in Q2 2024.
  • Net income rose to USD 17.4 million, or USD 0.12 per share.
  • Secured exclusive 7-million-tonne oxide ore purchase agreement with COMIBOL.

Andean Precious Metals Corp. (OTCQX: ANPMF) has reported its Q2 2025 financial results, delivering record quarterly revenue of USD 73.7 million, compared to USD 69.8 million in the same period last year. The company’s adjusted EBITDA increased to USD 28.9 million from USD 17.2 million in Q2 2024, while net income grew to USD 17.4 million, or USD 0.12 per share, up from USD 9.4 million, or USD 0.06 per share, a year earlier.

At quarter-end, Andean held USD 87.3 million in liquid assets and had fully repaid its revolving credit facilities, enhancing its financial flexibility. The results were supported by higher realized metal prices, with gold averaging USD 3,316 per ounce and silver averaging USD 34.36 per ounce during the quarter.

Operationally, total production reached 24,341 gold equivalent ounces. The Golden Queen mine contributed 12,213 ounces, down from 16,986 ounces in Q2 2024, and recorded an all-in sustaining cost (AISC) increase to USD 2,245 per ounce from USD 1,752 per ounce year-over-year. The San Bartolome operation delivered 12,128 ounces, slightly lower than the 12,795 ounces reported in the prior-year period, but improved margins significantly with a gross margin ratio of 45.89% compared to 20.80% in Q2 2024.

During the quarter, Andean secured an exclusive agreement with Bolivian state mining company COMIBOL to purchase up to 7 million tonnes of oxide ore. This strategic arrangement is expected to support San Bartolome’s future feedstock requirements. The company also reaffirmed its production and capital expenditure guidance for both Golden Queen and San Bartolome, while revising San Bartolome’s 2025 financial metrics upward.

Despite the positive financial performance, Golden Queen’s lower output and higher AISC were key operational challenges. Management noted that higher metal prices helped offset these impacts during the quarter.

Looking ahead, Andean plans to continue advancing both operations while maintaining cost discipline and capital allocation priorities. With zero debt on its revolving credit facility and a strengthened cash position, the company enters the second half of 2025 with increased flexibility for operational and strategic initiatives.