Andean Precious Metals Corp: 2025 Production Surges, 2026 Outlook Sharpened
Andean Precious Metals Corp (TSX: APM, OTCQX: ANPMF) has just released its fourth‑quarter and full‑year 2025 production figures, alongside a detailed 2026 production and cost guidance package. The company, headquartered in Vancouver, Canada, focuses on precious‑metal mining services and has shown a marked uptick in output and profitability at a time when commodity prices are fluctuating.
2025 Production Highlights
| Metric | 2025 Q4 | 2025 FY |
|---|---|---|
| Consolidated gold‑equivalent production (ounces) | 27,777 | 99,165 |
| Consolidated silver production (silver‑equivalent ounces) | 1,400,000 | 4,800,000 |
| Average realized gold price | $4,171/oz | — |
| Average realized silver price | $59.88/oz | — |
The company attributes its best‑ever quarterly output to several operational improvements:
- Golden Queen: 11,828 gold‑equivalent ounces in Q4; 45,311 ounces for the full year. Enhanced leach‑cell permeability and optimized ore‑blending protocols were credited for the gains.
- San Bartolome: 15,949 gold‑equivalent ounces in Q4; 53,854 ounces for the full year. The mine’s throughput capacity was leveraged, alongside stricter ore‑purchase agreements, to secure higher recoveries.
Both sites reported record realized prices—slightly above market averages for gold ($4,167/oz) and silver ($55.29/oz). The company’s management emphasized that the improved leaching and blending techniques have now been institutionalised, promising sustained performance.
2026 Guidance and Strategic Focus
Alberto Morales, Executive Chairman and CEO, outlined a production profile that is well‑balanced across the year: 45 % of 2026 output in the first half and 55 % in the second half. This split mirrors the mining sequence at Golden Queen and the ore‑delivery timetable at San Bartolome. Key points from the guidance include:
- Capital Allocation: A disciplined investment plan is in place to upgrade processing equipment and enhance operational flexibility. The strategy is tightly aligned with value creation, prioritising cost discipline.
- Cost Structure: The company claims a competitive cost base, bolstered by lower processing costs at Golden Queen and improved recovery rates at San Bartolome.
- Price Exposure: With production streams rich in both gold and silver, Andean is positioned to capture upside from price swings in either metal.
The company is also preparing to release its 2025 financial statements on March 24, 2026, with an earnings conference call scheduled for March 25 at 9:00 a.m. ET.
Market Context
As of February 23, 2026, APM trades at CAD 10.23, a mid‑point between its 52‑week low of CAD 1.22 and high of CAD 12.55. The market cap stands at roughly CAD 1.52 billion. The price‑to‑earnings ratio, 15.14, indicates a valuation that is neither over‑extended nor undervalued relative to the sector.
Given the company’s robust production numbers and the guidance that underscores operational resilience, investors might view APM as a company that can ride commodity price volatility with a disciplined capital strategy.
Bottom line: Andean Precious Metals Corp has delivered a record‑high fourth‑quarter 2025 production, driven by operational efficiencies and superior realized prices. Its 2026 guidance suggests a steady production trajectory, a lean cost structure, and a strategic focus on processing improvements—all elements that could generate strong margins and free cash flow for shareholders.
