Andean Precious Metals (TSE:APM)
TSX:APM
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Andean Precious Metals
(TSX:APM)
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Rating:78Outperform
Price Target:
C$11.00
▲(21.95% Upside)
Action:Reiterated
Date:01/24/26
The score is driven primarily by strong underlying financial performance (profitability and balance sheet strength) and supportive bullish technical trends. Valuation is only moderate due to the P/E level and no dividend yield data, while the latest earnings call was broadly positive but tempered by production challenges and lower-end production guidance.
Positive Factors
High margins & profitability
Sustained high gross and EBITDA margins indicate structurally efficient mining operations and cost control. Margins near these levels provide buffer through commodity cycles, support reinvestment and debt service, and imply the company converts production into durable operating profit over time.
Negative Factors
Declining free cash flow growth
A fall in free cash flow growth constrains internal funding for capex, exploration, and debt reduction. Over several quarters weaker FCF growth reduces optionality, may force external financing at inopportune times, and limits capacity to smooth production cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & profitability
Sustained high gross and EBITDA margins indicate structurally efficient mining operations and cost control. Margins near these levels provide buffer through commodity cycles, support reinvestment and debt service, and imply the company converts production into durable operating profit over time.
Read all positive factors
Andean Precious Metals (APM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$831.60M
Dividend YieldN/A
Average Volume (3M)359.98K
Price to Earnings (P/E)4.1
Beta (1Y)3.63
Revenue Growth67.83%
EPS Growth342.70%
CountryCA
Employees501
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.53
Shares Outstanding149,837,460
10 Day Avg. Volume395,202
30 Day Avg. Volume359,976
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)0.78
Price to Sales (P/S)0.46
P/FCF Ratio3.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.01
Revenue Forecast (FY)C$564.00M
Andean Precious Metals Business Overview & Revenue Model
Company Description
Andean Precious Metals Corp. engages in the acquisition, exploration, development, and processing of mineral resource properties in the United States. The company primarily explores for silver and gold deposits. It holds 100% interest in San Barto...
How the Company Makes Money
Andean Precious Metals generates revenue primarily through the sale of precious metals, particularly silver and gold, extracted from its mining operations. The company employs a revenue model that includes direct sales of metals to wholesalers and...
Andean Precious Metals Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational execution and materially improved financial results (record revenue, high EBITDA, meaningful free cash flow and a robust liquidity position), driven largely by San Bartolome's production and favorable metal prices. Management reiterated full‑year guidance, confirmed capital allocation discipline, and outlined strategic initiatives including a planned NYSE listing and continued exploration. The primary risks discussed were timing of CapEx (concentrated later in the year), production weighting to H2, and exposure to silver price volatility. Overall, the positives substantially outweigh the concerns.Positive Updates
Record Quarterly Revenue and Profitability
Revenue of $163.1 million in Q1 2026 (record quarter), up ~163% year-over-year; adjusted EBITDA of ~$71 million; net income of ~$48.2 million (or $0.32 per diluted share).
Negative Updates
Production and Cash Flow Weighted to Second Half of 2026
Company reiterates guidance but notes production profile is weighted to H2 2026 (approx. 45% of annual production in H1, 55% in H2), which concentrates near-term production and cash flow later in the year and may affect first-half comparability.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue and Profitability
Revenue of $163.1 million in Q1 2026 (record quarter), up ~163% year-over-year; adjusted EBITDA of ~$71 million; net income of ~$48.2 million (or $0.32 per diluted share).
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 guidance across production, costs and margins while noting the year is skewed toward the back half (≈45% of annual production in H1 vs ≈55% in H2); Q1 was exceptionally strong (revenue $163.1M, adjusted EBITDA $71M, net income ~$48.2M or $0.32/sh, free cash flow ~$40M) and the company finished the quarter with ~ $204M in liquid assets (cash ~$115M + marketable securities ~$90M) and long‑term bank debt of ~$39M. They said Q1 CapEx was lower due to timing but reiterated full‑year CapEx guidance and warned sustaining/growth CapEx (notably at Golden Queen for leach pad expansion, fleet and optimization) will ramp later in the year; tax expense in Q1 is expected to be representative going forward. Operational guidance drivers cited: San Bartolomé produced ~15,847 gold‑equivalent oz (≈1.23M oz silver), average throughput ~4,500 tpd, head grade +28% YoY and cash gross operating margin >$36 per silver equivalent oz (gross margin >45%); Golden Queen produced ~11,500 gold‑equivalent oz (≈10,600 oz gold) with revenue ~ $55M, operating cash cost ~$1,596/oz and AISC ~$1,859/oz. They also expect the Phase 1 2026 drill program (~10,000 m) to finish mid‑June, will assess a second phase, will release an updated Golden Queen technical report toward end‑Q3, and anticipate a NYSE listing by late September to broaden liquidity.Andean Precious Metals Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 298.94M | 254.00M | 125.32M | 108.05M | 144.21M | 166.27M |
| Gross Profit | 112.98M | 68.56M | 14.20M | 9.70M | 38.81M | 74.69M |
| EBITDA | 119.43M | 54.64M | 52.16M | -2.68M | 30.72M | 50.43M |
| Net Income | 77.47M | 19.22M | 41.94M | -10.09M | 4.27M | 58.48M |
Balance Sheet | ||||||
| Total Assets | 370.82M | 315.09M | 269.89M | 133.86M | 140.29M | 147.32M |
| Cash, Cash Equivalents and Short-Term Investments | 121.37M | 100.98M | 70.07M | 86.07M | 91.45M | 52.20M |
| Total Debt | 52.67M | 70.32M | 47.46M | 0.00 | 0.00 | 12.72K |
| Total Liabilities | 145.18M | 164.06M | 134.52M | 39.43M | 37.73M | 52.86M |
| Stockholders Equity | 225.64M | 151.04M | 135.37M | 94.43M | 102.56M | 94.47M |
Cash Flow | ||||||
| Free Cash Flow | 40.65M | 32.87M | 3.34M | -4.80M | 29.72M | -32.51K |
| Operating Cash Flow | 65.03M | 53.92M | 9.46M | -2.66M | 33.05M | -32.51K |
| Investing Cash Flow | -24.96M | -57.39M | -20.48M | -3.61M | -3.85M | 0.00 |
| Financing Cash Flow | -27.50M | 6.39M | -9.47M | 702.45K | 19.08M | 0.00 |
Andean Precious Metals Technical Analysis
Negative
9.02
Price Trends
6.82
Negative
7.99
Negative
7.88
Negative
Market Momentum
-0.18
Positive
33.21
Neutral
8.91
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:APM, the sentiment is Negative. The current price of 9.02 is above the 20-day moving average (MA) of 6.87, above the 50-day MA of 6.82, and above the 200-day MA of 7.88, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 33.21 is Neutral, neither overbought nor oversold. The STOCH value of 8.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:APM.
Andean Precious Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$11.70B | 28.82 | 10.82% | 0.12% | 110.86% | ― | |
78 Outperform | C$831.60M | 4.07 | 20.32% | ― | 67.83% | 342.70% | |
78 Outperform | C$3.66B | 7.78 | 20.79% | ― | -4.16% | 116.44% | |
78 Outperform | C$27.91B | 15.76 | 19.65% | 0.88% | 32.74% | 255.77% | |
70 Outperform | C$818.54M | 9.55 | 33.35% | ― | 17.40% | -74.00% | |
69 Neutral | C$3.26B | -233.84 | -1.29% | 0.29% | 45.46% | -115.31% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:APM
Andean Precious Metals
5.55
2.82
103.30%
TSE:AG
First Majestic Silver
23.70
12.32
108.17%
TSE:FVI
Fortuna Mining Corp
12.09
2.56
26.86%
TSE:PAAS
Pan American Silver
66.24
26.66
67.35%
TSE:SVM
Silvercorp Metals
14.80
8.83
147.78%
TSE:SCZ
Santacruz Silver Mining
8.85
4.65
110.71%
Andean Precious Metals Corporate Events
Other
Andean Precious Metals’ Major Shareholder Sells C$95.6 Million in Secondary Share Offering
Neutral
Jan 28, 2026
Andean Precious Metals has closed a C$95.6 million bought secondary offering of 9.1 million common shares sold by major shareholder PMB Partners LP at C$10.50 per share, an initiative aimed at boosting the company’s free float and enhancing ...
Business Operations and StrategyPrivate Placements and Financing
Andean Precious Metals CEO Launches C$83.1 Million Secondary Share Offering to Boost Liquidity
Positive
Jan 23, 2026
Andean Precious Metals’ founder, executive chairman and CEO Alberto Morales, through his entity PMB Partners LP, has launched a C$83.1 million bought public secondary offering of 7,915,000 common shares at C$10.50 per share, with National Ba...
Business Operations and StrategyPrivate Placements and Financing
Andean Precious Metals Secures $40 Million Credit Facility to Enhance Financial Flexibility
Positive
Nov 25, 2025
Andean Precious Metals has secured a new $40 million revolving credit facility from the National Bank of Canada, enhancing its financial flexibility and capital structure. This move allows Andean to streamline its capital structure by retiring exi...
Business Operations and StrategyFinancial Disclosures
Andean Precious Metals Achieves Record Financial Results in Q3 2025
Positive
Nov 12, 2025
Andean Precious Metals reported a strong third quarter in 2025, achieving record revenues, EBITDA, and earnings per share, driven by higher metal prices and effective cost management. The company maintained robust operating margins despite product...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.