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Andean Precious Metals
(TSX:APM)
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Rating:74Outperform
Price Target:
C$6.00
▼(-33.48% Downside)
Action:Reiterated
Date:07/02/26
The score is driven primarily by strong underlying financial performance (profitability and scale-up) and a very low P/E valuation, supported by a constructive earnings call with reaffirmed guidance and strong liquidity. Offsetting these positives are weak technical trends (below key moving averages with negative MACD) and a notable watch item on cash-flow conversion versus reported earnings.
Positive Factors
Robust margins and revenue growth
Sustained high gross and operating margins alongside multi-year revenue scaling indicate durable earnings power from operating improvements and cost control. This supports internal funding for growth, resilience to moderate cost shocks, and structurally higher profitability versus prior loss years.
Negative Factors
Weak cash conversion
Earnings are outpacing cash realization, implying working-capital swings or timing differences that reduce durable cash availability. Persistent sub‑par cash conversion can constrain ability to fund sustained capex, return capital, or absorb price shocks unless conversion improves.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust margins and revenue growth
Sustained high gross and operating margins alongside multi-year revenue scaling indicate durable earnings power from operating improvements and cost control. This supports internal funding for growth, resilience to moderate cost shocks, and structurally higher profitability versus prior loss years.
Read all positive factors
Andean Precious Metals (APM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$880.72M
Dividend YieldN/A
Average Volume (3M)359.98K
Price to Earnings (P/E)4.2
Beta (1Y)3.79
Revenue Growth67.83%
EPS Growth342.70%
CountryCA
Employees548
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)1.01
Shares Outstanding150,293,470
10 Day Avg. Volume395,202
30 Day Avg. Volume359,976
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)4.02
Price to Sales (P/S)2.95
P/FCF Ratio17.96
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)0.87
Revenue Forecast (FY)C$604.00M
Andean Precious Metals Business Overview & Revenue Model
Company Description
Andean Precious Metals Corp. is primarily engaged in the comprehensive management of mineral resource properties, involving their acquisition, exploration, development, and processing, with a focus on operations mainly within the United States. Th...
How the Company Makes Money
APM makes money primarily by producing and selling precious metals (mainly silver and gold) generated from its mining and processing operations. Revenue is recognized from metal sales, which are typically priced using prevailing commodity market b...
Andean Precious Metals Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 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
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 460.97M | 359.83M | 254.00M | 125.32M | 108.05M | 144.21M |
| Gross Profit | 194.07M | 141.52M | 68.56M | 14.20M | 9.70M | 38.81M |
| EBITDA | 222.70M | 174.26M | 54.64M | 52.16M | -2.68M | 30.72M |
| Net Income | 151.80M | 118.16M | 19.22M | 41.94M | -10.09M | 4.27M |
Balance Sheet | ||||||
| Total Assets | 485.45M | 433.93M | 315.09M | 269.89M | 133.86M | 140.29M |
| Cash, Cash Equivalents and Short-Term Investments | 175.50M | 139.90M | 100.98M | 70.07M | 86.07M | 91.45M |
| Total Debt | 43.83M | 44.82M | 70.32M | 47.46M | 0.00 | 0.00 |
| Total Liabilities | 171.10M | 170.28M | 164.06M | 134.52M | 39.43M | 37.73M |
| Stockholders Equity | 314.36M | 263.65M | 151.04M | 135.37M | 94.43M | 102.56M |
Cash Flow | ||||||
| Free Cash Flow | 100.46M | 59.02M | 32.87M | 3.34M | -4.80M | 29.72M |
| Operating Cash Flow | 128.72M | 91.74M | 53.92M | 9.46M | -2.66M | 33.05M |
| Investing Cash Flow | -35.99M | -39.44M | -57.39M | -20.48M | -3.61M | -3.85M |
| Financing Cash Flow | -34.88M | -31.61M | 6.39M | -9.47M | 702.45K | 19.08M |
Andean Precious Metals Technical Analysis
Negative
9.02
Price Trends
6.26
Negative
6.85
Negative
7.76
Negative
Market Momentum
-0.08
Negative
48.32
Neutral
51.07
Neutral
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 5.81, above the 50-day MA of 6.26, and above the 200-day MA of 7.76, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 48.32 is Neutral, neither overbought nor oversold. The STOCH value of 51.07 is Neutral, 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$10.95B | 26.55 | 10.82% | 0.12% | 110.86% | ― | |
78 Outperform | C$3.47B | 7.35 | 20.79% | ― | -4.16% | 116.44% | |
78 Outperform | C$24.67B | 13.35 | 19.65% | 0.88% | 32.74% | 255.77% | |
74 Outperform | C$880.72M | 4.22 | 20.32% | ― | 67.83% | 342.70% | |
70 Outperform | C$775.31M | 8.78 | 33.35% | ― | 26.70% | 31.54% | |
69 Neutral | C$2.77B | -197.78 | -1.30% | 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
5.86
1.74
42.23%
TSE:AG
First Majestic Silver
22.17
10.29
86.55%
TSE:FVI
Fortuna Mining Corp
11.44
2.23
24.21%
TSE:PAAS
Pan American Silver
58.54
18.61
46.61%
TSE:SVM
Silvercorp Metals
12.52
6.22
98.67%
TSE:SCZ
Santacruz Silver Mining
8.36
2.60
45.14%
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.