Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>Andean reported record Q1 financial results with robust silver and gold prices driving impressive margin expansion.</li>
<li>Q1 results were in line with our forecast including revenue of $163.1M (+163% YoY), adj. EBITDA of $71.0M, and FCF of $39.6M.</li>
<li>Margins at San Bartolome outperformed guidance, while costs at Golden Queen came in at the low end.</li>
</ul>


Andean reported record Q1 financial results with robust silver and gold prices driving impressive margin expansion.
Q1 results were in line with our forecast including revenue of $163.1M (+163% YoY), adj. EBITDA of $71.0M, and FCF of $39.6M.
Margins at San Bartolome outperformed guidance, while costs at Golden Queen came in at the low end.


APM: Expanded Margins and Cashflow Bolstered Treasury

<ul><li>What you need to know: • Andean reported strong Q1 production of 27.3Koz AuEq, which matched our forecast, and increased 28% YoY.</li><li>• Production at San Bartolome beat our estimates by 11%, driven by higher throughput and grades.</li><li>• Q1’s production represents ~26% to the midpoint of guidance despite Q1 typically being the weakest quarter due to seasonality.</li></ul>

What you need to know: • Andean reported strong Q1 production of 27.3Koz AuEq, which matched our forecast, and increased 28% YoY.• Production at San Bartolome beat our estimates by 11%, driven by higher throughput and grades.• Q1’s production represents ~26% to the midpoint of guidance despite Q1 typically being the weakest quarter due to seasonality.

APM: Solid Q1 Production Driven by San Bartolome

<ul>
<li>Andean reported Q4 and full-year 2025 financial results marked by record revenue, EBITDA, earnings, and FCF supported by robust operations and stronger metal prices.</li>
<li>Q4’s earnings were broadly in line with our forecast and included record revenue and FCF of $133.7M and $35.8M.</li>
<li>Impressive cash flow generation has facilitated a significantly improved balance sheet with record liquidity of ~$177M.</li>
</ul>


Andean reported Q4 and full-year 2025 financial results marked by record revenue, EBITDA, earnings, and FCF supported by robust operations and stronger metal prices.
Q4’s earnings were broadly in line with our forecast and included record revenue and FCF of $133.7M and $35.8M.
Impressive cash flow generation has facilitated a significantly improved balance sheet with record liquidity of ~$177M.


APM: Record 2025 Financials and a Strengthened Balance Sheet

<ul><li>What you need to know: • Andean reported Q4 and full-year 2025 production results and provided 2026 guidance.</li><li>• 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025.</li><li>• The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives.</li></ul>

What you need to know: • Andean reported Q4 and full-year 2025 production results and provided 2026 guidance.• 27.8Koz AuEq in Q4 displayed strong momentum to end the year increasing ~8% QoQ and ending the year with 99.2Koz in 2025.• The Company has guided for 100-114Koz AuEq in 2026, ~8% higher YoY, while cost guidance outlines strong margins and growth initiatives.

APM: Q4 Production Improved QoQ; Further Growth in 2026

<ul>
<li>Andean reported Q3 financial results that beat our estimates with revenue of $90.4M (+32% YoY) vs. our estimate of $89.1M and OCF (before WC) of $35.4M (+75% YoY) vs. our estimate of $27.4M.</li>
<li>GQ had strong financials with profitability largely beating our expectations, while SB’s profitability was affected by the ore-processing model.</li>
<li>APM ended the quarter with $70.8M in net cash, positioning the Company to pursue additional M&amp;A opportunities.</li>
</ul>


Andean reported Q3 financial results that beat our estimates with revenue of $90.4M (+32% YoY) vs. our estimate of $89.1M and OCF (before WC) of $35.4M (+75% YoY) vs. our estimate of $27.4M.
GQ had strong financials with profitability largely beating our expectations, while SB’s profitability was affected by the ore-processing model.
APM ended the quarter with $70.8M in net cash, positioning the Company to pursue additional M&amp;A opportunities.


Canada

Andean Precious Metals Corp. provides mining services. The Company specializes in precious metals production, development, and exploration services. Andean Precious Metals operates in Canada.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Andean Precious Metals (APM CN)

APM: Expanded Margins and Cashflow Bolstered Treasury

Q1 results were in line with our forecast including revenue of $163.1M (+163% YoY), adj. EBITDA of $71.0M, and FCF of $39.6M.

Atrium Research

APM: Solid Q1 Production Driven by San Bartolome

What you need to know: • Andean reported strong Q1 production of 27.3Koz AuEq, which matched our forecast, and increased 28% YoY. • Production at...

Atrium Research

APM: Record 2025 Financials and a Strengthened Balance Sheet

Andean reported Q4 and full-year 2025 financial results marked by record revenue, EBITDA, earnings, and FCF supported by robust operations and...

Atrium Research

APM: Q4 Production Improved QoQ; Further Growth in 2026

What you need to know: • Andean reported Q4 and full-year 2025 production results and provided 2026 guidance. • 27.8Koz AuEq in Q4 displayed...

Atrium Research

APM: Another Quarter of Strong Cashflow

Andean reported Q3 financial results that beat our estimates with revenue of $90.4M (+32% YoY) vs. our estimate of $89.1M and OCF (before WC) of...

Atrium Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)