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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.

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Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>APM reported Q3 production of 27.3Koz AuEq, increasing +7% QoQ on sustained strength at San Bartolome and a rebounding at Golden Queen.</li>
<li>9-month consolidated production of ~80.0Koz AuEq positions the Company to achieve 2026 guidance tracking at ~75%.</li>
<li>Q3 sales of 39.2Koz are a quarterly record, which reflects the strategic deferral of sales in Q2.</li>
</ul>


APM reported Q3 production of 27.3Koz AuEq, increasing +7% QoQ on sustained strength at San Bartolome and a rebounding at Golden Queen.
9-month consolidated production of ~80.0Koz AuEq positions the Company to achieve 2026 guidance tracking at ~75%.
Q3 sales of 39.2Koz are a quarterly record, which reflects the strategic deferral of sales in Q2.


APM: Record Quarterly Sales in Q3; Golden Queen Rebounded

<ul>
<li>APM’s Q2 financials are defined by the Company’s strategic decision to defer sales in the quarter.</li>
<li>Only ~49% of Q2 production was sold, resulting in a net loss and negative FCF; however deferred inventory will boost Q3.</li>
<li>Given the strategic decision is not indicative of operational performance, APM has reiterated its 2026 production, cost, and margin guidance.</li>
</ul>


APM’s Q2 financials are defined by the Company’s strategic decision to defer sales in the quarter.
Only ~49% of Q2 production was sold, resulting in a net loss and negative FCF; however deferred inventory will boost Q3.
Given the strategic decision is not indicative of operational performance, APM has reiterated its 2026 production, cost, and margin guidance.


APM: Strategic Sales Deferral Reflected in Q2 Earnings

<ul>
<li>APM reported Q2 production of 25.4Koz AuEq vs. our forecast of 27.2Koz and 27.3Koz in Q1.</li>
<li>Production was mixed with a solid beat at San Bartolome offset by a weaker quarter at Golden Queen on mine sequencing and grade timing.</li>
<li>The Company remains on track for 2026 guidance tracking at ~49% to the midpoint.</li>
</ul>


APM reported Q2 production of 25.4Koz AuEq vs. our forecast of 27.2Koz and 27.3Koz in Q1.
Production was mixed with a solid beat at San Bartolome offset by a weaker quarter at Golden Queen on mine sequencing and grade timing.
The Company remains on track for 2026 guidance tracking at ~49% to the midpoint.


APM: Strength at San Bartolome in Q2; Sales Strategically Deferred

<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

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.

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Andean Precious Metals (APM CN)

APM: Record Quarterly Sales in Q3; Golden Queen Rebounded

APM reported Q3 production of 27.3Koz AuEq, increasing +7% QoQ on sustained strength at San Bartolome and a rebounding at Golden Queen.

Atrium Research

APM: Strategic Sales Deferral Reflected in Q2 Earnings

Given the strategic decision is not indicative of operational performance, APM has reiterated its 2026 production, cost, and margin guidance.

Atrium Research

APM: Strength at San Bartolome in Q2; Sales Strategically Deferred

Production was mixed with a solid beat at San Bartolome offset by a weaker quarter at Golden Queen on mine sequencing and grade timing.

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

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