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APM: Q3 Production; Increasing TP on Higher Silver Prices
SUMMARY
- APM reported its Q3 production results, delivering 25.6Koz AuEq (+6% QoQ), with San Bartolome outperforming estimates while Golden Queen faced operational challenges.
- With gold and silver prices surging, APM is well-positioned for strong H2 cash flow despite tracking toward the lower end of annual guidance, enabling flexibility for M&A, dividends, or buybacks.
- We are increasing our commodity price assumptions and rolling over our valuation year to 2026, resulting in an increased target price.
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