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Andean Precious Metals
(TSX:APM)
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Rating:71Outperform
Price Target:
C$7.50
▲(3.59% Upside)
Action:Reiterated
Date:08/17/26
Overall score reflects solid fundamentals with strong profitability and manageable leverage, but meaningfully weaker recent cash conversion/free cash flow. Valuation is a major positive due to the low P/E, while technicals are moderately supportive (uptrend improving but still below the 200-day). Earnings call tone was constructive with reiterated guidance and record first-half performance, though near-term cash flow and second-half execution remain the key watch items.
Positive Factors
Strong Revenue and Production Growth
Record first-half revenue and adjusted EBITDA, supported by higher production, indicate strong operating momentum. Sustained output growth across the portfolio can improve fixed-cost absorption and strengthen earnings capacity over the next several quarters.
Negative Factors
Weakening Cash Conversion
Reduced cash conversion makes reported earnings less dependable as a source of internally funded growth. If this weakness persists, inventory, capital spending and working-capital needs could constrain liquidity despite positive accounting profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue and Production Growth
Record first-half revenue and adjusted EBITDA, supported by higher production, indicate strong operating momentum. Sustained output growth across the portfolio can improve fixed-cost absorption and strengthen earnings capacity over the next several quarters.
Read all positive factors
Andean Precious Metals (APM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.07B
Dividend YieldN/A
Average Volume (3M)364.55K
Price to Earnings (P/E)4.3
Beta (1Y)4.00
Revenue Growth62.75%
EPS Growth181.92%
CountryCA
Employees548
SectorBasic Materials
Sector Strength58
IndustrySilver
Share Statistics
EPS (TTM)0.80
Shares Outstanding149,008,800
10 Day Avg. Volume359,353
30 Day Avg. Volume364,545
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)0.8
Revenue Forecast (FY)C$602.90M
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:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call communicated strong underlying operational and financial momentum (record first-half revenue and adjusted EBITDA, successful monetization of deferred inventory with ~$18.7M gain, robust San Bartolome performance, strengthened balance sheet and multiple near-term corporate catalysts). These positives were partially offset by an intentional Q2 sales deferral that depressed reported quarterly results (resulting in a Q2 net loss and free cash flow outflow), near-term production and grade timing challenges at Golden Queen, and mark-to-market and FX losses. Given that many adverse Q2 items were strategic or timing-related and that subsequent events (sale of deferred inventory) and YTD results are materially favorable, the highlights significantly outweigh the lowlights.Positive Updates
Successful Strategic Sales Deferral and Subsequent Monetization
Deferred portion of Q2 production (finished inventory carried at cost $37.6M) sold subsequent to quarter end for gross proceeds of ~$56.3M, realizing ~ $18.7M above carrying cost; realized prices of $62.26/oz silver and $4,168/oz gold, higher than prices available in late June.
Negative Updates
Q2 Reported Revenue and Profitability Impacted by Sales Deferral
Quarterly revenue of $67.6M decreased ~8% vs Q2 2025 ($73.7M) due to strategic sales deferral; adjusted EBITDA for the quarter was $15.7M vs $28.9M prior year and the company recorded a Q2 net loss of $14.0M (loss of $0.09/share).
Read all updates
Q2-2026 Updates
Positive
Negative
Successful Strategic Sales Deferral and Subsequent Monetization
Deferred portion of Q2 production (finished inventory carried at cost $37.6M) sold subsequent to quarter end for gross proceeds of ~$56.3M, realizing ~ $18.7M above carrying cost; realized prices of $62.26/oz silver and $4,168/oz gold, higher than prices available in late June.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 production, cost and margin guidance and said the production profile is weighted to the second half of the year; year‑to‑date production was 52,730 gold‑equivalent ounces (+~15% YoY) and Q2 production was 25,388 GEO (+~4% YoY). San Bartolome delivered ~16,820 GEO in Q2 (≈1.43M silver‑equivalent oz, silver ~1.32M oz; +31% Ag‑eq / +28% Ag YoY), with ore purchases +32% at an average purchase grade of 170 g/t, throughput ~4,400 tpd and a cash gross operating margin of $25.56 per silver‑equivalent oz sold. Golden Queen produced ~8,568 GEO (~7,800 oz gold) in Q2, generated ~ $32M revenue, had operating cash costs of $1,779/oz and AISC of $2,159/oz for the quarter (YTD AISC $1,970/oz, within full‑year guidance of $1,850–$2,150/oz). Average realized prices were $4,453/oz gold and $76.82/oz silver (+34% and +124% YoY); Q2 finished inventory was ~732k silver oz and 2,585 gold oz carried at $37.6M cost and was sold post‑quarter for ~$56.3M (weighted avg $62.26/oz Ag and $4,168/oz Au), ~ $18.7M above carrying cost. Balance sheet and cash metrics: liquid assets ~ $170.8M (cash ~ $52.2M), total assets $453.3M, total equity $301.3M, total debt ~ $30M with revolver balance just under $15M and $25M undrawn; free cash flow was a $55.5M outflow in Q2 and $16M YTD driven by inventory build and a $15M revolver paydown. Management expects higher sustaining and growth CapEx in H2 (leach pad expansion, fleet investments) but to remain within CapEx guidance, and highlighted upcoming catalysts including a NYSE listing in 2026 and an updated Golden Queen technical report (press release late September, full report in Q4).Andean Precious Metals Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 453.12M | 359.83M | 254.00M | 125.32M | 108.05M | 144.21M |
| Gross Profit | 181.63M | 141.52M | 68.56M | 14.20M | 9.70M | 38.81M |
| EBITDA | 205.25M | 174.26M | 54.64M | 52.16M | -2.68M | 30.72M |
| Net Income | 120.73M | 118.16M | 19.22M | 41.94M | -10.09M | 4.27M |
Balance Sheet | ||||||
| Total Assets | 452.59M | 433.93M | 315.09M | 269.89M | 133.86M | 140.29M |
| Cash, Cash Equivalents and Short-Term Investments | 92.69M | 139.90M | 100.98M | 70.07M | 86.07M | 91.45M |
| Total Debt | 29.92M | 44.82M | 70.32M | 47.46M | 0.00 | 0.00 |
| Total Liabilities | 151.73M | 170.28M | 164.06M | 134.52M | 39.43M | 37.73M |
| Stockholders Equity | 300.85M | 263.65M | 151.04M | 135.37M | 94.43M | 102.56M |
Cash Flow | ||||||
| Free Cash Flow | 34.14M | 59.02M | 32.87M | 3.34M | -4.80M | 29.72M |
| Operating Cash Flow | 58.82M | 91.74M | 53.92M | 9.46M | -2.66M | 33.05M |
| Investing Cash Flow | -19.96M | -39.44M | -57.39M | -20.48M | -3.61M | -3.85M |
| Financing Cash Flow | -24.71M | -31.61M | 6.39M | -9.47M | 702.45K | 19.08M |
Andean Precious Metals Technical Analysis
Positive
7.24
Price Trends
6.47
Positive
6.49
Positive
7.67
Negative
Market Momentum
0.19
Positive
54.83
Neutral
68.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:APM, the sentiment is Positive. The current price of 7.24 is above the 20-day moving average (MA) of 7.14, above the 50-day MA of 6.47, and below the 200-day MA of 7.67, indicating a neutral trend. The MACD of 0.19 indicates Positive momentum. The RSI at 54.83 is Neutral, neither overbought nor oversold. The STOCH value of 68.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | C$14.28B | 29.68 | 12.27% | 0.22% | 96.21% | ― | |
81 Outperform | C$5.05B | 9.93 | 22.20% | ― | 6.47% | 126.03% | |
72 Outperform | C$3.81B | 94.76 | 3.54% | 0.20% | 59.20% | -44.71% | |
71 Outperform | C$1.07B | 4.28 | 18.47% | ― | 62.75% | 181.92% | |
70 Outperform | C$1.27B | 21.47 | 21.53% | ― | 38.31% | -37.20% | |
68 Neutral | C$29.45B | 15.51 | 19.51% | 1.33% | 37.01% | 127.34% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
TSE:APM
Andean Precious Metals
7.19
0.40
5.89%
TSE:AG
First Majestic Silver
28.97
15.94
122.37%
TSE:FVI
Fortuna Mining Corp
17.05
6.23
57.58%
TSE:PAAS
Pan American Silver
71.04
22.29
45.71%
TSE:SVM
Silvercorp Metals
17.22
10.36
150.98%
TSE:SCZ
Santacruz Silver Mining
13.68
5.28
62.86%
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.