Andean Precious Metals Corp. (TSX: APM) (OTCQX: ANPMF) reported record quarterly revenue of $196.6 million for Q3 2026, up 117% from $90.4 million in Q3 2025, driven by record gold equivalent ounce sales and sharply higher silver and gold prices. Net income came in at $32.3 million, or $0.22 per basic share, while free cash flow surged to $69.8 million. The Toronto-based precious metals producer, which operates the San Bartolome silver processing facility in Bolivia and the Golden Queen gold mine in California, also updated its 2026 production and capital expenditure guidance.

Key Points

  • Andean Precious Metals Corp. (TSX: APM / OTCQX: ANPMF)
  • Record Q3 2026 revenue of $196.6 million, up 117% year over year, on sales of 39,178 gold equivalent ounces
  • Free cash flow of $69.8 million; liquid assets of $195.8 million at September 30, 2026; consolidated 2026 production guidance narrowed to 101,000–109,000 GEOs
  • Investors may be watching the updated Golden Queen technical report, expected by year-end 2026, and progress on the company's NYSE listing, now anticipated in 2027

Silver Revenue Dominates as Deferred Inventory Sale Boosts Q3 Results

Silver contributed 71% of Q3 2026 revenue, with average realized prices of $63.49 per silver ounce and $4,287 per gold ounce — up 58% and 24% year over year, respectively. A significant portion of the quarter's sales volume reflected finished inventory deferred from Q2 2026: approximately 731,939 ounces of silver and 2,585 ounces of gold were sold early in Q3 at average prices of $62.26 per silver ounce and $4,168 per gold ounce, generating gross proceeds of approximately $56.3 million against a carrying cost of $37.6 million. Nine-month revenue reached $427.4 million, up 89% from the prior-year period.

Golden Queen Costs Rise While San Bartolome Sustains Throughput

At Golden Queen in Kern County, California, operating cash costs rose to $2,088 per gold ounce sold and all-in sustaining costs increased to $2,216, compared with $1,623 and $1,682 in Q3 2025, reflecting lower stacked grades and higher mining and site costs. San Bartolome in Potosí, Bolivia, produced 16,394 gold equivalent ounces in the quarter, up 5% year over year, supported by higher purchased-ore grades and sustained plant throughput. San Bartolome's cash gross operating margin was $18.13 per silver equivalent ounce sold, with higher realized silver prices largely offset by ore purchase costs tied to the spot price of silver.

2026 Guidance Revised and Capital Expenditures Cut Significantly

Andean narrowed its consolidated 2026 production guidance to 101,000–109,000 gold equivalent ounces, within the original range, with San Bartolome's silver production outlook raised to 4.8–5.2 million ounces while Golden Queen's gold production guidance was reduced to 37,000–40,000 ounces. Consolidated capital expenditure guidance was cut roughly in half to $17–$28 million, as the Golden Queen heap leach pad expansion was deferred and the Merrill-Crowe plant upgrade placed under review. The revised guidance assumes a Bolivian boliviano exchange rate of 12.00 per U.S. dollar for Q4 2026, compared with the original assumption of 9.00.

Share Buybacks and Strategic Silver Purchase Reflect Capital Allocation Priorities

During Q3, Andean repurchased 2,348,530 common shares at a weighted average price of C$6.14 per share for approximately C$14.5 million under its normal course issuer bid. A further 545,000 shares were repurchased after quarter-end through October 14, 2026, bringing total NCIB purchases to 2,893,530 shares for approximately C$17.6 million. Separately, the company purchased 200,000 ounces of silver for $12.1 million on September 30, 2026, as a strategic treasury holding carried at cost and held at a third-party refinery.