Andean Precious Metals Corp. reports operating and corporate developments for a precious metals producer with assets in the Americas. The company owns and operates the San Bartolome processing facility in Potosí, Bolivia, and the Golden Queen mine in Kern County, California. Recurring updates cover production results, silver and gold output, throughput, grades, mine planning, exploration activity, and production, cost, and capital investment guidance.
Company news also includes financing arrangements, capital-structure updates, senior management and board changes, and market-access developments tied to Andean's common shares. The coverage reflects the company's effort to build a multi-asset precious metals portfolio while maintaining operating disclosures for its producing assets.
On June 11, 2024, Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) announced the grant of 2,195,236 restricted share units (RSUs) to certain executive officers, employees, and consultants under the company's Omnibus Long-Term Incentive Plan.
These RSUs will vest in three equal installments: one-third after 12 months, one-third after 24 months, and the remaining third after 36 months. Upon vesting, each RSU will be converted to one common share of Andean or a cash payment, as agreed upon by the participant and the company.
Andean Precious Metals (TSXV: APM, OTCQX: ANPMF) reported a robust Q1 2024, with significant production and revenue gains despite some operational challenges. The company produced 1.8 million silver equivalent ounces (AgEq oz), an 82% increase from Q1 2023, with Golden Queen contributing 11,490 AuEq oz. Q1 revenue was $43.1 million, nearly double the $23.0 million from Q1 2023. Gross operating income increased to $3.2 million from $0.4 million. However, the company recorded a net loss of $0.1 million. Operating costs per ounce sold were $1,936, with all-in sustaining costs at $1,627. Andean reaffirmed its 2024 guidance, with expected annual production of 60 Koz AuEq at Golden Queen and 5.0 Moz AgEq at San Bartolome. A share buyback program continued, repurchasing 5.3 million shares. The company maintains strong liquid assets of $72.8 million to support strategic growth initiatives and has strengthened its management team with new COO Marcos Holanda.
Andean Precious Metals Corp. will announce its first quarter 2024 financial and operating results on May 13, 2024, followed by a conference call and webcast on May 14, 2024. Participants can join via webcast or dial-in numbers. The archived webcast will be available for 90 days.
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