ACHIEVED RECORD REVENUES OF $254 MILLION AND RECORD ADJUSTED EBITDA OF $62.9 MILLION
(All amounts in U.S. dollars unless otherwise indicated)
Toronto, Ontario–(Newsfile Corp. – March 18, 2025) – Andean Precious Metals Corp. (TSX: APM) (OTCQX: ANPMF) (“Andean” or the “Company”) is pleased to report its operating highlights and financial results for the year ended December 31, 2024. This news release should be read together with Andean’s management discussion and analysis (“MD&A”) and the annual consolidated financial statements for the three and twelve months ended December 31, 2024 (the “Financial Statements”), which are available under the Company’s profile on SEDAR+ (www.sedarplus.ca).
Alberto Morales, Executive Chairman and CEO, stated: “2024 was a transformative year for Andean Precious Metals. It marked our first full year with Golden Queen in our operating portfolio, and despite operating at close to the lower end of our production range, we achieved record revenues and record adjusted EBITDA, demonstrating the strength of the commodity markets and our operational efficiencies.”
Mr. Morales continued: “We also proudly uplisted to the TSX from the TSX Venture Exchange, which was an important milestone that enhances our market visibility and aligns with our long-term growth strategy. In addition, we renewed our Normal Course Issuer Bid program, reinforcing our confidence in Andean’s future growth and our commitment to delivering value to shareholders.
“We kicked off an exploration program at Golden Queen which tested near-mine exploration targets, delivering promising results that could extend the open pit boundaries beyond the current design. Alongside this, we continue to make good progress on key scheduled investments to enhance operational stability and efficiency at Golden Queen. As we closed out 2024, we ended the year with a stronger balance sheet, reflecting solid free cash flow generation since acquiring Golden Queen in 2023 and positioning Andean for its next phase of growth.
“For 2025, we remain committed to value creation at our operating sites, while also pursuing both, organic and inorganic growth initiatives. Our guidance for 2025 is showing a conservative growth forecast in production with a mid-point projection of 110,000 gold equivalent ounces, as compared to 106,287 gold equivalent ounces for 2024. We expect to generate significant operating cash flow and EBITDA in 2025, and to use some of these proceeds in the outlay of CAPEX, which we estimate to be around $30 million. Overall, we expect 2025 to be a solid year for the Company.
“Finally, I am very pleased with the integration of Yohann Bouchard, our new President, to the Company. Yohann brings with him significant operational and strategic experience reinforcing our commitments toward improving our technical and operational excellence.”
2024 Highlights:
Consolidated Results:
Consolidated 2024 production of 106,287 gold equivalent ounces. Record consolidated revenue of $254.0 million from sales at an average realized gold price of $2,332/oz and an average realized silver price of $28.84/oz. The Company strengthened its financial position in 2024, ending the period with $81.6 million in liquid assets compared to $70.1 million in liquid assets in 2023.The Company generated record free cash flow of $34.5 million1. Gross operating income of $68.6 million, mainly due to strong average realized gold and silver prices and lower operating costs at San Bartolome. Net income and net income per share of $19.2 million and $0.12 (diluted basis), and Adjusted EBITDA and Adjusted EBITDA per share of $62.9 million and $0.41 (diluted basis), respectively.
Golden Queen Results:
Golden Queen produced 54,275 gold equivalent ounces in 2024. Golden Queen operating cash costs (“OCC”) of $1,501/oz and all-in sustaining costs (“AISC”)1 of $2,015/oz for 2024.
San Bartolome Results:
San Bartolome produced 4.5 million silver equivalent ounces in 2024. Achieved a strong cash gross operating margin (“CGOM”) of $9.15 per ounce of silver equivalent sold and a gross margin ratio (“GMR”)2 of 38.14% for 2024.Achieved an average recovery rate in 2024 of 82% when compared to an average recovery rate of 78% for 2023.
2025 Production and Cost Guidance:
The Company expects consolidated production to be between 103K-117K gold equivalent ounces in 2025.At Golden Queen, OCC and AISC to be between $1,500 – $1,800/oz and $1,950-$2,150 /oz respectively.At San Bartolome, CGOM and GMR to be between $6.50-$8.40/oz and 29%-36%/oz respectively.The Company expects the total capital expenditures for 2025 to be between $28 – $32 million.
Corporate Updates:
Effective January 9, 2025, the Company’s shares began trading on the TSX under the ticker symbol APM.On January 12, 2024, the Company announced it entered an automatic share purchase plan in conjunction with its normal course issuer bid and renewed the program on January 2, 2025.Health and Safety Performance: During the fourth quarter of 2024, no lost time injuries (“LTI”) have been reported at Golden Queen or San Bartolome. As of December 31, 2024, San Bartolome reached 118 days without LTI and Golden Queen reached 561 days without LTI.
Summary of Financial and Operating Results
OPERATING HIGHLIGHTS
Q4 2024
Q4 2023
FY 2024
FY 2023 Gold ounces (Au, Oz)
Produced
11,560
5,818
50,348
7,088
Sold
11,948
7,290
50,448
7,705
Average realized gold price ($/oz) 1
2,505
2,028
2,332
2,023
Silver ounces (Ag, K-Oz)
Produced
1,411
1,245
4,817
4,602
Sold
1,385
1,393
4,727
4,541
Average realized silver price ($/oz) 1
30.96
24.42
28.84
24.16
Gold equivalent ounces (Au Eq, Oz)
Produced
27,676
19,896
106,287
62,620
Sold
27,429
23,137
105,352
62,500
Golden Queen
OCC ($ / Gold Ounces Sold)1
1,537
1,804
1,501
1,804
AISC ($ / Gold Ounces Sold) 1
2,139
1,738
2,015
1,738
San Bartolome
CGOM ($ / Silver Equivalent Ounces Sold)1
11.09
2.83
9.15
2.70
GMR / Silver Equivalent Ounces Sold (%)1
43.26
15.51
38.41
16.16
1Average realized gold price, average realized silver price, free cash flow, OCC, AISC, CGOM, and GMR are measures of financial performance with no prescribed definition under IFRS. Refer to the “Non-GAAP Financial Measures, Ratios and Supplementary Financial Measures” section of this news release for further detail, including a reconciliation of these metrics to the financial statements.
FINANCIAL HIGHLIGHTS
Q4 2024
Q4 2023
FY 2024
FY 2023 (In thousands of US dollars, except for net income per share and adjusted EBITDA per share)
Revenue
72,803
48,821
254,000
125,324
Gross operating income
23,806
5,106
68,561
14,201
Net income
1,706
41,474
19,224
41,938
Net income per share
-Basic
0.01
0.26
0.13
0.27
-Diluted
0.01
0.23
0.12
0.24
Adjusted EBITDA1
18,942
5,091
62,934
10,539
Adjusted EBITDA per share1
-Basic
0.13
0.03
0.42
0.07
-Diluted
0.12
0.03
0.41
0.06
Capital expenditures
7,044
6,956
31,658
9,571
Free cash flow[1]
17,879
(1,432)
34,525
4,558
Cash and cash equivalents
62,441
64,907
62,441
64,907
Liquid assets1
81,575
70,069
81,575
70,069
2025 Production and Cost Guidance
Production Guidance
The Company’s 2025 annual gold and silver production guidance for Golden Queen and San Bartolome:
Gold Production
(Thousand Ounces)Silver Production
(Million Ounces)Gold Equivalent Production2
(Thousand Ounces)Golden Queen
San Bartolome50.0 – 55.0
1.8 – 2.20.2 – 0.5
4.4 – 4.952.2 – 60.6
50.7 – 56.6Total51.8 – 57.24.6 – 5.4102.9 – 117.2
2For 2025 guidance commodity price assumptions the Company is using $2,500 per ounce of gold and $27.78.
Cost Guidance
The Company’s 2025 annual cost guidance for Golden Queen and San Bartolome:
Golden QueenOCC ($ / Gold Ounces Sold)
AISC ($ / Gold Ounces Sold) $ 1,500 – $ 1,800
$ 1,950 – $ 2,150San BartolomeCGOM ($ / Silver Equivalent Ounces Sold)
GMR / Silver Equivalent Ounces Sold (%) $ 6.50 – $8.40
29 % – 36 %
CAPEX Guidance
The Company’s 2025 capital expenditures guidance:
In $ 000’s2025 GuidanceSustaining capital expenditures
San Bartolome5,600 – 6,200Golden Queen12,700 – 14,000Total sustaining capital expenditures18,300 – 20,200
Growth capital expenditures
San Bartolome600 – 800Golden Queen9,300 – 11,000Total growth capital expenditures9,900 – 11,800
Total capital expenditures
San Bartolome6,200 – 7,000Golden Queen 22,000 – 25,000Total capital expenditures28,200 – 32,000
At San Bartolome, sustaining capital expenditures are expected to be $5.6 million to $6.2 million largely due to tailings expansions and processing upgrade projects.
At Golden Queen, sustaining capital expenditures are expected to be $12.7 million to $14.0 million largely due to stacking system and process plant equipment replacement, overhauls of existing equipment, and upgrades to crushing equipment. Growth capital expenditures at Golden Queen are expected to be $9.3 million to $11.0 million, largely due to initial capital outlays for a new phase of the heap leach pad, purchase of new haul trucks, and spending on a new production water well for future mine production.
Q4 and FY 2024 Conference Call and Webcast
Wednesday, March 19, at 9:00 AM ET
Participants may listen to the webcast by registering via the following link https://www.gowebcasting.com/13970.
Participants may also listen to the conference call by calling North American toll free 1-833-821-0164, or 1-647-846-2305 outside the U.S. or Canada.
An archived reply of the webcast will be available for 90 days at: https://www.gowebcasting.com/13970 or the Company website at www.andeanpm.com.
About Andean Precious Metals
Andean is a growing precious metals producer focused on expanding into top-tier jurisdictions in the Americas. The Company owns and operates the San Bartolomé processing facility in Potosí, Bolivia and the Soledad Mountain mine in Kern County, California, and is well-funded to act on future growth opportunities. Andean’s leadership team is committed to creating value; fostering safe, sustainable and responsible operations; and achieving our ambition to be a multi-asset, mid-tier precious metals producer.
Qualified Person Statement
The scientific and technical content disclosed in this news release was reviewed and approved by Donald J. Birak, Independent Consulting Geologist to the Company, a Qualified Person as defined by National Instrument 43-101 – Standards for Disclosure for Mineral Projects, Registered Member, Society for Mining, Metallurgy and Exploration (SME), Fellow, Australasian Institute of Mining and Metallurgy (AusIMM).
For more information, please contact:
Amanda Mallough
Director, Investor Relations
T: +1 647 463 7808
Caution Regarding Forward-Looking Statements
Certain statements and information in this release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which we refer to collectively as “forward-looking statements”. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.
Forward-looking statements in this release include, but are not limited to, statements and information regarding the Company’s production, cost outlook and capital expenditure expectations for 2025 and the Company’s expectations regarding its CAPEX and equipment overhaul program. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: the Company’s ability to carry on exploration and development activities; the Company’s ability to secure and to meet obligations under property and option agreements and other material agreements; the timely receipt of required approvals and permits; that there is no material adverse change affecting the Company or its properties; that contracted parties provide goods or services in a timely manner; that no unusual geological or technical problems occur; that plant and equipment function as anticipated and that there is no material adverse change in the price of silver, costs associated with production or recovery. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct, and you are cautioned not to place undue reliance on forward-looking statements contained herein.
Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this release include, but are not limited to: risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; risks relating to possible variations in reserves, resources, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined; mining and development risks, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages and strikes) or other unanticipated difficulties with or interruptions in exploration and development; the potential for delays in exploration or development activities or the completion of feasibility studies; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; risks related to commodity price and foreign exchange rate fluctuations; the uncertainty of profitability based upon the cyclical nature of the industry in which the Company operates; risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental or local community approvals or in the completion of development or construction activities; risks related to environmental regulation and liability; political and regulatory risks associated with mining and exploration; risks related to the uncertain global economic environment; and other factors contained in the section entitled “Risk Factors” in the Company’s MD&A for the three and twelve months ended December 31, 2024.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in this release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
NON-GAAP FINANCIAL MEASURES, RATIOS, AND SUPPLEMENTARY FINANCIAL MEASURES
This news release includes “specified financial measures” within the meaning of National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”), specifically the non-GAAP financial measures, non-GAAP ratios and supplementary financial measures described below. Management believes that the use of these measures assists analysts, investors and other stakeholders of the Company in understanding the costs associated with producing silver and gold, understanding the economics of silver and gold mining, assessing operating performance, the Company’s ability to generate free cash flow from current operations, and for planning and forecasting of future periods.
The specified financial measures used in this news release do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers, even as compared to other issuers who may be applying the World Gold Council (“WGC”) guidelines. Accordingly, these measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
Operating Cash Costs
OCC includes total production cash costs incurred at the Company’s mining operations, which form the basis of the Company’s cash costs, less by-product revenue.
The following table provides a reconciliation of the OCC per ounce sold on a by-product basis to the Financial Statements:
Golden Queen Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Costs of sales, as reported$20,144
$11,961
$87,144
$11,961
Less: by-product silver credits
(3,398)
(1,410)
(14,378)
(1,410)Total OCC $16,746
$10,551
$72,766
$10,551
Divided by Au ounces sold
10,898
5,849
48,478
5,849
OCC ($ / Gold Ounces Sold$1,537
$1,804
$1,501
$1,804
All-in Sustaining Costs
AISC on a by-product basis per ounce is a non-GAAP ratio calculated as AISC on a by-product basis divided by ounces of gold sold. AISC on a by-product basis is a non-GAAP financial measure calculated as the aggregate of production costs as recorded in the consolidated statements of income (loss), refining and transport costs, cash component of sustaining capital expenditures, lease payments related to sustaining assets, corporate general and administrative expenses and accretion expenses. When calculating AISC on a by-product basis, all revenue received from the sale silver at Golden Queen are treated as a reduction of costs incurred. The Company believes that AISC represents the total costs of producing gold from current operations and provides the Company and other stakeholders of the Company with additional information relating to the Company’s operational performance and ability to generate cash flow.
The following table provides a reconciliation of the AISC per ounce sold on a by-product basis to the Financial Statements:
Three months ended
December 31,
Year ended
December 31,
Golden Queen
2024
2023
2024
2023
OCC, net of by-product credits$
16,746
$10,551
$72,766
$10,551
General and administration-site and corporate allocation
4,893
(769)
13,504
(769)Sustaining capital expenditures
1,583
337
11,030
337
Accretion for decommissioning liability
84
47
362
47
Total AISC $
23,306
$10,166
$97,662
$10,166
Divided by Au ounces sold
10,898
5,849
48,478
5,849
AISC ($ / Gold Ounces Sold)$
2,139
$1,738
$2,015
$1,738
Cash Gross Operating Margin
CGOM per silver equivalent ounce sold is calculated by subtracting the average cash cost of sale (cost of sales, allocated corporate administrative costs and business unit general and administration cost) per equivalent ounce sold from the average selling price per equivalent ounce. It is a measure of financial performance with no prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers.
The following table provides a reconciliation of the CGOM per ounce to the Financial Statements and the most directly comparable IFRS measure:
San Bartolome Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Costs of sales, as reported$24,022
$30,051
$78,161
$93,931
General and administration-site and corporate allocation
3,149
1,392
8,520
5,581
Total gross operating costs$27,171
$31,443
$86,680
$99,512
Divided by AgEq ounces sold (koz)
1,368
1,456
4,394
4,643
Gross operating cost per AgEq ounce sold$19.86
$21.60
$19.73
$21.43
Average realized silver price per oz $30.95
$24.43
$28.88
$24.13
CGOM ($ / Silver Equivalent Ounces Sold)$11.09
$2.83
$9.15
$2.70
Gross Margin Ratio
GMR is calculated by subtracting the cost of sale as reported in the income statement from the revenue of equivalent ounces divided by revenue from sales of equivalent ounces. GMR is a measure of financial performance with no prescribed definition under IFRS and may not be comparable to similar financial measures disclosed by other issuers.
The following table provides a reconciliation of the GMR per ounce to the most directly comparable IFRS measure:
San Bartolome Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Costs of sales, as reported$24,022
$30,051
$78,161
$93,931
Divided by AgEq ounces sold (koz)
1,368
1,456
4,394
4,643
Costs of sales per AgEq oz sold$17.56
$20.64
$17.79
$20.23
Average realized silver price per oz $30.95
$24.43
$28.88
$24.13
GM per AgEq oz sold$13.39
$3.79
$11.09
$3.90
GMR per Silver Equivalent Ounces Sold (%)
43.26
15.51
38.41
16.16
Free Cash Flow
The Company has included free cash flow as a non-GAAP financial measure in this news release. The Company considers net cash provided from operating activities, less capital expenditures on property, plant and equipment, to be a measure that allows the Company and investors to evaluate the ability of the Company to generate cash flow. Accordingly, free cash flow is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
The following table provides a reconciliation of free cash flow to the Financial Statements:
Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Net cash provided from operating activities$24,887
$10,262
$56,638
$9,307
Less: Capital Expenditures on property, plant and equipment
(7,008)
(3,402)
(22,113)
(6,017)Free cash flow$17,879
$6,860
$34,525
$3,290
EBITDA, Adjusted EBITDA and Adjusted EBITDA per share
EBITDA, Adjusted EBITDA, and Adjusted EBITDA per share are non-GAAP financial measure calculated by adjusting net income (loss) as recorded in the condensed interim consolidated statements of income (loss) for items not associated with ongoing operations. The Company believes that this generally accepted industry measure allows the evaluation of the results of income-generating capabilities and is useful in making comparisons between periods. This measure adjusts for the impact of items not associated with ongoing operations. Management uses this measure to monitor and plan for the operating performance of the Company in conjunction with other data prepared in accordance with IFRS.
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to the Financial Statements:
Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Net income $1,706
$41,474
$19,224
$41,938
Add:
Income taxes
(496)
79
9,691
4,386
Finance costs
2,492
860
7,642
2,014
Depreciation and depletion
4,833
1,703
20,134
5,231
EBITDA$8,535
$44,116
$56,691
$53,569
Less: Bargain purchase gain
–
(39,910)
–
(39,910)
Add: Corporate development cost
310
3,870
924
5,286
Add: Other Income (loss)
4,559
(1,021)
(214)
(4,059)
Add: Foreign Exchange gain (loss)
5,538
(1,964)
5,533
(4,347)
Adjusted EBITDA$18,942
$5,091
$62,934
$10,539
Adjusted EBITDA per share
Basic
0.13
0.03
0.42
0.07
Diluted
0.12
0.03
0.41
0.06
Weighted average number of common shares outstanding
Basic 149,280,571
156,674,152
150,690,631
157,720,394
Diluted 152,410,880
177,410,660
154,046,907
178,107,059
Average Realized Gold and Silver Prices Per Ounce
The Company has included average realized prices as a supplementary non-GAAP financial measure in this news release. The Company quantifies average realized price per ounce as revenue per the Statement of Income (loss), bifurcated by gold or silver revenue and divided by ounces of gold or silver sold, respectively. Management uses this measure to monitor sales of silver and gold ounces against the average market silver and gold prices.
The following table provides a reconciliation of average realized prices to the most directly comparable IFRS measure:
Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
Silver revenue$42,872
$34,010
$136,351
$109,706
Silver sold (k oz)
1,385
1,392
4,727
4,541
Average realized silver price per oz$30.96
$24.42
$28.84
$24.16
Gold revenue $29,930
$14,781
$117,649
$15,587
Gold sold (oz)
11,948
7,290
50,448
7,705
Average realized gold price per oz$2,505
$2,028
$2,332
$2,023
Liquid Assets
The Company believes this non-GAAP financial performance measure provides further transparency and assists analysts, investors, and other stakeholders of the Company in assessing the Company’s financial position.
The following table provides a reconciliation of this non-GAAP financial metric to the Financial Statements:
As at December 31,
2024
2023
Cash and cash equivalents$62,441
$64,907
Add: Marketable securities and other investments
38,541
5,162
Less: Revolving line of credit
19,407
–
Liquid assets$81,575
$70,069
Consolidated Statements of Financial Position
(all amounts in US dollar, except share amounts)
NotesDecember 31,
2024
December 31,
2023
ASSETS
Current
Cash and cash equivalents
$62,441
$64,907
Marketable securities and other investments6
38,541
5,162
Accounts receivables7
1,665
888
Inventories8
81,345
68,391
Other current assets 9
9,143
15,251
Total current assets
193,135
154,599
Non-Current
Property, plant and equipment10
106,392
92,353
Long term inventory8
3,941
3,047
Deferred income tax asset17
3,087
6,156
Other assets9
8,539
13,735
Total non-current assets
121,959
115,291
Total assets
$315,094
$269,890
LIABILITIES
Current
Accounts payable and accrued liabilities11$35,711
$29,719
Short-term debt12
39,242
8,870
Current income taxes payable17
10,330
7,353
Other current liabilities14
4,395
8,285
Total current liabilities
89,678
54,227
Non-Current
Long term debt 12
31,075
38,588
Provisions for reclamation13
29,091
26,735
Deferred income tax liability17
14,032
13,430
Other liabilities 14
179
1,544
Total non-current liabilities
74,377
80,297
Total liabilities
164,055
134,524
EQUITY
Issued capital18
18,720
22,826
Accumulated other comprehensive loss
390
390
Contributed surplus18
2,876
2,322
Retained earnings 129,053
109,828
Total equity 151,039
135,366
Total liabilities and equity $315,094
269,890
Consolidated Statements of Income
(all amounts in US dollar, except share amounts)
Year Ended December 31,
Notes2024
2023
Revenue15$
254,000
$125,324
Cost of sales16(a)
165,305
105,892
Depreciation and depletion10
20,134
5,231
Gross operating income
68,561
14,201
General and administrative16(b)
20,558
8,227
Share base compensation16(c)
1,466
666
Exploration and evaluation16(c)
4,661
5,286
Income from operations
41,876
22
Other income (loss)16(d)
214
4,059
Finance costs16(e)
(7,642)
(2,014)Purchase gain
–
39,910
Foreign exchange gain (loss)
(5,533)
4,347
Net income before income taxes
28,915
46,324
Income taxes
Income tax expense17
9,691
4,386
Net income
$
19,224
$41,938
Earnings per share:
Basic net income per share19
0.13
0.27
Diluted net income per share19
0.12
0.24
Weighted average number of common shares outstanding
Basic
150,690,631
157,720,394
Diluted
154,046,907
178,107,059
Consolidated Statements of Cash Flows
(in thousands of US dollars)
Year ended December 31,
Notes
2024
2023
Net income (loss)
$19,224
$41,938
Adjustments:
Depreciation and depletion10
20,134
5,231
Accretion on provision for reclamation13
2,812
4,758
Reclamation liability payments
(101)
(385) Share-based compensation18(b)
1,030
668
Unrealized derivative loss (gain)16(d)
1,072
(139) Loss on disposal of equipment16(d)
518
516
Purchase gain
–
(39,910) Net change in fair value of marketable securities6
525
1,257
Income tax expense 17
9,691
(1,172) Foreign exchange (gain) loss
5,533
(4,347)Operating cashflow before changes in non-cash working capital
60,438
8,415
Changes in non-cash working capital24(a)
(758)
(3,193)Income tax paid
(3,042)
4,085
Net cash provided from operating activities
56,638
9,307
Investing activities
Acquisition of Golden Queen 14
(4,606)
(12,919)Expenditures on property, plant and equipment 22(b)
(22,113)
(6,017)Disposal on property, plant and equipment10
1,554
–
Investment in marketable securities and other investments6
(35,116)
(1,220)Net cash used in investing activities
(60,281)
(20,516)Financing activities
Shares repurchased for cancellations18(a)
(4,582)
(1,660)Draw down from revolving credit facility12
19,407
–
Proceeds from disposal of marketable securities6
1,700
139
Payment of equipment loan12
(2,082)
–
Payment of debt 12
(7,733)
(7,799)Net cash provided from (used in) financing activities
6,710
(9,320)Effect of exchange rate changes on cash
(5,533)
4,347
Net decrease in cash during the period
(2,466)
(15,822)Cash, beginning of year
64,907
80,729
Cash, end of year
$62,441
$64,907
[1]To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245170
SOURCE: Andean Precious Metals Corp.
© 2025 Newsfile Corp.
