Andean Precious Metals (TSX: APM) produced 27,262 gold equivalent ounces in the third quarter. Production was up 6% from the same period last year and 7% from the second quarter, as a rebound at the Golden Queen mine in California added to steady output from their San Bartolome processing facility in Bolivia.
The quarter included 11,242 ounces of gold and 1.36 million ounces of silver. Nine month consolidated production reached 79,992 gold equivalent ounces, up 12% year over year.
Sales came in at 39,178 gold equivalent ounces, the highest quarterly figure in the company’s history. Most of that jump is a matter of timing. Andean sold all of the finished inventory it held back at the end of the second quarter, along with its full third quarter output.
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San Bartolome remains the larger contributor within Andean’s portfolio. The operation produced 16,394 gold equivalent ounces, including 1.28 million ounces of silver and 1,336 ounces of gold. Its nine month total of 49,060 gold equivalent ounces is up 29% from a year earlier.
Golden Queen produced 10,868 gold equivalent ounces, including 9,905 ounces of gold, up 27% from the second quarter and 8% year over year.
Andean is guiding to 100,000 to 114,000 gold equivalent ounces in 2026, and with one quarter left it has delivered 80% of the low end. Another quarter like the third would put the company near the midpoint. That fits the second half weighting management flagged when it issued guidance in February.
The picture is uneven by asset, however. San Bartolome has already reached 89% of the low end of its 55,000 to 60,000 ounce range, and has exceeded its full year gold guidance of 3,000 to 4,000 ounces. Golden Queen sits at 30,932 gold equivalent ounces against a target of 45,000 to 54,000. Reaching the bottom of that range would take roughly 14,000 ounces in the fourth quarter, about 30% more than the mine produced in the third. Consolidated gold output of 32,333 ounces is also tracking below its 46,000 to 54,000 ounce guidance.
Executive Chairman and CEO Alberto Morales pointed to higher production at both assets and to gold and silver prices that remain well above last year’s levels. He said the company is “well positioned for a strong finish to 2026.”
Andean will report its full third-quarter financial and operating results on November 10.
Andean Precious Metals last traded at $5.97 on the TSX.
