Andean Precious Metals Corp. (TSX: APM, OTCQX: ANPMF) just released its operational results for the second quarter of 2025. The company, which operates gold and silver sites in Bolivia and California, is working toward its full-year targets and offering some insight into how the year is shaping up so far.
If you look at what came out of the ground in the second quarter, Andean produced 24,341 gold equivalent ounces. For the first half of the year, the total reached 45,702 equivalent ounces. This is not just a basic tally. Andean converts silver ounces to gold equivalents using a ratio based on assumed prices of $2,500 per ounce of gold and $27.78 per ounce of silver. So, each silver ounce is multiplied by this ratio to match up with gold output. The approach means that even though the company operates both gold and silver deposits, it presents a unified number that analysts can quickly compare to guidance.
Behind those numbers is a typical mining year story: production is loaded toward the second half and that is exactly what the executive chairman and CEO Alberto Morales referenced in his update. He noted that about 40 percent of planned production is weighted to the first six months, with the remaining 60 percent meant to arrive in the latter half of the year. This is commonplace in mining, and the results so far put Andean at the upper end of its interim production guidance, hinting at some confidence in hitting its annual forecast.
The operational performance was powered by Andean’s two main sites: the Golden Queen mine in Kern County, California, and the San Bartolomé facility in Potosí, Bolivia. Golden Queen produced 11,224 ounces of gold and 89,000 ounces of silver in the second quarter, which translated into 12,213 gold equivalent ounces. San Bartolomé delivered 721 ounces of gold along with 1,027,000 ounces of silver and ended up contributing 12,128 gold equivalent ounces for the period. When you look at the breakdown for the first half of the year, Golden Queen provided 23,402 gold equivalent ounces, while San Bartolomé added 22,300.
To get a sense of how the company is performing year-over-year, a look at the same quarter from last year is helpful. In the second quarter of 2024, Andean produced 30,340 gold equivalent ounces and sold 30,741 gold equivalent ounces. This year, both numbers represent a decrease, with 24,341 produced and 23,024 sold in Q2 2025. The decrease is notable, but in the context of the company’s guidance and the discussed production split across the year, it is not entirely unexpected.
Golden Queen’s performance dipped when compared to the previous year, with gold output falling from 15,035 ounces to 11,224 ounces and silver production nearly halving to 89,000 ounces. San Bartolomé, on the other hand, boosted gold output from 274 ounces to 721 ounces, but its silver production dropped only slightly, going from 1,051,000 ounces in Q2 2024 to 1,027,000 in Q2 2025. The two sites together allowed Andean Precious Metals to maintain a reasonable level of consistency, even as individual mines face shifting conditions that are inevitable in the world of mining.
What should investors expect as the year rolls on? The company has reaffirmed its plan to ramp up in the second half. With production so far reflecting 40 percent of the expected split and with management’s assertion of confidence, it would seem that Andean’s targets remain within reach. Of course, mining companies always have to navigate potential operational hiccups, whether that is changing ore grades, supply disruptions, or regulatory changes in mining jurisdictions. But as of now, Andean Precious Metals is sticking to its roadmap.
