Andean Precious Metals

What Andean Precious Metals does

Andean Precious Metals Corp. is a publicly traded precious metals producer (TSX: APM, OTCQX: ANPMF) domiciled in Ontario, Canada, with corporate functions consolidated in Monterrey, Mexico. The company operates two producing assets: the San Bartolomé processing facility in Potosí, Bolivia (the largest oxide processing plant in Bolivia at 1.8 Mtpa designed capacity), held through wholly owned subsidiary Empresa Minera Manquiri S.A., and the Golden Queen / Soledad Mountain open-pit heap leach gold and silver mine in Kern County, California, acquired in November 2023 from Auvergne Umbrella LLC for $66.6 million. San Bartolomé operates an industrial processing / toll-milling model, purchasing third-party silver ore from Bolivian mining cooperatives and COMIBOL under multi-year contracts (including a 10-year Tollojchi deal, a 5-year Paca agreement, a 24-month Alta Vista contract, and a 10-year / 7 Mt COMIBOL framework), while Golden Queen produces doré bars with an approximately 10:1 gold-to-silver ratio.

The company's revenue model is straightforward commodity sales: gold and silver doré bars are shipped from both operations to commercial refiners for final refinement and sale into the global precious metals market at prevailing spot prices. In FY2025, Andean delivered record revenue of $359.8 million, record adjusted EBITDA of $133.7 million, and net income of $118.2 million, with consolidated production of 99,165 gold equivalent ounces. The technology stack is built around conventional open-pit mining, cyanide heap leach, and Merrill-Crowe precious metal recovery, with 2026 consolidated production guidance of 100–114 K-GEO and Q1 2026 production up 28% year-over-year.

Andean is controlled by CEO and Founder Alberto Morales through PMB Partners LP (47.15% stake post January 2026 secondary offerings totaling ~C$178.7M), is pursuing a NYSE listing and inclusion in major precious-metals indices, and is governed by an independent board that includes former Asahi Refining NA president Grant Angwin. With approximately 500 employees, $167M in liquid assets, $30M in debt, and ISO 14001, ISO 45001 and Responsible Minerals Initiative certifications, the company has explicitly stated its ambition to build into a multi-asset, mid-tier precious metals producer in the Americas.

Name

Andean Precious Metals

Legal name

Andean Precious Metals, Corp.

Website

https://andeanpm.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Andean Precious Metals Corp. is a publicly traded precious metals producer operating two assets — the San Bartolomé oxide processing plant in Bolivia and the Golden Queen/Soledad Mountain mine in California — selling gold and silver doré bars to commercial refiners at spot prices.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)

Keywords

• Precious metals mining
• Silver production
• Gold production
• Heap leach processing
• Doré bar sales

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure

Revenue model

1. Gold and Silver Production and Sales: Andean generates revenue through the production and sale of gold and silver doré bars extracted from its mining operations. The company operates the San Bartolomé processing facility in Bolivia (silver production) and the Golden Queen Soledad Mountain mine in California (gold and silver production). Revenue is derived from selling refined precious metals to commercial refiners at market prices.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Andean Precious Metals is a precious metals producer that owns and operates two mining assets: the San Bartolomé silver processing facility in Potosí, Bolivia (the largest oxide processing plant in Bolivia at 1.8 Mtpa capacity) and the Soledad Mountain / Golden Queen open-pit heap leach gold and silver mine in Kern County, California. The company produces gold and silver doré bars using heap leach and Merrill-Crowe processing technology, which it sells to commercial refiners. At San Bartolomé, the company operates under an industrial processing model, purchasing third-party oxide ore from Bolivian mining cooperatives and private suppliers.

Product overview

Andean Precious Metals is a growing precious metals producer operating two core assets in the Americas: the San Bartolomé processing facility in Potosí, Bolivia (the largest oxide plant in Bolivia) and the Soledad Mountain mine in California, USA. The company operates under an industrial processing model at San Bartolomé, purchasing third-party ore from Bolivian mining cooperatives and private companies rather than conventional mining. Golden Queen provides open-pit heap leach gold and silver production. The portfolio is unified by shared expertise in heap leach and Merrill-Crowe processing technology for precious metals extraction.

Differentiator

Problem solved

Functional benefit

Products and services

• San Bartolomé Processing Facility The largest oxide processing plant in Bolivia, located in Potosí Department. Processes third-party silver ore through conventional comminution, cyanide leach, and Merrill-Crowe recovery to produce silver doré bars, with designed capacity of 1.8 million tonnes per annum and approximately 5 Moz silver equivalent annual production. Output is sold to commercial refiners.
• Golden Queen / Soledad Mountain Mine Open-pit heap leach gold and silver mine in Kern County, California, USA. Operates 24/7 with conventional open-pit mining, 12,000 tpd cyanide heap leach, and a Merrill-Crowe processing facility producing doré bars with an approximately 10:1 gold-to-silver ratio. Sold to commercial refiners.
• Third-Party Oxide Ore Purchase Contracts Long-term ore purchase agreements that secure feed supply for the San Bartolomé oxide processing facility, supplying silver-bearing oxide ore from third-party Bolivian mining cooperatives and the state-owned COMIBOL.
• Fines Deposit Facility (FDF) Contains untreated fine-grained plant feed from previously mined oxide reserves as well as third-party contracted high-grade oxide material, supporting San Bartolomé's feed supply strategy and contributing to its mineral resource estimate.

Quantifiable outcome

• Record revenue of $359.8 million in 2025
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• COMIBOL (Bolivia's state-owned mining company)coreStrategic or Co-development Partner · 2 June 2025Andean entered into a long-term agreement with COMIBOL for up to 7 million tonnes of oxide ore over 10 years, enhancing feed security at the San Bartolomé processing facility.
• COMIBOL (Bolivia's state-owned mining company)coreStrategic or Co-development Partner · 6 February 2025Andean signed an exclusive agreement to purchase up to 250,000 tonnes of oxide material from COMIBOL in Bolivia. First ore deliveries expected by end of 2026 to enhance feed security at San Bartolomé.
• Paca (Silver Project)minorChannel Partner/ Reseller/ Distributor · 1 September 20235-year exclusive contract signed in September 2023 to purchase up to 800,000 tonnes of oxide from Paca located less than 200 km from San Bartolomé. Average grade: 185 g/t.
• Alta VistaminorChannel Partner/ Reseller/ Distributor · 1 June 2023Purchase agreement signed in June 2023 for 170,000 metric tonnes over 24 months from Alta Vista located 420 km from San Bartolomé. Average grade: 350 g/t.
• TollojchiminorChannel Partner/ Reseller/ Distributor · 1 January 202310-year contract signed in January 2023 for a minimum of 25,000 tonnes per month from Tollojchi located 40 km from San Bartolomé. Average grade: 145 g/t.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Hecla Mining Company: Largest U.S.-based silver producer with silver and gold mining operations in North America. Comparable as a senior Americas-focused silver/gold producer with diversified asset base.
• Pan American Silver Corp. Large-cap silver and gold producer with diversified Americas operations and a treasury/liquidity profile Andean aspires to reach. Relevant incumbent comp for Andean's mid-tier precious metals strategy.

Direct peers

• Americas Gold and Silver Corporation: Precious metals producer with silver and gold operations in the Americas (notably Mexico). Comparable as a smaller silver/gold producer pursuing operational turnaround and growth in similar jurisdictions.
• Gatos Silver, Inc. Silver-focused producer with the Cerro Los Gatos mine in Mexico. Comparable as a silver-dominant intermediate producer of base and precious metals in the Americas with similar scale.
• Fortuna Silver Mines Inc. Mid-tier silver and gold producer with mines in Mexico, Argentina, and West Africa. Comparable in production scale, dual silver/gold doré output, and Americas-focused growth strategy.
• Endeavour Silver Corp. Intermediate silver and gold producer operating mines in Mexico. Comparable as a silver-focused intermediate with similar production scale and precious metals doré output.
• Coeur Mining: U.S.-listed gold and silver producer that formerly owned and operated the San Bartolomé mine that Andean now owns. Directly comparable in precious metals focus, processing technology, and Americas footprint.
• MAG Silver Corp. Silver-focused intermediate producer developing and operating high-grade silver assets in Mexico. Comparable as a publicly listed silver miner in the Americas with a multi-asset growth ambition similar to Andean's.
• First Majestic Silver Corp. Senior silver mining company producing silver doré from multiple mines in Mexico and the Americas. Comparable in silver doré production model, vertical integration with refining, and mid-tier precious metals positioning.

Emerging players

• SilverCrest Metals Inc. Emerging precious metals producer focused on high-grade silver-gold projects in Mexico. Comparable as an Americas-based silver/gold producer at a similar stage of building a multi-asset precious metals portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/andeanpm
• Xx.com/AndeanPM
• LinkedInlinkedin.com/company/andeanpm

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Andean Precious Metals