Andean Precious Metals
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.
- Company typePublic
- Founded2021
- HeadquartersVancouver, Canada
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Andean Precious Metals firmographics
Firmographics- 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
Andean Precious Metals industry classification
Industry- 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
Where Andean Precious Metals is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices6 records
Markets served
Andean Precious Metals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Supply Chain, Infrastructure
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Gold and silver commodity sales at prevailing market prices |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Andean Precious Metals product offering
Product offeringCore 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
Companies that use Andean Precious Metals
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Andean Precious Metals technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Andean Precious Metals partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- COMIBOL (Bolivia's state-owned mining company)coreAndean 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)coreAndean 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)minor5-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 VistaminorPurchase 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.
- Tollojchiminor10-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
Andean Precious Metals competitors and assessment
Company assessmentBroad 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
Andean Precious Metals social profiles
Digital presenceAndean Precious Metals compliance and trust
Trust signalCompliance3 records
Andean Precious Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Andean Precious Metals leadership team
Management profileNumber of profiles
Profiles12 records
Andean Precious Metals subsidiaries and ownership
Company hierarchySubsidiaries2 records
Andean Precious Metals funding detail
Funding detailFunding overview
Funding rounds3 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Andean Precious Metals M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Andean Precious Metals
What does Andean Precious Metals do?
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.
Is Andean Precious Metals a public or private company?
Andean Precious Metals is a public company. It is classified as public and is currently operating.
When was Andean Precious Metals founded?
Andean Precious Metals was founded in 2021. It employs 501 to 1,000 people.
Where is Andean Precious Metals based?
Andean Precious Metals is headquartered in Vancouver, Canada, in the North America region.
How does Andean Precious Metals make money?
One revenue line is on record: gold and Silver Production and Sales.
Who are Andean Precious Metals's main competitors?
Broad incumbents on record are Hecla Mining Company and Pan American Silver Corp.. Direct peers are Americas Gold and Silver Corporation, Gatos Silver, Inc., Fortuna Silver Mines Inc., Endeavour Silver Corp., Coeur Mining, MAG Silver Corp. and First Majestic Silver Corp.. SilverCrest Metals Inc. is listed as an emerging player.
Does Andean Precious Metals have an API?
No public API is recorded for Andean Precious Metals.
What industry is Andean Precious Metals in?
Andean Precious Metals's product category is Precious Metals Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAB, Silver Mining. Its NAICS code is 21222 and its SIC code is 1040.