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11/12/2025
Hello and welcome to the Andean Precious Metals third quarter conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. And if you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Amanda Melo, Director of Investor Relations. You may begin.
Thank you, Operators, and good morning, everyone. Thank you for joining Andy and Precious Metals for the conference call to discuss our financial and operating results for the three and nine months ended September 30th, 2025. Our press release, MD&A, and financial statements are available on both CDAR Plus and our corporate website at andyandpm.com. Before we get started, I would like to point out that during today's call, we may make forward-looking statements as defined under the Canadian securities law. Please refer to our cautionary statements and forward-looking information and risk factors contained in our MD&A and other filings. With us on today's call are Alberto Morales, Executive Chairman and CEO, Johan Bouchard, President, Juan Carlos Sandoval, Chief Financial Officer, and Dom Kizak, Vice President, Finance and Corporate Controller. Following management's prepared remarks, we'll open the line for questions. And with that, I'll turn the call over to Alberto.
Thank you, Amanda, and good morning, everyone. The third quarter was a strong period for Andean, marked by record revenue, record earnings, record liquid assets, and record earnings per share. We delivered revenue of 90.4 million, adjusted EBITDA of 36.8 million, net income of 43.7 million, or 29 cents earnings per share, the highest in the company's history. These results reflect a combination of strong metal prices, disciplined cost management, and higher consolidated production versus the previous quarter. Importantly, we generated 11.2 million of free cash flow and increased liquid assets to 121 million, up from 82 million a year ago. Operationally, San Bartolome delivered another excellent quarter, benefited from higher silver production, higher silver prices, and continued efficiency. Golden Queen faced a short-term production impact related to the leach cycle timing, and the team moved quickly to recondition the cell and optimize the process. Looking ahead to year end, we expect San Bartolome's silver production to be within the high end of its guidance, offsetting the lower production at Golden Queen, which was impacted by the leach cycle timing, although showing improvements into the initial part of Q4. On a consolidated basis, production is expected to finish near the lower end of the guidance with a solid costs and margins performance at both assets, maintaining a robust financial performance despite production variances. Our focus on cost and capital discipline continued to pay off. Total capital was just 0.6 million in the quarter. and we expect our year-end CAPEX to be in line with our guidance. In November, we also filed a VASE shelf perspective, qualifying up to 200 million of securities over 25 months, giving us the flexibility to access capital markets efficiently when needed. This is a strategic step that strengthens our long-term optionality. Overall, this was a very strong financial quarter despite production variances, highlighting the resilience of our portfolio, our financial discipline, and the capability of our people across both jurisdictions. With that, I will hand it over to Johan to review operational and explorational performance.
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