Business
Andean Precious Metals Reports Second Quarter 2024 Operating and Financial Results
RECORD CONSOLIDATED PRODUCTION AND REVENUES Toronto, Ontario--(Newsfile Corp. - August 13, 2024)...
About this update from Andean Precious Metals Corp
[{"type":"text","content":"Andean Precious Metals Reports Second Quarter 2024 Operating and Financial ResultsRECORD CONSOLIDATED PRODUCTION AND REVENUESToronto, Ontario--(Newsfile Corp. - August 13, 2024) - Andean Precious Metals Corp. (TSXV: APM) (OTCQX: ANPMF) (\"Andean\" or the \"Company\") is pleased to report its operating highlights and financial results for the three and six months ended June 30, 2024. All amounts are in United States Dollars unless otherwise stated. This news release should be read together with Andean's management discussion and analysis (\"MD&A\") and condensed consolidated interim financial statements for the three and six months ended June 30, 2024 (the \"Financial Statements\") which are available under the Company's profile on SEDAR+ (www.sedarplus.ca). Second Quarter 2024 Highlights:Achieved zero lost time injuries and no reportable environmental incidents, demonstrating our commitment to a safe and sustainable operation.The Company reported a record consolidated production of 29,888 gold equivalent ounces (\"AuEq oz\"), or its equivalent of 2.5 million silver equivalent ounces (\"AgEq oz\"), approximately a 40% increase from Q1 20241. Golden Queen produced 16,986 AuEq oz, a 48% increase compared to Q1 2024, reflecting a strong recovery from the December 2023 fire and improved operations post-acquisition. San Bartolomé produced 1.1 million AgEq oz, a 30% increase from Q1 2024, driven by a 27% rise in purchased ore.Subsequent to the end of the quarter, the new Fine Minerals Processing Facility (\"FDF\") was commissioned on July 23, 2024, now operating at 1,300 tonnes per day with planned ramp up to 1,500 tonnes per day by the end of Q3 2024, enhancing overall performance and sustainability.The Company recorded consolidated revenue of $69.8 million, with an average realized gold price of $2,305/oz and silver price of $27.81/oz2. This marks a 62% increase, or $26.7 million, compared to Q1 2024, driven by increased production at Golden Queen and San Bartolomé and higher average realized gold and silver prices. Golden Queen's operating cash cost (\"OCC\") and all-in sustaining cost (\"AISC\") per ounce of gold sold for the quarter were $1,350 and $1,752, respectively.1____________________1. Silver equivalent production and silver equivalent sales include gold production and sales, respectively. Equivalent ounc...