What you need to know: • Andean reported strong Q4 financial and operating results from both of its assets with Golden Queen producing 11.8Koz AuEq (+106% YoY) and San Bartolome producing 1.4Moz AgEq (+14% YoY). • Revenue in Q4 came in at $72.8M (+49% YoY) vs. our estimate of $69.3M, supported by the strong precious metals prices. Adjusted EBITDA was $18.9M (+272% YoY) compared to our estimate of $17.1M. • APM ended the year with $101.0M in cash and $70.3M in debt. Yesterday after market close, Andean Precious Metals (APM:TSX, ANPMF:OTC) released record Q4/24 and 2024 financial results that beat most of our expectations. The highlight from the quarter was the increased profitability at San Bartolome which posted $14.4M in operating income, resulting in APM generating Q4 EBITDA of $18.9M and Q4 FCF of $17.9M. APM also provided 2025 guidance which was in line with our estimates. We recently initiated coverage on APM, to read our full initiation report, click here. We are maintaining our BUY rating on APM with a target price of C$3.50/share. Golden Queen Operational Highlights • Q4 ore processed came in at 1,010Kt vs our estimate of 735Kt. 2024 ore processed was 3,460Kt, beating our estimate of 3,231Kt. • Q4 ounces produced was 11.8Koz (+106% YoY), below our estimate of 14Koz AuEq. 2024 ounces came in at 54.3Koz vs. our 57Koz AuEq. The miss is mainly attributed to a temporary suspension of crushing and stacking activities in September 2024 which impacted production in Q4/24. • This translated to $30.6M in revenue (+130% YoY) and ($1.3M) in operating income (vs. $3.4M in Q4/23). San Bartolome Operational Highlights • Q4 ore processed at San Bartolome came in at 337Kt compared to our estimate of 315Kt. 2024 ore processed came in at 1,119Kt beating our estimate of 1,097Kt. • Q4 ounces produced came in at 1,432Koz (+14% YoY), beating our estimate of 1,167Koz AgEq. 2024 ounces came in at 4,509Koz, exceeding our estimate of 4,244Koz AgEq. • This translated to $42.2M in revenue (+19% YoY) and $14.4M in operating income vs. $1.1M in Q4/23. Financial Highlights • Q4 revenue of $72.8M (+49% YoY) vs. our $69.3M. 2024 revenue came in at $254.0M (+103% YoY) beating our estimate of $250.5M. • Q4 gross margin was 33%, smashing our estimate of 14%. APM saw a 2024 gross margin of 27%, beating our estimate of 21%. • Q4 EBITDA came in at $18.9M (+272% YoY) beating our $17.1M. 2024 EBITDA came in at $62.9M vs. our estimate of $61.0M and $10.5M in 2023. • Free cash flow came in at $17.9M for Q4 and $34.5M for the full year. • The Company finished the year with $101.0M in cash & equivalents (vs. $70.1M at the end of 2023) and $70.3M in debt.