Mineros Delivers H1 Record Revenue of $559 Million and Record Adjusted EBITDA of $260 Million on Sales of 122,634 Gold Equivalent Ounces
- H1 Cash Cost of $2,104/oz tracking within guidance
- H1 AISC of $2,348/oz - below the lower end of guidance
Medellin, Colombia – August 5, 2026 – Mineros S.A. (TSX:MSA, BVC:MINEROS, OTCQX:MNSAF)(“Mineros” or the “Company”) today reported its financial and operating results for the three and six months ended June 30, 2026. All dollar amounts are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis posted on Mineros’ website https://mineros.com.co/en/investors/financial-reports and filed under its profile on www.sedarplus.com.
Financial Highlights for the three and six months ended June 30, 2026
- Revenue of $266,978 in Q2 2026 was driven by strong operational performance across both properties and a robust gold price environment. These factors contributed to a record first-half revenue of $558,788 — the strongest six-month top line in the Company's history.
- Adjusted EBITDA surged 70% year-over-year to $260,475, for the first half of 2026, the strongest first-half result in the Company's history, underpinned by disciplined cost control and a robust gold price environment.
- The Company delivered a record first-half net profit of $132,819 ($0.45 per share), with Q2 net profit of $45,133 ($0.15 per share) demonstrating the consistent earnings power of the business across both jurisdictions.
- As at June 30, 2026, cash equivalents and gold backed assets totalled $228,770, comprising cash equivalents of $41,136, precious metals inventory of $124,605 (equivalent to 29,309 ounces of gold and 112,297 ounces of silver) and gold-backed receivables totaling $63,029 (equivalent to 12,912 ounces of gold and 95,577 ounces of silver), reflecting the Company's deliberate capital allocation strategy under its strategic gold reserve policy.
- As at June 30, 2026, the company held 16,128 ounces of gold in ore stockpiles (valued at a cost of $1,284 US$/oz) and 1,190 ounces of AuEq in doré format (valued at a cost of 2,748 US$/oz) totalling 17,318 ounces of AuEq for a total value of $24,430. This corresponds to an increase of 18,748 ounces of AuEq and $15,758 in comparison to the December 2025 levels, as the Company accumulates ore feed ahead of the Hemco processing plant capacity expansion from 1,750 to 2,500 tonnes per day, expected to be completed by year-end 2026.
- With loans and borrowings of only $55,635, Mineros maintains a conservative, lowleverage balance sheet.
Operational Highlights for the three and six months ended June 30, 2026
- Gold production of 60,253 ounces in Q2 2026, a 12% increase over Q2 2025, reflects broad based operational strength across both properties, with Hemco Property delivering 37,594 ounces (+14% year over year) driven by higher throughput and improved metallurgical recoveries, and Nechí Property contributing 22,659 ounces (+9 % year over year). First half consolidated production reached 118,103 ounces.
- Gold sold of 59,639 ounces (61,849 AuEq) in Q2 2026, an 11% increase over Q2 2025, contributed to a first half total of 117,489 ounces (122,634 AuEq) a 12% year over year increase providing the foundation for the Company's upward revision of its full-year 2026 guidance to 220,000–240,000 ounces.
- Silver sold of 150,681 ounces in Q2 2026, more than double the 70,733 ounces sold in Q2 2025, reflects the sustained success of the metallurgical optimization program at the Hemco processing plant. For the first half of 2026, silver sold reached 312,446 ounces, a 111% increase over the same period in 2025.
- Cost performance tracked ahead of target for the first half: Cash Cost per ounce of gold sold of $2,104 came in within full-year guidance of $2,070–$2,170/oz, while AISC of $2,348/oz fell below the guided range of $2,370–$2,470/oz, positioning the Company to beat its full-year cost targets. On a standalone basis, Q2 Cash Cost of $2,204/oz and AISC of $2,458/oz reflect expected second-half cost discipline and remain consistent with the full-year guidance.
Strategic Highlights for the three and six months ended June 30, 2026
- Acquired a gold exploration project in Tolima, Colombia, which, as reported by AngloGold Ashanti PLC in December 2024, hosts an historical mineral resource estimate of 23.35 million ounces of gold in Indicated Mineral Resources and 4.98 million ounces of gold in the Inferred Mineral Resources.
- Porvenir Project received the Environmental Certification for the Processing Plant and Tailings Storage Facility. In April 2026, the Attorney General's Office provided the Environmental Certification marking one of the final steps towards full permitting. Over 2024 and 2025 the Porvenir Project has secured a number of key approvals, including the underground mining permits, forest management authorizations including the environmental certifications thereof, municipal approvals, and environmental certification for the processing plant and tailings storage facility. Pending are specific forest management and treated wastewater authorizations which Mineros expects the approvals for by the end of the year.
- Advanced the Hemco expansion in Nicaragua, with sustained throughput reaching 2,100 tonnes per day (“tpd”) by June, a 20% increase over the 1,750 tpd baseline. The Company is on schedule and within budget to meet the Company’s goal of achieving 2,500 tpd throughput by December 2026.
- Mineros revised its consolidated gold production guidance for 2026 to 220,000–240,000 ounces (from 213,000-233,000 ounces). This guidance flows from a disciplined focus on "quick-return" ounces, prioritizing capital investment toward brownfield projects and operational efficiencies that can be brought online rapidly to maximize free cash flow in a robust commodity market. The Hemco Property (Nicaragua) is expected to contribute 137,000–147,000 oz, while the Nechí Property (Colombia) will produce 83,000–93,000 ounces of gold.
- Repurchased 4,083,497 common shares for $18,077 as part of the share repurchase program undertaken during the second quarter of 2026, highlighting the ongoing commitment to enhancing shareholder value and reflecting the confidence in the company's long-term growth and financial strength.
- During the second quarter, the Company completed 14,432 metres in 55 drill holes representing 19% of the 75,400 metres of diamond drilling planned for the Hemco Property. In addition, 86 holes of sonic and ward drilling was completed at the Nechí Property for a total of 2,088 metres representing 16% of the 13,000 metres planned. The drilling in the second quarter of 2026 at the Hemco Property represented a mix of near
mine drilling to expand the Mineral Resources and Mineral Reserves at the Panama and Pioneer Mines (6,752 metres in 22 holes), infill drilling at the Porvenir Project (2,517 metres in 15 holes) and 5,163 metres in 9 holes in greenfield and brownfield targets on our relatively underexplored land package in Nicaragua.
- Mineros is the principal contributor and project manager of a new public secondary school in El Bagre, Antioquia, within the Nechí Property operating footprint. Total project investment is estimated to be approximately COP $38.7 billion (≈ US$9.1 million), cofunded with EPM, Grupo Argos, and Grupo Nutresa. This initiative was financed through Colombia’s Obras por Impuestos (“Works-for-Taxes”) mechanism, which redirects corporate income tax into community infrastructure in post-conflict municipalities. The new 11,000 m² campus will serve more than 1,080 students in a region historically affected by armed conflict and illegal mining.
- Update to investment policy - On May 4, 2026, the Board of Directors approved an updated Investment Management Policy. The updated policy expands the range of admissible instruments to include high-liquidity ETFs and listed precious metals producer equities, increases the allocation to physical gold bullion (which must be held with reputable institutional custody firms), and introduces precious metals derivative instruments including forwards, swaps, and plain vanilla options as a new admissible asset class. The policy establishes an Investment Committee, introduces quantitative risk controls including daily Value-at-Risk, monthly stress testing, and counterparty eligibility and concentration limits, and enhances reporting requirements including daily monitoring, monthly Investment Committee meetings, and quarterly Audit Committee reporting. Derivative instruments not designated as hedging instruments under IFRS 9 are classified at fair value through profit or loss, with changes in fair value recognized in profit or loss in the period in which they arise.
| Daniel Henao, President and Chief Executive Officer of Mineros, commented: “H1 2026 | ||||
|---|---|---|---|---|
| demonstrates the earnings leverage embedded in our growing production profile. With all-in | ||||
| sustaining costs tracking below guidance and Hemco Property’s production at the top end of | ||||
| production guidance, we generated revenue of | $559 | million and net profit of | $133 | million; the |
| strongest half in the Company's history. The Hemco expansion is advancing on schedule, gold | ||||
| and silver recoveries are improving, and the Porvenir prefeasibility study is delivering compelling | ||||
| economics. We are executing with discipline and are well positioned for the next phase of Mineros' | ||||
| growth.” |
“We also took deliberate steps this quarter to strengthen our balance sheet through an allocation to physical gold and gold-backed receivables, ending the period with gold-backed assets equivalent to 42,221 ounces of gold. This position reflects our view that gold remains an effective long-term store of value in the current macroeconomic environment. We regard it as a natural extension of our capital management framework, one that reinforces our identity as a gold producer and aligns our treasury with the interests of shareholders who invest in Mineros for exposure to the gold sector.”
Dividends declared
| On March 27, 2026, Mineros held the Ordinary Meeting of the General Shareholders’ Assembly | |
| (“the Assembly”). During the session, the Assembly approved the distribution of the Company’s | |
| profits in the form of a dividend. Shareholders are entitled to receive payment of an annual | |
| ordinary dividend of US$0.10 per common share they hold, payable in four equal quarterly | |
| installments of US$0.025, which is equivalent to a total distribution of | payable |
| quarterly on April 27, July 21, October 19, 2026, and January 18, 2027. |
| The record and payment dates for the next dividends payments are set out below: | ||||
| Payment Date | Amount per Share | Amount per Share (COP$)(1) | ||
| Record Date | ($) |
| Ordinary Dividend July 13, 2026 | July 21, 2026 | 0.025 | 102.51 |
| October 9, 2026 | October 19, 2026 | 0.025 | 102.51 |
| January 8, 2027 | January 18, 2027 | 0.025 | 102.51 |
(1) U.S. dollar amounts converted to Colombian pesos for informational purposes, based on the average monthly Representative Market Rate (Tasa Representativa del Mercado – TRM) published by the Colombian Superintendence of Finance for the year ended December 31, 2025, of $1.00 = approximately COP$4,100.54.
Payment of each dividend amount will be made on each payment date in U.S. dollars, which may in some cases be converted into local currency at the foreign exchange rate on the date of payment.
The approved dividend is consistent with the Company’s dividend policy, which provides for the distribution of at least 15% of the net income of the prior fiscal year, provided that doing so is consistent, in management’s good-faith judgment, with maximizing the long-term value of the Company.
Subsequent events
Expansion of the repurchase program
| On July 14, 2026, Mineros held an extraordinary Meeting of the General Shareholders’ Assembly | |
| (“the Assembly”). | The General Shareholders Assembly approved an expansion of the |
Company’s share repurchase program to up to US$175 million, together with a corresponding increase in the reserve for share repurchases to US$175 million, charged to the reserves of the Company that are available for distribution.
The expanded program is executable until March 27, 2029, through one or more repurchase offers. It may be executed in the Colombian market, through the transactional systems of the Colombian Stock Exchange (BVC) or an independent mechanism, and/or in the Canadian market, through the Toronto Stock Exchange (TSX) or any other mechanism permitted by applicable Canadian law and TSX rules, individually or concurrently, as determined by the Board of Directors.
Share Buyback Program Execution
During the period from July 1, 2026 to August 4, 2026 the Company continued the execution of its share buyback program, repurchasing an aggregate total of 1,320,622 common shares across independent and concurrent programs in Canadian and Colombian capital markets and according to their respective regulations for a total consideration of $6,395. Total repurchases under the program approved at the General Assembly on March 30, 2026, reached 5,404,119 shares, representing an aggregate total of $24,484.
Repurchase agreement transaction for working capital purposes
On July 21, 2026, Mineros Switzerland AG entered into a repurchase agreement transaction for working capital purposes. Under this facility, the Company received net cash proceeds of $18,500 with a gross loan amount of $20,453. The transaction is secured by 5,100 ounces of gold, valued at a spot price of US$4,010 per ounce as of the transaction date.The repurchase agreement has a tenure of 185 days, with a maturity date of January 22, 2027.
On July 24, 2026, the company entered into a loan agreement with a financial institution and received proceeds of US$7 million.The purpose of this financing is to strengthen the Company’s working capital position.
The following table summarizes the financial highlights for the three and six months ended June 30, 2026 and 2025.
| Three Months Ended | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| On | Variation | Six Months Ended | Variation | ||||||||||||||||||
| June 30, | |||||||||||||||||||||
| June 30, | |||||||||||||||||||||
| 2026 | 2025 | $ | % | 2026 | 2025 | $ | % | ||||||||||||||
| Revenue Cost of sales Gross Profit Net Profit for the period Basic and diluted earnings per share ($) Average realized price per ounce of gold sold ($)1 Cash Cost per ounce of gold sold ($)1 AISC per ounce of gold sold ($)1 Adjusted EBITDA1 Operating cash flow before strategic gold purchases Net cash flows provided by (used in) operating activities Net free cash flow1 ROCE1 Net Cash 1 Dividends paid | 266,978 | 215,825 | |||||||||||||||||||
| 182,403 | 84,575 | 46 % | 558,788 | 342,963 | 63 % | ||||||||||||||||
| (169,724) | -320,461 | -203,844 | 116,617 | ||||||||||||||||||
| (107,442) | (62,282) | 58 % | 57 % | ||||||||||||||||||
| 97,254 | 74,961 | 22,293 | 30 % | 238,327 | 139,119 | 99,208 | 71% | ||||||||||||||
| 45,133 | 43,501 | 1,632 | 4 % | 132,819 | 81,508 | 51,311 | 63 % | ||||||||||||||
| 0.15 | 0.15 | 0.01 | 4 % | 0.45 | 0.28 | 0.17 | 62% | ||||||||||||||
| 4,290 | 3,313 | 977 | 29% | 4,530 | 3,096 | 1,434 | 46 % | ||||||||||||||
| 2,204 | 1,671 | 532 | 32% | 2,104 | 1,554 | 550 | 35% | ||||||||||||||
| 2,458 | 1,940 | 518 | 27% | 2,348 | 1,812 | 536 | 30% | ||||||||||||||
| 107,885 | 106,896 | ||||||||||||||||||||
| 82,278 | 25,607 | 31 % | 260,475 | 153,578 | 70 % | ||||||||||||||||
| 115,849 | |||||||||||||||||||||
| 59,820 | 56,029 | 94% | 79,250 | 71,454 | 7,796 | 11% | |||||||||||||||
| -102,212 | |||||||||||||||||||||
| 28,878 | 59,820 | (30,942) | (52%) | -30,758 | 71,454 | (143%) | |||||||||||||||
| 101,951 | |||||||||||||||||||||
| 45,121 | 56,830 | 126% | 53,044 | 44,041 | 9,003 | 20% | |||||||||||||||
| 62 % | 44 % | 18 % | 40% | 62 % | 44 % | 18 % | 40% | ||||||||||||||
| 110,106 | |||||||||||||||||||||
| 84,043 | 26,063 | 31% | 110,106 | 84,043 | 26,063 | 31% | |||||||||||||||
| 7,370 | 7,473 | -103 | (1) % | 14,745 | 14,949 | -204 | (1%) |
1. Average realized price per ounce of gold sold, Cash Cost per ounce of gold sold, AISC per ounce of gold sold, Adjusted EBITDA, net free cash flow and Net Cash are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 10 – Non-IFRS and Other Financial Measures in this MD&A
Financial Summary for the three months ended June 30, 2026
- Revenue increased by 46% to $266,978 during the second quarter of 2026, compared with $182,403 in the second quarter of 2025. This growth was primarily driven by a 29% increase in the average realized gold price, an 11% rise in ounces sold and an increase of 283% in silver sales, equivalent to $6,858. Gold sales totaled $255,829 at an average realized price of $4,290 per ounce, up from $178,573 at an average realized price of $3,313 per ounce in the second quarter of 2025.
- Cost of sales increased by 58% to $169,724 during the second quarter of 2026, compared with $107,442 in the second quarter of 2025. This increase was mainly driven by variable costs, which are linked to gold price trends and productions levels, rising by 29% and 11%, respectively, for the quarter. Within this category, gold purchases from BMP in Nicaragua and services from CMP in Colombia increased by $39,503 (representing 6,629 additional ounces of production), while the precious metal inventory write-down increase by $10,282, and taxes and royalties increased by $6,731. Semi-fixed costs, such as labor, materials, and maintenance costs were significantly impacted in Colombia by foreign exchange, where a 16% depreciation of the US dollar generated an unfavorable impact of $3,778, combined with higher depreciation and amortization of $4,288.
- Gross Profit increased by 30% to $97,254 in the second quarter of 2026, compared with $74,961 in the same period of 2025. The increase was mainly driven by higher gold prices, combined with an increase in ounces of gold sold compared with the same period in the prior year.
- Profit for the period increased by 4% to $45,133 or $0.15 per share during the second quarter of 2026, compared with $43,501 or $0.15 per share during the second quarter of 2025.
| • Adjusted EBITDA was $107,885 during the second quarter of 2026, up 31% from $82,278 in the | |
| second quarter of 2025. The increase was due to stronger gold and silver prices (29% and 80% | |
| respectively), alongside continued cost discipline across the Company’s operations. |
- Operating cash flow before strategic gold purchases increased by 94% to $115,849 in the
| h | $59,820 |
| $129,680 |
to BMP & CMP of $35,662, higher payment of good and services by $10,299 and an increase in income tax payments of $23,568.
- Net cash flow generated by operating activities was $28,878, down 52% in the second quarter of 2026, compared with $59,820 in the same period of 2025. The decrease was primarily due to the purchases of gold bullion of $86,971 as part of the Company’s strategy of maintaining exposure to bullion as part of its investment policy.
- Net free cash flow for the three months ended June 30, 2026, was positive at $101,951, compared with $45,121 in the same period of 2025. The increase is attributable to higher net cash
flows generated by operating activities combined with the Company’s net purchases of precious metals.
- Dividends Paid during the second quarter of 2026 were $7,370, consistent with the amount distributed in the same quarter of 2025.
Financial Summary for the six months ended June 30, 2026
| by | |
| in the |
- Revenue increased by 63% and totaled $558,788 during the six months ended June 30, 2026,
| compared with | |
| to a | |
| an increase |
compared with $342,963 in the six months ended June 30, 2025. The increase in revenue is due to a 46% increase in the average realized price of gold sold, a 9% increase in ounces of gold sold
| at an average realized price | ||||||
|---|---|---|---|---|---|---|
| per ounce of gold sold of | , compared with sales of | |||||
| gold of | $334,845 | at an average realized price per ounce of gold sold of | $3,096 | in the | six months |
ended June 30, 2025.
- Cost of sales increased by 57%, to $320,461 in the six months ended June 30, 2026, compared with $203,844 in the six months ended June 30, 2025. The increase was primarily due to higher variable costs, including: (i) higher costs associated with purchasing ore from BMP in Nicaragua and higher payments for services provided by CMP in Colombia of $76,938, both resulting from higher gold prices and an additional 12,808 ounces purchased; (ii) higher taxes and royalties of $13,404 ; and (iii) a higher write-down of precious metal inventory of $11,780. Semi-fixed costs in Colombia were further affected by foreign exchange changes resulting from a 15% depreciation of the US dollar, which added $6,449 in costs, alongside an increase in depreciation and amortization of $8,284.
| Gross Profit | increased by 71% to $238,327 in the in the six months ended June 30, 202 | in the | ||
|---|---|---|---|---|
| with | $139,119 | in the | ||
| higher gold prices, which was partially offset by a | ||||
| above. | The gross profit margin increased from 41% |
| x months ended June 30, 2026, compared ; due to a 63% increase in revenue, due to | , compared | ||
| ; due to a | increase in revenue, due to | ||
| 7% | increase in cost of sales as explained |
•
- Profit for the period was up by 63% to $132,819 or $0.45 per share during the six months ended June 30, 2026, compared with $81,508 or $0.28 per share during the six months ended June 30, 2025. The increase in profit is due to the increase in gross profit, partially offset by: i) higher current tax expenses of $36,522 as a result of the higher profit before taxes; ii) an unrealized loss of 13,308 on the forward contract entered into as part of the Company's strategic gold position
(see "Strategic Gold Position" in Section 2), and iii) a $1,734 impairment of financial instruments related to unallocated precious metals.
- Adjusted EBITDA was up 70% to $260,475 during the six months ended June 30, 2026, compared with $153,578 during the six months ended June 30, 2025, due to an 63% increase in revenue, offset by a 57% increase in cost of sales, and an increase of $676 in administrative expenses.
- ROCE was 62% as at June 30, 2026, compared with 44% as at June 30, 2025. The increase is mainly attributable to 70% higher Adjusted EBITDA over the last 12 months, resulting from higher gold prices and production (an additional 9,339 ounces). Capital employed increased by 28%, reflecting higher capital expenditures in property, plant and equipment, the acquisition of 80% of the La Pepa Project not previously owned, and the accumulation of gold-backed assets under the Company's strategic gold position, which contributed to the increase in trade accounts receivable and inventories (see "Strategic Gold Position").
- Net cash was $110,106 as at June 30, 2026, compared with $84,043 as at June 30, 2025, reflecting precious metals holdings of $124,605, cash and cash equivalents of $41,136 partially offset by 117% higher loans and other borrowings of $55,635. Holdings of precious metals in the Company’s treasury is an asset that effectively reduces the Company's net indebtedness to the same extent as cash. The balance sheet remains conservatively structured, providing financial flexibility to support ongoing investments and future growth initiatives.
- Dividends Paid were down 1% to $14,745 during the six months ended June 30, 2026, compared with $14,949 in the same period of 2025. The decrease is because there were fewer issued and outstanding shares on average in the first six months of 2026 than in the first six months of 2025.
- Operating cash flow before strategic gold purchases decreased by 11% to $79,250 as at
| $71,454 | in the same period o |
| goods of | $169,735, offset by |
of $78,737, higher payment of goods and services of $20,408, higher payments of income tax by $41,631, a margin deposit of $10,000 corresponding to a guarantee provided in connection with an over the counter (OTC) forward and higher other outflows of cash of $13,891.
- Net cash flow used by operating activities was $(30,758) compared with $71,454 in the same period of 2025. The decrease was primarily due to higher purchases of gold bullion of $110,008
as part of the Company’s strategy of maintaining exposure to bullion as part of its investment policy.
- The Company's net free cash flow for the six months ended June 30, 2026, totaled $53,044 up from $44,041 in the same period of 2025. This increase primarily reflects strong operational performance driven by higher gold and silver prices and increased ounces sold. Additionally, the variance was impacted by working capital movements associated with the Company's strategic gold position (see "Strategic Gold Position).
- Capital investments and expenditures For the first six months ended June 30, 2026, capital investments and expenditures were $36,783, which totalled 32% of the annual capital expenditures budget of $113,681 and were composed of $10,719 for sustaining, $6,396 for leases, a component of sustaining capital, $14,242 for growth capital and $3,569 for exploration. Growth capital is heavily weighted toward the second half of the year. While total capital expenditures are forecast to be close to the total budget, current projections for sustaining capital will be approximately 85% of original projections, with growth capital projected to be 130% of original and exploration spend will be closer to $16,000. We remain focused on driving production growth through organic capacity expansion, anchored by scaling the Hemco processing plant to 2,500 tpd, and supported by an exploration program designed to bolster near-term production while advancing a pipeline of opportunities across the portfolio.
2026 Guidance
For 2026, Mineros is providing revised consolidated gold production guidance of 220,000 to 240,000 ounces of gold. This guidance flows from a disciplined focus on "quick-return" ounces, prioritizing capital investment toward brownfield projects and operational efficiencies that can be brought online rapidly to maximize free cash flow in a robust commodity market.
2026 Operational & Cost Outlook
The Company’s production and cost guidance reflects a commitment to maintaining healthy margins despite global inflationary pressures.
Production and Cost Guidance units 2026
Nechí Property (Colombia) oz 83,000 – 93,000 AISC per ounce of gold sold (Own operation) $/oz $1,820 - $1,920