Mineros Delivers H1 Record Revenue of $559 Million and Record Adjusted EBITDA of $260 Million on Sales of 122,634 Gold Equivalent Ounces
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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 financ ial 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.
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• 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, low-
leverage 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
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• 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
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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), co-
funded 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 Committ ee, introduces quantitative risk controls
including daily Value-at-Risk, monthly stress testing, and counterparty eligibility and
concentration limits, and enhances repor ting 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.”
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“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 M eeting 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 US$29,578,052, payable
quarterly on April 27, July 21, October 19, 2026, and January 18, 2027.
The record and payment dates for the next dividends payments are set out below:
Record Date Payment Date
Amount per Share
($)
Amount per Share
(COP$)(1)
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.
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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.
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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.
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The following table summarizes the financial highlights for the three and six months ended June
30, 2026 and 2025.
Three Months Ended
On
June 30,
Variation Six Months Ended
June 30, Variation
2026 2025 $ % 2026 2025 $ %
Revenue
266,978
182,403 84,575 46 % 558,788 342,963
215,825
63 %
Cost of sales
(169,724)
(107,442) (62,282) 58 %
-320,461
-203,844
116,617
57 %
Gross Profit 97,254 74,961 22,293 30 % 238,327 139,119 99,208 71%
Net Profit for the period 45,133 43,501 1,632 4 % 132,819 81,508 51,311 63 %
Basic and diluted earnings per share
($) 0.15 0.15 0.01 4 % 0.45 0.28 0.17 62%
Average realized price per ounce of
gold sold ($)1 4,290 3,313 977 29% 4,530 3,096 1,434 46 %
Cash Cost per ounce of gold sold ($)1 2,204 1,671 532 32% 2,104 1,554 550 35%
AISC per ounce of gold sold ($)1 2,458 1,940 518 27% 2,348 1,812 536 30%
Adjusted EBITDA1
107,885
82,278 25,607 31 % 260,475 153,578
106,896
70 %
Operating cash flow before strategic
gold purchases
115,849
59,820 56,029 94% 79,250 71,454 7,796 11%
Net cash flows provided by (used in)
operating activities 28,878 59,820 (30,942) (52%) -30,758 71,454
-102,212
(143%)
Net free cash flow1
101,951
45,121 56,830 126% 53,044 44,041 9,003 20%
ROCE1 62 % 44 % 18 % 40% 62 % 44 % 18 % 40%
Net Cash 1
110,106
84,043 26,063 31% 110,106 84,043 26,063 31%
Dividends paid 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 measur es presented by other issuers. For further information and
detailed reconciliations to the most di rectly 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.