Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted EBITDA of $154.1 Million on Higher Production and Gold Prices
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Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted
EBITDA of $154.1 Million on Higher Production and Gold Prices
• Record Revenue and Earnings Reflect Production Growth, Higher Gold Prices,
and Advancing Capital Program
• Record Quarterly Revenue of $291.8 Million, Adjusted EBITDA of $154.1 Million
and Net Profit of $87.7 Million
• Cost Guidance Tracking Below Lower End of Guidance
Medellin, Colombia – May 6, 2026 – Mineros S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS)
(“Mineros” or the “ Company”) today reported its financial and operating results for the three
months ended March 31, 2026. All dollar amounts - other than per share 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 months ended March 31, 2026
• Record revenue of $291,810, up 82% year-over-year, driven by a record average
realized gold price of $4,777 per ounce (up 66% vs. Q1 2025) and strong production
growth (60,785 AuEq ounces, up 10% from 55,124 AuEq ounces in Q1 2025).
• Record net profit of $87,686, up 131% year-over-year, with basic and diluted earnings
per share of $0.29, up 131% vs. Q1 2025.
• Adjusted EBITDA of $154,087, up 116% year-over-year, with an Adjusted EBITDA margin
of 53%.
• Cash, cash equivalents and gold backed assets totaled $216,649, comprising cash
equivalents of $43,565, complemented by gold-backed assets totaling $173,084,
equivalent to 31,623 ounces of gold, reflecting the Company's strategy to retain direct
exposure to physical gold during a period of elevated inflation and uncertainty in the
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stability of fiat currencies. These gold-backed assets comprise $20,429 in physical gold
bullion (4,376 ounces) and $152,655 in trade accounts receivable from gold sales pending
final price determination (27,247 ounces).
• Loans and other borrowings of $35,545, maintaining a conservative balance sheet with
a positive net cash position of $8,020.
Operational Highlights for the three months ended March 31, 2026
• Robust gold production of 57,850 ounces in Q1 2026, with 37,941 ounces of gold from
Nicaraguan operations and 19,909 ounces of gold from Colombian operations.
• Silver sold of 161,766 ounces, up 109% from Q1 2025, at a record average realized
price of $87 per ounce (up 164% vs. Q1 2025), reflecting continued optimization of silver
recovery at the Hemco processing plant.
• Gold-equivalent production of 60,785 AuEq ounces, up 10% from 55,124 AuEq ounces
in Q1 2025.
• Cash Cost per ounce of gold sold of $2,002, below the lower end of the Company's
2026 guidance range, reflecting cost discipline in an environment of rising BMP input
prices.
• AISC per ounce of gold sold of $2,235, below the lower end of the Company's 2026
guidance range.
Strategic Highlights for the three months ended March 31, 2026
• Advanced the Company's strategy to strengthen its balance sheet exposure to
physical gold, building a position of 31,623 ounces of gold-backed assets during the
quarter, supporting the Company's longer-term treasury and capital allocation framework.
• Advanced the Porvenir Project with an updated Prefeasibility Study, delivering
compelling base-case economics with an after-tax NPV (5%) of $460 million, an after-tax
IRR of 37.9%, a 2.0-year payback, and an AISC of $1,295 per gold-equivalent ounce, with
a gold assumption of $3,150/oz — positioning Porvenir as a high-mar gin cornerstone of
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an emerging polymetallic district at Hemco that also includes the Guillermina, Leticia, and
San Antonio deposits.
• Entered into an agreement to acquire a gold exploration project in Tolima, Colombia,
which, as reported by AngloGold Ashanti PLC in December 2024, hosts a historical mineral
resource estimate of 23.35 million ounces of gold in the Indicated Mineral Resources
category and 4.98 million ounces of gold in the Inferred Mineral Resources category.
• Advanced the Hemco expansion in Nicaragua, with sustained throughput reaching
2,000 tonnes per day (a 14.3% increase over the 1,750 tpd baseline). The Company is on
schedule and within budget toward meeting interim milestones of 2,200 tpd by June 2026
and 2,500 tpd by December 2026.
• During the first quarter, the Company completed 12,770 metres (44 drill holes) of the
75,400 metres of diamond drilling planned. The drilling in the first quarter of 2026
represented a mix of in-mine drilling to expand the Mineral Resources and Mineral
Reserves at the Panama and Pioneer Mines (5,311 metres in 19 holes) and 7,459 metres
in 25 holes in greenfield and brownfield targets on our relatively underexplored land
package in Nicaragua.
• Included in the S&P/TSX Global Mining Index, enhancing the Company's visibility
among global mining investors and supporting broader institutional ownership of its TSX -
listed shares.
• Achieved DTC eligibility, broadening U.S. investor access to the Company's shares on
OTCQX and supporting enhanced share liquidity in U.S. markets.
• Recognized in the 2025 TSX30® Ranking and as a top performer on the Colombian
Stock Exchange (BVC), reflecting sustained value creation for shareholders across both
listing venues.
Daniel Henao, President and Chief Executive Officer of Mineros, commented: “Q1 2026
demonstrates the earnings leverage embedded in our growing production profile. With costs
tracking below the lower end of guidance and production at the top end, we generated revenue
of $292 million and net profit of $88 million; the strongest quarter in the Company's history. The
Hemco expansion is advancing on schedule, gold and silver recoveries are improving, and the
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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-linked receivables, ending the period with gold-backed assets equivalent
to 31,623 ounces of gold. This position is modest in scale, and 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.”
The following table summarizes the financial highlights for the three months ended March 31,
2026, and 2025.
Three Months Ended
On
March 31,
Variation
2026 2025 $ %
Revenue
291,810
160,560 131,250 82 %
Cost of sales
(149,239)
(96,402) (52,837) 55 %
Gross Profit
142,571
64,158 78,413 122 %
Net Profit for the period 87,686 38,007 49,679 131 %
Basic and diluted earnings per share ($) 0.29 0.13 0.17 131 %
Average realized price per ounce of gold sold ($)1 4,777 2,881 1,896 66%
Average realized price per ounce of gold sold from continuing operations ($)1 4,777 2,881 1,896 66%
Cash Cost per ounce of gold sold ($)1 2,002 1,437 564 39%
AISC per ounce of gold sold ($)1 2,235 1,685 550 33%
Adjusted EBITDA1
154,087
71,300 82,787 116 %
Net cash flows (used in) provided by operating activities (59,636) 11,634 (71,270) (613%)
Net free cash flow1 (71,944) (1,080) (70,864) 6561%
ROCE1 61 % 40 % 21 % 54%
Net Debt 1 (8,020) (53,163) 45,143 (85%)
Dividends paid 7,375 7,476 -101 (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 Debt 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
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Financial Highlights for the three months ended March 31, 2026
• Revenue increased by 82% and totaled $291,810 during the three months ended March 31,
2026, compared with $160,560 in the three months ended March 31, 2025. The increase in
revenue is due to a 66% increase in the average realized price of gold sold, a 7% increase in
ounces of gold sold and an increase in silver sales of 452%, partially offset by a decrease in
energy sales of 11%. Gold sales totaled $276,360 at an average realized price per ounce of gold
sold of $4,777 in the three months ended March 31, 2026, compared with sales of gold of
$156,272 at an average realized price per ounce of gold sold of $2,881 in the three months ended
March 31, 2025.
• Cost of sales increased by 55%, to $149,239 in the three months ended March 31, 2026,
compared with $96,402 in the three months ended March 31, 2025. The increase in costs is
primarily due to: (i) the higher cost of purchasing ore from BMP in Nicaragua of $31,934 and
higher payments for services provided by Contract Mining Partners ("CMP") in Colombia of
$3,068, both due to higher gold prices and more ounces purchased; (ii) higher taxes and royalties
of $6,673 (iii) higher labour costs of $3,184; and (iv) greater maintenance and materials costs of
$3,371, offset by lower costs for services like leases and energy of $1,698.
• Gross Profit increased by 122% to $142,571 in the three months ended March 31, 2026,
compared with $64,158 in the three months ended March 31, 2025; due to a 82% increase in
revenue, due to higher gold prices, which was partially offset by a 55% increase in cost of sales
as explained above.
• Profit for the period was up by 131% to $87,686 or $0.29 per share during the three months
ended March 31, 2026, compared with $38,007 or $0.13 per share during the three months ended
March 31, 2025. The increase in profit is due to the increase in gross profit, partially offset by an
unrealized loss of $3,330 on the forward contract entered into as part of the Company's strategic
gold position (see "Strategic Gold Position" in Section 2) , other expenses of $2,824 and an
increase in administrative expenses of $311. In addition, as a result of the higher profit before
taxes, current tax expenses increased by $20,016.
• Adjusted EBITDA was up 116% to $154,087 during the three months ended March 31, 2026,
compared with $71,300 during the three months ended March 31, 2025, due to an 82% increase
in revenue, offset by a 55% increase in cost of sales, and a decrease of $311 in administrative
expenses.
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• ROCE was 61% as at March 31, 2026, compared with 40% as at March 31, 2025. The increase
is mainly attributable to 83% higher Adjusted EBITDA over the last 12 months, resulting from
higher gold prices and production (an additional 9,468 ounces). Capital employed increased by
30%, reflecting higher capital expenditures in property, plant and equipment, the acquisition of
80% of the La Pepa Project, and the accumulation of gold-exposed 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 $8,020 as at March 31, 2026, compared with $53,163 as at March 31,
2025,reflecting lower cash and cash equivalents of $43,565 (down 46%) combined with 27%
higher loans and other borrowings of $35,545. The reduction in cash and cash equivalents during
the period primarily reflects the accumulation of gold-exposed assets under the Company's
strategic gold position (see "Strategic Gold Position"). The balance sheet remains conservatively
structured, providing financial flexibility to support ongoi ng investments and future growth
initiatives.
• Dividends Paid were down 1% to $7,375 during the three months ended March 31, 2026,
compared with $7,476 in the same period of 2025. The period over period decrease is due to the
fact that there were fewer issued and outstanding shares than in the first quarter of 2025.
• Net cash flows used in operating activities totaled $59,636 in three months ended March 31,
2026, compared with net cash flows generated of $11,634 in the same period of 2025. The
Company's net free cash flow for the three months ended March 31, 2026 totaled $(71,944) down
from $(1,080) in the same period of 2025 The period-over-period change primarily reflects working
capital movements associated with the Company's strategic gold position (see "Strategic Gold
Position"), including an increase of $127,165 i n trade accounts receivable related to gold sales
positions pending final price determination and an increase of $23,037 related to the acquisition
of physical gold bullion. These working capital movements are further explained by greater
income tax payments of $18,063, and higher capital expenditures of $102 related to purchases
of intangible assets and exploration expenditures, partially offset by higher receipts from sales of
goods of $40,055.
• Capital investments were down 48% to $11,008 during the three months ended March 31,
2026, compared with $21,175 in the three months ended March 31, 2025. The decrease is due
to an amendment of a vehicle leasing contract which cost the Company $5,793 at the Hemco
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Property in the first quarter of 2025, combined with a reduction of $3,419 in spending on the San
Jose tailings expansion project.
2026 Guidance
For 2026, Mineros is providing consolidated gold production guidance of 213,000 to 233,000
ounces of gold. This represents an increase of 10,000 ounces relative to 2025 guidance. This
increase is the result of 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
AISC per ounce of gold sold (CMP) $oz $3,800 - $ 3,900
AISC per ounce Total Nechi Property $oz $2,090 -$2,190
AISC Margin (Contract Mining Partners) 1 % 11 - 14
Hemco Property (Nicaragua) 130,000 - 140,000
AISC per ounce of gold sold (Underground operation ) $/oz $2,000 - $2,100
AISC per ounce of gold sold (BMP) $oz $2,600 - $2,700
AISC per ounce of gold sold Total Hemco property $oz $2,465 - $2,565
AISC Margin (Bonanza Mining Partners) 1 % 39 - 41
Consolidated
Gold production oz 213,000 – 233,000
Cash Cost per ounce of gold sold1 $/oz $2,070 - $2,170
AISC per ounce of gold sold1 $/oz $2,370 - $2,470
Note to Guidance: The following assumptions were used: a gold price of 4,405; inflation rates of 5% in Colombia and
3% in Nicaragua; a COP/USD exchange rate of 3,850; and average salary increases of 17% in Colombia and 5% in
Nicaragua. While our 2026 guida nce is anchored in our primary gold reserves, the Company continues to optimize
silver recovery at the Hemco processing plant. Although silver is not currently classified as either a Mineral Reserve
or a Mineral Resource, we expect improvements to our abil ity to recover silver will provide a positive impact on our
revenues and consolidated AISC. For reporting purposes, any silver recovered will be disclosed as AuEq production
using the then-average price per ounce sold of each metal.
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1. These measures are forward -looking non -IFRS financial measures. For further information concerning the
equivalent historical non-IFRS financial measures, see Non-IFRS and Other Financial Measures in this news release.
In 2026, the Hemco Property (Nicaragua) is expected to deliver solid performance with gold
production guidance of 130,000– 140,000 ounces. The Panama & Pioneer operations are
expected to have an AISC range of $2,000– $2,100 per ounce. In addition, the Bonanz a Mining
Partners arrangement is expected to generate a 39% –41% AISC margin, providing a robust
contribution to production.
For the Nechí Property (Colombia), Mineros is targeting steady gold output of 83,000– 93,000
ounces in 2026. Company -owned dredges are expected to operate within an AISC range of
$1,820–$1,920 per ounce, underpinned by continued focus on optimizing operations and
controlling costs. The contract mining partners are expected to deliver an AISC margin of 11% –
14%, representing consistent and dependable cash generation at this operation.
Capital Expenditures (“CAPEX”): Financing the Growth Horizon
The 2026 CAPEX budget is structured to balance sustaining requirements with high-impact
growth initiatives.
Category Investment (US$) Strategic Objective
Growth CAPEX $51.7 Million Hemco plant expansion, Porvenir (Nicaragua) and La Pepa
(Chile) technical studies
Sustaining CAPEX $44.7 Million Operational continuity and infrastructure renewal
Exploration $17.3 Million Resource-to-Reserve conversion
Greenfield exploration
Total CAPEX $113.7 Million