Mineros Reports Record Second Quarter 2025 Financial and Operating Results
Mineros Reports Record Second Quarter 2025 Financial and Operating
Results
MEDELLIN, Colombia--(BUSINESS WIRE)--August 12, 2025--Mineros S.A. (TSX:MSA,
MINEROS:CB) (“Mineros” or the “Company”) today reported its financial and operating
results for the three and six months ended June 30, 2025. 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.
HIGHLIGHTS FOR THE THREE AND SIX MONTHS ENDED June 30, 2025
Record revenues in both the three and six months ended June 30, 2025 of $182,403 and
$342,963 respectively.
Record net profit in each of the three and six month periods ended June 30, 2025 of
$43,501 and $81,508 respectively.
Earnings per share of $0.15 and $0.27 (basic and diluted earnings) in the three and six
month periods ended June 30, 2025, respectively.
$109,657 in cash and cash equivalents as at June 30, 2025.
Produced 53,907 ounces of gold, 33,048 ounces from our Nicaraguan operations and
20,591 from our Colombian operation in the second quarter ended June 30, 2025.
Produced 108,150 ounces of gold, 64,047 ounces from our Nicaraguan operations and
44,103 from our Colombian operations in the first six months ended June 30, 2025.
Average realized price per ounce of gold sold1 was $3,313 and $3,096 in the three and six
months ended June 30, 2025, respectively.
Cash Cost per ounce of gold sold1 was $1,671 in three months ended June 30, 2025 and
$1,554 in the six months ended June 30, 2025.
Respectively, AISC per ounce of gold sold1 was $1,940 and $1,812 in the three and six
month periods ended June 30, 2025.
Net cash flows generated by operating activities were $59,820 in the three months ended
June 30, 2025 and for the six months ended June 30, 2025 this rose to $71,454.
$25,614 in loans and other borrowings as at June 30, 2025.
Paid $7,473 in dividends in the second quarter ended June 30, 2025 and $14,949 in the
first six months of 2025.
David Londoño, President and Chief Executive Officer of Mineros, commented: “We are pleased
to report another record quarter of financial results for Mineros. From a financial perspective,
record gold prices provided us with another record for revenues and profits in the second quarter
of 2025 of $182.4M and $43.5M respectively. These results were generated from the production
and sale of 53,907 ounces of gold at an average price of $3,313, which price is 15% higher than
the first quarter of 2025 and a full 42% higher than the average gold price for the second quarter
of 2024. Net earnings per share were $0.15. Cash costs and all-in sustaining costs at the low end
of guidance for Nechí and approximately 12% above the high end of guidance for Hemco
because of the very strong gold price and its effects on the cost to purchase ore from the
cooperatives representing our artisanal mining partners.”
Mr. Londoño went on to say, “With en excess of $109M in cash and a strong and flexible
balance sheet we are ramping up our search for appropriately sized additions to production, both
organically, with the near-term development of the Porvenir Project at our Hemco Property, and
inorganic growth. We remain focused on maximizing stakeholder value.”
The following table summarizes the financial highlights for the three and six month periods
ended June 30, 2025 and 2024.
Three Months
Ended On
June 30,
Variation
Six Months
Ended
June 30,
Variation
2025 2024 $ % 2025 2024 $ %
Revenue 182,403 133,384 49,019 37% 342,963 247,532 95,431 39%
Cost of sales (107,442) (91,991) (15,451) 17% (203,844) (172,669) 31,175 18%
Gross Profit 74,961 41,393 33,568 81% 139,119 74,863 64,256 86%
Net Profit for the period 43,501 18,076 25,425 141% 81,508 34,850 46,658 134%
Basic and diluted earnings per share
($/share) 0.15 0.06 0.08 141% 0.27 0.12 0.16 134%
Average realized price per ounce of gold
sold ($/oz) 1 3,313 2,327 985 42% 3,096 2,200 896 41%
Cash Cost per ounce of gold sold ($/oz) 1 1,671 1,304 367 28% 1,554 1,240 313 25%
AISC per ounce of gold sold ($/oz) 1 1,940 1,514 426 28% 1,812 1,472 340 23%
Adjusted EBITDA1 82,278 49,647 32,631 66% 153,578 90,301 63,277 70%
Net cash flows generated by operating
activities 59,820 7,115 52,705 741% 71,454 17,220 54,234 315%
Net free cash flow1 45,121 (6,818) 51,939 (762%) 44,041 (8,715) 52,756 (605%)
ROCE1 44% 31% 13% 42% 44% 31% 13% 42%
Net Debt 1 (84,043) 1,898 (85,941) (4528%) (84,043) 1,898 (85,941) (4528%)
Dividends paid 7,473 7,473 — 0% 14,949 12,712 2,237 18%
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 “Non-IFRS and Other Financial Measures” below in this
news release.
Financial Highlights for the three months ended June 30, 2025
Revenue increased by 37% to $182,403 during the second quarter of 2025, compared
with $133,384 in the second quarter of 2024, with gold sales of $178,573 at an average
realized price per ounce of gold sold of $3,313, compared with gold sales of $124,976 at
an average realized price per ounce of gold sold of $2,327 for the second quarter of 2024.
The increase in revenue in the second quarter of 2025 is due to a 42% increase in the
average realized price per ounce of gold sold, and a 0.4% increase in ounces of gold sold,
offset by a 63% decrease in sales of silver of $4,146.
Cost of sales increased by 17% to $107,442 during the second quarter of 2025, compared
with $91,991 in the second quarter of 2024. This increase was primarily due to: (i) higher
gold prices which increase the costs to purchase ore from artisanal miners by $13,979 or
40%; (ii) increases in operating costs across the Company’s operations generally,
including labour costs of $2,576, tax costs of $783, and an increase in depreciation and
amortization of $205, offset by a decrease in materials and maintenance of $1,092 and a
decrease in miscellaneous expenses of $884.
Gross Profit increased by 81% to $74,961 in the second quarter of 2025, compared with
$41,393 in the second quarter of 2024, due to higher gold prices combined with a slight
increase in ounces of gold sold.
Profit for the period more than doubled to $43,501 or $0.15 per share during the second
quarter of 2025 from $18,076 or $0.06 per share during the second quarter of 2024.
Adjusted EBITDA was $82,278 during the second quarter of 2025, up 66% compared
with $49,647 during the second quarter of 2024, mainly due to the higher revenue and
consistent cost control.
Net cash flow generated by operating activities was up 741%, totaling $59,820 in the
second quarter of 2025, compared with $7,115 in the second quarter of 2024. The
Company’s net free cash flow was positive for the three months ended June 30, 2025, and
totaled $45,121, an improvement from the negative free cash flow of $6,818 in the same
period of 2024, mainly due to the increase in cash generated by operating activities of
$52,377 partially offset by higher purchases of property, plant and equipment of $6,265.
Dividends Paid during the second quarter of 2025 of $7,473 were the same as the
dividends paid in the second quarter of 2024. During the second quarter of 2025, capital
investments2 of $22,778 were made into existing mines, and exploration and growth
projects, compared with $16,662 in the second quarter of 2024; this increase of 37% is
described in Section 8 under the Capital Expenditures for the three months ended June
30, 2025.
Cash Cost & AISC: Cash Cost per ounce of gold sold in the second quarter of 2025 was
$1,671 and AISC per ounce of gold sold was $1,940, compared with Cash Cost per ounce
of gold sold of $1,304 and AISC per ounce of gold sold of $1,514 for the second quarter
of 2024. The 28% increase in Cash Cost per ounce of gold sold is due to the 17%
increase in the cost of sales, due to higher gold prices increasing the payments made to
artisanal miners. The increase in AISC per ounce of gold sold is explained by the increase
in the Cash Costs per ounce of gold sold.
Financial Highlights for the six months ended June 30, 2025
Revenue increased by 39% and totaled $342,963 during the six months ended June 30,
2025, compared with $247,532 in the six months ended June 30, 2024, 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, compared with sales of gold of $231,938 at an average
realized price per ounce of gold sold of $2,200 in the six months ended June 30, 2024;
and a 3% increase in ounces of gold sold, offset by a 68% decrease in ounces of silver
and 7% decrease in energy sales.
Cost of sales increased by 18%, to $203,844 in the six months ended June 30, 2025,
compared with $172,669 in the six months ended June 30, 2024. The increase in costs is
primarily due to: (i) higher cost of purchasing ore from artisanal miners of $23,594 due to
higher gold prices; (ii) greater maintenance and materials costs of $1,043; (iii) higher
labour costs of $4,535; and (iv) higher taxes and royalties of $2,366.
Gross Profit increased by 86%, amounting to $139,119 in the six months ended June 30,
2025, compared with $74,863 in the six months ended June 30, 2024; mainly due to a
39% increase in revenue, due to higher gold prices, which was partially offset by a 18%
increase in cost of sales as explained above.
Profit for the period was up by 134% to $81,508 or $0.27 per share during the six months
ended June 30, 2025 compared with $34,850 or $0.12 per share during the six months
ended June 30, 2024. The increase in profit is mainly explained by the increase in gross
profit, partially offset by an increase in administrative expenses of $2,661 and an increase
in other expenses of $1,631. In addition, as a result of the higher profit before taxes, tax
expenses increased by $17,762.
Adjusted EBITDA was up 70% to $153,578 during the six months ended June 30, 2025
compared with $90,301 during the six months ended June 30, 2024 due to a 39% increase
in revenue, offset by a 18% increase in cost of sales, an increase of $2,661 in
administrative expenses, due to the redemption of share appreciation rights by executive
officers in April, 2025, and a decrease of $1,110 in other income.
ROCE was 44% as at June 30, 2025 compared with ROCE of 31% as at June 30, 2024.
The increase is due to the 54% higher Adjusted EBITDA for the last 12 months, along
with a 22% increase in average capital employed mainly due to higher cash generation
associated with higher gold prices and stable production levels and higher purchases of
property plant and equipment.
Net Debt was $(84,043) as at June 30, 2025, compared with $1,898 as at June 30, 2024
due to 303% higher cash and cash equivalents of $109,657, an historical record, together
with 12% lower loans and other borrowings of $25,614, reflecting a strong cash position.
Dividends Paid were up 18% to $14,949 during the six months ended June 30, 2025,
compared with $12,712 in the same period of 2024. The period over period increase is
due to the fact that the dividend paid in the first quarter of 2024 was $0.0175
corresponding to the $0.07 annual dividend declared in 2023 and paid over four quarters
with the final payment made in the first quarter of 2024.
Net cash flows generated by operating activities were up 315% totaling $71,454 in the six
months ended June 30, 2025, compared with $17,220 in the same period of 2024. The
Company’s net free cash flow was positive for the six months ended June 30, 2025 and
totaled $44,041, up from $(8,715) in the same period of 2024, due to higher receipts from
sales of goods of $96,903, and lower repayments of borrowings of $3,815 offset by
greater payments for: income tax of $6,120; suppliers of $27,427; employees of $7,461;
and for purchases of property, plant and equipment of $10,666.
Capital investments were up 42% to $43,953 during the six months ended June 30, 2025
as investments were made into existing mines, and exploration and growth projects,
compared with $31,025 in the six months ended June 30, 2024. The increase is explained
by the construction of the extension of the tailings’ impoundment facility at the Hemco
Property.
Cash Cost & AISC: Cash Cost per ounce of gold sold in the six months ended June 30,
2025 was $1,554 and AISC per ounce of gold sold was $1,812, compared with Cash Cost
per ounce of gold sold of $1,240 and AISC per ounce of gold sold of $1,472 for the same
period in 2024. The 25% increase in Cash Cost per ounce of gold sold was due to 18%
higher cost of sales, due to higher gold prices which results in higher costs to purchase
ore from artisanal miners in Nicaragua. The 23% increase in AISC per ounce of gold sold
is explained by the increase in Cash Cost per ounce of gold sold and a 4% increase in
sustaining capital expenditures.
2025 Guidance
For 2025, we expect gold production to be between 201,000 and 223,000 ounces, building on the
consistent performance of our Nicaragua underground mines, our partnerships with the
cooperatives representing artisanal miners in Nicaragua and the improved performance at the
Nechí Alluvial Property. We remain focused on operational excellence and delivering strong
returns for our shareholders. As gold prices increase, Mineros will continue to make production
decisions at its Hemco Property, similar to those made in the first quarter of 2025 to maximize
gold production, which may result in a different split in production between the Company’s
Pioneer and Panama Mines and artisanal mining production than originally anticipated and upon
which the original guidance was provided.
We are currently maintaining our production guidance for both the Nechí Alluvial Property and
the Hemco Property.
The following table summarizes the Company’s production for the first six months of 2025
compared with the 2025 full-year guidance:
Six months ended June 30, 2025 2025 Guidance1
Nechí Alluvial Property 44,103 81,000 - 91,000
Hemco Property 13,069 33,000 - 36,000
Company Mines 57,172 114,000 - 127,000
Artisanal 50,978 87,000 - 96,000
Consolidated 108,150 201,000 - 223,000
1 Production guidance for silver is not provided by the Company, as we treat it as a by-product
and the volumes of silver are small relative to gold production.
Cost Guidance
The higher gold prices are expected to result in higher Cash Costs per ounce of gold sold and
AISC per ounce of gold sold at the Hemco Property as the cooperatives representing our
artisanal mining partners are paid a relatively stable percentage of the spot price for gold as are
the formalized miners in Colombia.
We are revising our guidance on cash cost and AISC due to higher gold prices and the effects of
the increase in the price of gold on our costs to acquire additional production in both Nicaragua,
from the cooperatives representing artisanal mining partners, and Colombia, from formalized
miners working with the Company.
The following table summarizes the Company’s cash cost and AISC in the first six months of
2025 compared with the 2025 full-year guidance:
Cash Cost per ounce of gold sold Six months ended
June 30, 2025
Revised 2025
Guidance ($/oz)1 2025 Guidance ($/oz)
Nechí Alluvial Property 1,230 1,270 - 1,370 1,220 - 1,320
Hemco Property 1,794 1,740 - 1,840 1,420 - 1,520
Consolidated 1,554 1,550 - 1,640 1,340 - 1,430
AISC per ounce of gold sold
Nechí Alluvial Property 1,420 1,490 - 1,590 1,440 - 1,540
Hemco Property 1,990 2,000 - 2,100 1,680 - 1,780
Consolidated 1,812 1,880 - 1,980 1,650 - 1,750
1. These measures are forward-looking non-IFRS financial measures. Revised guidance for 2025
Cash Cost per ounce of gold sold and AISC per ounce of gold sold have been adjusted to better
reflect market consensus estimates for gold prices for the balance of the year, which are in excess
of US$3,000/oz, an exchange rate COP/USD of COP$4,200, and inflation of 6.5%. For further
information concerning the equivalent historical non-IFRS financial measures, see “Non-IFRS
and Other Financial Measures” below in this news release.
Guidance for 2025 is forward-looking information, and readers are cautioned that actual results
may vary. See “Forward-Looking Statements” below.
Production Summary
The following table sets forth the gold produced by the operations for the three and six months
ended June 30, 2025, and 2024.
Three Months Ended
June 30, Variation Six Months Ended
June 30, Variation
2025 2024 ounces % 2025 2024 ounces %
Nechí Alluvial
Property (Colombia) 20,859 20,591 268 1% 44,103 39,803 4,300 11%
Hemco Property 6,248 7,357 (1,109) (15 )% 13,069 15,539 (2,470 ) (16 )%
Artisanal Mining 26,800 25,755 1,045 4 % 50,978 50,102 876 2 %
Nicaragua 33,048 33,112 (64) (0.2)% 64,047 65,641 (1,594) (2)%
Total Gold Produced 53,907 53,703 204 0.4% 108,150 105,444 2,706 3%
Total Silver
Produced 70,733 224,096 (153,363) (68%) 147,992 466,745 (318,753) (68)%
Gold production increased by 0.4% as 53,907 ounces of gold were produced during the
second quarter of 2025, compared with 53,703 ounces in the second quarter of 2024. The
slight increase in production is the result of 1% higher production at the Nechí Alluvial
Property offset by a 0.2% lower production at the Hemco Property.
Gold production up 3%: 108,150 ounces of gold were produced during the six months
ended June 30, 2025, compared with 105,444 ounces in the same period of 2024. The
increase in gold production, relative to the comparative period in 2024, is a result of 11%
greater production at the Nechí Alluvial Property and improved recoveries, offset by 2%
lower production from the Hemco Property due to lower grades.
Exploration and Evaluation Expenditures Summary
The following table sets forth the gold produced by the operations of the Company for the three
and six months ended June 30, 2025 and 2024
Three Months
Ended June 30, Variation Six Months Ended
June 30, Variation
2025 2024 $ % 2025 2024 $ %
E&E expenditures capitalized 1 1,815 1,407 408 29 % 2,852 2,031 821 40 %
E&E expenditures expensed 2 1,196 1,236 (40) (3 %) 2,091 2,533 (442 ) (17 %)
Total 3,011 2,643 368 14% 4,943 4,564 379 8%
1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated
statements of financial position.
2. Expensed E&E expenditures are reported in the consolidated statement of profit or loss
for the respective period under “Exploration expenses”
Exploration and Evaluation Expenditures (“E&E”): for the three months ended June 30,
2025, the Company incurred $1,815 in capital expenditures, an increase of 29%
compared with the second quarter of 2024. The increase is due to higher expenditures of
$275 at the Porvenir Project, and higher expenditures of $133 at Nechí Alluvial Property
combined with a 3% decrease in additional expenditures due to lower expenses in the
regional exploration program at the Hemco Property.
Exploration and Evaluation Expenditures for the six months ended June 30, 2025, the
Company incurred $4,943 in E&E expenditures, an increase of 8% compared with the
same period of 2024. The increase for the six months ended June 30, 2025, is mainly
explained by higher exploration expenditures capitalized.
Health and Safety
Mineros reaffirms its commitment to provide and maintain a safe and healthy work environment
in which all employees and contractors conduct themselves in a responsible and safe manner.
Thus, the Company is committed to achieving a high standard of Occupational Health and Safety
through the implementation of all policies, procedures, and standards and the continuous
improvement of management systems, setting targets and monitoring performance. Operations at
the Nechi Alluvial Property and the Hemco Property (the “Material Properties”) are ISO 45001
(Occupational Health and Safety Management) certified.
The following table presents the safety statistics for the six months ended June 30, 2025, and the
comparative period in 2024.
Health and Safety KPIs
Six Months Ended June
30,
2025 2024
Nechí Alluvial Property
(Colombia)
LTIFR(1) 0.35 0.38
TRIFR(2) 1.81 1.52
Hemco Property
(Nicaragua)
LTIFR — 0.07
TRIFR 0.93 0.60
Mineros
(Weighted Average)
LTIFR 0.15 0.19
TRIFR 1.28 0.97
1. Lost time injury frequency rate (“LTIFR”) refers to the number of lost time injuries that
occurred during a reporting period.
2. Total recordable incident frequency rate (“TRIFR”) combines all of the recorded
fatalities, lost time injuries, cases or alternate work and other injuries requiring treatment
by a medical professional.
GROWTH AND EXPLORATION PROJECT UPDATES
Near Mine Exploration, Hemco Property Expansion