Mineros Reports Record Third Quarter 2025 Financial Results - Operations Performing Well
Mineros Reports Record Third Quarter 2025 Financial Results - Operations
Performing Well
MEDELLIN, Colombia--(BUSINESS WIRE)--November 5, 2025--Mineros S.A. (TSX:MSA,
OTCQX:MNSAF, BVC:MINEROS) (“Mineros” or the “Company”) today reported its
financial and operating results for the three and nine months ended September 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 Nine Months Ended September 30, 2025
Record revenues in both the three and nine months ended September 30, 2025 of
$195,978 and $538,941 respectively.
Record net profit in each of the three and nine month periods ended September 30, 2025
of $54,063 and $135,571 respectively.
Earnings per share of $0.18 and $0.45 (basic and diluted earnings) in the three and nine
month periods ended September 30, 2025, respectively.
$102,219 in cash and cash equivalents as at September 30, 2025.
Record net cash flows from operating activities were $77,316 for the three months ended
September 30, 2025, and in the first nine months of 2025 net cash flows rose to a record
$148,770.
Produced 54,862 ounces of gold in the third quarter of 2025, 32,079 ounces from our
Nicaraguan operations and 22,783 from our Colombian operation.
Consolidated year-to-date gold production of 163,012 ounces, 96,126 ounces from our
Nicaraguan operations and 66,886 from our Colombian operations.
Average realized price per ounce of gold sold1 was $3,464 and $3,220 in the three and
nine months ended September 30, 2025, respectively.
Cash Cost per ounce of gold sold1 was $1,704 in three months ended September 30, 2025
and $1,604 in the nine months ended September 30, 2025.
AISC per ounce of gold sold1 was $1,982 and $1,869 respectively in the three and nine
month periods ended September 30, 2025.
$17,637 in loans and other borrowings as at September 30, 2025.
Paid $7,461 in dividends in the third quarter ended September 30, 2025 and $22,410 in
the first nine months of 2025.
David Londoño, President and Chief Executive Officer of Mineros, commented: “We are pleased
to report another record quarter for Mineros. From a financial perspective, current gold prices
provided us with another record for revenues and profits in the third quarter of 2025 of $196.0M
and $54.1M respectively. These results were generated from the production and sale of 54,862
ounces of gold at an average gold price of $3,464. Net earnings per share were $0.18. Cash costs
and all-in sustaining costs were below the below the low end of our range of guidance for Nechí.
Turning to Hemco, while our cash costs were 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, our all in sustaining costs fell within the range
provided as guidance.”
Mr. Londoño went on to say, “With in excess of $102M 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 nine months ended
September 30, 2025 and 2024.
Three Months
Ended On
September 30,
Variation
Nine Months
Ended
September 30,
Variation
2025 2024 $ % 2025 2024 $ %
Revenue 195,978 140,876 55,102 39% 538,941 388,408 150,533 39%
Cost of sales (114,320) (86,234) (28,086) 33% (318,164) (258,903) 59,261 23%
Gross Profit 81,658 54,642 27,016 49% 220,777 129,505 91,272 70%
Net Profit for the period 54,063 28,507 25,556 90% 135,571 63,357 72,214 114%
Basic and diluted earnings per share
($/share) 0.18 0.10 0.09 90% 0.45 0.21 0.24 115%
Average realized price per ounce of gold
sold ($/oz) 1 3,464 2,477 987 40% 3,220 2,293 927 40%
Cash Cost per ounce of gold sold ($/oz) 1 1,704 1,235 469 38% 1,604 1,239 366 30%
AISC per ounce of gold sold ($/oz) 1 1,982 1,481 501 34% 1,869 1,475 394 27%
Adjusted EBITDA1 90,276 62,903 27,373 44% 243,854 153,204 90,650 59%
Net cash flows generated by operating
activities 77,316 53,751 23,565 44% 148,770 70,971 77,799 110%
Net free cash flow1 62,400 38,816 23,584 61% 106,441 30,101 76,340 254%
ROCE1 47% 37% 11% 29% 47% 37% 11% 29%
Net Debt 1 (84,582) (28,409) (56,173) 198% (84,582) (28,409) (56,173) 198%
Dividends paid 7,461 7,476 (15) 0% 22,410 20,188 2,222 11%
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 September 30, 2025
Revenue increased by 39% to $195,978 during the third quarter of 2025, compared with
$140,876 in the third quarter of 2024. This growth was primarily driven by a 40%
increase in the average realized gold price and a 2% rise in ounces sold. These gains were
slightly offset by a 24% decrease in silver sales. Gold sales totaled $190,051 at an
average realized price of $3,464 per ounce, up from $132,788 at an average realized price
of $2,477 per ounce in the third quarter of 2024.
Cost of sales increased by 33% to $114,320 during the third quarter of 2025, compared
with $86,234 in the third quarter of 2024. This increase was mainly driven by: (i) higher
gold prices, which increased the costs of purchasing ore from artisanal miners by $20,011
or 65%, and (ii) overall increases in operating costs across the Company’s operations,
including materials and maintenance costs of $3,292, labour expenses of $2,350, taxes of
$1,757, and higher depreciation and amortization of $1,491.
Gross Profit increased by 49% to $81,658 in the third quarter of 2025, compared with
$54,642 in the same period of 2024. The increase was mainly driven by higher gold
prices, combined with a slight increase in ounces of gold sold compared with the same
period in the prior year.
Profit for the period increased by 90% to $54,063 or $0.18 per share during the third
quarter of 2025, compared with $28,507 or $0.10 per share during the third quarter of
2024. The dramatic increase reflects the combined impact of higher realized gold prices,
combined with a slight increase in ounces of gold sold.
Adjusted EBITDA was $90,276 during the third quarter of 2025, up 44% from $62,903
in the third quarter of 2024. The increase primarily reflects higher revenue and continued
cost discipline across the Company’s operations.
Net cash flow generated by operating activities was up 44%, to $77,316 in the third
quarter of 2025, compared with $53,751 in the third quarter of 2024 mainly due to an
increase in receipts from sales of goods of $161,823 offset by an increase in payments to
suppliers of $62,360, income tax paid of $11,094 and an increase in payments to
employees and social security agencies of $10,330.
Net free cash flow for the three months ended September 30, 2025, was positive at
$62,400, compared with $38,816 in the same period of 2024. The improvement stems
from a $23,565 increase in cash generated from operating activities, partially offset by
higher capital expenditures of $40,825 related to the purchase of the La Pepa Project, an
exploration property, and purchases of intangible assets.
Dividends Paid during the third quarter of 2025 was $7,461, consistent with the amount
distributed in the third quarter of 2024.
During the third quarter of 2025, the Company made capital investment2 of $62,515 in
existing mines, and exploration and growth projects, compared with $17,578 in the third
quarter of 2024; an increase of 256% compared with the same quarter of the previous
year. The increase of $44,885, includes the acquisition of the remaining 80% interest in
the La Pepa Project from Pan American for $40,362. Mineros now holds 100%
ownership of this advanced gold exploration project.
Financial Highlights for the nine months ended September 30, 2025
Revenue increased by 39% and totaled $538,941 during the nine months ended
September 30, 2025, compared with $388,408 in the nine months ended September 30,
2024. The increase in revenue is due to a 40% increase in the average realized price of
gold sold and a 2% increase in ounces sold partially offset by a decrease of 48% in silver
sales and 14% decrease in energy sales. Gold sales totaled $524,896 at an average
realized price per ounce of gold sold of $3,220 in the nine months ended September 30,
2025, compared with sales of gold of $364,726 at an average realized price per ounce of
gold sold of $2,293 in the nine months ended September 30, 2024.
Cost of sales increased by 23%, to $318,164 in the nine months ended September 30,
2025, compared with $258,903 in the nine months ended September 30, 2024. The
increase in costs is primarily due to: (i) higher cost of purchasing ore from artisanal
miners in Nicaragua of $37,210 and $6,396 from formalized miners in Colombia due to
higher gold prices; (ii) higher labour costs of $6,885 (iii) greater maintenance and
materials costs of $4,335; and (iv) higher taxes and royalties of $4,123.
Gross Profit increased by 70% to $220,777 in the nine months ended September 30,
2025, compared with $129,505 in the nine months ended September 30, 2024; mainly
due to a 39% increase in revenue, due to higher gold prices, which was partially offset by
a 23% increase in cost of sales as explained above.
Profit for the period was up by 114% to $135,571 or $0.45 per share during the nine
months ended September 30, 2025 compared with $63,357 or $0.21 per share during the
nine months ended September 30, 2024. The increase in profit is mainly explained by the
increase in gross profit, partially offset by an increase in administrative expenses of
$$3,784 and an increase in other expenses of $1,347. In addition, as a result of the higher
profit before taxes, tax expenses increased by $23,550.
Adjusted EBITDA was up 59% to $243,854 during the nine months ended September
30, 2025 compared with $153,204 during the nine months ended September 30, 2024 due
to a 39% increase in revenue, offset by a 23% increase in cost of sales, and an increase of
$3,784 in administrative expenses, due to the redemption of share appreciation rights by
executive officers in April, 2025.
ROCE was 47% as at September 30, 2025 compared with ROCE of 37% as at
September 30, 2024. The increase is mainly attributable to a 46% higher Adjusted EBIT
for the trailing 12 months, driven by higher gold prices and stable productions levels.
Average capital employed increase 23% primarily due to higher investment of property,
plant and equipment, and exploration projects, mainly associated with the acquisition of
the La Pepa Project. This trend is consistent with the Company’s growth strategy and
investment cycle, and will continue to be monitored to ensure sustainable returns over
time.
Net Debt was $(84,582) as at September 30, 2025, compared with $(28,409) as at
September 30, 2024 due to 79% higher cash and cash equivalents of $102,219, together
with 39% lower loans and other borrowings of $17,637, reflecting a strong cash position.
The balance sheet remains conservatively structured, providing financial flexibility to
support ongoing investments and future growth initiatives.
Dividends Paid were up 11% to $22,410 during the nine months ended September 30,
2025, compared with $20,188 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 110% totaling $148,770 in
the nine months ended September 30, 2025, compared with $70,971 in the same period of
2024. The Company’s net free cash flow for the nine months ended September 30, 2025
totaled $106,441, up from $30,101 in the same period of 2024, due to higher receipts
from sales of goods of $161,823 partially offset by greater payments for: income tax of
$11,094; suppliers of $62,360 and higher capital expenditures of $41,581 related to
purchases of intangible assets and exploration expenditures.
Capital investments were up 119% to $106,468 during the nine months ended
September 30, 2025 as investments were made into existing mines and exploration and
growth projects, compared with $48,603 in the nine months ended September 30, 2024.
The increase is explained mainly by the acquisition of the remaining 80% interest in the
La Pepa Project from Pan American Silver Corp. (“Pan American”) and the construction
of the extension of the tailings’ impoundment facility at the Hemco Property.
2025 Guidance
Production Guidance
Management expects 2025 gold production of 201,000 to 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 debottlenecking
initiatives, 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 nine months 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
compared to guidance.
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 nine months of 2025
compared with the 2025 full-year guidance:
Nine months ended
September 30, 2025 2025 Guidance1
Nechí Alluvial Property 66,886 81,000 - 91,000
Hemco Property 18,647 33,000 - 36,000
Company Mines 85,533 114,000 - 127,000
Artisanal 77,479 87,000 - 96,000
Consolidated 163,012 201,000 - 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 maintaining our guidance on cash cost and AISC at this time and stress that 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 will continue to affect our cash cost and AISC.
The following table summarizes the Company’s cash cost and AISC in the nine months ended
September 30, 2025 compared with the 2025 full-year guidance:
Cash Cost per ounce of gold sold Nine months ended
September 30, 2025
Revised 2025
Guidance ($/oz)1
2025 Guidance ($/oz)
Nechí Alluvial Property 1,257 1,270 - 1,370 1,220 - 1,320
Hemco Property 1,860 1,740 - 1,840 1,420 - 1,520
Consolidated 1,604 1,550 - 1,640 1,340 - 1,430
AISC per ounce of gold sold
Nechí Alluvial Property 1,472 1,490 - 1,590 1,440 - 1,540
Hemco Property 2,077 2,000 - 2,100 1,680 - 1,780
Consolidated 1,869 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 n ews 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 nine months
ended September 30, 2025, and 2024.
Three Months
Ended
September 30,
Variation Nine Months
Ended
September 30,
Variation
2025 2024 ounces % 2025 2024 ounces %
Nechí Alluvial Property
(Colombia) 22,783 19,686 3,097 16 % 66,886 59,489 7,397 12 %
Hemco Property 5,578 10,008 (4,430 ) (44 )% 18,647 25,547 (6,900 ) (27 )%
Artisanal Mining 26,501 23,918 2,583 11 % 77,479 74,020 3,459 5 %
Nicaragua 32,079 33,926 (1,847) (5.4 )% 96,126 99,567 (3,441) (3 )%
Total Gold Produced 54,862 53,612 1,250 2.3 % 163,012 159,056 3,956 2 %
Total Silver Produced 100,159 186,724 (86,565) (46 %) 248,151 653,469 (405,318) (62 )%
Gold production increased by 2% as 54,862 ounces of gold were produced during the
third quarter of 2025, compared with 53,612 ounces in the third quarter of 2024. The
slight increase in production is the result of 16% higher production at the Nechí Alluvial
Property offset by 5% lower production at the Hemco Property.
Gold production up 2% during the nine months ended September 30, 2025 to 163,012
ounces of gold, compared with 159,056 ounces in the same period of 2024. The increase
in gold production, relative to the comparative period in 2024, is a result of 12% greater
production at the Nechí Alluvial Property and improved recoveries, offset by 3% lower
production from the Hemco Property due to lower grades.
Exploration and Evaluation Expenditures Summary
Three Months
Ended
September 30,
Variation
Nine Months
Ended
September 30,
Variation
2025 2024 $ % 2025 2024 $ %
E&E expenditures capitalized 1 46,312 975 45,337 4650% 49,164 3,006 46,158 1536%
E&E expenditures expensed 2 1,114 1,749 (635) (36%) 3,205 4,282 (1,077) (25%)
Total 47,426 2,724 44,702 1641% 52,369 7,288 45,081 619%
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
September 30, 2025, the Company incurred $46,312 in capital expenditures, compared
with $975 in the third quarter of 2024. This increase is largely due to the acquisition of
the remaining 80% interest in the La Pepa Project from Pan American for $40,362.
Exploration and Evaluation Expenditures for the nine months ended September 30,
2025, the Company incurred $52,369 in E&E expenditures, an increase of 619%
compared with the same period of 2024. The increase for the nine months ended
September 30, 2025, is due to the acquisition of the remaining 80% interest in the La
Pepa Project from Pan American as noted previously and 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.
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 nine months ended September 30, 2025,
and the comparative period in 2024.
Health and Safety KPIs
Nine Months Ended
September 30,
2025 2024
Nechí Alluvial Property
(Colombia)
LTIFR(1) 0.65 0.31
TRIFR(2) 1.88 1.55
Hemco Property
(Nicaragua)
LTIFR 0.04 0.07
TRIFR 0.68 0.61
Mineros
(Weighted Average)
LTIFR 0.29 0.19
TRIFR 1.16 1.08
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
Near mine exploration is focused on the current mining operations, the Panama Mine and the
Pioneer Mine. Mineralization is related to an epithermal gold system associated with multiple
quartz veins.
A total of 7,712 metres of diamond drilling in 46 holes was completed in the third quarter of
2025, achieving approximately 90% of the 2025 drilling plan. The objective of this campaign is
to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer
Mine. A total of 5,172 meters were drilled at the Panama Mine and 2,540 meters at the Pioneer
Mine.
Mineros is updating the Mineral Resources and Mineral Reserves for the Panama Mine and
Pioneer Mine, scheduled to be published in early 2026.