Mineros Sets Record December Gold Production, Achieves Upper End of Guidance for 2025
Mineros Sets Record December Gold Production, Achieves Upper End of
Guidance for 2025
MEDELLIN, Colombia--(BUSINESS WIRE)--January 7, 2026--Mineros S.A. (TSX:MSA,
OTCQX:MNSAF, BVC:MINEROS) (“Mineros” or the “Company”) reports that it achieved
record December production of 20,667 ounces of gold equivalent (“AuEq”) in Nicaragua, and
total production of 225,846 ounces of AuEq, reaching the upper end of guidance for 2025.
The Company’s performance was driven primarily by strong production from its Nicaraguan
operations, with improved processing plant throughput, and preferential treatment of higher-
grade artisanal ores combined with stable output from its Colombian operations. These results
were delivered while maintaining high standards of safety, occupational health, and
environmental management.
Daniel Henao, President and Chief Executive Officer of Mineros, commented: “This
performance is beginning to reflect the impact of multiple operational improvement initiatives,
supported by our continued focus on efficiency and execution. We remain confident in our
ability to generate sustainable value for shareholders.”
2025 Full Year and Fourth Quarter Production Highlights:
Full-year production: 221,656 ounces of gold (top end of guidance).
Fourth quarter production: 58,644 ounces of gold.
2025 Production Summary
Operation Production 20251 Production Guidance 2025 1
Nechi Alluvial Property (Colombia)
Gold (ozs) 89,777 81,000 - 91,000
Silver (ozs) 8,361 n/a
Hemco Property (Nicaragua)
Gold (ozs) 22,053 33,000 - 36,000
Gold (Artisanal) (ozs) 109,826 87,000 - 96,000
Total Gold Nicaragua (ozs) 131,879 120,000 – 132,000
Total Silver Nicaragua (ozs) 356,527 n/a
Total Gold Produced (ozs) 221,656 201,000 - 223,000
AuEq Produced (ozs) 225,846
Notes:
1. Guidance for silver is not provided, as silver is treated as a by-product and represents a small portion of
consolidated output.
2. Gold equivalent (“AuEq”) has been calculated based on the silver production for the full year multiplied by
$36.98, being the average realized price per ounce of silver sold in the first nine months of 2025 and divided
by $3,220, being the average realized price per ounce of gold sold. Accordingly, 364,888 ounces of silver
converted to gold equivalent is equal to 364,888 X $36.98 / $3,220 = 4190
At the Nechí Alluvial Property, gold production of 89,777 ounces was at the upper end of
guidance and approximately 9% higher than 2024, reflecting improved equipment availability,
enhanced operating efficiency, and optimized production scheduling.
In Nicaragua, total gold production of 131,879 ounces reached the upper end of guidance and set
a new monthly production record for the operations. Ongoing initiatives are focused on further
and systematically de-bottlenecking the plant to increase capacity and cost efficiencies.
Mineros plans to release its fourth quarter 2025 and full year 2025 financial and operating results
on Wednesday, February 18, 2026.
Senior management will host a conference call on Thursday, February 19, 2026, at 9:00 AM
Eastern Standard Time (9:00 AM Colombian Standard Time).
Details for conference call registration will be provided in due course.
ABOUT MINEROS S.A.
Mineros is a leading Latin American gold mining company headquartered in Medellin,
Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua
and a pipeline of development and exploration projects throughout the region including the La
Pepa Project in Chile.
Mineros has more than 50 years of operating history and a longstanding focus on safety,
sustainability, and disciplined capital allocation. Its common shares are listed on the Toronto
Stock Exchange (MSA) and the Colombia Stock Exchange (MINEROS), and trade on the
OTCQX® Best Market under the symbol MNSAF.
Election of Directors – Electoral Quotient System
The Company has been granted an exemption from the individual voting and majority voting
requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that
compliance with such requirements would constitute a breach of Colombian laws and regulations
which require the directors to be elected on the basis of a slate of nominees proposed for election
pursuant to an electoral quotient system. For further information, please see the Company’s most
recent annual information form, available on the Company’s website at
https://www.mineros.com.co/ and from SEDAR+ at www.sedarplus.com.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable
securities laws. Forward-looking information includes statements that use forward-looking
terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”,
“expect”, “estimate”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or
grammatical variation thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation, statements with respect to the results
of multiple operational improvement initiatives, our ability to be successful with our continued
focus on efficiency and execution, and our ability to systematically de-bottleneck the process
plant at Hemco to increase capacity and improve the cost structure.
Forward-looking information is based upon estimates and assumptions of management in light of
management’s experience and perception of current conditions and expected developments, as
well as other factors that management believes to be relevant and reasonable in the
circumstances, as of the date of this news release, including, without limitation, assumptions
about: future prices of gold and other metal prices; the accuracy of any mineral reserve and
mineral resource estimates; production costs; the price of other commodities such as fuel;
equipment or processes operating as anticipated; permitting timelines; political and regulatory
stability; the receipt of governmental, regulatory and third party approvals, licenses and permits
on favourable terms; obtaining required renewals for existing approvals, requirements under
applicable laws; sustained labour stability; stability in financial and capital goods markets;
availability of equipment; inflation; exchange rates; and positive relations with local groups.
While the Company considers these assumptions to be reasonable, the assumptions are
inherently subject to significant business, social, economic, political, regulatory, competitive and
other risks and uncertainties, contingencies and other factors that could cause actual actions,
events, conditions, results, performance or achievements to be materially different from those
projected in the forward-looking information. Many assumptions are based on factors and events
that are not within the control of the Company and there is no assurance that they will prove to
be correct. Although the Company has attempted to identify important factors that could cause
actual actions, events, conditions, results, performance or achievements to differ materially from
those described in forward-looking information, there may be other factors that cause actions,
events, conditions, results, performance or achievements to differ from those anticipated,
estimated or intended. For further information of these and other risk factors, please see the
“Risk Factors” section of the Company’s annual information form dated March 31, 2025, and
management’s discussion and analysis for the three and nine months ended September 30, 2025,
available on SEDAR+ at www.sedarplus.com.
There can be no assurance that forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. Forward-
looking information contained herein is made as of the date of this news release and the
Company disclaims any obligation to update or revise any forward-looking information, whether
as a result of new information, future events or results or otherwise, except as and to the extent
required by applicable securities laws.
Contacts
For further information, please contact:
Ann Wilkinson
Vice President, Investor Relations
+1 (647) 496-3011
Juan Obando
Director, Investor Relations
(+57) 574 266 5757