Mineros Reports Record Third Quarter 2025 Financial Results - Operations Performing Well

Executive Summary

• Mineros reported record Q3 2025 revenue of $195.98 M and net profit of $54.06 M, a 39% and 90% increase respectively versus Q3 2024.
• Gold production rose to 54,862 oz in the quarter (up 2% YoY), with consolidated nine‑month output reaching 163,012 oz (+2%).
• Cash balance grew to $102.22 M; net debt improved to –$84.58 M, providing strong liquidity for continued growth and acquisitions (100% ownership of La Pepa Project).

Key Details

• Financial Highlights – Q3 2025 vs. Q3 2024
• Revenue: $195,978 k (+39%)
• Net profit: $54,063 k (+90%)
• EPS (basic & diluted): $0.18 (up from $0.10)
• Adjusted EBITDA: $90,276 k (+44%)
• Operating cash flow: $77,316 k (+44%)
• Net free cash flow: $62,400 k (+61%)
• Financial Highlights – Nine months ended Sep 30 2025 vs. 2024
• Revenue: $538,941 k (+39%)
• Net profit: $135,571 k (+114%)
• EPS: $0.45 (up from $0.21)
• Adjusted EBITDA: $243,854 k (+59%)
• Operating cash flow: $148,770 k (+110%)
• Net free cash flow: $106,441 k (+76%)
• Production
• Q3 gold output: 54,862 oz (Nicaragua 32,079 oz; Colombia 22,783 oz)
• Nine‑month gold output: 163,012 oz (Nicaragua 96,126 oz; Colombia 66,886 oz)
• Pricing & Costs
• Average realized gold price: $3,464/oz (Q3); $3,220/oz (nine months) – both ~40% above prior year.
• Cash cost per ounce: $1,704 (Q3); $1,604 (nine months).
• AISC per ounce: $1,982 (Q3); $1,869 (nine months).
• Balance Sheet
• Cash & cash equivalents: $102,219 k.
• Loans & other borrowings: $17,637 k.
• Net debt: –$84,582 k (improved from –$28,409 k).
• Dividends
• Q3 dividend paid: $7,461 k (unchanged YoY).
• Nine‑month dividend paid: $22,410 k (+11%).
• Capital Investments & Acquisitions
• Total capital investment (Q3): $62,515 k (up 256% YoY), including $40,362 k cash purchase of the remaining 80 % interest in La Pepa Project (now 100 % owned).
• Nine‑month capital investment: $106,468 k (up 119%), driven by La Pepa acquisition and Hemco tailings impoundment expansion.
• Exploration Activity – Q3 2025 drilling totals:
• Near‑mine (Panama & Pioneer): 7,712 m in 46 holes (≈90% of plan).
• Brownfield (Bonanza block): 2,096 m in 10 holes (≈25% of revised 8,500 m plan).
• Regional green‑field (Bonanza district): 3,239 m in 19 holes (≈65% of plan).
• Nechí Alluvial: 3,662 m in 142 holes (≈104% of annual plan).
• Guidance – 2025
• Expected gold production: 201,000–223,000 oz (up from 163,012 oz YTD).
• Maintained cash‑cost guidance for Nechí ($1,257/oz) and Hemco ($1,860/oz); revised AISC guidance reflects higher gold price environment.
• Health & Safety – Weighted‑average LTIFR: 0.29 (up from 0.19 YoY); TRIFR: 1.16 (up from 1.08).

Notable Quotes

“We are pleased to report another record quarter… With in excess of $102 M in cash and a strong and flexible balance sheet we are ramping up our search for appropriately sized additions to production, both organically… and inorganic growth.” – David Londoño, President & CEO.

Materiality: Material – Positive (record financial performance, significant capital acquisition, updated 2025 production guidance).