Northwire Canada EditionFriday, July 10, 2026
Sign inSubscribe
Northwire
⌕
FCI 0.400 −9.1% GR 0.075 +0.0% AII 22.24 +6.9% TUNG 1.72 +1.8% LGO 0.990 −4.8% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.26 −2.6% SGZ 0.045 +0.0% S 0.140 +16.7% GRSL 0.315 −1.6% DEX 0.390 +1.3% WMS 0.040 +0.0% EMPR 0.840 +2.4% SAGA 0.480 +0.0% ABX 51.51 −1.4% FCI 0.400 −9.1% GR 0.075 +0.0% AII 22.24 +6.9% TUNG 1.72 +1.8% LGO 0.990 −4.8% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.26 −2.6% SGZ 0.045 +0.0% S 0.140 +16.7% GRSL 0.315 −1.6% DEX 0.390 +1.3% WMS 0.040 +0.0% EMPR 0.840 +2.4% SAGA 0.480 +0.0% ABX 51.51 −1.4%
Earnings Material +

Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted EBITDA of $154.1 Million on Higher Production and Gold Prices

Mineros Profits Surge on Gold Rally as Acquisition Strategy Pays Off

By The Northwire Desk — AI Analysis May 06, 2026 · 19:19 MSA · 5.35 Mineros S.A.
Executive Summary
  • Event: Q1 2026 Earnings Release and Operational Update (May 6, 2026).
  • Financials: Revenue of $291.8 million (+82% YoY), Net Profit of $87.7 million (+131% YoY), Adjusted EBITDA of $154.1 million (+116% YoY).
  • Production: Gold production 57,850 ounces (+7% YoY); Silver sold 161,766 ounces (+109% YoY); AuEq Production 60,785 ounces (+10%).
  • Costs: Cash Cost $2,002/oz; AISC $2,235/oz (both below 2026 guidance ranges).
  • Realized Prices: Average Gold Price $4,777/oz (+66% YoY); Silver Price $87/oz (+164% YoY).
  • Balance Sheet: Cash and gold-backed assets total $216.6 million ($43.6M cash + $173.1M gold assets).
  • Strategic Moves: Closed acquisition of AngloGold Ashanti Colombia S.A.S. (Tolima project); Porvenir PFS updated with $460M NPV; Hemco expansion on track for 2,200 tpd by June 2026.
Material Impact
  • Positive Earnings Surprise: The company delivered record quarterly results significantly exceeding previous expectations, driven largely by a substantial increase in realized gold prices ($4,777/oz vs $4,405/oz guidance assumption).
  • Cost Discipline: Operating costs (Cash Cost and AISC) came in below the lower end of the 2026 guidance range, indicating strong operational efficiency despite inflationary pressures.
  • Acquisition Execution: The closing of the AngloGold Ashanti Colombia acquisition adds a significant exploration asset (historical resources ~28M oz Au), validating management's M&A strategy announced in March 2026.
  • Risk Factor - Price Sustainability: A critical risk is the reliance on an average realized gold price of $4,777/oz. This is significantly higher than long-term historical averages and guidance assumptions ($4,405/oz). If prices normalize, earnings leverage could reverse sharply.
  • Cash Position: The accumulation of $173 million in gold-backed assets strengthens the balance sheet but introduces inventory risk if gold prices decline.
MSA · Price
Company Overview
  • Overview: Mineros S.A. is a Latin American gold producer with operations in Colombia (Nechí Alluvial) and Nicaragua (Hemco), plus development projects in Chile (La Pepa) and Nicaragua (Porvenir).
  • Flagship Project: Porvenir Project (Nicaragua). Updated PFS shows $460M NPV, 37.9% IRR, and 2-year payback. It is a polymetallic underground mine with significant silver, zinc, and copper by-products.
  • Operations: Nechí Alluvial (Colombia) focuses on alluvial gold; Hemco (Nicaragua) is an underground operation undergoing expansion to increase throughput from 2,000 tpd to 2,500 tpd.
Read the original news release →

More from Mineros S.A.

Jul 10, 2026 · 08:01

Mineros S.A. formalizes a gold treasury policy to align its balance sheet with shareholder exposure to the metal.

Other Jul 07, 2026 · 08:01

Mineros S.A. raised guidance on Hemco strength while keeping costs unchanged and implying a second-half slowdown.

Earnings May 28, 2026 · 09:01

Mineros S.A.

Other May 26, 2026 · 07:01

Mineros’ Xiloa discovery expands Nicaragua’s high‑grade vein district, but the market looks past exploration to near‑term production delivery.

Drill Results May 21, 2026 · 11:31

Mineros S.A. Executes Share Buyback Amidst Record Earnings and Porvenir Project Momentum

Other May 08, 2026 · 19:31

Mineros S.A.

Other