Mineros Reports Strong Q3 2026 Gold Production of 62,565 Ounces; Raises Full-Year Guidance to 235,000-245,000 Ounces
Mineros S.A. raised its 2026 guidance for the second time, though costs and third-quarter all-in sustaining costs remain undisclosed.
Mineros S.A. reported third-quarter 2026 consolidated gold production of 62,565 oz, a 14.0% increase year-over-year, bringing first-nine-month 2026 production to 181,466 oz, up 11.3%. Gold sales for the quarter reached 61,281 oz, up 11.7%, while AuEq sales rose 15.0% to 64,544 oz.
Production at the Hemco mine in Nicaragua totaled 38,010 oz in Q3 2026, an 18.5% increase, with first-nine-month output reaching 114,344 oz, up 19.0%. Meanwhile, the Nechi mine in Colombia produced 24,555 oz of gold in Q3 2026, a 7.8% rise driven by improved gold recovery.
The company raised its full-year 2026 consolidated gold production guidance to 235,000–245,000 oz, up from the previous range of 220,000–240,000 oz. This marks the second upward revision in 2026, following a July increase from 213,000–233,000 oz. Specific site guidance was also adjusted: Nechi’s target was raised to 87,000–93,000 oz from 83,000–93,000 oz, and Hemco’s guidance was increased to 148,000–152,000 oz from 137,000–147,000 oz.
Hemco gold sales grew 18.9% to 38,135 oz, while silver sales surged 114.6% to 210,380 oz. Nechi gold sales increased modestly by 1.6% to 23,146 oz, with an additional 1,585 oz of gold in concentrate held in transit as of September 30, 2026, pending sale.
Ore stockpiles at September 30, 2026, totaled 121,864 metric tons, containing approximately 18,856 oz of gold. Full Q3 2026 financial statements and management’s discussion and analysis, including final revenue, realized prices, and unit costs, are scheduled for release on November 11, 2026.
Minor data reconciliation notes indicate that the F9M 2026 production figure of 181,466 oz is 798 oz higher than the sum of H1 2026 production reported in the August 5 release (118,103 oz) and Q3 2026 production (62,565 oz); the release does not explain this discrepancy.
Mineros S.A. (MSA) issued guidance that marks a genuine step up from prior expectations, raising its 2026 production range to 235,000–245,000 oz. This new range contrasts with the 220,000–240,000 oz range reaffirmed in the August 5 H1 earnings release. The midpoint of the new guidance represents an increase of 10,000 oz, or approximately 4.3%, while the lower bound has risen by 15,000 oz, or about 6.8%.
Operationally, the company reported third-quarter production of 62,565 oz, a 14.0% increase year-over-year. Hemco served as the primary growth engine, while Nechi is recovering from a weaker first half. However, the release did not include updates on costs, all-in sustaining costs (AISC), margins, cash flow, reserves, or capital allocation. Consequently, the production beat may be partially offset by cost pressures stemming from BMP ore purchases, Nicaraguan taxes, and the Colombian peso.
The market had already priced in some of this operational strength, with the stock closing at C$7.57 on August 5, 2026, and rising to C$10.42 on October 9, 2026, a gain of approximately 37.6%. While the release validates the production trajectory, it does not yet address the cost question.
Mineros S.A. is a Latin American gold producer headquartered in Medellín, Colombia, with more than 50 years of operating history. The company’s producing assets include the Nechi Alluvial Property in Colombia, an alluvial gold operation using closed-pond dredging, and the Hemco Property in Nicaragua, which encompasses the Panama, Pioneer, and Porvenir underground mines and projects.
Growth and exploration assets include the Porvenir development asset in Nicaragua, the La Pepa Project in Chile located in the Maricunga Gold Belt, and the Tolima Project in Colombia, which was acquired from AngloGold Ashanti Colombia. Gold is the primary commodity, with silver, copper, and zinc produced as by-products.
Mineros S.A. is listed on the TSX under the ticker MSA, the BVC under MINEROS, and the OTCQX under MNSAF. Prior announcements noted inclusion in the S&P/TSX Global Mining Index and the MSCI Colombia Small Cap Index. Sun Valley Investments has been the controlling shareholder since 2025. Management includes Sun Valley-linked executives: Daniel Henao as CEO, Natalia Correa as CFO, and Michael Doyle as Chief Technical Advisor.