Mineros Delivers Record Nine-Months Revenue of $838 Million and Record Adjusted EBITDA of $402 Million on sales of 187,133 Gold Equivalent Ounces.

Mineros S.A. (MSA) released its third-quarter and nine-month 2026 financial results on November 11, 2026, after market close, reporting record revenue and profit figures for the nine-month period. Revenue for the first nine months of 2026 reached $838,006k, a 55% increase year-over-year, with third-quarter revenue totaling $279,217k, up 42%. Adjusted EBITDA rose 65% to $401,995k for the nine-month period, while Q3 adjusted EBITDA was $140,022k, a 55% increase. Net profit for the nine months stood at $222,285k, or $0.76 per share, up 64%, compared to $89,467k, or $0.30 per share, in the third quarter. Gross profit for the nine months was $373,961k, a 69% increase, resulting in a 44.6% gross margin compared to 41.0% a year earlier. Return on capital employed (ROCE) improved to 66% from 47% in the prior year period.

Operationally, Mineros produced 180,356 ounces of gold in the first nine months, an 11% increase, with Q3 production at 62,253 ounces, up 13%. Gold sales for the nine months totaled 178,772 ounces (187,133 AuEq), a 10% increase, while Q3 sales were 61,283 ounces (64,499 AuEq). Silver sales for the nine months reached 523,754 ounces, a 111% increase, with Q3 sales at 211,308 ounces, also up 111%. Cash costs for the nine months were $2,059/oz, beating the guidance range of $2,070–$2,170, while all-in sustaining costs (AISC) were $2,310/oz versus guidance of $2,370–$2,470. In the third quarter, cash costs were $1,974/oz and AISC was $2,238/oz. The realized gold price averaged $4,451/oz for the nine months, a 38% increase, and $4,301/oz in Q3, a 24% increase.

The company raised its full-year 2026 gold production guidance for the second time to 235,000–245,000 ounces, up from the previous range of 220,000–240,000 ounces and the original estimate of 213,000–233,000 ounces. This guidance breaks down to 148,000–152,000 ounces from Hemco and 87,000–93,000 ounces from Nechí. Cost guidance remained unchanged at $2,070–$2,170 for cash costs and $2,370–$2,470 for AISC, based on a $4,405/oz gold price assumption.

Mineros announced a special dividend of US$0.20 per share, totaling approximately US$58 million, subject to approval at a November 24 meeting and payable on December 4, 2026. The ordinary quarterly dividend of $0.025 per share was maintained, with the next payment scheduled for January 18, 2027. During the nine months, the company repurchased 5,404,119 shares for $24.5 million under a $175 million authorization valid through March 2029.

As of the reporting period, Mineros held $54,032k in cash and precious metals inventory valued at $224,523k, comprising 50,533 ounces of gold and 227,038 ounces of silver. Gold-backed receivables totaled $71,301k, representing 16,391 ounces of gold and 26,379 ounces of silver. Loans and borrowings increased to $127,735k from $15,398k at December 31, 2025, a 729% rise. Operating cash flow before strategic gold purchases was $194,913k, up 31%, but net cash used in operating activities was $(52,396)k for the nine months and $(21,638)k in Q3, driven by $247,309k in gold bullion purchases. Net free cash flow (non-IFRS) was $154,107k, a 45% increase.

Subsequent events included two physically settled gold repurchase agreements: one for 20,000 ounces with net proceeds of $73,224k, repurchasable on October 19, 2027, and another for 8,981 ounces for $32,000k, repurchasable on February 2, 2027. These agreements, totaling approximately $105 million, are secured on 28,981 ounces of gold, with additional cash margin required if the gold price declines.

Exploration budgets were adjusted, with the total cut to $14.1 million for approximately 81,460 metres, down from $17.3 million and 95,000 metres. Hemco’s exploration budget was reduced to 67,860 metres from 75,400 metres due to rainfall, while La Pepa’s budget was cut to 600 metres in 2026 from 7,000 metres due to snow, with the balance pushed to late June 2027. Sustaining capital expenditure is now projected at approximately 85% of the original $44.

Mineros S.A. (MSA) reported third-quarter production of 62,565 ounces, marking the second guidance raise to 235,000–245,000 ounces, alongside details on Hemco/Nechí splits, which were released on October 13, 2026. The company also announced a $0.20 per share special dividend, totaling approximately $58 million, on October 23, 2026. Additionally, a $175 million buyback authorization was approved on July 14, 2026, and a strategic gold reserve policy with a gold-backed treasury build was announced on July 10, 2026.

New information in this release includes cost performance, where the nine-month cash cost came in at $2,059 against a guided range of $2,070–$2,170, and the nine-month AISC was $2,310 versus a guided range of $2,370–$2,470. Against the $2,420 AISC midpoint, the beat is worth roughly $110 per ounce times 178,772 ounces, or approximately $19.7 million pre-tax, representing about 1% of the C$2.69 billion market capitalization.

Production figures saw a modest downward restatement. Third-quarter output was revised to 62,253 ounces from the 62,565 ounces announced on October 13, a decrease of 312 ounces or 0.5%. For the nine-month period, production was restated to 180,356 ounces from 181,466 ounces, a decrease of 1,110 ounces or 0.6%. Hemco’s third-quarter production was reported at 37,698 ounces, down from the 38,010 ounces reported in October.

The balance sheet shows borrowings of $127,735,000 compared to $15,398,000 at year-end 2025, along with a further approximately $105 million of gold-secured repurchase agreements struck in October, both carrying margin-call triggers. Reported operating cash flow for the nine months was negative $52,396,000, compared to positive $148,770,000 a year earlier, driven by $247,309,000 in bullion purchases. Exploration and sustaining capital expenditures were also cut, with exploration drilling reduced from 95,000 meters to 81,460 meters, and sustaining capital set to 85% of the plan.

Market reaction to the prior earnings release on August 5, 2026, when the stock traded at C$7.57, saw a 37.8% rise to C$10.43 on October 13, the day of the production release and guidance raise. The stock then fell 19.1% to C$8.44 by October 30 before recovering to C$9.16. This de-rating occurred after the positive news was released, pointing to gold price movements rather than the operating story. Realized gold prices fell from $4,777 per ounce in the first quarter to $4,530 per ounce in the second quarter, and $4,301 per ounce in the third quarter, a 10.0% sequential decline from the first quarter. The company cited "a lower gold price" as the reason BMP and CMP ore purchase costs came in below budget. The market has been trading Mineros S.A. on the gold price rather than on quarterly delivery.

The incremental surprise is a modest cost beat offset by a small production restatement, materially higher borrowings, and negative reported operating cash flow. On a market-cap-weighted basis, the beat is roughly 1% of value. The treasury and balance-sheet developments are several times larger but were largely pre-signaled by policy announcements. The release confirms the existing thesis rather than altering it.

Mineros S.A. is a mid-tier Latin American gold producer headquartered in Medellín, Colombia. The company is listed on the TSX under the ticker MSA, the Bolsa de Valores de Colombia as MINEROS, and OTCQX as MNSAF, and has been DTC-eligible since February 2026.

The company’s producing assets include the Hemco Property in Nicaragua, which accounted for 63% of 2026 production, and the Nechí Alluvial Property in Colombia, contributing the remaining 37%. The Hemco Property, located in the "Golden Triangle" around Bonanza, Rosita, and Siuna, comprises underground mines at Panama and Pioneer, along with purchased-ore processing from Bonanza Mining Partners. The asset covers approximately 458,932 hectares of consolidated land. The processing plant is expanding from a 1,750 tpd baseline to a target of 2,500 tpd by December 2026, with 2,300 tpd sustained by September 2026, representing a 31% increase. Gold recoveries remain above 90%, while silver recoveries have improved through metallurgical optimisation. A 1,000 tpd mill from existing company inventory is under evaluation as a de-bottlenecking step.

The Nechí Alluvial Property features closed-pond dredging beside the river, utilizing hydroelectric power from the company's own plants and gravity-only processing without chemicals. The site has seen over 100 years of continuous operation. Recovery rates reached 89% in the third quarter of 2026, up from 80%. Contract mining partners, consisting of 13 units and three formalisation sub-contracts, contributed 8,390 oz at margins of 12–16%.

In development and exploration, the Porvenir project in Nicaragua is a polymetallic underground operation with 736 koz AuEq reserves, a $460 million after-tax NPV5%, a 37.9% IRR, and $206.8 million in initial capex. A construction decision is targeted for early 2027. In Chile, Mineros acquired 100% ownership of the La Pepa property in September 2025 by purchasing the partner's 80% stake for $40.36 million. Located in the Maricunga belt at approximately 4,000 m elevation, the asset holds approximately 2.19 moz M&I plus 366 koz inferred resources. Drilling in 2026 was reduced to 600 m from 7,000 m. Additionally, the company acquired AngloGold Ashanti Colombia S.A.S. in Tolima, Colombia, for $10 million cash plus up to $60 million in contingent consideration. The unverified historical resource includes 23.35 moz indicated at 0.87 g/t and 4.98 moz inferred at 0.71 g/t, with the first NI 43-101 report targeted for Q1 2027.

Mineros operates a hybrid business model, with roughly 42% of output mined from the company's own reserves and roughly 58% derived from purchased or contract ore processed for a margin. This distinction influences the cost structure, reserve life, and the sensitivity of both costs and revenues to gold price fluctuations.