Mineros continues Nicaragua expansion

Executive Summary

• Mineros S.A. reports significant progress on its Nicaragua expansion initiatives, including the phased expansion of the Hemco processing plant to 2,500 tonnes per day (tpd) by year-end 2026.
• The company has achieved a sustained throughput of 2,000 tpd (a 14.3% increase over baseline) and is accelerating underground mine development to build inventory, with stockpiles currently containing over 6,000 ounces of gold.
• A 75,000-metre exploration drilling program has commenced in 2026 using eight active rigs, aiming to extend mine life and advance the Porvenir project, with a technical report update expected by March 2026.

Key Details

• Processing Plant Expansion:
  • Current sustained throughput: 2,000 tpd (baseline was 1,750 tpd).
  • Target capacity: 2,500 tpd by December 2026.
  • Interim target: 2,200 tpd by June 2026.
  • Major capital equipment for the expansion phase is expected on site in Q3 2026.
  • Project remains on schedule and within budget, with full compliance to environmental permits.
  • Gold recovery is consistently above 90%; silver recoveries have improved via process optimization.
  • Technical studies are underway to evaluate adding an additional 1,000 tpd mill circuit using existing owned equipment.
• Mine Development & Inventory:
  • Accelerated development at Panama and Pioneer underground mines to support surface stockpiles.
  • Current stockpile inventory: >6,000 ounces of gold.
  • Inventory intended to provide operational flexibility and optimize processing by blending grade material.
  • Management expects economies of scale from increased throughput to reduce unit operating costs.
• Bonanza Mining Partners (BMP):
  • New ore storage/staging patio built in Rosita (approx. 20 miles from Bonanza) is fully operational.
  • Incremental contribution: 200 tpd of mineral to the Hemco processing plant.
  • Company reviewing opportunities to increase BMP mineral acquisitions to maximize ore availability ahead of 2026 capacity increases.
• Exploration Program:
  • 2026 program scope: 75,000 metres of drilling.
  • Resources: Eight active rigs, utilizing a company-owned drill fleet.
  • Cost advantage: Internal drilling costs average ~$100/metre vs. $160/metre for contracted services.
  • Objectives: Resource-to-reserve conversion, greenfield exploration, extending life of Panama and Pioneer mines, advancing Porvenir project, and exploring high-grade targets.
  • Technical Report: Update on the prefeasibility study (PFS) for Porvenir and Hemco property expected by end of March 2026.

Notable Quotes

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