Mineros releases 2026 production, cost guidance

Executive Summary

• Mineros S.A. has released its 2026 production and cost guidance, outlining a strategy focused on near-term production growth and strategic expansion.
• Consolidated gold production for 2026 is guided to increase by 10,000 ounces compared to 2025, targeting 213,000 to 233,000 ounces.
• The company is allocating significant capital toward Nicaragua expansion, specifically a $23-million project to increase Hemco processing capacity, alongside a $17.3-million exploration budget.

Key Details

• 2026 Production Guidance:
  • Consolidated Gold Production: 213,000 to 233,000 ounces (an increase of 10,000 ounces vs. 2025 guidance).
  • Hemco Property (Nicaragua): 130,000 to 140,000 ounces.
  • Nechi Property (Colombia): 83,000 to 93,000 ounces.
• 2026 Cost & Margin Outlook:
  • Panama and Pioneer Operations: AISC range of $2,000 to $2,100 per ounce.
  • Bonanza Mining Partners: AISC margin of 39% to 41%.
  • Nechi Company-Owned Dredges: AISC range of $1,820 to $1,920 per ounce.
  • Nechi Contract Mining Partners: AISC margin of 11% to 14%.
• Capital Expenditures (Capex):
  • Total growth capital directed primarily toward Nicaragua (approx. 78%).
  • Hemco Expansion: $23-million project to scale processing capacity from 1,800 to 2,500 tonnes per day.
  • Strategic Evaluation: Potential installation of a 1,000-tonne-per-day mill to debottleneck output.
  • Porvenir Project: Final stages of permitting and technical optimization; NI 43-101 update expected late Q1 2026, highlighting an optimized process plant with 2,000 tonnes per day throughput.
• Exploration Budget ($17.3 million total):
  • Hemco: 95,000 metres of drilling ($11 million), focusing on brownfield targets and the Golden Triangle district.
  • Nechi (Colombia): 13,000 metres of drilling ($4.1 million).
  • La Pepa (Chile): 7,000 metres of drilling ($2.2 million).
• Upcoming Events:
  • Q4 2025 and Year-End Financial/Operating Results: Wednesday, Feb. 18, 2026.
  • Conference Call: Thursday, Feb. 19, 2026, at 9 a.m. EST.

Notable Quotes

• "Our 2026 guidance demonstrates a transition in our corporate life cycle... We are moving beyond a steady-state profile by allocating capital to projects with immediate accretive value. We are shifting our focus to creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns. This 10,000-ounce increment is the first stage of a broader evolution for the company." — Daniel Henao, President and CEO