Production / Operations
Mineros Reports Strong First Quarter 2026 Gold Production of 60,782 Gold Equivalent Ounces, Delivering 10% Year-Over-Year Growth
Mineros Production Beat Supports Recovery After Tax Settlement Drag
Executive Summary
- Event: Mineros reported First Quarter 2026 production results on April 13, 2026.
- Production Metrics: Total Gold Equivalent (AuEq) production was 60,782 ounces, representing a 10% year-over-year increase. Gold production specifically rose 7% to 57,850 ounces, while silver production surged 109% to 161,766 ounces.
- Asset Performance: The Hemco Property in Nicaragua drove growth with a 22% YoY increase in gold production and throughput reaching 2,100 t/d (targeting 2,500 t/d by year-end). Conversely, the Nechí Property in Colombia saw a 14% decline in gold production.
- Guidance Status: Management states current quarterly output places the company on track to meet the upper end of its full-year 2026 guidance (213,000–233,000 oz AuEq).
- Operational Context: Metallurgical improvements and plant capacity expansions contributed to higher throughput. Nechí production is expected to return to plan in Q3 2026 as operations advance to new areas.
Material Impact
- Positive Confirmation: The news confirms operational execution following the strategic announcements made earlier in Q1 2026 (Porvenir PFS, La Colosa acquisition). It validates the Hemco expansion thesis which was a key driver of the stock's rally into January 2026.
- Routine Nature: Quarterly production reports are standard disclosures. While the numbers are strong and align with the upper guidance range, they do not fundamentally alter the investment thesis established by the March 2026 Prefeasibility Study (PFS) or the La Colosa acquisition announcement. The market had already priced in growth expectations based on February 2026 full-year results.
- Risk Mitigation: The report addresses concerns regarding the Nechí decline (-14% YoY), providing a specific timeline for recovery (Q3 2026). However, reliance on this recovery remains a risk factor if geological or operational issues persist longer than anticipated.
- Silver Upside: The 109% increase in silver production is an unexpected positive variable that improves revenue diversification and margin potential, though gold remains the primary value driver.
MSA · Price
Company Overview
- Overview: Mineros S.A. is a Latin American gold producer with operations in Colombia (Nechí Alluvial) and Nicaragua (Hemco Property). It is transitioning towards a mid-tier producer status through organic growth and acquisitions.
- Flagship Project: The Hemco Property in Nicaragua is the primary production driver, currently undergoing expansion to 2,500 t/d throughput. The Porvenir Project (Nicaragua) is the key development asset, with an updated PFS released March 2026 indicating a $460M NPV and 37.9% IRR.
- Development Projects: La Pepa (Chile) was acquired 100% in September 2025 for $40M to diversify jurisdictional risk. The La Colosa project (Colombia) acquisition was announced March 2026, offering significant exploration upside contingent on licensing.
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Jul 14, 2026 · 18:50