Mineros Sets Record December Gold Production, Achieves Upper End of Guidance for 2025
Record production meets fiscal friction: Mineros hits 2025 targets but faces a $49M Nicaraguan tax hangover.
The most recent news release (January 7, 2026) confirms that Mineros S.A. achieved its full-year 2025 gold production guidance, finishing at the upper end of the range. The company produced 221,656 ounces of gold against a guidance of 201,000 to 223,000 ounces. Key performance drivers included a record-breaking December at the Hemco property in Nicaragua (20,667 oz AuEq) and consistent performance at the Nechí Alluvial property in Colombia. While production was strong, the company also noted a legal/administrative transition regarding an exemption from TSX individual/majority voting requirements to comply with Colombian law.
The news is Material - Positive because it demonstrates operational reliability and the ability of management to meet aggressive production targets in a high-gold-price environment. However, this positivity is tempered by the historical context of the December 19, 2025, announcement where the company was forced to pay $49.3 million to resolve a tax dispute with Nicaraguan authorities.
- Production Execution: Hitting the high end of guidance (221.6k oz) validates the operational improvements mentioned throughout 2025, including the Aurora plant commissioning.
- Jurisdictional Risk: The Nicaragua tax settlement represents nearly 50% of the company's cash position reported in Q3 2025 ($102.2M). While production is at record levels, cash preservation has taken a significant hit.
- Management Credibility: Delivering on guidance during a period of significant management churn (new CEO, resigning CFO) provides much-needed stability to the investment thesis.
Mineros S.A. is a Latin American gold producer with two main producing pillars: - Nechí Alluvial Property (Colombia): A low-cost, 100%-owned alluvial operation utilizing dredges. It serves as the company's "cash cow" with lower jurisdictional risk. - Hemco Property (Nicaragua): A complex operation involving industrial underground mines (Pioneer/Panama) and a massive artisanal formalization model. Artisanal mining accounted for 83% of Q3 2025 production. - Flagship Growth: The Porvenir Project (Nicaragua) is a development-stage asset intended to push the company toward a 300,000 oz/year producer profile.