Mineros Delivers H1 Record Revenue of $559 Million and Record Adjusted EBITDA of $260 Million on Sales of 122,634 Gold Equivalent Ounces

Mineros S.A. reported first-half 2026 financial and operating results on August 5, 2026, highlighting significant growth across key metrics. Revenue increased 63% year-over-year to $558.8 million, while net profit rose 63% to $132.8 million, or $0.45 per share. Adjusted EBITDA grew 70% to $260.5 million.

Gold production totaled 118,103 ounces, a 9% increase from the prior year period. Hemco Nicaragua contributed 75,535 ounces, up 18%, while Nechí Colombia produced 42,568 ounces, a 3% decline. The company reported a cash cost of $2,104 per ounce and an all-in sustaining cost (AISC) of $2,348 per ounce, both falling within or below guidance.

Mineros raised its full-year 2026 gold production guidance to 220,000–240,000 ounces, up from the previous range of 213,000–233,000 ounces, while reaffirming its cost guidance. The company currently holds approximately 42,221 gold-equivalent ounces in precious metals inventory and gold-backed receivables, a factor contributing to negative operating cash flow in the first and second quarters.

Operational progress included the Hemco plant expansion, which reached 2,100 tons per day (tpd) by June, with a target of 2,200 tpd. The company still expects to reach 2,500 tpd by December. Capital returns continued with the maintenance of the dividend and an expansion of the buyback program to US$175 million, during which 4.1 million shares were repurchased in the second quarter.

Mineros S.A. reported first-half results that highlight strong operating and financial momentum, driven by record revenue, net profit, and EBITDA. These figures were bolstered by an average gold price of approximately $4,400 per ounce, demonstrating the company’s capacity to convert higher metal prices into earnings. Additionally, an upward revision to full-year production guidance indicates that the ramp-up at Hemco and improved silver recoveries are contributing increased tonnage.

Despite these positives, the release included some execution challenges. Management had previously committed to a throughput target of 2,200 tonnes per day by June; however, actual sustained throughput reached only 2,100 tonnes per day. This shortfall makes the year-end goal of 2,500 tonnes per day appear more ambitious than initially projected.

Financially, the March quarter saw operating cash flow of -$60 million, a figure largely attributed to a build-up of gold-linked trade receivables. While the company characterizes this as a deliberate treasury strategy that will normalize, it complicates the assessment of the mines' true cash-generating ability. To address this, Mineros will introduce a new disclosure for "operating cash flows before strategic gold purchases" to provide clearer tracking of cash performance.

The company also reported lower-than-expected All-In Sustaining Costs (AISC), an expanding share buyback program, and the aforementioned guidance raise. These factors contributed to the stock trading at approximately C$7.57 following the announcement.

Mineros S.A. is a Latin American gold producer with more than 100 years of alluvial mining experience in Colombia and over 51 years in Nicaragua. The company’s primary assets include the Nechí Property in Colombia, an alluvial gold dredging operation that produces approximately 80,000 to 93,000 ounces of gold annually and is characterized by low costs and a long life.

In Nicaragua, the Hemco Property features underground mines at Panama and Pioneer, alongside artisanal ore purchases through Bonanza Mining Partners. The property produced approximately 75,000 ounces of gold in the first half of the year and is expanding capacity to 2,500 tonnes per day by year-end. The Porvenir Project in Nicaragua is an advanced pre-feasibility study-stage polymetallic deposit containing gold, silver, zinc, and copper, with 736,000 ounces of gold equivalent reserves and strong economics.

Additionally, the La Pepa property in Chile holds a gold resource of more than 2.5 million ounces and is in the early stages of exploration and permitting. The Tolima project in Colombia contains a historical indicated gold resource of 23.35 million ounces, which is contingent on obtaining an environmental license.