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S 0.140 +0.0% BNKR 4.40 −2.2% QRO 0.045 +0.0% VCT 0.075 +36.4% PPP 1.15 +0.9% LMG 0.390 +0.0% GRDM 0.140 +0.0% ABRA 13.58 −4.1% WHY 0.295 +1.7% HHH 3.94 −0.2% COS 0.060 +0.0% NOB 0.065 −23.5% MEK 0.055 +0.0% TGOL 0.105 −4.5% FCI 0.400 −7.0% SGQ 0.350 +0.0% S 0.140 +0.0% BNKR 4.40 −2.2% QRO 0.045 +0.0% VCT 0.075 +36.4% PPP 1.15 +0.9% LMG 0.390 +0.0% GRDM 0.140 +0.0% ABRA 13.58 −4.1% WHY 0.295 +1.7% HHH 3.94 −0.2% COS 0.060 +0.0% NOB 0.065 −23.5% MEK 0.055 +0.0% TGOL 0.105 −4.5% FCI 0.400 −7.0% SGQ 0.350 +0.0%
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Mineros S.A. Announces 2026 Guidance: A Disciplined Approach to Production Growth and Strategic Expansion

Surging All-In Sustaining Costs and Speculative Price Assumptions Offset Modest Production Growth

By The Northwire Desk — AI Analysis Feb 06, 2026 · 06:31 MSA · 6.29 Mineros S.A.
Executive Summary

On February 6, 2026, Mineros S.A. released its 2026 production and cost guidance. The company expects consolidated gold production between 213,000 and 233,000 ounces. While the production reflects a slight increase over 2025 results (approximately 221,656 oz), the cost guidance is significantly higher. Consolidated All-In Sustaining Costs (AISC) are projected at $2,370 to $2,470 per ounce. The 2026 capital expenditure plan is set at $113.7 million, with $51.7 million earmarked for growth and $17.3 million for exploration (95,000 meters of drilling). Critically, these projections are based on an aggressive gold price assumption of $4,405 per ounce.

Material Impact

The impact of this news is negative when viewed through a risk-averse lens. - Cost Escalation: The guided AISC of $2,370–$2,470 represents a massive increase from the Q3 2025 AISC of $1,982 and the FY 2024 AISC of $1,551. This suggests significant margin compression or a shift toward much higher-cost production. - Speculative Modeling: Using a gold price assumption of $4,405/oz to justify capital allocation is highly speculative. For context, the company’s average realized price in Q3 2025 was $3,464. If gold prices revert to 2025 levels, the company’s margins at a $2,400+ AISC would be precariously thin. - Production Stagnation: The guidance of 213k–233k oz is essentially flat compared to the 221.6k oz produced in 2025, despite a significant increase in Growth CAPEX ($51.7M). - Tax and Settlement Drag: The recent $49.3 million tax settlement with Nicaraguan authorities (Dec 2025) has likely constrained the balance sheet, making the high CAPEX requirements for 2026 more burdensome.

MSA · Price
Company Overview

Mineros S.A. is a Latin American gold producer with operations in Colombia and Nicaragua, and exploration in Chile. - Flagship Project (Producing): Nechí Alluvial Property (Colombia), which uses dredging technology. It has a +12-year mine life with relatively lower costs ($1,573 AISC in Q3 2025). - Flagship Project (Development): Porvenir (Nicaragua), an underground project intended to supplement the Hemco operations. - Nicaragua Operations: Highly dependent on artisanal mining "Bonanza Model," which accounts for a large percentage of production but tethers costs to the spot gold price.

Read the original news release →

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