Mineros Reports Fourth Quarter and Full-Year 2025 Results - Record Annual Revenue of $800 Million, Net Profit and Free Cash Flow; Production Guidance Exceeded; $42 Million Returned to Investors; 2026 Growth Strategy Announced
Executive Summary
- Mineros reported record 2025 results – Adjusted EBITDA of $358 M, net profit of $145 M and cash balance of $108 M, leaving the company virtually debt‑free.
- Production rose to 221,608 oz Au (227,481 AuEq) in 2025, a 4 % increase YoY, with Q4 output of 58,597 oz Au (61,281 AuEq).
- The firm announced a $113.7 M 2026 capital program (growth $51.7 M, sustaining $44.7 M, exploration $17.3 M) and raised its gold‑production guidance to 213–233 k oz for 2026.
Key Details
- Financial Highlights – Year Ended 31 Dec 2025
- Revenue: $799.7 M (↑48 %)
- Net profit: $144.98 M (↑68 %) – EPS $0.49 basic/diluted
- Adjusted EBITDA: $358.4 M (↑71 %)
- Cash & cash equivalents: $108.0 M after a $49.3 M VAT settlement in Nicaragua
- Net debt: –$92.6 M (cash‑positive)
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Dividends paid FY2025: $29.77 M (↑8 %)
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Quarterly Highlights – Q4 2025
- Gold production: 58,597 oz (AuEq 61,281 oz) – up 8 % YoY
- Average realized gold price: $4,179/oz (Q4) vs $2,662/oz prior year
- Cash cost per ounce: $2,140 (Q4) vs $1,408 YoY
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AISC per ounce: $2,486 (Q4) vs $1,775 YoY
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Operating Segments
- Nechí Alluvial (Colombia) – 19,954 oz Au produced in Q4; 79,908 oz Au for the year.
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Hemco Property (Nicaragua) – 35,705 oz Au produced in Q4; 131,831 oz Au for the year.
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Exploration & Development
- 2025 drilling: 170 holes (33,396 m) at Hemco, 581 holes (15,133 m) at Nechí Alluvial, plus greenfield programs across Bonanza, Rosita and Siuna districts (6,541 m).
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Acquired remaining 80 % of La Pepa Project (Chile) for $40.36 M cash; total La Pepa resources: Measured 58.8 kt @0.61 g/t Au (1,150 koz), Indicated 65.4 kt @0.49 g/t Au (1,039 koz).
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2026 Capital Allocation
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Total CAPEX: $113.7 M
- Growth projects (Hemco plant expansion, Porvenir study, La Pepa technical work): $51.7 M
- Sustaining capital (operations continuity, infrastructure renewal): $44.7 M
- Exploration (resource conversion, greenfield drilling): $17.3 M
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2026 Production Guidance
- Consolidated gold output: 213,000 – 233,000 oz (↑10 k oz vs 2025)
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Segment targets: Nechí 83–93 k oz; Hemco 130–140 k oz
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Cost Outlook for 2026
- Cash cost per ounce: $2,070 – $2,170
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AISC per ounce: $2,370 – $2,470 (company‑owned dredges) / $2,000 – $2,100 (Panama & Pioneer)
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Dividends
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FY2025 dividend paid: $29.77 M; quarterly Q4 dividend: $7.36 M.
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Health & Safety
- ISO 45001 certification retained at Nechí and Hemco; LTIFR improved to 0.45 (company‑wide).
Notable Quotes
- “Our 2025 results reflect a year of significant operational and financial milestones… The financial strength allows us to continue rewarding shareholders through consistent dividends while we pivot our focus toward high‑impact growth and exploration in 2026.” – Daniel Henao, President & CEO.