Mineros S.A (MINEROS) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue of $292 million, up 82% year-over-year, and net profit of $88 million, up 131% from Q1 2025, with adjusted EBITDA of $154 million and a 53% margin.

• Gold production totaled 57,850 ounces (up 7%), with Nicaragua contributing 37,941 ounces (+22%) and Colombia 19,909 ounces (-14% due to planned mine sequencing and temporary disruptions); gold equivalent production reached 60,785 ounces, up 10%.

• Silver revenue surged 452% to $14 million, with silver sales of 161,766 ounces at an average realized price of $87/oz, driven by improved recovery rates at Hemco.

• Strategic progress included environmental permitting for the Porvenir project, inclusion in major mining indices, and acquisition of the Tolima project in Colombia.

• Strategic treasury policy increased gold-backed assets to $173 million, supporting liquidity and growth objectives.

Financial highlights

• Revenue: $292 million (+82% YoY); Net profit: $88 million (+131% YoY, $0.29/share); Gross profit: $143 million (+122% YoY).

• Adjusted EBITDA: $154 million (+116% YoY); EBITDA margin: 53%.

• Free cash flow: negative $72 million, impacted by $127 million deployed into gold sale receivables and $23 million into physical bullion.

• Cash and equivalents: $44 million; total liquidity (including gold-backed assets): $217 million; net cash position: $8 million.

• Loans and borrowings: $36 million; no meaningful leverage.

Outlook and guidance

• 2026 gold production guidance: 213,000–233,000 ounces; cost guidance: $2,070–$2,170/oz (cash cost), $2,370–$2,470/oz (AISC).

• Nicaragua expected to produce 130,000–140,000 ounces at AISC $2,000–$2,100/oz; Colombia 83,000–93,000 ounces at AISC $1,820–$1,920/oz.

• Hemco plant expansion on track to reach 2,200 tpd by June and 2,500 tpd by December 2026.

• Growth capital expenditures for 2026: $114 million, with 78% allocated to Nicaragua.

• Silver production not included in guidance, representing potential upside.