Mineros S.A (MINEROS) Mining Forum Americas 2026 summary

Strategic growth and operational performance

• Achieved rapid growth with revenues up 63% and adjusted EBITDA up 70% in the first half of the year, maintaining a strong cash position after investments, dividends, and buybacks.

• Production guidance increased to over 240,000 ounces for the year, with plans to approach 300,000 ounces annually within two years through operational improvements and new projects.

• Outperformed industry peers, multiplying market cap by over 15x in two and a half years, while maintaining a clean balance sheet with minimal debt.

• Focused on asset optimization, particularly in Nicaragua, with significant investments in exploration and capacity expansion.

• Implemented a bullion policy to enhance shareholder exposure and continued active share buybacks during market corrections.

Asset development and expansion initiatives

• Nicaraguan operations increased gold production and recoveries, with silver revenues up 500% year-over-year; $25 million invested to expand processing capacity by 40%.

• Porvenir development in Nicaragua targets 70,000 ounces annual production, with a 38% IRR on a $200 million investment; aiming for 300,000 ounces total annual output from Nicaragua in two years.

• Colombian operations include a century-old mine and the newly acquired Tolima asset, a top 10 global gold deposit with 28 million ounces, focusing on phased, community-supported development.

• Tolima project leverages over $1 billion in technical studies, with a pre-feasibility study expected by end of next year and parallel permitting efforts under a supportive government.

• Chilean asset in Maricunga Gold District starts with 2.5 million ounces, targeting 100,000–130,000 ounces annual production in phase 1, with further exploration planned.

Community engagement and sustainability

• Emphasizes building strong community relationships, using programs like Infrastructure for Taxes to fund local projects such as schools.

• Prioritizes social license in asset development, especially for Tolima, focusing on community support despite favorable national rulings.

• Plans to replicate successful community engagement strategies from other Colombian operations to unlock value in new projects.