Mineros S.A (MINEROS) Q1 2025 earnings summary

Executive summary

• Achieved record revenue of $160.6M and net profit of $38.0M for Q1 2025, driven by a 39% increase in gold prices and higher gold sales volume; gold production rose 5% to 54,243 ounces.

• Adjusted EBITDA rose 75% to $71.3M, reflecting operational leverage from higher gold prices.

• Annual dividend of $0.10 per share approved, with $7.5M paid in Q1 2025; $12M share repurchase program authorized.

• New Board of Directors elected, Deloitte re-elected as auditor for two years.

Financial highlights

• Revenue increased 41% year-over-year to $160.6M, with gold sales of $156.3M and gross profit up 92% to $64.2M.

• Net income rose 127% to $38M; adjusted EBITDA up 75% to $71.3M year-over-year.

• Cash and cash equivalents at quarter-end were $81.3M; net debt improved to $(53.2)M.

• Net free cash flow was negative $1.1M, improved from negative $1.9M in Q1 2024.

• Cost of sales rose 19% to $96.4M, mainly due to higher ore purchase costs and increased operating expenses.

Outlook and guidance

• 2025 gold production guidance is 201,000–223,000 ounces, with Q1 production on track to meet targets.

• Cash cost guidance for 2025 is $1,340–$1,430/oz and AISC guidance is $1,650–$1,750/oz, assuming $2,600/oz gold price.

• Near-mine and brownfield exploration advanced, with 2,420 meters drilled in Colombia and forestry permit obtained for Porvenir project in Nicaragua.

• Exploration plan includes 66,900 meters of diamond drilling, with 49,300 meters in brownfield and 16,000 meters in greenfield areas.

• Guidance for both production and costs is maintained, with ongoing review due to gold price volatility.