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%, driven by higher gold prices and production growth.

• Adjusted EBITDA reached $154 million, up 116% year-over-year, with a 53% margin.

• Gold production totaled 57,850 ounces (up 7%), with Nicaragua contributing 37,941 ounces (up 22%) and Colombia 19,909 ounces (down 14% due to planned mine sequencing and temporary disruptions).

• Silver sales surged, with 161,766 ounces sold at $87/oz (up 164% in price and 452% in revenue), reflecting improved recovery at Hemco.

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

Financial highlights

• Gross profit rose 122% to $143 million as revenue growth outpaced a 55% increase in cost of sales.

• All-in sustaining cost (AISC) was $2,235/oz and cash cost $2,002/oz, both below 2026 guidance.

• Free cash flow was negative $72 million, impacted by strategic accumulation of gold receivables and bullion.

• Net cash position of $8 million with loans and borrowings at $36 million.

• Cash, cash equivalents, and gold-backed assets totaled $217 million at quarter end.

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; Colombia 83,000–93,000 ounces.

• 2026 capital expenditures: $114 million, with $52 million for growth, $45 million sustaining, $17 million exploration.

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

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