Mineros S.A (MINEROS) Q3 2026 earnings summary

Executive summary

• Record 9M revenue of $838.0M, Adjusted EBITDA of $402.0M and net profit of $222.3M; gold sales were 178,772 oz and AuEq sales were 187,133 oz.

• 2026 gold production guidance was raised for a second time to 235,000–245,000 oz; 9M production reached 180,356 oz.

• Strategy combines operating growth, a gold-backed treasury, project advancement and shareholder returns.

Financial highlights

• 9M revenue rose 55% YoY to $838.0M; gross profit increased 69% to $374.0M and net profit rose 64% to $222.3M, or $0.76/share.

• 9M Adjusted EBITDA increased 65% to $402.0M; Q3 Adjusted EBITDA rose 55% to $140.0M, with a 50% margin.

• Q3 revenue grew 42% to $279.2M; net profit increased 65% to $89.5M, or $0.30/share.

• Q3 AuEq sales were 64,499 oz, up 15%; realized gold price was $4,301/oz, up 24%, and silver sales were 211,308 oz, up 111%.

• 9M operating cash flow before strategic gold purchases was $194.9M, up 31%; net free cash flow rose 45% to $154.1M. Operating cash flow was a $52.4M outflow after $247.3M of bullion purchases.

Outlook and guidance

• 2026 gold production guidance rose to 235,000–245,000 oz: Hemco 148,000–152,000 oz and Nechí 87,000–93,000 oz.

• Full-year Cash Cost guidance is $2,070–$2,170/oz and AISC guidance is $2,370–$2,470/oz; 9M actuals were below both ranges.

• 2026 CAPEX budget is $113.7M; 9M spend was $58.2M, with total spend forecast near budget.

• Hemco expansion targets 2,500 tpd by year-end 2026; Porvenir construction decision, La Pepa first NI 43-101 PEA and Tolima NI 43-101 MRE are targeted for Q1 2027.

• Guidance assumptions include gold at $4,405/oz, Colombia inflation of 5%, Nicaragua inflation of 3%, and COP/USD of 3,850.