Mineros S.A (MINEROS) Q4 2024 earnings summary

Executive summary

• Full-year 2024 gold production was 213,245 ounces, with 131,228 ounces from Nicaragua and 82,017 ounces from Colombia; silver production reached 765,000 ounces.

• Net income for 2024 was $86.6 million, up 403% year-over-year, with Q4 net income at $23.2 million.

• Adjusted EBITDA for 2024 was $210.1 million, up 22%, with Q4 Adjusted EBITDA at $56.9 million.

• Dividends paid in 2024 totaled $27.7 million, and share price rose 129% on TSX and 131% on BVC.

• Net earnings per share reached $0.29 for the year.

Financial highlights

• Full-year revenue was $538.6 million, up 20%, with Q4 revenue at $150.2 million, up 15% year-over-year.

• Gross profit and Adjusted EBITDA for the year increased 27% and 22%, respectively.

• Net free cash flow for 2024 was $86.8 million, with Q4 net free cash flow at $56.7 million.

• Cash at year-end was $96.4 million, with loans and borrowings at $25.9 million; net debt at year-end was $(70.5) million.

• ROCE improved to 37% from 30% in 2023.

Outlook and guidance

• 2025 consolidated gold production guidance: 201,000–223,000 ounces; Colombia: 81,000–91,000 ounces; Nicaragua: 120,000–132,000 ounces.

• Estimated consolidated cash cost per ounce: $1,340–$1,430; AISC: $1,650–$1,750 per ounce.

• Planned 2025 drilling campaign of 30,000 meters, with updated mineral reserve estimates expected by year-end.

• Dividend recommendation for 2025 to be published imminently.

• Cash cost and AISC per ounce expected to rise slightly in 2025 due to inflation and higher gold prices.