Mineros' 2.5x EBITDA Multiple Meets a Shareholder Base Still Being Built

• Mineros S.A. was added to the MVIS Global Junior Gold Miners Index, the Solactive Junior Gold Miners Custom Factors Index and the Small Cap segment of the FTSE Global Equity Index Series, effective from the open on September 21, 2026.
• The first 2 indexes underlie the VanEck and Sprott junior gold miner exchange-traded funds, and a Colombian equity fund launched on September 10, 2026, is anticipated to add the shares.
• Mineros reports an enterprise value to earnings before interest, taxes, depreciation & amortization (EBITDA) multiple of 2.5x, while Chief Executive Officer Daniel Henao puts it at about 4x annualized first-half adjusted EBITDA.
• First-half 2026 revenue was US$559 million, adjusted EBITDA was US$260 million, and net profit was US$133 million, with US$229 million in cash and gold-backed assets.
• Research coverage comes from 3 firms, with target prices of C$9.50 and C$11.00, and 1 unrated; Henao says many investors have never heard of the company.

Mineros Joined 3 Indexes Effective September 21, 2026

Mineros S.A. (TSX: MSA | BVC: MINEROS | OTCQX: MNSAF), a gold producer operating in Colombia and Nicaragua, announced on September 14, 2026, that 3 index providers had added it to their benchmarks. The changes took effect at the close of trading on Friday, September 18, 2026, and from the open on Monday, September 21, 2026.

The MVIS Global Junior Gold Miners Index is the underlying index of the VanEck Junior Gold Miners exchange-traded fund (ETF), and the Solactive Junior Gold Miners Custom Factors Index is the underlying index of the Sprott Junior Gold Miners ETF. Mineros also joined the Small Cap segment of the FTSE Global Equity Index Series. The MVIS addition followed that index's semi-annual review and quarterly rebalancing, and the other two followed semi-annual reviews.

A third channel is in Colombia. The TEVA Colombia Equity Index is the benchmark for TEVAICOL, the first locally managed Colombian equity ETF, which launched on the Colombian Stock Exchange on September 10, 2026. Mineros anticipates the ETF will add its shares and describes that addition as a source of demand.

President and Chief Executive Officer of Mineros, Daniel Henao, described what the additions are meant to change:

"These additions will broaden our shareholder base by increasing access to institutional capital and enhance trading liquidity."

A Shareholder Base Still Being Built

The additions arrive at a company with a long operating record and a short North American listing history. Mineros was founded in Medellín in 1974, acquired the Hemco property in Nicaragua in 2013, and listed on the Toronto Stock Exchange in 2021. Alluvial gold mining at Nechí began in the 1890s, and Nicaragua's gold district began producing in the 1880s. The shares have traded on the Colombian exchange since the 1980s.

Sun Valley Investments became the controlling shareholder in 2025 and brought a new management team, new technical leadership, and a new strategy. Henao says the share price has risen about 15 times since the current owners became involved. 

Henao described the investors the company has yet to reach:

"There's still a lot of investors that have never heard about Mineros."

Research coverage comes from 3 firms: SCP Resource Finance, Atrium Research, and Red Cloud. Target prices are C$9.50 and C$11.00, and 1 firm is unrated. The company has 292.8 million common shares outstanding. Moody's rates the company B1 and S&P rates it B+, both with stable outlooks.

Reading the 2.5x & 4x Valuation Multiples

Mineros reports 2.5x enterprise value (EV) to earnings before interest, taxes, depreciation & amortization (EBITDA) and 1.3x price-to-revenue. Henao annualizes first-half adjusted EBITDA to about US$500 million and puts EV near US$2 billion after about US$200 million of cash and bullion. The roughly 30 million ounces of gold without economic studies are not valued in that comparison because they have no net asset value.

Henao summarized the result:

"We're trading at about 4 times EBITDA. That's just on the cash flow that we're generating. That's a very attractive valuation."

Mineros' benchmark of 15 gold producers uses S&P data through June 30, 2026, with trailing twelve-month revenue and EBITDA, and ranks Mineros second-lowest on price-to-EBITDA at 2.5x. Galiano Gold is lowest at 2.0x, Jaguar Mining is at 3.3x, and Orezone Gold and Fortuna Mining are each at 3.4x. The range runs up to 37.9x for McEwen. On price-to-revenue, the same benchmark shows Mineros at 1.3x, the fourth-lowest of the 15.

The Cash Flow Behind the Multiple

The multiples are measured against first-half 2026 results of US$559 million in revenue, US$260 million in adjusted EBITDA, and US$133 million in net profit. Adjusted EBITDA margin was 46.6% against a peer median of 47.4% in the company's comparison, and Mineros sold 118,103 ounces of gold at all-in sustaining costs (AISC) of US$2,348 per ounce.

Full-year 2026 production guidance is 220,000 to 240,000 gold-equivalent ounces at AISC of US$2,370 to US$2,470 per ounce. Cash and gold-backed assets total US$229 million. Mineros declared US$30 million in dividends and authorized US$175 million in buybacks over 3 years for 2026, and reports more than US$145 million returned to shareholders from 2021 to 2025.

The company is targeting more than 300,000 ounces a year organically in the short term and 500,000 ounces by 2030. Management expects 30,000 to 40,000 additional ounces next year from debottlenecking, on a production profile heading toward 240,000 ounces.

The Investment Thesis for Mineros

• Mineros S.A. was added to the MVIS Global Junior Gold Miners Index, the Solactive Junior Gold Miners Custom Factors Index and the Small Cap segment of the FTSE Global Equity Index Series, effective from the open on September 21, 2026.
• The first 2 indexes are the underlying indexes of the VanEck and Sprott junior gold miner exchange-traded funds, and a new Colombian equity exchange-traded fund launched on September 10, 2026 is anticipated to add the shares.
• Chief executive officer Daniel Henao says many investors have never heard of Mineros, which has been listed on the Toronto Stock Exchange only since 2021 and is covered by 3 firms.
• Mineros reports an enterprise value to earnings before interest, taxes, depreciation & amortization multiple of 2.5x, and its benchmark ranks the shares second-lowest of 15 gold producers on price to earnings before interest, taxes, depreciation & amortization using S&P data to June 30, 2026, while Henao's annualized first-half arithmetic gives about 4x.
• First-half 2026 revenue of US$559 million, adjusted earnings before interest, taxes, depreciation & amortization of US$260 million and net profit of US$133 million, together with US$229 million in cash and gold-backed assets, supply the cash flow against which the multiple is measured.

The index additions place Mineros in the 2 indexes that the VanEck and Sprott funds track, and the published valuation figures give a fixed starting point against which later ownership data can be read. No published figure states how much capital those funds will allocate.

TL;DR

Mineros S.A. joined the MVIS Global Junior Gold Miners Index, the Solactive Junior Gold Miners Custom Factors Index and the FTSE Small Cap segment on September 21, 2026, and a Colombian equity ETF is anticipated to add the shares. Mineros reports 2.5x EV/EBITDA on the company's own measure and about 4x on Henao's annualized first-half figures, against US$260 million of first-half adjusted EBITDA. Mineros currently has research coverage from 3 firms, and no published figure quantifies the demand the new index channels will supply.

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