Mineros Posts 10% Year-Over-Year Rise in Gold Equivalent Production for Q1 2026

• Total gold equivalent production reached 60,782 ounces in Q1 2026, up 10% from 55,124 ounces in Q1 2025.
• Gold output increased 7% year-over-year to 57,850 ounces; silver production rose 109% to 161,766 ounces.
• The Hemco Property in Nicaragua recorded a 22% year-over-year increase in gold production.
• Plant throughput at Hemco reached 2,100 tonnes per day, advancing toward a year-end target of 2,500 tonnes per day.
• The company is tracking toward the upper end of its full-year guidance range of 213,000 to 233,000 gold equivalent ounces.

Mineros S.A. (TSX: MSA / OTCQX: MNSAF / BVC: MINEROS) is a Colombia-based gold mining company headquartered in Medellín, with more than 50 years of operating history. The company operates mines in Colombia and Nicaragua and holds a portfolio of development and exploration projects across Latin America, including the La Pepa Project in Chile.

Strong Q1 2026 Production Performance and Year-Over-Year Growth

Mineros produced 60,782 gold equivalent ounces (AuEq) in the three months ended 31 March 2026, compared with 55,124 AuEq ounces in the first quarter of 2025. Gold equivalent ounces are a measure that converts silver output into a gold-equivalent volume using the relative market prices of both metals, providing a single production figure across metals. The result represents a 10% increase year-over-year.

Gold production for the quarter reached 57,850 ounces, up 7% from Q1 2025, while silver output rose 109% year-over-year to 161,766 ounces. Silver is treated as a by-product of the company's gold mining operations, and the increase in silver volumes contributed to the higher total gold equivalent figure.

At 60,782 gold equivalent ounces, Q1 2026 production represents approximately 26% of the midpoint of the company's full-year guidance range of 213,000 to 233,000 ounces. Management has stated the company is tracking toward the upper end of that range.

Operational Outperformance Driven by Hemco Property, Nicaragua

The Hemco Property in Nicaragua recorded a 22% year-over-year increase in gold production in Q1 2026. The company attributed this to improvements in metallurgical recovery, which refers to the percentage of gold and silver extracted from ore during processing, as well as plant management. Silver output at Hemco more than doubled compared with Q1 2025.

President and CEO Daniel Henao commented: 

"Silver production at Hemco more than doubled year-over-year to 161,766 ounces, reflecting sustained improvements in metallurgical recovery, while gold production at the property increased 22% on the back of disciplined plant optimization. Safety and environmental performance remained integral to how these results were achieved."

At the Nechí Property in Colombia, first quarter gold production of 19,909 ounces came in slightly below the property's typical run rate, which the company noted is in line with its mining plans. Management expects production at Nechí to return to normal levels in Q3 2026 as operations advance to new mining areas. The company is also continuing work on production rates and metallurgical recovery at Nechí and is formalising additional partner operational units.

Process Optimisation and Production Expansion Strategy

A key objective for Mineros in 2026 is expanding processing capacity at the Hemco facility to 2,500 tonnes per day by year-end. Throughput, which refers to the volume of ore the plant can treat per day, reached 2,100 tonnes per day at the time the Q1 report was released, up from 2,000 tonnes per day reported in March.

President and CEO Daniel Henao noted: 

"Our principal objective for 2026 remains the expansion of Hemco's processing capacity to 2,500 tonnes per day by year-end. Throughput has already reached 2,100 tonnes per day, building on the 2,000 tpd reported in March. With over 60,000 gold equivalent ounces produced in the quarter, the Company is tracking toward the upper end of annual guidance of 213,000 to 233,000 ounces."

At Nechí, the company is focused on advancing to new mining areas to recover its production run rate in the second half of 2026, while continuing improvements to metallurgical recovery and expanding its network of partner operational units.

Outlook

Mineros has identified several milestones for the remainder of 2026: reaching 2,500 tonnes per day of processing capacity at Hemco, restoring Nechí production to its normal run rate in Q3, and meeting its full-year guidance range of 213,000 to 233,000 gold equivalent ounces. Full first quarter financial results, including cost and financial performance figures, are expected to be released in the coming weeks.

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