Mineros Raised Guidance Twice; 4 Milestones by Mid-2027 Test Its Team

• Mineros raised its 2026 gold production guidance for the second time this year on October 13, 2026, to 235,000 to 245,000 ounces from 220,000 to 240,000 ounces.
• Third-quarter gold production rose 14.0% to 62,565 ounces, and Hemco in Nicaragua rose 18.5% to 38,010 ounces.
• The management team now faces 4 milestones with stated timing: the Hemco plant at about 2,500 tons per day by the end of 2026, 2 Porvenir permits by the end of 2026, a Porvenir construction decision in early 2027, and a La Pepa preliminary economic assessment in the first half of 2027.
• Porvenir's prefeasibility study shows an after-tax net present value at a 5% discount rate of US$460 million, an after-tax internal rate of return of 37.9%, and initial capital of US$206.8 million.
• The Porvenir construction capital is already in the treasury, and Mineros reported US$229 million in liquid assets (cash and gold-backed assets) at the end of the first half.

Mineros S.A. (TSX: MSA | OTCQX: MNSAF) raised its 2026 gold production guidance for the second time this year on October 13, 2026, to 235,000 to 245,000 ounces from 220,000 to 240,000 ounces. Third quarter output rose 14.0% to 62,565 ounces. Both raises came under President and Chief Executive Officer Daniel Henao, and 4 milestones with stated timing through the first half of 2027 will show whether that operating record carries into construction and studies.

What the Third Quarter Delivered

Gold production reached 181,466 ounces over the first 9 months of 2026, up 11.3%, with the third quarter contributing 62,565 ounces.

Hemco in Nicaragua produced 38,010 ounces in the third quarter, up 18.5%, and 114,344 ounces over 9 months, up 19.0%. Hemco silver sales rose 114.6% to 210,380 ounces. Hemco's 2026 guidance is 148,000 to 152,000 ounces, and its stockpile stood at 121,864 tonnes, about 18,856 ounces, on September 30.

Nechí in Colombia produced 24,555 ounces, up 7.8% on improved recovery, with another 1,585 ounces in transit. Nechí's 2026 guidance is 87,000 to 93,000 ounces.

The Team Behind the Gains

The management group draws on operating, technical, and transaction backgrounds. Henao and Chief Technical Advisor Michael Doyle are both partners at Sun Valley, the investor group that Henao says deployed more than US$200 million and gained control of Mineros late last year. Doyle is an engineer and geologist whose background includes Rio Tinto and Inmet, and Henao credits him as the person mainly responsible for the operational gains.

Maria Vallejo, Vice President of Growth & Technical Services, has evaluated more than 100 assets at Barrick, AngloGold and Waterton. Carlos Ríos, Vice President of Exploration, is a geological engineer; Henao says Ríos discovered the Buriticá gold mine in Colombia and most recently worked at Collective Mining.

Henao sees the Hemco plant expansion as the precedent for delivering Porvenir on schedule:

"We've been good at meeting our schedules, our capex programs. If you look at our expansion of a plant, which is a fairly complex thing to do, running a plant and expanding it at the same time, we've been able to achieve that this year. We don't expect any meaningful delays. Our construction team is an experienced construction team. We've done this before."

4 Milestones Between Now & Mid-2027

The timeline holds 4 events with stated timing, 2 of them before the end of 2026. The first is the Hemco processing plant, which is stable at 2,100 tons per day (tpd) after moving up from 1,750 tpd and is targeting about 2,500 tpd by the end of 2026. The US$25 million expansion adds 40% processing capacity while the plant continues operating, and management says it is on track and on budget. Hemco gold recoveries have also risen beyond 90% from about 87%.

The second and third events sit at Porvenir, the development project about 14 kilometers southwest of the 2 producing Hemco mines. Mineros is targeting the 2 remaining permits, for water disposal and forestry, by the end of 2026, followed by a construction decision in early 2027, about 2 years of construction and production by 2029. The prefeasibility study shows an after-tax net present value at a 5% discount rate of US$460 million, an after-tax internal rate of return of 37.9%, payback in 2.0 years, and initial capital of US$206.8 million, at a gold price assumption of US$3,150 per ounce.

The fourth is the La Pepa preliminary economic assessment in Chile, which Mineros is targeting for the first half of 2027 on a resource of about 2.5 million ounces of gold. Mineros is planning a phased approach, with a first phase targeting about 100,000 ounces.

The Record Investors Can Check

The delivered record is operational: 2 guidance raises, Hemco output up 19.0% over 9 months, and recoveries beyond 90%. The Hemco expansion is also the company's evidence for the Porvenir schedule, so the plant's result against about 2,500 tpd at the end of 2026 is the nearest read-across to construction delivery.

With construction capital already in treasury and US$229 million in liquid assets (cash and gold-backed assets) at the end of the first half, the open items at Porvenir are the 2 permits, the construction decision and the build itself. The September 2026 corporate presentation lays out a short-term organic target of more than 300,000 gold-equivalent ounces and a long-term target of 500,000 gold-equivalent ounces by 2030. The next scheduled checkpoint is the full third-quarter financial release on November 11, 2026.

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