Mineros S.A. Posts Best Financial Year on Record, Sets 2026 Production and Growth Plan

• Full-year 2025 revenue rose 48% year-over-year to a record $799.7 million, with net profit up 68% to $145.0 million or $0.49 per share.
• Adjusted EBITDA grew 71% to $358.4 million; net free cash flow reached $138.6 million, up 60% from 2024.
• The company ended 2025 with $108 million in cash against $15.4 million in outstanding debt, resulting in a net cash position of $92.6 million.
• Approximately $29.8 million was paid out in dividends during the year, with total shareholder returns reaching approximately $42 million.
• 2026 gold production is guided at 213,000 to 233,000 ounces, backed by a $113.7 million capital budget weighted toward brownfield expansion and exploration.

Mineros S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS) is a Colombia-based gold mining company headquartered in Medellin with over 50 years of operating history. The company produces gold from two principal operations: the Nechí Alluvial Property in north-western Colombia and the Hemco Property in Nicaragua. It also holds a 100% interest in the La Pepa Project, an advanced-stage gold development asset in Chile. Mineros is among the largest gold producers listed on the Colombia-based Stock Exchange and maintains a dual listing on the Toronto Stock Exchange.

Record Q4 and Full-Year 2025 Financial Results: $800 Million Revenue and $145 Million Net Profit

Mineros closed 2025 with the strongest financial results in its history. Annual revenue reached $799.7 million, a 48% increase from $538.6 million in 2024, driven primarily by a 46% rise in the average gold price realised per ounce sold, which climbed to $3,474. Net profit for the year grew 68% to $145.0 million, or $0.49 per share, compared with $86.6 million, or $0.29 per share, in the prior year. Gross profit expanded 77% to $326.3 million, as a 48% rise in revenue outpaced a 34% increase in cost of sales.

Adjusted EBITDA, a measure of core operating earnings before interest, taxes, depreciation, and amortisation, surged 71% to $358.4 million for the full year. Return on capital employed (ROCE) stood at 56% as at 31 December 2025, up from 38% a year earlier. The improvement was driven primarily by the 71% increase in Adjusted EBITDA, partially offset by a 25% rise in average capital employed, reflecting investments in property, plant and equipment and exploration projects, including the acquisition of the remaining 80% interest in the La Pepa Project.

The fourth quarter saw revenue jump 74% to $260.7 million, supported by a record average gold price of $4,179 per ounce. Q4 net profit came in at $9.4 million, reflecting the impact of a one-time $49.3 million tax settlement with the Nicaraguan tax authority covering a dispute over value-added tax from 2019 to 2024. Excluding that item, Adjusted EBITDA for the quarter doubled year-over-year to $114.6 million. Full-year gold production reached 221,608 ounces, surpassing the company's 2025 guidance and up 4% from 213,244 ounces in 2024.

$42 Million Returned to Shareholders with Strong Balance Sheet and Free Cash Flow

Mineros returned approximately $42 million to shareholders during 2025. Dividends paid for the full year totalled $29.8 million, up 8% from $27.7 million in 2024.

CEO Daniel Henao noted:

"This financial strength allows us to continue rewarding shareholders through consistent dividends while we pivot our focus toward high-impact growth and exploration in 2026."

As at 31 December 2025, the company held $108.0 million in cash and cash equivalents, with total loans and borrowings of $15.4 million, producing a net cash position of $92.6 million. An additional $24 million in receivables from refinery partners was also on hand. The net cash position compares with $70.5 million a year earlier, reflecting both higher cash balances and a 41% reduction in outstanding borrowings over the course of 2025.

Net free cash flow for the full year totalled $138.6 million, up 60% from $86.8 million in 2024. Free cash flow represents the cash remaining after operating costs and capital expenditures, and is a common measure of a company's ability to fund dividends, debt repayment, and growth investment from its own operations. The improvement was driven by a $239.7 million increase in receipts from gold sales, partially offset by higher payments to suppliers, income taxes, and capital expenditures.

2026 Growth Strategy: 213,000 to 233,000 oz Production Guidance and Brownfield Expansion Programme

Mineros has approved a $113.7 million capital budget for 2026, structured across three categories. Growth capital of $51.7 million will fund an expansion of the processing plant at the Hemco Property in Nicaragua, alongside technical studies for the Porvenir deposit and the La Pepa Project in Chile. Sustaining capital of $44.7 million covers the ongoing requirements of existing operations, while $17.3 million is directed toward exploration aimed at converting resources into mineable reserves.

Gold production guidance for 2026 stands at 213,000 to 233,000 ounces, an increase of approximately 10,000 ounces relative to 2025 guidance. Colombia's Nechí Alluvial Property is expected to contribute 83,000 to 93,000 ounces, and the Hemco Property in Nicaragua is targeted at 130,000 to 140,000 ounces. All-in sustaining cost (AISC), which captures both direct production costs and the capital needed to sustain current output levels, is guided at $2,370 to $2,470 per ounce on a consolidated basis. The 2026 plan assumes a gold price of $4,405 per ounce.

The growth plan centres on brownfield expansion, meaning projects that extend capacity at or near existing operating mines.

CEO Daniel Henao noted:

"We are moving beyond a steady-state profile by allocating capital to projects with immediate accretive returns, such as our brownfield initiatives and operational efficiencies. Our focus remains on creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns."

The 2026 exploration drilling programme at the Hemco Property is planned at approximately 25,000 metres across the Panama and Pioneer mines, and the Cleopatra and Orpheus brownfield targets.

Looking Ahead

With the Nicaraguan tax dispute now resolved and the balance sheet in a net cash position, Mineros enters 2026 with a funded capital plan and production guidance that represents an increase from 2025 levels. Key milestones expected over the coming quarters include updated mineral resource and reserve estimates for the Panama and Pioneer mines, drilling results from the Hemco brownfield programme, and progress updates on the La Pepa Project technical studies in Chile. 

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