The Mineros Buyback Runs to 2029 With US$156.9 Million Still to Spend

• Mineros expanded its share repurchase program to US$175 million on July 14, 2026, and authorized it to continue through March 27, 2029.
• Repurchases totaled US$18.1 million as of June 30, 2026, leaving US$156.9 million of the authorization unused.
• The company paid US$14.7 million of dividends in the first half of 2026.
• First-half revenue reached US$559 million, up 46% year-on-year, with net profit of US$133 million.
• The company's own peer comparison places it at 0.49 times price to net asset value, against a peer set reaching 1.58 times.

Mineros S.A. (TSX: MSA | BVC: MINEROS | OTCQX: MNSAF), a gold producer operating in Colombia and Nicaragua, expanded its share repurchase program to US$175 million on July 14, 2026, with authorization to continue to March 27, 2029. As of June 30, 2026, US$18.1 million had been repurchased, leaving US$156.9 million of the authorization available. The company paid US$14.7 million in dividends over the first half of the year. Repurchases and dividends together are a continuing commitment of cash, not a one-off return.

Program Terms & Execution to Date

The US$175 million figure is an expansion of an existing program rather than a new authorization, and the expansion took effect on July 14, 2026. The repurchase total of US$18.1 million is stated as of June 30, 2026, two weeks before that date, so the enlarged authorization covers a period that has barely begun.

Dividends have continued alongside the repurchases, not in place of them. Capital returned to investors includes US$12 million in buybacks in 2025, US$18.1 million in buybacks in the first half of 2026, and US$30 million in dividends.

Production Behind the Capital Return

Two operating properties generate the cash being returned. In Colombia, the Nechí property produced 42,568 ounces of gold in the first half of 2026 at an all-in sustaining cost (AISC) of US$1,933 per ounce, against full-year guidance of 83,000 to 93,000 ounces at US$2,090 to US$2,190 per ounce. In Nicaragua, the Hemco property produced 75,535 ounces at an AISC of US$2,521 per ounce, against guidance of 137,000 to 147,000 ounces at US$2,465 to US$2,565 per ounce.

Consolidated first-half production of 118,103 ounces reached 48% of the midpoint of full-year guidance, which the company revised upward during the period to 220,000 to 240,000 ounces from 213,000 to 233,000 ounces. Consolidated AISC guidance is US$2,370 to US$2,470 per ounce. Gold sales in 2025 totaled 221,608 ounces at an AISC of US$2,032 per ounce.

Balance Sheet & Growth Spending 

First-half revenue reached US$559 million, up 46% year-on-year, on sales of 122,634 gold-equivalent ounces. Net profit was US$133 million.

Liquidity stood at US$229 million in cash equivalent and gold-backed assets, of which US$116 million is held in gold and US$8 million in silver, alongside a net cash position of US$110 million. That liquidity total includes US$41 million in cash.

Capital deployed for 2026 growth projects totals US$113.7 million. Moody's rates Mineros B1 with a stable outlook, and S&P rates it B+ with a stable outlook.

Significance for Investors 

The proportion still available distinguishes this program from a completed one. With the authorization open to March 27, 2029, the pace of buying rather than the size of the approval determines what shareholders actually receive. Repurchases reported after July 14, 2026 are the first measure of that pace.

The company's own peer comparison places Mineros at 0.49 times price to net asset value, against a peer set reaching 1.58 times; at 2.1 times enterprise value to estimated 2026 earnings before interest, taxes, depreciation and amortization, against a set reaching 13.8 times; and at 3.1 times price to estimated 2026 cash flow, against a set reaching 21.6 times. Mineros describes this as a significant discount to peers and says it is primed for a re-rating. The company was added to the S&P/TSX Global Mining Index in January 2026.

The execution figure on record is a floor for what the program has done, not a guide to what it will do.

Market Reaction

Mineros has 291.8 million common shares outstanding. The shares traded at C$7.75 on August 10, 2026, which put the market capitalization at C$2.3 billion. Over the two years to July 2026, the stock returned 509% on an indexed basis, against 118% for the junior gold miners index and 68% for gold.

Three firms cover the stock. SCP Resource Finance sets a target price of C$9.50, and Atrium Research a target price of C$11.00. Red Cloud is unrated.

Resource & Project Context 

Mineros holds approximately 2.1 million ounces of proven and probable gold reserves, with a further 3.7 million ounces in measured and indicated resources and 1.7 million ounces in inferred resources. Behind the producing base are three development projects: Porvenir in Nicaragua, La Pepa in Chile, and Tolima in Colombia. Detailed engineering at Porvenir is underway, with a construction decision targeted for early 2027.

FAQs (AI-Generated)