Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted EBITDA of $154.1 Million on Higher Production and Gold Prices
| Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted | |||
|---|---|---|---|
| EBITDA | of | $154.1 Million on Higher Production and Gold Prices |
| • | Record Revenue and Earnings Reflect Production Growth, Higher Gold Prices, |
| and Advancing Capital Program | |
| • Record Quarterly Revenue of $291.8 Million, | |
| and Net Profit of $87.7 Million | |
| • Cost Guidance Tracking Below Lower End of Guidance |
Medellin, Colombia – May 6, 2026 – Mineros S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS) (“Mineros” or the “Company”) today reported its financial and operating results for the three months ended March 31, 2026. All dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company’s unaudited condensed interim consolidated financial statements and management’s discussion and analysis posted on Mineros’ website https://mineros.com.co/en/investors/financial-reports and filed under its profile on www.sedarplus.com.
Financial Highlights for the three months ended March 31, 2026
- Record revenue of $291,810, up 82% year-over-year, driven by a record average realized gold price of $4,777 per ounce (up 66% vs. Q1 2025) and strong production growth (60,785 AuEq ounces, up 10% from 55,124 AuEq ounces in Q1 2025).
- Record net profit of $87,686, up 131% year-over-year, with basic and diluted earnings per share of $0.29, up 131% vs. Q1 2025.
- Adjusted EBITDA of $154,087, up 116% year-over-year, with an Adjusted EBITDA margin of 53%.
- Cash, cash equivalents and gold backed assets totaled $216,649, comprising cash equivalents of $43,565, complemented by gold-backed assets totaling $173,084, equivalent to 31,623 ounces of gold, reflecting the Company's strategy to retain direct exposure to physical gold during a period of elevated inflation and uncertainty in the
stability of fiat currencies. These gold-backed assets comprise $20,429 in physical gold bullion (4,376 ounces) and $152,655 in trade accounts receivable from gold sales pending final price determination (27,247 ounces).
- Loans and other borrowings of $35,545, maintaining a conservative balance sheet with a positive net cash position of $8,020.
Operational Highlights for the three months ended March 31, 2026
- Robust gold production of 57,850 ounces in Q1 2026, with 37,941 ounces of gold from Nicaraguan operations and 19,909 ounces of gold from Colombian operations.
- Silver sold of 161,766 ounces, up 109% from Q1 2025, at a record average realized price of $87 per ounce (up 164% vs. Q1 2025), reflecting continued optimization of silver recovery at the Hemco processing plant.
- Gold-equivalent production of 60,785 AuEq ounces, up 10% from 55,124 AuEq ounces in Q1 2025.
- Cash Cost per ounce of gold sold of $2,002, below the lower end of the Company's 2026 guidance range, reflecting cost discipline in an environment of rising BMP input prices.
- AISC per ounce of gold sold of $2,235, below the lower end of the Company's 2026 guidance range.
Strategic Highlights for the three months ended March 31, 2026
- Advanced the Company's strategy to strengthen its balance sheet exposure to physical gold, building a position of 31,623 ounces of gold-backed assets during the quarter, supporting the Company's longer-term treasury and capital allocation framework.
- Advanced the Porvenir Project with an updated Prefeasibility Study, delivering compelling base-case economics with an after-tax NPV (5%) of $460 million, an after-tax IRR of 37.9%, a 2.0-year payback, and an AISC of $1,295 per gold-equivalent ounce, with a gold assumption of $3,150/oz — positioning Porvenir as a high-margin cornerstone of
an emerging polymetallic district at Hemco that also includes the Guillermina, Leticia, and San Antonio deposits.
- Entered into an agreement to acquire a gold exploration project in Tolima, Colombia, which, as reported by AngloGold Ashanti PLC in December 2024, hosts a historical mineral resource estimate of 23.35 million ounces of gold in the Indicated Mineral Resources category and 4.98 million ounces of gold in the Inferred Mineral Resources category.
- Advanced the Hemco expansion in Nicaragua, with sustained throughput reaching 2,000 tonnes per day (a 14.3% increase over the 1,750 tpd baseline). The Company is on schedule and within budget toward meeting interim milestones of 2,200 tpd by June 2026 and 2,500 tpd by December 2026.
- During the first quarter, the Company completed 12,770 metres (44 drill holes) of the 75,400 metres of diamond drilling planned. The drilling in the first quarter of 2026 represented a mix of in-mine drilling to expand the Mineral Resources and Mineral Reserves at the Panama and Pioneer Mines (5,311 metres in 19 holes) and 7,459 metres in 25 holes in greenfield and brownfield targets on our relatively underexplored land package in Nicaragua.
- Included in the S&P/TSX Global Mining Index, enhancing the Company's visibility among global mining investors and supporting broader institutional ownership of its TSXlisted shares.
- Achieved DTC eligibility, broadening U.S. investor access to the Company's shares on OTCQX and supporting enhanced share liquidity in U.S. markets.
- Recognized in the 2025 TSX30® Ranking and as a top performer on the Colombian Stock Exchange (BVC), reflecting sustained value creation for shareholders across both listing venues.
Daniel Henao, President and Chief Executive Officer of Mineros, commented: “Q1 2026 demonstrates the earnings leverage embedded in our growing production profile. With costs tracking below the lower end of guidance and production at the top end, we generated revenue of $292 million and net profit of $88 million; the strongest quarter in the Company's history. The Hemco expansion is advancing on schedule, gold and silver recoveries are improving, and the
| Porvenir prefeasibility study is delivering compelling economics. We are executing with discipline | |
| and are well positioned for the next phase of Mineros' growth. | ” |
“We also took deliberate steps this quarter to strengthen our balance sheet through an allocation to physical gold and gold-linked receivables, ending the period with gold-backed assets equivalent to 31,623 ounces of gold. This position is modest in scale, and reflects our view that gold remains an effective long-term store of value in the current macroeconomic environment. We regard it as a natural extension of our capital management framework, one that reinforces our identity as a gold producer and aligns our treasury with the interests of shareholders who invest in Mineros for exposure to the gold sector.”
The following table summarizes the financial highlights for the three months ended March 31, 2026, and 2025.
| Three Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| On | Variation | ||||||||
| March 31, | |||||||||
| 2026 | 2025 | $ | % | ||||||
| Revenue Cost of sales Gross Profit Net Profit for the period Basic and diluted earnings per share ($) Average realized price per ounce of gold sold ($)1 Average realized price per ounce of gold sold from continuing operations ($)1 Cash Cost per ounce of gold sold ($)1 AISC per ounce of gold sold ($)1 Adjusted EBITDA1 Net cash flows (used in) provided by operating activities Net free cash flow1 ROCE1 Net Debt 1 Dividends paid | 291,810 | ||||||||
| 160,560 | 131,250 | 82 % | |||||||
| (149,239) | |||||||||
| (96,402) | (52,837) | 55 % | |||||||
| 142,571 | |||||||||
| 64,158 | 78,413 | 122 % | |||||||
| 87,686 | 38,007 | 49,679 | 131 % | ||||||
| 0.29 | 0.13 | 0.17 | 131 % | ||||||
| 4,777 | 2,881 | 1,896 | 66% | ||||||
| 4,777 | 2,881 | 1,896 | 66% | ||||||
| 2,002 | 1,437 | 564 | 39% | ||||||
| 2,235 | 1,685 | 550 | 33% | ||||||
| 154,087 | |||||||||
| 71,300 | 82,787 | 116 % | |||||||
| (59,636) | 11,634 | (71,270) | ( | 613%) | |||||
| (71,944) | (1,080) | (70,864) | 6 | 561% | |||||
| 61 % | 40 % | 21 % | 54% | ||||||
| (8,020) | (53,163) | 45,143 | (85%) | ||||||
| 7,375 | 7,476 | -101 | (1) % |
1. Average realized price per ounce of gold sold, Cash Cost per ounce of gold sold, AISC per ounce of gold sold, Adjusted EBITDA, net free cash flow and Net Debt are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Section 10 – Non-IFRS and Other Financial Measures in this MD&A
Financial Highlights for the three months ended March 31, 2026
- Revenue increased by 82% and totaled $291,810 during the three months ended March 31, 2026, compared with $160,560 in the three months ended March 31, 2025. The increase in revenue is due to a 66% increase in the average realized price of gold sold, a 7% increase in ounces of gold sold and an increase in silver sales of 452%, partially offset by a decrease in
| old sales | |
| in the |
| at an average realized price per ounce of gold | |||||
|---|---|---|---|---|---|
| , compared with sales of gold of | |||||
| at an average realized price per ounce of gold sold of | $2,881 | in the | three months ended |
March 31, 2025.
- Cost of sales increased by 55%, to $149,239 in the three months ended March 31, 2026, compared with $96,402 in the three months ended March 31, 2025. The increase in costs is primarily due to: (i) the higher cost of purchasing ore from BMP in Nicaragua of $31,934 and higher payments for services provided by Contract Mining Partners ("CMP") in Colombia of $3,068, both due to higher gold prices and more ounces purchased; (ii) higher taxes and royalties of $6,673 (iii) higher labour costs of $3,184; and (iv) greater maintenance and materials costs of $3,371, offset by lower costs for services like leases and energy of $1,698.
| • Gross Profit | |
| compared with | |
| revenue, due to higher gold prices, which was partially offset by a | |
| as explained above. |
| hs ended March 31, 2026, ; due to a 82% increase in | , | ||
| ; due to a | increase in | ||
| % | increase in cost of sales |
- Profit for the period was up by 131% to $87,686 or $0.29 per share during the three months ended March 31, 2026, compared with $38,007 or $0.13 per share during the three months ended March 31, 2025. The increase in profit is due to the increase in gross profit, partially offset by an unrealized loss of $3,330 on the forward contract entered into as part of the Company's strategic
| gold position (see "Strategic Gold Position" in Section 2) | , other expenses of $2,824 and an | |
|---|---|---|
| increase in administrative expenses of $311. In addition, as a result of the higher profit before | ||
| taxes, current tax expenses increased by $20,016 | . |
| • Adjusted EBITDA was up 116% to $154,087 during the three months ended March 31, 2026, | |
| compared with $71,300 during the three months ended March 31, 2025, due to an 82% increase | |
| in revenue, offset by a 55% increase in cost of sales, and a decrease of $311 in administrative | |
| expenses. |
- ROCE was 61% as at March 31, 2026, compared with 40% as at March 31, 2025. The increase is mainly attributable to 83% higher Adjusted EBITDA over the last 12 months, resulting from higher gold prices and production (an additional 9,468 ounces). Capital employed increased by 30%, reflecting higher capital expenditures in property, plant and equipment, the acquisition of 80% of the La Pepa Project, and the accumulation of gold-exposed assets under the Company's strategic gold position, which contributed to the increase in trade accounts receivable and inventories (see "Strategic Gold Position").
- Net cash was $8,020 as at March 31, 2026, compared with $53,163 as at March 31, 2025,reflecting lower cash and cash equivalents of $43,565 (down 46%) combined with 27% higher loans and other borrowings of $35,545. The reduction in cash and cash equivalents during the period primarily reflects the accumulation of gold-exposed assets under the Company's strategic gold position (see "Strategic Gold Position"). The balance sheet remains conservatively structured, providing financial flexibility to support ongoing investments and future growth initiatives.
- Dividends Paid were down 1% to $7,375 during the three months ended March 31, 2026, compared with $7,476 in the same period of 2025. The period over period decrease is due to the fact that there were fewer issued and outstanding shares than in the first quarter of 2025.
- Net cash flows used in operating activities totaled $59,636 in three months ended March 31, 2026, compared with net cash flows generated of $11,634 in the same period of 2025. The Company's net free cash flow for the three months ended March 31, 2026 totaled $(71,944) down from $(1,080) in the same period of 2025 The period-over-period change primarily reflects working capital movements associated with the Company's strategic gold position (see "Strategic Gold Position"), including an increase of $127,165 in trade accounts receivable related to gold sales positions pending final price determination and an increase of $23,037 related to the acquisition of physical gold bullion. These working capital movements are further explained by greater income tax payments of $18,063, and higher capital expenditures of $102 related to purchases of intangible assets and exploration expenditures, partially offset by higher receipts from sales of goods of $40,055.
- Capital investments were down 48% to $11,008 during the three months ended March 31, 2026, compared with $21,175 in the three months ended March 31, 2025. The decrease is due to an amendment of a vehicle leasing contract which cost the Company $5,793 at the Hemco
Property in the first quarter of 2025, combined with a reduction of $3,419 in spending on the San Jose tailings expansion project.
2026 Guidance
For 2026, Mineros is providing consolidated gold production guidance of 213,000 to 233,000 ounces of gold. This represents an increase of 10,000 ounces relative to 2025 guidance. This increase is the result of a disciplined focus on "quick-return" ounces, prioritizing capital investment toward brownfield projects and operational efficiencies that can be brought online rapidly to maximize free cash flow in a robust commodity market.
2026 Operational & Cost Outlook
The Company’s production and cost guidance reflects a commitment to maintaining healthy margins despite global inflationary pressures.
Production and Cost Guidance units 2026 Nechí Property (Colombia) oz 83,000 – 93,000 AISC per ounce of gold sold (Own operation) $/oz $1,820 - $1,920 AISC per ounce of gold sold (CMP) $oz $3,800 - $ 3,900 AISC per ounce Total Nechi Property $oz $2,090 -$2,190 AISC Margin (Contract Mining Partners) 1 % 11 - 14
Hemco Property (Nicaragua) 130,000 - 140,000 AISC per ounce of gold sold (Underground operation ) $/oz $2,000 - $2,100 AISC per ounce of gold sold (BMP) $oz $2,600 - $2,700 AISC per ounce of gold sold Total Hemco property $oz $2,465 - $2,565 % 39 - 41 AISC Margin (Bonanza Mining Partners) 1
Consolidated Gold production oz 213,000 – 233,000 Cash Cost per ounce of gold sold1 $/oz $2,070 - $2,170 AISC per ounce of gold sold1 $/oz $2,370 - $2,470 Note to Guidance: The following assumptions were used: a gold price of 4,405; inflation rates of 5% in Colombia and 3% in Nicaragua; a COP/USD exchange rate of 3,850; and average salary increases of 17% in Colombia and 5% in Nicaragua. While our 2026 guidance is anchored in our primary gold reserves, the Company continues to optimize silver recovery at the Hemco processing plant. Although silver is not currently classified as either a Mineral Reserve or a Mineral Resource, we expect improvements to our ability to recover silver will provide a positive impact on our revenues and consolidated AISC. For reporting purposes, any silver recovered will be disclosed as AuEq production using the then-average price per ounce sold of each metal.
1. These measures are forward-looking non-IFRS financial measures. For further information concerning the equivalent historical non-IFRS financial measures, see Non-IFRS and Other Financial Measures in this news release.
In 2026, the Hemco Property (Nicaragua) is expected to deliver solid performance with gold production guidance of 130,000–140,000 ounces. The Panama & Pioneer operations are expected to have an AISC range of $2,000–$2,100 per ounce. In addition, the Bonanza Mining Partners arrangement is expected to generate a 39%–41% AISC margin, providing a robust contribution to production.
For the Nechí Property (Colombia), Mineros is targeting steady gold output of 83,000–93,000 ounces in 2026. Company-owned dredges are expected to operate within an AISC range of $1,820–$1,920 per ounce, underpinned by continued focus on optimizing operations and controlling costs. The contract mining partners are expected to deliver an AISC margin of 11%– 14%, representing consistent and dependable cash generation at this operation.
Capital Expenditures (“CAPEX”): Financing the Growth Horizon
The 2026 CAPEX budget is structured to balance sustaining requirements with high-impact growth initiatives.
Category Investment (US$) Strategic Objective Growth CAPEX $51.7 Million Hemco plant expansion, Porvenir (Nicaragua) and La Pepa (Chile) technical studies Sustaining CAPEX $44.7 Million Operational continuity and infrastructure renewal Exploration $17.3 Million Resource-to-Reserve conversion Greenfield exploration
Total CAPEX $113.7 Million
Operational summary for the three months ended March 31, 2026
The following table sets forth the gold produced by each of the operations of the Company for the three months ended March 31, 2026, and 2025 with a discussion of the operational highlights for the same periods:
| Three Months | ||||
|---|---|---|---|---|
| Variation | ||||
| Ended March 31, | ||||
| 2026 | 2025 | ounces | % | |
| Nechí Property (Colombia) CMP | 17,461 | 21,045 | (3,584) | (17)% |
| 2,448 | 2,199 | 249 | 11% | |
| Colombia Hemco Property BMP | 19,909 | 23,244 | (3,335) | (14)% |
| 7,835 | 6,821 | 1,014 | 15 % | |
| 30,106 | 24,178 | 5,928 | 25% | |
| Nicaragua | 37,941 | 30,999 | 6,942 | 22 % |
| Total Gold Produced | 57,850 | 54,243 | 3,607 | 7 % |
| Total Silver Produced | 161,766 | 77,259 | 84,507 | 109% |
| Equivalent Gold Produced | 60,785 | 55,124 | 5,661 | 10% |
•
| Gold production increased 2026, compared with 54,243 | increased | |||||
|---|---|---|---|---|---|---|
| compared with | 54,243 | ounces in the | ||||
| production at the Hemco Property offset by | lower production at the Nechí Property. On | |||||
| a gold equivalent basis production increased by | 10% to 60,782 AuEq ounces, compared |
with 55,124 AuEq ounces in the first quarter of 2025, reflecting both higher gold output and strong silver recovery at the Hemco processing plant. At the Nechí Property in Colombia, first quarter production of 19,909 ounces reflects the variability characteristic of alluvial mining operations and is aligned with our planned operational sequence within our 2026 environmental, hydraulic, and mining plans. Nevertheless, the Company maintains its fullyear production guidance of 83,000–93,000 ounces for the Nechí Property.
- Cash Cost & AISC: Cash Cost per ounce of gold sold in the first quarter of 2026 was $2,002 and AISC per ounce of gold sold was $2,235, both tracking below the Company's 2026 guidance ranges of $2,070–$2,170 per ounce for Cash Cost and $2,370–$2,470 per ounce for AISC. Compared with the first quarter of 2025, Cash Cost per ounce increased by 39% (from $1,437) and AISC per ounce increased by 33% (from $1,685), reflecting higher payments to Bonanza Mining Partners in Nicaragua driven by elevated gold prices and produced ounces, higher taxes in Nicaragua and a 13% US dollar devaluation in Colombia. Exhaustive cost-control measures were offset by the strength of the Colombian peso. As most costs are denominated in the local currency, its appreciation during the period resulted
in an adverse impact on the Nechí Property cost structure. These cost pressures are consistent with the assumptions underpinning the Company's 2026 guidance.
| • | |||||
|---|---|---|---|---|---|
| 2026 | , the Company incurred | ||||
| with the | first | quarter of | 2025 |
| nditures (“E&E”) | for the | th |
| in capital expenditures, a |
with the first quarter of 2025, the decrease is associated with reduced drilling activities during the first quarter of 2026 compared with the same period offset by higher E&E at Nechí Property.
| Three Months Ended March 31, | Variation | |||
|---|---|---|---|---|
| 2026 | % | |||
| 2025 | $ | |||
| E&E expenditures capitalized 1 E&E expenditures expensed 2 | 929 | 1,037 | (108) (10%) 403 45% | |
| 1,298 | 895 | |||
| Total | 2,227 | 1,932 | 295 15% |
1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position.
2. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under “Exploration expenses”
Health and Safety
Heading into 2026, Mineros reaffirms its commitment to provide a safe and healthy workplace where employees and contractors conduct themselves in a responsible and safe manner. Additionally, the Company is committed to achieving a high standard of Occupational Health and Safety practices by evolving our management systems and rigorously monitoring performance targets. This commitment to excellence is validated by our ISO 45001 certifications at both the Nechí Property and Hemco properties.
The following table presents the safety statistics for the three months ended March 31, 2026, and the same period 2025.
| Three Months Ended | |||
|---|---|---|---|
| Health and Safety KPIs | March 31, | ||
| 2026 | |||
| 2025 | |||
| Nechí Property LTIFR(1) (Colombia) TRIFR(2) | 0.96 | 0.62 | |
| 1.93 | 3.10 | ||
| Hemco Property LTIFR (Nicaragua) TRIFR | 0.13 | — | |
| 1.16 | 1.05 | ||
| Mineros | LTIFR | 0.46 | 0.28 |
| (Weighted Average) | TRIFR | 1.47 | 1.95 |
1. Lost time injury frequency rate (“LTIFR”) refers to the number of lost time injuries that occurred during a reporting period.
2. Total recordable incident frequency rate (“TRIFR”) combines all of the recorded fatalities, lost time injuries, cases or alternate work and other injuries requiring treatment by a medical professional.
At the Nechí Property, the LTIFR increased to 0.96 from 0.62 in Q1 2025. The Company has reviewed the underlying events and is implementing corrective actions as part of its continuous safety improvement program. The TRIFR improved from 3.10 to 1.93, reflecting the effectiveness of Mineros' broader safety management system. The Company remains committed to its zeroharm objective and to the ongoing evolution of its ISO 45001-certified occupational health and safety practices.
The Colombia Operation continues to strengthen its preventive safety management through the implementation of Leading Indicators. Visible HSE leadership has intensified cross-inspections in critical tasks and proactive reporting of substandard acts and conditions across all operational areas. These actions, combined with enhanced technical competency development in occupational health and safety and rigorous critical risk management, have been instrumental in driving the favorable safety trend reflected in the reduction of the 38% from Total Recordable Incident Frequency Rate (TRIFR).
| Minero | s has integrated a number of mining operators who are in the process of formalizing their |
| operations to comply with Colombian regulations with Mineros’ assistance. Mineros’ current safety | |
| performance metrics do not yet include CMP, as they are still in the process of adopting our | |
| Company's safety standards. The Company is actively working to support these operators with | |
| training focused on helping them meet safety requirements including training on the proper use | |
| of personal protective equipment, and adoption of risk mitigation and prevention techniques. |
Additionally, the miners associated with the Bonanza Partnership Model are not yet included within the scope of the metrics presented in this report. The Company, through the Municipal Artisanal Mining Commission (CMMA), the model's governing body, is currently strengthening the systematization, accounting, and monitoring mechanisms for accident statistics regarding this stakeholder group. Furthermore, it is enhancing cultural adoption and change management processes to ensure these figures reach the level of maturity required for integration into the consolidated statistics.
GROWTH AND EXPLORATION PROJECT UPDATES
The Company’s exploration and growth is focused on the replacement and expansion of Mineral Resources and Mineral Reserves by completing further work at or near our operating mines, at our growth projects and at early-stage exploration targets on our under-explored property interests. We are achieving our goals through systematic exploration programs, which include surface mapping and sampling, geochemical data collection surveys, geophysical surveys and drilling.
A core component of the business strategy of the Company is to explore new targets and develop existing deposits at or near the operating mines, with the objective of increasing Mineral Resources and Mineral Reserves and advancing promising deposits towards development.
The Company continues reviewing exploration targets at the Hemco property and analyzing its near-term potential, Porvenir deposit which is the most advanced target will remain under review, analysis and designing through the year. Two potential growth and exploration projects the Company is reviewing are the Porvenir Project and the Luna Roja Deposit, both located at the Hemco Property.
Hemco Property, Nicaragua
Near Mine Exploration, Hemco Property Expansion
Near mine exploration is focused on the current mining operations, the Panama Mine and the Pioneer Mine. Mineralization is related to an epithermal gold system associated with multiple quartz veins.
A total of 5,311 metres of diamond drilling in 19 holes was completed in the first quarter of 2026, achieving approximately 21% of the 2026 drilling plan. Progress is slightly behind schedule due to the prioritization of geotechnical and mine service drilling in the first quarter. The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine. A total of 4,226 meters were drilled at the Panama Mine and 1,085 meters at the Pioneer Mine.
Brownfield Exploration, Hemco Property Expansion