Mineros S.A.: Golden Returns Meet a Deep Valuation Discount

MEDELLÍN, Colombia – January 26, 2026 – In a striking display of market prowess, Latin American gold producer Mineros S.A. has achieved prestigious recognition on two major stock exchanges, cementing its status as a top-tier performer in the global mining sector. The company was recently named to the 2025 TSX30®, an elite ranking of the top 30 performers on the Toronto Stock Exchange, while simultaneously securing its position as the best-performing stock on the Colombian Stock Exchange (BVC) for the second year running. However, this exceptional performance is shadowed by a compelling paradox: despite its stellar returns, company management asserts that Mineros remains significantly undervalued compared to its regional competitors, creating a fascinating narrative for investors.

A Tale of Two Exchanges: Dominating North and South

Mineros' inclusion in the 2025 TSX30® list, announced in September 2025, places it in the top 2% of all companies on the Toronto Stock Exchange based on dividend-adjusted share price appreciation over a three-year period. This achievement is particularly noteworthy given the strong representation of the resource sector on this year's list, where 17 of the 30 companies were from the mining industry, underscoring a buoyant market for precious metals. Mineros' ability to outperform 98% of its TSX-listed peers highlights the success of its long-term strategy in a competitive international arena.

Simultaneously, the company has demonstrated unparalleled dominance in its home market. For the second consecutive year, Mineros was the top-performing equity on the Colombian Stock Exchange. The numbers are staggering: from January 2, 2024, to December 31, 2025, the company generated a total return of 903% in U.S. dollar terms. This performance dramatically eclipsed key industry benchmarks, including the VanEck Gold Miners ETF, which saw a 186% increase, and the spot price of gold, which rose by 110% during the same period. This vast outperformance indicates that the company's value creation has far outpaced the general updraft in the gold market.

Daniel Henao, President and CEO of Mineros, commented on the dual accolades, stating, "Our inclusion in the TSX30® Ranking is a powerful validation of our execution and strategic roadmap. By outperforming 98% of the public companies listed on the TSX and leading the market in Colombia, Mineros has demonstrated a unique capacity for value creation. This milestone is a testament to our team’s execution, and we remain focused on maintaining this momentum as we scale our operations."

The Valuation Paradox: High Performance, Low Multiple

Despite the powerful market signals and accolades, a significant disconnect appears to exist between Mineros' performance and its market valuation. Management has been vocal in its belief that the company trades at a substantial discount to its peers across Latin America. This claim is substantiated by key industry metrics.

Based on its published 2025 gold-equivalent production of approximately 226,000 ounces, Mineros trades at an enterprise value of roughly US$637 million per 100,000 ounces produced. This figure is starkly lower than the average of approximately US$1,772 million per 100,000 ounces for a representative group of its Latin American gold-producing counterparts. This suggests that for every ounce of gold it produces, the market values Mineros at less than half the rate of its competitors, presenting a potential opportunity for investors who believe this valuation gap will close over time.

The undervaluation puzzle arises amidst a favorable backdrop for gold, with prices surging to record highs above US$3,600 per ounce in 2025, driven by global uncertainty and investor flight to safe-haven assets. While this tide has lifted many boats in the sector, Mineros' outsized returns suggest its success is rooted in more than just a rising gold price.

The Strategy Behind the Shine

The company’s sustained success is not accidental but the result of a deliberate, long-term strategy honed over its 50-year operating history. Headquartered in Medellín, Mineros has built its foundation on three core pillars: safety, sustainability, and disciplined capital allocation. This disciplined approach has allowed it to effectively manage a diversified portfolio of assets, including established operations in Colombia and Nicaragua, while advancing a promising pipeline of development and exploration projects, most notably the La Pepa Project in Chile.

This strategic focus on operational efficiency and prudent financial management has enabled the company to capitalize on favorable market conditions while building a resilient business model. The recognition from both the TSX and BVC serves as external validation that this long-standing commitment to sustainable and profitable mining is delivering tangible results for shareholders.

Navigating Global Markets and Governance

Mineros' strategic presence across multiple capital markets—with listings on the TSX and BVC, and trading on the OTCQX in the United States—is a key component of its growth story. This multi-market footprint enhances its global profile, increases liquidity, and provides access to a broader and more diverse base of international investors.

Operating across different jurisdictions also introduces unique regulatory complexities. Notably, Mineros has received an exemption from TSX rules that mandate individual and majority voting for directors. This accommodation was necessary because Colombian corporate law requires director elections to be conducted under an electoral quotient system, where a slate of nominees is voted on collectively. This highlights the practical challenges and necessary adaptations for international companies navigating disparate governance frameworks.

Further cementing its position in the global investment landscape, Mineros S.A. was added to the S&P/TSX Global Mining Index, effective January 14, 2026. This inclusion, part of the index's quarterly rebalancing, is a significant milestone that reflects the company's increased market scale and sustained liquidity. Being part of this key global benchmark is expected to significantly enhance Mineros' visibility among institutional investors worldwide and further broaden its shareholder base.