Mineros S.A. Unlocks Value with Operational Finesse, Boosting Guidance

MEDELLÍN, Colombia – July 07, 2026 – Mineros S.A. has turned operational excellence into tangible results, reporting a robust second quarter that saw the Latin American gold producer sell 61,849 gold equivalent ounces, a 13% jump from the same period last year. The strong performance, fueled by strategic process enhancements at its core assets, has given the company the confidence to raise its full-year production guidance, signaling a powerful growth trajectory that has already captured the market's attention.

The Engine Room: How Operational Tuning Unlocked Record Output

The story behind Mineros's impressive quarter isn't one of new discovery, but of meticulous optimization. The company has demonstrated a masterful ability to extract more value from its existing assets, a core tenet of sustainable industrial progress. The Hemco Property in Nicaragua, its principal growth engine, delivered a standout performance. Gold sold from the site rose 12% year-over-year to 37,157 ounces, but the real showstopper was silver. Silver sales skyrocketed by 113% to over 148,000 ounces, a direct result of a “sustained metallurgical optimization program.”

This isn't just a lucky strike; it's the outcome of deliberate engineering and investment. As CEO Daniel Henao noted, “These are not isolated gains; they are the product of deliberate and disciplined investment in our plant and our people.” The company has been systematically de-bottlenecking the Hemco processing plant, advancing towards a target of 2,500 tonnes per day (tpd) by the end of 2026, up from the 2,100 tpd achieved in the first quarter. This increased throughput, combined with improved recovery rates, creates a powerful multiplier effect on production.

Meanwhile, the Nechí Property in Colombia also contributed to the positive momentum. The operation delivered 22,482 ounces of gold, an 8% year-over-year increase, signaling a solid recovery and operational stabilization. This dual-front success across both of the company's key jurisdictions highlights a consistent, well-executed strategy that is paying dividends.

A Golden Strategy Across Latin America

Mineros's Q2 success reinforces its position as a formidable player in the Latin American mining landscape. With a history spanning over 50 years, the company leverages a diversified portfolio that provides both stability and avenues for growth. While the Nicaraguan and Colombian mines form the productive core, a pipeline of projects, including the La Pepa Project in Chile and a newly acquired exploration project in Tolima, Colombia, reveals a long-term regional vision.

This geographic diversification requires navigating distinct and often complex political and regulatory environments. The consistent outperformance at Hemco suggests a stable and manageable operating climate in Nicaragua for the company. In Colombia, where the mining sector is subject to ongoing reforms around environmental and social governance, Mineros's stated commitment to sustainability and its ability to improve output at Nechí demonstrate a capacity to operate effectively. Expanding its footprint in Colombia with the Tolima acquisition signals confidence in the nation's long-term mining potential.

The company’s recent exploration results add another layer to its growth story. A new high-grade vein system discovered at the Nicaragua Property, coupled with an intensive 75,000-meter drilling program for 2026, suggests that the focus is not just on optimizing current production but also on aggressively defining future resource expansion.

Translating Ounces into Investor Confidence

The market has taken notice of Mineros's operational prowess. In the days following its performance updates, the company's shares on both the Toronto Stock Exchange (TSX:MSA) and the OTCQX market (MNSAF) saw significant gains, with MNSAF shares climbing over 139% in the past year. Analyst ratings have been bullish, with firms like Atrium Research maintaining a "Buy" rating and citing the company's strong balance sheet and growth projects.

Digging into the financials reveals a company that appears both profitable and potentially undervalued. With a price-to-earnings (P/E) ratio of around 6.7x, Mineros trades well below the Canadian market average of 16.5x, despite having grown its earnings by an average of 28% per year over the past five years. This suggests that its operational successes may not yet be fully priced into its stock.

This performance is underpinned by what the company calls “disciplined capital allocation.” Mineros ended the first quarter with a healthy cash position of $216.6 million and maintains a shareholder-friendly dividend, currently yielding over 2%, which is well-covered by both earnings and cash flow. This combination of growth, profitability, and shareholder returns makes for a compelling case in a competitive sector.

A Glimmering Outlook

With 122,634 gold equivalent ounces sold in the first half of the year, Mineros is well on its way to meeting its newly revised guidance of 220,000 to 240,000 ounces for 2026. The upgrade, an increase of 7,000 ounces at the top end, is a direct reflection of the sustained metallurgical outperformance at Hemco. This is all happening against the backdrop of a remarkably strong gold price environment, where Mineros realized an average price of $4,777 per ounce in Q1 2026, a 66% increase over the prior year.

The confluence of high commodity prices and increasing operational efficiency is a powerful combination. By focusing on the intricate mechanics of its value chain—from metallurgical recovery rates to plant throughput—Mineros is demonstrating how small, deliberate shifts in process can create massive ripples in production and profitability, positioning the company for a bright and productive future.