# Mineros

Source Brief: https://evesgoldminers.com/research/source-briefs/mineros-s-a-2026-08-06-mineros-66248e0e
Original source: https://www.mineros.com.co/news/20260806-release
Original published: 2026-08-06
EGM generated: 2026-09-27
Company: Mineros S.A. (MSA)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# Mineros

Source: https://www.mineros.com.co/news/20260806-release
Published: 2026-08-06T00:00:00+00:00
Fetched: 2026-09-12T08:01:20.381+00:00
Source artifact: 66248e0e-d9d0-47cf-b1e7-cc38f310cc89
Normalizer input: text

## Content

# Mineros
Source: https://www.mineros.com.co/news/20260806-release
Published: 2026-08-06
BVC:
[Mineros](https://finance.yahoo.com/quote/MINEROS.CL/)
COP$
20300
TSX:
[MSA](https://finance.yahoo.com/quote/MSA.TO/)
CAD$
9.12
[OTCQX: **MNSAF**](https://finance.yahoo.com/quote/MNSAF/)
US$
6.55
[**Au**:](https://finance.yahoo.com/quote/GC%3DF/)
US$
4389
[ENG](https://www.mineros.com.co/news/20260806-release)
[ESP](https://www.mineros.com.co/es-co/news/20260806-noticias)
[![Link to Minreros Homepage](https://cdn.prod.website-files.com/66c623b1be3c82e1f1d2c520/66c65fed43f9de87fdc6e996_Mineros%20Logo.png)](https://www.mineros.com.co/?r=0)
About
[About – Overview](https://www.mineros.com.co/about/overview) [Mission, Vision, and Values](https://www.mineros.com.co/about/mission-and-values) [Board of Directors](https://www.mineros.com.co/about/board-of-directors) [Governance](https://www.mineros.com.co/about/governance) [Leadership](https://www.mineros.com.co/about/leadership) [Ethics Line](https://www.mineros.com.co/about/governance#EthicsLine)
Operations and Projects
Operations:
[Operations – Overview](https://www.mineros.com.co/operations/overview) [Nechí Alluvial Property, Colombia](https://www.mineros.com.co/operations/colombia) [Hemco Property, Nicaragua](https://www.mineros.com.co/operations/nicaragua)
Growth Projects:
[La Pepa Project, Chile](https://www.mineros.com.co/operations/growth-projects/la-pepa-project-chile) [Provenir Project, Nicaragua](https://www.mineros.com.co/operations/growth-projects/porvenir-project-nicaragua) [Tolima Project, Colombia](https://www.mineros.com.co/operations/growth-projects/tolima-project-colombia)
Sustainability
[Sustainability – Overview](https://www.mineros.com.co/sustainability/overview) [Social and Economic Development](https://www.mineros.com.co/sustainability/social-and-economic-development) [Environmental and Climate Management](https://www.mineros.com.co/sustainability/environmental-and-climate-management) [Health and Safety](https://www.mineros.com.co/sustainability/health-and-safety) [Foundation](https://www.mineros.com.co/sustainability/foundation)
Investors
[Why Invest](https://www.mineros.com.co/investors/why-invest) [Financials and Reports](https://www.mineros.com.co/investors/financial-reports) [Stock Information and Dividends](https://www.mineros.com.co/investors/stock-information-and-dividends) [Analyst Coverage](https://www.mineros.com.co/investors/analyst-coverage) [Annual Shareholders Meeting](https://www.mineros.com.co/investors/annual-shareholders-meeting) [Events, Presentations, & Media](https://www.mineros.com.co/investors/events-presentations-media) [Descarga de certificados](https://certificados.mineros.com.co/es/descargas)
[News](https://www.mineros.com.co/news)
[FAQ](https://www.mineros.com.co/faq)
[Certificados](https://certificados.mineros.com.co/es/descargas)
[Contact](https://www.mineros.com.co/contact-us)
[![Navigation Icon: Search](https://cdn.prod.website-files.com/66c623b1be3c82e1f1d2c520/66c6393f872e53e60cb80b94_Search.svg)](https://www.mineros.com.co/news/20260806-release#)
[![Navigation Icon: Search](https://cdn.prod.website-files.com/66c623b1be3c82e1f1d2c520/66c6393f872e53e60cb80b94_Search.svg)](https://www.mineros.com.co/news/20260806-release#)
# News
![](https://cdn.prod.website-files.com/plugins/Basic/assets/placeholder.60f9b1840c.svg)
# Mineros Delivers H1 Record Revenue of $559 Million and Record Adjusted EBITDA of $260 Million on Sales of 122,634 Gold Equivalent Ounces
August 5, 2026
Ago. 05 2026
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- **_H1 Cash Cost of $2,104/oz tracking within guidance_**
- **_H1 AISC of $2,348/oz - below the lower end of guidance_**
**Medellin, Colombia – August 5, 2026**– Mineros S.A. (TSX:MSA, BVC:MINEROS, OTCQX:MNSAF)(“ **Mineros**” or the “ **Company**”) today reported its financial and operating results for the three and six months ended June 30, 2026. All dollar 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](https://mineros.com.co/en/investors/financial-reports) and filed under its profile on [www.sedarplus.com.](https://www.sedarplus.com./)
**Financial Highlights for the three and six months ended June 30, 2026**
- Revenue of $266,978 in Q2 2026 was driven by strong operational performance across both properties and a robust gold price environment. These factors contributed to a record first-half revenue of $558,788 — the strongest six-month top line in the Company's history.
- Adjusted EBITDA surged 70% year-over-year to $260,475, for the first half of 2026, the strongest first-half result in the Company's history, underpinned by disciplined cost control and a robust gold price environment.
- The Company delivered a record first-half net profit of $132,819 ($0.45 per share), with Q2 net profit of $45,133 ($0.15 per share) demonstrating the consistent earnings power of the business across both jurisdictions.
- As at June 30, 2026, cash equivalents and gold backed assets totalled $228,770, comprising cash equivalents of $41,136, precious metals inventory of $124,605 (equivalent to 29,309 ounces of gold and 112,297 ounces of silver) and gold-backed receivables totaling $63,029 (equivalent to 12,912 ounces of gold and 95,577 ounces of silver), reflecting the Company's deliberate capital allocation strategy under its strategic gold reserve policy.
- As at June 30, 2026, the company held 16,128 ounces of gold in ore stockpiles (valued at a cost of $1,284 US$/oz) and 1,190 ounces of AuEq in doré format (valued at a cost of 2,748 US$/oz) totalling 17,318 ounces of AuEq for a total value of $24,430. This corresponds to an increase of 18,748 ounces of AuEq and $15,758 in comparison to the December 2025 levels, as the Company accumulates ore feed ahead of the Hemco processing plant capacity expansion from 1,750 to 2,500 tonnes per day, expected to be completed by year-end 2026.
- With loans and borrowings of only $55,635, Mineros maintains a conservative, low-leverage balance sheet.
**Operational Highlights for the three and six months ended June 30, 2026**
- Gold production of 60,253 ounces in Q2 2026, a 12% increase over Q2 2025, reflects broad based operational strength across both properties, with Hemco Property delivering 37,594 ounces (+14% year over year) driven by higher throughput and improved metallurgical recoveries, and Nechí Property contributing 22,659 ounces (+9 % year over year). First half consolidated production reached 118,103 ounces.
- Gold sold of 59,639 ounces (61,849 AuEq) in Q2 2026, an 11% increase over Q2 2025, contributed to a first half total of 117,489 ounces (122,634 AuEq) a 12% year over year increase providing the foundation for the Company's upward revision of its full-year 2026 guidance to 220,000–240,000 ounces.
- Silver sold of 150,681 ounces in Q2 2026, more than double the 70,733 ounces sold in Q2 2025, reflects the sustained success of the metallurgical optimization program at the Hemco processing plant. For the first half of 2026, silver sold reached 312,446 ounces, a 111% increase over the same period in 2025.
- Cost performance tracked ahead of target for the first half: Cash Cost per ounce of gold sold of $2,104 came in within full-year guidance of $2,070–$2,170/oz, while AISC of $2,348/oz fell below the guided range of $2,370–$2,470/oz, positioning the Company to beat its full-year cost targets. On a standalone basis, Q2 Cash Cost of $2,204/oz and AISC of $2,458/oz reflect expected second-half cost discipline and remain consistent with the full-year guidance.
**Strategic Highlights for the three and six months ended June 30, 2026**
- Acquired a gold exploration project in Tolima, Colombia, which, as reported by AngloGold Ashanti PLC in December 2024, hosts an historical mineral resource estimate of 23.35 million ounces of gold in Indicated Mineral Resources and 4.98 million ounces of gold in the Inferred Mineral Resources.
- Porvenir Project received the Environmental Certification for the Processing Plant and Tailings Storage Facility. In April 2026, the Attorney General's Office provided the Environmental Certification marking one of the final steps towards full permitting. Over 2024 and 2025 the Porvenir Project has secured a number of key approvals, including the underground mining permits, forest management authorizations including the environmental certifications thereof, municipal approvals, and environmental certification for the processing plant and tailings storage facility. Pending are specific forest management and treated wastewater authorizations which Mineros expects the approvals for by the end of the year.
- Advanced the Hemco expansion in Nicaragua, with sustained throughput reaching 2,100 tonnes per day (“tpd”) by June, a 20% increase over the 1,750 tpd baseline. The Company is on schedule and within budget to meet the Company’s goal of achieving 2,500 tpd throughput by December 2026.
- Mineros revised its consolidated gold production guidance for 2026 to 220,000–240,000 ounces (from 213,000-233,000 ounces). This guidance flows from 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. The Hemco Property (Nicaragua) is expected to contribute 137,000–147,000 oz, while the Nechí Property (Colombia) will produce 83,000–93,000 ounces of gold.
- Repurchased 4,083,497 common shares for $18,077 as part of the share repurchase program undertaken during the second quarter of 2026, highlighting the ongoing commitment to enhancing shareholder value and reflecting the confidence in the company's long-term growth and financial strength.
- During the second quarter, the Company completed 14,432 metres in 55 drill holes representing 19% of the 75,400 metres of diamond drilling planned for the Hemco Property. In addition, 86 holes of sonic and ward drilling was completed at the Nechí Property for a total of 2,088 metres representing 16% of the 13,000 metres planned. The drilling in the second quarter of 2026 at the Hemco Property represented a mix of near mine drilling to expand the Mineral Resources and Mineral Reserves at the Panama and Pioneer Mines (6,752 metres in 22 holes), infill drilling at the Porvenir Project (2,517 metres in 15 holes) and 5,163 metres in 9 holes in greenfield and brownfield targets on our relatively underexplored land package in Nicaragua.
- Mineros is the principal contributor and project manager of a new public secondary school in El Bagre, Antioquia, within the Nechí Property operating footprint. Total project investment is estimated to be approximately COP $38.7 billion (≈ US$9.1 million), co-funded with EPM, Grupo Argos, and Grupo Nutresa. This initiative was financed through Colombia’s Obras por Impuestos (“Works-for-Taxes”) mechanism, which redirects corporate income tax into community infrastructure in post-conflict municipalities. The new 11,000 m² campus will serve more than 1,

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