Mineros S.a Stock Earnings Reports

Mineros reported a very strong Q3 2025 driven by a 40% increase in average realized gold price and modest production growth (2.5% YTD). Key financials: Q3 revenue reached a record $196m (+39% YoY), gross profit $82m (+49% YoY), adjusted EBITDA for the quarter $90.3m (+44% YoY), Q3 net income $54m (+90% YoY) and YTD net income $136m (up 114% YoY). Net free cash flow for Q3 was roughly $63m and YTD net free cash flow $106m; cash & equivalents at $102.2m and net debt modest (~$17.6m in loans). Costs rose (cost of sales +33% in Q3; AISC $1,982/oz) largely due to higher-priced purchases from artisanal miners and higher taxes/royalties tied to the gold price. Operational highlights: stable production across assets (Q3 total ~55k oz between Colombia and Nicaragua), Aurora plant commissioned (Colombia) and Vesmisa plant upgrades in Nicaragua (temporarily impacted throughput but improving recoveries). Strategic moves: completed $40m acquisition of 80% (now 100%) of La Pepa (Chile) and active brownfield and greenfield drilling (29,252 m YTD). Outlook & capital allocation: management intends to pursue organic growth to ~300k oz/year over the next few years, with planned investment of roughly $170–200m for Porvenir plus ~$45m for capacity expansion at Hemco; they prefer maintaining a stable dividend (~$30m/year) while prioritizing reinvestment for production growth. Board completed a share buyback earlier in 2025 (3.9m shares at COP 12,000). Management expects a Porvenir pre-feasibility study to finish by Dec 2025 and a decision on project progression by mid-2026. Risks noted: higher AISC due to artisanal purchases, temporary plant shutdown impacts, and typical permitting/exploration execution timelines for new projects.