Mineros S.A.

For full-year 2025, Mineros reported revenue of $800 million, up 48% year over year; gross profit of $326 million, up 77%; net profit of $145 million, up 68%; adjusted EBITDA of $358 million, up 71%; and net free cash flow of $138 million. The average realized gold price was $3,474 per ounce for the year and $4,179 per ounce in Q4. In the fourth quarter, revenue was $261 million, up 74% year over year; gross profit was $106 million, up 94%; adjusted EBITDA was $115 million, up 101%; net profit was $9.4 million; and free cash flow was $32 million. Q4 production was 61,000 gold equivalent ounces, and consolidated all-in sustaining cost was $2,486 per ounce. Management guided 2026 consolidated gold production of 213,000 to 233,000 ounces, Colombia production of 83,000 to 93,000 ounces, and Nicaragua production of 130,000 to 140,000 ounces. It also guided almost $114 million in 2026 CapEx and exploration, including Hemco expansion from 1,800 to 2,500 tonnes per day and evaluation of an additional 1,000 tonnes per day mill.

Daniel Villamil framed 2025 as a pivotal year driven by disciplined mine plans, strong execution, and a focus on high-quality production. He emphasized that the company beat its full-year guidance, returned capital through dividends and buybacks, and ended the year with a strong balance sheet. Strategically, he said Mineros is focused on removing historical bottlenecks in Nicaragua, improving volumes, recoveries, and grades, while also investing in exploration, La Pepa, and broader growth opportunities.

Sergio Chavarria highlighted the financial leverage from a favorable gold price environment, citing a full-year realized price of $3,474 per ounce and $4,179 in Q4. He pointed to record metrics across revenue, gross profit, net profit, adjusted EBITDA, and free cash flow, plus year-end cash and cash equivalents of $108 million and a net cash position of $93 million. He also broke out major one-time and strategic cash uses, including $40 million for La Pepa, $49 million in payments to the Nicaraguan tax authority, and $12 million for buybacks, while noting an additional roughly $8 million in ad valorem tax in Nicaragua going forward.

Analysts focused on rising costs, especially in Nicaragua and Colombia, and management said much of the pressure comes from higher gold prices because Bonanza partners are paid as a percentage of spot price, plus weaker peso-linked costs in Colombia. Management also said labor costs are a pressure point, but expects to offset this through productivity, automation, and AI tools. Questions on the Nicaragua tax payment were answered as a one-time legacy issue, though Sergio said there will still be about $8 million of additional ad valorem tax going forward. On La Pepa, management said it remains an advanced exploration asset with no production timeline yet, while Hemco ramp-up is expected to move from above 2,000 tonnes per day now to 2,200 by June and 2,500 by December.