Interview with Daniel Henao, CEO, Mineros S.A.

Our previous interview: https://www.cruxinvestor.com/posts/mineros-sa-tsxmsa-record-800m-revenue-in-2025-sets-up-2026-nicaragua-growth-surge-9396

Recording date: 8th May 2026

Mineros S.A., a long-established gold producer operating in Colombia and Nicaragua, is emerging as a compelling case of market undervaluation despite strong operational and financial performance. In the first quarter of 2026, the company produced 61,000 ounces of gold equivalent and generated $154 million in EBITDA, exceeding production guidance while keeping costs below expectations. Revenue reached $292 million, with significant gains driven not only by favorable gold prices but also by improved recovery rates and operational efficiencies.

Despite this momentum, Mineros trades at just 0.49 times price-to-net asset value, well below industry peers. With a market capitalization of approximately $1.2 billion, over $220 million in cash and gold holdings, and minimal debt, the company’s valuation appears disconnected from its earnings strength and asset base.

A key growth driver is its Nicaragua operation, where production is being constrained by processing capacity. A 50% expansion—from 1,750 to 2,500 tons per day—is underway to eliminate bottlenecks, with approximately 11,000 ounces already stockpiled for future processing. Costs have already declined משמעותfully as operations scale more efficiently.

Mineros is also advancing the Porvenir project, a $200 million development expected to produce 70,000 ounces annually, with strong projected returns. At the same time, the company is investing in a 100-kilometer exploration program while returning capital through a $30 million dividend and an $80 million share buyback.

Looking ahead, Mineros aims to increase production to 300,000 ounces in the near term and 500,000 ounces by 2030 through operational improvements, project development, and acquisitions. With solid cash flow, disciplined capital allocation, and visible growth pathways, the company positions itself as a mid-tier producer whose current valuation may not fully reflect its underlying potential.

Learn more: https://www.cruxinvestor.com/companies/mineros-sa