Mineros Reports Fourth Quarter and Full-Year 2025 Results - Record Annual Revenue of $800 Million, Net Profit and Free Cash Flow; Production Guidance Exceeded; $42 Million Returned to Investors; 2026 Growth Strategy Announced

2026-02-18

TSX - Toronto Stock Exchange · Gold · Silver · Zinc · Colombia · Corporate Finance

Mineros Reports Fourth Quarter and Full-Year 2025 Results – Record Annual Revenue of $800 Million, Net Profit and Free Cash Flow; Production Guidance Exceeded; $42 Million Returned to Investors; 2026 Growth Strategy Announced

Driven by record gold prices and disciplined operations across Colombia and Nicaragua, Mineros achieved its strongest financial performance in company history – generating $358 million in Adjusted EBITDA and ending 2025 with a virtually debt-free balance sheet of $108 million in cash. Building on this strength, the Company is deploying $113.7 million in capital to expand production capacity, advance its most aggressive exploration program ever, and accelerate the next phase of production growth.

Mineros S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS) (“ Mineros ” or the “ Company ”) today reported its financial and operating results for the three months and year ended December 31, 2025. All dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company’s audited consolidated financial statements and management’s discussion and analysis posted on Mineros’ website https://mineros.com.co/en/investors/financial-reports and filed under its profile on www.sedarplus.com .

Highlights for the Three Months and Year Ended December 31, 2025

Record revenues in both the three months and year ended December 31, 2025 of $260,733 and $799,674 respectively.

Net profit in the three months ended December 31, 2025 of $9,413.

Record net profit in the year ended December 31, 2025 of $144,984.

Earnings per share of $0.03 and $0.49 (basic and diluted earnings) in the three months and year ended December 31, 2025, respectively.

$108,005 in cash and cash equivalents as of December 31, 2025 after making the ad-valorem tax (“ VAT ”) payment of $49.3 million to the Nicaraguan tax authority (“ DGI ”)

Record net cash flows from operating activities were $49,684 for the three months ended December 31, 2025, and for the full year 2025 net cash flows from operating activities rose to a record $198,454.

Produced 58,596 ounces of gold in the fourth quarter of 2025, 35,705 ounces from our Nicaraguan operations and 22,891 from our Colombian operation. Gold equivalent (AuEq) ounces 1 produced in the fourth quarter of 2025 were 61,281 compared with 55,511 in the fourth quarter of 2024.

Consolidated gold production of 221,608 ounces in 2025 (AuEq - 227,481), 131,831 ounces from our Nicaraguan operations and 89,777 from our Colombian operations.

Average realized price per ounce of gold sold 1 reached a record high of $4,179 and $3,474 in the three months and year ended December 31, 2025, respectively.

Cash Cost per ounce of gold sold 2 was $2,140 in the three months ended December 31, 2025 and $1,746 in the year ended December 31, 2025.

AISC per ounce of gold sold 1 was $2,486 and $2,032 respectively in the three months and year ended December 31, 2025.

Loans and other borrowings totalled $15,398 as at December 31, 2025.

Paid $7,362 in dividends in the fourth quarter ended December 31, 2025 and $29,772 for the year ended December 31, 2025.

Daniel Henao, President and Chief Executive Officer of Mineros, commented: “Our 2025 results reflect a year of significant operational and financial milestones for Mineros. Driven by record gold prices and growing production across our assets in Colombia and Nicaragua, we achieved record annual revenues of $799.7 million and a record net profit of $145.0 million. Despite the impact of a one-time $49.3 million tax settlement on our quarterly earnings, our underlying cash generation remained robust, ending the year with $108.0 million in cash, a significant account receivable from our refineries of $24 million and a substantially deleveraged balance sheet. This financial strength allows us to continue rewarding shareholders through consistent dividends while we pivot our focus toward high-impact growth and exploration in 2026.”

Mr. Henao went on to say, “Our 2026 guidance demonstrates a transition in our corporate lifecycle. We are moving beyond a steady-state profile by allocating capital to projects with immediate accretive returns, such as our brownfield initiatives and operational efficiencies. Our focus remains on creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns.”

The following table summarizes the financial highlights for the three months and years ended December 31, 2025 and 2024.

Three Months Ended On

December 31,

Variation

Year ended

December 31,

Variation

2025

2024

2025

2024

Revenue

260,733

150,158

110,575

74%

799,674

538,566

261,108

48%

Cost of sales

(155,256)

(95,664)

(59,592)

62%

(473,420)

(354,567)

118,853

34%

Gross Profit

105,477

54,494

50,983

94%

326,254

183,999

142,255

77%

Net Profit for the period

9,413

23,195

(13,782)

(59)%

144,984

86,552

58,432

68%

Basic and diluted earnings per share ($/share)

0.03

0.08

(0.05)

(59)%

0.49

0.29

0.20

68%

Average realized price per ounce of gold sold ($/oz) 1

4,179

2,662

1,518

57%

3,474

2,387

1,087

46%

Cash Cost per ounce of gold sold ($/oz) 1

2,140

1,408

732

52%

1,746

1,282

464

36%

AISC per ounce of gold sold ($/oz) 1

2,486

1,775

711

40%

2,032

1,551

481

31%

Adjusted EBITDA 1

114,550

56,895

57,655

101%

358,405

210,099

148,306

71%

Net cash flows generated by operating activities

49,684

73,221

(23,537)

(32%)

198,454

144,192

54,262

38%

Net free cash flow 1

32,208

56,706

(24,498)

(43%)

138,649

86,807

51,842

60%

ROCE 1

56%

38%

19%

49%

56%

38%

19%

49%

Net Debt 1

(92,606)

(70,483)

(22,123)

31%

(92,606)

(70,483)

(22,123)

31%

Dividends paid

7,362

7,475

(113)

(2)%

29,772

27,663

2,109

Average realized price per ounce of gold sold, Cash Cost per ounce of gold sold, AISC per ounce of gold sold, Adjusted EBITDA, net free cash flow and Net Debt are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see “Non-IFRS and Other Financial Measures” below in this news release.

Financial Highlights for the three months ended December 31, 2025

Revenue increased by 74% to $260,733 during the fourth quarter of 2025, compared with $150,158 in the fourth quarter of 2024. This growth was primarily driven by a 57% increase in the average realized gold price, an 8% rise in ounces sold and an increase of 219% in silver sales, equivalent to $7,702. Gold sales totaled $244,889 at an average realized price of $4,179 per ounce, up from $144,239 at an average realized price of $2,662 per ounce in the fourth quarter of 2024.

Cost of sales increased by 62% to $155,256 during the fourth quarter of 2025, compared with $95,664 in the fourth quarter of 2024. This increase was mainly driven by: (i) higher gold prices, which increased the costs of purchasing ore from Bonanza Mining Partners (“BMP”) in Nicaragua and Contract Mining Partners (“CMP”) in Colombia by $42,152 or 129%, and (ii) overall increases in taxes and operating costs across the Company’s operations, including taxes (VAT and royalties) of $13,109, higher depreciation and amortization of $4,234, labour expenses of $2,995, and materials and maintenance costs of $1,065.

Gross Profit increased by 94% to $105,477 in the fourth quarter of 2025, compared with $54,494 in the same period of 2024. The increase was mainly driven by higher gold prices, combined with a slight increase in ounces of gold sold compared with the same period in the prior year.

Profit for the period decreased by 59% to $9,413 or $0.03 per share during the fourth quarter of 2025, compared with $23,195 or $0.08 per share during the fourth quarter of 2024 due to the payment of $49,342 to resolve the dispute with DGI over unpaid VAT from the years 2019 to 2024.

Adjusted EBITDA was $114,550 during the fourth quarter of 2025, up 101% from $56,895 in the fourth quarter of 2024. The increase was due to stronger gold and silver prices (57% and 101% respectively), alongside continued cost discipline across the Company’s operations..

Net cash flow generated by operating activities was down 32%, to $49,684 in the fourth quarter of 2025, compared with $73,221 in the fourth quarter of 2024 due to an increase in payments to suppliers of $44,015, taxes due to the one-time payment to the DGI of $49,342 and employees and social security agencies of $4,232 offset by an increase in receipts from sales of goods of $77,913.

Net free cash flow for the three months ended December 31, 2025, was positive at $32,208, compared with $56,706 in the same period of 2024. The reduction is attributable to the payment of VAT to DGI in the fourth quarter of 2025

Dividends Paid during the fourth quarter of 2025 was $7,362, consistent with the amount distributed in the fourth quarter of 2024.

During the fourth quarter of 2025, the Company made capital investment 3 of $34,111 in existing mines, and exploration and growth projects, compared with $27,316 in the fourth quarter of 2024; an increase of 25% The increase of $6,795 is due to increased exploration in the Nechí Alluvial and Hemco Properties, the details of which are described in Section 8 under the Capital Expenditures for the three months ended December 31, 2025.

Financial Highlights for the year ended December 31, 2025

Revenue increased by 48% and totaled $799,674 during the year ended December 31, 2025, compared with $538,566 in the year ended December 31, 2024. The increase in revenue is due to a 46% increase in the average realized price of gold sold and a 4% increase in ounces of gold sold partially offset by a decrease of 4% in silver sales and 24% decrease in energy sales. Gold sales totaled $769,785 at an average realized price per ounce of gold sold of $3,474 in the year ended December 31, 2025, compared with sales of gold of $508,965 at an average realized price per ounce of gold sold of $2,387 in the year ended December 31, 2024.

Cost of sales increased by 34%, to $473,420 in the year ended December 31, 2025, compared with $354,567 in the year ended December 31, 2024. The increase in costs is primarily due to: (i) the higher cost of purchasing ore from BMP in Nicaragua of $75,973 and $9,786 from purchasing ore from CMP in Colombia both due to higher gold prices; (ii) higher taxes and royalties of $17,232 (iii) higher labour costs of $9,880; and (iv) greater maintenance and materials costs of $5,400, offset by lower costs for services like leases and energy of $4,942

Gross Profit increased by 77% to $326,254 in the year ended December 31, 2025, compared with $183,999 in the year ended December 31, 2024; due to a 48% increase in revenue, due to higher gold prices, which was partially offset by a 34% increase in cost of sales as explained above.

Profit for the period was up by 68% to $144,984 or $0.49 per share during the year ended December 31, 2025, compared with $86,552 or $0.29 per share during the year ended December 31, 2024. The increase in profit is due to the increase in gross profit, partially offset by an increase in other expenses of $53,709 and an increase in administrative expenses of $1,498. In addition, as a result of the higher profit before taxes, current tax expenses increased by $35,869.

Adjusted EBITDA was up 71% to $358,405 during the year ended December 31, 2025, compared with $210,099 during the year ended December 31, 2024, due to a 48% increase in revenue, offset by a 34% increase in cost of sales, and an increase of $1,498 in administrative expenses.

ROCE was 56% as at December 31, 2025, compared with ROCE of 38% as at December 31, 2024. The increase is mainly attributable to a 71% higher Adjusted EBITDA for the trailing 12 months, driven by higher gold prices and a slight increase in production. Average capital employed increased by 25% due to higher investment of property, plant and equipment, and exploration projects, mainly associated with the acquisition of the 80% of the La Pepa Project not already owned. This trend is consistent with the Company’s growth strategy and investment cycle, and will continue to be monitored to ensure sustainable returns over time.

Net Debt was $(92,606) as at December 31, 2025, compared with $(70,483) as at December 31, 2024, due to 12% higher cash and cash equivalents of $108,005, together with 41% lower loans and other borrowings of $15,398, reflecting a strong cash position. The balance sheet remains conservatively structured, providing financial flexibility to support ongoing investments and future growth initiatives.

Dividends Paid were up 8% to $29,772 during the year ended December 31, 2025, compared with $27,663 in the same period of 2024. The period over period increase is due to the fact that the dividend paid in the first quarter of 2024 was $0.0175 corresponding to the $0.07 annual dividend declared in 2023 and paid over four quarters with the final payment made in the first quarter of 2024.

Net cash flows generated by operating activities were up 38% totaling $198,454 in the year ended December 31, 2025, compared with $144,192 in the same period of 2024. The Company’s net free cash flow for the year ended December 31, 2025 totaled $138,649, up from $86,807 in the same period of 2024, due to higher receipts from sales of goods of $239,736 partially offset by greater payments to: suppliers of $106,375 and income tax of $66,941, including the one-time payment in Nicaragua to satisfy the tax dispute; and higher capital expenditures of $43,620 related to purchases of intangible assets and exploration expenditures.

Capital investments were up 85% to $140,579 during the year ended December 31, 2025, as investments were made into existing mines and exploration and growth projects, compared with $75,919 in the year ended December 31, 2024. The increase is explained mainly by the acquisition of the remaining 80% interest in the La Pepa Project from Pan American Silver Corp. (“Pan American”) and the construction of the extension of the tailings’ impoundment facility at the Hemco Property.

2026 Guidance

For 2026, Mineros is providing consolidated gold production guidance of 213,000 to 233,000 ounces of gold . This represents an increase of 10,000 ounces relative to 2025 guidance. This increase is the result of 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.

2026 Operational & Cost Outlook

The Company’s production and cost guidance reflects a commitment to maintaining healthy margins despite global inflationary pressures.

Production and Cost Guidance

units

2026

Nechí Property (Colombia)

83,000 – 93,000

AISC per ounce of gold sold (Company Owned Dredges)

$/oz

$1,820 - $1,920

AISC Margin (Contract Mining Partners)

11 - 14

Hemco Property (Nicaragua)

130,000 - 140,000

AISC per ounce of gold sold (Panama & Pioneer)

$/oz

$2,000 - $2,100

AISC Margin (Bonanza Mining Partners)

39 - 41

Consolidated

Gold production

213,000 – 233,000

Cash Cost per ounce of gold sold 1

$/oz

$2,070 - $2,170

AISC per ounce of gold sold 1

$/oz

$2,370 - $2,470

Note to Guidance: The gold price assumed was $4,405. While our 2026 guidance is anchored in our primary gold reserves, the Company continues to optimize silver recovery at the Hemco processing plant. Although silver is not currently classified as either a Mineral Reserve or a Mineral Resource, we expect improvements to our ability to recover silver will provide a positive impact on our revenues and consolidated AISC. For reporting purposes, any silver recovered will be disclosed as gold equivalent (AuEq) production using the then-average price per ounce sold of each metal.

1. These measures are forward-looking non-IFRS financial measures. For further information concerning the equivalent historical non-IFRS financial measures, see Section 10 – Non-IFRS and Other Financial Measures in this MD&A.

In 2026, the Hemco Property (Nicaragua) is expected to deliver solid performance with gold production guidance of 130,000–140,000 ounces. The Panama & Pioneer operations are expected to have an AISC range of $2,000–$2,100 per ounce. In addition, the Bonanza Mining Partners arrangement is expected to generate a 39%–41% AISC margin, supporting a resilient contribution profile

Capital Expenditures (“CAPEX”): Financing the Growth Horizon

The 2026 CAPEX budget is structured to balance sustaining requirements with high-impact growth initiatives.

Earlier from Mineros S.A.

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