Mineros posts record $291.8M revenue
- Mineros S.A. said on May 6 that first-quarter 2026 revenue hit a record $291.8 million, as higher gold prices and stronger output lifted results. - Net profit jumped 131% to $87.7 million, while adjusted EBITDA reached $154.1 million and the margin hit 53% — unusually high even for miners. - The bigger point is durability: Hemco expansion is still ramping, and management says costs are tracking below guidance.
Gold miners usually get a boost when prices rise. But the interesting part is what happens when higher prices meet higher output at the same time. That is what Mineros just posted for the first quarter of 2026 — record revenue, record profit, and a margin that tells you this was not just a lucky pricing quarter. The company’s May 6 release showed a business getting paid more for each ounce while also selling more of them. ### What actually drove the jump? Two things moved together. Mineros said Q1 revenue reached $291.8 million, up 82% from a year earlier, helped by a record realized gold price of $4,777 per ounce and gold-equivalent production of about 60,785 ounces, up 10%. When both the price line and the volume line rise, earnings can move fast — and they did. ### Why did profit rise even faster than revenue? Because a lot of mining costs do not rise one-for-one with sales. Once the plant is running, extra ounces sold at much better prices can drop through to profit disproportionately. Mineros reported net profit of $87.7 million, up 131% year over year, and adjusted EBITDA of $154.1 million, up 116%, with a 53% EBITDA margin. That is the kind of operating leverage miners chase. ### Where did the extra production come from? Mostly Nicaragua. The Hemco property drove the quarter, with gold production there up 22% year over year. Silver output more than doubled to 161,766 ounces, helped by better metallurgical recovery and plant optimization. Colombia’s Nechí operation was a bit softer in the quarter at 19,909 ounces, but Mineros said that was in line with mine plans and should normalize in Q3 2026. ### Why does silver matter here? Because silver is still a by-product for Mineros, but right now it is a very lucrative one. The company said silver sold at an average realized price of $87 per ounce, up 164% from Q1 2025. That means recovery improvements at Hemco did more than pad volumes — they added high-value ounces into a quarter when precious-metals pricing was already doing heavy lifting. ### Is this just a gold-price story? Not really. The price backdrop was huge, but Mineros had already flagged stronger operating momentum in mid-April, before the full financials landed. It reported 60,782 gold-equivalent ounces for Q1 and said Hemco throughput had already reached 2,100 tonnes per day, with a year-end target of 2,500. So the quarter looks like a mix of market tailwind and real plant-level improvement. ### What does the balance sheet say? It says Mineros is not stretching to produce this growth. The company ended the quarter with $216.6 million in cash, cash equivalents, and gold-backed assets, against $35.5 million of loans and borrowings, leaving a positive net cash position. That gives Mineros room to keep funding its capital program while still looking shareholder-friendly. ### Why are investors likely to care now? Because this result landed just weeks after Mineros approved a $0.10 per share annual dividend and an $80 million share repurchase program over three years. Big cash generation makes this quarter more than a one-off spike. ### Bottom line? Mineros did not just benefit from a hot gold tape. It paired record prices with better production, stronger recovery, and a still-conservative balance sheet. That is why the quarter matters — it looks like operating improvement amplified by the market, not market luck dressed up as execution.
