Medellín, Colombia — February 18, 2026 — Leads & Copy —
Mineros S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS) 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.
Record revenues in both the three months and year ended December 31, 2025 of $260,733 and $799,674 respectively were recorded, according to the release.
Net profit in the three months ended December 31, 2025 was $9,413.
Record net profit in the year ended December 31, 2025 was $144,984.
Earnings per share were $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 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 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 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 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.
$7,362 in dividends in the fourth quarter ended December 31, 2025 and $29,772 for the year ended December 31, 2025 were paid.
President and Chief Executive Officer of Mineros, Daniel Henao, said the company’s 2025 results reflect a year of significant operational and financial milestones. He added that, driven by record gold prices and growing production across their assets in Colombia and Nicaragua, they achieved record annual revenues of $799.7 million and a record net profit of $145.0 million. He also stated that despite the impact of a one-time $49.3 million tax settlement on their quarterly earnings, their underlying cash generation remained robust, ending the year with $108.0 million in cash, a significant account receivable from their refineries of $24 million and a substantially deleveraged balance sheet. He concluded that this financial strength allows them to continue rewarding shareholders through consistent dividends while they pivot their focus toward high-impact growth and exploration in 2026.
Mr. Henao also commented on the company’s 2026 guidance demonstrating a transition in their corporate lifecycle. He said they are moving beyond a steady-state profile by allocating capital to projects with immediate accretive returns, such as their brownfield initiatives and operational efficiencies, and that their focus remains on creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns.
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.
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
The 2026 CAPEX budget is structured to balance sustaining requirements with high-impact growth initiatives.
$51.7 million isGrowth CAPEX for Hemco plant expansion, Porvenir (Nicaragua) and La Pepa (Chile) technical studies, according to the company.
$44.7 million is Sustaining CAPEX for Operational continuity and infrastructure renewal.
$17.3 million is for Exploration of Resource-to-Reserve conversion and Greenfield exploration.
In 2025, a total of 6,541 metres of diamond drilling was completed in 35 drill holes, representing approximately 131% of the revised planned 2025 program. The objective of this campaign was reconnaissance drilling aimed at evaluating the potential continuity of mineralization. Drilling activities comprised 2,576 metres at the Constancia-Cottam target, 965 metres at the PisPis target, 1,278 metres at the Experiencia target and 1,722 metres at the Caballo Loco Target. In the fourth quarter of 2025, a total of 3,302 metres of drilling were completed in 16 holes.
At the Nechí Alluvial Property, Mineros is exploring for alluvial gold predominantly east of the Nechí River, where the Company is currently mining within quaternary alluvial sediments. A total of 15,133 metres in 581 holes were completed in 2025, approximately 50% higher than the Company’s original drilling plan. A total of 4,757 metres in 201 holes were drilled in the fourth quarter of 2025, 1,978 metres of infill drilling in the current production area, 2,025 metres are designed to expand the current Mineral Resources, and 754 metres of reconnaissance drilling at the Rio Cauca Target. From the total, 154 metres in 8 holes of ward drilling and 4,603 metres in 193 holes of sonic drilling were completed.
Mineros has allocated $2.2 million for a 7,000-metre exploration program at La Pepa, scheduled to begin in 2026. The program includes environmental characterization studies to support future Declaration of Environmental Impact (DIA) requirements. This initiative aligns with Mineros’ long-term strategy to expand mineral resources, convert them to reserves, and unlock value from its existing portfolio.
With more than 50 years of operating history, Mineros maintains a longstanding focus on safety, sustainability, and disciplined capital allocation. Its common shares are listed on the Toronto Stock Exchange (MSA) and the Colombian Stock Exchange (MINEROS) and trade on the OTCQX® Best Market under the symbol MNSAF.
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.
The company will host a conference call tomorrow, Thursday, February 19, 2026, at 9:00 AM Colombian Standard Time (9:00 AM Eastern Standard Time).
The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company’s website at www.mineros.com.co for up to a year following the call.
Source: Mineros S.A.
