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Mineros S.A

MSA

Mineros S.A. engages in the exploration, development, and production of mineral properties in Colombia, Argentina and Nicaragua. The company explores for gold and silver deposits. It holds interests in the Gualcamayo property located in San Juan, Argentina; the La Pepa Greenfield project with Yamana located in the region of Copiapó, Chile; and the Hemco property located in the Bonanza, Nicaragua. The company was formerly known as Mineros de Antioquia S.A. and changed its name to Mineros S.A. in May 2004. Mineros S.A. was incorporated in 1974 and is headquartered in Medellín, Colombia.

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Information

Key Information

Legal Entity

Mineros S.A

Sector

Precious Metal

Founded

November 19, 2021

Reporting Currency

CAD

Contact Phone

57 60 4266 5757

Headquarters Address

Cra 43 A No 14-109 , Medellín , CO

Identifiers

Commodity Portfolio

AU Gold Primary
AG Silver Byproduct

Stock Exchanges

MSA TSX • CAD
MSA:TSE
MNSAF OTC • USD
MNSAF:OTCMKTS

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Videos

30M Gold Ounces, 700% Stock Gain, Still Unknown | Daniel Henao - Mineros

30M Gold Ounces, 700% Stock Gain, Still Unknown | Daniel Henao - Mineros

The Deep Dive
14 days ago 9:38

Key Highlights

detailed
  • The CEO frames Mineros as a significant but largely unknown gold producer with about 30 million ounces of gold in the portfolio and a goal of 500,000 ounces per year by 2030.
  • Production guidance was raised to 240,000 ounces for 2026 after 122,000 ounces of gold equivalent were produced in the first half, and the CEO says output is tracking toward or beyond the top of guidance while all-in sustaining costs run below the low end.
  • The host notes the share price is up about 700% over five years and 135% in the past year, and the CEO says it moved from about $0.60 to about $10 after his group deployed roughly $200 million for control starting in early 2024.
  • The CEO cites $560 million of first-half 2026 revenue and about $230 million in bullion and cash at quarter-end, with about 150,000 ounces coming from Nicaragua and about 90,000 from Colombia.
  • The company paid $70 million for the roughly 28-million-ounce Tolima project in Colombia — $10 million upfront and $60 million contingent on permits — which the CEO says has been declared a project of national interest.

Mineros S.A., a 52-year-old Latin American gold producer, remains largely unknown to North American investors despite a share price up roughly 700% over five years. The company produced 122,000 gold-equivalent ounces in the first half of 2026 and raised its 2026 guidance to as much as 240,000 ounces. The Tolima acquisition from AngloGold Ashanti adds a historical estimate of roughly 28 million ounces for $10 million upfront plus $60 million contingent on permits. Management argues five decades of community relationships in Colombia can unlock Tolima, using Work for Taxes — funding community projects instead of income tax. First-half revenue reached roughly $559 million with adjusted EBITDA of $260 million, and management targets 300,000 ounces next year and 500,000 by 2030.

Mineros Maps Path Toward 500,000 Ounces | Daniel Henao

Mineros Maps Path Toward 500,000 Ounces | Daniel Henao

Mining Network
18 days ago 23:18

Key Highlights

detailed
  • The CEO says Mineros is working toward about 500,000 ounces of annual production by 2030 — more than double the 220,000-240,000 ounces it produces today — while continuing to pay dividends and buy back shares (as of the September 2026 interview).
  • It is deploying about $25 million to lift the Hemco plant in Nicaragua from 1,800 to 2,500 tons per day, an addition the CEO puts at 30,000-40,000 ounces alongside improved recoveries; permits already run to 4,000 tons per day, and an idle 1,000-ton-per-day mill the company owns could enable a second expansion as early as next year.
  • An updated Porvenir pre-feasibility study shows a 38% IRR on a $200 million investment at an assumed $31.50 gold price (which the host notes is below current prices), adding about 72,000 ounces a year gold-equivalent for the first nine years; the asset is almost fully permitted and engineered so capacity can double to 4,000 tons per day.
  • In Colombia, the Nechi operation produces 80,000-90,000 ounces a year against 2.2 million ounces of resources, and a growth strategy targeting roughly 40% more output is in the works; the company also acquired AngloGold Ashanti's former 23-million-ounce Tolima porphyry for $10 million upfront plus a $60 million contingent payment on permitting.
  • Its Chile project, acquired from Pan American Silver in late 2025, starts at 2.5 million ounces, with a preliminary economic assessment planned for early 2027 targeting a ballpark of 100,000-150,000 ounces of production.

CEO Daniel Henao targets roughly 500,000 ounces by 2030 — more than double Mineros' raised 2026 guidance of 220,000 to 240,000 ounces. A $25 million expansion lifts Nicaragua throughput from 1,800 to 2,500 tonnes per day, adding an estimated 30,000 to 40,000 ounces with better recoveries. Nicaragua blends own mines with partner ore bought at about 45% of spot; an idle 1,000-tonne-per-day mill and permits to 4,000 enable a second expansion. Porvenir's pre-feasibility study shows a roughly 38% after-tax IRR — expected project return — on $200 million at $3,150 gold, with key permits already secured. Growth rests on Colombia's Nechí expansion, 23-million-ounce La Colosa gated by social licence, and Chile's La Pepa, with a preliminary economic assessment due early 2027.

The Next Phase of Growth for Mineros S.A

The Next Phase of Growth for Mineros S.A

Investor TV
3 months ago

Key Highlights

detailed
  • The guest lays out Mineros's growth plan to reach 500,000 ounces of annual gold production by 2030, framing it as the next phase built on mine construction plus acquisitions of new assets.
  • Frames Mineros as both a stable dividend payer and a growth story — historically two separate buckets — and says the company is returning more than $200 million to shareholders through buybacks and dividends alongside that growth.
  • The guest argues Mineros is acting on its convictions rather than just talking about them, citing the decision to keep gold in bullion as a concrete example of its gold-positive stance.

Mineros frames itself as both a stable dividend payer and a growth story, returning more than $200 million via buybacks and dividends while also expanding production. The company is targeting 500,000 ounces of annual gold production by 2030, signaling a meaningful scale-up from current output. Growth is funded by building new mines and acquiring assets, not just organic exploration, pointing to active expansion plans. Mineros keeps physical gold bullion on its balance sheet, treating gold itself as a long-term conviction asset alongside its mining operations.

Building Long-Term Value at Mineros S.A.

Building Long-Term Value at Mineros S.A.

Investor TV
3 months ago

Key Highlights

detailed
  • The speaker argues that despite the share price's large re-rating, Mineros still trades at roughly half its peak-year price to net asset value, about 0.47x as of the July 2026 as-of date, with the business performing well enough to keep it at that discount.
  • The speaker says roughly 30 million ounces acquired in the past six months are not yet included in net asset value, which he frames as further upside.
  • The speaker notes the share price has re-rated significantly, rising about ten times over the period discussed.
  • The speaker says the company delivered that ten-fold move while paying dividends and running buybacks, so shareholder returns ran alongside the re-rating.

The speaker says Mineros' share price has risen roughly tenfold while the company paid dividends and repurchased stock. Despite that re-rating, the shares trade near 0.47 times net asset value — about half the peak-year multiple. P/NAV (price to net asset value) shows what investors pay per dollar of a mining company's asset base. About 30 million ounces acquired in the past six months sit outside reported net asset value. The speaker treats those ounces as further upside not yet reflected in the current multiple.

Mineros ($MSA | $MNSAF) CEO on Growth Story, Investments & 2030 Gold Production Goals

Mineros ($MSA | $MNSAF) CEO on Growth Story, Investments & 2030 Gold Production Goals

Investor TV
3 months ago

Key Highlights

detailed
  • The CEO says Sun Valley invested about $200 million to take control two years ago and the share price has risen about tenfold — from roughly C$0.56 to about C$6 — yet Mineros still trades at about 0.47 times NAV, roughly half its peers, with about 30 million newly acquired pipeline ounces not yet in that NAV.
  • Operations are outrunning guidance: about 122,000 gold-equivalent ounces produced in the first half pushed the full-year target up to as much as 240,000 ounces, with costs tracking below the low end of guidance, gold production up 22%, and silver revenue up 450% after silver recoveries doubled.
  • Shareholder returns are being scaled up: an increased $175 million buyback approved just before the interview (about $20 million already executed) sits on top of a $30 million dividend program, against a market cap of roughly $1.3 billion.
  • The path to 500,000 ounces a year by 2030 runs through Porvenir — about 70,000 gold-equivalent ounces for $200 million of capex at a 38% IRR on $3,150 gold — plus the recently acquired Tolima asset in Colombia carrying 28 million resource ounces.
  • The company is building a strategic gold reserve, keeping bullion in US and Swiss vaults rather than selling all output, and Don Durrett still sizes it as a 10-bagger at his $7,000 gold assumption even after the multiple re-rated from about 2x to 7x.

Mineros S.A. trades at 0.47 times net asset value (what its mines and cash are worth) despite a tenfold share-price re-rating under Sun Valley control. Sun Valley Investments deployed about $200 million to take control, then doubled silver recovery and lifted gold output 22% through operational fixes. Guidance rose to 240,000 ounces with costs tracking below plan, and the CEO targets 500,000 ounces by 2030 via the Porvenir project and acquisitions. An upsized $175 million buyback and $30 million dividend program return cash, while a strategic gold reserve keeps bullion in company vaults. Analyst Don Durrett argues quality mid-tier gold producers are the sweet spot, and Mineros still offers tenfold upside on his $7,000 gold assumption.

Tim Coughlin, CEO of Royal Road Minerals | Rule Symposium 2026: Rick Rule interviews

Tim Coughlin, CEO of Royal Road Minerals | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media
5 months ago

Key Highlights

brief
  • Royal Road's Karibe grassroots discovery in Nicaragua was made under a 50/50 JV with Mineros and was left drilling roughly 200-meter holes at 1.2-1.3 g/t gold before Royal Road sold its interests and exited the JV.
  • Coughlin describes Mineros as a Colombian company that listed on the Toronto Stock Exchange a couple of years before this May 2026 interview.

Royal Road Minerals turned about $5 million of Nicaraguan exploration into $22.5 million through asset sales, showing how a project generator model can self-fund. The company holds what CEO Tim Coughlin calls Colombia's largest land package, including targets acquired from AngloGold Ashanti that carry 5-million-ounce potential. GAM, a cluster of three porphyries (large mineralized intrusive systems), is delivering drill intersections above 300 meters at roughly 1.1 gold-equivalent grams. The next 12 to 18 months focus on defining a resource at GAM; other high-grade Colombian assets wait on political will after the election. The host argues Colombia carries an unusually large political risk premium relative to its geology, calling it a target-rich environment.

Daniel Henao, President & CEO of Mineros S.A. | Rule Symposium 2026: Rick Rule interviews

Daniel Henao, President & CEO of Mineros S.A. | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media
5 months ago

Key Highlights

detailed
  • Henao argues Mineros still trades at roughly two to two and a half times trailing EBITDA, even after the share price rose about ten times since his investor group began buying, with dividends and buybacks paid throughout, which he presents as a value case that survives the re-rating.
  • He reports first-quarter 2026 results of 22% more gold and 109% more silver year over year in Nicaragua, record quarterly revenue of about $300 million, $154 million of adjusted EBITDA, and more than $200 million of cash and bullion held.
  • He attributes near-term ounce growth to clearing past bottlenecks: the Nicaragua mill moves from 1,750 to 2,500 tonnes per day by the end of 2026, with gold recovery raised from 87% to above 90% and silver from 30% to 76%.
  • He sets out the growth path from the Porvenir polymetallic project, which at pre-feasibility stage he puts at a 38% internal rate of return, $200 million of capital and $460 million of net present value at about $1,300 all-in sustaining cost, and which he says is fully permitted except for forestry permits; he targets passing 300,000 ounces in the near term and 500,000 ounces by 2030.
  • He argues exploration around the existing mines is underexploited, since assets that have produced about 8 million ounces were barely understood internally, and says an 85 km drilling program costing below $100 per metre announced results of about 8 metres at 17 grams per tonne linking the two producing mines.

Mineros has re-rated roughly ten-fold since value investors took control, yet still trades near two times trailing EBITDA. Q1 2026 gold output rose 22% and silver 109% year over year, with record revenue and over $200 million in cash. Henao says Nicaragua throughput rises from 1,750 to 2,500 tonnes per day by year-end, with silver recovery up from 30% to 76%. Henao says Porvenir targets 70,000 gold-equivalent ounces at about $1,300 AISC (all-in sustaining cost), part of a 500,000-ounce 2030 goal. The host discloses he personally owns shares in Mineros and bars companies he does not own from the symposium.

Newsletter Favorites Upside (using New GSD Defaults)

Newsletter Favorites Upside (using New GSD Defaults)

Don Durrett
7 months ago

Key Highlights

detailed
  • The host calls Mineros S.A. an under-the-radar mid-tier producer trading really low, with a future multiple of 0.78 — under one on future free cash flow, which he calls insane.
  • He says he recently bought the stock because it looks like the company is going to build a mine, and it prints as a 14-bagger at $7,000 gold.
  • He notes Mineros has a new team and is going to hire a new CEO, which makes it look good to him.

Raising default price assumptions to $7,000 gold and $200 silver reflects conviction that current metal prices undershoot the macro setup. Screening 90 favorite miners at those prices prints 20-plus-bagger upside for many, but most need three-to-four-year mine builds first. Near-term producers like Guanajuato Silver need no new growth, so they offer immediate leverage if silver reaches $200. A gold-silver ratio squeeze toward 2.5-3% underpins the $175-200 silver target alongside $7,000 gold within 24-36 months. Timeline to getting paid is the key filter: the longer a mine build, the longer investors must wait for the printed upside.

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