Daniel Henao

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

• Top takeaway Argues that Mineros being largely unknown is the opportunity: a 52-year-old, dividend-paying producer listed on the TSX in late 2021 whose execution is now showing in the share price.
• Claims Mineros is going beyond its promises, with production tracking toward or beyond the upper end of guidance and all-in sustaining costs tracking below the lower end.
• Positions the $70 million Tolima acquisition ($10 million upfront, $60 million contingent on permits) as the kind of problem-solving he believes creates the most value in business.
• Argues five decades operating in Colombia and tools such as paying income tax through community projects, like a school for 2,000 children in Bajo Cauca, give Mineros the social license needed to develop Tolima, which he says has been declared a project of national interest.
• Points to first-half 2026 revenue of $560 million and about $230 million in bullion and cash at quarter-end as evidence of delivery, with further growth plans in Chile, Nicaragua and Colombia.

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

• Top takeaway Argues Mineros can reach roughly 500,000 ounces of annual production by 2030, saying the company has been beating the promises it makes to the market, with the share price up from 50-60 cents to about $10 and inclusion in major indexes beginning.
• Contends processing capacity — not geology — is the binding constraint in Nicaragua, and wants the idle 1,000-ton-per-day mill the company already owns running as a likely phase-two expansion next year under permits that go to 4,000 tons per day.
• Frames the Bonanza artisanal partnership, which buys ore at about 45% of spot, as a royalty-like business that doubles as an exploration data source, feeding the largest drilling program in the district's history (about 85 km) at roughly $100 per meter — a quarter of what he says peers pay.
• On the former AngloGold Tolima project, he argues the obstacle is social rather than technical and rules out a million-ounce-per-year mine in favor of a smaller operation, backed by community-first moves like building a school for 2,000 children under Colombia's infrastructure-for-taxes mechanism.
• Reads Colombia's new government (in office about a month at the interview) and Chile's as pro-mining, and is fast-tracking both: a roughly 40% expansion of the Colombian operation and a Chile preliminary economic assessment due early next year targeting 100,000-150,000 ounces.

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.

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

• Top takeaway His central argument: Sun Valley's roughly $200 million control investment two years ago unlocked a turnaround that has taken the shares up about tenfold, yet the company still trades at about 0.47 times NAV — around half its peers — with about 30 million newly acquired pipeline ounces not yet counted in NAV.
• Reports record results: about 122,000 gold-equivalent ounces in the first half forced a guidance raise to as much as 240,000 ounces for the year, about $150 million of adjusted EBITDA in a single quarter, and more than $240 million in cash and bullion.
• Argues Mineros can be both a stable dividend payer and a growth story — an increased $175 million buyback (about $20 million executed) plus a $30 million dividend program concentrate owners' stakes while the company builds toward 500,000 ounces a year by 2030.
• Details the growth pipeline: Porvenir adds about 70,000 gold-equivalent ounces for $200 million of capex (38% IRR at $3,150 gold), a record 100-kilometer drilling program recently hit 8 meters at 17 g/t, and the Tolima acquisition adds 28 million resource ounces.
• Dismisses country-risk perception by pointing to a century of continuous production in Nicaragua and Colombia, and says the new team's operational excellence has doubled silver recovery (silver revenue up 450%), lifted gold recovery from about 87% to 91%, and added 40% processing capacity this year.

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.

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

• Top takeaway Henao argues Mineros is undervalued at roughly two to two and a half times trailing EBITDA even after a roughly tenfold share price rise since his investor group began buying, while paying dividends and buybacks.
• He reports first-quarter 2026 delivery of 22% more gold and 109% more silver year over year in Nicaragua, record quarterly revenue near $300 million, $154 million of adjusted EBITDA, and over $200 million of cash and bullion.
• He frames near-term ounce growth as clearing legacy bottlenecks, with the Nicaragua mill moving from 1,750 to 2,500 tonnes per day by the end of 2026 and gold and silver recovery rates already lifted to above 90% and 76% respectively.
• He points to the Porvenir polymetallic project as the next step, citing pre-feasibility economics of a 38% internal rate of return, $200 million capital and $460 million net present value at about $1,300 all-in sustaining cost, with the mine fully permitted but for forestry permits.
• He sets a production ambition of beyond 300,000 ounces in the near term and 500,000 ounces by 2030, and backs it with an 85 km exploration program in Nicaragua run at drilling costs below $100 per metre after finding about 8 metres at 17 grams per tonne between the two operating 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.