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

Rule Investment Media May 27, 2026

Summary

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.

Henao names Equinox Gold as the largest gold producer in Nicaragua, with Mineros S.A. second in the country.
He cites Equinox alongside Mako Mining as evidence that gold mining is Nicaragua's largest industry and that the government is actively pushing the sector to expand output faster.

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.

Top takeaway Rule says every public-company exhibitor at his symposium must be a company he personally owns shares in, noting he has held shares in Mineros since it was called Minero de Antioquia more than 20 years ago, while cautioning that owning shares does not mean the price goes up.
He argues exhibitors are genuinely vetted because more are turned down than accepted, and that he records all 46 hours of programming across the four-day event because there is more information than attendees can absorb in person.
He supports that record with a money-back guarantee, saying that in 30 years of investor education he has refunded about one-tenth of one percent of tuition charged and that no other conference makes the same offer.
He presses the guest on valuation, asking for NAV or NPV alongside market cap and enterprise value, and characterizes Mineros as roughly a 200,000-ounce producer that returns free cash to owners through dividends, which he says he can personally attest has occurred over a substantial period.
He asks management to quantify growth over the next year or two, framing the discussion around near-term catalysts, and closes by directing interested listeners to the company's investor relations contact.

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.