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

Investor TV Jul 20, 2026

Summary

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.

Key points on Agnico Eagle Mines

  • Don Durrett says Agnico is a four-bagger at his $7,000 gold assumption, with the stock around $144 versus a prior $250 — one of the 'elite eight' majors he argues Wall Street is ignoring.

Key points on Alamos Gold

  • Named by Don Durrett among the major producers that all print as four-baggers at his $7,000 gold assumption.

Key points on Anglogold Ashanti

  • Cited by Don Durrett as one of the 'elite eight' majors that are four-baggers or better at $7,000 gold.

Key points on Artemis Gold

  • Don Durrett names Artemis one of only three Canadian mid-tier gold producers to buy at these levels, noting it entered production in 2024.

Key points on Barrick Mining

  • Listed by Don Durrett with Agnico, Newmont and Alamos among majors he says print as four-baggers at $7,000 gold.

Key points on First Majestic Silver

  • The host cites First Majestic as a precedent for miners holding metal on the balance sheet, comparing it to Mineros' new strategy of storing gold bullion in vaults.

Key points on Lundin Gold

  • Included by Don Durrett in the 'elite eight' majors he says are four-baggers or better at $7,000 gold.

Key points on Newmont

  • Counted by Don Durrett among the majors printing as four-baggers at his $7,000 gold assumption.
  • Also noted as the seller behind Hemlo, one of his three Canadian mid-tier picks, which was acquired from Newmont.

Key points on Ramelius Resources

  • Named by Don Durrett among Australian mid-tiers he says are unusually cheap — historically they trade above 20x in strong sentiment, so he urges buying them sub-15 while the sentiment trough lasts.

Key points on SSR Mining

  • Mentioned by Don Durrett as another undervalued mid-tier in the same bucket as Jaguar Mining and Mineros.

Key points on Americas Gold & Silver Corp

  • The hosts recall the stock trading around $1 for weeks before topping $10 within one calendar year, citing it as proof a quality name can double fast in a mania market.
  • They say they still like Paul, the company's leader, and note the shares have since moderated considerably.

Key points on Denarius Metals

  • The host says Denarius has commented on and off camera that Colombia's incoming regime change will be good for the country, which he expects will benefit Mineros' team.

Key points on Greatland Resources Ltd

  • One of the Australian mid-tier producers Don Durrett says can be bought at unusually low multiples during this sentiment trough.

Key points on Jaguar Mining Inc

  • Don Durrett calls Jaguar really undervalued among mid-tier producers.
  • He likes it for insider alignment — the only peer besides Mineros he can name with roughly 50% insider ownership, pointing to Eric Sprott's stake.

Key points on Mineros S.A

  • 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.

Key points on Regis Resources Ltd

  • Named by Don Durrett among Australian mid-tier producers trading at unusually low multiples, which he says makes this the chance to buy.

Key points on Wesdome Gold Mines Ltd

  • Don Durrett names Wesdome one of only three Canadian mid-tier gold producers to buy now, describing it as the longest-established of the three.

Key points on Westgold Resources Ltd

  • Listed by Don Durrett among the Australian mid-tiers he says are available at unusually cheap multiples right now.

Key points on Aftermath Silver

  • The host notes Eric Sprott owns about 25% of the shares directly, not through Sprott Inc., and keeps participating in every financing.
  • Don Durrett calls it a really good spec bet — silver-heavy with manganese and copper in Peru and Chile — with the market still waiting on a PEA or a possible skip straight to PFS.

Don Durrett's takeaways

  • Top takeaway Values everything off a $7,000 long-term gold price: the major producers print as four-baggers there, quality mid-tiers are his sweet spot, and he sizes Mineros as a 10-bagger even after its run.
  • Argues gold's fundamentals have never been better and calls $7,000 conservative — the average investor holds about 75% of net wealth in equities and no gold, a future buying wave he believes he is far ahead of.
  • Walks through his checklist for producers: long-life, high-quality assets; acceptable jurisdiction risk (a new conservative president in Colombia, no problems observed in Nicaragua); an already-experienced management team; roughly 50% insider ownership; and valuation checked last.
  • Sees undervalued mid-tiers everywhere: Wesdome, Artemis and Hemlo in Canada; Westgold, Regis, Ramelius, Greatland and Capricorn in Australia; plus Jaguar Mining, SSR Mining and Mineros.
  • Prescribes a four-step re-rating playbook for producers — clean up the balance sheet, pay out 35-50% of free cash flow with dividends of at least 4%, keep free cash flow high, and tell the market — saying the multiple keeps rising after three quarters of it.

Eric Sprott's takeaways

  • Top takeaway The host says Sprott owns about 25% of Aftermath Silver directly — not through Sprott Inc. — and continues to add on every financing.
  • Don Durrett cites 'Jaguar with Eric Sprott' as the only other mid-tier he can name with roughly 50% insider ownership.

Warren Buffett's takeaways

  • Top takeaway Cited by the host, alongside Paul Tudor Jones, Ray Dalio, Jeremy Grantham and Jim Rogers, as a long-established investor 'ringing the bell' to warn people while Wall Street insists everything is fine.

Paul Matysek's takeaways

  • Top takeaway Mentioned by the host as the new director brought on at Norsemont Mining, described as someone who is on a lot of significant gold plays.

Jeremy Grantham's takeaways

  • Top takeaway Named by the host among veteran investors who are warning 'look out' about markets while Wall Street remains complacent.

Daniel Henao's takeaways

  • 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.

Ray Dalio's takeaways

  • Top takeaway Cited by the host among long-established investors warning that people should 'look out' while Wall Street says everything is fine.

Jesse Day's takeaways

  • Top takeaway The host notes their Jesse Day Commodity Culture interview drew 18,000 views in its first 24 hours, evidence of the growing retail interest behind the September Arizona conference.

John Fenwick's takeaways

  • Top takeaway Hosts the interview and frames Mineros as a larger-cap producer that looks undervalued versus peers — a name Don Durrett brought to the show.
  • Promotes the September 18-20 Arizona conference he is co-headlining with Don Durrett, citing the 18,000 first-day views on their Jesse Day interview as a sign of building investor interest.
  • Warns that even high-quality producers have been taken down since March 1, so every stock needs research, and highlights Colombia's incoming regime change — which Denarius Metals has told him on and off camera will be good for the country — as a coming benefit to Mineros.
  • Points to Americas Gold & Silver's move from about $1 to over $10 within one calendar year as evidence that a quality multi-bagger can double quickly in a mania market.