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Mineros S.A.

www: mineros.com.co   email: Investor.relations@mineros.com.co
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:MSA CAD
OTCMKTS:MNSAF USD

Description

Mineros S.A. are a gold focused mid-tier producer with four producing mines in Argentina, Colombia and Nicaragua and two exploration properties. Currently they produce roughly 215koz. of gold per year. They have approximately 6Moz. of gold in the reserves and resources category of which 4Moz. are in the measured and indicated category. They have a market capitalisation of ~C$783.19M which is a rise of roughly 92% over the last four months. As of 05/01/2025 they have ~C$26M debt and ~C$95.81M cash. They have 300M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/01/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $407.80M $783.19M 05/01/2025
MCap (OS): $407.80M $783.19M 05/01/2025
Total Assets: $536.97M $538.55M 05/01/2025
Total Liabilities: $216.38M $217.02M 05/01/2025
Current Assets: $170.79M $171.29M 05/01/2025
Current Liabilities: $130.26M $130.65M 05/01/2025
Total Debt: $26.05M $26.13M 05/01/2025
Cash: $95.53M $95.81M 05/01/2025
Debt (Net): $-69.47M $-69.68M
Enterprise Value: $338.33M $713.51M 08/11/1992
Cash Flow: $248.28M $253.54M never
Cash Flow Multiple: 1.64 3.09 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 05/01/2025
Misc 05/01/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 299,737,402 299,737,402 05/01/2025
Shares (FD): 299,737,402 299,737,402 05/01/2025
Insider Ownership: n/a 60% 08/12/2025
Dividend (Annual): n/a 1.41% 09/01/2025
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 05/01/2025
Production (Gold Eq Oz.): (guess) 
215,000		 (guess) 
215,000		 05/01/2025
Production (Silver Eq Oz.): (guess) 
21,426,271		 (guess) 
18,616,014		 05/01/2025
Development Phase: none Producer (Multiple Mines) 08/12/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 15
Producer: Average
 15
Producer: Average
 04/24/2023
Cash Flow Multiple: 8 10 08/12/2025

Resource Data

GOLD 05/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 1.50M 1.50M 05/01/2025
Measured & Indicated: 4.00M 4.00M 05/01/2025
Inferred: 1.00M 2.00M 05/01/2025
Reserves & Resources: 5.00M 6.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.20M 1.20M 05/01/2025
Measured & Indicated: 2.80M 2.80M 05/01/2025
Inferred: 0.40M 0.80M 05/01/2025
Reserves & Resources: 3.20M 3.60M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
215,000oz.		 (guess) 
215,000oz.		 05/01/2025
Cash Cost: $1,500 $1,650 08/12/2025
Extra Operating Cost: $600 $700 08/12/2025
Total: $2,100 $2,350 08/12/2025
Margin (Free Cash Flow): $1,155 (35%) $1,179 (33%)
MCap / Production (AuEq): $1,896.74 $3,642.72
EV / Production (AuEq): $1,573.61 $3,318.64
G
R
A
D
E		 Underground (Avg): 3.00 g/t 3.00 g/t 05/01/2025
Open Pit (Avg): n/a 0.50 g/t 03/24/2024
Recovery Rate: (CG)  80.00% (CG)  80.00% 08/12/2025
F
U
T
U
R
E		 Proven & Probable: 4.00M 5.00M 08/12/2025
Annual Production: 200,000oz. 350,000oz. 08/12/2025
Cash Cost: $1,500 $1,750 08/12/2025
Extra Operating Cost: $600 $700 08/12/2025
SILVER 05/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 05/01/2025
Measured & Indicated: n/a n/a 05/01/2025
Inferred: n/a n/a 05/01/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 05/01/2025
Measured & Indicated: n/a n/a 05/01/2025
Inferred: n/a n/a 05/01/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 05/01/2025
Extra Operating Cost: n/a n/a 05/01/2025
Total: n/a n/a 05/01/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $19.03 $42.07
EV / Production (AgEq): $15.79 $38.33
G
R
A
D
E		 Underground (Avg): n/a n/a 05/01/2025
Open Pit (Avg): n/a n/a 04/02/2023
Recovery Rate: n/a n/a 05/01/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 05/01/2025
Annual Production: n/a n/a 05/01/2025
Cash Cost: n/a n/a 05/01/2025
Extra Operating Cost: n/a n/a 05/01/2025

Property

Last Analysis Data  (05/01/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Gualcamayo
100 show
60K production
Exp La Pepa
100 show
Development
Prod Nechi
100 show
80K year production
Prod Panama
100 show
Production
Prod Pioneer
100 show
Producer
Exp Porvenir
100 show
700,000 oz AU
Production in 2027
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Gualcamayo
100 show
60K production
Exp La Pepa
100 show
Development

2.5M oz at .5 gpt Oxides.
Prod Nechi
100 show
80K year production
Prod Panama
100 show
Production
Prod Pioneer
100 show
Producer
Exp Porvenir
100 show
700,000 oz AU
Production in 2027

Profitability (by resource)

Proven &
Probable		 05/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.50M 1.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.20M 1.20M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,385.76M $1,415.10M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,385.76M $1,415.10M n/a
Max Profit / Current MCap: 3.398 1.807 n/a
Max Profit Per Share (Gold): $4.62 $4.72 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.62 $4.72 n/a
Total Free Profit Per Share: $2.74 $1.12 n/a
FD MCap / Gold Eq.: $339.83 $652.65 n/a
FD MCap / Silver Eq.: $3.41 $7.54 n/a
FD MCap / Per Metal
as % Spot Price:		 10.44% 18.49% n/a
EV / Gold Eq.: $281.94 $594.59 n/a
EV / Silver Eq.: $2.83 $6.87 n/a
EV / Per Metal
as % Spot Price:		 8.66% 16.85% n/a
Measured &
Indicated		 05/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 4.00M 4.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.80M 2.80M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,233.44M $3,301.90M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,233.44M $3,301.90M n/a
Max Profit / Current MCap: 7.929 4.216 n/a
Max Profit Per Share (Gold): $10.79 $11.02 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $10.79 $11.02 n/a
Total Free Profit Per Share: $8.91 $7.42 n/a
FD MCap / Gold Eq.: $145.64 $279.71 n/a
FD MCap / Silver Eq.: $1.46 $3.23 n/a
FD MCap / Per Metal
as % Spot Price:		 4.47% 7.93% n/a
EV / Gold Eq.: $120.83 $254.82 n/a
EV / Silver Eq.: $1.21 $2.94 n/a
EV / Per Metal
as % Spot Price:		 3.71% 7.22% n/a

Reserves &
Resources		 05/01/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 5.00M 6.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 3.20M 3.60M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $3,695.36M $4,245.30M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,695.36M $4,245.30M n/a
Max Profit / Current MCap: 9.062 5.421 n/a
Max Profit Per Share (Gold): $12.33 $14.16 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $12.33 $14.16 n/a
Total Free Profit Per Share: $10.45 $10.56 n/a
FD MCap / Gold Eq.: $127.44 $217.55 n/a
FD MCap / Silver Eq.: $1.28 $2.51 n/a
FD MCap / Per Metal
as % Spot Price:		 3.92% 6.16% n/a
EV / Gold Eq.: $105.73 $198.20 n/a
EV / Silver Eq.: $1.06 $2.29 n/a
EV / Per Metal
as % Spot Price:		 3.25% 5.62% n/a

Future Valuation (Cash Flow & Totals)

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