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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 three producing mines in Colombia and Nicaragua, one mine in development in Colombia and two exploration properties. Currently they produce roughly 220koz. 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 ~$1110.55M which is a rise of roughly 3% over the last two weeks. As of 05/06/2026 they have ~$35M debt and ~$216M cash. They have 296M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/03/2026
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
MCap (FD): $1,083.22M $1,110.55M 05/03/2026 $27.33M
MCap (OS): $1,082.42M $1,109.73M 05/03/2026 $27.31M
Total Assets: $751.00M $751.00M 05/03/2026 $0.00M
Total Liabilities: $237.00M $237.00M 05/03/2026 $0.00M
Current Assets: $120.00M $216.00M 05/06/2026 $96.00M
Current Liabilities: $120.00M $120.00M 05/03/2026 $0.00M
Total Debt: $15.00M $35.00M 05/06/2026 $20.00M
Cash: $108.00M $216.00M 05/06/2026 $108.00M
Debt (Net): $-93.00M $-181.00M $-88.00M
Enterprise Value: $990.22M $929.55M $-60.67M
Cash Flow: $286.06M $294.86M never $8.80M
Cash Flow Multiple: 3.79 3.77 never -0.02
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 05/03/2026 n/a
Misc 05/03/2026
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 295,780,517 295,780,517 05/03/2026 0
Shares (FD): 296,000,000 296,000,000 05/03/2026 0
Insider Ownership: 60% 60% 05/06/2026 n/a
Dividend (Annual): 1.48% 1.41% 05/06/2026 -0.07
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 05/03/2026 n/a
Production (Gold Eq Oz.): (guess) 
220,000
(guess) 
220,000
05/03/2026 0
Production (Silver Eq Oz.): (guess) 
13,438,608
(guess) 
13,132,577
05/03/2026 -306,032
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 05/03/2026 n/a
Optionality Play: none No
F
U
T
U
R
E
% of Spot: 15
Producer: Average
15
Producer: Average
05/03/2026 0
Cash Flow Multiple: 12 12 05/03/2026 0.00

Resource Data

GOLD 05/03/2026
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 1.50M 1.50M 05/03/2026 0.00M
Measured & Indicated: 4.00M 4.00M 05/03/2026 0.00M
Inferred: 2.00M 2.00M 05/03/2026 0.00M
Reserves & Resources: 6.00M 6.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 1.20M 1.20M 05/03/2026 0.00M
Measured & Indicated: 2.80M 2.80M 05/03/2026 0.00M
Inferred: 0.80M 0.80M 05/03/2026 0.00M
Reserves & Resources: 3.60M 3.60M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
220,000oz.
(guess) 
220,000oz.
05/03/2026 0oz.
Cash Cost: $2,300 $2,200 05/06/2026 $-100.00
Extra Operating Cost: $1,000 $1,000 05/03/2026 $0.00
Total: $3,300 $3,200 05/06/2026 $-100.00
Margin (Free Cash Flow): $1,300 (28%) $1,340 (30%) $40.01
MCap / Production (AuEq): $4,923.72 $5,047.95 $124.23
EV / Production (AuEq): $4,500.99 $4,225.23 $-275.77
G
R
A
D
E
Underground (Avg): 3.00 g/t 3.00 g/t 05/03/2026 n/a
Open Pit (Avg): n/a 0.50 g/t 05/03/2026 n/a
Recovery Rate: (CG)  80.00% (CG)  80.00% 05/06/2026 0.00%
F
U
T
U
R
E
Proven & Probable: 5.00M 5.00M 05/03/2026 0.00M
Annual Production: 350,000oz. 350,000oz. 05/03/2026 0oz.
Cash Cost: $2,500 $2,400 05/06/2026 $-100
Extra Operating Cost: $1,000 $1,000 05/03/2026 $0
SILVER 05/03/2026
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 05/03/2026 0.00M
Measured & Indicated: n/a n/a 05/03/2026 0.00M
Inferred: n/a n/a 05/03/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 05/03/2026 0.00M
Measured & Indicated: n/a n/a 05/03/2026 0.00M
Inferred: n/a n/a 05/03/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 05/03/2026 $0.00
Extra Operating Cost: n/a n/a 05/03/2026 $0.00
Total: n/a n/a 05/03/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $80.60 $84.56 $3.96
EV / Production (AgEq): $73.68 $70.78 $-2.90
G
R
A
D
E
Underground (Avg): n/a n/a 05/03/2026 n/a
Open Pit (Avg): n/a n/a 05/03/2026 n/a
Recovery Rate: n/a n/a 05/03/2026 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/03/2026 0.00M
Annual Production: n/a n/a 05/03/2026 n/a
Cash Cost: n/a n/a 05/03/2026 n/a
Extra Operating Cost: n/a n/a 05/03/2026 n/a

Property

Last Analysis Data  (05/03/2026)
Stage Name Owned
%
NPV
$M
IRR
%
CapEx
$M
Au Ag Cu Notes
Exp La Pepa
100 show
Development

2.5M oz at .5 gpt Oxides.
Prod Nechi
100 show
80K year production
Dev Tolima
100 show
30M oz at .7 gpt AU.
Permit issues.
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
Exp La Pepa
100 show
Development

2.5M oz at .5 gpt Oxides.
Prod Nechi
100 show
80K year production
Dev Tolima
100 show
30M oz at .7 gpt AU.
Permit issues.
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
05/03/2026
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.50M 1.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -2.09M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 1.20M 1.20M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -1.67M
Maximum Profit (Gold): $1,560.34M $1,608.35M n/a $48.01M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,560.34M $1,608.35M n/a $48.01M
Max Profit / Current MCap: 1.440 1.448 n/a 0.008
Max Profit Per Share (Gold): $5.27 $5.43 n/a $0.16
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $5.27 $5.43 n/a $0.16
Total Free Profit Per Share: $0.30 $0.27 n/a $-0.03
FD MCap / Gold Eq.: $902.68 $925.46 n/a $22.78
FD MCap / Silver Eq.: $14.78 $15.50 n/a $0.73
FD MCap / Per Metal
as % Spot Price:
19.62% 20.38% n/a 0.76%
EV / Gold Eq.: $825.18 $774.62 n/a $-50.56
EV / Silver Eq.: $13.51 $12.98 n/a $-0.53
EV / Per Metal
as % Spot Price:
17.94% 17.06% n/a -0.88%
Measured &
Indicated
05/03/2026
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -5.56M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 2.80M 2.80M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -3.89M
Maximum Profit (Gold): $3,640.78M $3,752.81M n/a $112.03M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,640.78M $3,752.81M n/a $112.03M
Max Profit / Current MCap: 3.361 3.379 n/a 0.018
Max Profit Per Share (Gold): $12.30 $12.68 n/a $0.38
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $12.30 $12.68 n/a $0.38
Total Free Profit Per Share: $7.33 $7.52 n/a $0.19
FD MCap / Gold Eq.: $386.86 $396.62 n/a $9.76
FD MCap / Silver Eq.: $6.33 $6.64 n/a $0.31
FD MCap / Per Metal
as % Spot Price:
8.41% 8.74% n/a 0.33%
EV / Gold Eq.: $353.65 $331.98 n/a $-21.67
EV / Silver Eq.: $5.79 $5.56 n/a $-0.23
EV / Per Metal
as % Spot Price:
7.69% 7.31% n/a -0.38%

Reserves &
Resources
05/03/2026
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -8.35M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.60M 3.60M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -5.01M
Maximum Profit (Gold): $4,681.01M $4,825.04M n/a $144.04M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,681.01M $4,825.04M n/a $144.04M
Max Profit / Current MCap: 4.321 4.345 n/a 0.023
Max Profit Per Share (Gold): $15.81 $16.30 n/a $0.49
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $15.81 $16.30 n/a $0.49
Total Free Profit Per Share: $10.84 $11.14 n/a $0.30
FD MCap / Gold Eq.: $300.89 $308.49 n/a $7.59
FD MCap / Silver Eq.: $4.93 $5.17 n/a $0.24
FD MCap / Per Metal
as % Spot Price:
6.54% 6.79% n/a 0.25%
EV / Gold Eq.: $275.06 $258.21 n/a $-16.85
EV / Silver Eq.: $4.50 $4.33 n/a $-0.18
EV / Per Metal
as % Spot Price:
5.98% 5.69% n/a -0.29%

Future Valuation (Cash Flow & Totals)

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