Mineros S.A (MINEROS) Q1 2025 earnings summary

Executive summary

• Achieved record revenue of $160.6M and net profit of $38.0M for Q1 2025, driven by a 39% increase in average realized gold price and higher gold sales volume; gold production rose 5% year-over-year to 54,243 ounces, with silver output at 77,259 ounces.

• Adjusted EBITDA rose 75% to $71.3M, reflecting operational leverage from higher gold prices.

• Annual dividend of $0.10 per share approved, payable quarterly; $12M share repurchase program authorized; Board of Directors and Deloitte re-elected as auditor.

• Record net income of $38M and adjusted EBITDA of $71.3M for Q1 2025.

Financial highlights

• Revenue increased 41% year-over-year to $160.6M, with gold sales of $156.3M and gross profit up 92% to $64.2M.

• Net income surged 127% to $38M compared to Q1 2024.

• Net free cash flow was negative $1.1M, improved from negative $1.9M in Q1 2024.

• Cash and cash equivalents at quarter-end were $81.3M, with net debt at $(53.2)M, reflecting a strong liquidity position.

• Dividends paid totaled $7.5M in Q1 2025.

Outlook and guidance

• 2025 gold production guidance is 201,000–223,000 ounces, with Q1 production on track to meet targets.

• Cash cost guidance for 2025 is $1,340–$1,430/oz and AISC guidance is $1,650–$1,750/oz, assuming $2,600/oz gold price.

• Near-mine exploration in Colombia completed 2,420 meters and 83 drill holes, about 25% of the annual plan.

• Porvenir project in Nicaragua received forestry permit, concluding permitting stage; environmental impact assessment for the processing plant to be submitted.

• Exploration plan includes 66,900 meters of diamond drilling, with 49,300 meters in brownfield and 16,000 meters in greenfield areas.