Mineros S.A (MINEROS) Q3 2024 earnings summary

Executive summary

• Gold production in Q3 2024 was 53,612 ounces, up 7% year-over-year, with silver output at 186,724 ounces, up 34%; total gold production for the first nine months was 159,056 ounces.

• Net profit for Q3 2024 was $28.5 million, with Adjusted EBITDA at $62.9 million and Free Cash Flow at $38.8 million.

• Dividends paid in Q3 2024 totaled $7.5 million.

• For the nine months ended September 30, 2024, net profit was $63.4 million and revenue was $388.4 million, up 23% year-over-year.

• 2024 production guidance was revised downward due to lower Nechí Alluvial output, but Hemco and artisanal mining guidance were maintained.

Financial highlights

• Q3 2024 revenue rose 39% year-over-year to $140.9 million, driven by a 29% higher average gold price and increased sales volumes.

• Gross profit more than doubled to $54.6 million, and Adjusted EBITDA increased 88% to $62.9 million.

• Net cash flows from operating activities in Q3 2024 were $53.8 million, up 1,143% year-over-year.

• Net debt improved to $(28.4) million as of September 30, 2024, reflecting higher cash and lower borrowings.

• Cash and equivalents at quarter-end were $57.1 million.

Outlook and guidance

• 2024 gold production guidance revised to 203,000–218,000 ounces, mainly due to Nechí Alluvial underperformance.

• Cash cost guidance updated to $1,250–$1,390/oz and AISC to $1,480–$1,580/oz, reflecting inflation and lower production.

• Growth and exploration programs continue, with resource updates for key projects expected in 2025.

• Porvenir project optimization delayed to 2025 to maximize asset value.

• Drilling campaign reached over 60% of 2024 plan.