Mineros Reports Strong Q3 2026 Gold Production of 62,565 Ounces; Raises Full-Year Guidance to 235,000-245,000 Ounces

Mineros S.A. raises 2026 gold production guidance after strong Q3 output growth.

What the company is saying

Mineros S.A. reports that consolidated gold production rose 14.0% year-over-year to 62,565 ounces in Q3 2026, with gold sales up 11.7% to 61,281 ounces and gold equivalent sales up 15.0% to 64,544 ounces. President and CEO Daniel Henao attributes this growth to sustained operational improvements at both the Hemco and Nechí properties, highlighting higher output and ore inventory build at Hemco and improved gold recovery at Nechí. The company emphasizes its confidence by raising full-year 2026 consolidated gold production guidance to 235,000–245,000 ounces, marking the second upward revision this year. Property-level guidance was also increased: Nechí (Colombia) to 87,000–93,000 ounces and Hemco (Nicaragua) to 148,000–152,000 ounces. The announcement stresses disciplined investment and operational consistency, while noting ongoing optimization and expansion work at Hemco. The company acknowledges that these results are preliminary and that full Q3 2026 financial statements, including revenue, realized prices, and unit costs, will be released on November 11, 2026.

What the data suggests

The disclosed figures show a clear upward trend in both production and sales. Consolidated gold production for Q3 2026 reached 62,565 ounces, up 14.0% year-over-year, and nine-month production totaled 181,466 ounces, up 11.3%. Hemco drove much of this growth, with Q3 gold production up 18.5% to 38,010 ounces and nine-month output up 19.0% to 114,344 ounces. Nechí also contributed, with Q3 gold production up 7.8% to 24,555 ounces. Hemco stockpiles stood at 121,864 metric tons containing 18,856 ounces of gold at quarter-end, supporting future processing. Gold sales in Q3 were 61,281 ounces, up 11.7%, and gold equivalent sales were 64,544 ounces, up 15.0%. Hemco gold sales increased 18.9% to 38,135 ounces, and silver sales more than doubled to 210,380 ounces. Nechí gold sales grew 1.6% to 23,146 ounces, with 1,585 ounces in transit at quarter-end. The company has responded to these results by raising consolidated and property-level 2026 production guidance. The operational improvements cited as drivers are not quantified in terms of cost or efficiency, and profitability metrics are not yet disclosed. The reporting now includes more granular breakdowns by operation, enhancing transparency.

Analysis

The announcement is largely factual and supported by detailed operational data, including realised gold and silver production and sales figures for Q3 and the first nine months of 2026. The only forward-looking elements are the raised full-year 2026 production guidance and the scheduled release date for financial statements, both of which are near-term and directly tied to recent realised performance. There is no evidence of exaggerated or promotional language; the tone is positive but proportionate to the operational improvements disclosed. No large capital outlay is announced, and references to ongoing optimisation and expansion are presented as context for current results, not as speculative future benefits. The absence of profitability metrics (revenue, costs, margins) means the signal cannot be strong_positive, but the operational growth is clear and well-supported.

Risk flags

• ●Profitability risk remains, as the company has not yet disclosed revenue, realized prices, or unit costs for Q3 2026. Higher production does not guarantee improved margins if costs have also risen.
• ●Operational risk is present due to ongoing optimization and expansion work at Hemco, which could face delays, cost overruns, or technical setbacks that might affect future output.
• ●Sales realization risk exists at Nechí, where 1,585 ounces of gold were in transit at quarter-end, reflecting potential timing mismatches between production and sales that could impact reported revenue.
• ●Guidance risk is inherent in the raised 2026 production targets, as actual output may fall short due to equipment failures, ore variability, or regulatory and community disruptions, all of which are acknowledged by the company.

Bottom line

Mineros S.A. delivered strong Q3 2026 gold production and sales growth, prompting a second upward revision to its full-year production guidance. The operational momentum at Hemco and Nechí is clear, with Hemco especially showing significant gains in both gold and silver output. However, the absence of Q3 profitability data means investors cannot yet assess whether higher volumes are translating into better margins or cash flow. The company’s increased transparency with property-level reporting is a positive step, but the real test will come with the November 11 release of full financials. Investors should focus on whether cost control and realized prices support the optimism reflected in the new guidance. The most important takeaway is that Mineros is executing on production, but the financial payoff remains to be demonstrated.

Announcement summary

(TSX:MSA, OTCQX:MNSAF) Mineros S.A. reported gold and silver production and sales results for Q3 2026 and the nine months ended September 30, 2026. Daniel Henao, President and CEO, stated that growth at Hemco and Nechí was driven by ongoing operational improvements, with Hemco delivering higher gold output and building ore inventories for future processing. Consolidated gold production was 62,565 ounces in Q3 2026, up 14.0% year-over-year, and 181,466 ounces for the first nine months of 2026, up 11.3%. Gold sales totaled 61,281 ounces in Q3 2026, an increase of 11.7%, and gold equivalent (AuEq) sales were 64,544 ounces, up 15.0%. Hemco gold production reached 38,010 ounces in Q3 2026, up 18.5%, and 114,344 ounces for the nine months, up 19.0%. Nechí gold production was 24,555 ounces in Q3 2026, up 7.8%. Full-year 2026 consolidated gold production guidance was raised to 235,000–245,000 ounces, from the previous 220,000–240,000 ounces. Guidance for the Nechí Property (Colombia) was revised to 87,000–93,000 ounces (from 83,000–93,000 ounces), and for the Hemco Property (Nicaragua) to 148,000–152,000 ounces (from 137,000–147,000 ounces). At Hemco, stockpiles at September 30 totaled 121,864 metric tons containing approximately 18,856 ounces of gold. Hemco gold sales increased 18.9% to 38,135 ounces, and silver sales rose 114.6% to 210,380 ounces. Nechí gold sales increased 1.6% to 23,146 ounces, with 1,585 ounces of Nechí gold in transit at September 30, 2026, pending sale. For Q3 2026, Nechí produced 932 ounces of silver and Hemco produced 174,506 ounces of silver. For the nine months, Nechí produced 67,122 ounces of gold and 4,908 ounces of silver, while Hemco produced 114,344 ounces of gold and 514,215 ounces of silver. Consolidated gold sold for the nine months was 178,770 ounces, and AuEq sold was 187,177 ounces. The company expanded its reporting in Q3 2026 to provide separate production and sales figures by operation. Mineros will release its full Q3 2026 financial statements and Management’s Discussion and Analysis, including final gold and silver revenue, realized prices, and unit costs, on November 11, 2026.

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