Mineros S.A. (MSA:TSX)

  • Mineros reported strong sales of 61.8Koz AuEq in Q2, displaying 13% YoY growth, and modestly beating our forecast.

  • MSA continues to execute on growth at both assets, which includes plant optimizations at Hemco and improvement initiatives at Nechí.

  • Stronger sales were driven by Hemco, where 37.2Koz Au (+12% YoY) beat our 33.7Koz, and silver sales over doubled YoY.

  • As a result, MSA increased Hemco 2026 guidance (+7Koz), driving consolidated guidance to 220-240Koz.

Investment Summary

Mineros S.A. is a precious metals producer with significant gold production, development, and exploration stage properties in Latin and South America, including Colombia and Nicaragua. Mineros S.A.’s principal producing mining properties are the Nechí Alluvial mine in Colombia and the Pioneer and Panama mines in Nicaragua.

Company Description

Research

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
July  7, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
May 7, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
April 13, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Flash
March 9, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Flash
March 3, 2026

Mineros SA: 
Research Note
February 23, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
February 19, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
February 6, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
January 8, 2026

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
November 6, 2025

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
September 23, 2025

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
August 13, 2025

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
July 24, 2025

Large offshore oil drilling platform with a crane and yellow railings, situated in a body of water under a partly cloudy sky.

Mineros SA: 
Initiation Report
June 12, 2025

Large industrial platform or oil rig with complex machinery and railings, floating on water under a partly cloudy sky.

Mineros SA: 
Research Note
March 31, 2026