Mineros S.A. (MSA:TSX)

  • Mineros is focused on the production of gold across its two producing assets in Colombia and Nicaragua having produced 213Koz in 2024.

  • MSA currently pays the highest dividend amongst its peers at 5.6% and has various growth initiatives in the works.

  • Despite being one of the best performing gold producers amongst its peers, MSA is still undervalued, trading at just 3.8x 2025E cash flow of $129M.

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

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