Mineros misses top-line estimates; updates FY outlook

* Mineros S.A. press release [https://seekingalpha.com/pr/20198794-mineros-reports-record-second-quarter-2025-financial-and-operating-results] (TSX:MSA:CA [https://seekingalpha.com/symbol/MSA:CA]): Q2 GAAP EPS of $0.15.
* Revenue of $182.4M (+36.8% Y/Y) misses by $19.57M, with gold sales of $178,573 at an average realized price per ounce of gold sold of $3,313, compared with gold sales of $124,976 at an average realized price per ounce of gold sold of $2,327 for the second quarter of 2024.
* Adjusted EBITDA was $82,278 during the second quarter of 2025, up 66% compared with $49,647 during the second quarter of 2024, mainly due to the higher revenue and consistent cost control.
* Net cash flow generated by operating activities was up 741%, totaling $59,820 in the second quarter of 2025, compared with $7,115 in the second quarter of 2024.
* The company’s net free cash flow was positive for the three months ended June 30, 2025, and totaled $45,121, an improvement from the negative free cash flow of $6,818 in the same period of 2024.
*
2025 GUIDANCE

For 2025, we expect gold production to be between 201,000 and 223,000 ounces, building on the consistent performance of our Nicaragua underground mines, our partnerships with the cooperatives representing artisanal miners in Nicaragua and the improved performance at the Nechí Alluvial Property. We remain focused on operational excellence and delivering strong returns for our shareholders. As gold prices increase, Mineros will continue to make production decisions at its Hemco Property, similar to those made in the first quarter of 2025 to maximize gold production, which may result in a different split in production between the Company’s Pioneer and Panama Mines and artisanal mining production than originally anticipated and upon which the original guidance was provided.

We are currently maintaining our production guidance for both the Nechí Alluvial Property and the Hemco Property.

The following table summarizes the Company’s production for the first six months of 2025 compared with the 2025 full-year guidance:

Six months ended June 30, 2025

2025 Guidance1

Nechí Alluvial Property

44,103

81,000 - 91,000

Hemco Property

13,069

33,000 - 36,000

Company Mines

57,172

114,000 - 127,000

Artisanal

50,978

87,000 - 96,000

Consolidated

108,150

201,000 - 223,000

1 Production guidance for silver is not provided by the Company, as we treat it as a by-product and the volumes of silver are small relative to gold production.

MORE ON MINEROS S.A.

* Mineros: An Undervalued Mid-Term Gold Producer [https://seekingalpha.com/article/4796853-mineros-an-undervalued-mid-term-gold-producer]
* Mineros buys remaining 80% of La Pepa for $40M from Pan American [https://seekingalpha.com/news/4483667-mineros-buys-remaining-80-of-la-pepa-for-40m-from-pan-american]
* Mineros S.A. targeted in public share offer by Sun Valley [https://seekingalpha.com/news/4458371-mineros-sa-targeted-in-public-share-offer-by-sun-valley]
* Historical earnings data for Mineros S.A. [https://seekingalpha.com/symbol/MNSAF/earnings]
* Dividend scorecard for Mineros S.A. [https://seekingalpha.com/symbol/MNSAF/dividends/scorecard]