# Mineros Delivers H1 Record Revenue of $559 Million and Record Adjusted EBITDA of $260 Million on Sales of 122,634 Gold Equivalent Ounces Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b Original source: https://money.tmx.com/en/quote/MSA/news/4520282370614158/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of- Publisher: tmx Original announcement: 2026-08-05T22:57:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Mineros S.A. - Ticker: MSA - Exchange: TSX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: Silver, Copper, Zinc - Document categories: Production, Economic study, Drill results, Capital raise, Permitting, Resource update - Extracted: 2026-09-18 10:36:26 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Mineros S.A. announced record financial results for the first half of 2026, with revenue of $559 million and Adjusted EBITDA of $260 million, driven by strong gold prices and increased production. The company raised its consolidated gold production guidance for 2026 to 220,000–240,000 ounces and reported positive pre-feasibility study results for its Porvenir Project. Despite increased costs and a decline in safety performance, the company maintains a strong financial position and is advancing key growth projects. Reasoning: Mineros reported record financial and operational results for H1 2026, driven by strong gold prices and increased production. The company also provided an optimistic outlook with increased production guidance and positive economic study results for the Porvenir Project. However, safety metrics deteriorated, and costs increased, though within guidance. - Positive factor: Record H1 revenue and Adjusted EBITDA driven by strong operational performance and robust gold prices. - Positive factor: Consolidated gold production guidance for 2026 revised upwards. - Positive factor: Porvenir Project PFS shows strong economics with high IRR and fast payback. - Positive factor: Significant increase in silver production and sales due to metallurgical optimization. - Positive factor: Hemco processing plant expansion advancing on schedule and within budget. - Positive factor: Environmental Certification received for Porvenir Project processing plant and TSF. - Negative factor: Increased Cash Cost and AISC per ounce compared to prior year, partly due to foreign exchange and higher payments to partners. - Negative factor: LTIFR and TRIFR increased for H1 2026, indicating a decline in safety performance. - Negative factor: Historical resource estimate for Tolima project is not current and requires verification. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 88 ## Classification and evidence No classification tags are available. ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-drill-facts-31) Hemco · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Hemco - Commodity: gold - Region: nicaragua - Reported Region: nicaragua - Ticker: MSA #### Classification - Program: mixed - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: The company completed a substantial amount of drilling at Hemco Property in Q2 2026, targeting both near-mine and greenfield/brownfield areas. - Positive factor: Significant drilling activity at Hemco Property, supporting resource expansion and exploration. Evidence · text > During the second quarter, the Company completed 14,432 metres in 55 drill holes representing 19% of the 75,400 metres of diamond drilling planned for the Hemco Property. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "mixed" ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-drill-facts-33) Porvenir · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Porvenir - Commodity: gold - Region: nicaragua - Reported Region: nicaragua - Ticker: MSA #### Classification - Program: resource - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: Infill drilling at the Porvenir Project aims to improve geological confidence and de-risk the initial years of the mine plan. - Positive factor: Infill drilling to reduce geological uncertainty and de-risk the mine plan. Evidence · text > infill drilling at the Porvenir Project \(2,517 metres in 15 holes\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-drill-facts-34) Hemco · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Hemco - Commodity: gold - Region: nicaragua - Reported Region: nicaragua - Ticker: MSA #### Classification - Program: exploration - Sample Type: drill #### Location - Location: greenfield and brownfield targets - Loc. Source: document #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: Greenfield and brownfield drilling at Hemco Property aims to explore new targets in an underexplored land package. - Positive factor: Exploration drilling in underexplored areas, indicating potential for new discoveries. Evidence · text > 5,163 metres in 9 holes in greenfield and brownfield targets on our relatively underexplored land package in Nicaragua. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-drill-facts-35) Nechí · gold Needs review: drill\_no\_hole\_id #### Identity - Project: Nechí - Commodity: gold - Region: colombia - Reported Region: colombia - Ticker: MSA #### Classification - Program: resource - Sample Type: drill #### QA/QC - QP Signed: Yes #### Review - Needs Review: Yes - Review Reason: drill\_no\_hole\_id - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: The company completed drilling at Nechí Property in Q2 2026, contributing to the annual drilling program. - Positive factor: Drilling activity at Nechí Property, supporting resource evaluation. Evidence · text > 86 holes of sonic and ward drilling was completed at the Nechí Property for a total of 2,088 metres representing 16% of the 13,000 metres planned. #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ## Resource Estimates (3) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-resource-facts-18) Tolima · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tolima - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: MSA #### Resource scope - Estimate type: resource - Resource group id: resource:760d45a102a764f4e4e8 #### Resource Data - Category: indicated - Contained Metal: 23.35 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-01T00:00:00.000Z #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: The acquired project hosts a significant historical gold resource, but its historical nature means it requires verification and updated studies to be considered current. - Positive factor: Large historical gold resource provides exploration potential. - Negative factor: Historical estimate, not compliant with current standards. - Negative factor: Requires verification and updated studies. Evidence · text > hosts an historical mineral resource estimate of 23.35 million ounces of gold in Indicated Mineral Resources #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-resource-facts-19) Tolima · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tolima - Commodity: gold - Region: colombia - Reported Region: Colombia - Ticker: MSA #### Resource scope - Estimate type: resource - Resource group id: resource:98e584bdce3de9bd3e2c #### Resource Data - Category: inferred - Contained Metal: 4.98 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2024-12-01T00:00:00.000Z #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: The project includes an inferred historical gold resource, which offers potential but requires significant work to upgrade confidence and verify under current standards. - Positive factor: Additional historical gold resource provides exploration potential. - Negative factor: Historical estimate, not compliant with current standards. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Requires verification and updated studies. Evidence · text > and 4.98 million ounces of gold in the Inferred Mineral Resources. #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-h1-record-revenue-of-559-million-and-record-adjusted-ebitda-of--d4f7dee2-1de9-4928-a703-122ec0145b4b#fact-resource-facts-32) Hemco · gold #### Identity - Project: Hemco - Commodity: gold - Region: nicaragua - Reported Region: nicaragua - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-05T00:00:00.000Z Reasoning: Drilling at Panama and Pioneer Mines aims to expand existing resources and reserves, supporting future mine planning. - Positive factor: Near-mine drilling to expand Mineral Resources and Reserves, indicating potential for resource growth. Evidence · text > near mine drilling to expand the Mineral Resources and Mineral Reserves at the Panama and Pioneer Mines \(6,752 metres in 22 holes\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.