# Mineros Delivers Record Q1 2026: Revenue of $291.8 Million and Adjusted EBITDA of $154.1 Million on Higher Production and Gold Prices

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05

Original source: https://money.tmx.com/en/quote/MSA/news/8412522114987754/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of-

Publisher: tmx

Original announcement: 2026-05-06T23:19:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Mineros S.A.

- Ticker: MSA

- Exchange: TSX

- Region: Colombia, Nicaragua, Chile

- Primary commodity: Gold

- Secondary commodities: Silver, Zinc, Copper

- Document categories: Resource update, Production, Economic study, Drill results

- Extracted: 2026-09-18 10:55:03 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Mineros S.A. reported record Q1 2026 financial results, with revenue of $291.8 million and Adjusted EBITDA of $154.1 million, driven by higher gold production and realized gold prices. The company's Cash Cost and AISC per ounce of gold sold were below its 2026 guidance ranges. Strategic highlights include compelling economics from an updated Pre-Feasibility Study for the Porvenir Project, significant updates to Mineral Reserves and Resources across multiple deposits in Nicaragua, and ongoing exploration and resource expansion drilling programs in both Nicaragua and Colombia.

Reasoning: Mineros reported record Q1 2026 financial results, driven by strong production growth and higher gold prices, with costs tracking below guidance. The updated Porvenir PFS shows compelling economics, and the company announced significant Mineral Reserve and Resource updates for several deposits, alongside active drilling programs. Negative free cash flow is noted but attributed to strategic gold position and tax payments.

- Positive factor: Record Q1 financial results driven by higher production and gold prices

- Positive factor: Strong gold and silver production growth

- Positive factor: Cash Cost and AISC tracking below guidance

- Positive factor: Compelling economics from Porvenir PFS

- Positive factor: Significant Mineral Reserve and Resource updates for multiple deposits

- Positive factor: Active exploration and resource expansion drilling programs

- Negative factor: Net free cash flow was negative, reflecting working capital movements for strategic gold position and higher tax payments

- Negative factor: Tonnage decrease in Porvenir Probable Reserves compared to prior estimate \(though prior was AuEq\)

- Negative factor: Increase in LTIFR at Nechí Property

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 63

## Classification and evidence

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The source explicitly discloses a revised resource estimate

Evidence · text

> updated Mineral Resource estimate

## Extracted facts

Stored fact records: 36. Some facts used in scoring do not have a stored record.

## Drill Results (1)

### Fact 1

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-drill-facts-62)

Experiencia target \(Apoyo\)

Needs review: drill\_no\_hole\_id

#### Identity

- Project: Experiencia target \(Apoyo\)
- Region: nicaragua
- Reported Region: nicaragua
- Ticker: MSA

#### Classification

- Program: exploration
- 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: 2026-05-06T00:00:00.000Z

Reasoning: Greenfield exploration activities commenced at the Experiencia target, indicating early-stage exploration for new discoveries.

- Positive factor: Initiation of regional greenfield exploration

- Negative factor: Delays in starting drilling contracts

Evidence · text

> During the first quarter, the Company completed 947 metres of diamond drilling across four holes, ... Drilling activities were initiated at the Experiencia target, recently renamed Apoyo, which is located within the Bonanza district.

#### 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

## Resource Estimates (35)

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-27)

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
- Effective date: 2024-12-01T00:00:00.000Z
- Resource group id: resource:97d384b231628215685a

#### Resource Data

- Category: indicated
- Contained Metal: 23.35
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2024-12-01

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: The company acquired a project with a significant historical indicated gold resource, providing future exploration potential.

- Positive factor: Large historical resource estimate

- Negative factor: Historical estimate, not current

- Negative factor: Acquisition of project, not new discovery

Evidence · text

> hosts a historical mineral resource estimate of 23.35 million ounces of gold in the Indicated Mineral Resources category

#### 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-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-28)

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
- Effective date: 2024-12-01T00:00:00.000Z
- Resource group id: resource:7d600cf7281906433478

#### Resource Data

- Category: inferred
- Contained Metal: 4.98
- Contained Unit: moz

#### Prior Estimate

- Resource Date: 2024-12-01

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: The acquired project also includes a substantial historical inferred gold resource, adding to its exploration upside.

- Positive factor: Significant historical resource estimate

- Negative factor: Historical estimate, not current

- Negative factor: Inferred category has lower confidence

Evidence · text

> 4.98 million ounces of gold in the Inferred Mineral Resources category

#### 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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-29)

Porvenir Project · gold

#### Identity

- Project: Porvenir Project
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:8b4e34449332aaba2756

#### Resource Data

- Category: proven
- Tonnes: 650000
- Grade: 3.5
- Grade Unit: g/t
- Contained Metal: 73000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a high-grade gold component, contributing to the project's economic viability.

- Positive factor: New Proven Mineral Reserves reported

- Positive factor: High-grade gold component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Proven Mineral Reserves: 650 kt averaging 3.50 g/t Au, ... containing 73 koz Au

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-30)

Porvenir Project · silver

#### Identity

- Project: Porvenir Project
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:8b4e34449332aaba2756

#### Resource Data

- Category: proven
- Tonnes: 650000
- Grade: 14.07
- Grade Unit: g/t
- Contained Metal: 294000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a significant silver component.

- Positive factor: New Proven Mineral Reserves reported

- Positive factor: Significant silver component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Proven Mineral Reserves: 650 kt averaging ... 14.07 g/t Ag, ... containing ... 294 koz Ag

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-31)

Porvenir Project · zinc

#### Identity

- Project: Porvenir Project
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:8b4e34449332aaba2756

#### Resource Data

- Category: proven
- Tonnes: 650000
- Grade: 2.54
- Grade Unit: %
- Contained Metal: 36000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a significant zinc component.

- Positive factor: New Proven Mineral Reserves reported

- Positive factor: Significant zinc component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Proven Mineral Reserves: 650 kt averaging ... 2.54% Zn and ... containing ... 36 Mlb Zn

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**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

### proven

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-32)

Porvenir Project · copper

#### Identity

- Project: Porvenir Project
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:8b4e34449332aaba2756

#### Resource Data

- Category: proven
- Tonnes: 650000
- Grade: 0.5
- Grade Unit: %
- Contained Metal: 7000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Proven Mineral Reserves for the Porvenir Project include a significant copper component.

- Positive factor: New Proven Mineral Reserves reported

- Positive factor: Significant copper component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Proven Mineral Reserves: 650 kt averaging ... 0.50% Cu, containing ... 7 Mlb Cu.

#### Tags used in scoring

**Proven Reserve**

Polarity: positive

Definition: Measured Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "proven"

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-33)

Porvenir Project · gold

#### Identity

- Project: Porvenir Project
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:391c25ce17f48e38a390

#### Resource Data

- Category: probable
- Tonnes: 5827000
- Grade: 2.79
- Grade Unit: g/t
- Contained Metal: 523000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31
- Prior Tonnes: 6480000
- Prior Grade: 2.86
- Prior Contained Metal: 736000

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Probable Mineral Reserves for the Porvenir Project show a decrease in tonnage, grade, and contained gold compared to the prior estimate, though the prior contained metal was AuEq.

- Positive factor: New Probable Mineral Reserves reported

- Negative factor: Tonnage decreased compared to prior estimate

- Negative factor: Grade decreased compared to prior estimate

- Negative factor: Contained metal decreased compared to prior estimate

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

- Negative factor: Prior contained metal was AuEq, making direct comparison difficult

Evidence · text

> Probable Mineral Reserves: 5,827 kt averaging 2.79 g/t Au, ... containing 523 koz Au

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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

**Tonnage Decline**

Polarity: negative

Definition: Resource tonnage decreased vs prior estimate — pit optimization removed marginal material or geological model revised down.

Why it applies: 5827000 against 6480000 previously

**Contained Metal Decline**

Polarity: negative

Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain.

Why it applies: 523000 against 736000 previously

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-34)

Porvenir Project · silver

#### Identity

- Project: Porvenir Project
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:391c25ce17f48e38a390

#### Resource Data

- Category: probable
- Tonnes: 5827000
- Grade: 12.07
- Grade Unit: g/t
- Contained Metal: 2261000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Probable Mineral Reserves for the Porvenir Project include a significant silver component.

- Positive factor: New Probable Mineral Reserves reported

- Positive factor: Significant silver component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Probable Mineral Reserves: 5,827 kt averaging ... 12.07 g/t Ag, ... containing ... 2,261 koz Ag

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-35)

Porvenir Project · zinc

#### Identity

- Project: Porvenir Project
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:391c25ce17f48e38a390

#### Resource Data

- Category: probable
- Tonnes: 5827000
- Grade: 2.61
- Grade Unit: %
- Contained Metal: 336000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Probable Mineral Reserves for the Porvenir Project include a significant zinc component.

- Positive factor: New Probable Mineral Reserves reported

- Positive factor: Significant zinc component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Probable Mineral Reserves: 5,827 kt averaging ... 2.61% Zn and ... containing ... 336 Mlb Zn

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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

### probable

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-36)

Porvenir Project · copper

#### Identity

- Project: Porvenir Project
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: reserve
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:391c25ce17f48e38a390

#### Resource Data

- Category: probable
- Tonnes: 5827000
- Grade: 0.35
- Grade Unit: %
- Contained Metal: 45000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Probable Mineral Reserves for the Porvenir Project include a significant copper component.

- Positive factor: New Probable Mineral Reserves reported

- Positive factor: Significant copper component

- Negative factor: Effective date is older than RAG data, suggesting this is a prior estimate

Evidence · text

> Probable Mineral Reserves: 5,827 kt averaging ... 0.35% Cu, containing ... 45 Mlb Cu.

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-37)

Guillermina Deposit · gold

#### Identity

- Project: Guillermina Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:04dc400eb22080c72ede
- Deposit or zone: Guillermina

#### Resource Data

- Category: indicated
- Tonnes: 1763000
- Grade: 0.97
- Grade Unit: g/t
- Contained Metal: 55000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit, contributing to the overall resource base.

- Positive factor: New Indicated Mineral Resources reported

Evidence · text

> Indicated Mineral Resources of 1,763 kt grading 0.97 g/t Au, ... containing 55 koz Au

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-38)

Guillermina Deposit · silver

#### Identity

- Project: Guillermina Deposit
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:04dc400eb22080c72ede
- Deposit or zone: Guillermina

#### Resource Data

- Category: indicated
- Tonnes: 1763000
- Grade: 27.33
- Grade Unit: g/t
- Contained Metal: 1549000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit include a significant silver component.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: Significant silver component

Evidence · text

> Indicated Mineral Resources of 1,763 kt grading ... 27.33 g/t Ag, ... containing ... 1,549 koz Ag

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-39)

Guillermina Deposit · copper

#### Identity

- Project: Guillermina Deposit
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:04dc400eb22080c72ede
- Deposit or zone: Guillermina

#### Resource Data

- Category: indicated
- Tonnes: 1763000
- Grade: 0.21
- Grade Unit: %
- Contained Metal: 8000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit include a copper component.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: Copper component adds to polymetallic nature

Evidence · text

> Indicated Mineral Resources of 1,763 kt grading ... 0.21% Cu, and ... containing ... 8 Mlb Cu

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-40)

Guillermina Deposit · zinc

#### Identity

- Project: Guillermina Deposit
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:04dc400eb22080c72ede
- Deposit or zone: Guillermina

#### Resource Data

- Category: indicated
- Tonnes: 1763000
- Grade: 6.61
- Grade Unit: %
- Contained Metal: 257000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Guillermina Deposit include a high-grade zinc component, making it a prospective feed source.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: High-grade zinc component

Evidence · text

> Indicated Mineral Resources of 1,763 kt grading ... 6.61% Zn, containing ... 257 Mlb Zn

#### 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-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-41)

Guillermina Deposit · gold

#### Identity

- Project: Guillermina Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:fcfdfc5c84e06fa97f28
- Deposit or zone: Guillermina

#### Resource Data

- Category: inferred
- Tonnes: 1118000
- Grade: 1.44
- Grade Unit: g/t
- Contained Metal: 52000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit, providing future exploration potential.

- Positive factor: New Inferred Mineral Resources reported

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,118 kt grading 1.44 g/t Au, ... containing 52 koz Au

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-42)

Guillermina Deposit · silver

#### Identity

- Project: Guillermina Deposit
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:fcfdfc5c84e06fa97f28
- Deposit or zone: Guillermina

#### Resource Data

- Category: inferred
- Tonnes: 1118000
- Grade: 30.15
- Grade Unit: g/t
- Contained Metal: 1084000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit include a significant silver component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Significant silver component

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,118 kt grading ... 30.15 g/t Ag, ... containing ... 1,084 koz Ag

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-43)

Guillermina Deposit · copper

#### Identity

- Project: Guillermina Deposit
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:fcfdfc5c84e06fa97f28
- Deposit or zone: Guillermina

#### Resource Data

- Category: inferred
- Tonnes: 1118000
- Grade: 0.17
- Grade Unit: %
- Contained Metal: 4000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit include a copper component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Copper component adds to polymetallic nature

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,118 kt grading ... 0.17% Cu, and ... containing ... 4 Mlb Cu

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-44)

Guillermina Deposit · zinc

#### Identity

- Project: Guillermina Deposit
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:fcfdfc5c84e06fa97f28
- Deposit or zone: Guillermina

#### Resource Data

- Category: inferred
- Tonnes: 1118000
- Grade: 5.5
- Grade Unit: %
- Contained Metal: 136000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Guillermina Deposit include a significant zinc component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Significant zinc component

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,118 kt grading ... 5.50% Zn, containing ... 136 Mlb Zn.

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-45)

Leticia Deposit · gold

#### Identity

- Project: Leticia Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:a3d956c1d788fbab6218
- Deposit or zone: Leticia

#### Resource Data

- Category: indicated
- Tonnes: 300400
- Grade: 3.4
- Grade Unit: g/t
- Contained Metal: 32900
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a high-grade gold component.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: High-grade gold component

Evidence · text

> Indicated Mineral Resources of 300.4 kt grading 3.40 g/t Au, ... containing 32.9 koz Au

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-46)

Leticia Deposit · silver

#### Identity

- Project: Leticia Deposit
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:a3d956c1d788fbab6218
- Deposit or zone: Leticia

#### Resource Data

- Category: indicated
- Tonnes: 300400
- Grade: 13.31
- Grade Unit: g/t
- Contained Metal: 128600
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a significant silver component.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: Significant silver component

Evidence · text

> Indicated Mineral Resources of 300.4 kt grading ... 13.31 g/t Ag, ... containing ... 128.6 koz Ag

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-47)

Leticia Deposit · copper

#### Identity

- Project: Leticia Deposit
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:a3d956c1d788fbab6218
- Deposit or zone: Leticia

#### Resource Data

- Category: indicated
- Tonnes: 300400
- Grade: 0.54
- Grade Unit: %
- Contained Metal: 3600000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a copper component.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: Copper component adds to polymetallic nature

Evidence · text

> Indicated Mineral Resources of 300.4 kt grading ... 0.54% Cu, and ... 3.6 Mlb Cu

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-48)

Leticia Deposit · zinc

#### Identity

- Project: Leticia Deposit
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:a3d956c1d788fbab6218
- Deposit or zone: Leticia

#### Resource Data

- Category: indicated
- Tonnes: 300400
- Grade: 1.71
- Grade Unit: %
- Contained Metal: 11300000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Indicated Mineral Resources for the Leticia Deposit include a zinc component.

- Positive factor: New Indicated Mineral Resources reported

- Positive factor: Zinc component adds to polymetallic nature

Evidence · text

> Indicated Mineral Resources of 300.4 kt grading ... 1.71% Zn, containing 11.3 Mlb Zn

#### 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-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-49)

Leticia Deposit · gold

#### Identity

- Project: Leticia Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:1ad1dc2909ae8d1c925b
- Deposit or zone: Leticia

#### Resource Data

- Category: inferred
- Tonnes: 137400
- Grade: 2.81
- Grade Unit: g/t
- Contained Metal: 12400
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit, providing future exploration potential.

- Positive factor: New Inferred Mineral Resources reported

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 137.4 kt grading 2.81 g/t Au, ... containing 12.4 koz Au

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-50)

Leticia Deposit · silver

#### Identity

- Project: Leticia Deposit
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:1ad1dc2909ae8d1c925b
- Deposit or zone: Leticia

#### Resource Data

- Category: inferred
- Tonnes: 137400
- Grade: 8.53
- Grade Unit: g/t
- Contained Metal: 37700
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit include a silver component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Silver component adds to polymetallic nature

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 137.4 kt grading ... 8.53 g/t Ag, ... containing ... 37.7 koz Ag

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-51)

Leticia Deposit · copper

#### Identity

- Project: Leticia Deposit
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:1ad1dc2909ae8d1c925b
- Deposit or zone: Leticia

#### Resource Data

- Category: inferred
- Tonnes: 137400
- Grade: 0.36
- Grade Unit: %
- Contained Metal: 1100000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit include a copper component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Copper component adds to polymetallic nature

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 137.4 kt grading ... 0.36% Cu, and ... 1.1 Mlb Cu

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-52)

Leticia Deposit · zinc

#### Identity

- Project: Leticia Deposit
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:1ad1dc2909ae8d1c925b
- Deposit or zone: Leticia

#### Resource Data

- Category: inferred
- Tonnes: 137400
- Grade: 0.82
- Grade Unit: %
- Contained Metal: 2500000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Leticia Deposit include a zinc component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Zinc component adds to polymetallic nature

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 137.4 kt grading ... 0.82% Zn, containing 2.5 Mlb Zn.

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-53)

San Antonio Deposit · gold

#### Identity

- Project: San Antonio Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:f892c51996b32b6be470
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 1313100
- Grade: 2.23
- Grade Unit: g/t
- Contained Metal: 94000
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit, providing future exploration potential.

- Positive factor: New Inferred Mineral Resources reported

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,313.1 kt grading 2.23 g/t Au, ... containing 94 koz Au

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-54)

San Antonio Deposit · silver

#### Identity

- Project: San Antonio Deposit
- Commodity: silver
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:f892c51996b32b6be470
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 1313100
- Grade: 12.33
- Grade Unit: g/t
- Contained Metal: 520500
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit include a significant silver component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Significant silver component

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,313.1 kt grading ... 12.33 g/t Ag, ... containing ... 520.5 koz Ag

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-55)

San Antonio Deposit · copper

#### Identity

- Project: San Antonio Deposit
- Commodity: copper
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:f892c51996b32b6be470
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 1313100
- Grade: 0.93
- Grade Unit: %
- Contained Metal: 27000000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit include a significant copper component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Significant copper component

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,313.1 kt grading ... 0.93% Cu, and ... 27 Mlb Cu

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-56)

San Antonio Deposit · zinc

#### Identity

- Project: San Antonio Deposit
- Commodity: zinc
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:f892c51996b32b6be470
- Deposit or zone: San Antonio

#### Resource Data

- Category: inferred
- Tonnes: 1313100
- Grade: 0.32
- Grade Unit: %
- Contained Metal: 9200000
- Contained Unit: lb

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the San Antonio Deposit include a zinc component.

- Positive factor: New Inferred Mineral Resources reported

- Positive factor: Zinc component adds to polymetallic nature

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,313.1 kt grading ... 0.32% Zn, containing 9.2 Mlb Zn.

#### 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

### indicated

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-57)

Luna Roja Deposit · gold

#### Identity

- Project: Luna Roja Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:9e45f137f96a6338d71b
- Deposit or zone: Luna Roja

#### Resource Data

- Category: indicated
- Tonnes: 841000
- Grade: 2.77
- Grade Unit: g/t
- Contained Metal: 74900
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Measured and Indicated Mineral Resources for the Luna Roja Deposit, contributing to the overall resource base.

- Positive factor: New Measured and Indicated Mineral Resources reported

Evidence · text

> Measured and Indicated Mineral Resources of 841 kt grading 2.77 g/t Au containing approximately 74.9 koz Au

#### 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-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-58)

Luna Roja Deposit · gold

#### Identity

- Project: Luna Roja Deposit
- Commodity: gold
- Region: nicaragua
- Reported Region: Nicaragua
- Ticker: MSA

#### Resource scope

- Estimate type: resource
- Effective date: 2025-12-31T00:00:00.000Z
- Resource group id: resource:9ce23971cb32aace1257
- Deposit or zone: Luna Roja

#### Resource Data

- Category: inferred
- Tonnes: 1160000
- Grade: 2.59
- Grade Unit: g/t
- Contained Metal: 96600
- Contained Unit: koz

#### Prior Estimate

- Resource Date: 2025-12-31

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Updated Inferred Mineral Resources for the Luna Roja Deposit, providing future exploration potential.

- Positive factor: New Inferred Mineral Resources reported

- Negative factor: Inferred category has lower confidence

Evidence · text

> Inferred Mineral Resources of 1,160 kt grading 2.59 g/t Au containing approximately 96.6 koz Au.

#### 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 33

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-59)

Panama and Pioneer Mines

#### Identity

- Project: Panama and Pioneer Mines
- Region: nicaragua
- Reported Region: nicaragua
- Ticker: MSA

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Near-mine drilling at Panama and Pioneer Mines is focused on resource and reserve expansion, indicating ongoing development.

- Positive factor: Drilling aimed at increasing Mineral Resources and Reserves

- Negative factor: Progress slightly behind schedule

Evidence · text

> A total of 5,311 metres of diamond drilling in 19 holes was completed in the first quarter of 2026, ... The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine.

#### 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

### Fact 34

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-60)

Bonanza block \(Orpheus/Xiloa, La Reforma NE\)

#### Identity

- Project: Bonanza block \(Orpheus/Xiloa, La Reforma NE\)
- Region: nicaragua
- Reported Region: nicaragua
- Ticker: MSA

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Brownfield drilling in the Bonanza block is part of the company's resource replacement strategy, indicating efforts to maintain the resource base.

- Positive factor: Drilling part of ongoing resource replacement strategy

Evidence · text

> During the first quarter of 2026, the Company completed 4,700 meters of diamond drilling in 16 holes, ... This drilling campaign is part of the Company’s ongoing resource replacement strategy at the Panama and Pioneer mines.

#### 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

### inferred

[Link to this fact](https://atlas-extractions.minestarters.com/news/mineros-delivers-record-q1-2026-revenue-of-291-8-million-and-adjusted-ebitda-of--4928045e-69e3-45fe-ba38-dc582c9eaf05#fact-resource-facts-61)

Leticia Deposit

#### Identity

- Project: Leticia Deposit
- Region: nicaragua
- Reported Region: nicaragua
- Ticker: MSA

#### Resource scope

- Deposit or zone: Leticia

#### Resource Data

- Category: inferred

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-05-06T00:00:00.000Z

Reasoning: Infill drilling at the Leticia Deposit is focused on upgrading resource confidence, a positive de-risking step.

- Positive factor: Infill drilling aimed at upgrading Inferred to Indicated resources

Evidence · text

> A total of 1,812 metres of diamond drilling in 5 holes was completed in the first quarter of 2026, ... This drilling campaign focused on infill drilling of current Inferred Mineral Resources, with the goal of upgrading them to the Indicated Mineral Resource category.

#### 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

**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.