Atrium Research Corporation - Mineros (MINEROS) MSA: Closes Out Strong 2025 Production; Upper End of Guidance

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Atrium Research Corporation

Ben Pirie

MSA: Closes Out Strong 2025 Production; Upper End of Guidance

What you need to know:
• Mineros reported Q4 production results with total gold production of 58.6Koz modestly ahead of our 55.1Koz forecast, including a December monthly record of 20.7Koz AuEq in Nicaragua.
• Full-year 2025 production of 225.8koz AuEq included 221.7koz of gold at the top end of annual guidance (201-223Koz).
• Strong production in the quarter was a result of improved throughput and higher-grade artisanal ores in Nicaragua, resulting in gold production of 35.8Koz versus our 33.8Koz estimate.

Yesterday, after market close, Mineros S.A. (MSA:TSX, MINEROS:CL) reported its Q4 and full-year 2025 production results that were ahead of our estimates. The beat came on the back of a strong quarter in Nicaragua, in which operational improvements are being realized and facilitated record December production. The Company achieved the upper-end of its 2025 guidance in both Colombia and Nicaragua. We expect a record-setting quarter financially as gold prices have held above $4,000/oz for the majority of Q4. We are maintaining our BUY rating and target price of C$7.00/share on MSA.

Production Highlights
• Total Q4 gold production of 58.6Koz was 6% above our 55.1Koz forecast and included a monthly record of 20.7Koz AuEq in December from Nicaragua.
• Full-year 2025 production of 225.8Koz AuEq included gold production of 221.6Koz at the top end of the 201-223Koz guidance range.
• In Nicaragua, Q4 gold production of 35.8Koz beat our 33.8Koz forecast by 6% due to significantly higher artisanal production.
• Similarly, in Colombia, Q4 gold production of 22.9Koz beat our 21.3Koz expectation by 7%.

08/01/2026 1 EN

Underlying

Mineros

Mineros is primarily engaged in the mining of gold, as well as in related activities pertaining to the mining industry in general, including the mining of precious metals, metallic or non-metallic mineral substances or hydrocarbons.

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COC07PA00027 Colombian Stock Exchange Colombia

Provider

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.

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Analysts

Ben Pirie

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MSA: Closes Out Strong 2025 Production; Upper End of Guidance

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