MSA: 2026 Guidance Outlines Growth Initiatives
What you need to know:• MSA released strong 2026 production guidance of 213-233Koz aimed at optimizing near-term production to maximize FCF.
• 2026 AISC is guided modestly higher YoY as the Company pivots its focus from steady state production to growth initiatives.
• MSA will report Q4 and full-year 2025 financial results on February 18, followed by a conference call on February 19 at 9am ET.
• The Company also guided its longer-term growth initiatives.
This morning, Mineros S.A. (MSA:TSX, MINEROS:CL) announced its 2026 guidance aimed at maximizing near-term production in today’s elevated gold price environment, while at the same time, advancing multi-year growth. Gold production guidance of 213-233Koz modestly exceeds our forecast of 211.7Koz and closely aligns with the Company’s strong 2025 production of 221.7Koz. Cash cost and AISC guidance of $2,070-$2,170/oz and $2,370-$2,470/oz came in ahead of our $1,639/oz and $1,865/oz forecast, and revised 2025 guidance of $1,550-$1,640/oz and $1,880-$1,980/oz. The Company has guided 2026 total capex of $113.7M, which includes $51.7M in growth capital to target high-impact initiatives. We are maintaining our BUY rating and increasing our target price to C$10.00/share (previously C$7.00/share) on MSA.
Nicaragua
Production guidance in Nicaragua of 130-140Koz represents a steady improvement from 131.9Koz in 2025, up ~2% at the midpoint, and ahead of our 130Koz forecast. 2026 AISC guidance in Nicaragua of $2,000-$2,100/oz is unchanged from revised 2025 guidance, and in line with our expectation for $2,089/oz. AISC Margin for the Bonanza Mining Partners arrangement in 2026 is guided at 39-41%.
Colombia
At Nechí, production guidance of 83-93Koz is well ahead of our 81.3Koz forecast, and in line with 2025 production of 89.8Koz. AISC guidance outlined at $1,820-$1,920/oz is up from $1,490-$1,590/oz in 2025, and above our $1,506/oz estimate, which drives modestly higher consolidated costs versus our estimates, as the Company focuses on cost control. AISC margin for contract mining in 2026 is guided at 11-14%.
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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