Mineros Posts Record US$559 Million First Half on Higher Gold Prices
Mineros S.A. reported record first-half 2026 revenue of US$559 million, record adjusted EBITDA of US$260 million and record net profit of US$133 million, and raised its full-year gold production guidance.
A Record First Half for Mineros
Mineros S.A., the Colombia-based gold producer listed in Toronto and in Colombia, reported record revenue of US$559 million for the six months ended 30 June 2026. Adjusted EBITDA also set a company record, at US$260 million, and net profit reached a record US$133 million. The revenue and EBITDA figures rest on sales of 122,634 gold equivalent ounces over the half.
The relationship between the headline numbers is the story of the period. Adjusted EBITDA of US$260 million on revenue of US$559 million works out at a margin of roughly 46%, leaving a wide gap between the price received and the cost of producing an ounce. For a mid-sized producer, a spread of that size is what simultaneously funds exploration, distributions and debt reduction.
Converted at about 4,050 pesos to the dollar, half-year revenue of US$559 million is equivalent to roughly COP$2.3 trillion, an approximate figure that moves with the exchange rate. Mineros reports in dollars, standard practice for a producer selling a dollar-priced commodity. The peso comparison mainly helps place the company alongside Colombian issuers that report in local currency.
The Strongest Quarter in Company History
The first quarter of 2026 was the best three-month period Mineros has recorded. Revenue reached US$291.8 million, adjusted EBITDA came to US$154.1 million and net profit was US$88 million. Those figures put the quarter ahead of any previous comparable period in the company’s history.
Two operational details sit behind the result. Costs tracked below the lower end of the company’s guidance range, while production came in at the top end of it. That combination is uncommon: producers more often deliver volume at higher unit cost, or protect cost by trimming output. The quarter therefore benefited from operating performance as well as from prices.
The quarter also dominated the half. The first three months accounted for about 52% of half-year revenue and roughly 59% of adjusted EBITDA, implying second-quarter revenue of about US$267 million and adjusted EBITDA of about US$106 million. Half-year net profit of US$133 million against US$88 million in the first quarter implies roughly US$45 million in the second.
The Margin Story: Q1 Revenue Up 82%, Costs Up 55%
In the first quarter, gross profit rose 122% year on year. The company attributed that to an 82% increase in revenue on higher gold prices, partly offset by a 55% increase in cost of sales. Those percentages describe a single quarter and should not be read as the shape of the whole half.
The arithmetic is the familiar one of operating leverage. When revenue grows faster than costs, the difference between them compounds, so gross profit can rise at close to double the rate of sales. Across the full six months the gap is narrower: first-half revenue rose 63% year on year while cost of sales rose 57%, a spread of six percentage points against the 27 of the first quarter. The half-year figures are the better guide to the underlying trend.
The increase in cost of sales is not a footnote. Part of any cost rise in a mining operation is volume-related and unwinds when output falls, but part reflects wages, energy, consumables and contractor rates that are harder to reverse. A cost base that has stepped up remains in place if the price environment normalises. That asymmetry is why the margin expansion reads as price-assisted rather than structural.
Production, Volumes and the Raised Guidance
Second-quarter sales came to 61,849 gold equivalent ounces. Set against half-year sales of 122,634 gold equivalent ounces, the arithmetic implies first-quarter sales of 60,785. Volumes were therefore broadly stable between the two quarters, with a marginal increase in the second. That stability suggests the swing in quarterly earnings owed more to prices and costs than to how much metal left the gate.
Guidance, however, is stated on a different basis. Mineros raised its full-year 2026 target to 220,000-240,000 ounces of gold production, up from a previous range of 213,000-233,000 ounces. On that measure, first-half gold production was 118,103 ounces and gold sold was 117,489 ounces. Gold-equivalent sales and gold production are not interchangeable, because the equivalent measure folds in by-product metal at prevailing price ratios.
Compared like for like, first-half gold production of 118,103 ounces represents about 49% to 54% of the raised full-year range. That implies second-half output of roughly 102,000 to 122,000 ounces to land inside guidance. Reaching the lower end would require little more than repeating the first half, while the top of the range calls for a modestly stronger second six months.
Price Versus Volume: What Is Driving the Numbers
The company pointed to higher gold prices as the driver of the first-quarter revenue increase. Gold has traded at elevated levels through the recent period, lifting revenue for producers whose output has barely changed. Dividing half-year revenue by ounces sold implies an average of roughly US$4,560 per gold equivalent ounce, arithmetic that blends gold with by-product metal and is not a spot price.
The distinction between price-led and volume-led growth matters for durability. Volume growth reflects mine plans and capital decisions that persist for years. Price-led growth delivers real cash but depends on a market the company does not control. Mineros has converted the current environment into record revenue, EBITDA and profit, though the underlying ounce count has not been transformed.
The Colombian Operations
In Colombia specifically, gold sold in the second quarter amounted to 22,482 ounces, an increase of 8% year on year. That places the Colombian assets as a meaningful contributor to a group that also has operations in Nicaragua. A single-digit percentage increase points to steady rather than dramatic expansion at the country level.
The Colombian context gives the figure additional weight. The country’s gold sector is widely documented as combining large formal operators with extensive artisanal and informal production, which complicates traceability and tax collection. A listed producer reporting audited ounce counts and paying royalties occupies a different position from unregistered output. Growth in formal output therefore interests policymakers as well as shareholders.
Shareholder Returns and the 2025 Baseline
The 2025 financial year provides the comparison point. Mineros reported record annual revenue of US$800 million for the full year and returned US$42 million to investors over that period. Those distributions were equivalent to a little over 5% of annual revenue.
Against that baseline, the current year has started well ahead of pace. Half-year revenue of US$559 million already represents around 70% of the entire 2025 total. Repeating the second half at anything close to first-half levels would put 2026 comfortably above the previous record year on the revenue line.
Higher earnings expand the capacity for distributions without determining what a company will do with them. Boards weigh dividends and buybacks against exploration budgets, mine development, debt reduction and the value of holding cash through a price cycle. Mineros has an established record of returning capital, but any change in distribution policy would be a separate decision announced in its own right.
Risks and What to Watch
The dominant risk is the one that produced the record. Revenue growth of 82% in the first quarter was attributed to price, so a retreat in gold would flow through to revenue quickly and to margins even faster, given the higher cost base. Producers with strong balance sheets absorb such swings better than leveraged ones, but none is insulated.
Cost discipline is the second variable. Costs below the lower end of guidance in the first quarter set a high bar for the rest of the year, and holding it through the second half is a different exercise from achieving it once. Investors will watch cost per ounce as closely as the revenue line, because it is the part management actually controls.
Delivery against the raised 220,000-240,000 ounce gold production range is the third. Operating across Colombia and Nicaragua also means managing two sets of regulatory, permitting and community conditions. The next reporting period should clarify realised prices, unit costs and whether second-half production is tracking toward the upper or lower half of the range.
Frequently Asked Questions
How much revenue did Mineros report in the first half of 2026?
Mineros reported record revenue of US$559 million for the six months ended 30 June 2026. Record adjusted EBITDA for the same period came to US$260 million, and net profit reached a company record of US$133 million. The revenue and EBITDA figures were based on sales of 122,634 gold equivalent ounces. All three are the highest the company has reported for a first half.
What made the first quarter of 2026 a company record?
First-quarter revenue reached US$291.8 million, with adjusted EBITDA of US$154.1 million and net profit of US$88 million, the strongest quarter Mineros has recorded. Costs came in below the lower end of guidance while production landed at the top end of the range. Gross profit rose 122% year on year, helped by an 82% increase in revenue on higher gold prices, partly offset by a 55% increase in cost of sales. Those percentages describe the first quarter alone; across the half, revenue rose 63% and cost of sales 57%.
What is a gold equivalent ounce?
A gold equivalent ounce combines gold output with other precious metal production, principally silver, converted into a gold-equivalent figure at prevailing price ratios. It allows a producer with more than one metal stream to report a single output number. Because the ratios between metal prices change over time, the same physical production can convert into different equivalent-ounce totals in different periods. It is therefore a different measure from ounces of gold production, and the two should not be compared directly.
What is the company’s production guidance for 2026?
Mineros raised full-year 2026 guidance to 220,000-240,000 ounces of gold production, up from a previous range of 213,000-233,000 ounces. First-half gold production of 118,103 ounces represents about 49% to 54% of the raised range. The arithmetic implies second-half output of roughly 102,000 to 122,000 ounces to land within guidance. The 122,634 figure reported for the half is gold equivalent sales and is measured on a different basis.
Sources: Mineros S.A., Valora Analítik, La República.
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