Colombian Miner Mineros Hits Record Profit

Mineros, a Colombian gold miner whose shares also trade over the counter in the United States, posted the biggest nine-month profit in its history.

Mineros S.A., a Colombian gold miner, reported a record net profit of 768,578 million Colombian pesos (COP), about US$232 million at 3,305 pesos per US$, for the first nine months of 2026. La República, a Colombian business daily, reported the figure on Thursday 12 November 2026.

Tokenpost, a finance news site, puts the profit at US$222.3 million, up 64% on a year earlier, on the same day. For US readers, Mineros shares trade over the counter in the United States on the OTCQX market, a US over-the-counter venue for foreign firms, under the symbol MNSAF, and on the Toronto Stock Exchange (TSX) as MSA, according to Crux Investor, an investor news site, on 29 October 2026.

Mineros operates the Nechí operation in Colombia and the Hemco operation in Nicaragua, according to Forbes Colombia, a Colombian business magazine, on 13 October 2026. We could not confirm the average gold price the company realised.

A Record Nine Months

Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation, adjusted for one-off items. It is a common measure of operating profit.

Sales for the nine months came to 187,133 gold-equivalent ounces, according to La República. La República also puts adjusted EBITDA up 65% over the nine months.

Net profit for the third quarter, July to September, was COP 283,663 million (about US$86 million), according to La República on 12 November 2026. Tokenpost puts it at US$89.5 million, up 65%, and GuruFocus, a US financial data site, reports earnings of US$0.30 per share.

GuruFocus reports third-quarter revenue of US$279.2 million. Pesos here convert at 3,305 per US$, the 12 November 2026 close from RT, a market-data provider, so the dollar figures that Tokenpost quotes at company rates, US$222.3 million for nine months, come out lower than the converted peso figures.

Gold Output Keeps Climbing

Mineros produced 62,565 ounces of gold in the third quarter, up 14%, and 181,466 ounces in nine months, up 11.3%, according to Forbes Colombia on 13 October 2026. That was the preliminary operating update.

The same update raised the 2026 production guidance to between 235,000 and 245,000 ounces, from 220,000 to 240,000 ounces. Guidance is the range a company expects to deliver, so a higher range signals confidence in the rest of the year.

Forbes Colombia reports that Nicaragua produced 38,010 ounces in the quarter, up 18.5%. Colombian sales were 23,146 ounces, up 1.6%.

In Plain English

A gold-equivalent ounce counts silver and other metals as if they were gold. Adjusted EBITDA strips out some one-off items, which makes quarters easier to compare but is not an audited profit figure.

Cash, Gold in the Vault and a Special Payout

At 30 September, Mineros held COP 930,715 million (about US$282 million at 3,305 pesos per US$) in cash and precious metals, according to La República. Of that, COP 180,532 million (about US$55 million) was cash and COP 750,182 million (about US$227 million) was gold and silver in stock.

The metal holdings were 50,533 ounces of gold and 227,038 ounces of silver, La República reports. The company’s net cash position is not in the sources we could open.

Ahead of the results, the board proposed a special dividend of US$0.20 per share, about US$58 million, Crux Investor reports (29 October 2026). Shareholders vote at a meeting on Tuesday 24 November, with a record date of Tuesday 1 December and payment on Friday 4 December if approved.

An ordinary dividend of US$0.10 per share was approved on 27 March 2026, Crux Investor reports. That page is dated 29 October 2026, before the results came out.

What Is Not Known

We could not open the full company results release, so the figures rest on the outlets named above. The company’s all-in sustaining cost, a standard measure of what it costs to produce an ounce, is not known to us.

We also do not know the average gold price Mineros realised, or how its shares reacted to the results. The shareholder vote on the special dividend has not yet taken place.

What It Means for You

For a US investor who holds or watches MNSAF, the numbers show a miner whose profit rose 64% in dollar terms, according to Tokenpost. Profit from gold mining moves with the metal, so the same leverage can work against a holder if prices fall.

Anyone eligible for the special dividend must hold shares on the record date. Check with your broker, since rules for over-the-counter shares can differ from those for Toronto-listed ones.

More: Colombia news in English, every day from The Rio Times.

Frequently Asked Questions

What is Mineros?

Mineros S.A. is a Colombian gold miner. It operates Nechí in Colombia and Hemco in Nicaragua.

How much did Mineros earn in nine months?

La República reports a record net profit of COP 768,578 million (about US$232 million at 3,305 pesos per US$) for the first nine months of 2026. Tokenpost puts the profit at US$222.3 million, up 64%.

Can US investors buy Mineros shares?

Mineros shares trade on the OTCQX market in the United States under MNSAF, and in Toronto as MSA (TSX). This is not investment advice.

When is the special dividend paid?

If shareholders approve at the Tuesday 24 November meeting, the US$0.20 per share dividend is paid on Friday 4 December. The record date is Tuesday 1 December.

The next signals to watch are the shareholder vote on 24 November and the full release tables. Until then, the open questions above remain open.

Sources: La República (12 November 2026); Forbes Colombia (13 October 2026); GuruFocus (12 November 2026); Crux Investor (29 October 2026); Tokenpost (12 November 2026). Related: Mineros Posts Record US$559 Million First Half on Higher Gold Prices (6 August 2026); Colombia news.