Latin American gold miner Mineros S.A. (TSE: MSO) (OTCMKTS: MNSAF) kicked off 2025 with a successful first quarter.
The high price of gold enabled the precious metal producer to pull record high revenue while more than doubling net profit. Results for the quarter ended Mar 31. were reported on May 8.
Revenue in Q1 rose by 41 per cent year-over-year to US$160.5 million while net profit clocked in at US$38 million — a 127 per cent increase from the first quarter of last year.
“These results were generated from the production and sale of 54,243 ounces of gold at an average price of US$2,881,” said chief executive David Londono, “a price 21 per cent higher than the full-year average gold price for 2024.”
Moreover, the company’s adjusted earnings before interest, taxes, depreciation and amortization shot up by 75 per cent year-over-year to US$71.3 million.
Mineros S.A. also improved its liquidity position immensely, resulting in a 274 per cent increase in negative net debt at US$53.1 million. This was driven by a 44 per cent year-over-year cash and cash equivalents balance increase and 13 per cent drop in the total of loans and other borrowings during the quarter.
Mineros produced 5 per cent less gold in Nicaragua than the first quarter of 2024 at 30,999 ounces, but pulled 21 per cent more in Colombia at 23,444.
🇨🇴| #MINEROS 🇨🇦| $MSA 🇺🇸| $MNSA 1Q25 pic.twitter.com/mNX7GeeWC4
— Aprendiz Inversor QC 💹 (@AInversorQC) May 8, 2025
Read more: Equinox Gold has best ever Q1 and prepares for more with Calibre merger
Mineros obtains build permit for Nicaraguan underground mine project
Despite disappointment about the slight year-over-year decline in Nicaraguan gold production last quarter, Mineros recently made a significant achievement by acquiring the last authorization needed to begin constructing another underground mine in the country.
The Latino gold producer’s shares rose by 7 per cent during the trading session on Wednesday after revealing that it had received the crucial Forest Harvesting Permit for its Porvenir project.
Its subsidiary in the country, Hemco Mineros Nicaragua, will be able to start producing substantial quantities of gold, silver and zinc at the site in 2027.
Nicaragua is a key area of operations for a handful of gold producing companies. Mako Mining Corp (CVE: MKO) (OTCMKTS: MAKOF), Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF) (FRA: WCLA) and Metals Exploration Plc (LON: MTL) (OTCMKTS: MTLEF) (FRA: MJ4) have found the nation’s working environment to be beneficial.
Gold has been the country’s top export since 2020, exceeding beef and coffee (second and third). In 2024, Nicaragua imported approximately US$576 million worth of the yellow metal into the United States.
Read more: Calibre Mining reports solid Q1 results; receives court approval for Equinox Gold merger
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