Colombian Mining & Exploration
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Mineros (TSX: MSA)

Mineros S.A. (TSX: MSA) is a Medellín-based gold producer with more than 50 years of history. It runs the Nechí alluvial operation in Antioquia and in 2026 bought the former La Colosa project in Tolima. For investors, Mineros stock pairs a growing dividend and buyback with the fact that most of its ounces now come from Nicaragua.

Tickers: TSX: MSA | BVC: MINEROS | OTCQX: MNSAF · Headquarters: Medellín, Colombia · Data as of: Nov 4, 2026

Mineros at a glance

ProjectDepartmentCommodityStageOwnership
Nechí alluvial propertyAntioquiagoldproduction100%
Tolima project (formerly La Colosa)Tolimagoldexploration (suspended since 2017)100% (via purchase of AngloGold Ashanti Colombia S.A.S.)
Hemco and Porvenir (Nicaragua, context)Outside Colombia (Nicaragua)gold, silverproductionNot disclosed in sources reviewed
Share priceCOP 22,900 (BVC, Oct 9, 2026); market cap: refresh at publication
Shares292,793,666 issued (Q2 2026 release); 5,404,119 repurchased under the program to Aug 4, 2026
LiquidityCash US$41.1M; cash plus gold inventory and gold-backed receivables US$228.8M; net cash US$110.1M (June 30, 2026)
2026 guidance235,000–245,000 oz Au (raised Oct 13, 2026); Nechí 87,000–93,000 oz; Hemco 148,000–152,000 oz
CostsH1 2026 cash cost US$2,104/oz; AISC US$2,348/oz sold (2026 AISC guidance US$2,370–2,470)
Major shareholderSun Valley Investments AG: 56.85% after March 2025 tender offer (later offer in May 2025 sought 8–11% more; current % to verify)
Capital returnsUS$0.10/yr ordinary dividend; buyback up to US$175M to Mar 2029; proposed US$0.20 special dividend (vote Nov 24, 2026)
Next resultsQ3 2026 results after market close Nov 11, 2026; call Nov 12, 2026

About Mineros

Mineros is one of the few gold producers headquartered in Colombia. It trades on the Toronto Stock Exchange, the Colombian Stock Exchange (BVC) and the OTCQX. It has two producing properties. One is the Nechí alluvial operation in Antioquia, which recovers gold from river gravels using dredges. The other is the Hemco property in Nicaragua. Its pipeline includes the Porvenir project in Nicaragua, La Pepa in Chile and the Tolima project (formerly La Colosa) in Colombia.

Production is rising. Q3 2026 output was 62,565 oz, up 14%, and nine-month output was 181,466 oz. On October 13, 2026 the company raised 2026 guidance for the second time, to 235,000–245,000 oz. About 63% of nine-month output came from Hemco. Colombia (Nechí) produced 24,555 oz in Q3.

Mineros returns a lot of cash to shareholders. It pays an ordinary dividend of US$0.10 a year in quarterly instalments. In July 2026 shareholders expanded the buyback to up to US$175 million, running to March 2029 on the BVC and TSX. On October 23, 2026 it proposed a special dividend of US$0.20 a share (about US$58 million), which goes to a shareholder vote on November 24, 2026.

Sun Valley Investments AG, a vehicle linked to investor Vikram Sodhi, became the majority shareholder through tender offers on the BVC in 2025. In 2026 the board also began studying a possible change of incorporation jurisdiction (re-domiciliation). It has not decided to proceed.

Mineros’s Colombian projects

Nechí alluvial property

Nechí sits in the Bajo Cauca region of Antioquia, in the municipalities of El Bagre, Zaragoza, Caucasia and Nechí, along the Nechí River. Mineros mines old river gravels with bucket-line and smaller dredges, then recovers gold by gravity. Alluvial mining moves very large volumes, so reserves are measured in cubic metres and milligrams per cubic metre. Nechí also buys gold from formalized small-scale miners under a program the company calls CMP. In Q2 2026, 2,918 of the 22,659 oz from Nechí came through CMP.

The reserve update effective December 31, 2024 supports a mine life of about 12 years (2025–2036). In 2026 Mineros planned 13,000 m of mostly sonic drilling (a method suited to loose sediments) to test gravels east of the Nechí River. Q3 2026 production was 24,555 oz, up 7.8%. The region has heavy illegal mining and armed-group activity, which is a standing operating risk. In the ANM’s 2026 round, Mineros’ alluvial subsidiary also won blocks 17 and 18 (2,624 ha) in Antioquia, as BNamericas reported.

Resources: Proven & Probable Reserves 524 Mm³ at 81 mg/m³ (1,355 koz Au); Measured & Indicated Resources 527 Mm³ at 56 mg/m³ (1,005 koz Au); Inferred 223 Mm³ at 62 mg/m³ (447 koz Au) (NI 43-101, effective Dec 31, 2024)

Tolima project (formerly La Colosa)

Mineros bought 100% of the shares of AngloGold Ashanti Colombia S.A.S. from AngloGold Ashanti. The deal was announced March 9, 2026 and closed April 13, 2026. The subsidiary holds the integrated mining concession for the gold system at Cajamarca, Tolima, about 150 km west of Bogotá and 30 km from Ibagué. Mineros paid US$10M cash at closing. It will pay up to US$60M more depending on the tonnage approved in a future PTO (mine work plan) and on getting an environmental licence. AngloGold kept its Quebradona project. Mineros plans a consultation process with local people to choose a new name.

The project is not a mine on care and maintenance. It is an exploration project that has been largely stalled since 2017. That year, in a local popular consultation, more than 97% of Cajamarca voters rejected mining. In 2025 the ANM refused to extend the suspension of contract obligations, so the title’s commitments became active again. In August 2026 Mineros asked the Procuraduría (Inspector General’s office) to convene a conciliation with Cajamarca’s mayor and council. The aim is to overturn a municipal agreement that declared 33 former AngloGold properties to be of public utility. If that fails, Mineros has said it may sue. Environmental groups have vowed to keep opposing the project.

Resources: Historical only: AngloGold Ashanti reported 23.35 Moz Au Indicated and 4.98 Moz Au Inferred (Dec 2024). Mineros has not verified these as current mineral resources under NI 43-101.

Hemco and Porvenir (Nicaragua, context)

Hemco is Mineros’ largest operation. It produced 38,010 oz in Q3 2026 (up 18.5%), and its 2026 guidance is 148,000–152,000 oz. A plant expansion targets 2,500 tonnes per day by December 2026. Mineros also published an initial resource for the Guillermina deposit at Hemco.

Porvenir is a development project near Hemco. The company puts initial capital at US$206.8M, which management says it can fund from treasury. Forest management and wastewater permits were expected by the end of Q4 2026. Mineros says it is looking for producing acquisitions of 70,000–130,000 oz a year in the Americas.

Resources: See Mineros’ latest AIF for Hemco and Porvenir NI 43-101 estimates (not reviewed for this profile).

Latest Mineros news

Upcoming catalysts

  • Q3 2026 financial results, including unit costs and realized prices (November 11, 2026)
  • Shareholder vote on the US$0.20 special dividend (November 24, 2026)
  • Full-year 2026 production versus 235,000–245,000 oz guidance, and 2027 guidance (2026 guidance was issued in February 2026)
  • Outcome of the Cajamarca conciliation or lawsuit over the Tolima project
  • Porvenir permits and construction decision (permits expected by end of Q4 2026)
  • Any decision on re-domiciliation, and possible acquisitions of 70,000–130,000 oz a year

Management

  • Daniel Henao, Chief Executive Officer

Key risks for Mineros stock

  • Nicaragua concentration: about 63% of 2026 year-to-date output comes from Hemco, which carries sovereign and sanctions-related risk.
  • Security in Bajo Cauca: illegal mining and armed groups operate around Nechí.
  • Tolima (La Colosa) faces deep local opposition after the 2017 popular consultation, plus municipal and legal hurdles.
  • Gold-price exposure: AISC guidance is US$2,370–2,470/oz, so margins depend on prices staying high.
  • Controlling shareholder: Sun Valley holds a majority, which limits free float and minority influence.
  • Liquidity and tax: TSX trading is thin, and dividends paid through Canadian depositaries face 20% Colombian withholding tax.

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.