Colombian Gold Miner Adopts Strategic Bullion Policy

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Mineros S.A. (MSA:TSX, MNSAF:OTCQX) announced on July 10, 2026, that it had adopted a formal strategic gold reserve policy under its investment management policy, which established physical gold bullion as a core treasury asset of the company. The policy will follow four principal parameters:

• Physical gold bullion is held with reputable institutional custodians and managed as a distinct asset class within the company's treasury portfolio, under the oversight of the Investment Committee.
• Physical gold bullion is accounted for as inventory (precious metals) at the lower of cost and net realizable value in accordance with IAS 2. Gold-linked derivative instruments not designated as hedging instruments are measured at fair value through profit or loss under IFRS (International Financial Reporting Standards) 9.
• Beginning with its financial statements for the three months ended June 30, 2026, the company will present a subtotal — operating cash flows before strategic gold purchases — within its statement of cash flows, allowing investors to assess recurring operating cash generation independently of period-specific treasury allocation decisions.
• The company has introduced "strategic liquidity position" (cash and cash equivalents plus physical gold bullion) as a supplementary liquidity measure and has updated the definition of net free cash flow to reconcile from operating cash flows before strategic gold purchases.

Daniel Henao, CEO of Mineros, said in the release: "We produce gold because we believe in gold. The policy formalizes a natural extension of our business: retaining a measured portion of our output in its most elemental form. Gold is the asset we understand best, and holding it in treasury aligns the company with shareholders who own Mineros for exposure to gold."

"The policy is supported by disciplined governance," said Natalia Correa, the company's CFO, in the release. "We have established an investment committee, quantitative risk limits, and transparent reporting — including a new subtotal within our statement of cash flows that isolates strategic gold purchases — so that investors can evaluate the treasury position alongside operating performance."

Mineros is a gold company based in Medellin, Colombia, that focuses on developing and exploring projects in Colombia, Nicaragua, and Chile.

Gold Staying Afloat During War Strife

Junior miners and exploration companies hit the ground running this year after gold rallied at a high of US$5,500 per ounce in January. Many companies chose to begin exploration or production amid these highs. While prices have since fallen, and even dipped below US$4,000 in June, rates are still up 24% compared to July 2025, and Gold.org wrote that: "[T]he stage is set for a possible breakout. On the upside, clear catalysts — a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying — could reignite gold’s momentum and lift it back towards US$4,500/oz or above."

Despite a slight rise in gold prices at the end of last week due to positive U.S. home sale data, rates have dipped again due to the ongoing U.S.-Iran War. Inflationary fears were reignited after Brent crude oil prices rose again after a several-week ceasefire between the two countries lost its stability. According to a July 13, 2026, report by Kitco Newswire, "The Strait of Hormuz situation is best characterized as open transit under active military contest, not a stable shipping environment and not a fully verified closure." At the time of writing, Kitco listed gold prices down to US$4,055.40 per ounce.

In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."

Despite the volatility of gold, the sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.

Analyst Encouraged by Operational Activities

Ben Pirie of Atrium Research reiterated a "Buy" rating for Mineros on July 7, 2026, raising the target price from CA$11.50 to CA$12.50. Pirie wrote: "MSA continues to demonstrate its ability to execute on growth, which was on display with another quarter of strong results. We are encouraged that the plant expansion in Nicaragua is progressing to plan, evidenced by a solid +7Koz increase to guidance. We expect this ongoing growth to continue QoQ with execution on bringing the plant at Hemco to 2,500tpd through the back half of the year. We are forecasting H2 consolidated gold sales of ~120Koz (117.5Koz in H1), resulting in 2026 sales of 238Koz, toward the upper end of the revised range. Financial results for Q2 are upcoming, and MSA reported record revenue and profits in Q1, which included a realized gold price of CA$4,777/oz. While incremental growth was achieved in Q2, we expect this will be offset by the pullback in gold in recent months."

Pirie then argued that Mineros is a likable company for investors because, in his opinion:

• MSA has a geographically diversified asset base, with producing operations in Colombia (Nechí Alluvial) and Nicaragua (Hemco), and a pipeline of advanced-stage exploration projects, reducing jurisdictional and operational risk.
• The company has demonstrated strong operating leverage to higher gold prices, with 2025 revenue up 48% YoY and OCF (after WC) up 44% YoY.
• Mineros has consistently delivered strong dividends, maintaining shareholder returns while executing on operational improvements and maintaining a flexible balance sheet.
• MSA trades at a discount to peers on both P/NAV and EV/EBITDA metrics, offering re-rating potential as costs stabilize and production grows.

Pipeline to Grow Moving Forward

According to Mineros' investor presentation, the company has produced 120,000 ounces of AuEq (gold equivalent) this year so far, and expects to produce 240,000 total.

With the Porvenir expansion, the company hopes to add 72,000 ounces, expand another 20,000 by de-bottlenecking, and finally reach 500,000 by 2030 upon unlocking the 2.6 million ounce resource in the Porvenir district, La Pepa, and Tolima.

Ownership & Share Information¹

Mineros S.A. has a market cap of CA$201 million, with 292.79 million shares outstanding. The company's 52-week range is CA$3.04-CA$9.55.

Institutions own 73% of shares, while Management & Insiders own 2%. Strategic investors hold 5% of shares, and the remaining 20% of shares are held by retail.

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