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30M Gold Ounces, 700% Stock Gain, Still Unknown | Daniel Henao - Mineros

The Deep Dive Sep 29, 2026 9:38

Summary

Mineros S.A., a 52-year-old Latin American gold producer, remains largely unknown to North American investors despite a share price up roughly 700% over five years.

The company produced 122,000 gold-equivalent ounces in the first half of 2026 and raised its 2026 guidance to as much as 240,000 ounces.

The Tolima acquisition from AngloGold Ashanti adds a historical estimate of roughly 28 million ounces for $10 million upfront plus $60 million contingent on permits.

Management argues five decades of community relationships in Colombia can unlock Tolima, using Work for Taxes — funding community projects instead of income tax.

First-half revenue reached roughly $559 million with adjusted EBITDA of $260 million, and management targets 300,000 ounces next year and 500,000 by 2030.

Key points on Anglogold Ashanti

  • Mineros S.A. bought the Tolima gold project, a deposit the CEO sizes at roughly 28 million ounces, from AngloGold Ashanti earlier in 2026 for $70 million: $10 million upfront and $60 million contingent on permits.
  • The host suggests AngloGold sold because the project struggled to win the support of local communities, and the CEO calls it a good deal for both companies.

Key points on Mineros S.A

  • The CEO frames Mineros as a significant but largely unknown gold producer with about 30 million ounces of gold in the portfolio and a goal of 500,000 ounces per year by 2030.
  • Production guidance was raised to 240,000 ounces for 2026 after 122,000 ounces of gold equivalent were produced in the first half, and the CEO says output is tracking toward or beyond the top of guidance while all-in sustaining costs run below the low end.
  • The host notes the share price is up about 700% over five years and 135% in the past year, and the CEO says it moved from about $0.60 to about $10 after his group deployed roughly $200 million for control starting in early 2024.
  • The CEO cites $560 million of first-half 2026 revenue and about $230 million in bullion and cash at quarter-end, with about 150,000 ounces coming from Nicaragua and about 90,000 from Colombia.
  • The company paid $70 million for the roughly 28-million-ounce Tolima project in Colombia — $10 million upfront and $60 million contingent on permits — which the CEO says has been declared a project of national interest.

Steve Hyland's takeaways

  • Top takeaway He presents Mineros as a producing gold company he had never heard of despite covering mining stocks, making the reason for its low profile the central question of the interview.
  • He frames the Tolima purchase as Mineros solving a problem the seller could not, and expects it to create substantial shareholder value.

Daniel Henao's takeaways

  • Top takeaway Argues that Mineros being largely unknown is the opportunity: a 52-year-old, dividend-paying producer listed on the TSX in late 2021 whose execution is now showing in the share price.
  • Claims Mineros is going beyond its promises, with production tracking toward or beyond the upper end of guidance and all-in sustaining costs tracking below the lower end.
  • Positions the $70 million Tolima acquisition ($10 million upfront, $60 million contingent on permits) as the kind of problem-solving he believes creates the most value in business.
  • Argues five decades operating in Colombia and tools such as paying income tax through community projects, like a school for 2,000 children in Bajo Cauca, give Mineros the social license needed to develop Tolima, which he says has been declared a project of national interest.
  • Points to first-half 2026 revenue of $560 million and about $230 million in bullion and cash at quarter-end as evidence of delivery, with further growth plans in Chile, Nicaragua and Colombia.