Mineros S.A.
Price History
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About Mineros S.A.
Mineros S.A. (MSA.TO) is a gold mining company listed on the Toronto Stock Exchange (TSX). Our project database tracks 17 projects for Mineros S.A. with technical and economic data extracted from company filings. Its flagship Porvenir (Pre-Feasibility) carries an after-tax NPV of $460M and an IRR of 37.9% over a 9-year mine life.
Mineros S.A. operates gold mines in Colombia, Nicaragua, and Argentina producing approximately 350,000 ounces of gold annually across multiple jurisdictions. The company benefits from diversified operations across Latin America with exploration upside at its existing mines.
Primary Commodities
Gold
Project Economics
Hemco Property (Panama, Pioneer, Porvenir, Luna Roja, Leticia, San Antonio, Guillermina)
Gold· Región Autónoma de la Costa Caribe Norte, Nicaragua· Production
Resource Estimate
Head Grade3.79 g/t Au (Panama), 4.49 g/t Au (Pioneer), 2.86 g/t Au (Porvenir) reserves
Recovery90%
Mine TypeUnderground (shrinkage stoping, sub-level open stoping, bench and fill, cut-and-fill)
- Mineral Reserves
- P&P Reserves – Panama: 1,091 kt @ 3.79 g/t Au containing 133 koz Au; Pioneer: 914 kt @ 4.49 g/t Au containing 132 koz Au; Porvenir: 6,477 kt @ 2.86 g/t Au, 12.27 g/t Ag, 0.37% Cu, 2.61% Zn containing 596 koz Au, 2,555 koz Ag, 52 Mlb Cu, 372 Mlb Zn (778 koz AuEq)
- Mineral Resources
- M&I – Panama: 1,159 kt @ 3.06 g/t Au, 114 koz Au; Pioneer: 362 kt @ 3.30 g/t Au, 38 koz Au; Porvenir: 2,969 kt @ 1.91 g/t Au, 182 koz Au; Luna Roja (open pit): 841 kt @ 2.77 g/t Au, 75 koz Au; Leticia: 300 kt @ 3.40 g/t Au, 33 koz Au; Guillermina: 1,763 kt @ 0.97 g/t Au, 55 koz Au. Inferred – Panama: 3,027 kt @ 3.50 g/t Au, 340 koz Au; Pioneer: 1,769 kt @ 3.54 g/t Au, 201 koz Au; Porvenir: 1,031 kt @ 2.05 g/t Au, 68 koz Au; Luna Roja OP: 869 kt @ 2.52 g/t Au, 70 koz Au; Luna Roja UG: 291 kt @ 2.81 g/t Au, 26 koz Au; Leticia: 137 kt @ 2.81 g/t Au, 12 koz Au; San Antonio: 1,313 kt @ 2.23 g/t Au, 94 koz Au; Guillermina: 1,118 kt @ 1.44 g/t Au, 52 koz Au. Hemco P&P total: ~861 koz; M&I ~497 koz; Inferred ~864 koz
Source: Company presentation
La Pepa Project
Gold· Chile (Maricunga Gold Belt, Atacama Region)· Exploration
Resource Estimate
Head Grade0.55 g/t Au (M&I), 0.46 g/t Au (inferred)
Ownership100%
- Mineral Resources
- M&I: 124,221 kt @ 0.55 g/t Au containing 2,189 koz Au; Inferred: 25,024 kt @ 0.46 g/t Au containing 366 koz Au. Cavancha Mineral Resources: Measured 58.8 Mt @ 0.61 g/t Au - 1.2 Moz Au; Indicated 65.4 Mt @ 0.49 g/t Au - 1.1 Moz Au; Inferred 25.0 Mt @ 0.46 g/t Au - 0.37 Moz Au
Source: Company presentation
Nechí Alluvial Property
Gold· Antioquia Department, Colombia· Production
Resource Estimate
Mine Life12 yrs
Head Grade0.03 g/t Au (reserves and M&I), 0.03 g/t Au (inferred)
Mine TypeOpen Pit (closed-pond dredging / alluvial)
- Mineral Reserves
- Proven & Probable: 1,131,399 kt @ 0.03 g/t Au containing 1,245 koz Au
- Mineral Resources
- M&I: 1,087,057 kt @ 0.03 g/t Au containing 1,028 koz Au; Inferred: 467,437 kt @ 0.03 g/t Au containing 442 koz Au
Source: Company presentation
Porvenir
Gold (polymetallic: Au, Ag, Zn, Cu)· Nicaragua (Hemco Property, Región Autónoma de la Costa Caribe Norte)· Development
Pre-Feasibility
NPV (After-Tax) @ 5%$460M
IRR (After-Tax)37.9%
Initial Capex$207M
Payback2 yrs
AISC1,295 USD/oz AuEq
Mine Life9 yrs
Head Grade2.86 g/t Au, 12.27 g/t Ag, 0.37% Cu, 2.61% Zn (P&P reserves); 3.74 g/t AuEq
Recovery88.4%
Mine TypeUnderground (cut-and-fill stoping and sub-level stoping)
Ownership100%
- Mineral Reserves
- Proven & Probable: 6,477 kt @ 2.86 g/t Au, 12.27 g/t Ag, 0.37% Cu, 2.61% Zn (3.74 g/t AuEq) containing 596 koz Au, 2,555 koz Ag, 52 Mlb Cu, 372 Mlb Zn (778 koz AuEq)
- Mineral Resources
- M&I: 2,969 kt @ 1.91 g/t Au, 9.10 g/t Ag, 0.28% Cu, 2.18% Zn (2.44 g/t AuEq) containing 182 koz Au, 869 koz Ag, 18 Mlb Cu, 143 Mlb Zn (233 koz AuEq); Inferred: 1,031 kt @ 2.05 g/t Au, 6.77 g/t Ag, 0.12% Cu, 2.35% Zn (2.54 g/t AuEq) containing 68 koz Au, 224 koz Ag, 3 Mlb Cu, 53 Mlb Zn (84 koz AuEq)
Source: Company presentation
Porvenir (Nicaragua)
Gold/Polymetallic (Au, Ag, Zn, Cu)· Nicaragua (Hemco Property, Región Autónoma de la Costa Caribe Norte)· Development
Pre-Feasibility
Mar 2026
NPV (After-Tax) @ 5%$460M
IRR (After-Tax)37.9%
Initial Capex$207M
Payback2 yrs
AISC1,295 USD/oz AuEq
Mine Life10 yrs
Annual Production72.3 koz AuEq
Mine TypeUnderground
- Mineral Reserves
- P&P Reserves ~736 AuEq koz
- Mineral Resources
- M&I Resources ~233 AuEq koz
Source: Company presentation
Colombia Operations (Nechí Alluvial)
Gold· Antioquia, Colombia· Production
Production
2026
AISC2,140 USD/oz
Mine Life12 yrs
Annual Production88,000 oz Au
Mine TypeAlluvial
- Mineral Reserves
- P&P Reserves: ~1.24Moz Au
- Mineral Resources
- M&I Gold Resources: ~1.02Moz Au
Source: Company presentation
Consolidated (Mineros S.A.)
Gold· Colombia & Nicaragua· Production
Production
2026
Initial Capex$114M
AISC2,420 USD/oz Au
Annual Production223,000 oz Au
- Mineral Reserves
- ~2.1Moz P&P Gold Reserves
- Mineral Resources
- ~3.7Moz M&I Gold Resources; ~1.7 Moz Inferred Gold Resources
Source: Company presentation
Hemco (Nicaragua Operations)
Gold, Silver· Nicaragua - Región Autónoma De La Costa Caribe Norte· Production
Production
2026
AISC2,340 USD/oz Au
Annual Production147,000 AuEq oz
Ownership100%
- Mineral Reserves
- Proven & Probable: ~861 koz Au (Panamá, Pioneer, Porvenir)
- Mineral Resources
- M&I: ~497 koz Au (exclusive of reserves); Inferred: ~864 koz Au (across all Hemco)
Source: Company presentation
Hemco Property / Nicaragua Operations
Gold· Región Autónoma De La Costa Caribe Norte, Nicaragua· Production
Production
2026
AISC2,340 USD/oz Au
Annual Production38 koz Au
- Mineral Reserves
- 861 koz Au (P&P Reserves, includes all Hemco property)
- Mineral Resources
- 497 koz Au (M&I Gold Resources), 864 koz Au (Inferred Gold Resources)
Source: Company presentation
La Pepa (Chile)
Gold· Chile - Atacama Region, Maricunga Gold Belt· Exploration
Resource Estimate
2026
Mine TypeOpen-pit
Contained Metal2.5 Moz Au
- Mineral Resources
- Measured: 58.8 kt @ 0.61 g/t Au - 1.2 Moz Au; Indicated: 65.4 kt @ 0.49 g/t Au, 1.1 Moz Au; Inferred: 25,024 kt @ 0.46 g/t Au - 0.37 Moz Au
Source: Company presentation
Nechí Alluvial / Colombia Operations
Gold· Antioquia Department, Colombia· Production
Production
2026
AISC1,945 USD/oz Au
Annual Production20 koz Au
Recovery87%
- Mineral Reserves
- 1.24 Moz Au (P&P Reserves)
- Mineral Resources
- 1.02 Moz Au (M&I Gold Resources, exclusive of Reserves)
Source: Company presentation
Nechí (Colombia Operations)
Gold· Colombia - Antioquia Department, Nechí· Production
Production
2026
AISC1,945 USD/oz Au
Mine Life12 yrs
Annual Production93,000 Au oz
Mine TypeOpen-pit (closed-pond dredging)
Ownership100%
- Mineral Reserves
- Proven & Probable: ~1.24 Moz Au
- Mineral Resources
- M&I: ~1.02 Moz Au (exclusive of reserves)
Source: Company presentation
Nicaragua Operations (Hemco)
Gold· Nicaragua· Production
Production
2026
AISC2,000 USD/oz
Annual Production135,000 oz Au
- Mineral Reserves
- P&P Reserves: ~861Koz Au
- Mineral Resources
- M&I Gold Resources: ~497Koz Au; Inferred Gold Resources: ~864Koz Au
Source: Company presentation
Tolima (Cajamarca)
Gold· Colombia - Tolima Department, Cajamarca· Exploration
Resource Estimate
Dec 2024
Head Grade0.87 g/t Au (M&I), 0.71 g/t Au (Inferred)
- Mineral Resources
- Historical: M&I 23.35 Moz Au @ 0.87 g/t; Inferred 4.98 Moz Au @ 0.71 g/t (AngloGold Ashanti estimate, not verified by Mineros)
Source: Company presentation
Cajamarca (Tolima)
Gold· Tolima, Colombia· Exploration
Resource Estimate
Dec 2024
Source: Company presentation
Nechí Alluvial Property (Colombia)
Gold· Colombia (Antioquia Department)· Production
Production
AISC2,140 USD/oz
Annual Production88 koz Au
- Mineral Reserves
- P&P Reserves ~1.24Moz Au
- Mineral Resources
- M&I Gold Resources ~1.02Moz Au
Source: Company presentation
Cajamarca, Tolima Exploration Project
Gold· Colombia (Tolima)· Exploration
Resource Estimate
- Mineral Resources
- Historical: Indicated 23.35 Moz Au @ 0.87 g/t; Inferred 4.98 Moz Au @ 0.71 g/t (AngloGold Ashanti historical estimate, not verified by Mineros)
Source: Company presentation
Project figures are automatically extracted from company filings and presentations and reflect the most recent disclosure found. They may contain errors — always verify against the linked source document.
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Frequently Asked Questions
- What does Mineros S.A. mine?
- Mineros S.A. is focused on Gold.
- What is the economic value of Mineros S.A.'s Porvenir?
- According to its Pre-Feasibility, Porvenir has an after-tax NPV of $460M and an IRR of 37.9%.
- What exchange is Mineros S.A. listed on?
- Mineros S.A. trades under the ticker MSA.TO on the Toronto Stock Exchange (TSX).
- How many projects does Mineros S.A. have?
- We track 17 projects with extracted technical and economic data for Mineros S.A.
Project Analysis
ANALYSISGOLD (POLYMETALLIC: AU, AG, ZN, CU)PFS
Porvenir PFS: $460M NPV, 37.9% IRR
Mineros S.A.'s Porvenir in Nicaragua (Hemco Property, Región Autónoma de la Costa Caribe Norte) has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $460M, an after-tax IRR of 37.9%, and initial capital of $207M. The proposed mine plan runs 9 years.
Mineros S.A.Sep 29, 2026
ANALYSISGOLD/POLYMETALLIC (AU, AG, ZN, CU)PFS
Porvenir (Nicaragua) PFS: $460M NPV, 37.9% IRR
Mineros S.A.'s Porvenir (Nicaragua) in Nicaragua (Hemco Property, Región Autónoma de la Costa Caribe Norte) has a Pre-Feasibility Study (PFS) outlining an after-tax NPV of $460M, an after-tax IRR of 37.9%, and initial capital of $207M. The mine plan runs 10 years at about 72.3 koz AuEq per year.
Mineros S.A.Aug 15, 2026
Quick Facts
- Ticker Symbol
- MSA.TO
- Market Cap
- Small Cap
- Category
- Gold
- Commodities
- Gold
This information is for educational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.
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