Mineros Raises 2026 Gold Guidance After 14% Q3 Production Gain

Mineros has raised its 2026 gold-production guidance to 235,000–245,000 ounces after reporting third-quarter output of 62,565 ounces, 14% higher than in the corresponding period a year earlier. The revised range replaces prior guidance of 220,000–240,000 ounces, lifting the lower end by 15,000 ounces and the upper end by 5,000 ounces.23

The increase is grounded in operating gains at both of the company’s producing properties. Hemco in Nicaragua delivered 38,010 ounces of gold in the third quarter, an 18.5% year-over-year increase, while Nechí in Colombia produced 24,555 ounces, up 7.8%. Hemco supplied roughly 61% of consolidated quarterly production, making its performance the principal contributor to the group’s production growth.23

For the first nine months of 2026, Mineros produced 181,466 ounces of gold, an 11.3% increase from the comparable 2025 period. The result leaves the company needing between 53,534 and 63,534 ounces in the fourth quarter to meet its new full-year range. That required fourth-quarter output brackets the just-reported third-quarter total, emphasizing that the guidance increase reflects delivered production progress but still depends on continued operating performance through year-end.23

At Hemco, Mineros attributed the stronger quarter to higher-grade ore as well as continuing plant optimization and expansion work. Nine-month production at the Nicaragua operation reached 114,344 ounces, up 19% year over year. The site also held stockpiles of 121,864 metric tons containing approximately 18,856 ounces of gold at the end of September. Those inventories represent material available for future processing and subsequent sales, rather than gold already produced or sold.23

Hemco’s full-year production guidance has been increased to 148,000–152,000 ounces from 137,000–147,000 ounces. The change raises both ends of that property-level range, by 11,000 ounces at the bottom and 5,000 ounces at the top. The revised range therefore places Hemco at about 63% of Mineros’ new consolidated midpoint, underlining its importance to the upgraded corporate outlook.23

Nechí’s quarterly advance was attributed to improved gold recovery in its systems. Its nine-month output was not disclosed in the supplied release extract, but management increased Nechí’s full-year guidance to 87,000–93,000 ounces, from 83,000–93,000 ounces. Unlike Hemco, the revision lifts only the lower end of the range, retaining the existing 93,000-ounce ceiling. That structure suggests Mineros has gained confidence in the operation’s minimum expected contribution while leaving its best-case target unchanged.23

Sales broadly tracked the production increase. Consolidated gold sales were 61,281 ounces in the quarter, up 11.7% year over year, while gold-equivalent sales, including silver, rose 15% to 64,544 ounces. Hemco gold sales were 38,135 ounces, modestly above its quarterly production, and its silver sales more than doubled to 210,380 ounces. The company did not provide financial results in the supplied extract, so the operational update does not establish the effect of the higher volume on revenue, costs or cash flow.23

The central development is not simply a stronger quarter but a second upward revision to Mineros’ annual production expectations. The remaining test is execution: continued throughput, grades and recoveries at Hemco and Nechí must convert the nine-month production base and Hemco’s ore inventories into fourth-quarter output sufficient to deliver the newly raised range.23