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1. Company Snapshot

1.a. Company Description

Mineros S.A. engages in the exploration, development, and production of mineral properties in Colombia, Argentina and Nicaragua.The company explores for gold and silver deposits.It holds interests in the Gualcamayo property located in San Juan, Argentina; the La Pepa Greenfield project with Yamana located in the region of Copiapó, Chile; and the Hemco property located in the Bonanza, Nicaragua.


The company was formerly known as Mineros de Antioquia S.A. and changed its name to Mineros S.A. in May 2004.Mineros S.A. was incorporated in 1974 and is headquartered in Medellín, Colombia.

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1.b. Last Insights on MSA

Mineros S.A.'s recent performance was driven by several positive factors. The company's Q2 2025 financial results, reported on August 12, 2025, showed record-breaking figures. Additionally, Mineros completed a share repurchase program, buying back shares worth $12 million, which returns capital to shareholders and reduces outstanding shares. Furthermore, the company acquired the remaining 80% interest in the La Pepa Project from Pan American Silver Corp. for $40 million, securing 100% ownership and advancing its growth strategy in Chile. This acquisition is expected to boost Mineros' gold exploration capabilities.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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MSCI to Add Mineros to Colombia Small Cap Index

Nov -20

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Mineros Joins MSCI Colombia Small Cap Index

Nov -20

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Mineros Announces Management and Board of Directors Changes to Support Next Phase of Growth

Nov -19

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Mineros Announces Departure of Vice President, Legal and Sustainability

Nov -12

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Mineros Reports Record Third Quarter 2025 Financial Results - Operations Performing Well

Nov -05

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Mineros Announces Timing for Third Quarter 2025 Conference Call

Nov -04

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Mineros Receives Credit Ratings From S&P and Moody's for Proposed Senior Unsecured Notes

Oct -22

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Mineros Announces Investor Meetings for Senior Notes

Oct -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.17%)

6. Segments

Firefighter Safety

Expected Growth: 8.27%

Mineros S.A.'s Firefighter Safety segment growth of 8.27% is driven by increasing demand for mining safety equipment, government regulations enforcing stricter safety standards, and the company's strategic expansion into new markets, particularly in Latin America. Additionally, investments in R&D have led to innovative product offerings, further boosting sales.

Detection

Expected Growth: 4.83%

Mineros S.A.'s 4.83% growth is driven by increasing gold prices, successful exploration efforts, and strategic acquisitions. The company's focus on cost reduction and operational efficiency has also contributed to its growth. Additionally, growing demand for gold from central banks and ETFs has supported the company's revenue expansion.

Industrial PPE and Other

Expected Growth: 8.74%

Mineros S.A.'s Industrial PPE and Other segment growth of 8.74% is driven by increasing demand for personal protective equipment in the mining industry, government regulations emphasizing worker safety, and the company's strategic expansion into new markets, resulting in higher sales volumes and revenue growth.

7. Detailed Products

Metallurgical Coal

High-quality metallurgical coal used for steel production

Thermal Coal

Thermal coal used for electricity generation

Iron Ore

High-grade iron ore used for steel production

Manganese

High-quality manganese used in steel production and battery manufacturing

Copper

High-quality copper used in electrical wiring and electronics

Gold

High-quality gold used in jewelry, coins, and electronics

8. Mineros S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Mineros S.A. operates in a niche market with few substitutes, but the threat of substitutes is still present due to the possibility of new entrants.

Bargaining Power Of Customers

Mineros S.A. has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Mineros S.A. relies on a few key suppliers, which gives them some bargaining power, but the company's size and reputation also give it some negotiating power.

Threat Of New Entrants

The mining industry is highly competitive, and new entrants can easily enter the market, posing a significant threat to Mineros S.A.'s market share.

Intensity Of Rivalry

The mining industry is highly competitive, and Mineros S.A. faces intense rivalry from established players, which can lead to price wars and reduced profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 8.67%
Debt Cost 8.76%
Equity Weight 91.33%
Equity Cost 8.76%
WACC 8.76%
Leverage 9.49%

11. Quality Control: Mineros S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mineros

A-Score: 6.4/10

Value: 5.8

Growth: 3.2

Quality: 8.1

Yield: 7.0

Momentum: 10.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Pan African Resources

A-Score: 6.1/10

Value: 6.6

Growth: 7.8

Quality: 6.7

Yield: 4.4

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Dundee Precious Metals

A-Score: 6.1/10

Value: 4.5

Growth: 5.0

Quality: 8.5

Yield: 2.0

Momentum: 10.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Centerra Gold

A-Score: 5.7/10

Value: 4.3

Growth: 5.4

Quality: 5.5

Yield: 5.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Calibre Mining

A-Score: 5.3/10

Value: 8.1

Growth: 5.9

Quality: 5.5

Yield: 0.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

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Stock-Card
Centamin

A-Score: 4.3/10

Value: 3.6

Growth: 3.4

Quality: 6.1

Yield: 3.8

Momentum: 3.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.58$

Current Price

5.58$

Potential

-0.00%

Expected Cash-Flows