Mineros reported Q4 production results with total gold production of 58.6Koz modestly ahead of our 55.1Koz forecast, including a December monthly record of 20.7Koz AuEq in Nicaragua.
Full-year 2025 production of 225.8koz AuEq included 221.7koz of gold at the top end of annual guidance (201-223Koz).
Strong production in the quarter was a result of improved throughput and higher-grade artisanal ores in Nicaragua, resulting in gold production of 35.8Koz versus our 33.8Koz estimate.
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MSA: Closes Out Strong 2025 Production; Upper End of Guidance