I want to thank everybody for attending this afternoon. I know it's late in the afternoon, but I really appreciate you being here. The mining event. I had a girlfriend tease me, "What were we doing here? Because our assets are in Latin America," and my answer to her was the same as it is to you: everyone should know about this 50-year-old dividend-paying gold producer that produces more than 200,000 ounces per year. Over the course of the next 12 minutes or so, I will be making a few forward-looking statements, and, you know, despite our best efforts, they may not come out the way we expect, but we will be trying, so Mineros is 50 years old. It's got a long, long track record of being profitable, and it has a four-decade track record of being a dividend payer.
There were a couple of years in the 1990s that we didn't pay dividends, but we currently have about a 6% yield on our dividend. We've got two assets in Latin America. The first and oldest asset of ours is the Nechí Alluvial Operation in Colombia, and the second asset that we acquired in 2013 is the Hemco operation, which involves two underground mines, and we toll mill artisanal mining material. We think that we have growth opportunities both organic in Colombia and in Nicaragua, and I will kind of describe for you what it is we're looking to acquire. We have an extraordinarily strong social license to operate in both of our jurisdictions, largely because of the work we do with the artisanal mining community, and we have an experienced management team.
Really quickly, just to kind of set the table and give you a context within which we're operating. In the first quarter of 2025, we had $160 million in revenues. That translated into $38 million in earnings. That's $0.13 a share. We had negative net free cash flow of $1.1 million. You'll have to ask why, with that much money flowing from the operations, would we have negative net free cash flow? We had the same negative net free cash flow in the first quarter of $1.9 million. If you take a look at a trailing 12 months, it's about $87 million, and we did that at $2,387 through 2024 gold price, and through the first quarter of 2025, the gold price we received was $2,881. Really robust net free cash flow.
The negative net free cash flow in the first quarter was largely due to about $44 million in accounts receivable, and we have some cash taxes in the first half of the year. Turning to our cash position, we had about $81 million on the balance sheet at the end of March. We have $28 million in debt. It's denominated in Colombian pesos, and we acquired that debt when we refurbished our hydroelectric facilities in Colombia. Because it's denominated in Colombian pesos and because it's tax-effective to leave it there, we've not been inclined to prepay it. So, adjusted EBITDA for the trailing 12 months is about $240 million, and our return on capital employed is about 40%. I'm going to stop there for just a second. Our shares closed yesterday at CAD 242. Our dividends this year will be CAD 0.10. So, on a yield basis, that's about 6%.
If you convert our market cap to U.S. dollars, that's about $500 million. So, we're trading at just a little over two and a half times trailing EBITDA and about a little over five times net free cash flow. I talked about our dividend payment scheme. We're going to be paying out $0.10 this year. That's about $30 million, and that's even with last year. One of the things I want to point out in this chart is, in 2013, we acquired the Hemco operation, and we have never discontinued the dividend. We're often asked by investors whether we would discontinue the dividend under certain circumstances. I would never say never, but the issue is we have a history of having acquired other assets and kind of got them up to running the way we wanted to see them and never discontinued paying out that dividend.
I alluded to the fact we have two assets. The first, 50 years old in Colombia, and the second in Nicaragua, the Hemco operation. So, I'll just dig into them just a little bit. So, in Colombia, in the first quarter, we produced just over 23,000 ounces. Our guidance for the year is 81,000-91,000 ounces, and we produced those 23,000 ounces at an all-in sustaining cost of $1,295 per ounce, which is below the lowest end of our guidance for the year. So, the next question should be, why would that result? Largely because the Colombian peso was weaker than we had expected and that we'd budgeted for, and because there were additional ounces in the quarter that, you know, compared to our guidance. Turning to Nicaragua, we produced just under 31,000 ounces. Our guidance for the year is 120,000-132,000 ounces.
Of that, about 33-36,000 ounces will come from our two underground mines, Panama and Pioneer, and the balance will come from our artisanal mining partners selling us their rock. Our all-in sustaining costs were $1,855. That's above the high end of our range given. The next question should be, why would that be so? About 40% of our overall production, or about 70% of the Nicaraguan production, comes from these artisanal mining partners, and accordingly, we pay them about 42% of spot. So, that portion of our production is actually indexed to spot prices of gold, and we had anticipated significantly lower gold prices when we set the budgets. Accordingly, this is just largely due to the fact that we're now selling gold at $3,300 an ounce, or in the first quarter, $2,881. So, Nechí Alluvial. A lot of people say alluvial is really hard to understand.
I struggle with that concept only because, for the geos in the room, if I make mistakes, please, you know, I beg your forgiveness, but this is just an ancient alluvial flatline plane. So, the Andes, as it curls up and across the top of Colombia, over millennia, free gold has just washed out of gold sources in the Andes and is now lying in this flatline plane. At the end of last year, we issued a new technical report that had identified 1.35 million ounces in the proven and probable category. So, these are ancient paleo channels, and so what we do is we drill them off on 100-meter centers, like you would any other open pit, and we identify the amount of gold in any one of those drills, and the reconciliation is really good.
In the measured and indicated category, which is separate from the proven and probable, we have another million ounces in that in resources, so what happens is we come into an area, and we will inventory the flora, and we will take hundreds of samples and set them aside in a nursery for rehabilitation once we're done. The animals in the area will move along, and any that have not moved along on their own volition, we'll scoop them up, and we put them in a wildlife preserve, and our vets and vet techs will take care of them and make sure they're in good shape to re-release, then what happens is the trees come down. We've got about a 10-meter-12-meter overburden, and I'm talking gravel and sand, a little bit of clay, very wet circumstances. We'll take that off, and we'll set that aside.
Then, with five big bucket dredges working in a closed pond next to the river, we will extract the next 12-30 meters, and the gold is just free-milling gold that we throw water at and gravity separation in order to enrich, and we take those enriched sands back to El Bagre, where we refine them further. Our doré goes out to Salt Lake City with Asahi or to Switzerland with Argor-Heraeus. Once we're done in that area, we will bring back that material that we'd set aside, we'll recontour, and we create wetlands, we create farmlands, we have rubber plantations, we have cocoa plantations, and we have beekeeping. If you're ever in El Bagre and you're buying honey, you may well be buying honey from our hives. Moving to Hemco, it's two underground mines.
For anybody who's ever been underground in a mine, this is a ramp access mine. We load haul dumps, big yellow equipment, so very mechanized, and together with the material that we get from these two underground mines, we buy rock from our artisanal mining partners. They will bring us rock from around 1,500 shafts. It's important to understand in Nicaragua that artisanal mining is legal, and they can work into up to 1% of your property, so what we've done is structured a Bonanza Model, which has a commission that sits above us, the government officials. It has government officials represented on the commission. It has members of our staff, and it has members of the artisanal mining partners, and what happens is any sort of disagreements are resolved at this level.
But the other thing that happens is, as our artisanal mining partners are bringing in this rock, we make sure we understand exactly where it's coming from and exactly what the geology looks like and the metallurgy looks like. The artisanal mining partners in Nicaragua are very good at finding things, so sometimes it stands us in good stead to understand what might be going on at depth underneath one of these artisanal mining shafts. We, too, will find things as our geos are looking at our 165,000-hectare land package, and accordingly, we will tell the artisanal miners if we find something really near surface, so shallower than 20 meters, that won't lend itself well to big mechanized equipment, and so we will have them, you know, we'll point them in that direction so that they can mine that. I talked about the 165,000-hectare land package.
We are mining in the northeast at Panama and Pioneer, and along strike in a four-and-a-half-kilometer strike length, we've got another deposit called Porvenir. We have just attracted the attention of a new CEO, a gentleman named David Londoño. David comes to us from a long, long history of both underground and open-pit mining. Historically, he was at AngloGold Ashanti, at Barrick, at Detour, he went to Kirkland Lake, and most recently, we attracted him out of OceanaGold. So, one of the first questions he asks the teams in Nicaragua is, what's going on at depth and what may be going along strike between the two mines that we're currently operating and at Porvenir? Porvenir is one of the stories that we talk about in organic growth. So, in 2023, we did a pre-feasibility study, which we are optimizing this year.
For $166 million, we determined we could build a 2,000-ton-a-day plant that we would extract the gold and silver first, and that we would then float a zinc concentrate with the balance of the gold, the silver, and a bit of copper we'd report to. So, for anybody who's been in base metal mining or base metal investments, you'll understand that that's not necessarily the ideal way to extract a polymetallic ore body. So, 2025, we're focused on optimizing this PFS so we can understand exactly what the geology is telling us about this deposit in order to extract it in the most economic and optimized fashion.
In addition to organic growth at our operations, and I didn't really touch on Colombia, but there is a large land package there as well, we're currently in the market for something that is in production, hopefully a 50-120,000-ounce producer or a late-stage developer. Think something that's already permitted. If there are First Nations benefit agreements to be negotiated, we would hope that they were already in place. There are these types of assets that are in single-asset entities that may have run themselves onto a short leash with having taken longer than they expected to develop, as Dan and Matthew were talking about in the previous session.
Accordingly, we think that these assets are available to us for the right price, and accordingly, we're looking from kind of Patagonia to Alaska, looking within the three time zones that make up South, Central, and North America. And I think with that, I'm done. Thank you. Thank you.