In the course of this presentation, I hope to introduce you or give you more information on a 50 year old gold producer whose first asset was in Colombia and who acquired a second asset in Nicaragua. We have an extensive record of paying dividends, so we've been a dividend payer for in excess of four decades, with a couple of exceptions in the 1990s when the price of gold was quite low. We think that, given our land packages, we have an extremely high probability of finding additional deposits in both of our jurisdictions. I'll walk through very briefly where we would see organic or inorganic opportunities to grow. We have a strong social license to operate, and I know that a lot of mining companies will say that, but over the next couple of minutes, I'm hoping to demonstrate that for you.
We have an experienced management team. Really quickly, before I dive into the assets, in the Q1, we had $160 million in revenues, $38 million in earnings. That translates into $0.13 a share. We have about 300 million shares outstanding. We have negative net free cash flow in the Q1. Your first question will be, why in God's name would you have negative free cash flow in a quarter when you're making so much money? The issue is, and once you start to look at the company, I'm hoping that you'll dig into our balance sheet and our P&L, but we had about $42 million in accounts receivable at the end of the quarter. If you flash back one year, in the Q1, it was -$1.9 million.
So if you take the last 12 months, you've got about $87 million in net free cash flow. The other thing that acts on the first half of the year is a lot of our taxes are due and payable, so that cash goes out the door in the Q1 to the first half. And the Q1 sales of gold were done at $2,881 on average. And these numbers that I'm producing for you, the average price of gold that we sold last year was $2,387. So just remember that we're in a bit of a higher gold price environment currently. So you should be concerned about what our balance sheet looks like. We've got about $81 million in cash on the balance sheet. We've got about $28 million in debt sitting in Colombia. It is denominated in Colombian pesos.
A lot of people have asked us why we haven't paid that off, given the fact that there's an awful lot of cash lying around, and Colombian debt tends to be a little bit more expensive. This debt was acquired when we refurbished our hydroelectric facilities, and I'll dig into that a little bit more when I discuss the assets. But it's tax-effective to just leave it there. So in the Q1, we had $71 million in EBITDA, and in the trailing 12 months, $240 million in EBITDA. I'm going to stop there just for a quick second. Closing price for our shares was CAD 2.40, I think a couple of days ago. So the issue is our stock trades in Canadian dollars, and our financials are reported in U.S. dollars. So all of these numbers I've just talked to you about are in U.S. dollars.
When you look at your screens with the company, it'll show our dividend yield being something like, it'll show some odd number. It's because Bloomberg and the rest of these terminals don't understand that they have to convert the Canadian dollar share price to a U.S. dollar equivalent because we pay, or we will pay this year, CAD 0.10 in dividends. I mentioned briefly that this is a long-term dividend payer. It's been paying dividends for more than four decades. What's really interesting about this slide is that we acquired the Hemco property in 2013, and at no point have we discontinued the dividends. We are prepared to lower them from time to time if we see an alternate source to pay out our cash, but we paid CAD 0.10 last year, and we're going to pay CAD 0.10 in this coming year.
So two assets, one in Colombia, one in Nicaragua. I'll start in Colombia, or I'll start just to show you what the assets did in the Q1. So Colombia produced about 23,000 ounces of gold, and it did so at an all-in sustaining cost of about $12.95. I've put the 23,000 ounces of gold against what we expect to produce in this year. So we guided to 81,000 ounces and 91,000 ounces, and we guided to a little bit higher sustaining cost. So your first question would be, how come you're below the bottom end of your guidance? Largely because we produced more ounces in the Q1 than we expected we would, and because the Colombian peso was a little bit weaker. Turning to Nicaragua, we produced just under, yeah, just under 31,000 ounces, and we did so at all-in sustaining cost of $1,855.
You're also going to note that we're on track on the production because we expect to produce somewhere between 120,000 ounces and 132,000 ounces, but we're above the high end on all-in sustaining cost. Your next question, very rightfully, should be why. In Nicaragua, about 70% to 75% of our production comes from toll milling rock that we buy from artisanal miners. We pay those artisanal miners 40% to 45% of the spot price. Accordingly, our cost for that rock is indexed to the price of gold. Nechí. Nechí is an ancient alluvial plain about 190 km north of Medellín. If you ever end up at our mine site, you will have taken about a 30 minute plane ride from Medellín to El Bagre.
There we have identified 1.35 million ounces of gold in the proven and probable category, and we have another million ounces in the measured and indicated category. This operation has actually been an operation for more than 100 years. It's been in our hands for 50, and there's been just around 9 million ounces taken out of the deposit, 3.2 million with us. So what we do in this situation is you've got this gold that has washed out of the Andes over time, over millennia, and it's sitting in this flat-lying alluvial plain. So what we do is we go into our new areas, and we will take samples of trees, plants, matters, and we will put those aside in a nursery. We'll take down the trees.
Any animals that haven't moved along on their own, we scoop up, and we put them in our wildlife preserve for our vet techs and our veterinarians to take a look at. Then we take off that first 10 meters to 12 meters of barren sand, gravelly, muck, and then we will mine the next 12 meters to 30 meters with five big bucket dredges. And these bucket dredges are about seven stories high. They've been retrofitted with satellite uplinks and GPS, so we know exactly where we are in the deposit as we're moving these big dredges. And then we have a number of smaller dredges that work in these closed ponds with us. So important point, we create closed ponds beside the Nechí River so that we're not affecting the river.
So again, if you ever accepted an invitation to come and visit the site, we would take you downriver about an hour and a half, then we would get you out of one boat, we'd walk across an isthmus, and we'd get you into a new boat to take you to one of the dredges. On board one of the dredges, you will see gravity separation, water and gravity separation, and on the dredges, we refine that into a rich sand, which we put in canisters, and then we fly off the top of the dredge to go back to El Bagre to be refined.
Once we're done, once we're done with that, what we do is we take that overburden that we had set aside, and we bring it back, we recontour the land, we create farmlands, wetlands, we've got rubber plantations, we've got cocoa farms, and we've got beekeeping. One of the things that Mineros understands in spades is that mining is a kind of a one-direction industry, and so what we're trying to do is develop those businesses that are sustainable and that make us part of a responsible partnership so that there are businesses left behind once we're gone. The other thing that's really important is water and gravity. No cyanide, no mercury. This is just free gold that has just washed out of the Andes over millennia. Turning to Nicaragua. So we acquired this asset in 2013, and at the time, we were producing about 65,000 ounces of gold.
This is two underground mines and an artisanal mining component. What we've done over the last 12 years is we've developed a sampling plant that's entirely hands-on so the artisanal mining partners who are working with us can be confident that we're not doing anything to the rock or affecting it in any way when we take the samples. We embed fiscals or auditors into the process so they can be confident that we're good partners to deal with. Additionally, what we do is we've embedded an auditor into our lab so that they can also see that we haven't affected the lab samples that they're working with.
The artisanal miners will bring us 10 to 12 ton material, and then what happens is that gets sampled, and then we offer them what we think to contain gold based on the assay, and they will either leave it with us or take it away. And the only reason why they've ever taken it away really is because we have a three gram cutoff. So we think that we get the material, all of the material eventually, but it's usually because they go and mix it with other material. So organic growth. One of the most important things to discuss is Nicaragua. We have this 165,000 hectare land package, and we're blessed to have a new CEO on board. David , he is here with me today. We are operating out of the Panama and Pioneer mines, and they're in a four kilometer strike. We have discovered another deposit.
David first question when he was onboarding with the team in Nicaragua was, what have you done to discern what's going on between Panama in the northeast and Pioneer in the middle and Porvenir, which is in the southwest? And so I fully expect that we're going to be doing more drilling there in short order. Plus, I fully expect that we're going to be doing some MAG surveys. Porvenir, there was a PFS done on Porvenir a number of years ago, and you'll note that most PFSs are done at a 5% discount rate. This one was at 10%, and it still stands that we've used $1,500 an ounce gold. So one of the things that we're doing here is we really want to understand the metallurgy before we go and build a plant. This deposit's a little bit different from Panama and Pioneer.
It's got a bit of zinc in it. And for any of you who have been zinc bugs at any point in time in your life, which I think there are very few in the room, but I worked in zinc for 16 years, is we know that we have to get differential separation. We know that we can't have any of the gold or very, very little gold reporting to the zinc concentrate, so we really want to understand the metallurgy in order to understand the flow sheet. The other thing that's super important, and David brings this new eye to our operations in that he came out of AngloGold Ashanti and Barrick, Detour, and most recently OceanaGold. He's got deep experience with both underground mines and open pits, and so his first question was, why 2,000 tons a day?
What happens if we find another big deposit there? What would be the optimal size for this plant? Can it be? Should it be built so that we can expand it at a later time? So those are all questions that we're asking, and rightly so. So just to finish up, organic growth. So like many producing mining companies, we're looking for additional assets to add to our stable of assets. We're typically looking anywhere from Alaska to Patagonia, kind of in that three-hour time zone, looking for something that's 50,000 ounces to 100,000 ounces and looking for something that's not going to break the bank.
As mining investors, you're used to people buying things with big build CapEx and not necessarily hitting their numbers, which can be devastating for shareholders. So we're really focused on being very logical and methodical in our acquisitions. So with that, I think I'm done.