Good morning, everyone. Thank you for joining us today. I am Ann Wilkinson, Vice President of Investor Relations, and I'm joined today by Daniel Henao, President and CEO of Mineros and Natalia Correa, Chief Financial Officer. Before we begin, I would like to remind everyone that today's presentation includes forward-looking statements based on estimates and assumptions. These statements involve inherent risks and uncertainties as detailed in our cautionary note, and we encourage all participants to review our management's discussion and analysis and our Q1 2026 financial statements, which are available on our website and on SEDAR+. Following our formal remarks, we will open the floor for questions. You may submit questions at any time through the webcast portal. Please be advised that this call is being recorded, and a replay will be available on our website within 24 hours.
I would now like to turn the call over to our CEO, Daniel Henao.
Thank you, Ann. Good morning, everyone, and thank you for joining us today to review our first quarter 2026 results. Q1 was, in short, an outstanding quarter for Mineros. The numbers speak for themselves on multiple fronts simultaneously. From a financial standpoint, this was a record quarter across the board. We delivered revenues of $292 million, up 82% year-over-year, and a record net profit of $88 million, which is a 131% improvement over Q1 2025. These are not incremental gains. These are step change results. Our adjusted EBITDA reached $154 million, up 116%, with an EBITDA margin of 53%. That means that for every dollar of revenue we generated, more than half was pure operational earnings.
This is the power of our operating model at work when gold prices align with disciplined production. Of course, a key driver behind all of these results was the gold price. Our average realized gold price in Q1 was $4,777 per ounce, 66% higher compared to the first quarter of 2025. Critically, we captured this price fully because we operated with zero hedges on our production. This was a deliberate strategic decision, and it paid off. I also want to flag the gold backed liquid position.
Beyond the $44 million in cash on hand, we hold approximately $173 million in gold exposure, comprised of $153 million in trade receivables from gold sales pending final price determination that can convert into bullion or cash, and $20 million in physical gold bullion. This is our treasury strategy at work, building direct exposure to the asset that drives our business. On the operational side, our combined production reached 60,785 gold equivalent ounces, a 10% increase over Q1 2025. Gold production came at 57,850 ounces, with Nicaragua contributing 37,941 ounces and Colombia 19,909 ounces. Silver was a standout story this quarter.
We sold 161,766 ounces at an average realized price of $87 per ounce. That is 164% higher than the first quarter of 2025. This reflects the continued optimization of our silver recovery circuit at Hemco, and it is becoming an increasingly meaningful contributor to our revenues and to our all-in sustaining costs. Our all-in sustaining cost for the quarter was $2,235 per ounce, and our Cash Cost was $2,002 per ounce, both tracking below the lower end of our 2026 guidance and comfortably below current. That translates directly into strong operating margins. On the Hemco expansion front, we reached sustained throughput of 2,000 tons per day during the quarter.
This is a 14% improvement over our 1,750 tons per day baseline. We remain on schedule to reach 2,200 tons per day by June and 2,500 tons per day by December of this year. Strategically, the quarter was equally as active. The Porvenir PFS delivered exceptional results. An after-tax NPV of $460 million at a 5% discount rate, an IRR of almost 38%, and a payback period of only two years. All of that at a gold price that was assumed of $3,150 per ounce. At current levels, Porvenir is looking very attractive. I'll give you more details on that in a few slides.
We also completed the acquisition of a project in Tolima, Colombia, that has a historical resource of 28.3 million ounces of gold, and we continue to strengthen our market presence. We are now included in the S&P/TSX Global Mining Index. We were recognized as a TSX-listed company. We achieved DTC eligibility on OTCQX, and our shares were among the top performers on the Colombian exchange. All of these reflect the growing institutional recognition of Mineros as a quality operator in the mid-tier gold space. With that summary, let me now hand the call over to Natalia to walk us through the financial results in more detail.
Thank you, Daniel, and good morning, everyone. The first quarter of this year represents the strongest quarterly financial performance in Mineros' history. Let me take you through the key line items. As Daniel mentioned, revenue came in at $292 million, an 82% increase versus the first quarter of 2025. The primary driver was a 66% increase in our average realized gold price to $4,777 per ounce. Our gold ounce sales were up 7%, and silver revenue grew by 452% from $2.5 million - $14 million. These three factors working together produce a revenue result that significantly exceeded any prior quarter in our history. Gross profit reached $143 million.
This is up 122% as our revenue growth significantly outpaced the 55% increase in cost of sales. The rise in cost reflects two primary factors: higher gold prices that translate directly into higher payments to our Bonanza Mining Partners in Nicaragua and our Contract Mining Partners in Colombia, and higher taxes and royalties of $6.7 million, primarily reflecting the Nicaraguan ad valorem tax impact at elevated gold prices. Net profit for the quarter was $88 million. This is $0.29 per share, and this is 131% more compared to the first quarter of 2025. This is a record quarterly net profit. The main offset to our gross profit growth was a $20 million increase in current tax expense, which is directly proportional to the pre-tax profit improvement.
This is exactly what you would expect in a high earnings environment. Adjusted EBITDA was $154.1 million, up 116% year-over-year with a margin of 53%. To put this in context, for every $1 of revenue we generated this quarter, $0.53 became EBITDA. This reflects exceptional operating leverage at current gold prices. On free cash flow, our net free cash flow was $72 million - for the quarter. This number requires context. Our mining operations generated $154 million in adjusted EBITDA. The negative free cash flow is entirely a timing effect from our strategic gold position. We deployed $127 million into gold sale receivables that are pending final price determination, and that will be paid either in cash or in bullion, and $23 million into physical gold bullion.
Capital remains on our balance sheet in gold form. This is not a spend. As those receivables settle in Q2, the cash will flow in and the free cash flow picture normalizes. There's no deterioration in operating performance here. This is capital deployed into our own product. With that, let me move to our balance sheet. Our balance sheet remained conservatively structured and highly liquid at the end of Q1. Cash and cash equivalents stood at $44 million. I want to frame this properly. Cash was $108 million at the year-end 2025. The $64 million reduction during the quarter was driven entirely by the strategic accumulation of gold exposed assets.
When you look at our total liquid position, which is comprised of cash of $44 million, gold bullion of $20 million, and gold backed receivables of $153 million. We had approximately $270 million in total liquidity at quarter end. Our loans and borrowings stood at $36 million, resulting in a net cash position of $8 million. This is a conservative balance sheet. We have no meaningful leverage. We have significant financial flexibility and the capacity to fund our organic growth pipeline while maintaining our dividend program. With that, I'll hand it back to Daniel for a discussion of our operations.
Thank you, Natalia. Let me now walk you through the operational performance in detail. On a gold equivalent basis, Q1 2026 production was 60,785 gold equivalent ounces, up 10% from the approximately 55,000 gold equivalent in the first quarter of 2025. This growth was driven by two factors working in tandem our higher gold production, higher gold recoveries in Nicaragua operations, and a meaningful stronger silver recovery at the Hemco plant. In terms of gold production, we produced 57,850 ounces of gold, a 7% increase over the first quarter of 2025. Nicaragua delivered 37,941 ounces, up 22%, while Colombia contributed with 19,909 ounces of gold, which was about 14% below Q1 2025.
The Colombian result requires some additional context. The lower production was the result of a planned transition in our mining sequence at the Nechí operation. In the first quarter, we temporarily transitioned mining areas in line with our 2026 mine plan, which meant temporarily reduced access to higher grade zones. Additionally, we experienced approximately 11 days of fluvial and road locating in March due to a regional public order event. Our team activated contingency protocols and our own dredging operations continued without interruption throughout the period. The situation was formally resolved on March 27th. Let me be clear with our Colombia outlook. We fully maintain our full year production guidance of 83,000 ounces-93,000 ounces of gold. The first quarter performance is seasonal and plan consistent, and we expect progressively higher production through the remainder of the year.
Nicaragua's operation is performing extremely well. Beyond gold production, the silver recovery story at Hemco is becoming increasingly material. In the first quarter, we produced almost 160,000 ounces of silver from Nicaragua alone at a realized price of $87 per ounce. This is incremental revenue that pretty much translates directly into our profits and improves our all-in sustaining cost on a byproduct basis. In terms of cost, the Cash Cost for the quarter was $2,002 per ounce, and the all-in sustaining cost was $2,235 per ounce. Both are tracking below the lower end of our guidance for cost in 2026. Cost discipline remains a core priority across the jurisdictions. In Nicaragua, higher gold prices translate directly to higher payouts to our Bonanza Mining Partners.
In Colombia, the 13% appreciation in the Colombian peso against the U.S. dollar creates headwinds in our peso-denominated cost base. Despite these dynamics, we delivered results below the cost guidance. Let me now give you a jurisdiction-level breakdown of our operations. Colombia produced almost 20,000 ounces of gold in the first quarter with an all-in sustaining cost of $1,945 per ounce. Revenue from the Nechí Property was $99 million, up 45% compared to the first quarter of 2025 as the 66% increase in realized gold price more than compensates for the production decline. Gross profits from Colombia was almost $51 million, up 68% year-over-year. The recovery rate at the plant improved from 84% - 87%, which partially offsets the lower grades encountered during the plant mining sequence transition.
Looking forward, we expect the second quarter to reflect improved gold recoveries and progressive incorporation of additional formalized partner units, which will drive both volume and grade recovery improvements. Talking about Nicaragua, our operation delivered almost 38,000 ounces of gold and almost 160,000 ounces of silver in the first quarter. A 22% increase in gold compared to the first quarter of 2025. Revenue from Nicaragua reached $192.8 million, up 110% year- over- year. With gross profit of almost $85 million, a 194% increase. These are extraordinary numbers, and they reflect the operating leverage that exists at this asset at current gold price levels at an improved operating performance.
The all-in sustaining cost for Nicaragua was $2,340 per ounce. The underground operation at Panama Pioneer Mine operated at a Cash Cost of only $1,120 per ounce, an exceptional result. The higher blended all-in sustaining costs reflect the Bonanza Mining Partnership, where we pay 40%-45% of the spot price, generating a margin of about 47% on that material. This is a very profitable and scalable business for Mineros and for our Bonanza Mining Partners. The Hemco throughput expansion is on track. We reached sustained throughput of 2,000 tons per day during the first quarter. The 14% increase over the 1,750 tons per day baseline.
We remain on schedule for 2,200 tons per day by June and 2,500 tons per day by December 2026. In terms of safety, which is not a compliance exercise at Mineros, but a core value, this quarter, our total recordable incident frequency rate improved significantly across both operations. The rate in Colombia improved from 3.1 to 1.93, a 38% reduction. Nicaragua maintained an impressively low rate of 1.16. We continue to pursue our zero-harm objective, and these trends are heading in the right direction. Our 2026 guidance remains fully intact. We are guiding consolidated gold production of 213,000 ounces- 233,000 ounces for the full year, 10,000 ounces higher than our 2025 production guidance.
Colombia contributes with 83,000 ounces-93,000 ounces, and Nicaragua from 130, 000 ounces-140,000 ounces. Our consolidated cost guidance is $2,070-$2,170 per ounce, and our all-in s ustaining cost guidance is $2,370-$2,470 per ounce. At current gold prices well above the $4,405 assumption embedded in our guidance, the implied operating margin is substantial. The silver production contribution is not included in our guidance framework, meaning that any silver revenue above our cost structure represents upside to our stated all-in sustaining cost.
Our 2026 guidance program of $114 million in total, which $52 million goes in growth initiatives, about $45 million goes into sustaining capital, and approximately $17 million goes in exploration, remains on track. Approximately 78% of our growth capital is dedicated towards Nicaragua, anchored by the $23 million planned expansion from 1,750 tons to 2,500 tons per day. Q1 capital expenditures were around $11 million, well-placed against the annual budget and skewed towards sustaining items in the first quarter. With growth spending accelerating as the year progresses. This is consistent with our normal seasonal capital deployment profile. The combination of strong production growth, cost discipline, a constructive gold price environment positions Mineros well to deliver another record year for the company and its shareholders. Let me turn to our project pipeline.
Our growth strategy is built on optimizing what we have, advancing projects like Porvenir in Nicaragua, and building long-term optionality through exploration assets, including La Pepa in Chile and the newly acquired Tolima project in Colombia. La Pepa is a 100% owned advanced exploration project in the Maricunga Gold Belt in the Atacama region of Chile, approximately 800 kilometers north of Santiago. It sits at 4,200 meters above sea level in one of the most recognized tier 1 gold corridors in the Americas. In 2026, we have budgeted about $2.2 million for a 7,000 meters drilling program on La Pepa, with an objective of expanding the mineral resource base, building confidence in grade continuity, and systematically de-risking the project ahead of more advanced technical and environmental studies.
On the permitting side, we have applied for sectorial permits. While simultaneously advancing the environmental characterization studies required to support the future Declaration of Environmental Impact, or DIA. Drilling is expecting to commence in the 2nd quarter of the year once the permitting process concludes. La Pepa is a high-quality asset that we expect will complement our production profile. It represents our potential third pillar of production as we execute on our goal of reaching 500,000 gold equivalent ounces by 2030. Porvenir is the flagship of our organic growth strategy, and I am pleased to report that this quarter delivered two transformational milestones for this project. On March 31st, 2026, we published an updated pre-feasibility study for the Porvenir project with excellent results.
The base case economics at a 5% discount rate deliver an after-tax NPV of $460 million. An after-tax IRR of about 38% and a payback period of approximately two years from the start of production. These are excellent returns for a project of this nature. The IRR of nearly 38% with a sub two-year payback is not common in the gold mining industry. It reflects both the quality of the ore body and the competitive cost structure we have designed for this project. All of these results were achieved with an assumed gold price of $3,150 per ounce for gold. The Porvenir project holds proven and probable reserves of 596,000 ounces of gold, plus significant silver, zinc, and copper across a mine life of 9.2 years.
Average annual production over the first nine years is expected to be approximately 54,500 ounces of gold, 190,000 silver ounces, 28 million pounds of zinc, and 3.7 million pounds of copper, which together make about 70,000 ounces of gold equivalent production profile. This is our polymetallic project, one that will add diversification to our production profile and resilience to the economics of the asset. Initial capital cost is estimated at $206 million, including contingency. At current gold price of approximately $4,700 an ounce, the project economics are even more compelling than the base case assumes. The after-tax free cash flow over the mine of life is estimated at $727 million. The second key milestone this quarter was the receipt of major environmental permits for the Porvenir project.
This is very significant. The permitting package covers underground mining operations, forest management, processing plant, tailings storage facility, and multiple other certifications. The tailings storage facility has been designed with the Global Industry Standard on Tailings Management, which represents the highest level of international best practice in mine tailings designs. The receipt of the environmental certificate is the most critical de-risking milestone for any mining project, and we have now achieved that milestone at Porvenir. This positions the project to move into detailed engineering and construction planning with an updated timeline and capital requirements guidance expected in late 2026. Beyond Porvenir itself, we are building a district at Hemco.
The Guillermina, Leticia, and San Antonio deposits, all within the Hemco footprint, contain additional resources that we believe could supply future feed for the Porvenir processing facility, extending mine life and adding further value to an already compelling project. Porvenir is not a distant aspiration. It is nearly a fully permitted PFS-stage project with best-in-class economics sitting adjacent to our operating infrastructure in Nicaragua. We expect to move this project forward with conviction. With that, I conclude my remarks and will now open the floor for the Q&A section.
Good morning and good afternoon for wherever you're calling in. Our first question, Daniel, comes from Omeet Singh, a Research Analyst with SCP Resource Finance out of the U.K. The question is around working capital, and he's asking: When do you think the receivables will unwind?
Perfect. Thank you, Omeet, and thanks, Ann , for the question. Overall, we have a very constructive view on gold. Gold is the asset that drives our business. We pretty much coincide with all major banks. Wells Fargo is talking about $6,100-$6,300 gold. RBC, $5,700 gold. Bank of America is talking ranges from $5,000-$6,000 gold. The list goes on. All major banks are coinciding that there is a very positive outlook for the metal that we produce. This is an interesting step made for a strategic move that we wanna do as a company of having a bullion position. The idea, this is all happening.
This, you know, the first three months it was all work in progress. It's all a process to ultimately, hopefully, start building up a bullion position. Gold will be sitting in a vault, in Switzerland or in the U.S. We think we feel it's a good idea to start balancing our liquidity. Natalia can provide the details if you give me a second.
Yes, sure, Daniel. Thanks for your question. As you can see in our, in the financial statements, we ended the first quarter with $152 million in accounts receivables. As Daniel just explained, this was an intermediate step for building up our position in gold bullion. When we did these transactions, we anticipated that the settlement could be done either in cash or in gold bullion. During the second quarter, our expectation is to start converting those accounts receivables into gold bullion, following that strategy that Daniel just mentioned.
Riley Vanton asked I think we've answered the question, do you plan to continue to add physical gold to the treasury? Natalia or Daniel, could you comment on what we think are the optimal levels in terms of cash versus gold?
Yeah. The board revised our treasury policy and set some limits and a framework, a general framework to have both gold exposure and have cash. Have the appropriate liquidity to grow, which at the end of the day is our ultimate objective. We finished this quarter with cash and gold-backed assets of almost $220 million. We expect to use that for growth. That's the ultimate objective. In the meantime, we as a company, we think is very positive to have also this extra gold exposure. Our investors invest in Mineros because they wanna have gold exposure, so this is just another way of adding that to our shareholders.
Alina Islam of Red Cloud Financial Services asks, "Can you provide additional color on the final price determination for the 27,247 ounces of gold we that it was determined we hold equivalent in receivables?
Sure. Thanks, Alina, for your question. These 27,000 ounces were in vault. As we previously explained, we left them in accounts receivable, this was like an intermediate step for converting into gold bullion. The expectation is that we don't take any market risk in that conversion. We expect that the full ounces will get translated into physical gold, and we will keep the physical price exposure that we wanted with it.
A follow-up. The reason for not pricing during the quarter, we may have already answered, but can you repeat that?
Yeah. We wanna have gold exposure. The objective is to we have the optionality to either convert that into cash or convert it into gold. We have a constructive view on gold right now. We coincide pretty much with all major banks that gold is actually in a very constructive, you know, long bull market. For now, the board's view and management view is that it would make sense to convert that into bullion. That would sit in vault physical gold. That's the strategy to have that exposure for now. I wanna just reiterate that at the end of the day, that liquidity is, we want it there to support our growth initiatives.
Things like building Porvenir or acquisitions of other assets. That's the ultimate goal for the company. We want to become a 500,000 ounce producer by 2030. That's the dry powder that we're building to achieve that ultimate objective.
And can you help us understand the term of the gold forward contract for 10,000 ounces?
Sure. These forward contracts, we entered into these contracts during March. These are contracts that actually get renewed on a daily basis. At the time we are, let's say, closing the position at the end of the day, but immediately opening it. We did it in this way, so we were sure that this was a very liquid instrument as well. Just to make the long story short, it's a daily forward.
Perfect. Thank you. Both Alina and Riley are, would like further color on what some of the drivers were that resulted in lower Cash Costs and all-in sustaining costs compared with Q4 2025. What were some of the key drivers that we were below guidance despite higher gold prices?
Thanks for the question. I mean, we have three, we're talking tens of initiatives here, but probably three main families. We are trying to increase our throughput, expand volume, remove the biggest bottleneck the company had, which is processing capacity in Nicaragua. As I've explained before, we're expanding from 1,750 tons to 2,500 tons per day. We are now stable beyond 2,000 tons per day. That's a big driver because we start recovering economies of scale, we can produce more. The second big initiative is recoveries. This one is very significant. It makes a big impact. We passed from having about 87% recovery in our main plant in Nicaragua to beyond 90% recovery for gold.
For silver, we went from about 30% recovery to beyond 70% silver recoveries. These are very important steps in the right direction. This goes with the strategy of operational excellence that we have because these are just extra ounces that go straight to the bottom line as pretty much extra profit. We've paid for the mining cost, we've paid for the processing cost, so adding that extra recovery has a massive impact to our balance sheet. I wanna highlight, for example, just in silver, our revenues grew 452% compared to the same quarter of the year before. That added $14 million to our revenue. That lowers the cost, increases our production.
Very significant impact, the second strategy around improving recoveries. Third is improving grades. This goes with the, you know, multiple initiatives around the Bonanza Mining Partnership, but many other initiatives as well with our own industrial mines. Recovering the economies of scale in our own mines, having better mine plans, having better controls on dilution. We are starting to see the impact of that. If you look at the Cash Cost of our mines, industrial mines in Nicaragua last year, the Cash Cost was beyond $3,000 an ounce. It was massive. This quarter, the Cash Cost of our own industrial mine is $1,120 per ounce.
Massive reduction in the Cash Cost of our own industrial mines. That, of course, contributes to the cost, to the overall cost of the operation, more than compensating for the gold price cost pressure, which is great. That's extra margin, extra profits. At the same time, it puts pressure in our cost basis. Doing the right moves in our own operations then compensate that extra cost pressure that we get from higher gold prices. Those are like three big families, let's say, of initiatives. There are many, many more, but I would say that those are the biggest contributors.
Omeet has a follow-up question. He apologizes for asking you to repeat, but could you detail what were the impacts to the Colombian operations plan, you know, covering plan transition and mining sequence and roadblocks?
Yes. I'm going to speak a little bit more slowly for the translation. There are basically, it's exactly what we described in the presentation. We on one side, we're transitioning plant transitions to lower grade parts of our mine in Colombia. That's part of the mine plan. There's no significant surprise there. We're gonna advance to higher grade parts, we're not revising the guidance in terms of production for Colombia. It remains the same. We're committed to the same production that we've indicated to the market of 83,000 ounces- 93,000 ounces of gold for this year. There were some unrest in the Bajo Cauca region in Colombia that caused some logistical challenges.
The operation, the main operation, our own dredging operations was affected. There were some impacts on our formalization initiatives. Our Contract Mining Partners, they did stop operations. That also put some pressure on production. Again, we expect to catch up on the coming quarters.
Staying with the financial statements, can you discuss how the Colombian peso/U.S. dollar exchange rate affected the quarterly earnings?
Sure. The exchange, the Colombian peso exchange rate, it impacts a portion of our P&L. I would say it's related to the Colombian operations. We had an impact this quarter of $1 million of extra costs in our P&L drive, driven by this appreciation of the Colombian peso. However, we expect for the remaining of the year that the U.S. dollar will start appreciating again. In fact, some of the major banks in Colombia are forecasting an exchange rate of COP 4,100 pesos per dollar. We believe that those negative impacts that we saw in this first quarter will revert and we will see a catch-up in our P&L for the remaining three quarters.
Turning to share price valuation, Mauricio Garcés asked, "What are your hypotheses about the stock value in the medium term?" He notes that the stock price reached a peak of over COP 20,000 and is now at about COP 15,580. He asked what we think is affecting the market's perception of our shares.
Thanks for the question. It's all work in progress, right? I think we have had an impressive run. The share price has gone up about 10x in the last two years or so. Volumes have gone up 5 x. We're getting included in major indexes. I'm spending a lot of time traveling internationally to get the story out, invite people to invest in Mineros, just get recognized as a meaningful gold producer. It's all going in the right direction. The other big part is actually delivering on the operations, so doing what we're doing. As you can see, at the upper end of our guidance is 233,000 ounces of gold.
This quarter we produced about 61 gold equivalent ounces already. In terms of cost, both Cash Cost and all-in sustaining cost is tracking below the lower end of guidance. We have growth with Porvenir. We're moving very fast on multiple fronts. There's drilling happening. I think there's gonna be a ton of catalyst for value for our shareholders. That's what we're doing on every single day and night. That's, we're working hard. It's work in progress. I think we are in a very, overall, a very positive environment to continue unlock value for our shareholders.
Turning to one of our two new assets, Raul Aurora asked, "How does La Pepa fit into the long-term production profile of Mineros? Is it the intention to build and operate the mine as a core asset, or is it currently viewed as a strategic piece for potential M&A or exchange?
Sorry, that question was about La Pepa, Ann?
Correct.
No, we see La Pepa as a very good opportunity for us in the long term. It would be great for Mineros to have a third producing jurisdiction. Chile is a tier 1 jurisdiction for mining. It's a country that understands our business. Adding a third producing asset to Mineros would be just, you know, the right step, the step we wanna take. We're not planning to divest La Pepa. We're planning to grow, to de-risk the asset, and hopefully, take a construction decision as we continue to do work there.
Turning to our most recently acquired asset, Juan Antonio Mejía and Jorge Perrida are both concerned about the sentiment in the local community and how we are going to manage our interactions with the local community with our Tolima project.
Thank you, and thanks for the questions. We recognize that. That's the first thing. The communities in Colombia have set a position about that particular asset in the past. Our commitment is to listen first. We're gonna start with that. Nothing will happen really, if we don't get the appropriate regulatory framework, if we cannot work on, you know, the environmental framework, and if we don't get the appropriate and genuine community consensus. All of those things have to happen simultaneously. The plan is to start by listening to those historical concerns.
Not a question, but a note. Manuel Rodríguez says, "For years, Mineros grew thanks to the price of gold and its store of value characteristics. Today, the new board and management are demonstrating how to add value to that store of value. They improved recovery in Nechí, recovered industrial production and all-in sustaining cost at Hemco, and exceeded the margins at BMP and CMP. Congratulations.
[Foreign language]. Thank you.
Another question from Juan Antonio Mejía. He is asking, could we estimate when we will execute the buyback approved by the assembly in March of 2026?
Overall, look, if you look at our trailing EBITDA, it's going around $0.5 billion in EBITDA. Our current market cap is probably around $1.2 billion. With all of the things that are happening at Mineros, we think that it's actually a very mispriced company. So we are convinced that the buyback program is, one, a very effective way of returning value to our shareholders, similar to dividends. Better in many ways. Two, it helps removing sell pressure that we've seen. There has been some large investors divesting some of the shares. If they wanna exit, we wanna help them exit their position.
We're working very hard on improving things like liquidity. Then third, we are convinced that one of the best opportunities for Mineros to invest is actually Mineros itself. This is something that we're working as a company with the board. We start with buyback programs as soon as reasonable. And we expect, you know, something to hopefully start relatively soon. It's all work in progress and it all will be appropriately disclosed to the market as it gets approved and implemented.
Thank you for that. Nice, simple question. What was the average sale price of gold per ounce for the quarter?
Yeah. For this quarter, we realized $4,777 per ounce of gold. I also want to mention that we realized $87 per ounce of silver. Yeah, those are the two prices.
Thanks for that. Last but certainly not least, Santiago Masso, he indicates that he's been a shareholder of Mineros for many, many years. He wanted to thank and congratulate us on the impressive results year after year and the excellent management. Big picture question, what is the outlook for revenue, cost and expense control, investments and profits for 2026 and 2027? Nice way to end the call.
Thank you. Thanks for your, for your trust, several years, Santiago. Look, we already indicated to the market our guidance for this year. We're working hard for hopefully beating that guidance. It's a tall order, but we have a great team, great assets, and we think we can continue delivering great results. We're tracking well to be on the upper end of our production guidance, if not go beyond it the way we did it last year. We produced 61 gold equivalent ounces in the first quarter. The upper end of the guidance is 233,000 ounces of gold. From a cost perspective, the lower end of our Cash Cost guidance is $2,070.
This quarter was around $2,000, so below the lower end of the guidance. From an all-in sustaining cost point of view, the lower end of the guidance was $2,370. Our Q1 all-in sustaining cost was $2,235, so also below the lower end of the guidance. One thing that I wanna highlight is that there are a lot of things that are just happening. It's all work in progress. The things, important catalysts for value like plant expansion in Nicaragua. It's happening. It's happening on budget, on schedule. We do expect to finish the year at 2,500 tons per day. Those are, you know, Q1 is already looking very positive.
We expect that future quarters will continue to deliver very good operational results. We will continue working hard on opportunities, growth opportunities like Porvenir, we expect could add somewhere around 70,000 ounces of gold. One thing that I'm very excited about Porvenir is that it's starting to look like a district. We are planning this project in a way that it can grow and that it can grow significantly. Because we're working hard now exploring surrounding areas of Porvenir and it's looking very attractive. Hopefully Porvenir can continue being a engine of growth beyond the 70,000 ounces gold equivalent that we have informed to the market. We have an excellent cash position right now.
We have a strong, very strong balance sheet now enhanced by our bullion policy. All of that will become dry powder as we continue growing both organically and inorganically. We have now a team, a great team dedicated at looking for the best opportunities for the company globally to continue growing. There are just multiple initiatives that we expect will continue unlocking value for our shareholders in this path of growth. Last, I do extend these congratulations to all the Mineros team. They have all worked impressively all these recent months. Everyone is very committed to continue unlocking value for our shareholders, for our communities.
We're starting very exciting programs in places like Bajo Cauca and Trukenyo with the construction of a large school that will host more than 1,000 students in the Bajo Cauca region, providing great opportunities for our communities that have believed in us for several decades. It's great to start these major projects. We have a great team. We have a great asset, and we'll continue to work hard for all of you. Thank you very much for connecting, and we'll continue working hard on communicating our story to the market.