At Sun Valley Investments since 2020, and has held a number of other positions in the mining sector prior to that. Daniel, welcome.
Thank you, Don. Pleasure to be here. It's great to have this opportunity to tell you more about Mineros S.A. We are actually a significant gold producer. We produced 230,000 oz last year. We just announced yesterday our production for the first quarter of 2026 of 61,000 oz. Yet most of you would be hearing about us for the first time. That's the opportunity we want to tell you about. We're delivering record operational results. We're proving our growth, demonstrating it, and we are untapping an amazing potential within our existing portfolio. Before I start, I'm going to be making multiple forward-looking statements, so please be mindful of that. We operate in three jurisdictions in Latin America, Nicaragua, Colombia, and Chile. Our two producing mines are in Nicaragua and in Colombia. We are delivering excellent financial performance on the back of record operational performance.
We have a multi-decade history of delivering returns to our shareholders, and we are growing and unlocking a lot of value within our existing portfolio of assets. We are by no means a new mining company. We are a 52-year-old mining company. Our two assets have been in production for over a century. However, we are a new opportunity for most North American and European investors. The company went public in TSX really around 2022. Most recently it's been going through a very significant transformation. We have a strong agenda of operational excellence, of growth. There's a lot of changes happening at Mineros. Very old mining company, but a brand-new opportunity for North American and European investors. The market is starting to learn about Mineros. Our share price has done very well. Last year our share price went up 275%, but we are still remarkably undervalued.
Our market cap at the moment is about $1.1 billion. Our revenues last year were about $800 million with gold of $3,500 gold. At $4,500 gold, things are looking very, very positive. The graph above shows our dividends and buybacks in the last 10 years. Mineros has been a strong cash cow for decades. Now for the first time, it's also reinvesting on its asset and by doing that, unlocking a lot of value. Our volumes have gone up five times. We are starting to get included in indexes like S&P/TSX Global Mining Index, MSCI Gold Cap, many others. We're still not included in major indexes like GDXJ. Those are further catalysts that we expect to unlock. Last year was truly a transformational year for Mineros. December was a record month for our operations. We produced 21,000 oz of gold.
That meant that we actually went above our guidance and produced 227 gold equivalent ounces. That with what at the time looked like a great gold price, $3,500 gold meant that we delivered $800 million in revenue, $360 million in adjusted EBITDA. So $1 million for every single day that we operated last year. We returned $42 million to our shareholders in dividends and buybacks. And our share price did very well, 275% in Canada. So we outperformed 98% of all issuers in TSX. And for the second consecutive year, we were the best performing stock in Colombia. We have a healthy balance sheet, about $130 million as of December 2025. No debt. So we're looking at some debt facilities. That's why you see the credit ratings there from Moody's and S&P because we want to grow.
Ideally speaking, we would like to acquire a third producing asset in the Americas. We're working on that. As I mentioned, our market cap is about $1.1 billion. Our revenues last year were $800 million at $3,500 gold. Just keep that in mind, and do that math. This is our guidance for 2026. The upper end is 233,000 oz of gold. The first quarter, the numbers that we announced yesterday were 61,000 oz of gold equivalent. We're going to deliver our guidance for this year. We're working very hard. We're also starting to reinvest in the business. We're deploying $150 million in CapEx, both in growth, sustaining, and exploration. For the first time, some of our assets are actually being explored, which is a very exciting opportunity. From a team perspective, I want to highlight Michael Doyle, the bottom right part of the presentation.
Michael has been a partner of Sun Valley for about 10 years. Very experienced mining engineer, geologist. Before Sun Valley, he was with Rio Tinto. María Vallejo, also a new member of the technical team. She joined the company as Vice President of Growth and Technical Services. Before Mineros, she worked for AngloGold Ashanti, Barrick, private equity groups, investigating more than 100 projects globally. She's helping us explore our growth opportunities beyond our current assets. Carlos Ríos, he's the Vice President of Exploration. Before Mineros, he was with Collective Mining, a very exciting exploration story in Colombia. Continental Gold, which today is the largest gold producer in Colombia. They produce about 350,000 oz of gold per year. Excellent track record from a discovery point of view. We have two assets in production, three assets in the pipeline.
I'm going to start with Nicaragua, because that's where we're seeing most of the short-term gains. Last year, we produced 140,000 oz gold equivalent in Nicaragua. In Colombia, we produce about 90,000 oz of gold. Colombia is the lower-cost operation, so from a profitability perspective, they're both actually very similar. We control about 460,000 hectares of mining properties in the northeast part of the country, adjacent to Riscos de Oro mine by Equinox Gold. This is a district that has a very rich production history but is massively unexplored. The reality is that we don't yet know the real potential of this district. It has very good infrastructure. The mines that we're mining have been in production for over a century. Yet, a lot of work has to be done to understand the real potential here.
Our current reserves at about 806,000 oz, M&I Resources, about 500,000 oz. This is the short-term growth engine of the company. We have a very interesting program there that we call the Bonanza Mining Partnership. By law in Nicaragua, local miners have the right to operate within your concession with artisanal means. That's been a very profitable business for Mineros for many, many years. We buy that mineral for about 50% of spot. It's an option to buy gold today at $2,200 gold or so. It's a great profitable business. For the first time, we're seeing these great miners as very small geologists. Now we're asking ourselves where this mineral is coming from. We're processing that. We're seeing some of these areas like Momotombo there in the circle, they're delivering ore to us in hundreds of grams per ton.
Yes, it's a great business, very profitable to process that mineral, but quantifying that potential is a very interesting opportunity for us. Now we're doing about 100 km of drilling in our properties. The vast majority of that is going to Nicaragua to understand the potential of the district. Within that same circle you have there the Porvenir star. These are the numbers of the phase I PFS. This was all done at $3,150 gold, 38% IRR on a $200 million investment. Very attractive, polymetallic in nature. A lot of growth potential. We're seeing a lot of satellite deposits around it. The first phase is going to be a 2,000 tons / day phase, but it can double. All the plans, all the designs are made in a way that we can expand that capacity as soon as we start converting more resources.
This is an exciting short-term development opportunity. It should be permitted by the first quarter of 2027. We're actually already permitted for mine development, so we're starting to do some preparation work so we can move very fast on this asset because at $4,500 gold it's definitely looking very attractive. I'm not going to spend a lot of time in Colombia, but it's also a mine that has been in production for over a century. It has 1,200,000 oz in reserves, 1 ,000,000 oz in resources, and 90,000 oz of gold production per year. This asset can support a higher production profile. There's no reason to be limited at 90,000 oz of gold. We're looking at a growth agenda for Colombia. This is the latest acquisition that we did. It has 23 ,000,000 oz of gold in Colombia as well. It is a very significant orebody.
We acquired this asset from AngloGold Ashanti just days ago. It's an asset that has been problematic for them from a social perspective because they have very big ambitions for this project. They wanted to build 1,000,000 oz / year type mine in a small rural community in Colombia. Our approach is very different. We're working from the bottom up, working with the communities, exploring what we can build there. The technical aspects of this asset are clear. It's a tier one asset, massive resource. The problem has been the way it had been managed and the approach to the community. We as a Colombian company, we think we are well geared to unlock value where others have not been able to do so.
That's going to start with the community, and that's what we're going to do here. Last but not least is the La Pepa Project. This is in northern Chile. We acquired this asset late last year from Pan American Silver. We're starting with 2,500,000 oz of resources in this asset. The asset is surrounded by producing mines, Kinross, Gold Fields, they're all there. Adjacent to the north is the Fenix mine, owned by Rio2. They're showing us the way, how a mine can be developed in this part of the world, a very attractive development opportunity for us. There is a lot of growth potential in this asset as well. The red circles that you see in the slide are clear anomalies that are outcropping. We're going to be exploring this asset too.
We're going to be drilling, taking samples, de-risking the asset on multiple levels from an environmental perspective. It's looking like a very attractive opportunity for us. In summary, the upper end of our guidance for 2026 is 233,000 oz. The first quarter, we already delivered 61,000 oz gold equivalent. We're on track to deliver on our guidance. With the Porvenir expansion, we expect to add about 70,000 oz gold equivalent. That will take us beyond the 300,000 oz. We have a very strong balance sheet. We're potentially adding some credit lines so we can have the dry powder to continue expanding. Our internal goal is to get to 500,000 oz by 2030. We're working aggressively to get there. We are staying very disciplined. The reality is that it's a very competitive world out there right now from an M&A perspective.
We don't want to grow for the sake of growing. We're very careful about our per-share metrics. We are shareholders ourselves, so that matters to us. We are preparing the company, adding the financial capacity to take on an additional, ideally producing asset in the Americas. That's also a work in progress. Why invest in Mineros? I think this is a good summary. We are deeply undervalued. We're trading at 1.2 more or less times revenues. These are revenues that we produce at $3,500 gold, about 3x EBITDA. Our operations are performing very well. We're actually growing our production profile at $4,500 gold. The financial performance is just stunning. The business is doing very well. We have very clear growth catalysts with opportunities like Porvenir. As a Latin American operator, we feel we can unlock value where other companies have struggled to unlock value.
The acquisition of the Tolima asset in Colombia is a good example of that. 23 ,000,000 oz of gold, massive ore body that was just sitting there idle, and we think we can work with the communities and find a way to unlock a lot of value on that. That's Mineros. Thank you very much for your interest, and there's a couple of minutes for questions. Thank you.
Mm-hmm. Yeah, that's right. As Daniel indicated, we do have time for maybe a couple questions if there's any from the audience. Okay, I see a couple hands raised. We'll start with the gentleman right there.
Yeah. I'm not a LATAM expert, but your AISC costs seem kind of high. Could you expand on that? Second question, real quick, what is your thoughts on Colombia, the political changes, and the elections? Thank you.
Thank you very much. As I mentioned, in Nicaragua in particular, the Bonanza Mining Partnership is a meaningful part of our production. We pay them about 50% of spot. If gold goes to $4,000, then our cost immediately goes to $2,000 for that part of the business. That's why it's a function of gold price. At the same time, if the gold price goes down, then our cost goes down. We're indexed to the gold price. We are in a high gold price environment, so our cost goes up for that part of the business. That's the main explanation. From a political situation in Colombia, we've gone through 3.5 years of what we consider not a great government, just to be polite. We are expecting a transition. The polls indicate that there's going to be a transition.
Positioning ourselves with these sort of acquisitions, I think is great because we might have the right environment, and I think the country's evolving in the right direction to unlock tremendous value. Imagine being able to unlock a 23,000,000 oz ore body, what it could do for a company of our size. That's just very interesting optionality. We did that acquisition with a very small financial commitment. It comes with some very good assets that have beyond the 23 ,000,000 oz that have very good synergies with our operations. Those are the kind of deals that we're doing in this market.
Thank you. We had another question from the audience. Go ahead.
Yeah. I just was looking at your portfolio, and you talked a little bit, Daniel, about diversification, maybe still in the Americas, so I'm thinking that would include Central America, maybe Mexico, and then other parts of South America. Can you talk about some of the countries that would be of interest to you? How do you try and mitigate some of your higher geopolitical risk in Nicaragua and Colombia versus, let's say, your peers?
Exactly. Thank you. That's a good question. Look, our two assets have been in production for over a century. We think there's a perception of risk in our two jurisdictions. The reality is that we've been operating there fine for several decades. We've demonstrated that those are actually decent jurisdictions. However, the perception matters, and I think that affects things like valuation. Definitely having a third producing asset would be great, ideally in the Americas. We're not looking just at Latin America. The reality is that there are still good opportunities in the U.S., in Canada. There are still undervalued developers. Producers, definitely expensive. It's tough. It's a tough environment to find real value in producing assets. Advanced developers, if you look hard, you can still find some good opportunities. We're looking at things in the U.S., in Brazil, some things in Chile, so it's looking attractive.
Okay.
Thank you.
Yes.
Thank you very much, everyone. Daniel , thanks.
Thanks
Good luck with the next steps.
Thank you very much. Pleasure.
Thank you.