Impact: Positive
Mineros announced the results of an updated PFS on its Porvenir project, part of its 100%-owned Hemco property in Nicaragua which already has two operating mines (Panama and Pioneer). Porvenir is located 10.5km south of the existing operations and would be the third to be developed. The PFS envisions a 9.2-year LOM processing 2,000tpd of ore producing 54.5K oz Au, 190K oz Ag, 28M lb Zn, and 3.75M lb Cu (72.3K oz Au) per year, and generating an NPV5% of US$460M. Overall, this is a positive update for the Porvenir project with compelling economics. Compared to the previous 2023 PFS (albeit at different price assumptions), this study includes the production of copper, an optimized flowsheet, better mine design, and a modest US$28.9M increase in the initial capital estimate from US$177.9M to US$206.8M. Looking ahead, we await the Q1/26 operating and financial results from the company’s Nechí alluvial and Hemco underground operations, which should be out by early May. Gold production for the year is expected to be between 213K to 233K oz Au from both operations, with ~60% coming from Hemco.