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Operates gold mines and alluvial operations in Colombia, Nicaragua and Argentina.
Operates gold mines and alluvial operations in Colombia, Nicaragua and Argentina.
Sells doré, impure gold bars, to refiners at the prevailing world gold price, so revenue follows ounces produced times a price it does not control. Three mines in three countries spread operating and political risk. Headquartered in Medellin, Colombia.
Moat: narrow (installed base, regulatory licence). Long-operating, permitted Latin American gold assets with established local relationships.
Headquarters: Medellin, Colombia
Size Mineros (MSA.TO) is a Canada Materials company (Precious Metals) with a market value of $2.00B, the 184th largest of 420 Canada companies the cockpit tracks. Shares closed at C$9.67 on 6 Nov 2026.
Performance Over six months the shares gained 73.0%, against -16.3% for the median peer and +5.2% for the Canada market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue grew 77.5% over the last twelve months (peer median +59.2%); the operating margin is 38.7% (peer median 35.3%).
Valuation It trades at 7.3× forward earnings against a peer median of 10.9× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 40.9 points above its cost of capital (10.4% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.58B | C$1.18B | C$717M | C$660M | C$497M |
| Revenue growth | — | +64% | +9% | +33% | — |
| Gross profit | C$653M | C$471M | C$235M | C$202M | C$148M |
| EBITDA | C$710M | C$436M | C$270M | C$237M | C$174M |
| Net income | C$306M | C$214M | C$115M | C$74.6M | C$5.34M |
| Free cash flow | C$54.4M | C$177M | C$116M | C$58.2M | C$32.5M |
| Capital expenditure | C$189M | C$189M | C$79.7M | C$75.8M | C$79.0M |
| Total debt | C$79.3M | C$21.2M | C$37.3M | C$43.5M | C$63.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mineros MSA.TO | $2.00B | +73% | +77% | 39% | 7.3× | -5.8% |
| Aris Mining ARIS.TO | $3.24B | -15% | +94% | 46% | 5.5× | 2.1% |
| Collective Mining CNL.TO | $1.17B | -22% | n/a | n/a | n/a | n/a |
| Fortuna Mining FVI.TO | $2.87B | -5% | +6% | 49% | 6.4× | -4.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MSA.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -5.8% | 8th highest of 21 |
| 6-month return | +73.0% | -16.3% | highest of 19 |
| Distance from 52-week high | -8.1% | -37.6% | highest of 21 |
| Revenue growth (TTM) | +77.5% | +59.2% | 7th highest of 16 |
| Operating margin | 38.7% | 35.3% | 8th highest of 16 |
| Forward P/E | 7.3× | 10.9× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -5.8% | -1.2% | 6th least demanding of 12 |
| Growth delivered (Del g) | +11.8% | +27.8% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -17.6 pp | -30.5 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +40.9 pp | +11.4 pp | 3rd highest of 18 |
| EV / EBITDA | 4.0× | 5.0× | 3rd cheapest of 10 |
| Net debt / EBITDA | 0.0× | -0.3× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mineros MSA.TO | Canada | $2.00B | +73% | +77% | 39% | 7.3× | -5.8% | +11.8% |
| DRDGOLD Ltd. Sponsored ADR DRD | United States | $2.00B | -16% | +53% | 51% | 8.1× | -16.4% | +14.1% |
| Silvercorp Metals SVM.TO | Canada | $1.99B | -31% | +59% | 56% | 12.9× | 4.7% | +19.0% |
| Sinda SIND | United States | $1.95B | n/a | n/a | n/a | n/a | n/a | n/a |
| Sino-Platinum Metals 600459.SS | China | $2.06B | -17% | -27% | 2% | 19.0× | n/a | n/a |
| Ora Banda Mining OBM.AX | Australia | $1.93B | +4% | +101% | 39% | 16.6× | 1.1% | +101.1% |
| Snowline Gold SGD.TO | Canada | $1.93B | -6% | n/a | n/a | n/a | n/a | n/a |
| Sunshine Silver Mining & Refining SSMR | United States | $1.91B | n/a | +422% | -3,022% | n/a | n/a | n/a |
| Henan Yuguang Gold & Lead 600531.SS | China | $1.83B | -32% | +48% | 2% | n/a | 7.9% | +19.6% |
| Resolute Mining RSG.AX | Australia | $1.81B | -12% | +5% | 35% | 10.0× | -7.2% | +8.9% |
| Hycroft Mining HYMC | United States | $1.75B | -51% | n/a | n/a | n/a | n/a | n/a |
| Tongguan Gold 0340.HK | Hong Kong | $1.73B | -14% | +65% | 52% | 8.2× | -9.9% | +48.9% |
| Endeavour Silver EDR.TO | Canada | $2.34B | -20% | +198% | 26% | 10.9× | n/a | n/a |
| Southern Cross Gold Consolidated SXGC.TO | Canada | $1.65B | -9% | n/a | n/a | n/a | n/a | n/a |
| Shandong Humon Smelting 002237.SZ | China | $2.44B | -32% | +25% | 1% | 11.2× | n/a | n/a |
| Perpetua Resources PPTA | United States | $2.44B | -35% | n/a | n/a | n/a | n/a | n/a |
| Beijing Xiaocheng Technology Stock 300139.SZ | China | $1.64B | -25% | +39% | 27% | n/a | 33.6% | +27.8% |
| Alkane Resources ALK.AX | Australia | $1.63B | +11% | +403% | 34% | 11.9× | -1.2% | +48.9% |
| Sichuan Gold 001337.SZ | China | $2.52B | -25% | +57% | 56% | n/a | 17.7% | +13.6% |
| West African Resources WAF.AX | Australia | $2.74B | +4% | +194% | 57% | 4.4× | -18.5% | +37.7% |
| Orezone Gold ORE.TO | Canada | $1.46B | +31% | +93% | 40% | 6.9× | -8.0% | +110.4% |