What you need to know: • MSA released record Q4 and 2025 financial results, highlighted by substantial YoY growth supported by rising metal prices. • Record Q4 and 2025 revenue of $260.7M and $799.7M displayed 74% and 48% YoY growth, respectively, facilitating record 2025 FCF of $138.6M, a 60% YoY increase. • The Company ended 2025 with $108M in cash, well-funding organic growth in 2026, while continuing to reward shareholders. • We are raising our target price to C$11.00/share following strong execution in 2025, which we anticipate accelerating into 2026. Yesterday, after market close, Mineros S.A. (MSA:TSX, MINEROS:CL) released its Q4 and full-year 2025 financial results, highlighted by record revenue, profits, and FCF, which displayed substantial YoY increases on higher gold prices, and came in broadly in line with our estimates. The Company pre-released strong Q4 gold production of 58.6Koz in January (see our note here), resulting in 2025 production of 225.8Koz AuEq at the top end of annual guidance. This was followed by 2026 guidance earlier this month (see our note here), outlining YoY growth in gold production to 213-233K, and plans to optimize near-term production and FCF through its 2026 growth initiatives. The Company exited the year with a sizable cash balance and is well-positioned to execute on 2026 plans while continuing its strong shareholder returns, with the tailwind of even higher gold prices. We are maintaining our BUY rating and raising our target price to C$11.00/share (previously C$10.00/share) on Mineros. Financial & Operational Highlights • Revenue for the year came in at $799.7M, which was in line with our $809.3M estimate, and an impressive 48% YoY increase from $538.6M in 2024. Revenue for Q4 was $260.7M (+74% YoY), compared to our estimate of $270.3M. • Gross profit was $326.3M (+77% YoY), with a gross margin of 41% for the year vs. our forecast of 44%, and 34% in 2024. Gross profit for the quarter was $105.5M, representing a gross margin of 40%. • Adjusted EBITDA was $358.4M (45% margin, +71% YoY) for the year and $114.6M (44% margin, +101% YoY) for the quarter, slightly below our estimates of $373.1M and $129.3M on modestly higher costs versus our estimates. Operating cash flow (after WC) was reported at $198.5M (+38% YoY) for the year and $49.7M (-32% YoY) for the quarter and compared to our $232.3M and $83.6M, largely due to $116.7M in income tax paid. Net free cash flow for the year was a record $138.6M vs. $86.8M last year. • Net income in 2025 of $145.0M, or $0.49/share, vs. our estimate of $198.5M or $0.69/share, also due to higher costs and increased taxes. • Cash cost per ounce for 2025 was $1,746/oz (+36% YoY), while AISC was $2,032/oz, vs. our $1,633/oz and $1,868/oz, respectively. Cash costs for the quarter were $2,140/oz, and AISC was $2,486/oz. • MSA ended the year with $108.0M in cash and debt of $15.4M.