Mineros S.A.

Mineros is a leading gold producer with operations focused on Colombia and Nicaragua, delivering sustainable value through responsible mining practices and strategic growth. With a significant mineral resource base, the company operates in high-potential areas, notably the Nechí Alluvial property in Colombia and the Hemco property in Nicaragua. These operations represent critical assets in a diversified portfolio that combines robust production capabilities with ongoing exploration efforts aimed at resource expansion.

With five decades of operational experience, Mineros is committed to maximizing efficiency across its mining projects. The company benefits from existing infrastructure and a well-capitalized foundation, which help drive low-cost production and sustainable development. For the first nine months of 2024, Mineros achieved notable financial results, with increased gold sales driven by higher average gold prices and an expansion in silver sales, further solidifying its market position.

Mineros is traded on the Toronto Stock Exchange (TSX: MSA) and the Colombian Stock Exchange (BVC: MINEROS), supported by a seasoned management team with deep expertise in mining operations, financial management, and sustainability. As Mineros progresses its growth initiatives, it remains committed to adhering to the highest environmental, social, and governance (ESG) standards, working closely with local communities to ensure long-term, shared success.

Mineros presents a compelling investment opportunity with its strategic foothold in Colombia and Nicaragua, two highly prospective regions for gold mining. The company's flagship Nechí Alluvial and Hemco properties not only provide substantial gold reserves but also deliver consistent production growth, supported by favorable market conditions and Mineros's efficient operational approach.

With a competitive all-in sustaining cost (AISC) per ounce, Mineros ranks among the lower-cost producers in its regions, enhancing resilience against commodity price fluctuations and increasing profitability. For the first nine months of 2024, higher gold prices and increased silver sales contributed to a robust revenue growth, positioning Mineros to leverage rising demand for precious metals and to expand its market reach.

Mineros’s advanced infrastructure—strengthened by extensive local partnerships and government support—significantly reduces capital intensity, offering an operational advantage as the company pursues expansion initiatives. Additionally, ongoing exploration efforts are set to extend the life of its assets, providing a pipeline of opportunities for sustained growth and value creation.

Committed to sustainable mining, Mineros integrates environmental, social, and governance (ESG) principles across all operations, ensuring alignment with global standards and local community priorities. This holistic approach not only drives operational performance but also aligns Mineros with the growing investor focus on responsible and sustainable practices.‍

Mineros is guided by an experienced management team with deep expertise across mining operations, finance, sustainability, and stakeholder engagement. At the helm is Andrés Restrepo Isaza, President and CEO, who brings a wealth of knowledge in Latin American mining with a strong focus on operational efficiency and strategic growth. Andrés’s leadership emphasizes sustainable development and community engagement, driving Mineros’s mission to responsibly maximize resource value.

Alan Wancier, VP of Finance and CFO, oversees the company’s financial strategy, bringing over 15 years of experience in financial management within the mining sector. Alan’s expertise in capital allocation and cost management supports Mineros’s objective of maintaining low operational costs while funding growth and expansion initiatives.

Santiago Cardona Múnera, VP of Colombia Operations, leverages his extensive knowledge of local regulations and mining practices to lead operations at the Nechí Alluvial site. Santiago’s on-the-ground insights ensure the smooth functioning of Mineros’s largest operation, with a strong emphasis on efficiency and safety.

This seasoned management team, supported by a knowledgeable Board of Directors with backgrounds in mining, finance, and environmental stewardship, drives Mineros’s mission of responsible resource development while delivering lasting value to shareholders and local communities alike.

Mineros drives its growth through strategic development of its two flagship operations: the Nechí Alluvial property in Colombia and Hemco property in Nicaragua. The company combines operational efficiency with targeted exploration to expand both its production capacity and resource base.

At the operational level, Mineros maintains its competitive advantage as a low-cost producer by optimizing existing infrastructure and continuously reducing those components of all-in sustaining costs (AISC) that the company controls. This efficiency-focused approach ensures strong profitability across different market conditions. The company's exploration initiatives are particularly active at both flagship sites, with special attention to the promising Porvenir and Luna Roja projects in Nicaragua, where geological studies and drilling programs are planned throughout 2025.

Environmental and social responsibility form a core part of Mineros's strategy. The company is advancing toward carbon neutrality through renewable energy projects, including solar power implementation across its operations. Strong relationships with local communities and Indigenous groups ensure development plans align with community interests. Additionally, Mineros remains open to strategic partnerships and joint ventures to support its growth while maintaining financial flexibility and protecting shareholder value.

Mineros is on solid financial footing, backed by a strong asset base and a focus on cost-effective production. As of 2024, the company’s financial position is bolstered by high cash flow generation from gold and silver sales, prudent capital management, and efficient cost structures at both its Nechí Alluvial and Hemco properties.

For the first nine months of 2024, Mineros achieved notable revenue growth due to a notable increase in average gold prices and higher sales volumes, contributing to a strong and rising adjusted EBITDA. This performance underscores the company’s ability to capitalize on favorable commodity prices and maintain profitability through low all-in sustaining costs (AISC). With its competitive AISC per ounce, Mineros continues to rank among the industry’s low-cost producers, safeguarding margins even amid price fluctuations.

The company benefits from significant infrastructure in place at its operational sites, which reduces capital intensity and enhances cost efficiency. Cash flow from operations remains strong, driven by sales revenue, while disciplined investments in property, plant, and equipment support continued operational growth. Recent cash outflows included capital for mining equipment upgrades and expansion projects, ensuring long-term production capacity.

Mineros actively manages its debt levels, with a net debt reduction achieved through a combination of debt repayment and cash flow management. The company’s low leverage and ample liquidity provide flexibility to fund upcoming exploration initiatives and expansion activities without compromising financial stability.

Mineros stands poised to become a leading force in the gold mining industry, leveraging its extensive resource base, efficient operations, and commitment to sustainable practices. Anchored by its flagship Nechí Alluvial and Hemco properties, Mineros combines strong production capabilities with a disciplined growth strategy that emphasizes operational excellence and responsible resource management.

With a seasoned management team and a focused approach to cost control, Mineros has established a solid financial foundation, underscored by competitive all-in sustaining costs and robust cash flow generation. The company’s proactive risk management and commitment to ESG principles enhance its resilience, while local partnerships and community engagement ensure long-term support for its operations.

As global demand for precious metals continues to rise, Mineros is well-positioned to create substantial value for its shareholders. Through its continued focus on resource expansion, low-cost production, and sustainable development, Mineros is not only an attractive investment opportunity but also a responsible and future-focused operator within the mining sector. For investors seeking growth in a de-risked and high-potential asset portfolio, Mineros represents a promising and strategic choice.