Mineros Acquires Remaining 80% Stake in Chilean La Pepa Gold Project

• Purchased remaining 80% interest in La Pepa Project from Pan American Silver Corp. for approximately $40 million
• Now holds 100% ownership of exploration-stage gold project in Chile's Maricunga Gold Belt
• Project located 800 km north of Santiago and 110 km east of Copiapó at 4,200 metres elevation
• Transaction terminates joint venture with Pan American Silver, providing full operational control
• Adds second development project to portfolio alongside Porvenir Project in Nicaragua

Mineros S.A. (TSX:MSA, MINEROS:CB) is a Latin American gold mining company based in Medellin, Colombia. The company operates mines in Colombia and Nicaragua with additional development and exploration projects across the region. Mineros has operated for nearly 50 years with a focus on safety and sustainability while delivering annual dividends to shareholders.

La Pepa Project Acquisition Completion

Mineros completed the acquisition of Pan American Silver Corp.'s remaining 80% interest in the La Pepa Project for approximately $40 million. The transaction ends the joint venture arrangement between the two companies and transfers full ownership to Mineros. The company previously held a 20% stake in the project before this acquisition.

The La Pepa Project is an exploration-stage asset with estimated mineral resources located in the Maricunga Gold Belt of Chile's Atacama Region. The project sits at 4,200 metres above sea level in the Andes Mountains, positioned 800 km north of Santiago and 110 km east of Copiapó. Previous exploration work has identified substantial mineral resource estimates on the property.

The acquisition provides Mineros with complete decision-making authority over the project's development timeline and operational approach. The company can now proceed with exploration and development activities without requiring partner approval or consensus. The $40 million purchase price represents the total consideration paid to Pan American Silver for the 80% interest.

Chile Market Entry & Growth Strategy

The La Pepa acquisition marks Mineros' entry into the Chilean mining sector, expanding beyond its existing operations in Colombia and Nicaragua. Chile's mining jurisdiction provides regulatory framework and infrastructure access for the company's operations. The Maricunga Gold Belt hosts multiple gold deposits and existing mining operations in the region.

David Londoño, President and CEO of Mineros stated,

"Securing 100% of the La Pepa Project is a transformative step which adds a second organic growth project in addition to our Porvenir Project in Nicaragua. This will anchor our future as we mature into a mid-tier gold producer,"

He added:

"This asset delivers a major gold resource and solidifies our strategic presence in the world-class mining jurisdiction of Chile,"

The project provides Mineros with a second development opportunity alongside the existing Porvenir Project in Nicaragua. The company now has development projects in three different countries across Latin America.

100% Project Ownership Consolidation

Complete ownership of the La Pepa Project eliminates joint venture management requirements and provides Mineros with full operational control. The company can implement exploration programs, development decisions, and operational strategies without partner consultation. This ownership structure removes profit-sharing arrangements with Pan American Silver going forward.

Full project control allows Mineros to determine exploration timelines, development approaches, and capital allocation for the La Pepa Project. The company can integrate the asset into its broader operational and financial planning without external partner constraints. Ownership consolidation also provides flexibility for future financing or partnership arrangements at Mineros' discretion.

The transaction structure gives Mineros complete rights to the project's mineral resources and future production potential. The company assumes full responsibility for exploration costs, development investments, and operational management. Pan American Silver retains no ongoing interest or obligations related to the La Pepa Project following the transaction completion.

Outlook and Next Steps

The completed acquisition positions Mineros with two organic growth projects in its development pipeline. The company will advance exploration activities at La Pepa while continuing development of the Porvenir Project in Nicaragua. Both projects require additional exploration work and feasibility studies before potential production decisions.

Mineros plans to conduct further exploration programs at La Pepa to advance the project through development stages. The company's technical team will evaluate mining methods, processing options, and infrastructure requirements for the high-altitude location. The timeline for development decisions will depend on exploration results and economic assessments of the project.

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