Mineros Completes Acquisition of Remaining La Pepa Stake

• Mineros S.A. acquires 80% stake in La Pepa Project from Pan American Silver Corp. for $40 million
• Transaction expected to close by September 30, 2025
• La Pepa is an advanced gold exploration project located in Chile's Maricunga Gold Belt
• Deal terminates existing joint venture and provides full project control
• Acquisition expands company operations into Chilean jurisdiction

Mineros S.A. (TSX:MSA, MINEROS:CB) is a Latin American gold mining company headquartered in Medellin, Colombia. The company operates mines in Colombia and Nicaragua and maintains a pipeline of development and exploration projects throughout the region. Mineros has operated for nearly 50 years with focus on safety and sustainability at its operations.

The company's board and management team have experience in mining, corporate development, finance and sustainability. Mineros maintains a track record of delivering annual dividends to shareholders and is listed on the Toronto Stock Exchange and Colombia Stock Exchange.

Full Ownership of the La Pepa Project

The acquisition involves purchasing all shares of Minera Cavancha SpA not currently owned by Mineros. Minera Cavancha SpA holds the La Pepa Project through a joint venture between Mineros and Pan American, which will be terminated upon completion of the transaction. Mineros currently owns 20% of the joint venture entity.

La Pepa is located in the Maricunga Gold Belt of the Atacama Region, Chile, approximately 800 km north of Santiago and 110 km east of Copiapó. The project sits at 4,200 metres above sea level in the Andes Mountains. The property represents an advanced gold exploration project in the region.

CEO David Londoño stated: "We are pleased to add the balance of the La Pepa Project not already owned by us to our portfolio of organic growth projects. While we remain focused on acquiring producing gold assets or late-stage development assets, we are expanding our strategy to include acquiring earlier-stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid-tier gold producer."

Cost of Acquisition and Timeline

The transaction is structured as a purchase and sale of shares between subsidiaries of Mineros and Pan American for $40 million. The deal is expected to close on or before September 30, 2025. All dollar amounts in the transaction are expressed in U.S. dollars.

The purchase price covers Pan American's 80% interest in the project, with Mineros retaining its existing 20% stake. Upon completion, Mineros will own 100% of the La Pepa Project through its ownership of Minera Cavancha SpA. The transaction structure eliminates the current joint venture arrangement between the two companies.

The closing timeline allows for standard regulatory approvals and completion of transaction requirements. The September 30 deadline provides a defined completion target for both parties involved in the transaction.

Overview of Project Potential

La Pepa contains mineral resources estimated by GeoEstima Spa within an optimised pit envelope. Cut-off grades of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides were applied, corresponding to marginal cut-off grades assuming a long-term gold price of $1,650 per ounce. The qualified person reports no awareness of environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect potential development of the mineral resources.

The project represents an exploration-stage opportunity for Mineros in Chile. The company notes that mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred mineral resources have the least certainty regarding their existence compared to measured or indicated mineral resources.

Londoño added: "Additionally, the acquisition of La Pepa Project exposes us to Chile, an additional jurisdiction with a long and well-established mining history." The acquisition provides Mineros with geographic diversification beyond its current operations in Colombia and Nicaragua.

Next Steps and Milestones

Following the expected closing by September 30, 2025, Mineros will hold 100% ownership of the La Pepa Project. The company will terminate its joint venture arrangement with Pan American and assume full operational control of the Chilean exploration project. The acquisition forms part of Mineros' expanded strategy to develop a pipeline of growth projects as it develops as a mid-tier gold producer.