Mineros Enters Detailed Engineering Phase at Porvenir After Independent Technical Review

• Mineros has commenced detailed engineering on the main components of the Porvenir Project following a gap analysis by a consortium of international engineering firms
• The gap analysis confirmed the project's readiness to proceed, building on the updated pre-feasibility study released on March 31, 2026
• A targeted drilling campaign is underway to reduce geological uncertainty in the first three years of the underground mine plan and to support metallurgical test work
• Early works preparation and environmental permitting are advancing in parallel, with key permits expected before the end of 2026
• A construction decision on the Porvenir Project is targeted for early 2027

Mineros (TSX: MSA; BVC: MINEROS; OTCQX: MNSAF) is a Colombia-based gold producer with more than 50 years of operating history in Latin America. The company runs mining operations in Colombia and Nicaragua and holds a pipeline of growth projects across the region, including assets in Chile and Colombia in addition to Porvenir. Mineros shares trade on the Toronto Stock Exchange, the Colombian Stock Exchange and the OTCQX Best Market.

Detailed Engineering Commenced at Porvenir Following Independent Gap Analysis by Global Engineering Consortium

Mineros has entered the detailed engineering phase for Porvenir, a wholly owned polymetallic deposit located within its Hemco property in Nicaragua. The move follows an independent review of the updated pre-feasibility study the company published in March 2026.

To reach this stage, Mineros engaged four engineering firms, BBA Inc., NCL Ingenieria y Construcción, Mining Plus and Tanka Engineering, to carry out a gap analysis of Porvenir's technical parameters. A gap analysis compares a project's existing plans against industry benchmarks to identify what still needs to be addressed before construction begins.

The review confirmed that Porvenir is ready to proceed, and detailed engineering has already started on the project's main components, including the underground mine and processing plant.

Targeted Drilling Campaign Underway to De-Risk First Three Years of Underground Mine Plan and Metallurgical Test Work

Mineros is running a targeted drilling programme at Porvenir. The campaign is designed to reduce geological uncertainty for the first three years of underground production.

The same drilling programme is also feeding metallurgical test work tied to the processing plant design. Metallurgical testing determines how ore can be processed into saleable metal and informs plant design and recovery estimates.

Mineros stated that this approach is intended to increase confidence in both the initial production profile and the processing flow sheet.

Early Works Preparation and Environmental Permitting Advancing Toward Early 2027 Construction Decision

Mineros is preparing to begin early works at the Porvenir site in areas where permits have already been obtained. These activities include site access construction, preliminary earthworks and surface platforms, focused on critical-path infrastructure.

On the regulatory side, Mineros is advancing environmental permitting in Nicaragua. In July 2026, the company hosted a site visit from regional environmental and natural resource authorities as part of the process to obtain forest management approvals for the tailings storage and processing plant facilities. Mineros is also completing a hydrological study to support an application for an industrial water use concession, which would be issued by Nicaragua's National Water Authority. The company expects these permits before the end of 2026.

Mineros is sequencing its technical and engineering work so that it is positioned to finalise a construction decision once permitting is fully approved. 

President and Chief Executive Officer Daniel Henao said:

"Porvenir represents a transformative asset for Mineros, and we are treating its development with the technical and financial rigor it deserves. By partnering with globally recognized engineering firms to validate our technical work, we are ensuring a seamless transition into detailed engineering. The ongoing design optimization of the mine and processing plant, our drilling campaign for both the mine plan and metallurgy, the preparation of early works, and our progress on permitting all underscore our commitment to maintaining momentum and unlocking the full value of the Porvenir district for our shareholders."

Milestones and Next Steps

Detailed engineering will continue across the mine and processing plant, supported by the ongoing drilling campaign and metallurgical test work. Mineros expects to receive its outstanding forest management and water use permits before the end of 2026, ahead of a targeted construction decision on Porvenir in early 2027.

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