Mineros' Nicaragua Project Delivers $460M Valuation Across a Multi-Metal District

• After-tax net present value (NPV) of $460 million at a 5% discount rate, with a 37.9% internal rate of return (IRR) and a 2-year payback period from the start of production
• Initial capital requirement of $206.8 million, with total undiscounted free cash flow of $727 million over the mine's life
• All-in sustaining cost (AISC) of $1,295 per gold-equivalent ounce over the life of mine
• Metallurgical testing confirmed a processing flowsheet that recovers four metals: gold, silver, zinc, and copper
• District-scale resource potential validated across four deposits: Porvenir, Guillermina, Leticia, and San Antonio

Mineros S.A. (TSX: MSA | OTCQX: MNSAF | BVC: MINEROS) is a Colombian-based Latin American gold mining company headquartered in Medellin, Colombia, with more than 50 years of operating history. The company runs producing mines in Colombia and Nicaragua and holds a pipeline of development and exploration assets across the region, including the La Pepa project in Chile. 

Porvenir PFS Delivers $460M NPV, 37.9% IRR and 2-Year Payback

The 2026 prefeasibility study (PFS) confirms Porvenir as a financially viable, stand-alone underground mining project. Using consensus metal price assumptions of $3,150 per ounce for gold, $45 per ounce for silver, $4.72 per pound for copper, and $1.22 per pound for zinc, the study produces an after-tax NPV of $460 million and an IRR of 37.9%. The payback period is estimated at 2 years from the start of production. Initial capital is estimated at $206.8 million, inclusive of contingency.

The mine plan is designed to process 2,000 tonnes of ore per day over a 9.2-year mine life, with a six-month ramp-up before reaching full capacity. Sustaining capital over the life of mine is estimated at $66.2 million, and closure and reclamation costs are estimated at $33.4 million. The AISC is $1,295 per gold-equivalent ounce sold.

Sensitivity analysis confirms the project generates positive returns across a range of metal price scenarios. 

Daniel Henao, President and Chief Executive Officer of Mineros, commented: 

"Porvenir's economics are compelling. A $460 million NPV at a 5% discount, near 40% IRR, and 2-year payback speak for themselves."

Optimised Polymetallic Flowsheet Enables Recovery of Gold, Silver, Zinc, and Copper

The updated study confirms a processing flowsheet combining flotation and cyanidation circuits, producing three primary saleable products: a copper-lead concentrate containing gold and silver, a zinc concentrate, and gold-silver dore bars. The facility is designed to treat 2,000 tonnes per day and is laid out with capacity for future expansions.

Metallurgical testing confirmed life-of-mine average recoveries of 88.4% for gold, 84.9% for silver, 84.5% for zinc, and 69.9% for copper. Average annual sales over the first nine years of full production are projected at 72,300 gold-equivalent ounces, comprising 54,500 ounces of gold, 190,000 ounces of silver, 28 million pounds of zinc, and 3.75 million pounds of copper.

The multi-product flowsheet means Porvenir's revenue is spread across four metals rather than gold alone. Silver, zinc, and copper together contribute to the gold-equivalent production figure, and their inclusion is reflected in the project's overall economic profile as presented in the 2026 PFS.

Guillermina, Leticia, and San Antonio Deposits Reinforce District-Scale Growth Potential

Beyond Porvenir, three nearby deposits have received updated mineral resource estimates as part of the 2026 study cycle. Guillermina is located approximately 3 kilometres north of Porvenir and hosts gold, silver, zinc, and copper mineralisation that remains open along strike and at depth. Leticia sits roughly 500 metres northwest of Porvenir with a gold-silver-zinc system also open for expansion. San Antonio, approximately 500 metres southwest of Porvenir, adds gold, silver, zinc, and copper mineralisation at an advanced exploration stage.

Across all four deposits, measured and indicated mineral resources exclusive of reserves total approximately 406,000 gold-equivalent ounces, with a further 313,000 gold-equivalent ounces in the inferred category. Early-stage exploration targets at Mombacho, Pochomil, Apoyo, Madrono, and Momotombo form part of the broader exploration pipeline within the district.

Mineros has stated that centralised infrastructure at Porvenir could serve as a processing hub for the district, with the potential to extend mine life beyond the current plan.

President and CEO Daniel Henao added:

"Nearby deposits like Guillermina, Leticia, and San Antonio sit within striking distance of shared and scalable infrastructure, and we believe we are standing on a district that has the potential to grow Mineros' operations exponentially over the coming decade."

Milestones and Next Steps

The full NI 43-101 technical report is to be filed on SEDAR+ in accordance with applicable Canadian securities laws. Near-term work at Porvenir includes infill drilling campaigns and additional metallurgical sampling to refine the processing flowsheet and mine design, alongside geotechnical studies and advanced engineering for the tailings storage facility, process plant, and associated site infrastructure. These activities are designed to systematically reduce project risk and support future development decisions.

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