Mineros Pairs a US$58 Million Special Dividend With a Funded Growth Build & an Open Acquisition Window

• Mineros proposed a one-time US$0.20 per share cash dividend, about US$58 million, on top of the ordinary US$0.10 approved in March.
• Management says the roughly US$200 million Porvenir capital cost is already in the treasury, with no outside financing needed.
• Mineros holds US$229 million of liquid assets and has US$30 million + US$175 million of dividends declared and buybacks authorized over 3 years.
• Mineros is targeting producing assets in a 70,000 to 130,000 ounce a year window and maintains dividends and buybacks through any deal.
• Third-quarter gold production rose 14.0% to 62,565 ounces, and 2026 guidance moved up to 235,000 to 245,000 ounces.

Mineros S.A. (TSX: MSA | OTCQX: MNSAF) has several claims on the same pool of cash: a special dividend, a development project, buybacks, and an acquisition search. Recent disclosures put a number on each, which lets investors compare them with the liquid assets management reports.

A Special Dividend on Top of the Ordinary Payout

On October 23, 2026, Mineros proposed a one-time extraordinary cash dividend of US$0.20 per common share, totaling about US$58 million. It would be paid on December 4, 2026, to holders of record on December 1, in addition to the ordinary US$0.10 dividend approved on March 27, 2026.

Shareholders vote at a meeting on November 24, 2026, and the proxy deadline is November 20. The payment would come from the release of occasional reserves built from profits of fiscal years ended on or before December 31, 2025.

Holders through the Canadian system face a 20% Colombian withholding tax. The excess may be claimable under the Management Information Circular dated October 15, 2026.

Porvenir Capex Is Already in Treasury

Porvenir requires initial capital expenditure of US$206.8 million. Mineros estimates an after-tax net present value at a 5% discount rate of US$460 million, an internal rate of return of 37.9% and a payback of 2.0 years.

Chief Executive Officer of Mineros, Daniel Henao, said the roughly US$200 million cost is already in the company's treasury:

"We already have that in treasury. We don't need to go outside to raise financing."

The 2026 capital program is US$113.7 million, made up of US$51.7 million for growth, US$44.7 million for sustaining capital, and US$17.3 million for exploration. Mineros has liquid assets of US$229 million.

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Buybacks & the Acquisition Window

Mineros has declared US$30 million in dividends and authorized US$175 million in buybacks over 3 years, and has returned more than US$145 million to shareholders from 2021 to 2025.

Henao said further buybacks are certainly on the table and higher dividends are perhaps also under discussion.

Management describes a platform that funds returns, acquisitions and construction at the same time:

"[Mineros] can continue paying dividends, do buybacks, acquire assets, build mines, but even after that there's still significant cash flow left."

Mineros is targeting producing assets of 70,000 to 130,000 ounces a year across the Americas and maintains dividends and buybacks through any deal. Management describes a clean balance sheet with almost no debt, and the Moody's B1 Stable and S&P B+ Stable ratings were put in place to support leverage for an acquisition.

Third Quarter Output Gives the Plan a Base

On October 13, 2026, Mineros reported third-quarter gold production of 62,565 ounces, up 14.0%. Over the first 9 months of 2026, production reached 181,466 ounces, up 11.3%.

Hemco produced 38,010 ounces in the quarter, up 18.5%, and Nechí produced 24,555 ounces, up 7.8%. Hemco also built a stockpile of 121,864 metric tons containing about 18,856 ounces. Mineros raised 2026 guidance for the second time this year, to 235,000 to 245,000 ounces from 220,000 to 240,000 ounces. Hemco is now targeting 148,000 to 152,000 ounces and Nechí 87,000 to 93,000 ounces.

Henao tied the raise to operating performance:

"The consistency of these results gives us the confidence to raise our 2026 gold production guidance for the second time this year, to 235,000 to 245,000 ounces, while remaining focused on disciplined investment."

Next Dates for the Dividend & Capital Plan

Full third quarter financials are due on November 11, 2026. The proxy deadline follows on November 20, and the shareholder vote on November 24. Payment, if approved, lands on December 4. Buyback activity and any acquisition within the 70,000- to 130,000-ounce window are the next capital allocation steps management has flagged.

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