Mineros Posts Record 9-Month Revenue as Costs Run Below 2026 Guidance

• Revenue for the first 9 months of 2026 reached a record US$838.0 million, up 55%, and net profit rose to a record US$222.3 million, or US$0.76 per share.
• Full-year 2026 gold production guidance stands at 235,000 to 245,000 ounces, after 2 upward revisions from an original 213,000 to 233,000 ounces.
• The 9-month cash cost of US$2,059 per ounce and all-in sustaining cost of US$2,310 per ounce both came in below the lower end of full-year guidance.
• Hemco plant throughput reached 2,300 tonnes per day (tpd) by September, 31% above the 1,750 tpd baseline, with the expansion targeting completion by year-end 2026.
• Shareholders vote on November 24, 2026, on a proposed US$0.20 per share special dividend of approximately US$58 million.

Company Overview

Mineros (TSX: MSA | BVC: MINEROS | OTCQX: MNSAF) is a Latin American gold mining company headquartered in Medellín, Colombia. The company operates a diversified portfolio of assets in Colombia and Nicaragua and maintains a pipeline of development and exploration projects across the region, including the Porvenir polymetallic project within the Hemco Property in Nicaragua, the La Pepa Project in Chile, and an exploration project in the Tolima department near Cajamarca, Colombia. Mineros has more than 50 years of operating history.

Record 9-Month Revenue & Earnings on Higher Gold Prices

Mineros reported financial and operating results for the 3 and 9 months ended September 30, 2026 on November 11, 2026. Revenue for the 9 months reached US$838.0 million, up 55% and the strongest for any 9-month period in the company's history, as the average realized gold price rose 38% to US$4,451 per ounce and gold sold rose 10%. Net profit rose 64% to a record US$222.3 million (US$0.76 per share), and adjusted earnings before interest, taxes, depreciation and amortization rose 65% to US$402.0 million.

Third quarter revenue rose 42% to US$279.2 million and net profit rose 65% to US$89.5 million (US$0.30 per share), on a realized gold price of US$4,301 per ounce, up 24%, and 61,283 ounces of gold sold (64,499 gold equivalent ounces), up 12%. Return on capital employed reached 66%, compared with 47% a year earlier.

Costs Track Below Guidance & 2026 Output Outlook

Third quarter gold production totaled 62,253 ounces, up 13%, with Hemco producing 37,698 ounces, up 18%, on higher grades from ore purchased from Bonanza Mining Partners, and Nechí producing 24,555 ounces, up 8%. Production for the first 9 months totaled 180,356 ounces, up 11%.

The 9-month cash cost of US$2,059 per ounce of gold sold came in below the full-year guidance range of US$2,070 to US$2,170. All-in sustaining cost (AISC) of US$2,310 per ounce was below the guided range of US$2,370 to US$2,470. In the third quarter, cash cost was US$1,974 per ounce, and AISC was US$2,238 per ounce, and a lower gold price brought the cost of ore purchased from Bonanza Mining Partners and the contract mining partners below budget.

Full-year 2026 gold production guidance stands at 235,000 to 245,000 ounces, after 2 upward revisions from an original 213,000 to 233,000 ounces. Hemco is targeting 148,000 to 152,000 ounces and Nechí 87,000 to 93,000 ounces at an assumed gold price of US$4,405 per ounce.

Hemco Expansion Reaches 2,300 Tonnes Per Day

Sustained throughput at the Hemco processing plant reached 2,300 tonnes per day (tpd) by September, 31% above the 1,750 tpd baseline. Mineros is targeting completion of the expansion work by year-end 2026, followed by a minor ramp-up to the new nominal capacity of 2,500 tpd. The company held 22,369 ounces of gold in ore stockpiles and under processing at September 30, 2026, up 16,692 ounces from December 2025.

The metallurgical optimization program at the plant lifted silver sales to 211,308 ounces in the third quarter from 100,159 ounces a year earlier, and to 523,754 ounces for the first 9 months, up 111%.

President and Chief Executive Officer Daniel Henao described the operating position heading into the next phase of growth:

"The Hemco expansion is advancing on schedule, gold and silver recoveries are improving, and the Porvenir prefeasibility study is delivering compelling economics. We are executing with discipline and are well positioned for the next phase of Mineros' growth."

Nechí Moves to Concentrate Sales

In the third quarter, Nechí began selling gold in concentrate to third-party traders after commissioning a drying, sampling, and packaging facility, with 1,586 ounces of concentrate gold held as finished inventory at quarter-end pending shipment. Average gold recovery at Nechí rose to 89% in the first 9 months, from 80% a year earlier.

Porvenir Moves Into Detailed Engineering

Porvenir entered detailed engineering after an independent engineering review of the updated prefeasibility study published March 31, 2026, with a construction decision targeted for early 2027. Base case economics are an after-tax net present value at a 5% discount rate of approximately US$460 million, an after-tax internal rate of return of 37.9% and a payback period of approximately 2.0 years from the start of production, with initial capital costs of US$206.8 million including contingency. Infill drilling of 4,008 meters across 20 holes brought the infill program to 87% of the annual plan and targets the first 3 years of the mine plan to reduce geological uncertainty.

Gold Treasury Position & Balance Sheet

Cash and cash equivalents were US$54.0 million at September 30, 2026, with precious metals inventory of US$224.5 million, equivalent to 50,533 ounces of gold and 227,038 ounces of silver, and gold-backed receivables of US$71.3 million, equivalent to 16,391 ounces of gold and 26,379 ounces of silver. Loans and borrowings were US$127.7 million, compared with US$15.4 million at December 31, 2025, and net cash was US$71.7 million.

Operating cash flow before strategic gold purchases rose 31% to US$194.9 million for the 9 months and net free cash flow reached US$154.1 million, up from US$106.4 million. Gold bullion purchases of US$247.3 million under the company's investment management policy reduced net cash flow from operating activities to US$52.4 million.

Henao described the rationale for the gold-backed position:

"This position reflects our view that gold remains an effective long-term store of value in the current macroeconomic environment."

In October 2026, Mineros Switzerland AG entered 2 physically settled gold posting and repurchase transactions for general corporate purposes, posting 20,000 ounces for net proceeds of US$73.2 million with a repurchase date of October 19, 2027, and 8,981 ounces for net proceeds of US$32.0 million with a repurchase date of February 2, 2027. Mineros S.A. guarantees the obligations and retains the gold price exposure.

Shareholder Returns & Index Additions

The next ordinary dividend installment of US$0.025 per share is payable January 18, 2027 to shareholders of record on January 8, 2027. A special meeting on November 24, 2026 will consider a one-time special cash dividend of US$0.20 per share, approximately US$58 million in aggregate, funded from cash on hand and operating cash flows. If approved, it is payable December 4, 2026, to shareholders of record on December 1, 2026.

Mineros repurchased 5,404,119 common shares for US$24.5 million in the first 9 months. The share repurchase program totals US$175 million and runs until March 27, 2029.

The company was also added to the MVIS Global Junior Gold Miners Index, the Solactive Junior Gold Miners Custom Factors Index and the Small Cap segment of the FTSE Global Equity Index Series, and its addition to TEVAICOL, the first locally managed Colombian equity exchange-traded fund, provided additional demand for the shares.

Exploration & Community Investment

Near-mine drilling at Panama and Pioneer, the 2 underground operating mines at Hemco, totaled 22,305 meters for the first 9 months, and brownfield drilling at Xiloa and Xolotlan totaled 12,254 meters. Mineros is also the principal contributor and project manager of a new public secondary school in El Bagre, Antioquia, a project of approximately COP$38.7 billion (about US$12.1 million) co-funded with EPM, Grupo Argos and Grupo Nutresa that will serve more than 1,080 students.

Next Steps

• Hemco expansion to 2,500 tpd targeting completion by year-end 2026.
• The first La Pepa drill rig starts in the first week of December 2026, with a second in the first week of January 2027, and the campaign running through late June 2027.
• Porvenir forest management authorizations targeted by the end of the fourth quarter of 2026, and a construction decision targeted for early 2027.
• First NI 43-101 compliant Mineral Resource Estimate for the Tolima Project targeted by the first quarter of 2027.

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