Mineros Quarterly Update - September 30 2025

• Record financial results: Revenues reached $196 million and net earnings totalled $54.1 million during the third quarter, driven by elevated gold prices and operational output across Colombian and Nicaraguan assets.
• Solid production metrics: Produced and sold 54,862 ounces of gold at an average realised price of $3,464 per ounce, with earnings per share of $0.18 for the quarter.
• Cost performance below guidance: Cash costs and all-in sustaining costs at the Nechí operation came in below the low end of guidance ranges.
• Cash position: Maintained a cash balance exceeding $102 million with a flexible capital structure.
• Production guidance maintained: Reaffirmed full-year 2025 guidance of 201,000 to 223,000 ounces.

MINEROS S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS) is a gold mining company headquartered in Medellín, Colombia, with operations in Colombia and Nicaragua. The company operates producing mines in both countries and maintains development and exploration projects in the region. Mineros has been in operation for nearly 50 years and has distributed annual dividends to shareholders. The company's operations focus on safety and sustainability practices, and its management team has experience in mining operations, corporate development, and finance across the Latin American mining sector.

Record Third Quarter 2025 Financial Results with Revenues of $196M and Net Earnings of $54.1M

Mineros reported record financial results for the third quarter of 2025, with revenues of $196 million and net earnings of $54.1 million. The results were attributed to elevated gold prices during the quarter. Net earnings per share reached $0.18 for the period.

The financial results were based on the production and sale of 54,862 ounces of gold at an average gold price of $3,464.

President and Chief Executive Officer David Londoño commented:

"We are pleased to report another record quarter for Mineros. From a financial perspective, current gold prices provided us with another record for revenues and profits in the third quarter of 2025 of $196.0M and $54.1M respectively."

The quarter's performance reflects higher gold prices flowing through to revenues whilst the company maintained cost discipline. Management stated their focus remains on maximising stakeholder value through the current pricing cycle whilst investing in growth opportunities. The financial results provide the company with flexibility to pursue organic development projects and potential acquisitions.

Production and Cost Performance with 54,862 Ounces Sold and Strong Cash Position of $102M

Cost management remained a key strength during the quarter, with cash costs and all-in sustaining costs at Nechí falling below the low end of the guidance range. The Nechí alluvial property in Colombia delivered production with improved cost metrics compared to guidance, reflecting operational improvements implemented in recent quarters.

At the Hemco property in Nicaragua, cost dynamics reflected the unique structure of the company's operations. Whilst cash costs exceeded the high end of guidance due to the strong gold price affecting the cost to purchase ore from cooperatives representing artisanal mining partners, all-in sustaining costs fell within the guidance range. Management indicated they will continue to monitor cost guidance as gold prices remain elevated above $3,000 per ounce.

The company maintained a robust cash position exceeding $102 million, supported by a strong and flexible balance sheet. This financial strength positions Mineros to pursue growth opportunities aggressively, with management actively seeking appropriately sized additions to production capacity. The cash position provides substantial optionality, enabling the company to advance organic growth initiatives such as the near-term development of the Porvenir Project at the Hemco property, whilst simultaneously evaluating inorganic growth opportunities in the region. Chief Executive Officer Londoño emphasised that the company remains focused on maximising stakeholder value through prudent capital allocation.

Exploration Programme Updates and 2025 Production Guidance Maintained

Mineros continues advancing a comprehensive exploration strategy across multiple project areas, with significant drilling activity during the third quarter. At the Hemco property, 7,712 metres of diamond drilling across 46 holes was completed, achieving approximately 90% of the 2025 drilling plan. The programme focused on increasing mineral resources and mineral reserves at both the Panama Mine and Pioneer Mine, with 5,172 metres drilled at Panama and 2,540 metres at Pioneer. Management expects to publish updated mineral resources and mineral reserves estimates for both mines in early 2026, which could provide upside to the company's production profile.

Brownfield exploration at the Bonanza block, situated between the Panama and Pioneer mines, represents a strategic opportunity to expand resources along the same epithermal gold trend. During the third quarter, 2,096 metres of diamond drilling was completed across 10 drill holes, representing approximately 25% of the revised 2025 drilling programme. Drilling activities concentrated on two brownfield targets, Cleopatra and Orpheus, with the programme revised to 8,500 metres from an initial 17,400 metres due to delays in commencing activities. This systematic exploration approach aims to identify additional mineralisation that could extend mine life and increase production capacity.

Management reaffirmed the 2025 production guidance of 201,000 to 223,000 ounces. The guidance reflects the performance of Nicaragua's underground mines, continued partnerships with artisanal mining cooperatives, and improved performance at Nechí. Management noted that elevated gold prices may influence production decisions at Hemco, potentially resulting in a different split between company-operated mines and artisanal production compared to initial guidance.

Conclusion and Outlook

Mineros reported record revenues and earnings through the third quarter of 2025, driven by elevated gold prices and operational performance. The company completed 90% of planned drilling at the Hemco property and continued resource expansion drilling at Nechí during the quarter. The company maintained its 2025 production guidance of 201,000 to 223,000 ounces.

The company plans to publish updated mineral resource and reserve estimates for the Panama and Pioneer mines in early 2026, alongside a prefeasibility study optimisation for the Porvenir Project. With a cash position exceeding $102 million, Mineros has financial capacity to advance organic growth through project development and evaluate potential acquisition opportunities.

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