Mineros Reports Record First-Half Revenue and EBITDA on Higher Gold Prices and Sales Volumes

• First half revenue reached $558.8 million, up 63% year over year, due to higher gold prices and increased sales volumes.
• Adjusted EBITDA rose 70% year over year to $260.5 million, the highest first half figure in the company's reporting history.
• The company sold 122,634 gold equivalent ounces in H1 2026, and full year production guidance was revised to 220,000 to 240,000 ounces.
• Hemco processing plant throughput reached 2,100 tonnes per day, with a target of 2,500 tonnes per day by year end 2026.
• The share repurchase programme was expanded to $175 million, and cash and gold backed assets totalled $228.8 million as of June 30, 2026.

Mineros S.A. (TSX:MSA, BVC:MINEROS, OTCQX:MNSAF) is a Colombia-based gold producer headquartered in Medellin, with more than five decades of operating history in Latin America. The company operates two properties, the Nechí alluvial property in Colombia and the Hemco property in Nicaragua, and holds development and exploration assets including the La Pepa project in Chile and the Tolima project in Colombia. Its shares trade on the Toronto Stock Exchange, the Colombian Stock Exchange and the OTCQX Best Market. The company has maintained a focus on safety, sustainability and capital allocation throughout its operating history.

Record H1 2026 Revenue of $559 Million and Adjusted EBITDA of $260 Million on 122,634 AuEq Ounces Sold

Mineros generated $558.8 million in revenue during the first half of 2026. The increase was driven by a 46% rise in the average realised gold price, a 9% increase in gold ounces sold, and a 111% increase in silver ounces sold to 312,446. Second quarter revenue was $267.0 million, up 46% from the same period in 2025.

Adjusted EBITDA increased 70% year over year to $260.5 million, and net profit rose 63% to $132.8 million, or $0.45 per share. Cash cost, which measures the direct expense of mining and selling an ounce of gold, was $2,104 per ounce, within the company's guided range. All in sustaining cost, which includes cash cost plus capital spending required to maintain current operations, was $2,348 per ounce, below the low end of guidance.

President and Chief Executive Officer Daniel Henao said:

"H1 2026 demonstrates the earnings leverage embedded in our growing production profile. With all-in sustaining costs tracking below guidance and Hemco Property's production at the top end of production guidance, we generated revenue of $559 million and net profit of $133 million; the strongest half in the Company's history. 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." 

Full year gold production guidance was subsequently revised to a range of 220,000 to 240,000 ounces, up from the previous 213,000 to 233,000 ounce range.

Hemco Property Throughput Expansion to 2,500 tpd On Track and Porvenir Project Environmental Certification Received

The Hemco processing plant expansion in Nicaragua is intended to increase throughput from a baseline of 1,750 tonnes per day. Throughput reached 2,100 tonnes per day by June, and the project remains on schedule and within its $23 million budget to reach 2,500 tonnes per day by the end of 2026. Gold production at Hemco increased 14% year over year during the second quarter.

At the Porvenir project, Mineros received Environmental Certification for the processing plant and tailings storage facility in April 2026 from Colombia's Attorney General's Office. Outstanding approvals cover forest management and treated wastewater authorisations, both expected by year end. A prefeasibility study for Porvenir estimates an after tax net present value of approximately $460 million at a 5% discount rate, an after tax internal rate of return of 37.9%, and a payback period of approximately two years from the start of production.

Initial capital costs for Porvenir are estimated at $206.8 million, including contingency, with life of mine sustaining capital of $66.2 million and closure and reclamation costs of $33.4 million. The project already holds the environmental permit for mining operations.

Strategic Gold Reserve Policy Implementation With $228 Million in Gold-Backed Assets and Expanded $175 Million Share Repurchase Program

As of June 30, 2026, Mineros held $228.8 million in cash and gold backed assets, comprising $41.1 million in cash and equivalents, $124.6 million in precious metals inventory and $63.0 million in gold backed receivables. Loans and borrowings totalled $55.6 million as of the same date.

President and Chief Executive Officer Daniel Henao said:

"We also took deliberate steps this quarter to strengthen our balance sheet through an allocation to physical gold and gold-backed receivables, ending the period with gold-backed assets equivalent to 42,221 ounces of gold. This position reflects our view that gold remains an effective long-term store of value in the current macroeconomic environment. We regard it as a natural extension of our capital management framework, one that reinforces our identity as a gold producer and aligns our treasury with the interests of shareholders who invest in Mineros for exposure to the gold sector."

During the second quarter, Mineros repurchased 4,083,497 shares for $18.1 million. In July, shareholders approved expanding the share repurchase programme to $175 million, executable through March 2029. The company also maintains a quarterly dividend of $0.025 per share, equivalent to $0.10 annually.

Milestones and Next Steps

The Hemco plant expansion to 2,500 tonnes per day is targeted for completion by the end of 2026, and the outstanding forest management and wastewater permits for Porvenir are expected within the same period. Mineros is continuing its exploration programme across the Hemco, Nechí, Porvenir and La Pepa properties, with 95,000 metres of drilling planned for the year. The company held a conference call to discuss these results on August 6, 2026.

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