Mineros S.A. Advances Nicaragua Plant Expansion and Launches Record Drilling Programme

• The Hemco processing plant has achieved a sustained throughput of 2,000 tpd, a 14.3% increase from the 1,750 tpd baseline, with the expansion on schedule and within budget.
• Interim and final capacity targets are set at 2,200 tpd by June 2026 and 2,500 tpd by December 2026, with major capital equipment already procured and expected on-site in Q3 2026.
• Underground mine development has been accelerated at the Panama and Pioneer mines, with surface stockpiles now holding more than 6,000 ounces of gold.
• A 75,000-metre exploration drilling programme is underway using company-owned rigs, at an all-in internal cost of approximately $100 per metre versus $160 per metre for contracted services.
• A technical report updating the Prefeasibility Study for the Porvenir Project is expected by end of March 2026.

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

Processing Plant Expansion Achieves 2,000 tpd and Targets 2,500 tpd by December 2026

Mineros has confirmed that the Hemco processing facility in Nicaragua has reached a sustained throughput of 2,000 tpd, a 14.3% improvement over the previous baseline of 1,750 tpd. The expansion is on schedule and within budget, and has been carried out in full compliance with all applicable environmental permits.

The programme follows a phased timeline: an interim capacity target of 2,200 tpd is set for June 2026, with the final target of 2,500 tpd by December 2026. Major capital equipment for the next phase has already been procured and is expected on-site in Q3 2026. In parallel, the company reported that gold recovery at Hemco is now consistently above 90%, with silver recoveries also improving following multiple process optimisation initiatives over the past year.

Mineros is also conducting technical and engineering studies to evaluate the incorporation of an additional 1,000 tpd mill circuit, using milling equipment already owned by the company. No timeline or capital estimate for this potential expansion has been disclosed at this stage.

Accelerated Underground Mine Development and Inventory Build

To support expanded plant capacity, Mineros has accelerated development at the Panama and Pioneer underground mines. As of the date of the release, surface stockpiles held more than 6,000 ounces of gold. The company stated this inventory accumulation is intended to provide operational flexibility and allow for the blending of various grade material through the processing circuit.

Management has indicated it expects the increased throughput to drive economies of scale, contributing to a projected reduction in unit operating costs over the medium term. No specific cost targets were provided in the release.

The company also reported progress under its Bonanza Mining Partners (BMP) model, a framework involving local cooperatives and authorities that sources ore from third parties. A new ore-staging facility in the municipality of Rosita, approximately 20 miles from Bonanza, is now fully operational and contributing an incremental 200 tpd to the Hemco plant. Mineros noted it is reviewing opportunities to increase BMP mineral acquisitions ahead of further capacity increases later in 2026.

75,000-Metre Exploration Drilling Programme Underway

Mineros has initiated a 75,000-metre drilling programme for 2026, deploying eight active rigs across the Nicaragua portfolio. The company described it as the most aggressive exploration programme in the history of the property. The programme is focused on resource-to-reserve conversion at the Panama and Pioneer mines, advancing the Porvenir Project, and exploring high-grade targets in the vicinity of current operations.

The programme uses company-owned drill equipment, with all-in internal costs averaging approximately $100 per metre compared with $160 per metre for contracted services. The company did not quantify the total capital allocated to the programme in the release.

A technical report updating the Prefeasibility Study for the Porvenir Project, along with a revised resource statement for the broader Hemco property, is expected by the end of March 2026. The report is expected to provide a clearer outline of the long-term development potential of the Nicaragua portfolio.

Milestones Ahead

Near-term milestones for investors to monitor include the 2,200 tpd interim throughput target at Hemco by June 2026, the arrival of major capital equipment on-site in Q3 2026, the December 2026 target of 2,500 tpd, and the publication of the updated Prefeasibility Study for the Porvenir Project by end of March 2026. The company has not provided updated production or cost guidance in connection with this release.

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