Mineros S.A. Receives Credit Ratings for Proposed Senior Unsecured Notes

• Mineros S.A. received initial credit ratings of B+ from S&P Global Ratings and B1 from Moody's Ratings for its proposed Senior Unsecured Notes offering, both with stable outlooks
• The ratings assignment represents a step forward in the company's strategy to secure debt financing for long-term growth and capital expenditure programmes
• Both rating agencies assigned stable outlooks, reflecting the company's consistent operating performance and diversified asset base in Latin America
• The credit ratings position the company to access international debt capital markets for financing strategic initiatives and key growth projects
• CFO David Splett described the ratings as third-party validation of the company's financial position, operating results, and growth strategy

Mineros S.A. (TSX: MSA) is a Latin American gold mining company headquartered in Medellin, Colombia. The company operates mines in Colombia and Nicaragua, with additional development and exploration projects throughout the region. Mineros has operated for over 50 years with a focus on safety and sustainability.

Credit Ratings Assignment from S&P and Moody's

S&P Global Ratings assigned a B+ rating whilst Moody's Ratings assigned a B1 rating for Mineros' proposed Senior Unsecured Notes offering. Both ratings fall within the non-investment grade category. The ratings process involved assessments of the company's financial position, operational performance, and strategic positioning within the Latin American gold mining sector.

The rating agencies evaluated factors including production consistency, cost management, reserve quality, and operational track record. The ratings reflect the company's diversified asset base, which includes producing operations in Colombia and Nicaragua. These independent assessments provide information on the company's creditworthiness for potential investors.

The receipt of ratings from two recognised agencies addresses requirements that many institutional investors have for multiple agency ratings before participating in debt offerings. The ratings also establish a reference point for future debt transactions by the company.

Rating Details and Stable Outlook

The B+ rating from S&P Global Ratings and B1 rating from Moody's Ratings are equivalent positions in their respective rating scales. These ratings are in the upper levels of the non-investment grade category. The ratings incorporate the company's diversified production base, management experience, and operational track record in Latin American mining.

Both agencies assigned stable outlooks with their ratings. The stable outlook indicates the agencies' view that the company's credit profile will remain consistent in the near to medium term. This assessment considers the company's geographic diversification across Colombia and Nicaragua, along with its operational performance.

CFO David Splett commented:

"The successful assignment of initial credit ratings from two highly respected global agencies, S&P and Moody's, represents a pivotal achievement for Mineros. The B+ and B1 ratings with a Stable outlook are a strong third-party validation of our robust financial position, consistent operating results, and disciplined growth strategy."

Debt Financing for Growth and Capital Expenditure

The credit ratings represent a step in Mineros' strategy to secure debt financing for growth and capital expenditure programmes. Access to international debt capital markets provides the company with financing options beyond traditional bank lending. The proposed Senior Unsecured Notes will support the company's plans to finance strategic initiatives and development projects.

The company indicated the financing will fund initiatives across its portfolio, including growth projects. The development pipeline includes opportunities at existing operations and exploration projects. The debt financing approach allows the company to fund these initiatives without issuing additional equity.

Splett stated:

"This essential step positions us optimally to access the international debt capital markets and finance our strategic initiatives, including key growth projects across our portfolio."

The company plans to use the proceeds to support its capital expenditure programmes and strategic objectives across its Latin American operations.

Next Steps

Following the credit ratings assignment, Mineros will proceed with its proposed Senior Unsecured Notes offering, subject to market conditions and final terms. The company will engage with potential investors in international debt capital markets using these ratings. The stable outlooks from both S&P Global Ratings and Moody's Ratings support the company's plans to access debt financing for its growth programmes and capital expenditure initiatives across its Latin American mining operations.

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