Mineros Sets 2026 Production Target at 233,000 Ounces, Allocates Majority of Growth Capital to Nicaragua

• Production guidance of 213,000 to 233,000 ounces reflects focus on brownfield projects and operational efficiencies
• Total capital expenditure of $99.2 million includes $36.3 million in growth capital, primarily for Nicaragua operations
• Hemco processing capacity to expand from 1,800 to 2,500 tonnes per day through $23 million investment
• Exploration programme of $17.3 million supports 95,000 metres of drilling across three jurisdictions
• Porvenir Project holds environmental permit for mining operations, with updated prefeasibility study scheduled for Q1 2026

Mineros S.A. (TSX:MSA) is a Colombian-based Latin American gold mining company with operations in Colombia and Nicaragua, and a development project in Chile. Headquartered in Medellín, the company has over 50 years of operating history across alluvial and hard rock mining operations. The company's portfolio includes the Nechí alluvial property in Colombia, the Hemco property in Nicaragua, and the La Pepa project in Chile. Shares trade on the Toronto Stock Exchange, Colombia's stock exchange, and the OTCQX Best Market.

2026 Production and Cost Guidance

Mineros has established 2026 consolidated gold production guidance of 213,000 to 233,000 ounces, an increase of approximately 10,000 ounces compared to 2025 guidance. The guidance is based on an assumed gold price of $4,405 per ounce. The company notes that while guidance is based on primary gold reserves, improvements to silver recovery at the Hemco processing plant may provide additional revenue, with any silver recovered to be reported as gold equivalent production.

Nicaragua's Hemco operations are projected to produce 130,000 to 140,000 ounces in 2026. The Panama and Pioneer operations have an AISC range of $2,000 to $2,100 per ounce, whilst the Bonanza Mining Partners arrangement is expected to generate a 39% to 41% AISC margin. Colombia's Nechí property has production guidance of 83,000 to 93,000 ounces, with company-owned dredges operating within an AISC range of $1,820 to $1,920 per ounce and contract mining partners expected to deliver an 11% to 14% AISC margin.

President and CEO Daniel Henao stated:

"Our 2026 guidance demonstrates a transition in our corporate lifecycle. We are moving beyond a steady-state profile by allocating capital to projects with immediate accretive value. We are shifting our focus to creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns. This 10,000-ounce increment is the first stage of a broader evolution for the Company."

Capital Expenditure Plans

The 2026 capital budget totals $99.2 million, comprising $62.9 million in sustaining capital and $36.3 million in growth capital. Approximately 84% of growth capital is allocated to Nicaragua, with the largest component being a $23 million project to expand Hemco's processing capacity from 1,800 to 2,500 tonnes per day. This expansion represents the first stage of what the company describes as a disciplined approach to increasing production through organic capacity expansion.

The company is also evaluating the installation of a 1,000 tpd mill from its existing asset inventory. This project is intended to address processing constraints and increase output in Nicaragua. Sustaining capital of $62.9 million is distributed across operations to maintain equipment, facilities, and ongoing development requirements at both Colombian and Nicaraguan properties.

Colombia's capital allocation includes sustaining expenditure for the Nechí operations, whilst Chile receives $1.9 million for 7,000 metres of drilling at the La Pepa project. The capital structure reflects the company's approach of allocating resources to projects that can deliver production increases within shorter timeframes whilst maintaining operational continuity across the portfolio.

Nicaragua Expansion Strategy with Exploration Programme

The exploration programme for 2026 is budgeted at $17.3 million and includes approximately 95,000 metres of drilling. Nicaragua accounts for 75,400 metres of this total at a cost of approximately $11 million. The programme targets brownfield areas around existing operations and growth projects, including work at and near Porvenir, whilst increasing greenfield exploration across the Golden Triangle district, defined by the historic mining towns of Bonanza, Rosita, and Siuna. This district has historically produced nine million ounces of gold, five million ounces of silver, and 305 million pounds of copper.

The Porvenir Project is advancing through final stages of permitting and technical optimisation. The completion of the Hemco NI 43-101 update, scheduled for late Q1 2026, will include an updated prefeasibility study for Porvenir, featuring an optimised process plant with 2,000 tonnes per day throughput capacity. The project holds the environmental permit for mining operations.

In Colombia, the company plans to complete 13,000 metres of drilling at Nechí. The Chile programme receives approximately $1.9 million for 7,000 metres of drilling at La Pepa. The exploration strategy focuses on near-term production growth opportunities whilst advancing a pipeline of development projects across the three-country portfolio.

Next Steps

Mineros will release its fourth quarter 2025 and year-end financial and operating results on 18 February 2026. Senior management will host a conference call on 19 February 2026 at 9:00 AM Eastern Standard Time to discuss the results. The company's 2026 operational plan focuses on executing the Hemco processing expansion, completing the updated Hemco technical report including the Porvenir prefeasibility study, and advancing exploration programmes across its portfolio.

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