Mineros Starts Detailed Engineering at Porvenir; Decision Expected Early 2027

• Mineros has entered the detailed engineering phase for its 100%-owned Porvenir polymetallic deposit in Nicaragua, and is targeting a construction decision in early 2027.
• A consortium of engineering firms completed a gap analysis of the project's technical parameters and confirmed its readiness for detailed engineering.
• A targeted drilling campaign is underway to reduce geological uncertainty and de-risk the first 3 years of the underground mine plan.
• Early works are being prepared in areas where permits have been obtained, including site accesses, preliminary earthworks, and surface platforms.
• Mineros is targeting approvals for forest management and industrial water use before the end of 2026.
• The work completed to date and the published pre-feasibility study confirm Porvenir as a stand-alone underground operation within an emerging polymetallic district.

Company Overview 

Mineros (TSX: MSA | BVC: MINEROS | OTCQX: MNSAF) is a Latin American gold mining company headquartered in Medellín, Colombia. The company operates a diversified portfolio of assets in Colombia and Nicaragua and maintains a pipeline of development and exploration projects across the region, including the Porvenir polymetallic project within the Hemco Property in Nicaragua, the La Pepa Project in Chile, and an exploration project in the Tolima department near Cajamarca, Colombia. With more than 50 years of operating history, Mineros maintains a longstanding focus on safety, sustainability, and disciplined capital allocation.

Independent Review Clears the Path to Detailed Engineering

Mineros has entered the detailed engineering phase for the development of its 100%-owned Porvenir polymetallic deposit, located within the Hemco Property in Nicaragua. The step follows an independent engineering review of the updated pre-feasibility study announced on March 31, 2026. The company is targeting a construction decision in early 2027. 

To support capital allocation and project execution, Mineros engaged a consortium of engineering firms to conduct a gap analysis of the project's technical parameters. The group includes BBA Inc., NCL Ingenieria y Construcción, Mining Plus, and Tanka Engineering. The review confirmed the project's readiness, and detailed engineering has already commenced for the main components.

President and Chief Executive Officer of Mineros, Daniel Henao, points to the outside firms' role in the transition to detailed engineering:

"Porvenir represents a transformative asset for Mineros, and we are treating its development with the technical and financial rigor it deserves. By partnering with globally recognized engineering firms to validate our technical work, we are ensuring a seamless transition into detailed engineering." 

The engineering work now runs alongside drilling, early works preparation, and permitting, each of which feeds the construction decision.

Drilling to De-Risk the Mine Plan & Metallurgy 

The current drilling campaign at Porvenir is aimed at the earliest years of the mine plan and the design of the processing plant. It is designed to reduce geological uncertainty, de-risk the first 3 years of the underground mine plan, and support the metallurgical test work being conducted as part of the detailed engineering for the processing plant.

The approach is intended to increase confidence in both the initial production profile and the processing flow sheet.

Early Works & Permitting in Nicaragua

To enable rapid mobilization should a construction decision be made, Mineros is preparing to initiate early works at the Porvenir site in areas where the required permits have been obtained. These activities will focus on critical-path infrastructure, including the construction of site accesses, preliminary earthworks, and surface platforms.  

On the regulatory front, the company is advancing its environmental permitting. On July 22, 2026, Mineros hosted a site visit by representatives of the Ministry of the Environment and Natural Resources (MARENA), the Secretariat of Natural Resources and the Environment (SERENA), and the Environmental Commission for Natural Resources and the Environment (CARENA), the latter two of the North Caribbean Coast Autonomous Region, together with the municipal mayor's office. The visit forms part of the work necessary to obtain approvals for forest management for the tailings storage and processing plant facilities. 

Mineros is also developing a hydrological study to support its application for industrial water use at the mine and processing plant, which, if granted, would be issued as a concession title by the National Water Authority (ANA). The company is targeting the issuance of these permits before the end of 2026 and is sequencing its technical and engineering work to be in a position to finalize the construction decision once permitting is fully approved. 

A Stand-Alone Mine Within an Emerging District  

The work completed to date and the published pre-feasibility study confirm Porvenir as a stand-alone underground operation, and confirm the existence of an emerging polymetallic district that also includes the Guillermina, Leticia, and San Antonio deposits.

Those 3 deposits are at an earlier stage of evaluation than Porvenir. Each hosts a mineral resource estimate; none has estimated mineral reserves, and there is no certainty that they will advance to a stage that could extend the Porvenir mine life.   

Next Steps 

Detailed engineering continues on the project's main components, while the drilling campaign and metallurgical test work proceed. Mineros is targeting early works in areas already permitted, and the construction decision is contingent on the full approval of the outstanding forest management and water-use applications.

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