Mineros Sa · BVC:MINEROS
Mineros Sa — Investor Presentation (August 2025)
34 slides from Mineros Sa's investor presentation, August 2025
Slide 1: Gold Producer Latin America
GOLD PRODUCER Growth oriented & focused on maxizing value for shareholders LATIN AMERICA August 2025 TSX:MSA BVC:MINEROS For the well-being of everyone
Slide 2: Cautionary Notes
Cautionary Notes Statement Regarding Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “would”, “
Slide 3: Cautionary Notes
Cautionary Notes CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF RESERVES AND MEASURED, INDICATED AND INFERRED RESOURCES Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this presentation was prepared in accordance with NI 43-101. NI 43-101 is a rule develope
Slide 4: Mineros – Growth-Oriented, Mid-Tier, Gold Producer
Mineros – Growth-Oriented, Mid-Tier, Gold Producer Track Record of Profitability & Robust Dividend Payouts Diversified Asset Base in Latin America Growth Opportunities – Organic and Inorganic Strong Social License to Operate Experienced Management BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 5: Profit and Loss Statement and Free Cash Flow (US$)
Profit and Loss Statement and Free Cash Flow (US$) Average Net Earnings Net Free Revenues Net Profit Realized Au / Share Cash Flow1 Price/oz $343.0M $81.5M $0.27 $44.0M $3,096 H1 2025 H1 2025 H1 2025 H1 2025 H1 2025 (1) Net free cash flow is a non-IFRS financial measure, with no standardized meaning
Slide 6: Balance Sheet Strength & Other Financial Metrics (US$)
Balance Sheet Strength & Other Financial Metrics (US$) Cash & Cash Adjusted Adjusted Net Debt1 ROCE1 Equivalents EBITDA1 EBITDA1 $109.7M -$84.0M $153.6M $273.4M 44% June 30, June 30, H1 2025 Trailing 12 Trailing 12 2025 2025 months months (1) Adjusted EBITDA and Net Debt are non-IFRS financial measu
Slide 7: Consistent Dividends
Consistent Dividends An Attractive Value Proposition Annual Dividend 2025 - US$30M US$0.10/share annual regular dividend payable at US$0.025 $0. 150 $0. 130 quarterly $0. 110 $0.10 0.10 Greater than US$130 million in dividends paid over the last six $0.09 $0.08 $0. 090 $0.08 $0.07 $0.075 $0.07
Slide 8: Location of Assets
Location of Assets BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 9: Two Producing Assets
Two Producing Assets Colombia – Nechi Alluvial • H1’25 – 44,103 ozs • FY 2025 Guidance - 81K–91K ozs Au • H1’25 AISC/oz gold sold – US$1,420 • FY 2025 Revised Guidance - AISC/oz Au sold US$1,490 – US$1,590 Nicaragua - Hemco • H1’25 – 64,047 ozs • FY 2025 Guidance - 120K–132K ozs Au • H1’25 AISC/oz g
Slide 10: Nechi Alluvial
Nechi Alluvial ✔ Near El Bagre, 190 km north of Medellín ✔ 1.4M ounces 2P Mineral Reserves ✔ Excess of 12+ years of reserves based on LOM plan ✔ ~50-years of efficient and profitable gold production with bucket and suction dredges like mineral sands ✔ Alluvial Au deposits mined from closed ponds in
Slide 11: Hemco
Hemco ✔ Two underground mines near town of Bonanza in Nicaragua’s “Golden Triangle”, 230 km northeast of Managua ✔ Ore is processed from Panama and Pioneer mines, as well as ore which is purchased from third-party artisanal miners in an innovative arrangement called the Bonanza Model Click here
Slide 12: Greenfield Exploration
Greenfield Exploration
Slide 13: Nicaragua: Further Growth Potential
Nicaragua: Further Growth Potential Exploration & Development in Nicaragua’s Golden Triangle Asset Description Overview of Hemco Property Land Package Panama and Pioneer Mines Drilling: 10.9k m at Panama and Pioneer in Q2 2025 Further regional exploration: +151.4k ha Hemco Property land package in
Slide 14: Opportunities - Growth and exploration programs
Opportunities - Growth and exploration programs 14 Near-mine exploration • 10,862 meters of diamond drilling was completed at the Panamá and Pioneer mines during the second quarter of 2025. 5,148 meters were drilled at Panamá and 5,714 meters at Pioneer. Represents ~ 65% of 2025 drilling plan. • Pur
Slide 15: Opportunity - La Pepa Project
Opportunity - La Pepa Project 15 Acquisition of 80% of La Pepa Project from Pan American Silver • Acquiring an 80% interest in La Pepa Project for $40 million - increases interest to 100% - expected to close no later than September 30, 2025 Mineral Resources* Estimated Mineral Resources at the La Pe
Slide 16: Organic Growth
Organic Growth
Slide 17: Nicaragua: Growth at Porvenir
Nicaragua: Growth at Porvenir Initial Positive PFS in 2023 Average annual production over nine-year mine life - 56.7 koz Au , 112.3 koz Ag and 38.5 Mlb Zn at a LOM AISC US$929/oz AuEq(1) sold Base case economics After-tax NPV10% US$42M(1), IRR of 16% and a payback period of approximately 4-y
Slide 18: Inorganic growth – criteria for assets
Inorganic growth – We are looking for assets that are… ✔ Properly sized to protect current shareholders and safeguard financial resilience of Mineros ✔ Late-stage developer (permits, DFS) ✔ <US$200M development CAPEX ✔ Current gold producer (50k-120k ounces) ✔ Located in North, Central, or South Ame
Slide 19: Longstanding Commitment to Sustainability
Longstanding Commitment to Sustainability • Sustainability strategy guided by corporate values and higher purpose • Vision is to transform communities and people in an inclusive, sustainable and forward- looking manner Foundational to Mineros’ management approach are six key pillars Our strategy, ac
Slide 20: Environmental, Social and Governance (ESG) results
Environmental, Social and Governance (ESG) results Social License to Operate Environmental and Climate Management Rank Identification level Climate Environmental and climate management approaches Mineros Nicaragua: 80.9 integrate goals for mitigating risks and seizing opportunities Mineros Colombia:
Slide 21: Board of Directors & Senior Leadership
Board of Directors & Senior Leadership Board Members Board Composition Senior Leadership Augusto López Non-executive: 100% David Londoño Valencia President & CEO Independent(2): 100% David Splett Andrés Restrepo Chief Financial Officer Isaza Female - 2/9 (22%) Luis Fernando Villa Her
Slide 22: Capital Structure – Shares & Shareholders
Capital Structure – Shares & Shareholders Capital Markets Overview Ticker TSX:MSA BVC:MINEROS:CB Common Shares 299,737,402 Share Price (August 11, 2025) C$2.69 Market Capitalization (August 11, 2025) C$80M Top Shareholders (August 11, 2025) Shareholders Shares Held (M) % of Shares O/S Sun Valley Inv
Slide 23: Appendix
Appendix
Slide 24: Notes
Notes BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 25: Notes
Notes BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 26: Benchmarking to TSX Peers
Benchmarking to TSX Peers Source: FactSet, Company public filings, Broker research BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 27: 2025 Guidance
2025 Guidance 27 Updated cost guidance for 2025* Cash Cost per ounce of gold Six months ended Revised 2025 Guidance 2025 Guidance ($/oz) sold June 30, 2025 ($/oz)1 Nechí Alluvial Property 1,230 1,270 - 1,370 1,220 - 1,320 Hemco Property 1,794 1,740 - 1,840 1,420 - 1,520 Consolidated 1,554 1,550 - 1,
Slide 28: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources (Effective Date Dec. 31, 2024 as per 2024 Annual Information Form) Mineral Reserves and Resources Contained Classification/Property Tonnes Grade Metal (kt) (g/t Au) (g/t Ag) (% Zn) (koz Au) (koz Ag) (t Zn) (Mlb Zn) Mineros S.A. Proven & Probable Reserves Nechí
Slide 29: Mineral Reserves Notes
Mineral Reserves Notes (Effective Date Dec. 31, 2024 as per 2024 Annual Information Form) (1) CIM definitions were followed for Mineral Reserves. (2) Mineral Reserves are as of December 31, 2024. (3) Numbers may not add due to rounding. Nechí Alluvial Property – Colombia (4) The Nechí Mineral Reserv
Slide 30: Mineral Reserves Notes
Mineral Reserves Notes (Effective Date Dec. 31, 2024 as per 2024 Annual Information Form) Hemco Property – Nicaragua (19) Mining method: (a) Panama and Pioneer: shrinkage stoping, sub-level open stoping (“SLOS”), and bench and fill. (b) Porvenir: cut-and-fill stoping and sub-level stoping. (20) Mini
Slide 31: Mineral Resources Notes
Mineral Resources Notes (Effective Date Dec. 31, 2024 as per 2024 Annual Information Form) (1) CIM definitions were followed for Mineral Resources. (2) Mineral Resources are exclusive of Mineral Reserves. (3) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability
Slide 32: Mineral Resources Notes
Mineral Resources Notes (Effective Date Dec. 31, 2024 as per 2024 Annual Information Form) (c) Porvenir: 0.8 m. (d) Luna Roja: 2.0 m. (e) Leticia and St. Antonio: No minimum width applied. (13) Metal price: (a) Panama: gold price of $1,700/oz Au. (b) Pioneer: gold price of $1,700/oz Au. (c) Porvenir
Slide 33: Mineral Resources Notes
Mineral Resources Notes (Effective Date Dec. 31, 2024 as per 2024 Annual Information Form) La Pepa Project (1) Open pit Mineral Resources are estimated inside of an optimized pit envelope at a cut-off grade of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cu
Slide 34: TSX: MSA BVC: MINEROS
TSX: MSA BVC: MINEROS www.mineros.com.co For further information please contact: Ann Wilkinson | Vice President, Investor Relations | investor.relations@mineros.com.co or relacion.inversionistas@mineros.com.co