Mineros Sa · BVC:MINEROS
Mineros Sa — Q1 2026 Earnings Presentation
36 slides from Mineros Sa's earnings presentation, May 7, 2026
Slide 1: Record Results, Proven Growth, Untapped Potential
T S X : M SA O T C Q X : M N S AF BV C: M I NE RO S Record Results, Proven Growth, Untapped Potential Record Results, Proven Growth, Untapped Potential April 2026
Slide 2: Cautionary Notes
Cautionary Notes Cautionary Notes T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Statem ent Regar ding Forward-Looking Information This presentation uses the terms “inferred mineral res ources” or “inferred res ources”. Inferred mineral res ources are subject to unc ertainty as to their existenc
Slide 3: Mineros – Growth-Oriented, Mid-Tier, Gold Producer
Mineros – Growth-Oriented, Mid-Tier, Gold Producer Mineros – Growth-Oriented, Mid-Tier, Gold Producer T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S High-Quality Asset Base in Latin America Best-in-Class Financial Performance Proven Commitment Shareholder Returns Growth and Pipeline Optionality
Slide 4: A Rich History – North America’s Best-Kept Gold Secret
A Rich History – North America’s Best-Kept Gold Secret A Rich History – North America’s Best-Kept Gold Secret T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 50+ Years of Mining. 100+ Years of Production. Just 4 Years on the TSX. 1880s 1890s 1974 2013 2021 2024 Nicaragua Colombia Mineros S.A. Hem
Slide 5: An Outstanding Value Proposition
An Outstanding Value Proposition An Outstanding Value Proposition T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Capital Returns to Shareholders (US$M/Year) 45 40 35 • 2026 – US$30M dividends declared 30 • $0.10/share annual regular dividend payable at US$0.025 25 quarterly 20 15 • US$80M buy-ba
Slide 6: 2025 - A Record Year
2025 - A Record Year 2025 - A Record Year T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 2025 was a transformational year with records across all key metrics PRODUCTION RECORD REVENUES RECORD Adj EBITDA 227k1 AuEq oz $800M $358M Above Guidance +48% higher than 2024 +71% higher than 2024 Dividend
Slide 7: Balance Sheet Strength & Capital Structure
Balance Sheet Strength Capital Structure Balance Sheet Strength & Capital Structure T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Capital Markets Overview Cash & Equivalents TSX:MSA $108M OTCQX:MNSAF Tickers BVC:MINEROS Common Shares 295.8M Share Price (April 2, 2026) C$4.98 Account Receivable
Slide 8: 2026 Guidance
2026 Guidance T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Consolidated Gold Production Consolidated AISC 213k - 233k Au oz $2,370-$2,470/oz Au Colombia Nicaragua 83k-93k Au oz 130k-140k Au oz AISC: $1,820-$1,920/oz Au AISC: $2,000-$2,100/oz Au CMP Margin 11% - 14% BMP Margin 39% - 41% 2026 Ca
Slide 9: Proven and Experienced Management
Proven and Experienced Management Proven and Experienced Management T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Daniel Henao Natalia Correa CEO CFO Engineer with extens ive leaders hip experience in the mining industry, including defining strategies Natalia is a finance professional with deep
Slide 10: Latin America Focused – Production Growth
Latin America Focused – Production Growth Latin America Focused – Production & Growth T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 2 Producing Assets 2 Near-term Growth Projects Colombia Nicaragua Porvenir in Nicaragua (PFS) La Pepa Project in Chile (PEA) 1 Early Stage Asset 1 - Colombia ~2.1M
Slide 11: Core Assets – Nicaragua and Colombia
Core Assets – Nicaragua and Colombia Core Assets – Nicaragua and Colombia T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Nicaragua Colombia • 2025 production – • 2025 Production – 137,607 AuEq1 oz 89,874 AuEq1 oz • 2025 AISC/oz gold sold – • 2025 AISC/oz gold sold – US$2,281 US$1,579 • FY 2026 G
Slide 12: The Golden Triangle in Nicaragua
The Golden Triangle in Nicaragua The Golden Triangle in Nicaragua T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ~230 km northeast of Managua, with excellent access and established infrastructure ~458,932 ha consolidated land position (tenements & applications) ~8 Moz Au produced, 5 Moz Ag, 305
Slide 13: Nicaragua
Nicaragua T SX: M SAO T C Q X : M N SAFBV C: M I NE RO S Nicaragua T S X : M SA O T C Q X : M N S AF BV C: M I NE RO S ~861Koz ~497Koz P&P Reserves1,2 M&I Gold Resources1,2 ~864Koz Inferred Gold Resources1,2 2025 Production and AISC 137,6073 AuEq oz $2,281/oz Au AISC 2026 Guidance - Production and A
Slide 14: Built for District-Scale Discovery
Built for District-Scale Discovery Built for District-Scale Discovery T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S We’re targeting the belt with a repeatable, data-led approach • ~60 km mineralized corridor under tenure — room to grow north and south • District-scale targeting across ten prior
Slide 15: Porvenir (Nicaragua) – Emerging Polymetallic District
Porvenir (Nicaragua) – Emerging Polymetallic District Porvenir (Nicaragua) – Emerging Polymetallic District T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Permitted for mine development ~596Koz ~182Koz Av. Annual Production: 72.3Koz AuEq, 54.5Koz Au, P&P Reserves M&I Gold Resources1 190Koz Ag an
Slide 16: Colombia
Colombia T SX: M SAO T C Q X : M N SAFBV C: M I NE RO S Colombia Aurora Plant T S X : M SA O T C Q X : M N S AF BV C: M I NE RO S ~1.24Moz ~1.02Moz P&P Reserves M&I Gold Resources1 ~12+ year mine life 100+years of production 2025 Production and AISC 89,777 oz Au $1,579 AISC 2026 Guidance for Product
Slide 17: Colombia – Production Containment Areas
Colombia – Production Containment Areas Colombia – Production Containment Areas T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S • Predictable and fully drilled asset • Existent NI 43-101 compliant technical report (SLR) • Dredge in closed ponds beside the river (not in the riverbed) • Powered by
Slide 18: La Pepa Project — Acquisition & Geology
La Pepa Project — Acquisition Geology La Pepa Project — Acquisition & Geology TSX:MSA OTCQX:MNSAF BVC:MINEROS • Chile is a Tier-1 mining jurisdiction with stable regulations, strong property rights, and a proven track record Salares Norte Reserves --- • In 2025, Mineros acquired 100% of La Pepa from
Slide 19: Exploration Upside & 2026 Work Program
Exploration Upside 2026 Work Program Exploration Upside & 2026 Work Program TSX:MSA OTCQX:MNSAF BVC:MINEROS • Fully consolidated land package with multiple targets: Vizcacha, Bototo, Cerro Amarillo • Anomalous gold values NW and SE of current Vizcacha Target Mineral Resources envelope 2026 Work Prog
Slide 20: Acquisition of Cajamarca, Tolima Exploration Project
Acquisition of Cajamarca, Tolima Exploration Project Acquisition of Cajamarca, Tolima Exploration Project T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S • Acquiring 100% of AGA Colombia (sole holder of mining concession) for a gold exploration project in Cajamarca, Tolima (~150 km west of Bogotá
Slide 21: Production Growth Bridge — Path to 300K+ Ounces
Production Growth Bridge — Path to 300K+ Ounces Production Growth Bridge — Path to 300K+ Ounces T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ■ Current / Near-term ■ Committed Growth ■ Exploration Upside ■ Development Potential 300K+ oz Target TBD 300K +20K +55K 200K 222K 233K 100K 0K 2025 2026
Slide 22: Inorganic growth
Inorganic growth Inorganic growth T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Disciplined growth • Quick-Return Ounces: Prioritizing brownfield projects and de-bottlenecking to hit long term targets of growth production • Asset Evaluation & M&A: Actively reviewing a pipeline of varied assets
Slide 23: Why Invest in Mineros Now
Why Invest in Mineros Now Why Invest in Mineros Now T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Deeply Undervalued Record Financial Performance 1.9x P/Revenues | 4.0x EV/EBITDA | 56% ROCE $800M Revenue | $145M Net Profit | $358M EBITDA • Trades at significant discount to peers • All-time reco
Slide 24: Appendix
T S X : M SA O T C Q X : M N S AF BV C: M I NE RO S Appendix © 2026 Mineros 23
Slide 25: Notes
Notes Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS 24
Slide 26: Notes
Notes Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS 25
Slide 27: Notes
Notes Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS 26
Slide 28: Board of Directors & Senior Leadership
Board of Directors Senior Leadership Board of Directors & Senior Leadership T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Board Composition Board Members Senior Leadership • Female: 1/5 (20%) • Augusto López Valencia • Daniel Henao, President & CEO • Male: 4/5 (80%) • Hernán Rodriquez • Natalia
Slide 29: Strong Social Licence to Operate - ESG Results
Strong Social Licence to Operate - ESG Results Strong Social Licence to Operate - ESG Results T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Social License to Operate Environmental and BMP and Small-scale Climate Management Mining Rank Identification level Bonanza Model for Artisanal Mining in C
Slide 30: Longstanding Commitment to Sustainability
Longstanding Commitment to Sustainability Longstanding Commitment to Sustainability T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S • Sustainability strategy guided by corporate values and higher purpose • Vision is to transform communities and people in an inclusive, sustainable and forward-look
Slide 31: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources Mineral Reserves and Mineral Resources T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) Mineral Reserves and Resources Contained Classification/Property Tonnes Grade Metal (kt) (g/t Au) (g/t A
Slide 32: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources Mineral Reserves and Mineral Resources (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) Mineral Reserve Reporting Notes: (1)
Slide 33: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources Mineral Reserves and Mineral Resources (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) (21) Cut-off grades and values: (a) P
Slide 34: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources Mineral Reserves and Mineral Resources (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) Mineral Resource Reporting Notes: (1)
Slide 35: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources Mineral Reserves and Mineral Resources (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) (15) Metallurgical recoveries: (a) Pa
Slide 36: For further information, please contact
T S X : M SA O T C Q X : M N A SF BV C: M I NE RO S W W W . M I N E R O S . C O M .C O For further information, please contact: Ann Wilkinson Vice President, Investor Relations investor.relations@mineros.com.co relacion.inversionistas@mineros.com.co