Mineros Sa · BVC:MINEROS

Mineros Sa — Investor Presentation (October 2025)

35 slides from Mineros Sa's investor presentation, Oct 6, 2025

Slide 1: Delivering Profitable Growth Through Disciplined Execution
TSX:MSA OTCQX:MNSAF BVC:MINEROS Delivering Profitable Growth Through Disciplined Execution October 2025
Slide 2: Cautionary Notes
Cautionary Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS Statement Regarding Forward-Looking Information gold sold. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate
Slide 3: Cautionary Notes
Cautionary Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS Cautionary Note to U.S. Investors Concerning Estimates of Reserves And Measured, Industry and Market Data Indicated and Inferred Resources This presentation includes market, industry and economic data which was obtained from various publicly available
Slide 4: Mineros – Growth-Oriented, Mid-Tier, Gold Producer
Mineros – Growth-Oriented, Mid-Tier, Gold Producer TSX:MSA OTCQX:MNSAF BVC:MINEROS Strong, Consistent Financial Performance Diversified Asset Base in Latin America Growth Opportunities – Organic and Inorganic Experienced Disciplined Management Strong Social License to Operate Lengthy Track Record of
Slide 5: Outstanding Value Proposition - MSA vs TSX Peers
Outstanding Value Proposition - MSA vs TSX Peers TSX:MSA OTCQX:MNSAF BVC:MINEROS EV / ‘25E Consensus Gold Production ‘25E Consensus Operating Cash Flow ‘25E Consensus Gold Production (Koz ’20-24E Total Dividends Paid (US$mm) (US$/oz) (US$mm) AuEq.) KNT $18,279 311% OLA $717 TXG DPM $121 437 USA $15,
Slide 6: Consistent, Strong Financial Metrics (US$)
Consistent, Strong Financial Metrics (US$) TSX:MSA OTCQX:MNSAF BVC:MINEROS Revenues Adjusted Net Earnings/ Net Free Cash & Cash EBITDA1 Share Cash Flow1 Equivalents $343.0M $153.6M $0.27 $44.0M $109.7M H1 2025 H1 2025 H1 2025 H1 2025 June 30, 2025 (1) Adjusted EBITDA and Net Free Cash Flow are non-I
Slide 7: Latin America Focused – Production & Growth
Latin America Focused – Production & Growth TSX:MSA OTCQX:MNSAF BVC:MINEROS 2 Producing 2 Near-term Growth Assets Projects Colombia 100% of La Pepa Project Nicaragua in Chile (greenfield) Porvenir (Nicaragua) ~2.1Moz ~3.6Moz P&P Reserves M&I Gold Resources1 201,000 – 223,000oz $1,880 - $1,980/oz AIS
Slide 8: Core Assets – Colombia and Nicaragua
Core Assets – Colombia and Nicaragua TSX:MSA OTCQX:MNSAF BVC:MINEROS Colombia – Nicaragua – Nechí Alluvial Hemco • H1’25 – 44,103 oz • H1’25 – 64,047 oz • FY 2025 Guidance – • FY 2025 Guidance – 81K – 91K oz Au 120K – 132K oz Au • H1’25 AISC/oz gold sold – • H1’25 AISC/oz gold sold – US$1,420 US$1,9
Slide 9: Nechí Alluvial
Nechí Alluvial Aurora Plant TSX:MSA OTCQX:MNSAF BVC:MINEROS ~1.36Moz ~1.0Moz P&P Reserves M&I Gold Resources1 ~12+ year mine life 81,000 – 91,000oz $1,490 - $1,590/oz AISC 2025 Guidance - Gold Production & AISC2 1. See Appendix slides, Mineral Reserve Notes and Mineral Resource Notes and Cautionary
Slide 10: Nechí Alluvial – Production Containment Areas
Nechí Alluvial – Production Containment Areas TSX:MSA OTCQX:MNSAF BVC:MINEROS © 2025 Mineros S.A. 10
Slide 11: Hemco
Hemco TSX:MSA OTCQX:MNSAF BVC:MINEROS ~196Koz ~226Koz P&P Reserves M&I Gold Resources1 ~6+ year mine life (Panama & Pioneer) 33,000 – 35,000oz (Panama & Pioneer) 93,000 – 98,000oz (Co-operative Mining) $2,000 - $2,100/oz AISC 2025 Guidance - Gold Production & AISC2 ~75% of ore from co-operatives & i
Slide 13: Nicaragua’s Golden Triangle - Further Growth Potential
Nicaragua’s Golden Triangle - Further Growth Potential TSX:MSA OTCQX:MNSAF BVC:MINEROS Panama and Pioneer Near-Mine Overview of Hemco Property Land Package Exploration • 10.9km drilled at Panama (47%) & Pioneer (53%) in Q2 2025 (~ 65% of 2025 drilling plan) • Goal - Increase Mineral Resources and Mi
Slide 14: Nicaragua – Exploration at Porvenir
Nicaragua – Exploration at Porvenir TSX:MSA OTCQX:MNSAF BVC:MINEROS Porvenir Project (Zn, Au, Ag) • 10.5 km southwest of existing facilities • Update of Mineral Reserves and Mineral Resources to be published first half of 2026 • Part of optimization of the pre-feasibility study currently being under
Slide 15: Opportunity – La Pepa Project, Chile
Opportunity – La Pepa Project, Chile TSX:MSA OTCQX:MNSAF BVC:MINEROS Acquisition of 80% of La Pepa Project Acquiring 80% interest in La Pepa Project for $40 million – increases interest to 100% – expected to close by September 30, 2025 Mineral Resources* Estimated Mineral Resources at the La Pepa Pr
Slide 16: Opportunity – La Pepa Project, Chile
Opportunity – La Pepa Project, Chile TSX:MSA OTCQX:MNSAF BVC:MINEROS Exploration and Development Highly prospective district in Chile, a great mining jurisdiction Drilling and Results M&I 6,342-meter drilling program (2019–2020) confirmed lateral Resources continuity and remains open in all directio
Slide 18: Nicaragua – Growth at Hemco (Porvenir)
Nicaragua – Growth at Hemco (Porvenir) TSX:MSA OTCQX:MNSAF BVC:MINEROS ~572Koz ~78Koz P&P Reserves M&I Gold Resources1 ~9+ year mine life Average annual production 56.7 koz Au, 112.3 koz Ag and 38.5 Mlb Zn at a LOM AISC US$929/oz AuEq(1) sold NPV5% of US$160M at US $1,650/oz Au, US$ 20.90/oz Ag, and
Slide 19: Inorganic growth
Inorganic growth TSX:MSA OTCQX:MNSAF BVC:MINEROS Leveraging relationships to accelerate growth • 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)
Slide 20: Consistent Dividends
Consistent Dividends TSX:MSA OTCQX:MNSAF BVC:MINEROS An Outstanding Value Proposition • 2025 – US$30M Annual Dividend • US$0.10/share annual regular dividend payable at $0.10 $0.10 US$0.025 quarterly $0.09 $0.08 $0.08 • More than US$130M $0.075 $0.07 $0.07 in dividends paid over the $0.06 $0.05 $0.0
Slide 21: Capital Structure
Capital Structure TSX:MSA OTCQX:MNSAF BVC:MINEROS Capital Markets Overview Tickers TSX:MSA OTCQX:MNSAF BVC:MINEROS:CB Common Shares 295.8M Share Price (Oct 6, 2025) C$4.90 Market Capitalization (Oct 6, 2025) C$1.45B Analyst Coverage Broker Recommendation Date Target Price SCP Resource Finance BUY Au
Slide 23: Board of Directors & Senior Leadership
Board of Directors & Senior Leadership TSX:MSA OTCQX:MNSAF BVC:MINEROS Board Composition • Female: 2/9 (22%) Board Members Senior Leadership • Male: 7/9 (78%) • Augusto López Valencia • David Londoño, President & CEO • Non-executive: 100% • Andrés Restrepo Isaza • David Splett, Chief Financial Offic
Slide 26: 2025 Guidance
2025 Guidance TSX:MSA OTCQX:MNSAF BVC:MINEROS Updated Cost Guidance for 2025* Six months ended Revised 2025 Guidance Cash Cost per ounce of gold sold June 30, 2025 ($/oz)1 2025 Guidance ($/oz) 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
Slide 27: Longstanding Commitment to Sustainability
Longstanding Commitment to Sustainability TSX:MSA OTCQX:MNSAF BVC:MINEROS • 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 s
Slide 28: Environmental, Social and Governance (ESG) results
Environmental, Social and Governance (ESG) results TSX:MSA OTCQX:MNSAF BVC:MINEROS Social License to Operate Environmental and Artisanal and Small- Climate Management scale Mining Rank Identification level Climate Bonanza Model for Artisanal Mining in Nicaragua Mineros Nicaragua: 80.9 • Created in 2
Slide 29: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA OTCQX:MNSAF BVC:MINEROS (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. P
Slide 30: Mineral Reserves Notes
Mineral Reserves Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS (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 – Colom
Slide 31: Mineral Reserves Notes
Mineral Reserves Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS (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
Slide 32: Mineral Resources Notes
Mineral Resources Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS (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
Slide 33: Mineral Resources Notes
Mineral Resources Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS (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 pri
Slide 34: Mineral Resources Notes
Mineral Resources Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS (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, whic
Slide 35: Contact
TSX:MSA OTCQX:MNASF BVC:MINEROS WWW.MINEROS.COM.CO For further information, please contact: Ann Wilkinson Vice President, Investor Relations investor.relations@mineros.com.co relacion.inversionistas@mineros.com.co

Mineros — Investor Presentation (October 2025) on 6ix

Mineros Sa — Investor Presentation (October 2025)

Slide 1: Delivering Profitable Growth Through Disciplined Execution

Slide 2: Cautionary Notes

Slide 3: Cautionary Notes

Slide 4: Mineros – Growth-Oriented, Mid-Tier, Gold Producer

Slide 5: Outstanding Value Proposition - MSA vs TSX Peers

Slide 6: Consistent, Strong Financial Metrics (US$)

Slide 7: Latin America Focused – Production & Growth

Slide 8: Core Assets – Colombia and Nicaragua

Slide 9: Nechí Alluvial

Slide 10: Nechí Alluvial – Production Containment Areas

Slide 11: Hemco

Slide 12: Exploration

Slide 13: Nicaragua’s Golden Triangle - Further Growth Potential

Slide 14: Nicaragua – Exploration at Porvenir

Slide 15: Opportunity – La Pepa Project, Chile

Slide 16: Opportunity – La Pepa Project, Chile

Slide 17: Growth

Slide 18: Nicaragua – Growth at Hemco (Porvenir)

Slide 19: Inorganic growth

Slide 20: Consistent Dividends

Slide 21: Capital Structure

Slide 22: Appendix

Slide 23: Board of Directors & Senior Leadership

Slide 24: Notes

Slide 25: Notes

Slide 26: 2025 Guidance

Slide 27: Longstanding Commitment to Sustainability

Slide 28: Environmental, Social and Governance (ESG) results

Slide 29: Mineral Reserves and Mineral Resources

Slide 30: Mineral Reserves Notes

Slide 31: Mineral Reserves Notes

Slide 32: Mineral Resources Notes

Slide 33: Mineral Resources Notes

Slide 34: Mineral Resources Notes

Slide 35: Contact