Mineros Sa · BVC:MINEROS
Mineros Sa — Investor Presentation (August 2026)
33 slides from Mineros Sa's investor presentation, August 2026
Slide 1: Delivering on profitable growth
TSX:MSA BVC:MINEROS OTCQX:MNSAF Delivering on profitable growth August 2026
Slide 2: Cautionary Notes
Cautionary Notes TSX:MSA BVC:MINEROS OTCQX:MNSAF Statement Regarding Forward-Looking Information the meaning of NI 43-101 (the “Nechi Technical Report”). This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking This presentat
Slide 3: A Rich History – TSX's Best-Kept Gold Secret
A Rich History – TSX’s Best-Kept Gold Secret TSX:MSA BVC:MINEROS OTCQX:MNSAF 51+ Years of Mining. 100+ Years of Production Just 4+ Years on the TSX 1880s 1890s 1974 2013 2021 2025 Nicaragua Colombia Mineros S.A. Hemco Listed on TSX Sun Valley gold alluvial founded in acquired North Investments distr
Slide 4: Mineros Four Key Drivers
Mineros Four Key Drivers TSX:MSA BVC:MINEROS OTCQX:MNSAF PERFORMANCE BALANCE GROWTH & SHAREHOLDER SHEET EXPLORATION RETURNS STRENGTH Record H1’26 Backed by Pipeline Returning gold advancing capital $559M $229M Hemco expansion $18.1M H1 revenue · +46% YoY Cash equivalent & 2,500 tpd by Dec. 2026 Buyb
Slide 5: Share Performance & Return of Capital
Share Performance & Return of Capital TSX:MSA BVC:MINEROS OTCQX:MNSAF Mineros has materially outperformed gold and its Share Repurchase peer index Program TWO-YEAR TOTAL RETURN · JUL 2024 – JUL 2026 · INDEXED TO 100 $175M Program approved July 14, 2026 - To run through March 27, 2029 Jul Jan Jul Jan
Slide 6: Balance Sheet Strength & Capital Structure
Balance Sheet Strength & Capital Structure TSX:MSA BVC:MINEROS OTCQX:MNSAF Capital Markets Overview Tickers TSX:MSA BVC:MINEROS OTCQX:MNSAF Common Shares 291.8M Share Price (August 10, 2026) C$7.75 Market Capitalization (August 10, 2026) C$2.3B Firm Covering Analyst SCP Resource Finance Target P
Slide 7: Undervalued Vs Peers
TSX:MSA BVC:MINEROS OTCQX:MNSAF Undervalued Vs Peers P/NAV Hecla 1.58x TEV/EBITDA 2026E (x) P/CF 2026E (x) Evolution Mining 1.48x Coeur Mining 1.28x G-Mining 13.8 McEwen Inc. 21.6 Lundin Gold 1.26x McEwen Inc. 11.4 G-Mining 17.9 Aura Minerals 1.19x Hecla 11.1 Hecla 14.2 Hochschild 1.11x St Barbara 9
Slide 8: Profitability Index Benchmark
TSX:MSA BVC:MINEROS OTCQX:MNSAF Profitability Index Benchmark ROE (%) ROA (%) Net Income Margin (%) Wesdome Gold 46.4% Wesdome Gold 33.7% G Mining Ventures 49.6% Mineros S.A. 28.2% 37.8% Mineros S.A. 19.3% 25.9% Wesdome Gold 38.2% Serabi Gold 28.2% Orezone Gold 16.9% Torex Gold Resources 30.9% Resol
Slide 9: Proven and Experienced Management
Proven and Experienced Management TSX:MSA BVC:MINEROS OTCQX:MNSAF Daniel Henao Natalia Correa CEO CFO Engineer with extensive leadership experience in precious Finance professional with deep experience in M&A, capital structuring, and metals. Strong track record in M&A, risk management, and risk man
Slide 10: Latin America Focused – Production & Growth
Latin America Focused – Production & Growth TSX:MSA BVC:MINEROS OTCQX:MNSAF 2 Producing Assets 3 Growth Projects Colombia Nicaragua Porvenir in Nicaragua (PFS) La Pepa Project in Chile (PEA) Tolima (Exploration) ~2.1Moz ~3.7Moz P&P Gold Reserves M&I Gold Resources2 ~1.7 Moz ~23.4 Moz Inferred Gold R
Slide 11: Revised Production Guidance 2026
Revised Production Guidance 2026 TSX:MSA BVC:MINEROS OTCQX:MNSAF On track — disciplined focus on quick-return ounces CONSOLIDATED AU PRODUCTION CONSOLIDATED AISC 220 – 240k oz Au $2,370 – $2,470 US$/oz Revised up from 213–233k oz Q2 2026 AISC $2,458/oz · on track 2026 Guidance by Property Gold Produ
Slide 12: The Golden Triangle in Nicaragua
The Golden Triangle in Nicaragua TSX:MSA BVC:MINEROS OTCQX:MNSAF ~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 Mlbs Cu since 1880 • Excellent infrastructure • Dist
Slide 13: Nicaragua
Nicaragua TSX:MSA BVC:MINEROS OTCQX:MNSAF ~861Koz ~497Koz P&P Reserves1,2 M&I Gold Resources1,2 ~864Koz Inferred Gold Resources1,2 H1 2026 H1 2025 FY 2026 Revised Production Production Production Guidance 75,535 Au Oz 64,047 Au Oz 137k-147k Au oz H1 2026 AISC H1 2025 AISC FY 2026 Guidance AISC $2,52
Slide 14: Built for District-Scale Discovery
Built for District-Scale Discovery TSX:MSA BVC:MINEROS OTCQX:MNSAF 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 priority zones (2025 fieldwork + historical data) - Au, Ag,
Slide 15: Porvenir (Nicaragua) – Emerging Polymetallic District
Porvenir (Nicaragua) – Emerging TSX:MSA BVC:MINEROS OTCQX:MNSAF Polymetallic District Main permits received, final permits expected by Q42026 ~736 AuEq koz 2 ~233 AuEq Koz 2 Robust PFS serves as base to potential detailed engineering studies P&P Reserves M&I Resources1 Av. Annual Production: 72.3Koz
Slide 16: Colombia
Colombia TSX:MSA BVC:MINEROS OTCQX:MNSAF Aurora Plant ~1.24Moz ~1.02Moz P&P Reserves M&I Gold Resources1 ~12+ year mine life 100+years of production H1 2026 H1 2025 FY 2026 Guidance Production Production Production 42,568 Au Oz 44,103 Au Oz 83k-93k Au Oz H1 2026 AISC H1 2025 AISC FY 2026 Guidance AI
Slide 17: Colombia – Production Containment Areas
Colombia – Production Containment Areas TSX:MSA BVC:MINEROS OTCQX:MNSAF • Predictable and fully drilled • NI 43-101 compliant technical report (SLR) • Dredge in closed ponds beside the river (not in the riverbed) • Powered by our own hydroelectric plants • Gold recovered using gravity and water (no
Slide 18: Acquisition of Cajamarca, Tolima Exploration Project
Acquisition of Cajamarca, Tolima TSX:MSA BVC:MINEROS OTCQX:MNSAF Exploration Project Leverages Mineros’ 50-year Colombian operating history Reaffirms commitment to Colombia as a responsible mining jurisdiction Historical Mineral Resource Estimate (AngloGold Ashanti, Dec 2024): Indicated1: 23.3
Slide 19: La Pepa, Chile
La Pepa, Chile TSX:MSA BVC:MINEROS OTCQX:MNSAF 2026 Exploration Program • 7,000 m drilling program · US$2.2M investment Growth & Exploration Strategy • Target: Mineral Resource expansion & Reserve growth • Program to commence Q3 2026 – permits in process 2026 Permitting & Environmental Studies • US$
Slide 20: Exploration Upside & 2026 Work Program
Exploration Upside & 2026 Work Program TSX:MSA BVC:MINEROS OTCQX:MNSAF Fully consolidated land package with multiple targets: Vizcacha, Bototo, Cerro Amarillo Anomalous gold values NW and SE of current Mineral Resources envelope 2026 Work Program — US$6.3M Drilling: 7,000m program for resource
Slide 21: Production Growth Bridge — Path to 300K+ Ounces
Production Growth Bridge — TSX:MSA BVC:MINEROS OTCQX:MNSAF Path to 300K+ Ounces ■ Current / Near-term ■ Committed Growth ■ Exploration Upside ■ Development Potential TBD 300K 300K+ oz Short Term Target +20K +55K Au 220- 200K 240K 100K 222K 118K PRODUCED YTD 0K 2025 2026 Porvenir Brownfield La Pepa &
Slide 22: Inorganic growth
Inorganic growth TSX:MSA BVC:MINEROS OTCQX:MNSAF 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 assets including: Current gold producer (70k – 1
Slide 23: Why Invest in Mineros Now
Why Invest in Mineros Now TSX:MSA BVC:MINEROS OTCQX:MNSAF Deeply Undervalued H1 Record Financial Performance 1.1 x P/Revenues | 2.4x EV/EBITDA | 61% ROCE $559M Revenue | $133M Net Profit | $260M EBITDA Trades at significant discount to peers All-time records in H1 2026 across every financial met
Slide 24: For further information, please contact
TSX:MSA BVC:MINEROS OTCQX:MNSAF 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
Slide 25: Appendix
TSX:MSA BVC:MINEROS OTCQX:MNSAF Appendix 24
Slide 26: Members of Board of Directors
Members of Board of Directors TSX:MSA BVC:MINEROS OTCQX:MNSAF Augusto López Valenciab – Chairman Augusto López Valencia is a distinguished business executive with over five decades of leadership experience across South America and Europe, best known for his 15-year tenure as President of Bavaria, S.
Slide 27: Strong Social Licence to Operate - ESG Results
Strong Social Licence to Operate - ESG Results TSX:MSA BVC:MINEROS OTCQX:MNSAF Social License to Operate Environmental and BMP and Small-scale Mining Climate Management Rank Identification level Bonanza Model for Artisanal Mining in Climate Nicaragua • Created in 2013, based on inclusion and Mineros
Slide 28: Longstanding Commitment to Sustainability
Longstanding Commitment to Sustainability TSX:MSA BVC:MINEROS OTCQX:MNSAF 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 29: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS OTCQX:MNSAF (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 Ag) (% Cu) (% Zn) (g/t AuEq) (koz Au) (koz Ag) (Mlb Cu) (Ml
Slide 30: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS OTCQX:MNSAF (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) Mineral Reserve Reporting Notes: (1) CIM definitions were followed for Mineral Reserves. (2) Mineral Reserves are as of December 31, 2025. (3) Numbers may not add
Slide 31: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS OTCQX:MNSAF (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) (21) Cut-off grades and values: (a) Panama and Pioneer: marginal and break-even cut-off grades of 1.62 g/t Au and 2.42 g/t Au, 1.78 g/t Au and 2.58 g/t Au, and 2.
Slide 32: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS OTCQX:MNSAF (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) Mineral Resource Reporting Notes: (1) CIM (2014) definitions were followed for Mineral Resources. (2) Mineral Resources are exclusive of Mineral Reserves. (3) Min
Slide 33: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS OTCQX:MNSAF (Effective Date Dec. 31, 2025 as per 2025 Annual Information Form) (15) Metallurgical recoveries: (a) Panama: Average gold recovery of 89.5 %. (b) Pioneer: Average gold recovery of 89.5 %. (c) Porvenir: were applied on a block-by