Mineros Sa · BVC:MINEROS
Mineros Sa — Q1 2025 Earnings Presentation
32 slides from Mineros Sa's earnings presentation, May 9, 2025
Slide 1: Gold Producer Latin America
GOLD PRODUCER Growth oriented & focused on maxizing value for shareholders LATIN AMERICA May 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
Profit and Loss Statement and Free Cash Flow Average Net Earnings Net Free Revenues Net Profit Realized Au / Share Cash Flow1 Price/oz $160.6M $38.0M $0.13 -$1.1M $2,881 Q1 2025 Q1 2025 Q1 2025 Q1 2025 Q1 2025 (1) Net free cash flow is a non-IFRS financial measure, with no standardized meaning under
Slide 6: Balance Sheet Strength & Other Financial Metrics
Balance Sheet Strength & Other Financial Metrics Cash & Cash Adjusted Adjusted Net Debt1 ROCE1 Equivalents EBITDA1 EBITDA1 $81.3M -$53.2M $71.3M $240.7M 40% Mar 31, 2025 Mar 31, 2025 Q1 2025 Trailing 12 Trailing 12 months months (1) Adjusted EBITDA and Net Debt are non-IFRS financial measures and re
Slide 7: Consistent Dividends
Consistent Dividends An Attractive Value Proposition Annual Dividend 2025 - US$ 30M $0.10/share annual regular dividend payable at $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 $0
Slide 8: Location of Assets
Location of Assets BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 9: Two Producing Assets
Two Producing Assets Colombia – Nechi Alluvial • Q1’25 – 23,244 ozs • FY 2025 Guidance - 81K–91K ozs Au • Q1’25 AISC/oz gold sold – US$ 1,295 • FY 2025 Guidance - AISC/oz Au sold US$1,420 – US$1,520 Nicaragua - Hemco • Q1’25 – 30,999 ozs • FY 2025 Guidance - 120K–132K ozs Au • Q1’25 AISC/oz gold sol
Slide 10: Nechí 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: Organic Growth
Organic Growth
Slide 13: 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 14: Greenfield Exploration
Greenfield Exploration
Slide 15: 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: 134 holes and 37,860 m at Panama and Pioneer in 2024 Further regional exploration: +165.5k ha Hemco Property lan
Slide 16: Inorganic growth – We are looking for assets that are…
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$200M development CAPEX ✔ Current gold producer (50k-120k ounces) ✔ Located in North, Central, or South Ame
Slide 17: Longstanding Commitment to Sustainability
Longstanding Commitment to Sustainability • Sustainability strategy guided by corporate values and higher purpose • Vision is to transform communities and people in an inclusive, sustainable and forward- looking manner Foundational to Mineros’ management approach are six key pillars Our strategy, ac
Slide 18: Environmental, Social and Governance (ESG) results
Environmental, Social and Governance (ESG) results Social License to Operate Environmental and Climate Management Rank Identification level Climate Environmental and climate management approaches Mineros Nicaragua: 80.9 integrate goals for mitigating risks and seizing opportunities Mineros Colombia:
Slide 19: Board of Directors & Senior Leadership
Board of Directors & Senior Leadership Board Members Board Composition Senior Leadership Augusto López Non-executive: 100% David Londoño Valencia President & CEO Independent(2): 100% Alan Wancier Rode Andrés Restrepo Chief Financial Officer Isaza Female - 2/9 (22%) Luis Fernando Villa
Slide 20: Capital Structure – Shares & Shareholders
Capital Structure – Shares & Shareholders Capital Markets Overview Ticker TSX:MSA BVC:MINEROS:CB Common Shares 299,737,402 Share Price (May 7, 2025) C$ 1.97 Market Capitalization (May 7, 2025) C$ 590.5M Top Shareholders (March 25, 2025) Shareholders Shares Held (M) % of Shares O/S Sun Valley Investm
Slide 21: Appendix
Appendix
Slide 22: Notes
Notes BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 23: Notes
Notes BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 24: 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 25: Guidance for 2025
Guidance for 2025 Diversified Asset Base with Mines in Two Countries Gold Production 2025E Cash Cost per Ounce of Gold Sold(1) 2025 Colombia: Nechí Alluvial Nechí Alluvial $1,220 - $1,320 Property (81,000 - 91,000 oz) Hemco $1,420 - $1,520 38% Consolidated $1,340 - $1,430 62% Nicaragua: Panama & Pio
Slide 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: TSX: MSA BVC: MINEROS www.mineros.com.co
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