Mineros Sa · BVC:MINEROS
Mineros Sa — Investor Presentation (February 2026)
33 slides from Mineros Sa's investor presentation, Feb 25, 2026
Slide 1: Record Results, Proven Growth, Untapped Potential
TSX:MSA OTCQX:MNSAF BVC:MINEROS Record Results, Proven Growth, Untapped Potential February 2026
Slide 2: Cautionary Notes
Cautionary Notes TSX:MSA OTCQX:MNSAF BVC:MINEROS Statement Regarding Forward-Looking Information This presentation uses the terms “inferred mineral resources” or “inferred resources”. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasi
Slide 3: Mineros – Growth-Oriented, Mid-Tier, Gold Producer
Mineros – Growth-Oriented, Mid-Tier, Gold Producer TSX:MSA OTCQX:MNSAF BVC:MINEROS High-Quality Asset Base in Latin America Best-in-Class Financial Performance Proven Commitment Shareholder Returns Growth and Pipeline Optionality © 2026 Mineros 2
Slide 4: 50+ Years of Mining. 100+ Years of Production. Just 4 Years on the TSX.
A Rich History – North America’s Best-Kept Gold Secret TSX:MSA OTCQX:MNSAF BVC:MINEROS 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. Hemco Listed on Sun Valley gold alluvial founded in acquired TSX Investments
Slide 5: An Outstanding Value Proposition
An Outstanding Value Proposition TSX:MSA OTCQX:MNSAF BVC:MINEROS Capital Returns to Shareholders (US$M/Year) 45 40 35 • 2025 – US$42M returned to investors 30 25 • US$30M dividend declared - $0.10/share annual 20 regular dividend payable at US$0.025 quarterly 15 10 • US$12M share buyback 5 - • More
Slide 6: 2025 - A Record Year
2025 - A Record Year TSX:MSA OTCQX:MNSAF BVC:MINEROS 2025 was a transformational year with records across all key metrics PRODUCTION RECORD REVENUES RECORD Adj EBITDA 227k AuEq oz $800M $358M Above Guidance +48% higher than 2024 +71% higher than 2024 Dividends & Buybacks TSX Performance BVC Leadersh
Slide 7: Balance Sheet Strength & Capital Structure
Balance Sheet Strength & Capital Structure TSX:MSA OTCQX:MNSAF BVC:MINEROS Cash & Equivalents Capital Markets Overview TSX:MSA $108M OTCQX:MNSAF Tickers BVC:MINEROS Common Shares 295.8M Share Price (February 23, 2026) C$7.08 Account Receivable Market Capitalization (February 23, 2026) C$2.09B from R
Slide 8: 2026 Guidance
2026 Guidance TSX:MSA OTCQX:MNSAF BVC:MINEROS 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 Capital Investment Pr
Slide 9: Proven and Experienced Management
Proven and Experienced Management TSX:MSA OTCQX:MNSAF BVC:MINEROS Daniel Henao Sergio Chavarria CEO CFO (Interim) Engineer with extensive leadership experience in the mining industry, Since joining Mineros in 2018, Sergio has risen to the role of Director of including defining strategies within the
Slide 10: 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 Porvenir in Nicaragua (PFS) Nicaragua La Pepa Project in Chile (PEA - Resource Development) ~2.1Moz ~3.6Moz P&P Reserves M&I Gold Resources1 227k AuEq oz in 2025 $2,032
Slide 11: Core Assets – Nicaragua and Colombia
Core Assets – Nicaragua and Colombia TSX:MSA OTCQX:MNSAF BVC:MINEROS Nicaragua Colombia • 2025 production – • 2025 Production – 137,607 AuEq oz 89,874 AuEq oz • 2025 AISC/oz gold sold – • 2025 AISC/oz gold sold – US$2,281 US$1,579 • FY 2026 Guidance – • FY 2026 Guidance – 130K – 140K oz Au 83K – 93K
Slide 12: The Golden Triangle in Nicaragua
The Golden Triangle in Nicaragua TSX:MSA OTCQX:MNSAF BVC:MINEROS ~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 • In production since 1880’s • Excellent inf
Slide 13: Nicaragua
Nicaragua TSX:MSA OTCQX:MNSAF BVC:MINEROS ~196Koz ~226Koz P&P Reserves M&I Gold Resources1 ~6+ year mine life (Panama & Pioneer) 2025 Production and AISC 137,607 AuEq oz $2,281 AISC 2026 Guidance - Production and AISC 130K – 140K oz Au $2,000 - $2,100/oz AISC 80% of the ore comes from CMP & BMP (ind
Slide 14: Built for District-Scale Discovery
Built for District-Scale Discovery TSX:MSA OTCQX:MNSAF BVC:MINEROS 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: Nicaragua – Growth with Porvenir
Nicaragua – Growth with Porvenir TSX:MSA OTCQX:MNSAF BVC:MINEROS March 2023 PFS ~572Koz ~78Koz P&P Reserves M&I Gold Resources1 ~9+ year mine life Av. Production: 56.7 koz Au, 112.3 koz Ag and 38.5 Mlb Zn LOM AISC: US$929/oz AuEq(1) - IRR 21% - 3.5-year payback period - NPV5% of US$160M - $1,650/oz
Slide 16: Colombia
Colombia Aurora Plant TSX:MSA OTCQX:MNSAF BVC:MINEROS ~1.36Moz ~1.0Moz P&P Reserves M&I Gold Resources1 ~12+ year mine life -100+years of production 2025 Production and AISC2 89,777 oz Au $1,579 AISC 2026 Guidance for Production and AISC2 83K – 93K oz Au $1,820 - $1,920/oz AISC 1. See Appendix slide
Slide 17: Colombia – Production Containment Areas
Colombia – Production Containment Areas TSX:MSA OTCQX:MNSAF BVC:MINEROS • Predictable and fully drilled 43-101 compliant technical report (SLR) • Dredge in closed ponds beside the river (not in the riverbed) • Powered by our hydroelectric plants • Gold recovered using gravity and water (no chemicals
Slide 18: Chile: Growth – La Pepa Project
Chile: Growth – La Pepa Project TSX:MSA OTCQX:MNSAF BVC:MINEROS La Pepa Gold Project – 100% Owned Acquired 80% interest in La Pepa Project for $40 million in Sept. 2025 to own 100% Located in the prolific Maricunga Gold Belt of the Atacama Region Near operating gold mine Fenix Gold (Rio2) and La Coi
Slide 19: Growth – La Pepa Project, Chile
Growth – La Pepa Project, Chile TSX:MSA OTCQX:MNSAF BVC:MINEROS Exploration and Asset Development Total Budgeted for 2026 Work Program - $6.3M • Kick-off environmental baseline studies and characterization of deposit M&I Resources • Exploration: (7,000 metres of drilling) allocated to test potential
Slide 20: Production Growth Bridge — Path to 300K+ Ounces
Production Growth Bridge — Path to 300K+ Ounces TSX:MSA OTCQX:MNSAF BVC:MINEROS ■ Current / Near-term ■ Committed Growth ■ Exploration Upside ■ Development Potential 300K+ oz Target TBD 300K +20K +55K 200K 100K 222K 233K 0K 2025 2026 Porvenir Brownfield La Pepa Actual Guidance Expansion Exploration
Slide 21: Inorganic growth
Inorganic growth TSX:MSA OTCQX:MNSAF BVC:MINEROS 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 producing gold. • Current gold producer (50k – 150
Slide 22: Why Invest in Mineros Now
Why Invest in Mineros Now TSX:MSA OTCQX:MNSAF BVC:MINEROS 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 records in 2025 across every financial metric • O
Slide 23: 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
Slide 24: Appendix
TSX:MSA OTCQX:MNSAF BVC:MINEROS Appendix © 2026 Mineros 23
Slide 25: Board of Directors & Senior Leadership
Board of Directors & Senior Leadership TSX:MSA OTCQX:MNSAF BVC:MINEROS Board Composition Board Members Senior Leadership • Female: 2/6 (33%) • Augusto López Valencia • Daniel Henao, President & CEO • Male: 4/6 (66%) • Hernán Rodriquez • Sergio Chavarria, Interim Chief Financial Officer • Non-executi
Slide 26: Strong Social Licence to Operate - ESG Results
Strong Social Licence to Operate - ESG Results TSX:MSA OTCQX:MNSAF BVC:MINEROS Social License to Operate Environmental and BMP and Small-scale Climate Management Mining Rank Identification level Bonanza Model for Artisanal Mining in Climate Nicaragua Mineros Nicaragua: 80.9 • Created in 2013, based
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: 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 29: 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 30: 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 31: 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 32: 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 33: 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