Mineros Sa · BVC:MINEROS
Mineros Sa — Q4 2025 Earnings Presentation
23 slides from Mineros Sa's earnings presentation, Feb 19, 2026
Slide 1: Q4 & Full Year 2025 Results
BVC:MINEROS T SX :MSA OT CQX:MNSAF Q4 & Full Year 2025 Results HOSTED BY: Daniel Henao CEO Sergio Chavarria CFO Ann Wilkinson VP Investor Relations FEBRUARY 19, 2026
Slide 2: Notes to Investors
BVC:MINEROS TSX:M SA OTCQX:M NSAF NOTES TO INVESTORS The information presented herein contains forward-looking statements; such information relates to future events, including the Company's performance, prospects and business opportunities. The projections may include, inter alia, the estimation of
Slide 3: A Record Year
BVC:MINEROS TSX:M SA OTCQX:M NSAF A RECORD YEAR 2025 was a transformational year with records across all key metrics RECORD REVENUES RECORD ADJ EBITDA PRODUCTION $800M $358M 227k AuEq oz +48% higher than 2024 +71% higher than 2024 Above Guidance DIVIDENDS & BUYBACKS TSX PERFORMANCE BVC LEADERSHIP $4
Slide 4: Record Q4 and FY 2025 Performance
BVC:MINEROS TSX:M SA OTCQX:M NSAF RECORD Q4 AND FY 2025 PERFORMANCE REVENUES GROSS PROFIT ADJUSTED EBITDA $800M +48% $326M +77% $358M +71% $261M Q4, +74% $106M Q4, +94% $115M Q4, +101% NET PROFIT FREE CASH FLOW $145M +68% $139M +60% $9M Q4 $32M Q4
Slide 5: Balance Sheet Strength
BVC:MINEROS TSX:M SA OTCQX:M NSAF BALANCE SHEET STRENGTH Cash & Equivalents $108M Account Receivable from Refineries $26M Credit & Loans $15M Strong Net Cash Position with a net debt of ($93M)
Slide 6: Consistent Production
BVC:MINEROS TSX:M SA OTCQX:M NSAF CONSISTENT PRODUCTION +57% Average Sale Price Q4 2025 vs. Q4 2024 +10% AuEq oz Produced Q4 2025 vs. Q4 2024 The average selling price, the Cash Cost per ounce of gold sold, and the AISC per ounce of gold sold are non-IFRS financial measures. Non-IFRS financial measu
Slide 7: Operational Excellence – Q4 Results
BVC:MINEROS TSX:M SA OTCQX:M NSAF OPERATIONAL EXCELLENCE – Q4 RESULTS Colombian Operations Nicaraguan Operations Production: 23k Au oz Production: 36k Au oz AISC: $1,891/oz AISC: $2,828/oz Lost Time Freq: 0.90 Lost Time Freq: 0.16 Key Milestone: Aurora Plant Mining Mix: 90% Bonanza Mining commenced
Slide 8: 2026 Guidance – Continued Growth
BVC:MINEROS TSX:M SA OTCQX:M NSAF 2026 GUIDANCE – CONTINUED GROWTH 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
Slide 9: Growth & Exploration Strategy
BVC:MINEROS TSX:M SA OTCQX:M NSAF SECURING THE FUTURE Near-Mine & Greenfield Exploration Growth & Exploration • 35,540 m drilled FY’25 Strategy • Largest exploration program in the history of Nicaragua • Resource-to-Reserve conversion • High-grade targets identified Porvenir Project • Optimized PFS
Slide 10: A Year of Records
BVC:MINEROS TSX:M SA OTCQX:M NSAF Record revenues of $800M, $358M Adj. EBITDA and 145M net profit A YEAR Above 2025 production guidance - proven track record OF Strong balance sheet with $93M net cash position RECORDS Returned $42M to shareholders via dividends & buybacks Clear growth roadmap with t
Slide 11: www.mineros.com.co
BVC:MINEROS T SX :MSA OT CQX:MNSAF WWW.MINEROS.COM.CO
Slide 12: Adjusted EBITDA
BVC:MINEROS TSX:M SA OTCQX:M NSAF Adjusted EBITDA Three Months Ended Year ended December December 31, 31, 2025 2024 2025 2024 $ $ $ $ Net Profit For The Period 9,413 23,195 144,984 86,552 Less: Interest income (888) (613) (3,561) (1,691) Add: Interest expense 2,254 2,217 8,102 8,260 Add: Current tax
Slide 13: Net Debt
BVC:MINEROS TSX:M SA OTCQX:M NSAF Net Debt December 31, 2025 2024 Loans and other borrowings $ 15,398 $ 25,927 Less: Cash and cash equivalents (108,005) (96,410) Net Debt (92,606) (70,483)
Slide 14: Cash Cost per Ounce of Gold Sold
BVC:MINEROS TSX:M SA OTCQX:M NSAF Cash Cost per Ounce of Gold Sold Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 Cost of sales 155,256 95,664 473,420 354,567 Less: Cost of sales of non-mining operations1 (275) — (1,154) (827) Less: Depreciation and amortization (15,703)
Slide 15: AISC per Ounce of Gold Sold
BVC:MINEROS TSX:M SA OTCQX:M NSAF AISC per Ounce of Gold Sold Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 Cost of sales 155,256 95,664 473,420 354,567 Less: Cost of sales of non-mining operations 1 (275) — (1,154) (827) Less: Depreciation and amortization (15,703) (11
Slide 16: Average Price per Ounce of Gold Sold Realized
BVC:MINEROS TSX:M SA OTCQX:M NSAF Average Price per Ounce of Gold Sold Realized Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 Sales of gold ($) 244,889 144,239 769,785 508,965 Gold sold (oz) 58,596 54,189 221,608 213,245 Average realized price per ounce of gold sold ($/
Slide 17: Cash Cost & AISC per Ounce of Gold Sold - Segments
BVC:MINEROS TSX:M SA OTCQX:M NSAF Cash Cost & AISC per Ounce of Gold Sold - Segments Three months ended December 31, 2025 Three months ended December 31, 2024 Nechí Alluvial Hemco Property Nechí Alluvial Hemco Property Cost of sales 49,760 112,407 Less: Depreciation and amortization (4,989) (10,672)
Slide 18: Mineral Reserves and Resources
BVC:MINEROS TSX:M SA OTCQX:M NSAF Mineral Reserves and Resources Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 19: Mineral Reserves and Resources
BVC:MINEROS TSX:M SA OTCQX:M NSAF Mineral Reserves and Resources Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 20: Mineral Reserves - Notes
BVC:MINEROS TSX:M SA OTCQX:M NSAF Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 21: Mineral Reserves - Notes
BVC:MINEROS TSX:M SA OTCQX:M NSAF Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 22: Mineral Reserves - Notes
BVC:MINEROS TSX:M SA OTCQX:M NSAF Mineral Reserves - 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 pr
Slide 23: Mineral Reserves - Notes
BVC:MINEROS TSX:M SA OTCQX:M NSAF Mineral Reserves - 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, whi