Mineros Sa · BVC:MINEROS
Mineros Sa — Investor Presentation (September 2026)
38 slides from Mineros Sa's investor presentation, September 2026
Slide 1: Record results, Proven growth, Untapped potential
Record results Proven growth Untapped potential September 2026 SYMBOLS TSX: MSA, BVC: MINEROS, OTCQX: MNSAF
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- This presentation uses the terms “inferred mineral resources” or “inferred resources”. Inferred mineral resour
Slide 3: A growth-oriented, mid-tier gold producer in Latin America
● THE COMPANY WHO WE ARE A growth-oriented, mid-tier gold producer in Latin America 01 02 04 03 Record financial High-quality producing Growth & pipeline Proven commitment to performance assets in Latin America optionality shareholder returns Production tracking toward Multi-decade track record of T
Slide 4: A rich history & a new opportunity
● HISTORY THE OPPORTUNITY A rich history & a new opportunity 100+ 51+ 4 YEARS OF PRODUCTION HISTORY YEARS OF MINING YEARS ON THE TSX 1880s 1890s 1974 2013 2021 2025 Nicaragua gold Alluvial gold mining Mineros S.A. founded Hemco acquired — Listed on the TSX — Sun Valley Investments district begins be
Slide 5: H1 2026: Record Financial Results
● H1 2026 RECORDS ACROSS THE BOARD FINANCIAL PERFORMANCE H1 2026: Record Financial Results REVENUES ADJUSTED EBITDA GROSS PROFIT $559M +63% $260M +70% $238M +71% 122.6 koz AuEq Revenue growth outpaced 47% Margin EBITDA cost increase NET PROFIT LIQUID ASSETS $133M +63% $229M Cash and $0.45 EPS Gold B
Slide 6: An outstanding value proposition
● SHAREHOLDER RETURNS SHAREHOLDER RETURNS An outstanding value proposition 2026 · DIVIDENDS & BUY BACKS FIVE -YEAR TOTAL US$30M + $175M US$145M+ Dividends declared and buy-backs authorized over 3 years Cumulative capital returned 2021 – 2025 Capital returned to shareholders Total return · Mineros vs
Slide 7: Premium margins, discounted price.
P R O F I T AB I L I T Y I N D EX PROFITABILITY Premium margins, discounted price. Mineros' 46.6% Adjusted EBITDA margin is in line with the peer median — premium profitability the market has yet to reward. 47.4% 46.6% Mineros already earns margins in line with its peers. Yet the stock trades at a d
Slide 8: Capital markets overview
● CAPITAL MARKETS Capital markets overview TSX OTCQX BVC MSA MNSAF MINEROS CAPITAL STRUCTURE RESEARCH AVERAGE Common shares 292.8M SCP Resource Finance TARGET PRICE C$9.50 Justin Chan Share price - September 11, 2026 C$8.1 Atrium Research Ben Pirie TARGET PRICE C$11.00 Market capitalization - Sept 1
Slide 9: 2026 Increased Guidance & Capital Plan
● 2026 GUIDANCE 2026 Increased Guidance & Capital Plan PRODUCTION GUIDANCE AISC GUIDANCE 220k – 240k $2,370 - $2,470 AuEq oz · H1 Actual: 122k oz per oz Au · H1 Actual: $2,348/oz NICARAGUA OPERATIONS COLOMBIA OPERATIONS Underground & mining partners Alluvial gold operations 137k – 147k 83k – 93k 202
Slide 10: New Leadership – New Strategy
● LEADERSHIP THE TEAM New Leadership – New Strategy Daniel Henao Natalia Correa Michael Doyle Maria Vallejo Carlos Ríos Chief Executive Officer Chief Financial Office Chief Technical Advisor VP, Growth & Technical VP, Exploration Engineer with deep precious - M&A, capital structuring & risk · Engine
Slide 11: A Latin America portfolio built for growth
● ASSETS ASSETS & RESOURCES A Latin America portfolio built for growth PRODUCING ASSETS GROWTH PROJECTS 2 3 Colombia Nicaragua - Porvenir Nicaragua Chile - La Pepa Colombia - Tolima P&P GOLD RESERVES M&I GOLD RESOURCES 2 ~2.1Moz ~3.7Moz INFERRED GOLD RESOURCES 2 2024 AGA HISTORICAL 1 Tolima Project
Slide 12: The Golden Triangle — district scale in a proven operating hub
NICARAGUA ● NICARAGUA The Golden Triangle — district scale in a proven operating hub 01 ~230 km northeast of Managua Excellent access and established infrastructure. ~458,932 ha consolidated land position 02 Integrating tenements and applications into a single license structure. ~8 Moz Au · 5 Moz Ag
Slide 13: Nicaragua — resources, production & outlook
● HEMCO · NICARAGUA NICARAGUA Nicaragua — resources, production & outlook P&P RESERVES 1-2 M&I RESOURCES 1-2 INFERRED RESOURCES 1-2 ~861koz ~497koz ~864 koz Panamá, Pioneer, Porvenir Exclusive of reserves Across all Hemco PRODUCTION · GOLD OUNCES H1 2025 H1 2026 FY 2026 GUIDANCE 64,047 Au oz 75,535
Slide 14: Built for district-scale discovery
NICARAGUA ● EXPLORATION · NICARAGUA Built for district-scale discovery Targeting the belt with a repeatable, data - led approach. 01 ~ 60 km mineralized corridor Room to grow north and south of current operations. 02 Ten priority targets · multi-metal District - scale targeting from 2025 fieldwork &
Slide 15: Porvenir — an emerging polymetallic district
● PORVENIR · PFS-STAGE NICARAGUA Porvenir — an emerging polymetallic district Momotombo Target Guillermina Target Measured & Indicated: 135 Koz AuEq Inferred: 96Koz AuEq P&P RESERVES M&I RESOURCES ~736Koz ~233Koz Apoyo Target AuEq 2 AuEq1-2 · exclusive of reserves Leticia Target AFTER-TAX NPV (5%) A
Slide 16: Colombia (Nechí) — Proven track record
● COLOMBIA Colombia (Nechí) — Proven track record P&P RESERVES M&I RESOURCES 1 MINE LIFE · PRODUCTION HISTORY ~1.24Moz ~1.02Moz ~12 y LOM 100+ years of production history PRODUCTION · GOLD OUNCES H1 2025 H1 2026 FY 2026 GUIDANCE 44,102 Au oz 42,568 Au oz 83k – 93k Au oz ALL-IN SUSTAINING COSTS H1 20
Slide 17: Colombia (Nechí) — Clean, unique & reliable
● COLOMBIA Colombia (Nechí) — Clean, unique & reliable Predictable, fully - drilled, NI 43 - 101 compliant 01 Closed-pond dredging (Open Pit) beside the river — never in the riverbed. 02 Hydroelectric powered by Mineros' own hydroelectric plants. 03 Gravity · no chemicals Gold recovered using gravit
Slide 18: Tolima: Top Undeveloped Gold Deposit
● COLOMBIA Tolima: TOP 10 Undeveloped Gold Deposit HISTORICAL MINERAL RESOURCE ESTIMATE AngloGold Ashanti · December 2024 M&I 1 INFERRED 1 23.35 Moz 4.98Moz Au @ 0.87 g/t Au @ 0.71 g/t Leverages 50+ years of Colombian operating history Reaffirms Mineros' commitment to Colombia as a responsible minin
Slide 19: Chile: Growth & exploration
● CHILE CHILE GROWTH Chile: Growth & exploration Atacama Region · 4,000 m a.s.l . · Maricunga Gold Belt — one of South America's premier gold corridors. PROSPECTIVE STRIKE LENGTH 2026 WORK PROGRAM Salares Norte Reserves 3.5 Moz Au Mineral Inventory +15km $6.3M Multi-discipline investment 3.9 Moz Au
Slide 20: Exploration Upside Beyond Current 2.5 Moz Mineral Inventory
● CHILE Exploration Upside Beyond Current 2.5 Moz Mineral Inventory Highly prospective, fully consolidated land package with multiple exploration targets → along the Maricunga Belt, including Vizcacha Target Vizcacha, Bototo, and Cerro Amarillo. Rock and soil sampling have returned → anomalous gold
Slide 21: On path to 500k AuEq oz
● GROWTH STRATEGY · 2030 HORIZON On path to 500k AuEq oz 300K+ oz short - term organic target · 500K oz long - term target by 2030 500K +72K 300K 300K+ oz Short Term Target AuEq +30-40K 240K 200K 100K 222K 118K PRODUCED YTD 0K 2025 2026 Actual De-bottlenecking Porvenir Porvenir District, Increased G
Slide 22: Inorganic growth
● M&A · INORGANIC GROWTH GROWTH PATH Inorganic growth ACTIVE M&A PIPELINE Current gold producers 01 70 – 130K oz/yr · cash - flow accretive · de - bottlenecking upside PRODUCING Late-stage developers DEVELOPER 02 Permits in hand · DFS or PFS complete · near - term construction Advanced exploration a
Slide 23: Record results, Proven growth, Untapped potential
● THE THESIS THE INVESTMENT CASE Record results Proven growth Untapped potential The most overlooked gold story on the TSX — and the catalysts are just starting. 01 · VALUATION 02 · PERFORMANCE 03 · CATALYSTS 04 · LOCAL EXPERTISE 1.3 × P / Revenues $559 M Revenue 227 k oz 50 + yrs Operating history
Slide 24: Thank you – For further information.
TH ANK Y OU For further information. Ann Wilkinson Juan Obando investor.relations@mineros.com.co · relacion.inversionistas@mineros.com.co TSX : MSA - BVC: MINEROS OTCQX: MNSAF
Slide 25: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS (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) (Mlb Zn) (koz A
Slide 26: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS (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 due to roun
Slide 27: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS (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 2.05 g/t Au an
Slide 28: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS (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) Mineral Resourc
Slide 29: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources TSX:MSA BVC:MINEROS (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-block basis
Slide 30: Price/NAV (2026)
Price/NAV (2026) TSX:MSA BVC:MINEROS Intermediate & Junior Producers 30 Gold Res ource 2.23x Hecla 1.89x Lundin Gold 1.49x Evolu tio n Minin g 1.43x We sdo me 1.36x Coeur Mining 1.32x DPM 1.17x IAMGOLD 1.08x Vault Minerals 1.08x Regis 1.07x Greatland Res ources 1.04x Alkane Re sources 1.03x Gen esis
Slide 31: Price / Cash Flow (2026-2027-2028)
Price / Cash Flow (2026-2027-2028) TSX:MSA BVC:MINEROS Intermediate & Junior Producers 31 Price/Cash Flow 2026E Price/Cash Flow 2027E Price/Cash Flow 2028E G-Mining 24.1x G-Mining 19.6x Lundin Gold 15.9x Discovery 22.0x Discovery 15.8x DPM 13.4x Capricorn Metals 19.1x Lundin Gold 15.8x Discovery 11.
Slide 32: TEV/EBITDA (2026-2027-2028)
TEV/EBITDA (2026-2027-2028) TSX:MSA BVC:MINEROS Intermediate & Junior Producers 32 TEV/EBITDA 2026E TEV/EBITDA 2027E TEV/EBITDA 2028E G-Mining 21.8x G-Mining 15.3x Hecla 14.8x Hecla 15.2x Hecla 12.6x DPM 11.6x Capricorn Metals 14.0x Capricorn Metals 11.5x Lund in Gold 10.5x Ora Banda 10.5x Discovery
Slide 33: Market Valuation Benchmark
Market Valuation TSX:MSA BVC:MINEROS Benchmark 33 P / Revenues P / EBITDA P/CASH AND CASH EQUIVALENTS P/CASH AND EQUIVALENT G Mining Ventures 10.7 McEwen Inc 37.9 G Mining Ventures 30.8 DPM Metals 5.9 Asante Gold 15.3 Equinox Gold 24.2 McEwen Inc 4.4 G Mining Ventures 14.4 Torex Gold Resources 21.8
Slide 34: Profitability Index Benchmark
Profitability Index TSX:MSA BVC:MINEROS Benchmark 34 ROA (%) ROE (%) Wesdome Gold 47.4% Wesdome Gold 35.3% Mineros S.A. 37.0% Mineros S.A. 24.6% 25.9% DPM Metals 31.3% DPM Metals 19.8% Orezone Gold 30.5% Torex Gold Resources 19.5% Galiano Gold 28.9% Galiano Gold 19.3% Torex Gold Resources 27.8% Orez
Slide 35: Profitability Index Benchmark
Profitability Index TSX:MSA BVC:MINEROS Benchmark 35 ROCE (%) ROIC (%) Wesdome Gold 53.0% Galiano Gold 101.5% Mineros S.A. 46.6% Wesdome Gold 70.6% Galiano Gold 36.4% Mineros S.A. 41.4% Torex Gold Resources 30.8% DPM Metals 36.3% Allied Gold 28.3% Orezone Gold 35.6% Fortuna Mining Corp 27.6% Fortuna
Slide 36: Profitability Index Benchmark
Profitability Index TSX:MSA BVC:MINEROS Benchmark 36 ROA (%) ROE (%) Mineros S.A. 49.1% Wesdome Gold 35.3% 57.4% Wesdome Gold 47.4% Mineros S.A. 30.7% 35.8% DPM Metals 31.3% DPM Metals 19.8% Orezone Gold 30.5% Torex Gold Resources 19.5% Galiano Gold 28.9% Galiano Gold 19.3% Torex Gold Resources 27.8
Slide 37: Profitability Index Benchmark
Profitability Index TSX:MSA BVC:MINEROS Benchmark 37 ROCE (%) ROIC (%) Mineros S.A. 62.0% Galiano Gold 101.5% Wesdome Gold 53.0% Wesdome Gold 70.6% Galiano Gold 36.4% Mineros S.A. 67.7% Torex Gold Resources 30.8% DPM Metals 36.3% Allied Gold 28.3% Orezone Gold 35.6% Fortuna Mining Corp 27.6% Fortuna
Slide 38: Total Returns August 25, 2026
Total Returns TSX:MSA BVC:MINEROS August 25, 2026 38 3 8 © 2026 Mineros ©2026 Mineros.. Source: Investing 25/08/2026