Mineros Sa · BVC:MINEROS
Mineros Sa — Q1 2024 Earnings Presentation
34 slides from Mineros Sa's earnings presentation, May 10, 2024
Slide 1: Results Q1 2024
Results Q1 2024 May 10, 2024 BVC: MINERS TSX:MSA
Slide 2: To listen in English
To listen in English 2 Step 1 Click START on the box that says “English” Step 2 Click MUTE on the box that says “Media Player” to avoid listening to both audios simultaneously
Slide 3: Cautionary Note
Cautionary Note 3 The information presented here contains forward-looking statements. Such information relates to future events, including the Company's performance, prospects and business opportunities. Forward-looking statements may include, but are not limited to, estimates of resources and reser
Slide 4: Non-IFRS and Other Financial Measures
Non-IFRS and Other Financial Measures 4 This presentation includes non-IFRS measures and indicators: o Cash Cost (per ounce of gold sold) o AISC (per ounce of gold sold) o Average price per ounce of gold sold o Adjusted EBITDA o Net Debt The Company believes that these non-IFRS measures, in addition
Slide 5: Management team
Management team 5 Andrés Restrepo Isaza President and CEO Alan Wancier VP Finance and CFO Ana Isabel Gaviria Arteaga VP Legal and Sustainability Ana María Ríos Puerta VP Business Development Lina Toro Palacio VP Talent Santiago Cardona Múnera VP Colombia Luis Fernando Villa Tabares VP Nicaragua ©202
Slide 6: Agenda
Agenda 6 o Highlights o Financial Results o Results of Operations o Review of Operations o Challenges and Opportunities ©2024 Miners. All rights reserved.
Slide 7: Highlights
Highlights Presented by: Andrés Restrepo Isaza President and CEO
Slide 8: Q1 2024 Highlights
Q1 2024 Highlights 8 March 26 (at the Annual Meeting of Shareholders (AGM)) Declared a $0.075 annual dividend and an extraordinary dividend of $0.025 each payable quarterly for a total of $0.10 We welcome our new board! Mrs. Sofía Bianchi Mr. Michael Gregory Doyle Mr. Juan Esteban Mejía Mr. Daniel F
Slide 9: Q1 2024 - Gold Price ($/oz)
Q1 2024 - Gold Price ($/oz) 9 $2,194 $1,992 January February March
Slide 10: Financial Results
Financial Results Presented by: Alan Wancier VP Finance and CFO
Slide 11: Q1 2024 Financial Results
Q1 2024 Financial Results 11 Q1 2023 (M USD) Q1 2024 (M USD) o Growth in income is explained by higher average gold sales price of 10%, 2% greater number of ounces of gold sold and a 92% increase in silver sales ($2.68M) o Increase in cost of sales due to higher costs for purchases of artisanal mate
Slide 12: Cash and cash equivalents
Cash and cash equivalents 12 Figures in millions of USD o Cash flow from operations is mainly composed of income from sales of gold and silver ($98.1M), payments to suppliers ($66.9M), payments for employee benefits ($14M) and payment of taxes ($9.0M) o Cash flow used in investing activities is expl
Slide 13: Adjusted EBITDA
Adjusted EBITDA 13 Figures in millions of USD Adjusted EBITDA increased 8%, due to a greater number of ounces sold, in addition to an increase in the average price of gold sold +8% ADJ EBITDA Q1 2024 vs. Q1 2023 Adjusted EBITDA is a non-IFRS financial measure. Its most comparable IFRS measure is net
Slide 14: Net Debt
Net Debt 14 Figures in millions of USD Reduction in Net Debt explained by a lower balance of credits and loans ($31.7M), in addition to a higher balance of cash and cash equivalents ($45.9M) (213)% Net Debt Q1 2024 vs. Q1 2023 Net Debt is a non-IFRS financial measure. Net Debt consists of Credits an
Slide 15: Results of Operations
Results of Operations Presented by: Andrés Restrepo Isaza President
Slide 16: Production, average gold price and costs
Production, average gold price and costs 16 Production from continuing operations benefited from higher volumes at the Nechí Alluvial Segment Higher Cash Cost and AISC from continuing operations are explained by increase in costs explained previously +10% +2% Avg. Sale Price Oz Produced Q1 2024 vs.
Slide 17: Review of Operations
Review of Operations Presented by: Andrés Restrepo Isaza President
Slide 18: Nechí Alluvial - Colombia
Nechí Alluvial - Colombia 18 Q1 2024 vs. Q1 2023 Production +7% AISC +16% Gross profit -5% o Production for Q1 2024 had an increase of 7% compared with Q1 2023, explained by a 27% increase in volumes (Q1 2024: 9Mm3, Q1 2023: 7.1Mm3) o AISC per ounce of gold sold increased by 16% due to the increase
Slide 19: Hemco - Nicaragua
Hemco - Nicaragua 19 Q1 2024 vs. Q1 2023 Production -0.3% AISC 15% Gross profit 8% o Production for Q1 2024 was similar to that of Q1 2023 o 15% increase in AISC per ounce of gold sold is explained by the 15% increase in costs, greater purchases of artisanal materials and the higher price of gold o
Slide 20: Challenges and Opportunities
Challenges and Opportunities Presented by: Andrés Restrepo Isaza President and CEO
Slide 21: Challenges and Opportunities
Challenges and Opportunities 21 Forecast of Production and Unit Costs 2024 – Guidance The following table shows our production and unit cost guidance for 2024: Guidance 2024 Production (oz) 209,000 - 229,000 Cash Cost (USD/oz) $1,180 - $1,270 AISC (USD/oz) $1,430 - $1,530 Growth and exploration prog
Slide 22: Mineros
Mineros BVC: MINEROS TSX: MSA Por el bienestar de todos
Slide 23: Adjusted EBITDA
Adjusted EBITDA 23 Three Months Ended March 31, 2024 2023 Net Profit For The Period 16,774 15,404 Less: Interest income (487) (282) Add: Interest expense 2,039 1,192 Add: Current tax1 10,007 11,563 Add/less: Deferred tax1 (953) (2,978) EBIT 27,380 24,899 Add: Depreciation and amortization 12,048 10,
Slide 24: Net Debt
Net Debt 24 March 31, 2024 2023 Loans and other borrowings 31,661 46,881 Less: Cash and cash equivalents (45,876) (34,269) Net Debt (14,215) 12,612
Slide 25: Cash Cost per ounce of gold sold
Cash Cost per ounce of gold sold 25 Three Months Ended March 31, 2024 2023 Cost of sales 80,678 67,971 Less: Cost of sales of non-mining operations1 (195) (107) Less: Depreciation and amortization (11,684) (10,567) Less: Sales of silver (5,594) (2,916) Less: Environmental rehabilitation provision2 (
Slide 26: Cash Cost and AISC per ounce of gold sold
Cash Cost and AISC per ounce of gold sold 26 Three Months Ended March 31, 2024 2023 Cost of sales 80,678 67,971 Less: Cost of sales of non-mining operations1 (195) (107) Less: Depreciation and amortization (11,684) (10,567) Less: Sales of silver (5,594) (2,916) Less: Sales of electric energy (1,435)
Slide 27: Average price per ounce of gold sold
Average price per ounce of gold sold 27 Three Months Ended March 31, 2024 2023 Sales of gold from continuing operations 106,962 94,960 Gold sold from continuing operations (oz) 51,741 50,609 Average realized price per ounce of gold sold from continuing operations ($/oz) 2,067 1,876 Sales of gold fro
Slide 28: Cash Cost and AISC per ounce of gold sold by Segment
Cash Cost and AISC per ounce of gold sold by Segment 28 Three months ended March 31, 2024 Three months ended March 31, 2023 Nechi Hemco Gualcamayo Alluvial Nechi Hemco (Discontinue Cost of sales 29,502 54,389 Alluvial d operation) Less: Depreciation and amortization (4,168) (7,459) Cost of sales 22,
Slide 29: Mineral Resources and Mineral Reserves
Mineral Resources and Mineral Reserves 29 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form
Slide 30: Notes Mineral Reserves
Notes Mineral Reserves 30 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form Mineral Reserve Reporting Notes: 1. CIM (2014) definitions were followed for Mineral Reservas. 2. Mineral Reservas are as of December 31, 2023. 3. Numbers may not add due to rounding. Nechí Alluvial Property –
Slide 31: Notes Mineral Reserves
Notes Mineral Reserves 31 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form Hemco Property – Nicaragua: 1. Mining method: a. Panama and Pioneer: shrinkage stoping, sub-level open stoping (SLOS), and bench and fill. b. Porvenir: cut-and-fill stopping and sub-level stopping. 2. Minimum
Slide 32: Notes Mineral Resources
Notes Mineral Resources 32 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form Mineral Resource Reporting Notes: 1. CIM (2014) definitions were followed for Mineral Resources. 2. Mineral Resources are exclusive of Mineral Reservas. 3. Mineral Resources that are not Mineral Reservas do n
Slide 33: Notes Mineral Resources
Notes Mineral Resources 33 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form Hemco Property: 1. Cut-off grades and values: a. Panama: 2.0 g/t Au b. Pioneer: 2.0 g/t Au c. Future: NSR cut-off value of US$82.30/t d. Luna Roja: open pit: 0.87 g/t Au; underground: 2.0 g/t Au e. Leticia an
Slide 34: Notes Mineral Resources
Notes Mineral Resources 34 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form La Pepa Project: 1. Superficial Mineral Resources are estimated inside 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 c