Mineros Sa · BVC:MINEROS

Mineros Sa — Investor Presentation (September 2025)

34 slides from Mineros Sa's investor presentation, September 2025

  1. Slide 1: Delivering Profitable Growth Through Disciplined Execution

    TSX:MSA BVC:MINEROS Delivering Profitable Growth Through Disciplined Execution September 2025

  2. Slide 2: Cautionary Notes

    Cautionary Notes TSX:MSA BVC:MINEROS Statement Regarding Forward-Looking Information gold sold. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underly

  3. Slide 3: Cautionary Notes

    Cautionary Notes TSX:MSA BVC:MINEROS Cautionary Note to U.S. Investors Concerning Estimates of Reserves And Measured, Industry and Market Data Indicated and Inferred Resources This presentation includes market, industry and economic data which was obtained from various publicly available Disclosure

  4. Slide 4: Mineros – Growth-Oriented, Mid-Tier, Gold Producer

    Mineros – Growth-Oriented, Mid-Tier, Gold Producer TSX:MSA BVC:MINEROS Strong, Consistent Financial Performance Diversified Asset Base in Latin America Growth Opportunities – Organic and Inorganic Experienced Disciplined Management Strong Social License to Operate Lengthy Track Record of Returning C

  5. Slide 5: Outstanding Value Proposition - MSA vs TSX Peers

    Outstanding Value Proposition - MSA vs TSX Peers TSX:MSA BVC:MINEROS Source: FactSet, Company public filings, Broker research © 2025 Mineros 5

  6. Slide 6: Consistent, Strong Financial Metrics (US$)

    Consistent, Strong Financial Metrics (US$) TSX:MSA BVC:MINEROS Revenues Adjusted Net Earnings/ Net Free Cash & Cash EBITDA1 Share Cash Flow1 Equivalents $343.0M $153.6M $0.27 $44.0M $109.7M H1 2025 H1 2025 H1 2025 H1 2025 June 30, 2025 (1) Adjusted EBITDA and Net Free Cash Flow are non-IFRS financia

  7. Slide 7: Latin America Focused – Production & Growth

    Latin America Focused – Production & Growth TSX:MSA BVC:MINEROS 2 Producing 2 Near-term Growth Assets Projects Colombia 100% of La Pepa Project Nicaragua in Chile (greenfield) Porvenir (Nicaragua) ~2.1Moz ~3.6Moz P&P Reserves M&I Gold Resources1 201,000 – 223,000oz $1,880 - $1,980/oz AISC 2025 Guida

  8. Slide 8: Core Assets – Colombia and Nicaragua

    Core Assets – Colombia and Nicaragua TSX:MSA BVC:MINEROS Colombia – Nicaragua – Nechí Alluvial Hemco • H1’25 – 44,103 oz • H1’25 – 64,047 oz • FY 2025 Guidance – • FY 2025 Guidance – 81K – 91K oz Au 120K – 132K oz Au • H1’25 AISC/oz gold sold – • H1’25 AISC/oz gold sold – US$1,420 US$1,990 • FY 2025

  9. Slide 9: Nechí Alluvial – Production Containment Areas

    Nechí Alluvial – Production Containment Areas TSX:MSA BVC:MINEROS © 2025 Mineros S.A. 9

  10. Slide 10: Nechí Alluvial

    Nechí Alluvial Aurora Plant TSX:MSA BVC:MINEROS ~1.36Moz 1.0Moz P&P Reserves M&I Gold Resources1 ~12+ year mine life 81,000 – 91,000oz $1,490 - $1,590/oz AISC 2025 Guidance - Gold Production & AISC2 1. See Appendix slides, Mineral Reserve Notes and Mineral Resource Notes and Cautionary Notes. M&I Re

  11. Slide 11: Hemco

    Hemco TSX:MSA BVC:MINEROS ~196Koz 226Koz P&P Reserves M&I Gold Resources1 ~6+ year mine life (Panama & Pioneer) 33,000 – 35,000oz (Panama & Pioneer) 93,000 – 98,000oz (Co-operative Mining) $2,000 - $2,100/oz AISC 2025 Guidance - Gold Production & AISC2 ~75% of ore from co-operatives & indexed to gol

  12. Slide 12: Exploration

    TSX:MSA BVC:MINEROS Exploration © 2025 Mineros 12

  13. Slide 13: Nicaragua’s Golden Triangle - Further Growth Potential

    Nicaragua’s Golden Triangle - Further Growth Potential TSX:MSA BVC:MINEROS Panama and Pioneer Near-Mine Overview of Hemco Property Land Package Exploration • 10.9km drilled at Panama (47%) & Pioneer (53%) in Q2 2025 (~ 65% of 2025 drilling plan) • Goal - Increase Mineral Resources and Mineral Reserv

  14. Slide 14: Nicaragua – Exploration at Porvenir

    Nicaragua – Exploration at Porvenir TSX:MSA BVC:MINEROS Porvenir Project (Zn, Au, Ag) • 10.5 km southwest of existing facilities • Update of Mineral Reserves and Mineral Resources to be published first half of 2026 • Part of optimization of the pre-feasibility study currently being undertaken Guille

  15. Slide 15: Opportunity – La Pepa Project, Chile

    Opportunity – La Pepa Project, Chile TSX:MSA BVC:MINEROS Acquisition of 80% of La Pepa Project Acquiring 80% interest in La Pepa Project for $40 million – increases interest to 100% – expected to close by September 30, 2025 Mineral Resources* Estimated Mineral Resources at the La Pepa Project, effec

  16. Slide 16: Growth

    TSX:MSA BVC:MINEROS Growth © 2025 Mineros 16

  17. Slide 17: Nicaragua – Growth at Hemco (Porvenir)

    Nicaragua – Growth at Hemco (Porvenir) TSX:MSA BVC:MINEROS ~572Koz 78Koz P&P Reserves M&I Gold Resources1 ~9+ year mine life Average annual production 56.7 koz Au, 112.3 koz Ag and 38.5 Mlb Zn at a LOM AISC US$929/oz AuEq(1) sold NPV5% of US$160M at US $1,650/oz Au, US$ 20.90/oz Ag, and US$ 1.40/lb

  18. Slide 18: Inorganic growth

    Inorganic growth TSX:MSA BVC:MINEROS Leveraging relationships to accelerate growth • 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 i

  19. Slide 19: Consistent Dividends

    Consistent Dividends TSX:MSA BVC:MINEROS An Outstanding Value Proposition • 2025 – US$30M Annual Dividend • US$0.10/share annual regular dividend payable at $0.10 $0.10 US$0.025 quarterly $0.09 $0.08 $0.08 • More than US$130M $0.075 $0.07 $0.07 in dividends paid over the $0.06 $0.05 $0.05 $0.05 last

  20. Slide 20: Capital Structure

    Capital Structure TSX:MSA BVC:MINEROS Capital Markets Overview Ticker TSX:MSA BVC:MINEROS:CB Common Shares 299.7M Share Price (Sept 3, 2025) C$3.82 Market Capitalization (Sept 3, 2025) C$1.145B Analyst Coverage Broker Recommendation Date Target Price SCP Resource Finance BUY May 9/25 CAD $4.70/sh At

  21. Slide 21: Appendix

    TSX:MSA BVC:MINEROS Appendix © 2025 Mineros 21

  22. Slide 22: Board of Directors & Senior Leadership

    Board of Directors & Senior Leadership TSX:MSA BVC:MINEROS Board Composition • Female: 2/9 (22%) Board Members Senior Leadership • Male: 7/9 (78%) • Augusto López Valencia • David Londoño, President & CEO • Non-executive: 100% • Andrés Restrepo Isaza • David Splett, Chief Financial Officer • Indepen

  23. Slide 23: Notes

    Notes TSX:MSA BVC:MINEROS © 2025 Mineros 23

  24. Slide 24: Notes

    Notes TSX:MSA BVC:MINEROS © 2025 Mineros 24

  25. Slide 25: 2025 Guidance

    2025 Guidance TSX:MSA BVC:MINEROS Updated Cost Guidance for 2025* Six months ended Revised 2025 Guidance Cash Cost per ounce of gold sold June 30, 2025 ($/oz)1 2025 Guidance ($/oz) Nechí Alluvial Property 1,230 1,270 – 1,370 1,220 – 1,320 Hemco Property 1,794 1,740 – 1,840 1,420 – 1,520 Consolidated

  26. Slide 26: Longstanding Commitment to Sustainability

    Longstanding Commitment to Sustainability TSX:MSA 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 six key pilla

  27. Slide 27: Environmental, Social and Governance (ESG) results

    Environmental, Social and Governance (ESG) results TSX:MSA BVC:MINEROS Social License to Operate Environmental and Artisanal and Small- Climate Management scale Mining Rank Identification level Climate Bonanza Model for Artisanal Mining in Nicaragua Mineros Nicaragua: 80.9 • Created in 2013, based o

  28. Slide 28: Mineral Reserves and Mineral Resources

    Mineral Reserves and Mineral Resources TSX:MSA 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. Proven & Prob

  29. Slide 29: Mineral Reserves Notes

    Mineral Reserves Notes TSX:MSA 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 – Colombia (4) The

  30. Slide 30: Mineral Reserves Notes

    Mineral Reserves Notes TSX:MSA 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 and sub-leve

  31. Slide 31: Mineral Resources Notes

    Mineral Resources Notes TSX:MSA 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 demonstrate

  32. Slide 32: Mineral Resources Notes

    Mineral Resources Notes TSX:MSA 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 price of $1,700

  33. Slide 33: Mineral Resources Notes

    Mineral Resources Notes TSX:MSA 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, which correspond

  34. Slide 34: For further information, please contact

    TSX:MSA 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

Mineros — Investor Presentation (September 2025) on 6ix