Mineros Sa · BVC:MINEROS

Mineros Sa — Investor Presentation (May 2026)

35 slides from Mineros Sa's investor presentation, May 2026

  1. Slide 1: Record Results, Proven Growth, Untapped Potential

    T S X : M SA O T C Q X : M N S AF BV C: M I NE RO S Record Results, Proven Growth, Untapped Potential May 2026

  2. Slide 2: Cautionary Notes

    Cautionary Notes T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Statement Regarding Forward-Looking Information th e meani ng of NI 43-10 1 (the “Nech i Tec hnic al Rep ort”). Thi s present ation con tains “forward-lookin g informati on” with in th e meani ng of appl icab le Canadi an sec uri ti

  3. Slide 3: Mineros – Growth-Oriented, Mid-Tier, Gold Producer

    Mineros – Growth-Oriented, Mid-Tier, Gold Producer T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S High-Quality Asset Base in Latin America Best-in-Class Financial Performance Proven Commitment Shareholder Returns Growth and Pipeline Optionality © 2026 Mineros 2

  4. Slide 4: A Rich History – North America's Best-Kept Gold Secret

    A Rich History – North America’s Best-Kept Gold Secret T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 51+ Years of Mining. 100+ Years of Production Just 4 Years on the TSX 1880s 1890s 1974 2013 2021 2025 Nicaragua Colombia Mineros S.A. Hemco Listed on TSX Sun Valley gold alluvial founded in acqu

  5. Slide 5: An Outstanding Value Proposition

    An Outstanding Value Proposition T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Capital Returns to Shareholders (US$M/Year) 45 40 35 • 2026 – US$30M dividends declared 30 25 • $0.10/share annual regular dividend payable at 20 15 US$0.025 quarterly 10 5 • US$80M buy-back authorized over 3-year pe

  6. Slide 6: Outstanding Financial Results - Q1 2026

    B V C : M I NE RO S T S X : M S A O T C Q X : M N S AF Outstanding Financial Results - Q1 2026 2026 will be a transformational year with a focus on quick ounces REVENUES ADJUSTED EBITDA GROSS PROFIT $292M +82% $154M +116% $143M +122% 60,785 AuEq Oz1 53% Margin EBITDA Revenue outpaced the 55% $4,777

  7. Slide 7: Balance Sheet Strength & Capital Structure

    Balance Sheet Strength & Capital Structure T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Capital Markets Overview TSX:MSA OTCQX:MNSAF Tickers BVC:MINEROS Common Shares 295.8M Share Price (May 7, 2026) C$5.59 Market Capitalization (May 7, 2026) C$1.65B Firm Covering Analyst SCP Resource Finance

  8. Slide 8: Undervalued Vs Peers

    B V C : M I NE RO S T S X : M S A O T C Q X : M N S AF Undervalued Vs Peers P/NAV Hecla 1.58x TEV/EBITDA 2026E (x) P/CF 2026E (x) Evolution Mining 1.48x Coeur Mining 1.28x G-Mining 13.8 McEwen Inc. 21.6 Lundin Gold 1.26x McEwen Inc. 11.4 G-Mining 17.9 Aura Minerals 1.19x Hec la 14.2 Hochschild Hec l

  9. Slide 9: Profitability Index Benchmark

    B V C : M I NE RO S T S X : M S A O T C Q X : M N S AF Profitability Index Benchmark ROE (%) ROA (%) Net Income Margin (%) Wesdome Gold 46.4% Wesdome Gold 33.7% G Mining Ventures 49.6% Mineros S.A. 28.2% 37.8% Mineros S.A. 19.3% 25.G% Wesdome Gold 38.2% Serabi Gold 28.2% Orezone Gold 16.9% Torex Gol

  10. Slide 10: 2026 Guidance

    2026 Guidance T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Consolidated Gold Production Consolidated AISC 213k - 233k Au oz $2,370-$2,470/oz Au Q1 – 58k Q1 - $2,235 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 Mar

  11. Slide 11: Proven and Experienced Management

    Proven and Experienced Management T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Daniel Henao Natalia Correa CEO CFO Engineer with extensive leadership experience in precious Finance professional with deep experience in M&A, capital structuring, and metals. Strong track record in M&A, risk manag

  12. Slide 12: Latin America Focused – Production & Growth

    Latin America Focused – Production & Growth T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 2 Producing Assets 3 Growth Projects Colombia Nicaragua Porvenir in Nicaragua (PFS) La Pepa Project in Chile (PEA) Tolima (Exploration) ~2.1Moz ~3.7Moz P&P Gold Reserves M&I Gold Resources2 ~1.7 Moz ~23.4

  13. Slide 13: Operational Excellence – Q1 Results

    B V C : M I NE RO S T S X : M S A O T C Q X : M N S AF Operational Excellence – Q1 Results Nicaraguan Operations Colombian Operations Production: 38k Au oz + 162k Ag Production: 20k Au oz AISC: $2,340/oz AISC: $1,945/oz Lost Time Freq: 0.13 Lost Time Freq: 0.96 79% Bonanza Mining Partners, 21% Indus

  14. Slide 14: The Golden Triangle in Nicaragua

    The Golden Triangle in Nicaragua T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ~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 since 1880 • Excellent in

  15. Slide 15: Nicaragua

    Nicaragua T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ~861Koz ~497Koz P&P Reserves1,2 M&I Gold Resources1,2 ~864Koz Inferred Gold Resources1,2 Q1 2026 Q1 2025 FY 2026 Guidance Production Production Production 37,941 Au Oz 30,999 Au Oz 130k-140k Au oz 40,843 AuEq3 Oz 31,857 AuEq3 Oz Q1 2026 AI

  16. Slide 16: Built for District-Scale Discovery

    Built for District-Scale Discovery T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 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 + histori

  17. Slide 17: Porvenir (Nicaragua) – Emerging Polymetallic District

    Porvenir (Nicaragua) – Emerging Polymetallic District T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Main permits received, final permits expected by Q42026 ~736 AuEq koz 2 ~233 AuEq Koz 2 Robust PFS serves as base to potential detailed engineering studies P&P Reserves M&I Resources1 Av. Annual

  18. Slide 18: Colombia

    Colombia T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Aurora Plant ~1.24Moz ~1.02Moz P&P Reserves M&I Gold Resources1 ~12+ year mine life 100+years of production Q1 2026 Q1 2025 FY 2026 Guidance Production Production Production 19,909 Au Oz 23,244 Au Oz 83k-93k Au Oz 19,942 AuEq2 Oz 23,267 AuE

  19. Slide 19: Colombia – Production Containment Areas

    Colombia – Production Containment Areas T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S • Predictable and fully drilled • NI 43-101 compliant technical report (SLR) • Dredge in closed ponds beside the river (not in the riverbed) • Powered by our own hydroelectric plants • Gold recovered using gra

  20. Slide 20: Acquisition of Cajamarca, Tolima Exploration Project

    Acquisition of Cajamarca, Tolima Exploration Project T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ✓ Leverages Mineros’ 50-year Colombian operating history ✓ Reaffirms commitment to Colombia as a responsible mining jurisdiction ✓ Historical Mineral Resource Estimate (AngloGold Ashanti, Dec 2024

  21. Slide 21: La Pepa, Chile

    B V C : M I NE RO S T S X : M S A O T C Q X : M N S AF La Pepa, Chile 2026 Exploration Program • 7,000 m drilling program · US$2.2M investment • Target: Mineral Resource expansion & Reserve growth • Program to commence Q3 2026 – permits in process 2026 Permitting & Environmental Studies • US$ 4.1M i

  22. Slide 22: Exploration Upside & 2026 Work Program

    Exploration Upside & 2026 Work Program TSX:MSA OTCQX:MNSAF BVC:MINEROS ✓ Fully consolidated land package with multiple targets: Vizcacha, Bototo, Cerro Amarillo ✓ Anomalous gold values NW and SE of current Mineral Resources envelope 2026 Work Program — US$6.3M ✓ Drilling: 7,000m program for resource

  23. Slide 23: Production Growth Bridge — Path to 300K+ Ounces

    Production Growth Bridge — Path to 300K+ Ounces T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ■ Current / Near-term ■ Committed Growth ■ Exploration Upside ■ Development Potential TBD 300K 300K+ oz Short Term Target +20K +72K AuEq 200K 100K 222K 233K 58K PRODUCED YTD 0K 2025 2026 Porvenir Brown

  24. Slide 24: Inorganic growth

    Inorganic growth T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S 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 assets including: ✓ Current gol

  25. Slide 25: Why Invest in Mineros Now

    Why Invest in Mineros Now T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Deeply Undervalued Q1 Record Financial Performance 1. x P/Revenues | 2.4x EV/EBITDA | 61% ROCE $292M Revenue | $88M Net Profit | $154M EBITDA ✓ Trades at significant discount to peers ✓ All-time records in Q1 2026 across ev

  26. Slide 26: Appendix

    T S X : M SA O T C Q X : M N S AF BV C: M I NE RO S Appendix © 2026 Mineros 25

  27. Slide 27: Members of Board of Directors

    Members of Board of Directors T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Augusto López Valenciab – Chairman Augusto López Valencia is a distinguished business executive with over five decades of leadership experience across South America and Europe, best known for his 15-year tenure as Presi

  28. Slide 28: Strong Social Licence to Operate - ESG Results

    Strong Social Licence to Operate - ESG Results T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S Social License to Operate Environmental and BMP and Small-scale Mining Climate Management Rank Identification level Bonanza Model for Artisanal Mining in Climate Nicaragua • Created in 2013, based on in

  29. Slide 29: Longstanding Commitment to Sustainability

    Longstanding Commitment to Sustainability T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S ✓ 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’ manage

  30. Slide 30: Mineral Reserves and Mineral Resources

    Mineral Reserves and Mineral Resources T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (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) (k

  31. Slide 31: Mineral Reserves and Mineral Resources

    Mineral Reserves and Mineral Resources T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (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)

  32. Slide 32: Mineral Reserves and Mineral Resources

    Mineral Reserves and Mineral Resources T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (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

  33. Slide 33: Mineral Reserves and Mineral Resources

    Mineral Reserves and Mineral Resources T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (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 Minera

  34. Slide 34: Mineral Reserves and Mineral Resources

    Mineral Reserves and Mineral Resources T S X : M SA O T CQ X : M NS A F BV C: M I NE RO S (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 ap

  35. Slide 35: For further information, please contact

    T S X : M SA O T C Q X : M N A SF BV C: M I NE RO S W W W . M I N E R O S . C O M .C O For further information, please contact: Ann Wilkinson Vice President, Investor Relations investor.relations@mineros.com.co relacion.inversionistas@mineros.com.co

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