Slide 1: Record results, Proven growth, Untapped potential
Record results Proven growth Untapped potential RULE SYMPOSIUM July 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-looking This presentation uses the terms “inferred mineral resources” or “inferred resources”. Inferred mineral
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 03 04 Record financial High-quality producing Growth & pipeline Proven commitment to performance assets in Latin America optionality shareholder returns Production tracking toward Two well-established producing
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: Q1 2026: Record Financial Results
● Q1 2026 RECORDS ACROSS THE BOARD FINANCIAL PERFORMANCE Q1 2026: Record Financial Results REVENUES ADJUSTED EBITDA GROSS PROFIT $292M +82% $154M +116% $143M +122% 60,785 AuEq Oz Revenue outpaced the 55% 53% Margin EBITDA $4,777 Average realized price increase in cost of sales NET PROFIT LIQUID ASSE
Slide 6: An outstanding value proposition
● SHAREHOLDER RETURNS SHAREHODLERS RETURN An outstanding value proposition 2026 · DIVIDENDS & BUY BACKS 2025 · DIVIDENDS & BUY BACKS FIVE -YEAR TOTAL US$30M + $80M US$42M US$145M+ Dividends declared and buy- back authorized over 3 years US$30M dividends + US$12M buybacks Cumulative capital returned
Slide 7: Undervalued vs. peers
● VALUATION · P/NAV THE MISPRICING Undervalued vs. peers Mineros trades at a steep discount to both junior and intermediate gold producers on Price/NAV — despite delivering record financials and stronger growth. THE MISPRICING Mineros trades at roughly half the peer- set average — a clear path to re
Slide 8: Best-in-class profitability
● PROFITABILITY INDEX THE MISPRICING Best-in-class profitability Mineros' EBITDA margin sits in line with the benchmark and ahead of the peer median — and rises to 37.8% excluding the Nicaraguan DGI payment. THE MISPRICING On a like-for-like basis Mineros sits at the benchmark for intermediate gold
Slide 9: 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 June 29, 2026 C$6.35 Atrium Research Ben Pirie TARGET PRICE C$11.00 Market capitalization June 29, 2026
Slide 10: 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 Production: 122k oz per oz Au · Q1 Actual: $2,235/oz NICARAGUA OPERATIONS COLOMBIA OPERATIONS Underground & mining partners Alluvial gold operations 137k – 147k 83k – 93k
Slide 11: 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 · Enginee
Slide 12: 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 Chile - La Pepa Nicaragua Colombia - Tolima P&P GOLD RESERVES M&I GOLD RESOURCES 2 ~2.1Moz ~3.7Moz INFERRED GOLD RESOURCES 2 2024 AGA HISTORICAL 1 Tolima ~1.7Moz
Slide 13: 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 14: 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 75,098
Slide 15: 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 & his
Slide 16: 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 17: Colombia (Nechi) — Proven track record
● COLOMBIA Colombia (Nechi) — 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 44,103 Au oz 42,391 Au oz 83k – 93k Au oz ALL-IN SUSTAINING COSTS Q1 20
Slide 18: Colombia (Nechi) — Clean, unique & reliable
● COLOMBIA Colombia (Nechi) — 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 gravity— z
Slide 19: 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 min
Slide 20: Chile: Growth & exploration
● CHILE CHILE GROWTH Chile: Growth & exploration Atacama Region · 4,200 m a.s.l. · Maricunga Gold Belt · 100% Mineros — one of South America's premier gold corridors. PROSPECTIVE STRIKE LENGTH 2026 WORK PROGRAM Salares Norte Reserves ---- Mineral Inventory +15km $6.3M Multi-discipline investment 0.7
Slide 21: 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 22: On path to 300k AuEq oz
● GROWTH STRATEGY · 2030 HORIZON On path to 300k AuEq oz 300K+ oz short-term organic target · 500K oz long-term target by 2030 500K 300K 300K+ oz Short Term Target +20K +72K AuEq 240K 200K 100K 222K 120K PRODUCED YTD 0K 2025 2026 Porvenir De-bottlenecking Porvenir District, La Pepa & Tolima Actual G
Slide 23: 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 assets
Slide 24: 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 1.2 × P / Revenues $292 M Revenue 227 K 2025 Actual 50 + yrs Operating
Slide 25: For further information
THANK YOU · Q&A For further information Ann Wilkinson Vice President, Investor Relations investor.relations@mineros.com.co relacion.inversionistas@mineros.com.co SYMBOLS WEBSITE FILINGS TSX:MSA mineros.com.co SEDAR+ OTCQX:MNSAF BVC:MINEROS
Slide 26: Undervalued Vs Peers
Undervalued Vs Peers ● VALUATION METRICS VS PEERS P/NAV TEV/EBITDA 2026E (x) P/CF 2026E (x) Junior Producers Intermediate Producers Mineros 26
Slide 27: Profitability Index Benchmark
Profitability Index Benchmark ● PROFITABILITY INDEX ROE (%) ROA (%) Net Income Margin (%) Peers Mineros Without DGI Payment 27
Slide 28: Price / NAV (2026)
● Price/NAV (2026) Price / NAV (2026) Source: CIBC Global Mining Group — Weekly Comps Summary, June 22, 2026 Intermediate & Junior Producers 28
Slide 29: Price / Cash Flow (2026 - 2027 -2028)
● Price / Cash Flow (2026-2027-2028) Price / Cash Flow (2026 - 2027 -2028) Source: CIBC Global Mining Group — Weekly Comps Summary, June 22, 2026 Intermediate & Junior Producers Price/Cash Flow 2026 E Price/Cash Flow 2027 E Price/Cash Flow 2028 E
Slide 30: Market Valuation Benchmark
● MV Benchmark Market Valuation Benchmark Peers Mineros P / REVENUES P / EBITDA P / CASH AND EQUIVALENT *Mineros has $152.7M in accounts receivable from gold sales and $20.4M in gold inventory. If we include these numbers, the P/Cash and Cash Equivalents ratio becomes 4.9x. Revenues and Ebitda are L
Slide 31: Profitability Index Benchmark
● P I Benchmark Profitability Index Benchmark Source: Source: S&P 31/03/2026 ROA (%) ROE (%) 26.8% 40.6% This is applying DGI by 9 months: $37.0 MUSD Peers Mineros Without DGI Payment 31
Slide 32: Profitability Index Benchmark
● P I Benchmark Profitability Index Benchmark Sources: ROCE% MD&A 31/03/2026 ROIC% S&P 31/03/2026 ROCE (%) ROIC (%) Peers Mineros 32
Slide 33: Total Returns June 30, 2026
● Total Returns Jan. 2025 to June 2026 Total Returns June 30, 2026 Source: Source: Investing 30/06/2026 Total Returns as of June 30, 2026 (Base 100) 33