Mineros Sa · BVC:MINEROS
Mineros Sa — Q4 2024 Earnings Presentation
37 slides from Mineros Sa's earnings presentation, Feb 18, 2025
Slide 1: Results Q4 and Full Year 2024
Results Q4 and Full Year 2024 FEBRUARY 18, 2025 BVC: MINEROS TSX: MSA
Slide 2: To listen in English – Para oír en Inglés
BVC: MINEROS To listen in English – Para oír en Inglés TSX: MSA 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
BVC: MINEROS Cautionary Note TSX: MSA 3 The information presented herein contains forward-looking statements; such information relates to future events, including the Company's performance, prospects and business opportunities. The projections may include, inter alia, the estimation of resources and
Slide 4: Non-IFRS Financial Measures and Non-IFRS Ratios
Non-IFRS Financial Measures and Non-IFRS Ratios 4 This presentation includes non-IFRS financial measures and non-IFRS ratios such as: • Cash Cost (per ounce of gold sold) • AISC (per ounce of gold sold) • Average price per ounce of gold sold • Adjusted EBITDA • Net Debt • Return on Capital Employed
Slide 5: Management Team
BVC: MINEROS Management Team TSX: MSA 5 Andrés Restrepo Isaza President & Chief Executive Officer Alan Wancier Vice President, Finance & Administration Ana Isabel Gaviria Arteaga Vice President, Legal & Sustainability Santiago Cardona Múnera Vice President, Colombia Luis Fernando Villa Tabares Vice
Slide 6: Agenda
BVC: MINEROS Agenda TSX: MSA 6 o Highlights o Financial Results o Results of Operations o Review of Operations o Challenges & Opportunities ©2024 Mineros. Todos los derechos reservados.
Slide 7: Highlights
Highlights Presented by: Andrés Restrepo Isaza President & CEO
Slide 8: Highlights - Q4 2024
BVC: MINEROS Highlights - Q4 2024 TSX: MSA 8 Produced 54,189 gold Paid US$ 7.5 M in ounces, 13% less Net Profit dividends to our than the same shareholders period in 2023 $ 23.2 M Adjusted EBITDA $56.9 M Net Free Cash Flow Produced 112,142 silver ounces $56.7 M
Slide 9: Highlights - Full Year 2024
BVC: MINEROS Highlights - Full Year 2024 TSX: MSA 9 Produced 213,245 gold Paid US$ 27.7 M in Net Profit ounces dividends to our 131,228 oz in Nicaragua shareholders 82,017 oz in Colombia $ 86.6 M Adjusted EBITDA $210.1 M Net Free Cash Flow Produced 765,611 During 2024 our shares silver ounces, 23% i
Slide 10: Q4 2024 - Gold Price ($/oz)
BVC: MINEROS Q4 2024 - Gold Price ($/oz) TSX: MSA 10 $2,787 $2,563
Slide 11: Financial Results
Financial Results Presented by: Alan Wancier VP, Finance & Administration
Slide 12: Financial Results - Q4 2024
Financial Results - Q4 2024 12 Q4 2023 (M USD) Q4 2024 (M USD) o Revenue increased due to a 35% increase in average realized price of gold sold, despite a 13% decrease in ounces of gold sold, and a 25% decrease in sales of silver o Cost of sales increased due to: (i) higher gold prices, increasing t
Slide 13: Financial Results Full Year 2024
Financial Results Full Year 2024 13 2023 (M USD) 2024 (M USD) o The 20% growth in revenue is due to a 23% higher average gold price and a 48% increase in silver sales of $6.9 M o Cost of sales increased by 17%, explained by higher purchase costs of artisanal material due to higher gold prices, highe
Slide 14: Cash and Cash Equivalents
Cash and Cash Equivalents 14 o Net cash flows from operations represents revenues from the sale of gold, silver and electricity of $166.7 M, less payments to suppliers of $71.6 M, salaries and benefits of $15.4 M and taxes of $6.9 M o Cash flow used in investing activities is composed of purchases o
Slide 15: Adjusted EBITDA
Adjusted EBITDA 15 Figures in millions of USD Adjusted EBITDA increasaed by 7%, due to higher revenues from higher gold prices +7% EBITDA AJ. Q4 2024 vs. Q4 2023 Adjusted EBITDA is a non-IFRS financial measure. Its most comparable IFRS measure is net income. Non-IFRS financial measures should not be
Slide 16: Net Debt
Net Debt 16 Figures in millions of USD The decrease in Net Debt from 2023 is due to significantly higher cash balance At the end of 2024, credits and loans were $25.9 M, with a balance of cash and cash equivalents $96.4 M. +190% Net Debt Q3 2024 vs. Q3 2023 Net Debt is a non-IFRS financial measure.
Slide 17: Results of Operations
Results of Operations Presented by: Andrés Restrepo Isaza President & CEO
Slide 18: Production, average gold price & costs
Production, average gold price & costs 18 Production decreased due to a 7% lower production at the Hemco Property and a 19% lower production at Nechí Alluvial Property Cash Cost increased due to a 16% increase in cost of sales and the increase in AISC was explained by the increase in Cash Costs, off
Slide 19: Review of Operations
Review of Operations Presented by: Andrés Restrepo Isaza President & CEO
Slide 20: Nechí Aluvial - Colombia
Nechí Aluvial - Colombia 20 Q4 2024 vs. Q4 2023 Production -19% AISC +40% Gross Profit -4% o Q4 2024 production decreased by 19% from 2023 due to lower grades and lower recovery. The Company has faced challenges due to geological uncertainties, resulting in lower grades and a reduced reconciliation
Slide 21: Hemco - Nicaragua
Hemco - Nicaragua 21 Q4 2024 vs. Q4 2023 Production -7% AISC 27% Gross Profit +42% o Production was 7% lower in Q4 2024 due to a 14% decrease in grades that was slightly offset by higher tonnes processed. o AISC per ounce of gold sold increased by 27% due to higher gold prices, which increase the co
Slide 22: Challenges and Perspectives
Challenges and Perspectives Presented by: Andrés Restrepo Isaza President & CEO
Slide 23: Guidance
Guidance 23 Production and Cost Guidance 2025 Colombia (Nechí Alluvial Property) Gold production oz 81,000 - 91,000 Cash Cost per ounce of gold sold $/oz $1,220 - $1,320 AISC per ounce of gold sold $/oz $1,440 - $1,540 Nicaragua (Hemco Property & Artisanal) Hemco Property production oz 33,000 - 36,0
Slide 24: Opportunities - Growth and exploration programs
Opportunities - Growth and exploration programs 24 Porvenir Project (Nicaragua): o Assumptions were updated and analysis of metallurgical testwork was completed, leading to the completion of the geometallurgical model in the fourth quarter of 2024. This has allowed Mineros to evaluate alternative mi
Slide 25: Mineros
Mineros BVC: MINEROS TSX: MSA Por el bienestar de todos
Slide 26: EBITDA Ajustado
EBITDA Ajustado 26 Three Months Ended December 31, Year ended December 31, 2024 2023 2024 2023 Net Profit For The Period 23,195 21,765 86,552 17,214 Less: Interest income (613) (352) (1,691) (1,302) Add: Interest expense 2,217 1,557 8,260 5,118 Add: Current tax 1 15,598 12,472 53,123 42,561 Add/less
Slide 27: Deuda Neta
Deuda Neta 27 December 31, 2024 2023 Loans and other borrowings 25,927 32,802 Less: Cash and cash equivalents (96,410) (57,118) Net Debt (70,483) (24,316)
Slide 28: Cash Cost por onza de oro vendida
Cash Cost por onza de oro vendida 28 Three Months Ended December 31, Year ended December 31, 2024 2023 2024 2023 Cost of sales 95,664 82,663 354,567 301,888 Less: Cost of sales of non-mining operations1 — (257) (827) (751) Less: Depreciation and amortization (11,469) (11,885) (47,430) (43,665) Less:
Slide 29: AISC por onza de oro vendida
AISC por onza de oro vendida 29 Three Months Ended December 31, Year ended December 31, 2024 2023 2024 2023 Cost of sales 95,664 82,663 354,567 301,888 Less: Cost of sales of non-mining operations 1 — (257) (827) (751) Less: Depreciation and amortization (11,469) (11,885) (47,430) (43,665) Less: Sal
Slide 30: Precio promedio por onza de oro vendida
Precio promedio por onza de oro vendida 30 Three Months Ended December 31, Year ended December 31, 2024 2023 2024 2023 Sales of gold from continuing operations 144,239 122,530 508,965 425,647 Gold sold from continuing operations (oz) 54,189 62,039 213,245 219,708 Average realized price per ounce of
Slide 31: Cash Cost y AISC por onza de oro vendida por Segmento
Cash Cost y AISC por onza de oro vendida 31 por Segmento Three months ended December 31, 2024 Three months ended December 31, 2023 Nechi Alluvial Hemco Gualcamayo Nechi Alluvial Hemco (Discontinued operation)1 Cost of sales 39,055 61,032 Cost of sales 33,969 52,822 — Less: Depreciation and amortizat
Slide 32: Recursos Minerales y Reservas Minerales
Recursos Minerales y Reservas Minerales 32 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form
Slide 33: Notas Reservas Minerales
Notas Reservas Minerales 33 Effective Date Dec. 31, 2023 as per 2023 Annual Information Form Mineral Reserve Reporting Notes: 1. CIM (2014) definitions were followed for Mineral Reserves. 2. Mineral Reserves are as of December 31, 2023. 3. Numbers may not add due to rounding. Nechí Alluvial Property
Slide 34: Notas Reservas Minerales
Notas Reservas Minerales 34 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 stoping and sub-level stoping. 2. Minimum
Slide 35: Notas Recursos Minerales
Notas Recursos Minerales 35 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 Reserves. 3. Mineral Resources that are not Mineral Reserves do
Slide 36: Notas Recursos Minerales
Notas Recursos Minerales 36 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. Porvenir: 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
Slide 37: Notas Recursos Minerales
Notas Recursos Minerales 37 Effective Date Dec. 31, 2023 as per 2023 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 corresponds to the marginal