Mineros Sa · BVC:MINEROS
Mineros Sa — Q2 2025 Earnings Presentation
26 slides from Mineros Sa's earnings presentation, Aug 13, 2025
Slide 1: Results Q2 2025
Results Q2 2025 AUGUST 13, 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 David Londoño CEO David Splett CFO Ana Isabel Gaviria Arteaga Vice President, Legal & Sustainability Santiago Cardona Múnera Vice President, Colombia Luis Fernando Villa Tabares Vice President, Nicaragua Edilia Diossa Acosta Vice President, Talent Inivaldo Dia
Slide 6: Agenda
BVC: MINEROS Agenda TSX: MSA 6 1. Highlights 2. Financial Results 3. Results of Operations 4. Review of Operations 5. Challenges & Opportunities ©2024 Mineros. Todos los derechos reservados.
Slide 7: Highlights
Highlights Presented by: David Londoño CEO
Slide 8: Highlights - Q2 and Six Months Ended June 30, 2025
Highlights - Q2 and Six Months Ended June 30, 2025 8 Gold production Q2: Dividends paid in Q2 We successfully 53,907 oz $7.5 M concluded Share buyback Gold production YTD: Dividends paid YTD negotiations with the program 108,150 oz $14.9M unions. Silver production Q2 Advances in the Acquisition of 1
Slide 9: Q2 2025 - Gold Price ($/oz)
BVC: MINEROS Q2 2025 - Gold Price ($/oz) TSX: MSA 9 $3,432 $2,983
Slide 10: Financial Results
Financial Results Presented by: Sergio Chavarria Financial Manager
Slide 11: Financial Results - Q2 2025
Financial Results - Q2 2025 11 Q2 2024 (M USD) Q2 2025 (M USD) o Revenue increased 37% due to an increase in average realized price of gold sold of 42%, and a 0.4% increase in ounces of gold sold, offset by a 68% decrease in sales of silver o The cost of sales increased due to: (i) higher gold price
Slide 12: Financial Results - Six Months Ended June 30, 2025
Financial Results - Six Months Ended June 30, 2025 12 2024 (M USD) 2025 (M USD) o 39% growth in revenue due to 41% higher average gold price o Cost of sales increased by 18%, because of higher purchase costs of artisanal material due to higher gold prices, increased labour costs, higher service cost
Slide 13: Adjusted EBITDA
Adjusted EBITDA 13 Figures in millions of USD Adjusted EBITDA increased by 66%, due to the increase in revenue from the 42% rise in gold prices and the 1% increase in gold sold +66% ADJ. EBITDA Q2 2025 vs. Q2 2024 Adjusted EBITDA is a non-IFRS financial measure. Its most comparable IFRS measure is n
Slide 14: Cash and Net Debt
Cash and Net Debt 14 Cifras en millones de USD o Net cash flows from operations represents cash from the sale of gold, silver and electricity of $196 M, less payments to suppliers of $91 M, salaries and benefits of $20 M and taxes of $25 M o Cash flow used in investing activities is composed of purc
Slide 15: Results of Operations
Results of Operations Presented by: David Londoño CEO
Slide 16: Production, average gold price & costs
Production, average gold price & costs 16 Production increased due to 1% higher production at the Nechí Alluvial Property, slightly offset by lower production of 0.2% at the Hemco Property +42% +0.4% Average Sale Price Oz Produced Q2 2025 vs. Q2 2024 Q2 2025 vs. Q2 2024 +28% +28% AISC Cash Cost Q2 2
Slide 17: Review of Operations
Review of Operations Presented by: Santiago Cardona Vice President, Colombia Luis Fernando Villa Vice President, Nicaragua
Slide 18: Nechí Alluvial - Colombia
Nechí Alluvial - Colombia 18 Q2 2025 vs. Q2 2024 Production +1% AISC +19% o Q2 2025 production increased by 1% from 2024 due to more tonnes processed o AISC per ounce of gold sold increased by 19% due to higher labour cost, formalized miners, taxes and royalties and an increase in sustaining capital
Slide 19: Hemco - Nicaragua
Hemco - Nicaragua 19 Q2 2025 vs. Q2 2024 Production -0.2% AISC +33% o Production was 0.2% lower in the second quarter of 2025, mainly due to a 3% decrease in processed grades, and a decrease in recovery rate of 1% which was offset by processing 7% more tonnes during the quarter. o AISC per ounce of
Slide 20: Challenges and Opportunities
Challenges and Opportunities Presented by: David Londoño CEO
Slide 21: Opportunities - Corporate Strategy
Oportunities - Corporate Strategy 21 The Corporate strategy is based on leveraging our exploration potential, optimizing our operations, and ensuring that our growth is sustainable and benefits all of our stakeholders. Strategic focus areas: 1. Accelerate Exploration 2. Operational Excellence 3. Res
Slide 22: Opportunities - Growth and exploration programs
Opportunities - Growth and exploration programs 22 Near-mine exploration • A total of 10,862 meters of diamond drilling was completed at the Panamá and Pioneer mines during the second quarter of 2025. This represents approximately 65% of the 2025 drilling plan. • The purpose of this campaign is to i
Slide 23: Opportunity - La Pepa Project
Opportunity - La Pepa Project 23 Acquisition of 80% of the Project from Pan American Silver ✔ Mineros will acquire an 80% interest in the Project for $40 million, which will increase its total interest to 100%. ✔ The Acquisition is expected to close no later than September 30, 2025. ✔ The Project re
Slide 24: 2025 Guidance
2025 Guidance 24 Updated cost guidance for 2025* Cash Cost per ounce of gold Six months ended Revised 2025 Guidance 2025 Guidance ($/oz) sold June 30, 2025 ($/oz)1 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 1,554 1,550 - 1,
Slide 25: Opportunities - Changes in Senior Management
Opportunities - Changes in Senior Management 25 Chief Financial Officer (CFO) On July 21, 2025, Mineros announced the appointment of David Splett as CFO, effective July 22, 2025. David Splett is a Chartered Professional Accountant with almost 35 years of senior-level international resource experienc
Slide 26: Mineros
Mineros BVC: MINEROS TSX: MSA Por el bienestar de todos