Mineros Sa · BVC:MINEROS
Mineros Sa — Q1 2025 Earnings Presentation
35 slides from Mineros Sa's earnings presentation, May 9, 2025
Slide 1: Results Q1 2025
Results Q1 2025 MAY 9, 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 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 Presiden
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: David Londoño President & CEO
Slide 8: Highlights - Q1 2025
Highlights - Q1 2025 8 Decisions taken at the General Shareholders' Meeting On March 31, 2025, we held the General Shareholders' Meeting, where the following was approved: o An annual ordinary dividend of US$ 0.10 per share, payable quarterly. The dividend will be paid on May 2, 2025, August 1, 2025
Slide 9: Highlights - Q1 2025
BVC: MINEROS Highlights - Q1 2025 TSX: MSA 9 Produced 54,243 gold Paid US$ 7.5 M in ounces, 5% more than dividends to our Net Profit the same period in shareholders 2024 $ 38.0 M Adjusted EBITDA $71.3 M Cash and cash equivalents Produced 77,259 silver ounces $81.3 M
Slide 10: Q1 2025 - Gold Price ($/oz)
BVC: MINEROS Q1 2025 - Gold Price ($/oz) TSX: MSA 10 $3,123 $2,624
Slide 11: Financial Results
Financial Results Presented by: Alan Wancier VP, Finance & Administration
Slide 12: Financial Results - Q1 2025
Financial Results - Q1 2025 12 Q1 2024 (M USD) Q1 2025 (M USD) o Revenue increased due to a 39% increase in average realized price of gold sold, and a 5% increase in ounces of gold sold, offset by a 55% decrease in sales of silver o The cost of sales increased due to: (i) higher gold prices, increas
Slide 13: Cash and Cash Equivalents
Cash and Cash Equivalents 13 o Net cash flows from operations represents cash from the sale of gold, silver and electricity of $125.2 M, less payments to suppliers of $80.2 M, salaries and benefits of $16.9 M and taxes of $17.4 M o Cash flow used in investing activities is composed of purchases of p
Slide 14: Adjusted EBITDA
Adjusted EBITDA 14 Figures in millions of USD Adjusted EBITDA increased by 75%, due to the increase in revenue from the 39% rise in gold prices and the 5% increase in gold sales +75% ADJ. EBITDA Q1 2025 vs. Q1 2024 Adjusted EBITDA is a non-IFRS financial measure. Its most comparable IFRS measure is
Slide 15: Net Debt
Net Debt 15 Figures in millions of USD The decrease in Net Debt is due to a significantly higher cash balance At the end of the quarter, loans and borrowings amounted to $28.1 M, while the cash and cash equivalents balance was $81.3 M. +274% Net Debt Q1 2025 vs. Q1 2024 Net Debt is a non-IFRS financ
Slide 16: Results of Operations
Results of Operations Presented by: David Londoño President & CEO
Slide 17: Production, average gold price & costs
Production, average gold price & costs 17 Production increased due to 21% higher production at the Nechí Alluvial Property, slightly offset by lower production of 5% at the Hemco Property +39% +5% Average Sale Price Oz Produced Q1 2025 vs. Q1 2024 Q1 2025 vs. Q1 2024 18% 22% AISC Cash Cost Q1 2025 v
Slide 18: Review of Operations
Review of Operations Presented by: Santiago Cardona Vice President, Colombia Luis Fernando Villa Vice President, Nicaragua
Slide 19: Nechí Aluvial - Colombia
Nechí Aluvial - Colombia 19 Q1 2025 vs. Q1 2024 Production +21% AISC +4% Gross Profit +157% o Q1 2025 production increased by 21% from 2024 due to higher grades and improved recoveries o AISC per ounce of gold sold increased by 4% due to higher labour and service costs, and higher maintenance and ma
Slide 20: Hemco - Nicaragua
Hemco - Nicaragua 20 Q1 2025 vs. Q1 2024 Production -5% AISC +27% Gross Profit +57% o Production was 5% lower in the first quarter of 2025, mainly due to a 13% decrease in processed grades, which was offset by processing 10% more tonnes during the quarter thanks to better process plant availability
Slide 21: Challenges and Opportunities
Challenges and Opportunities Presented by: David Londoño President & CEO
Slide 22: Opportunities - Growth and exploration programs
Opportunities - Growth and exploration programs 22 Near-Mine Exploration, Expansion of the Nechí Alluvial Property (Colombia) o Drilling of 2,420 meters were completed in 83 drill holes in the first quarter of 2025, equivalent to approximately 25% of the Company's original drilling plan. This focuse
Slide 23: Mineros
Mineros BVC: MINEROS TSX: MSA Por el bienestar de todos
Slide 24: Adjusted EBITDA
Adjusted EBITDA 24 Three Months Ended March 31, 2025 2024 Net Profit For The Period 38,007 16,774 Less: Interest income (792) (487) Add: Interest expense 1,974 2,039 Add: Current tax 1 18,869 10,007 Add/less: Deferred tax 1 (3,229) (953) EBIT 54,829 27,380 Add: Depreciation and amortization 13,513 1
Slide 25: Net Debt
Net Debt 25 March 31, 2025 2024 Loans and other borrowings 28,098 31,661 Less: Cash and cash equivalents (81,261) (45,876) Net Debt (53,163) (14,215)
Slide 26: Cash Cost per ounce of gold sold
Cash Cost per ounce of gold sold 26 Three Months Ended March 31, 2025 2024 Cost of sales 96,402 80,678 Less: Cost of sales of non-mining operations1 — (195) Less: Depreciation and amortization (13,269) (11,684) Less: Sales of silver (2,539) (5,594) Less: Sales of electric energy (1,609) (1,435) Less
Slide 27: AISC per ounce of gold sold
AISC per ounce of gold sold 27 Three Months Ended March 31, 2025 2024 Cost of sales 96,402 80,678 Less: Cost of sales of non-mining operations 1 — (195) Less: Depreciation and amortization (13,269) (11,684) Less: Sales of silver (2,539) (5,594) Less: Sales of electric energy (1,609) (1,435) Less: En
Slide 28: Precio promedio por onza de oro vendida
Precio promedio por onza de oro vendida 28 Three Months Ended March 31, Three Months Ended On March 31, 2025 2024 2025 2024 Sales of gold ($) 156,272 106,962 156,272 106,962 Gold sold (oz) 54,243 51,741 54,243 51,741 Average realized price per ounce of gold sold ($/oz) 2,881 2,067 2,881 2,067 Sales
Slide 29: Cash Cost y AISC per ounce of gold sold by segment
Cash Cost y AISC per ounce of gold sold by segment 29 Three months ended March 31, 2025 Three months ended March 31, 2024 Nechí Alluvial Hemco Gualcamayo Nechí Alluvial Hemco (Discontinued operation)1 Cost of sales 38,291 63,147 Cost of sales 29,502 54,389 — Less: Depreciation and amortization (4,48
Slide 30: Mineral reserves and resources
Mineral reserves and resources 30 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 31: Notes – Mineral Reserves
Notes – Mineral Reserves 31 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 32: Notes – Mineral Reserves
Notes – Mineral Reserves 32 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 33: Notes – Mineral Resources
Notes – Mineral Resources 33 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 34: Notes – Mineral Resources
Notes – Mineral Resources 34 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/oz Au. (c) Porve
Slide 35: Notes – Mineral Resources
Notes – Mineral Resources 35 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 corresponds to the marginal