Mineros Sa · BVC:MINEROS

Mineros Sa — Q3 2025 Earnings Presentation

34 slides from Mineros Sa's earnings presentation, Nov 6, 2025

Slide 1: Results Q3 2025
BVC:MINEROS T SX:MSA OT CQX:MNSAF Results Q3 2025 NOVEMBER 6, 2025
Slide 2: To listen in English – Para oír en Inglés
BVC: MINEROS TSX:M SA OTCQX: M NSAF To listen in English – Para oír en Inglés 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 © 2025 Mineros 2
Slide 3: Cautionary Note
BVC: MINEROS TSX:M SA OTCQX: M NSAF Cautionary Note 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 r
Slide 4: Non-IFRS Financial Measures and Non-IFRS Ratios
BVC: MINEROS TSX:M SA OTCQX: M NSAF Non-IFRS Financial Measures and Non-IFRS Ratios • 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 • Ne
Slide 5: Management Team
BVC: MINEROS TSX:M SA OTCQX: M NSAF Management Team David Londoño David Splett CEO CFO Ana Isabel Gaviria Inivaldo Diaz Vice President, Legal & Vice President, Sustainability Nicaragua Santiago Cardona Edilia Diossa Vice President, Vice President, Colombia Talent Ann Wilkinson Vice President, Invest
Slide 6: Agenda
BVC: MINEROS TSX:M SA OTCQX: M NSAF 1. Highlights 2. Financial Results Agenda 3. Results of Operations 4. Review of Operations 5. Opportunities and Outlook © 2025 Mineros 6
Slide 8: Highlights - Q3 & Nine Months Ended September 30, 2025
BVC: MINEROS TSX:M SA OTCQX: M NSAF Highlights - Q3 & Nine Months Ended September 30, 2025 GOLD NET FREE SHARE PROGRAMA LA PEPA NET PROFIT PROJECT PRODUCTION CASH FLOW BUYBACK DE PROGRAM RECOMPRA DE ACCIONES Q3 Q3 Q3 Successfully 54,862 ounces $54 M $62 M $12M shares completed the bought el Concluím
Slide 10: Outstanding Financial Results - Q3 2025
BVC: MINEROS TSX:M SA OTCQX: M NSAF Outstanding Financial Results - Q3 2025 Q3 2024 (M USD) Q3 2025 (M USD) RECORD REVENUES $196 M RECORD GROSS PROFIT $81.7 M RECORD NET PROFIT $54.1 M NET CASH FLOW $62.4 M COST OF SALES $114.3 M 39% 33% 49% 44% 90% © 2025 Mineros 10
Slide 11: Outstanding Financial Results - Nine Months Ended September 30, 2025
BVC: MINEROS TSX:M SA OTCQX: M NSAF Outstanding Financial Results - Nine Months Ended September 30, 2025 RECORD REVENUE 2024 (M USD) 2025 (M USD) $538.9 M GROSS PROFIT RECORD $220.8 M RECORD NET PROFIT $135.6 M RECORD ADJUSTED EBITDA $243.9 M COST OF SALES 39% 23% 70% 59% 114% $318.2 M © 2025 Minero
Slide 12: Record Adjusted EBITDA - Q3 2025
BVC: MINEROS TSX:M SA OTCQX: M NSAF Record Adjusted EBITDA - Q3 2025 Figures in millions of USD +44% +44% ADJ. EBITDA ADJ. EBITDA Q3 2025 vs. Q3 2024 Q3 2025 vs. Q3 2024 Adjusted EBITDA is a non-IFRS financial measure. Its most comparable IFRS measure is net income. Non-IFRS financial measures © 202
Slide 13: Strong Cash Position
BVC: MINEROS TSX:M SA OTCQX: M NSAF Strong Cash Position Figures in millions of USD CREDIT AND LOANS $17.6M CASH AND CASH EQUIVALENTS BALANCE $102.2M © 2025 Mineros 13
Slide 15: Consistent Production
BVC: MINEROS TSX:M SA OTCQX: M NSAF Consistent Production +40% +2.3% Average Sale Price Oz Produced Q3 2025 vs. Q3 2024 Q3 2025 vs. Q3 2024 +34% +38% AISC Cash Cost Q3 2025 vs. Q3 2024 Q3 2025 vs. Q3 2024 The average selling price, the Cash Cost per ounce of gold sold, and the AISC per ounce of gold
Slide 17: Nechí Aluvial - Colombia
BVC: MINEROS TSX:M SA OTCQX: M NSAF Nechí Aluvial - Colombia PRODUCTION AISC 23 koz $1,573 USD/oz +16% +13% Ounces produced and AISC SAFETY Start of Lost time(1) Production at 0.65 Recorded the Aurora Incidents(2) Plant 1.88 The AISC per ounce of gold sold is a non-IFRS financial measure. Non-IFRS f
Slide 18: Hemco - Nicaragua
BVC: MINEROS TSX:M SA OTCQX: M NSAF Hemco - Nicaragua AISC PRODUCTION $2,252 USD/oz 32 koz +52% -5.4% SAFETY INDUSTRIAL PROD. Lost time(1) 0.04 17% Recorded Incidents(2) ARTESANAL PROD. 0.68 83% The AISC per ounce of gold sold is a non-IFRS financial measure. Non-IFRS financial measures and indicato
Slide 20: Securing the Future - Growth & Exploration Strategy
BVC: MINEROS TSX:M SA OTCQX: M NSAF Securing the Future - Growth & Exploration Strategy NEAR-MINE PORVENIR PROJECT EXPLORATION Q3 The PFS study is being updated for December 9,806 meters drilled 2025, including a review of costs (Opex and Capex) Cumulative and negotiations for the 29,252 meters dril
Slide 21: Consistent Value Creation
BVC: MINEROS TSX:M SA OTCQX: M NSAF Consistent Value Creation FINANCIAL MILESTONES 2025 • Record Revenue • Stable and Safe Production • Record Free Cash Flow • Record EBITDA • Record Net Income • Stable Dividend Payment • Positive Share Performance CORPORATE MILESTONES 2025 • Corporate Strategy Rede
Slide 22: BVC: MINEROS TSX: MSA OTCQX: MNSAF WWW.MINEROS.COM.CO
BVC:MINEROS T SX:MSA OT CQX:MNSAF WWW.MINEROS.COM.CO
Slide 23: Adjusted EBITDA
BVC: MINEROS TSX:M SA OTCQX: M NSAF Adjusted EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Net Profit For The Period 54,063 28,507 135,571 63,357 Less: Interest income (1,038) (294) (2,673) (1,078) Add: Interest expense 1,886 2,012 5,848 6,043 Ad
Slide 24: Net Debt
BVC: MINEROS TSX:M SA OTCQX: M NSAF Net Debt September 30, 2025 2024 Loans and other borrowings $ 17,637 $ 28,718 Less: Cash and cash equivalents (102,219) (57,127) Net Debt (84,582) (28,409)
Slide 25: Cash Cost per Ounce of Gold Sold
BVC: MINEROS TSX:M SA OTCQX: M NSAF Cash Cost per Ounce of Gold Sold Three Months Ended September Nine Months Ended 30, September 30, 2025 2024 2025 2024 Cost of sales 114,320 86,234 318,164 258,903 Less: Cost of sales of non-mining operations1 (312) (407) (879) (827) Less: Depreciation and amortiza
Slide 26: AISC per Ounce of Gold Sold
BVC: MINEROS TSX:M SA OTCQX: M NSAF AISC per Ounce of Gold Sold Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cost of sales 114,320 86,234 318,164 258,903 Less: Cost of sales of non-mining operations 1 (312) (407) (879) (827) Less: Depreciation and amortization
Slide 27: Average Realized Price per Ounce of Gold Sold
BVC: MINEROS TSX:M SA OTCQX: M NSAF Average Realized Price per Ounce of Gold Sold Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Sales of gold ($) 190,051 132,788 524,896 364,726 Gold sold (oz) 54,862 53,612 163,012 159,056 Average realized price per ounce of go
Slide 28: Cash Cost & AISC per Ounce of Gold Sold - Segments
BVC: MINEROS TSX:M SA OTCQX: M NSAF Cash Cost & AISC per Ounce of Gold Sold - Segments Three months ended September 30, 2025 Three months ended September 30, 2024 Nechí Alluvial Hemco Property Nechí Alluvial Hemco Property Cost of sales 42,990 76,851 Less: Depreciation and amortization (4,858) (8,84
Slide 29: Mineral Reserves and Resources
BVC: MINEROS TSX:M SA OTCQX: M NSAF Mineral Reserves and Resources Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 30: Mineral Reserves - Notes
BVC: MINEROS TSX:M SA OTCQX: M NSAF Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 31: Mineral Reserves - Notes
BVC: MINEROS TSX:M SA OTCQX: M NSAF Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 32: Mineral Resources - Notes
BVC: MINEROS TSX:M SA OTCQX: M NSAF Mineral Resources - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
Slide 33: Mineral Resources - Notes
BVC: MINEROS TSX:M SA OTCQX: M NSAF Mineral Resources - Notes 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
Slide 34: Mineral Resources - Notes
BVC: MINEROS TSX:M SA OTCQX: M NSAF Mineral Resources - Notes 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,

Mineros — Q3 2025 Earnings Presentation on 6ix

Mineros Sa — Q3 2025 Earnings Presentation

Slide 1: Results Q3 2025

Slide 2: To listen in English – Para oír en Inglés

Slide 3: Cautionary Note

Slide 4: Non-IFRS Financial Measures and Non-IFRS Ratios

Slide 5: Management Team

Slide 6: Agenda

Slide 7: Highlights

Slide 8: Highlights - Q3 & Nine Months Ended September 30, 2025

Slide 9: Financial Results

Slide 10: Outstanding Financial Results - Q3 2025

Slide 11: Outstanding Financial Results - Nine Months Ended September 30, 2025

Slide 12: Record Adjusted EBITDA - Q3 2025

Slide 13: Strong Cash Position

Slide 14: Results of Operations

Slide 15: Consistent Production

Slide 16: Review of Operations

Slide 17: Nechí Aluvial - Colombia

Slide 18: Hemco - Nicaragua

Slide 19: Opportunities and Outlook

Slide 20: Securing the Future - Growth & Exploration Strategy

Slide 21: Consistent Value Creation

Slide 22: BVC: MINEROS TSX: MSA OTCQX: MNSAF WWW.MINEROS.COM.CO

Slide 23: Adjusted EBITDA

Slide 24: Net Debt

Slide 25: Cash Cost per Ounce of Gold Sold

Slide 26: AISC per Ounce of Gold Sold

Slide 27: Average Realized Price per Ounce of Gold Sold

Slide 28: Cash Cost & AISC per Ounce of Gold Sold - Segments

Slide 29: Mineral Reserves and Resources

Slide 30: Mineral Reserves - Notes

Slide 31: Mineral Reserves - Notes

Slide 32: Mineral Resources - Notes

Slide 33: Mineral Resources - Notes

Slide 34: Mineral Resources - Notes