Mineros Sa · BVC:MINEROS
Mineros Sa — Investor Presentation (January 2025)
28 slides from Mineros Sa's investor presentation, January 2025
Slide 1: Gold Producer Latin America
GOLD PRODUCER Growth oriented & focused on maxizing value for shareholders LATIN AMERICA January 2025 TSX:MSA BVC:MINEROS For the well-being of everyone
Slide 2: Cautionary Notes
Cautionary Notes 2 Statement Regarding Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “would”,
Slide 3: Cautionary Notes
Cautionary Notes 3 CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF RESERVES AND MEASURED, INDICATED AND INFERRED RESOURCES Disclosure regarding Mineral Reserve and Mineral Resource estimates included in this presentation was prepared in accordance with NI 43-101. NI 43-101 is a rule develo
Slide 4: Mineros – Growth-Oriented, Mid-Tier, Gold Producer
Mineros – Growth-Oriented, Mid-Tier, Gold Producer 4 Track Record of Profitability & Robust Dividend Payouts Diversified Asset Base in Latin America Growth Opportunities – Organic and Inorganic Strong Social License to Operate Experienced Management BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 5: Benchmarking to TSX Peers
Benchmarking to TSX Peers 5 An Attractive Value Proposition EV / ‘25E Consensus Gold ‘25E Consensus Operating Cash ‘25E Consensus Gold Production ’20-24E Total Dividends Paid Production (US$/oz) Flow (US$M) (Koz AuEq.) (US$M) OLA $12,188 767% TXG $464 CXB 401 DPM $121 KNT $8,971 539% CXB $417 TXG 38
Slide 6: Balance Sheet Strength & Financial Results
Balance Sheet Strength & Financial Results 6 Cash & Cash Adjusted Adjusted Net Debt1 ROCE1 Equivalents EBITDA1 EBITDA1 $57.1M ($28.4M) $62.9M $206.6 37% Sept 30, Sept 30, Q3 2024 Trailing 12 F9M 2024 2024 2024 months (1) Adjusted EBITDA and Net Debt are non-IFRS financial measures and and return on
Slide 7: Consistent Dividends
Consistent Dividends 7 An Attractive Value Proposition Annual Dividend 2024 - US$ 30M - US$ 0.10/share approved at AGM - March 26, 2024 – $0. 150 first three dividends of US$7.5M $0. 130 ($0.025/share) paid April 18, July 18 $0. 110 $0.10 and October 17, 2024 $0. 090 $0.08 $0.08 $0.09 $0.075/sha
Slide 8: Location of Assets
Location of Assets 8 BVC:MINEROS TSX:MSA For the well-being of everyone
Slide 9: Two Producing Assets
Two Producing Assets Colombia – Nechi Alluvial 2024 – 82,017 ozs F9M - AISC per ounce of gold sold – US$ 1,477 Nicaragua - Hemco 2024 – 131,228 ozs F9M AISC per ounce of gold sold – US$ 1,512 9
Slide 10: Revised Guidance for 2024
Revised Guidance for 2024 10 Diversified Asset Base with Mines in Two Countries Gold Production 2024E Cash Cost per Ounce of Gold Sold(1) 2024 2024 revised Colombia: Nechí Alluvial Nechí Alluvial $1,090 - $1,190 $1,250 - $1,350 Property (77,000 - 85,000 oz) Hemco $1,240 - $1,320 $1,340 - $1,420 42%
Slide 11: Nechi Alluvial
Nechi Alluvial 11 ✔ Operations near town of El Bagre, 190 km north of Medellín, Colombia ✔ Excess of 10+ years of reserves based on LOM plan ✔ ~50-years of well-understood, efficient, profitable and reliable production with suction and bucket dredges like mineral sands ✔ Alluvial Au deposits mined f
Slide 12: Hemco
Hemco 12 ✔ Two underground mines near town of Bonanza in Nicaragua’s “Golden Triangle”, 230 km northeast of Managua ✔ Ore is processed from Panama and Pioneer mines, as well as ore which is purchased from third-party artisanal miners in an innovative arrangement called the Bonanza Model
Slide 13: Organic Growth
Organic Growth
Slide 14: Nicaragua: Growth at Porvenir
Nicaragua: Growth at Porvenir 14 Initial Positive PFS in 2023 Average annual production over nine-year mine life - 56.7 koz Au , 112.3 koz Ag and 38.5 Mlb Zn at a LOM AISC US$929/oz AuEq(1) sold Base case economics After-tax NPV10% US$42M(1), IRR of 16% and a payback period of approximately
Slide 15: Greenfield Exploration
Greenfield Exploration
Slide 16: Nicaragua: Further Growth Potential
Nicaragua: Further Growth Potential 16 Exploration & Development in Nicaragua’s Golden Triangle Asset Description Overview of Hemco Property Land Package Panama and Pioneer Mines Drilling: 1,469 m at Panama and 6,043 m at Pioneer in Q2 2024 Further regional exploration: +165.5k ha Hemco Property l
Slide 17: Inorganic growth – assets we are looking for
Inorganic growth – We are looking for assets that 17 are… ✔ Properly sized to protect current shareholders and safeguard financial resilience of Mineros ✔ Late-stage developer (permits, DFS) ✔ <US$200M development CAPEX ✔ Current gold producer (50k-120k ounces) ✔ New jurisdiction to reduce exposure
Slide 18: Our Longstanding Commitment to ESG
Our Longstanding Commitment to ESG 18 A Key Focus for the Company with Five Main Pillars More than $3M spent supporting over 200 We have strategies to Experienced and No allegations of Continually improving initiatives in local mitigate our GHG independent Board corruption, practices and p
Slide 19: Board of Directors & Senior Leadership
Board of Directors & Senior Leadership 19 Board Members Board Composition Senior Leadership Eduardo Pacheco Non-executive: 100% Andrés Restrepo Isaza Alberto Mejía Independent(2): 100% President & CEO Hernández Alan Wancier Rode Juan Esteban Mejia Female - 2/9 (22%) Chief Financial Off
Slide 20: Capital Structure – Shares & Shareholders
Capital Structure – Shares & Shareholders 20 Capital Markets Overview Ticker TSX:MSA BVC:MINEROS:CB Common Shares 299,737,402 Share Price (January 24, 2025) C$ 1.77 Market Capitalization (January 24, 2025) C$ 536.5M Top Shareholders (December 10, 2024) Shareholders Shares Held (M) % of Shares O/S Su
Slide 21: Appendix
Appendix
Slide 22: Mineral Reserves and Mineral Resources
Mineral Reserves and Mineral Resources Effective December 31, 2023 Mineral Reserves and Resources Contained Classification/Property Tonnes Grade Metal (kt) (g/t Au) (g/t Ag) (% Zn) (koz Au) (koz Ag) (t Zn) (Mlb Zn) Mineros S.A. Proven & Probable Reserves Nechí Alluvial Property 763,028 0.05 - - 1,11
Slide 23: Mineral Reserves Notes
Mineral Reserves Notes Effective December 31, 2023 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 – Colombia: (1) The Nechí Alluvial Pro
Slide 24: Mineral Reserves Notes
Mineral Reserves Notes Effective December 31, 2023 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 mining width: (a) Panama and Pioneer:
Slide 25: Mineral Resources Notes
Mineral Resources Notes Effective December 31, 2023 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 not have demonstrated economic viabili
Slide 26: Mineral Resources Notes
Mineral Resources Notes Effective December 31, 2023 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 and St. Antonio: NSR cut-off value
Slide 27: Mineral Resources Notes
Mineral Resources Notes Effective December 31, 2023 Hemco Property Continued: (5) Metallurgical recoveries: (a) Panama: Average gold recovery of 90%. (b) Pioneer: Average gold recovery of 90%. (c) Porvenir: were applied on a block by block basis and average 63.39% for gold, 52.55% for silver and 84.
Slide 28: Contact
TSX: MSA BVC: MINEROS www.mineros.com.co For further information please contact: Ann Wilkinson | Vice President, Investor Relations | investor.relations@mineros.com.co or relacion.inversionistas@mineros.com.co