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Mineros S A : November 2025 Mineros Corporate Presentation
Mineros S A : November 2025 Mineros Corporate
About this update from Mineros Sa
T S X : M S A O T C Q X : M N S A F B V C : M I N E R O S November 2025 Delivering Profitable Growth Through Disciplined Execution 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 developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", and "mineral resource" are Canadian mining terms as defined in NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (" CIM ") - CIM Definition Standards on Mineral Resources and Mineral Reserves (the " CIM Definition Standards "), adopted by the CIM Council, as amended. In 2019, the United States Securities and Exchange Commission (" SEC ") adopted amendments to its disclosure rules (the " SEC Modernization Rules ") to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934, as amended, which are codified in Regulation S-K subpart 1300. Under the SEC Modernization Rules, the historical property disclosure requirements for mining registrants included in SEC Industry Guide 7 have been replaced. As a non-reporting issuer under United States securities laws, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards. The SEC Modernization Rules include the adoption of terms describing mineral reserves and mineral resources that are substantially similar to the corresponding terms under the CIM Definition Standards. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be substantially similar to the corresponding CIM Definition Standards. Readers resident in the United States are cautioned that while terms are substantially similar to CIM Definition Standards, there are differences in the definitions and standards under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as "proven reserves", "probable reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 will be the same as the reserve or resource estimates prepared under the standards adopted under the SEC Modernization Rules. Industry and Market Data This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used throughout this presentation are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information. © 2025 Mineros 3 Cautionary Notes T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S Strong, Consistent Financial Performance Diversified Asset Base in Latin America Strong Social License to Operate Lengthy Track Record of Returning Capital to Shareholders Growth Opportunities - Organic and Inorganic Experienced Disciplined Management © 2025 Mineros 4 Mineros - Growth-Oriented, Mid-Tier, Gold Producer T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S An Attractive Value Proposition EV / '25E Consensus Gold Production (US$/oz) '25E Consensus Operating Cash Flow (US$mm) '25E Consensus Gold Production (Koz AuEq.) '20-24E Total Dividends Paid (US$mm) KNT USA DPM $17,958 $15,821 $13,555 OLA DPM 176% 221% 263% TXG $584 $547 $746 TXG DPM OLA 380 327 284 DPM MSA JAG $30 $121 $104 Peer Average: MSA OLA TXG WDO ARIS MUX JAG ORE GAU $12,022 $11,151 MSA trades at a significant discount to peer average of US$10,287 EV/oz $10,561 $9,031 $8,332 $6,302 $4,673 $4,669 $3,753 Implied Re-Rating ARIS WDO KNT MSA MUX ORE GAU USA JAG $361 $318 $284 $203 $156 $143 $115 $60 $42 Peer Average: US$305mm ARIS MSA WDO KNT ORE GAU MUX USA JAG 264 219 191 169 129 120 111 68 43 Peer Average: 190Koz ARIS KNT -- OLA -- TXG -- MUX -- ORE -- VGCX -- USA -- GAU -- $23 US$58mm Source: FactSet, Company public filings, Broker research © 2025 Mineros 5 Outstanding Value Proposition - MSA vs TSX Peers T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S Consistent, Strong Financial Metrics (US$) T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S Revenues $538.9M F9M 2025 Adjusted EBITDA 1 $243.9M F9M 2025 Net Earnings/ Share $0.45 F9M 2025 Net Free Cash Flow 1 $106.4 F9M 2025 Cash & Cash Equivalents $102.2M September 30, 2025 (1) Adjusted EBITDA and Net Free Cash Flow are non-IFRS financial measures, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. The Company uses "net free cash flow", to supplement information regarding cash flows generated by operating activities. The Company believes that in addition to IFRS financial measures, certain investors and analysts use this information to evaluate the Company's performance with respect to its operating cash flow capacity to meet recurring outflows of cash. Net free cash flow is calculated as cash flows generated by operating activities less non-discretionary sustaining capital expenditures and interest and dividends paid related to the relevant period.For further information, see "Non-IFRS and other Financial Measures" in our Q3 2025 MD&A. © 2025 Mineros 6 Latin America Focused - Production & Growth T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S 2 Producing Assets Colombia Nicaragua 2 Near-term Growth Projects 100% of La Pepa Project in Chile (greenfield) Porvenir (Nicaragua) ~2.1 Moz ~3.6 Moz P&P Reserves M&I Gold Resources 1 201,000 - 223,000 oz $1,880 - $1,980 /oz AISC 2025 Guidance - Gold Production & AISC 2 See Appendix slides, Mineral Reserve Notes and Mineral Resource Notes and Cautionary Notes . M&I Resources are exclusive of Reserves. Cost guidance revised August 12, 2025. See page 11 of the Management Discussion & Analysis for the three and nine months ended September 30, 2025, for a more complete understanding of Mineros' 2025 full year production and cost guidance. © 2025 Mineros 7 Colombia -Nechí Alluvial F9M'25 - 66,886 oz FY 2025 Guidance - 81K - 91K oz Au F9M'25 AISC/oz gold sold - US$1,472 FY 2025 Revised Guidance - AISC/oz Au sold US$1,490 -US$1,590 Nicaragua -Hemco F9M'25 - 96,126 oz FY 2025 Guidance - 120K - 132K oz Au F9M'25 AISC/oz gold sold - US$2,077 FY 2025 Revised Guidance - AISC/oz Au sold US$2,000 -US$2,100* *Higher gold prices are expected to result in higher AISC per ounce of gold sold at the Hemco Property as the cooperatives representing our artisanal mining partners are paid a relatively stable percentage of the spot price for gold as are the formalized miners in Colombia. AISC guidance was revised with the release of the Q3 and F9M results, issued November 5, 2025, to better reflect market consensus estimates for gold prices for the balance of the year, which are in excess of US$3,000/oz. For a more complete description of the factors acting on AISC please refer to our Q3 2025 MD&A. © 2025 Mineros 8 Core Assets - Colombia and Nicaragua T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S Nechí Alluvial T SX: M SA O T C Q X : M N SAF BV C: M I NE RO S Aurora Plant See Appendix slides, Mineral Reserve Notes and Mineral Resource Notes and Cautionary Notes . M&I Resources are exclusive of Reserves. Cost guidance revised August 12, 2025. See page 11 of the Management Discussion & Analysis for the three and nine months ended September 30, 2025, for a more complete understanding of Mineros' 2025 full year production and cost guidance. © 2025 Mineros 9 ~1.36 Moz P&P Reserves ~1.0 Moz M&I Gold Resources 1 ~12 + year mine life 81,000 - 91,000 oz $1,490 - $1,590 /oz AISC 2025 Guidance - Gold Production & AISC 2 © 2025 Mineros S.A. 10 Nechí Alluvial - Production Containment Areas T SX: M SA O T CQ X : M NS A F BV C: M I NE RO S Attention : This is an excerpt of the original content. To continue reading it, access the original document here .