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Mineros S A : Q1 2026 Consolidated Financial Statements
Mineros S A : Q1 2026 Consolidated Financial
About this update from Mineros Sa
MINEROS S.A. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the periods March 31, 2026 (with comparative figures as of December 31, 2025 for the Statements of Financial Position and as of March 31, 2025 for the Statements of Profit or Loss, Other Comprehensive Income, Changes in Equity, and Cash Flows). (Thousands of United States Dollars) Expressed in Thousands of United States Dollars Table of Contents GENERAL NOTES PAGE CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS 2 CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME 3 CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION 4 CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION 5 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 7 NOTE 1. CORPORATE INFORMATION 8 NOTE 2. STATEMENT OF COMPLIANCE 9 NOTE 3. BASIS OF PREPARATION 9 NOTE 4. RECENT ACCOUNTING PRONOUNCEMENTS 9 NOTE 5. FINANCIAL INSTRUMENTS 9 NOTE 6. SEGMENTS 14 NOTE 7. REVENUE 16 NOTE 8. COST OF SALES 17 NOTE 9. EARNINGS PER SHARE 17 NOTE 10. CASH AND CASH EQUIVALENTS 19 NOTE 11.TRADE AND OTHER RECEIVABLES,NET 20 NOTE 12. INVENTORIES, NET 20 NOTE 13. PRECIOUS METALS 21 NOTE 14.TAXES 21 NOTE 15. OTHER ASSETS 24 NOTE 16. LOANS AND OTHER BORROWINGS 24 NOTE 17. RESERVES 26 NOTE 18. RETAINED EARNINGS 26 NOTE 19. TRANSACTIONS AND BALANCES WITH RELATED PARTIES 26 NOTE 20. COMMITMENTS 27 NOTE 21. EVENTS AFTER REPORTING PERIOD 27 NOTE 22. APPROVAL OF FINANCIAL STATEMENTS 28 Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three months ended March 31, Note 2026 2025 Revenue 7 $ 291,810 $ 160,560 Cost of sales 8 (149,239) (96,402) GROSS PROFIT $ 142,571 $ 64,158 Administrative expenses (6,060) (6,371) Other income 1,559 373 Other expenses (5,054) (2,230) Exploration expenses (1,298) (895) Finance income 687 797 Finance expense (1,870) (2,034) Derivates Operations 5 (3,330) - Foreign exchange differences 2 (151) PROFIT FOR THE PERIOD BEFORE TAX $ 127,207 $ 53,647 Current income tax expense 14 (38,885) (18,869) Deferred income tax recovery (expense) 14 (636) 3,229 NET PROFIT FOR THE PERIOD $ 87,686 $ 38,007 Attributable to: Owners of the parent company 87,686 38,007 NET PROFIT FOR THE PERIOD $ 87,686 $ 38,007 Basic and diluted earnings per share (USD) 9 $ 0.29 $ 0.13 (Signed) "Daniel Fernando Henao Villamil" (Signed)"Juliana Maria Hoyos Montano" DANIEL FERNANDO HENAO VILLAMIL JULIANA MARIA HOYOS MONTANO PRESIDENT & CEO ACCOUNTANT P.C 213607-T Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME Three months ended March 31, 2026 2025 NET PROFIT FOR THE PERIOD $ 87,686 $ 38,007 Other comprehensive income, net of income tax Items that will not be reclassified subsequently to profit or loss: Revaluation of property, plant and equipment (1,472) 128 $ (1,472) $ 128 Items that may be reclassified subsequently to profit or loss: Foreign exchange differences on translation of foreign operations gain (loss) 263 420 $ 263 $ 420 Other comprehensive income, net of income tax $ (1,209) $ 548 TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 86,477 $ 38,555 Total comprehensive income attributable to: Owners of the parent company 86,477 38,555 TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 86,477 $ 38,555 (Signed) "Daniel Fernando Henao Villamil" (Signed)"Juliana Maria Hoyos Montano" DANIEL FERNANDO HENAO VILLAMIL JULIANA MARIA HOYOS MONTANO PRESIDENT & CEO ACCOUNTANT P.C 213607-T Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION Notes March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents 10 43,565 108,005 Trade and other receivables, net 11 160,377 33,213 Inventories, net 12 53,830 42,504 Precious metals 13 20,429 - Investments in financial assets 1,412 2 Income tax assets 14 24,409 14,396 Other tax assets 14 34,442 36,783 Other assets 15 44,723 35,097 Total Current assets $ 383,187 $ 270,000 Non-current assets Trade and other receivables 11 2,541 2,331 Inventories, net 12 12,872 15,620 Investments in financial assets 17,750 11,808 Other tax assets 14 51 - Deferred tax assets 14 8,662 6,559 Investment property 5,904 5,904 Exploration and evaluation projects, net 102,302 101,500 Intangible assets, net 29,762 31,227 Property, plant and equipment, net 301,948 306,068 Total Non-current assets $ 481,792 $ 481,017 TOTAL ASSETS $ 864,979 $ 751,017 (Signed) "Daniel Fernando Henao Villamil" (Signed)"Juliana Maria Hoyos Montano" DANIEL FERNANDO HENAO VILLAMIL JULIANA MARIA HOYOS MONTANO PRESIDENT & CEO ACCOUNTANT P.C 213607-T Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION Notes March 31, 2026 December 31, 2025 LIABILITIES AND EQUITY Liabilities Current liabilities Loans and other borrowings 16 32,165 10,810 Derivative financial instruments 5 3,330 - Trade and other payables 28,798 35,304 Other financial liabilities 9 30,194 8,182 Employee benefits 5,584 5,682 Income tax liabilities 14 96,252 82,584 Other tax liabilities 14 2,146 3,237 Provisions 11,458 11,030 Total current liabilities $ 209,927 $ 156,829 Non-current liabilities Loans and other borrowings 16 3,380 4,588 Employee benefits 4,400 4,357 Deferred Tax Liability 14 12,220 9,626 Provisions 64,088 61,750 Total non-current liabilities $ 84,088 $ 80,321 TOTAL LIABILITIES $ 294,015 $ 237,150 Equity Share capital 44 44 Share premium account 30,194 30,194 Reserves 17 379,195 263,591 Other comprehensive income 62,592 63,854 Retained earnings 18 98,937 156,182 Equity attributable to the owners of the parent company $ 570,962 $ 513,865 Non-controlling interests 2 2 Total equity 570,964 513,867 TOTAL LIABILITIES AND EQUITY $ 864,979 $ 751,017 Commitments (Note 20) (Signed) "Daniel Fernando Henao Villamil" (Signed)"Juliana Maria Hoyos Montano" DANIEL FERNANDO HENAO VILLAMIL JULIANA MARIA HOYOS MONTANO PRESIDENT & CEO ACCOUNTANT P.C 213607-T MINEROS S.A. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENT FOR THE PERIODS ENDED MARCH 31, 2026 AND DECEMBER 31, 2025 AND FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND MARCH 31, 2025 (UNAUDITED). Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY account Share capital Share premium Other Reserves comprehensive income Retained earnings Equity attributable to the owners of the parent company Non-controlling interests Total equity Balance as of January 01, 2025 $ 44 $ 30,194 $ 219,121 $ 61,641 $ 97,552 $ 408,552 $ 2 $ 408,554 Net profit for the period - - - - 38,007 38,007 - 38,007 Other comprehensive income for the period, net of income tax - - - 548 - 548 - 548 Total comprehensive income for the period $ - $ - $ - $ 548 $ 38,007 $ 38,555 $ - $ 38,555 Appropriation of reserves - - 86,552 - (86,552) - - - Dividends - - (29,974) - - (29,974) - (29,974) Reclassification $ - $ - $ - $ (39) $ 39 $ - $ - $ - Balance as of March 31, 2025 $ 44 $ 30,194 $ 275,699 $ 62,150 $ 49,046 $ 417,133 $ 2 $ 417,135 Balance as of January 01, 2026 $ 44 $ 30,194 $ 263,591 $ 63,854 $ 156,182 $ 513,865 $ 2 $ 513,867 Net profit for the period - - - - 87,686 87,686 - 87,686 Other comprehensive income for the period, net of income tax - - - (1,209) - (1,209) - (1,209) Total comprehensive income for the period $ - $ - $ - $ (1,209) $ 87,686 $ 86,477 $ - $ 86,477 Appropriation of reserves - - 144,984 - (144,984) - - - Dividends - - (29,578) - - (29,578) - (29,578) Reclassification - - 198 (53) 53 198 - 198 Balance as of March 31, 2026 $ 44 $ 30,194 $ 379,195 $ 62,592 $ 98,937 $ 570,962 $ 2 $ 570,964 (Signed) "Daniel Fernando Henao Villamil" (Signed)"Juliana Maria Hoyos Montano" DANIEL FERNANDO HENAO VILLAMIL JULIANA MARIA HOYOS MONTANO PRESIDENT & CEO ACCOUNTANT P.C 213607-T 6 Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS Note March 31, 2026 March 31, 2025 Cash flows from (used in) operating activities Receipts from sales of goods 165,287 125,232 Receipts from commissions and other revenue 3,363 3,159 Net Purchases of bullion (23,037) - Payment to BMP & CMP (83,075) (40,000) Payments to suppliers for goods and services (50,267) (40,158) Payments to employees and social security agencies (18,901) (16,919) Payments for premiums and claims, annuities and other policy benefits (620) (2,193) Payments for futures contracts, forward contracts, option contracts and swap contracts (10,000) - Income tax paid (35,493) (17,430) Other inflows (outflows) of cash (6,893) (57) Net cash flows (used in) provided by operating activities $ (59,636) $ 11,634 Cash flows from (used in) investing activities Purchase of equity instruments or debt of other entities (7,500) - Proceeds from sales of property, plant and equipment 73 - Purchases of property, plant and equipment (9,313) (14,322) Purchases of intangible assets and exploration projects (1,229) (1,127) Interest received 591 712 Sales of financial instruments 1,181 562 Net cash flows used in investing activities $ (16,197) $ (14,175) Cash flows from (used in) financing activities Proceeds from borrowings. 16 22,665 93 Payments of borrowings 16 (221) (1,779) Payments of lease liabilities 16 (3,047) (2,664) Dividends paid 9 (7,375) (7,476) Interest paid 16 (359) (752) Net cash flows provide by (used in) financing activities $ 11,663 $ (12,578) Decrease in cash and cash equivalents before effect of exchange rate changes $ (64,170) $ (15,119) Effect of foreign exchange rate changes (270) (30) Net increase in cash and cash equivalents (64,440) (15,149) Cash and cash equivalents at beginning of the period $ 108,005 $ 96,410 Cash and cash equivalents at end of period classified as held for sale - - Cash and cash equivalents at end of the period $ 43,565 $ 81,261 (Signed) "Daniel Fernando Henao Villamil" (Signed)"Juliana Maria Hoyos Montano" DANIEL FERNANDO HENAO VILLAMIL JULIANA MARIA HOYOS MONTANO PRESIDENT & CEO ACCOUNTANT P.C 213607-T Expressed in Thousands of United States Dollars Table of Contents NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. CORPORATE INFORMATION Mineros S.A. (individually, " Mineros " or the " Group " or collectively with its subsidiaries, as applicable, Mineros Group), is a company incorporated under the laws of Colombia on November 14, 1974. The incorporation was for an initial period of 99 years, which can be extended by amending the Company's by-laws. Its registered and head offices are in Medellín, Colombia at the Nova Tempo Building (6 th floor), Carrera 43 A #14-109. The Company's common shares are listed on the Colombia Stock Exchange ("BVC") and on the Toronto Stock Exchange ("TSX") and trade under the symbols "MINEROS:CB" and "MSA". Mineros shares also trade on the OTCQX® Best Market, symbol MNSAF. Mineros S.A. is a gold mining company headquartered in Medellín, Colombia, focused on the exploration, development, and production of precious metals. The Company conducts operations and holds development-stage properties in Colombia and Nicaragua, including the Nechí Property in Colombia and the Hemco Property in Nicaragua, which together constitute its Material Properties. In addition to its producing and development assets, Mineros continues to advance a number of growth and exploration initiatives, including the Porvenir Project, located within the Hemco Property, the Caribe Exploration Target-also within the Hemco Property-and the La Pepa Project in Chile. Investments in Subsidiaries Outlined below is information related to the Mineros S.A. subsidiaries as of March 31, 2026 and 2025: Corporate Name Place of incorporation and operation Type entity Main Activity Functional Currency Equity interest % March 31, 2026 December 31, 2025 Mineros Chile SpA Chile Subsidiary Pre- Operative USD 100% 100% Mineros Netherlands Holdings BV Netherlands Subsidiary Holding company USD 100% 100% Minera Cavancha SpA Chile Subsidiary Exploration of open pit mining USD 100% 100% HEMCO Mineros Nicaragua S.A. Nicaragua Subsidiary Underground gold mining and holding company for operations in Nicaragua USD 100% 100% Vesubio Mining S.A. Nicaragua Subsidiary Underground gold mining USD 100% 100% Rosita Mining S.A. Nicaragua Subsidiary Underground gold mining USD 100% 100% New Castle Gold Mining S. A Nicaragua Subsidiary Inactive USD 69.9% 69,9% Roca Larga Mining, S.A. Nicaragua Subsidiary Inactive USD 100% 100% Mineros Aluvial S.A.S.BIC. Colombia Subsidiary Alluvial gold mining USD 100% 100% Negocios Agroforestales S.A.S. Colombia Subsidiary Environmental compensation and agro-industrial COP 100% 100% Compañía Minera de Ataco S.A.S. Colombia Subsidiary Inactive COP 100% 100% Mineros Switzerland AG Switzerland Subsidiary Corporate services USD 100% 100% Mineros (Canada) Inc Canada Subsidiary Corporate services USD 100% 100% As of March 31, 2026, the subsidiaries "Mineros Chile Rentista de Capitales Mobiliarios Limitada", "Distribuidora Caribe Norte S.A" and "Minerales Matuzalen" has completed its voluntary liquidation process. The companies are no longer operational as a result of this liquidation. As of the reporting date, no material impacts or significant restrictions arising from the liquidation have been identified. USD: United States Dollar COP: Colombian Peso Expressed in Thousands of United States Dollars Table of Contents NOTE 2. STATEMENT OF COMPLIANCE These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34 -Interim Financial Reporting. The accounting policies of Mineros are in accordance with International Financial Reporting Standards (" IFRS ") as issued by the International Accounting Standards Board (" IASB ") and follow the same accounting policies and methods as set out in note 3 to the Group audited financial statements for the year ended December 31, 2025. These unaudited condensed interim consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2025. NOTE 3. BASIS OF PREPARATION These unaudited condensed interim consolidated financial statements have been prepared on the historical cost basis, except certain financial instruments, investment properties and certain classes of property and plant that are measured at fair value at the end of each reporting period. Mineros' accounting policies have been applied consistently to all periods in the preparation of these unaudited condensed interim consolidated financial statements. In preparing the Group unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 , Mineros applied the critical judgments and estimates disclosed in note 4 of its consolidated financial statements for the year ended December 31, 2025. As of March 31, 2026, there were no significant changes in accounting estimates compared with December 31, 2025. NOTE 4. RECENT ACCOUNTING PRONOUNCEMENTS New, Amended and Narrow Scope Amendments to International Financial Reporting Standards, and IFRS Interpretations not yet Effective The IASB has issued pronouncements which are mandatory for the periods ended after December 31, 2025 as described in note 2 to the annual Consolidated Financial Statements. Such pronouncements are not expected to have a material impact on Mineros upon adoption. New and amended IFRS standards that are effective for the current year In 2026, there are no new and revised IFRS standards and interpretations issued by the IASB, which are mandatory for accounting periods starting on or after January 1, 2026. NOTE 5. FINANCIAL INSTRUMENTS The following table sets out information concerning: Classification of financial instruments based on their nature and characteristics; The carrying amounts of financial instruments; and Fair values of financial instruments (except financial instruments when carrying amount approximates their fair value). Expressed in Thousands of United States Dollars Table of Contents March 31, 2026 Book value Financial assets Financial liabilities Total FVTPL - designated FVTOCI - designated Amortized cost FVTPL - designated Amortized cost Cash and cash equivalents (see note 10) $ - $ - $ 43,565 $ - $ - $ 43,565 Trade and other receivables (see note 11) $ - $ - $ 162,918 $ - $ - $ 162,918 Derivative financial instruments 2 (see note 5) $ - $ - $ - $ (3,330) $ - $ (3,330) Investment in financial asset $ 1,412 $ - $ - $ - $ - $ 1,412 Non-current investments (1) $ 4,338 $ 13,412 $ - $ - $ - $ 17,750 Loans and other borrowing (see note 16) $ - $ - $ - $ - $ (35,545) $ (35,545) Trade and other payables $ - $ - $ - $ - $ (28,798) $ (28,798) Other financial liabilities (see note 9) $ - $ - $ - $ - $ (30,194) $ (30,194) (1) These investments are classified as financial instruments. Mineros does not exercise significant influence over them. (2) ) Represents the fair value of a gold forward contract not designated as a hedging instrument under IFRS 9. Changes in fair value are recognized in profit or loss. See "Derivative Financial Instruments" below Fair value hierarchy of financial instruments Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). March 31, 2026 Fair value Level 1 2 3 Total Investment in financial asset 1,412 - - 1,412 Non-current investments 6,014 - 11,736 17,750 Derivate financial instrument (3,330) - - (3,330) There have been no transfers of assets or liabilities between level 1, level 2 and level 3 measurements in either the current or previous year. There are non-recurring fair value measurements. As of March 31, 2026, there were no changes in the risk management policies and procedures from the policies and procedures in place at December 31, 2025. Valuation techniques for fair value measurement of investments were discounted cash flows over specific periods of time. There are no changes in valuation techniques compared with the valuation techniques used as at December 31, 2025. For derivative financial instruments, Mineros uses discounted cash flow techniques incorporating observable forward curves for forward contracts and the Black-Scholes model for option contracts. Fair value of Mineros Group's financial assets and liabilities that are measured at amortized cost but the fair value is required to be disclosed Expressed in Thousands of United States Dollars Table of Contents Financial assets/ financial liabilities Valuation technique(s) and key input(s) Fair value Carrying amount Loans Discounted cash flow Future cash flows are estimated based on forward exchange rates (forward exchange rates observable at the end of the reporting period) and the forward exchange rates of the contract. $ 22,500 (2025: $53) $ 22,503(2025: $53) Capital management The Group manages its capital to ensure that its subsidiaries can continue to maximize returns to investors and other stakeholders through an optimal balance between net debt and equity. The debt/equity mix has remained at expected levels and in line with the Group's growth strategy. The capital structure is made up of net debt (loans and cash and cash equivalents) and equity. The Group has determined that the internal rate of return (IRR) associated with new projects must be a minimum of 15%. Likewise, it has defined a target maximum leverage as a multiple of EBITDA. For the March 31, 2026 and March 31, 2025 periods, the leverage level is near the bottom of the defined range. The Company's Investment Policy, permits the use of gold price hedges covering up to 100% of anticipated production and foreign exchange hedges on projected operating cash flows. All hedging contracts have a maximum tenor of twenty-four months. As of the reporting date, no gold price or foreign exchange hedging contracts remained outstanding. Objectives of financial risk management The Group's treasury function manages access to global financial markets and monitors and manages the financial risks related to the Group's operations by analyzing the exposures and the magnitude of the risks associated with each operation. These risks include market risk, credit risk and liquidity risk. Mineros seeks to minimize the effect of these risks by using derivative financial instruments to hedge exposures. The use of financial derivatives, as well as investments of excess liquidity, are governed by the Board of Directors under strict compliance with the Group's investment and hedging policy. The Board of Directors approved an updated investment policy during Q1 2026 which broadened the range of admissible financial instruments and introduced an Investment Committee with enhanced oversight and reporting responsibilities. The policy establishes quantitative risk limits, daily mark-to-market requirements, and monthly stress testing for derivative positions not designated as hedging instruments. Derivative instruments that do not meet the criteria for hedge accounting designation under IFRS 9, or for which the Group elects not to apply hedge accounting, are classified at fair value through profit or loss (FVTPL). Changes in the fair value of such instruments are recognized in the consolidated statement of profit or loss in the period in which they arise. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate as a result of changes in market prices, exchange rates and interest rates. In Mineros, the risks derived from the precious metals market and the foreign exchange market are actively managed. Commodity price risk Due to its economic activity, the Group sells gold in the international precious metals market. These sales represent close to 95% of the Group's operating income; consequently, exposure to variations in the price of gold is high. This risk is managed by contracting OTC derivative financial instruments whose underlying asset is gold, aimed at reducing the variability of operating income caused by gold price volatility. Additionally, the updated investment policy permits the Expressed in Thousands of United States Dollars Table of Contents Group to hold derivative instruments on gold that are not designated as hedging instruments; these are classified at FVTPL and their fair value changes are recognized in profit or loss. See "Derivative Financial Instruments" below for details of outstanding positions. Physical gold holdings. As of March 31, 2026, the Group held 4,376 troy ounces of physical gold bullion acquired under the investment policy. These holdings are accounted for as inventory and measured at the lower of cost and net realizable value in accordance with IAS 2. See Note 12 - Inventories for further details. The following table shows the estimated impact on pre-tax profit or loss of reasonably possible changes in the gold price, considering the Group's derivative and gold inventory positions outstanding at March 31, 2026. The analysis assumes all other variables remain constant: Gold price variation Impact on Profit & Loss Statement XAUUSD + 10% $ 2,043 Close price $ 4,668.06 XAUUSD - 10% $ (2,043) XAUUSD + 20% $ 4,085 Close price $ 4,668.06 XAUUSD - 20% $ (4,085) Currency risk Cash is generated from gold sales in US dollars, but some of the Group's costs are denominated in Colombian pesos and to a lesser extent in Nicaraguan cordobas. This risk is managed through OTC derivative financial instruments for the USD/COP pair (based on the Tasa Representativa de Mercado - TRM). Given the actual fluctuation of foreign exchange, the Group paused its use of forward contracts during Q1 2024 and has not yet resumed hedging foreign exchange. During 2025 and Q1 2026 there were no currency derivative instruments outstanding. Interest rate risk The Group monitors interest rate behavior, in order to secure favorable interest rates when possible and has maintained conservative debt levels: cash and cash equivalents were $43,565 (December 31, 2025: $108,005) and loans and other borrowings were $35,545 (December 31, 2025: $15,398). Credit risk The Group's credit risk arises from the potential inability of debtors to fulfill their obligations or from losses incurred due to the default of issuers of financial instruments in which the Group has invested. As part of its risk management policy, the Group engages only with financially sound counterparties. Credit exposures and the credit ratings of these counterparties are continuously monitored. The Group invests its excess liquidity in top-tier financial institutions, ensuring a minimum credit rating of A- for international investments and AA/DP1 for domestic issuers. For derivative counterparties, the Group requires execution of an ISDA Master Agreement or equivalent in some cases. Conservative credit policies are maintained and market conditions are permanently evaluated through quantitative and qualitative assessments. The Group does not hold guarantees to cover credit risks associated with its financial assets. There is no history of losses on financial instruments given the nature of the transactions and the high rating of counterparties. The Group's maximum exposure to credit risk was as follows: Expressed in Thousands of United States Dollars Table of Contents March 31, 2026 December 31, 2025 Cash and cash equivalents $ 43,565 $ 108,005 Short term investments 1,412 2 Accounts receivable from gold and silver sales 160,377 33,213 Margin deposit - derivative contract 10,000 - Total $215,354 $141,220 Liquidity risk Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Group's short-, medium- and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecasts and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. During the three months ended March 31, 2026, the Group generated a negative net cash flows from operating activities of $59,636 (March 31, 2025: $11,634). As at March 31, 2026, the Group held cash and cash equivalents of $43,565 (December 31, 2025: $108,005). As at March 31, 2026, the Group's working capital was $173,260 (March 31, 2025: $113,171). Derivative Financial Instruments As of March 31, 2026, the Group's outstanding derivative instruments are described below. No gold or currency derivatives designated under hedge accounting were in place at the reporting date. Gold revenue protection strategy Historically, Mineros has implemented a strategy of establishing low or no cost collars (the " Gold Collars "). The Gold Collars are established by selling call options and purchasing put options on a number of ounces of gold, which number is not to exceed anticipated production for the period. Any premium paid for the entry is included as part of the fair value and is settled in cash on a net basis as the monthly contracts mature. During the first quarter of 2026, Mineros secured a price protection strategy for 15,000 ounces of gold (2,500 ounces per month through June 2026). This "collar" structure ensured that Mineros would receive at least $4,900 per ounce, but capped the maximum price at $4,970 per ounce. Before the quarter ended, the collar was finalized, and Mineros recognized a loss of $250. Gold forward contract As of March 31, 2026, the Group held a forward contract to purchase 10,000 ounces of gold at a fixed price of USD$5,001 per ounce. The contract is not designated as a hedging instrument under IFRS 9; accordingly, it is classified at FVTPL and changes in fair value are recognized in profit or loss. At March 31, 2026, the spot price of gold was $4,668 per ounce. The fair value of the forward contract was determined using observable forward curves and discounted cash flow techniques: Description Notional (oz) Contract Price ($/oz) Spot Price ($/oz) Fair Value Adjusment($) Classification Gold Forward Contract 10,000 $ 5,001 $ 4,668 $ (3,330) Derivative liability Expressed in Thousands of United States Dollars Table of Contents The Group recognized a derivative liability of $3,330 as of March 31, 2026, classified as a current liability as the contract is expected to settle within 12 months. The contract is collateralized by a cash margin deposit of $10,000, recognized as "other assets" in the statement of financial position. Summary of derivative gains and losses recognized in profit or loss March 31, 2026 March 31, 2025 Loss on realized gold collar (1) (250) - Unrealized loss on gold forward contract (2) (3,330) - Total derivative loss, net $ (3,580) $ - (1) Balance included in sales of gold. (2) Unrealized fair value loss on gold forward not designated as a hedge, recognized in other gains/(losses). Cash Flow Hedge Gains in Other Comprehensive Income ("OCI"), net deferred tax As of March 31, 2026, and 2025, the Company had no active cash flow hedge instruments. Therefore, no gains or losses were recognized in Other Comprehensive Income (OCI) during these periods. NOTE 6. SEGMENTS Mineros Group operates in two principal countries, Colombia (Nechí Property) and Nicaragua (Hemco Property). Mineros Group also has a gold exploration project included in the Segment Chile (La Pepa). The following table sets forth Mineros Group's results by operational segment in the way information is provided to and used by the Company's executive leadership to assess each segment's performance and make decisions regarding the allocation of resources to each segment. The following is an analysis of the Group's income and results, assets, and liabilities by reportable segment as of March 31, 2026, and March 31, 2025: Three Months Ended March 31, 2026 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Mineros Switzerland (1) Others Intersegment adjustments and eliminations Total Revenue 99,034 192,776 - 6,806 - 557 (7,363) 291,810 Investment in subsidiaries - - (626) 86,482 - - (85,856) - Cost of sales (48,362) (107,904) - - - (322) 7,349 (149,239) Gross Profit $ 50,672 $ 84,872 $ (626) $ 93,288 $ - $ 235 $ (85,870) $ 142,571 Administrative expenses (1,231) (2,192) (110) (4,414) (27) (816) 2,730 (6,060) Exploration expenses - (931) - (365) - - (2) (1,298) Finance income 531 384 - 54 - 9 (291) 687 Finance expense (1,081) (828) - (217) (33) (1) 290 (1,870) Profit or loss before taxes 31,563 56,706 (739) 87,686 (1,560) (76) (46,373) 127,207 Income Tax $ (39,521) Net profit for the period $ 87,686 Expressed in Thousands of United States Dollars Table of Contents (1) Mineros Switzerland was incorporated under Swiss law on November 14, 2025, and has been designated as a reportable segment under IFRS 8 beginning this quarter Three Months Ended March 31, 2025 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Others Intersegment adjustments and eliminations Total Revenue 68,403 92,017 - 4,831 404 (5,095) 160,560 Investment in subsidiaries - - - 36,927 - (36,927) - Cost of sales (38,291) (63,147) - - - 5,036 (96,402) Gross Profit $ 30,112 $ 28,870 $ - $ 41,758 $ 404 $ (36,986) $ 64,158 Administrative expenses (1,106) (990) (396) (4,614) (227) 962 (6,371) Exploration expenses - (751) - (143) - (1) (895) Finance income 266 366 - 157 8 - 797 Finance expense (1,080) (772) - (180) (1) (1) (2,034) Profit or loss before taxes 27,251 25,730 (395) 38,024 (57) (36,906) 53,647 Income Tax $ (15,640) Net profit for the period $ 38,007 Three Months Ended March 31, 2026 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Mineros Switzerland Others Intersegment adjustments and eliminations Total Property, plant, and equipment 112,475 173,764 - 2,673 - 13,036 - 301,948 Total, assets 330,664 461,919 45,817 648,409 30,189 40,427 (692,446) 864,979 Total, liabilities (141,344) (117,845) (350) (77,477) (33,243) (4,428) 80,672 (294,015) Additions of PP&E, intangibles and exploration and evaluation projects 3,838 7,170 - 21 - 38 - 11,067 The following sets out Information about major customers: Customer March 31, 2026 March 31, 2025 1 143,509 65,273 2 104,295 52,918 3 28,823 19,433 4 10,531 21,188 Total sales to customers exceeding 10% of annual metal sales $ 287,158 $ 158,812 Percentage of metal sales 98 % 99 % Non-current assets are set out in the following table by segment : Expressed in Thousands of United States Dollars Table of Contents Non-current assets March 31, 2026 December 31, 2025 Mineros S.A (Holding) $ 606,702 $ 521,625 Hemco Property 257,359 275,170 Nechi Property 169,597 141,002 Chile (La Pepa) 45,351 45,228 Mineros Switzerland 5,880 - Intersegment adjustments and eliminations (603,097) (502,008) Total non-current assets $ 481,792 $ 481,017 Depreciation and amortization are set out in the following table by segment: Depreciation and amortization March 31, 2026 March 31, 2025 Hemco Property $ 11,935 $ 8,764 Nechi Property 5,320 4,484 Mineros S.A (Holding) 279 216 Others 43 49 Total, depreciation and amortization $ 17,577 $ 13,513 NOTE 7. REVENUE Mineros Group derives its income primarily from the export of gold and precious metals. Three months ended March 31, 2026 2025 Sales of gold 276,360 156,272 Sales of silver 14,019 2,539 Sales of electrical energy 1,430 1,609 Other revenue 1 140 Total $ 291,810 $ 160,560 At the reporting date, gold sales revenue includes a mark-to-market adjustment to reflect the estimated final sales price based on market information at period end. This adjustment relates to the outstanding performance obligation of final price determination under contracts with customers, which had not yet been settled as of the reporting date. Expressed in Thousands of United States Dollars Table of Contents NOTE 8. COST OF SALES Cost of sales comprises the following items: Three Months Ended March 31, 2026 2025 Direct mining costs 25,363 24,091 Direct mining costs contracts (BMP-CMP) 95,439 54,870 Depreciation and amortization 13,799 9,584 Depreciation and amortization contracts (BMP-CMP) 3,466 3,685 Taxes and royalties 7,088 2,729 Taxes and royalties contracts (BMP-CMP) 3,287 973 Cost of electricity sold 797 470 Total Cost of Sales $ 149,239 $ 96,402 At the Hemco Property we purchase a portion of our ore from miners working within the model developed to govern our relationships with the co-operatives representing the miners or Bonanza Mining Partners ("BMP"). At the Nechí Property we engage contract mining partners ("CMP") to provide mining services under formal business arrangements. NOTE 9. EARNINGS PER SHARE Basic earnings per share are calculated by dividing the earnings attributable to Mineros' shareholders by the weighted average number of common shares outstanding in the year, excluding any common shares reacquired by the Company and held as treasury shares. Diluted earnings per share are calculated by adjusting the average of common shares outstanding to simulate the conversion of all the potential dilutive common shares. Mineros does not have potentially dilutive shares in any of the years presented. The calculation of the basic earnings per share is based on the following data: Three months ended March 31, 2026 2025 Profit attributable to controlling interest 87,686 38,007 Weighted average number of outstanding ordinary shares $ 298,748,181 $ 298,748,181 Earnings per share in USD 0.29 0.13 Dividends payable The balances of dividends payable, classified in the financial statement under other financial liabilities, are: March 31, 2026 December 31, 2025 Ordinary dividends decreed 29,338 7,341 Dividends from prior periods 856 841 Total $ 30,194 $ 8,182 On March 27, 2026, Mineros held the Ordinary Meeting of the General Shareholders' Assembly ("the Assembly"). During the session, the Assembly approved the distribution of the Company's profits in the form of a dividend. Shareholders are entitled Expressed in Thousands of United States Dollars Table of Contents to receive payment of an annual ordinary dividend of US$0.10 per common share they hold, payable in four equal quarterly installments of US$0.025, payable quarterly on April 27, July 21, October 19, 2026, and January 18, 2027. On March 31, 2025, Mineros held the Ordinary Meeting of the General Shareholders' Assembly ("the Assembly"). During the session, the Assembly approved the distribution of the Company's profits in the form of a dividend. Shareholders are entitled to receive payment of an annual ordinary dividend of US$0.10 per common share they hold, payable in four equal quarterly installments of US$0.025, payable quarterly on May 2, August 1, November 4, 2025, and February 2, 2026. The decreed dividends in 2026 total $29,578 (2025: $29,974), taken from reserves from previous years. The following is a reconciliation of dividends payable presented as "Other Financial Liabilities" in the period ended March 31, 2026. March 31, 2026 December 31, 2025 Opening balance 8,182 7,955 Dividends declared 29,578 29,974 Transfer to reserves - dividends attributable to treasury shares (1) (198) - Foreign exchange differences 7 25 Dividends paid (7,375) (29,772) At the end of the period $ 30,194 $ 8,182 (1) Corresponds to the reclassification of dividends declared on treasury shares against equity reserves, as the shares on which they were declared are owned by the Company itself. 9.1 Restricted Stock Unit During 2025, the Group established a Restricted Stock Unit ("RSU") plan for certain senior executives .The RSUs vest after three years from the grant date and are exercisable within the fourth year (i.e., between the third and fourth anniversary of the grant date). The RSUs are cash-settled instruments under IFRS 2, entitling beneficiaries to receive a cash payment equivalent to the market value of the Company's shares (MINEROS CB Equity on the Colombian Stock Exchange - BVC) at the date of exercise, calculated as the average closing price over the two months prior to such date. As the instruments are denominated and payable in Colombian pesos (COP), no foreign exchange differences arise; changes in fair value are captured through periodic remeasurement of the liability. The following table summarizes the movement in RSUs outstanding during the three-month period ended March 31, 2026: Number outstanding Weighted average exercise price (COP) Balance, beginning of period - - Granted 51,547 $14,299 Balance, end of period 51,547 $14,299 Expressed in Thousands of United States Dollars Table of Contents The estimated grant date fair value of the RSU´s granted during the three months ended March 31, 2026, was calculated using the Black Scholes option-pricing model with the following weighted average assumptions: Granted in 2026 Risk-free interest rate 13.5 % Expected annual volatility 36.0 % Expected life (in years) 2,76 Expected dividend yield 2.8% Grant date fair value per RSU (COP) 7,125 Share price at grant date (COP) 14,299 The Group recognized share-based payment expense of $8 for three months ended March 31, 2026 The following summarizes information about RSU´s outstanding and exercisable at March 31, 2026: Expiry date Weighted average price (COP) RSU outstanding RSU exercisable Estimated fair value ($) Weighted average remaining contractual life (in years) January 1, 2029 14,299 51,547 - 8 2.76 Total 14,299 51,547 - 8 2.76 NOTE 10. CASH AND CASH EQUIVALENTS Cash and cash equivalents are composed of the following: March 31, 2026 December 31, 2025 Bank deposits (US dollars) 15,845 70,865 Bank funds 21,612 35,025 Local accounts 5,165 1,147 Collective investment fund (*) 916 937 Petty cash 27 31 Total $ 43,565 $ 108,005 (*) Collective investment funds are alternative investment funds that can be cashed in at any time. Bank deposit accounts have average effective interest rates ("EIR") of 3.57% (December 31, 2025: 3.67% EIR). National bank accounts have average EIR of 2.75% (December 31, 2025: 1.98% EIR). Collective investment funds have average EIR of 9.56% (December 31, 2025: 8.51% EIR). Additional disclosures related to cash flow statements To date, there is no restricted cash. The following transactions did not generate cash outflows: Additions of assets for rights of use of $525 Expressed in Thousands of United States Dollars Table of Contents NOTE 11.TRADE AND OTHER RECEIVABLES,NET Trade and other receivables are composed of the following items: March 31, 2026 December 31, 2025 Trade accounts receivable: International Clients (1) 152,655 26,366 Total trade accounts receivable $ 152,655 $ 26,366 Other accounts receivable: Employee loans 2,935 2,777 Other receivables 7,328 6,401 Total $ 10,263 $ 9,178 Trade accounts and other receivables $ 162,918 $ 35,544 Current portion 160,377 33,213 Non-current portion 2,541 2,331 (1) Trade accounts receivable are denominated in U.S. dollars and are classified as current. These receivables do not accrue interest and are not secured by specific guarantees. As described in Note 7 , the significant increase in trade accounts receivable at March 31, 2026 is primarily attributable to 27,247 ounces of gold sales positions pending final price determination (fixing), for which revenue has been recognized and the related receivable balance has been measured at mark-to-market value based on the gold spot price at the reporting date. These receivables will be settled either through cash collection or through delivery of refined physical gold bars, at the Company's discretion, once the fixing is determined. The Group has assessed the credit risk associated with these balances in accordance with IFRS 9, applying the expected credit loss (ECL) model on a lifetime basis. Based on this assessment, including the creditworthiness of the counterparties and the nature of the underlying assets, the Group has concluded that no impairment allowance is required as of the reporting date. NOTE 12. INVENTORIES, NET The following is the composition of inventories: March 31, 2026 December 31, 2025 Materials and spare parts 48,593 49,452 Ore Stockpiles (1) 18,109 8,672 Total $ 66,702 $ 58,124 Current portion 53,830 42,504 Non-current portion 12,872 15,620 (1) Ore stockpiles at March 31, 2026 contained 11,132 ounces of gold, comprising 7,581 ounces from the Bonanza Mining Partners (BMP) and 3,551 ounces from industrial operations. The increase of $9,437 in ore stockpiles during the three months ended March 31, 2026 reflects the Group's planned accumulation of ore feed in support of the phased expansion of the Hemco processing plant capacity from 2,000 tonnes per day to 2,500 tonnes per day, which is scheduled to be completed by year-end 2026. The accumulated material will be processed in accordance with the Group's plan. Expressed in Thousands of United States Dollars Table of Contents NOTE 13. PRECIOUS METALS March 31, 2026 December 31, 2025 Bullion (1) 20,429 - Total $ 20,429 $ - Current portion 20,429 - (1) During the period, Mineros Switzerland acquired 4,376.43 ounces of gold at a price of USD4,992.75 per ounce. This transaction is part of the Company's strategy to diversify its asset base and strengthen its position in the international gold market through direct exposure to physical gold. As of March 31, 2026, the Company measured this bullion at the lower of cost and net realizable value based on the prevailing market rate, recognizing a net realizable value adjustment of $1.4 million, recorded as an unrealized loss in the consolidated statement of profit or loss. NOTE 14.TAXES Current Tax Income tax assets and other tax assets Other tax receivable balances are as follows: March 31, 2026 December 31, 2025 VAT, Net 33,956 35,352 Municipal tax 537 1,431 $ 34,493 $ 36,783 Current portion 34,442 36,783 Non-current portion 51 - March 31, 2026 December 31, 2025 Income tax assets 24,409 14,396 Total $ 24,409 $ 14,396 The amounts above represent amounts paid in advance by Mineros Group, for which reimbursement is expected. Mineros Group and its legal and tax advisors consider that the amounts paid will be recoverable once the respective filing has been completed. Consequently, no estimated losses or contingencies are associated with these items, except for the balance in favour of VAT, which is net of impairment. Income tax liabilities and other tax liabilities Income tax liabilities and other tax liabilities are the net balance owed by Mineros Group for the taxes in each country of operation, pursuant to the applicable tax framework in each nation. The amounts are set forth in the table below: March 31, 2026 December 31, 2025 Income tax 66,523 51,458 Prior year income tax 29,729 31,126 Total $ 96,252 $ 82,584 Expressed in Thousands of United States Dollars Table of Contents Temporary Wealth Tax in Colombia After to December 31, 2025, through Legislative Decree No. 0173 of February 24, 2026 issued within the framework of the State of Economic, Social, and Ecological Emergency declared by the National Government a temporary wealth tax was established for the 2026 fiscal year. This tax applies to legal entities with a fiscal net worth equal to or greater than 200,000 UVT (USD 2,854) as of March 1, 2026, at a general rate of 0.5%, and 1.6% for the financial/insurance/reinsurance and extractive sectors. In accordance with the provisions of said decree, the tax is accrued based on the possession of net worth as of March 1, 2026, and must be paid in two equal installments on April 1, 2026, and May 4, 2026. Given the nature and scope of the tax, Management considers that it does not constitute a material event for the 2026 financial statements. The calculation of the consolidated wealth tax is detailed below: Description 2026 Taxable assets $ 517,170 Deductible Liabilities $ (120,644) Others deductions $ (44,868) Taxable base $ 351,658 Rate % 0.5 % Wealth tax $ 1,758 As of March 31, 2026, the Colombian Companies have recognized a wealth tax liability in the amount of USD 879, which is presented within current liabilities, as payment will be made within the corresponding fiscal period. The wealth tax expense recognized for the period between January 1 and March 31, 2026, amounts to USD 1,758 and is presented in the statement of profit or loss as part of other operating expenses. The movement of the wealth tax liability is as follows: Current Tax 2026 Balance as of January 01, 2026 $ - Expense recognized in the period $ 1,758 Payments made $ (879) Balance as of March 31, 2026 $ 879 Balances of Other taxes and Municipal Taxes as of March 31, 2026, and December 31, 2025 March 31, 2026 December 31, 2025 Other taxes 1,173 2,203 Municipal taxes 94 1,034 Total $ 1,267 $ 3,237 Expressed in Thousands of United States Dollars Table of Contents Current and deferred income tax Current and deferred taxes are recorded in Statement of Other Comprehensive Income: March 31, 2026 March 31, 2025 Current tax expense (1) 38,815 18,869 Income tax for previous periods 70 - Subtotal current tax expense $ 38,885 $ 18,869 Deferred tax (income),expense (1) 636 (3,229) Total deferred tax expense (income) $ 636 $ (3,229) Total expense (income) tax expense $ 39,521 $ 15,640 (1) The 153% increase in income tax expense for the three months ended March 31, 2026, compared with the same period of 2025 is due to higher deferred tax expenses, period over period, of $3,865. This increase in expenses is explained by the change in the tax value of assets and liabilities in Colombia that fluctuates as the exchange rate changes. The devaluation of the Colombian peso against the U.S. dollar for the three months ended March 31, 2026, compared with the same period of 2025 was 4%. Deferred tax Deferred income tax changes are set forth in the following table: Item March 31, 2026 December 31, 2025 Initial asset balance 6,559 754 Taxes increase (decrease) 2,103 5,805 Total, deferred tax asset $ 8,662 $ 6,559 Initial liability balance (9,626) (6,859) Taxes (decrease) increase (2,594) (2,767) Total, deferred tax liability $ (12,220) $ (9,626) Total, deferred tax (net) $ (3,558) $ (3,067) Deferred taxes increased (decreased) for each period is as follows: Item Property, plant and equipment Other Assets Loans and other borrowings Current and Non-current liabilities Total Balance as of January 01, 2026 $ (20,646) $ (10,385) $ 4,653 $ 23,311 $ (3,067) (Debit) credit to the statement of profit & loss 2,146 (4,113) 373 958 (636) (Debit) credit to other comprehensive income 148 - - - 148 Currency translation adjustment (11) 8 - - (3) Balance as of March 31, 2026 $ (18,363) $ (14,490) $ 5,026 $ 24,269 $ (3,558) From the total deferred tax income (expense) for the period ended March 31, 2026 of $636, (2025: deferred tax expense of $3,229) the temporary difference in property, plant and equipment represented $2,146, (2025:614) other assets represented $4,113 (2025:533) offset by differences in loans and other borrowings together with current and non-current liabilities for a net of $1,331 (2025: $2,082). Expressed in Thousands of United States Dollars Table of Contents NOTE 15. OTHER ASSETS The details of this item are shown below: March 31, 2026 December 31, 2025 Public works projects financed with taxes 1 31,864 31,125 Prepaid expenses 2 2,341 3,972 Other assets 3 10,518 - Total $ 44,723 $ 35,097 (1) It corresponds to the following project financed with the resources allocated to the 2021,2023 and 2024 Mineros Alluvial S.A.S Bic Income Tax: Project for the Implementation of Digital Technologies in Educational Facilities in Bajo Cauca: Funded with resources from Mineros Aluvial 2021 income tax: $6,898 Projects funded with resources from Mineros Aluvial's 2023 income tax: Provision of bibliographic collections for educational institutions in Bajo Cauca: $5,658 Construction of a pedestrian bridge in the municipality of Cáceres, Antioquia (Bajo Cauca): $3,950. Provision of sports equipment for educational facilities in Bajo Cauca: $2.276 Projects funded with resources from Mineros Aluvial's 2024 income tax: Improvement of the Campamento - Río Nechí - Phase I & II Anorí road: $2,727 Improvement of the road in the municipality of Zaragoza: $812 Construction of the El Bagre educational institution: $6,050 Improvement of the Campo Alegre - Caucasia road: $3,493 (2) The change is attributable to a reduction in prepaid insurance for hull, fire, and precious metals transportation policies. (3) The $10 million variation is due to a guarantee provided in connection with a forward OTC derivative transaction. This guarantee secures the obligations under the contract and is recognized as part of other assets. For further details on the forward contract and related guarantee, please refer to Note 5. NOTE 16. LOANS AND OTHER BORROWINGS The following table sets out the balances of loans and other borrowings: Item March 31, 2026 December 31, 2025 Bank loans 22,580 53 Lease liabilities (1) 12,965 15,345 Total $ 35,545 $ 15,398 Current portion 32,165 10,810 Non-current portion 3,380 4,588 Changes in certain financial obligations, as of March 31, 2026, are shown below: Expressed in Thousands of United States Dollars Table of Contents Type of contract Bank loans 1 Leases 2 Total financial obligations Balance as of January 1, 2026 53 15,345 15,398 New credits acquired 22,665 - 22,665 Liabilities for new leases - 525 525 Payments (221) (3,047) (3,268) Interest accrued 76 359 435 Interest paid - (359) (359) Other payments 10 2 12 Lease retirement - - - Exchange differences (3) 140 137 Balance as of March 31, 2026 $ 22,580 $ 12,965 $ 35,545 At March 31, 2026, the breakdown of loans is as follows: . One (1) loans with an aggregated outstanding amount of $16,027 was taken out at 2026 with terms one (1) years, at an EIR of 5.62% in the Mineros S.A segment A loan with an aggregated outstanding amount of $6,500 was taken out at 2026 with terms 6 months, at an EIR of 7.50% in the Mineros S.A segment An other loans with an aggregated outstanding amount of $53 At March 31, 2026, the breakdown of lease liabilities is as follows: Lease obligations of machinery and equipment at an EIR of 12.26% (this interest rate is for loans in currency COP) with terms between 20 and 107 months and an aggregate outstanding amount of $5,305 for the Nechí Property segment. Lease obligations of machinery and equipment were taken out between 2020 and 2026. In aggregate the outstanding amounts are $7,473, at an average interest rate of 8.63% for periods between 1 and 4 years for the HEMCO Nicaragua segment. An other finance lease has an outstanding amount of 187. The value of the loans and the interest payable thereon according to their maturity is as follows: March 31, 2026 December 31, 2025 1 Year 22,580 53 Total $ 22,580 $ 53 Present value bank loans 22,580 53 The reconciliation of the present value of future minimum lease payments is as follows: March 31, 2026 December 31, 2025 1 Year 10,379 11,754 1 to 5 Years 3,576 4,886 More than 5 years 79 - Total $ 14,034 $ 16,640 Less: unaccrued finance expenses (1,069) (1,295) Present value of minimum lease payments 12,965 15,345 Expressed in Thousands of United States Dollars Table of Contents NOTE 17. RESERVES The amounts of the reserves are retained earnings that the shareholders can use for future payment of dividends as of March 31, 2026 and December 31, 2025 were as follows: Description March 31, 2026 December 31, 2025 Other reserves (1) 379,175 263,571 Legal reserves 20 20 Total $ 379,195 $ 263,591 (1) Other reserves correspond to reserves established by the shareholders, mainly for the protection of assets. The Company decreed dividends of $29,578 (March 31, 2025: $29,974); and appropriated reserves of $144,984 (March 31, 2025: $86,552), additionally on March 27, 2026, the General Shareholders Assembly considered and approved a shareholder-proposed resolution authorizing the Company, at the discretion of the board of directors of the Company, to repurchase its common shares by way of market purchases, up to a maximum aggregate amount of US$80 million over a period not to exceed three years. NOTE 18. RETAINED EARNINGS Description March 31, 2026 December 31, 2025 Profit for the period 87,686 144,984 Retained earnings from initial adoption of IFRS 17,201 17,201 Accumulated retained earnings (6,647) (6,647) Depreciation of revaluated assets 697 644 Total $ 98,937 $ 156,182 NOTE 19. TRANSACTIONS AND BALANCES WITH RELATED PARTIES All related party transactions were incurred in the normal course of operations and carried out on an arm's length basis under similar conditions for transactions entered into with third parties. The transactions are recorded at the amount agreed upon by the related parties. Compensation of Key Management Personnel The total compensation paid to key management personnel of Mineros Group (persons who have the authority and responsibility to plan, direct and control the Group's activities) as at March 31, 2026 and March 31, 2025 are as follows: March 31, 2026 March 31, 2025 Salaries and short-term benefits 444 367 Other compensations 528 3,003 Par value of granted RSU during the year (unvested and unpaid) 201 - Par value of granted SAR's during the year (unvested and unpaid) - 731 SARs paid during year - 334 Mineros Group have long-term or termination benefits for its key management personnel. For details of RSU´s granted during the period see note 9. Expressed in Thousands of United States Dollars Table of Contents The fees paid to Directors for their attendance at the meetings of the board of directors for the period ended March 31, 2026, were $114 (March 31, 2025: $135). Transactions with Mineros Foundation The values recorded for operations carried out with the Foundation in the indicated period are shown below: Description March 31, 2026 March 31, 2025 Donations $ 5 $ 209 The transactions carried out with Fundación Mineros are intended to contribute to the development of its social and economic purpose in the geographical areas where the Company's mining activity is carried out. NOTE 20. COMMITMENTS Commitments associated with the acquisition of Gualcamayo Property (" MASA ") On March 18, 2024, Mineros Chile, in its capacity as payor under the Payment Agreement for the Commencement of Commercial Production of the Deep Carbonates Project (the "DCP COCP Agreement"), Mineros S.A., in its capacity as guarantor under the DCP COCP Agreement, and Eris entered into an Assumption, Assignment and Consent Agreement pursuant to which, effective as of September 21, 2023 (the closing date of the sale of all outstanding shares of MASA as set forth in the 2023 MASA Share Purchase Agreement) (the "MASA SPA"), Mineros Chile assigned and transferred to Eris all of its rights, title and interest, and all of its benefits, obligations and liabilities under the DCP COCP Agreement, including the obligation to pay the amounts owed under the DCP COCP Agreement to Nomad Royalty Company Ltd. ("Nomad Royalty"). Mineros Chile has agreed to be jointly liable with Eris for all of Eris's obligations and responsibilities under the DCP COCP Agreement, in its capacity as payor, until Eris provides satisfactory evidence to Nomad Royalty that it will not suffer a material adverse effect in relation to the obligations set forth in the DCP COCP Agreement as a result of the formalization of the MASA SPA. Royal Gold, Inc. and its wholly owned subsidiary, International Royalty Corporation, acquired all issued and outstanding common shares of Sandstorm (and therefore of Nomad Royalty) effective October 20, 2025. Management has not recognized any contingent asset or liability in determining the total consideration of the purchase and subsequent sale transaction, because commercial production at the Deep Carbonates Project was assessed as remote as of March 31, 2026. NOTE 21. EVENTS AFTER REPORTING PERIOD Loan agreement On April 1, 2026, the company entered into a loan agreement with a financial institution and received proceeds of USD $11 millions.The purpose of this financing is to strengthen the Company's working capital position. Closing of the Acquisition of Gold Exploration Project in Tolima, Colombia Expressed in Thousands of United States Dollars Table of Contents On April 13, 2026, the Company closed the previously announced acquisition of 100% of the outstanding shares of Anglo Gold Ashanti Colombia S.A.S. from a subsidiary of Anglo Gold Ashanti PLC, pursuant to the definitive agreement entered into on March 9, 2026. Through this transaction, Mineros acquired an exploration-stage gold project located in the municipality of Cajamarca, Department of Tolima, Colombia. Update to investment policy. On May 4, 2026, the Board approved an updated investment policy that expands the range of admissible instruments to include, among others, equity instruments, physical gold bullion and gold derivative instruments. The policy establishes an Investment Committee, quantitative risk limits including daily value-at-risk and stop-loss thresholds, and enhanced reporting requirements. Derivative instruments that are not designated as hedging instruments under IFRS 9 are classified at fair value through profit or loss (FVTPL), with changes in fair value recognized in profit or loss in the period in which they arise. NOTE 22. APPROVAL OF FINANCIAL STATEMENTS The Unaudited Condensed Interim Consolidated Financial Statements of Mineros S.A. for the three months ended March 31, 2026, were approved by the board of directors at its meeting held on May 6,2026 as per minute number 610.