Mineros S A : Q1 2026 Earnings Call Presentation

About this update from Mineros Sa

B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F HOSTED BY: Daniel Henao CEO Natalia Correa CFO Ann Wilkinson VP Investor Relations MAY 7, 2026 Results Q1 2026 F I N AN C I AL H I G H LI G H T S O P E R AT I O N AL H I G H LI G H T S ST R AT E G I C H I G H L I GH T S REVENUE - RECORD QUARTER $292M +82% vs. Q1 2025 · Adjusted EBITDA margin of 53% AUEQ PRODUCTION 60,785 oz +10% vs. Q1 2025 · Nicaragua + Colombia PORVENIR PFS NPV $460M IRR 37.9% · 2.0-yr payback · AISC $1,295/AuEq oz NET PROFIT $88M +131% vs. Q1 2025 ADJ. EBITDA $154M +116% YoY GOLD PRODUCTION 57,850 oz AISC within 2026 guidance AISC / OZ AU SOLD $2,235 Cash Cost $2,002/oz TOLIMA PROJECT 1 28.3 Moz Au Tolima, Colombia 2026 DRILLING 12,770 m of 75,400 m planned $4,777 oz RECORD REALIZED GOLD PRICE Average realized price up 66% vs. Q1 2025 - fully unhedged production strategy at work 161,766 oz SILVER SOLD - RECORD Avg. realized $87 /oz ( +164% YoY) · Polymetallic upside of Hemco asset base. S&P/TSX Mining IND EX INC LUSION + TSX30® + TOP BVC PERFORMER DTC eligibility achieved on OTCQX · Broader institutional reach across all venues $173M GOLD-EXPOSED LIQUID ASSETS Physical bullion $20.4M · Gold-backed receivables $152.7M 2,000 tpd HEMCO THROUGHPUT - EXPANSION ON TRACK Target 2,200 tpd by June 2026 and 2,500 tpd by December 2026. 4,376 oz Au PHYSICAL GOLD TREASURY Held at period-end · Supports long-term capital allocation in a rising gold price environment 1 Mineros has not verified this historical estimate as a current mineral resource. Mineros' Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource, and Mineros is not treating it as such. Significant data compilation, verification, and potentially additional drilling would be required before any declaration, update or reclassification. Consequently, the QP disclaims all liability for the accuracy, completeness, or reliability of the data provided by these external sources. The delineation of the Los Nevados Páramo under Resolution 1987 of 2016 remains subject to legal proceedings and may affect portions of the historical resource estimate. For further details on the Mineral Resources, refer to AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024. B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F Q1 2026 HIGHLIGHTS: FINANCIAL, OPERATIONAL AND STRATEGIC REVENUES $292M +82% 60,785 AUEQ Oz $4,777 Average realized price ADJUSTED EBITDA $154M +116% 53% Margin EBITDA GROSS PROFIT $143M +122% Revenue outpaced the 55% increase in cost of sales NET PROFIT $88M +131% $0.29 EPS FREE CASH FLOW $(72)M Capital deployed in strategic gold position Records across the board For every dollar of gold sold - 53 cents became EBITDA. B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F OUTSTANDING FINANCIAL RESULTS - Q1 2026 Cash & Equivalents $44M Phisical Gold Position $20M 4,376 AuOz Gold Backed Receivables $153M 27,247 AuOz Credit loans $36M Total Liquid Position $217 M Strong Net Cash Position with a net debt of $(8)M B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F BALANCE SHEET STRENGTH +10% AuEq oz Produced Q1 2026 vs. Q1 2025 +66% Average Sale Price Q1 2026 vs. Q1 2025 The average selling price, the Cash Cost per ounce of gold sold, and the AISC per ounce of gold sold are non-IFRS financial measures. Non-IFRS financial measures and indicators should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These indicators may not be comparable to similar financial indicators disclosed by other issuers. Gold equivalent ("AuEq") ounces = (Gold ounces produced + revenue derived from silver ounces sold) / average realized price per ounce of gold sold. 6 B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F CONSISTENT PRODUCTION Production: 20k Au oz AISC: $1,945/oz Lost Time Freq : 0.96 Key Milestone: Gold recovery rate improvement from 84% to 87%. Colombian Operations Nicaraguan Operations Production: 38k Au oz AISC: $2,340/oz Lost Time Freq: 0.13 Mining Mix: 79% Bonanza Mining Partners, 21% Industrial B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F OPERATIONAL EXCELLENCE - Q1 RESULTS Consolidated Gold Production 213k - 233k Au oz Consolidated AISC $2,370-$2,470/oz Au Colombia 83k-93k Au oz AISC: $1,820-$1,920/oz Au CMP Margin 11% - 14% Nicaragua 130k-140k Au oz AISC: $2,000-$2,100/oz Au BMP Margin 39% - 41% 2026 Capital Investment Program Total CAPEX: $113.7M | Growth: $51.7M | Sustaining: $44.7M | Exploration: $17.3M (1) The gold price assumed was $4,405. While our 2026 guidance is anchored in our primary gold reserves, the Company continues to optimize silver recovery at the Hemco processing plant. Although silver is not currently classified as either a Mineral Reserve or a Mineral Resource, we expect improvements to our ability to recover silver will provide a positive impact on our revenues and consolidated AISC. For reporting 8 purposes, any silver recovered will be disclosed as gold equivalent (AuEq) production using the then-average price per ounce sold of each metal. B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F 2026 GUIDANCE - ON TRACK TO MEET GUIDANCE 2026 Exploration Program 7,000 m drilling program · USD 2.2M investment Target: Mineral Resource expansion & reserve growth Program to commence Q2 2026 - permits in process KEY MILESTONES Q2 2026 Drilling starts 2026 DIA filing 2027 Resource update 2027+ Advanced studies B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F LA PEPA, CHILE - UPDATE Atacama Region, Chile · 4,200 m a.s.l. · 100% Mineros Maricunga Gold Belt · One of South America's premier gold corridors Sectorial permit application submitted Environmental characterization studies underway Environmental Impact Declaration (EIA) in preparation • • • Permitting & Environmental Studies • • • Part of USD 51.7M 2026 Growth CAPEX portfolio Maricunga Belt: globally recognized Tier-1 gold district Complements Nicaragua growth → path to 500 koz AuEq by 2030 Capital Commitment & Strategic Position Environmental Certification for Porvenir Processing Plant and Tailings Storage Facility Received Project Overview & District-Scale Opportunity Reserves: 596 koz Au · 2,555 koz Ag · 52 Mlb Cu · 372 Mlb Zn · LOM 9.2 yrs · avg. 54.5 koz Au/yr District total: 736 koz AuEq P&P Reserves across Porvenir, Guillermina, Leticia & San Antonio After-tax free cash flow over LOM: USD 727M · Initial CAPEX: USD 206.8M Bonanza, RACCN, Nicaragua · 14 km SW of Hemco Underground polymetallic: Au · Ag · Cu · Zn ➤ Next Step: Updated construction timeline & capital requirements guidance expected in late 2026 B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F PORVENIR PROJECT - ENVIRONMENTAL PERMITTING ACHIEVED • • • New environmental permits secured: underground mining · forest mgmt. · municipal opinion · processing plant & TSF · two Attorney General certifications Approved infrastructure: 2,500 tpd SAG mill plant with Cu-Pb-Zn flotation + Merrill-Crowe precious metals recovery TSF designed to GISTM international standard - major project de-risking milestone Permitting Complete - Advancing to Construction Planning B V C : M I N E R O S T S X : M S A O T C Q X : M N S A F W W W . M I N E R O S . C O M . C O 202 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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