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Mineros S A : Q2 2026 Consolidated Financial Statements
Mineros S A : Q2 2026 Consolidated Financial
About this update from Mineros Sa
MINEROS S.A. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the periods June 30, 2026 (with comparative figures as of December 31, 2025 for the Statements of Financial Position and as of June 30, 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 17 NOTE 8. COST OF SALES 18 NOTE 9. OTHER EXPENSES 18 NOTE 10. EARNINGS PER SHARE 19 NOTE 11. CASH AND CASH EQUIVALENTS 21 NOTE 12. TRADE AND OTHER RECEIVABLES, NET 22 NOTE 13. PRECIOUS METALS 22 NOTE 14. INVENTORIES, NET 23 NOTE 15. TAXES 23 NOTE 16. OTHER ASSETS 26 NOTE 17. LOANS AND OTHER BORROWINGS 27 NOTE 18. PROVISIONS 28 NOTE 19. RESERVES 29 NOTE 20. TRANSACTIONS AND BALANCES WITH RELATED PARTIES 30 NOTE 21. COMMITMENTS 30 NOTE 22. EVENTS AFTER REPORTING PERIOD 31 NOTE 23. APPROVAL OF FINANCIAL STATEMENTS 31 Expressed in Thousands of United States Dollars Table of Contents CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three months ended June 30, Six months ended June 30, Note 2026 2025 2026 2025 Revenue 7 $ 266,978 $ 182,403 $ 558,788 $ 342,963 Cost of sales 8 (169,724) (107,442) (320,461) (203,844) GROSS PROFIT $ 97,254 $ 74,961 $ 238,327 $ 139,119 Administrative expenses (6,180) (5,194) (12,241) (11,565) Other income 1,401 615 2,960 988 Share of profit or loss of associates and joint ventures accounted for using the equity method. - (59) - (59) Other expenses 9 (6,110) (3,479) (9,666) (5,709) Exploration expenses (2,271) (1,196) (3,569) (2,091) Finance income 510 849 1,198 1,646 Finance expense (2,620) (2,039) (4,491) (4,073) Net loss on derivative financial instruments 5 (9,978) - (13,308) - Foreign exchange differences 1,105 (610) 1,108 (761) PROFIT FOR THE PERIOD BEFORE TAX $ 73,111 $ 63,849 $ 200,318 $ 117,496 Current income tax expense 15 (37,693) (21,187) (76,578) (40,056) Deferred income tax recovery (expense) 15 9,715 839 9,079 4,068 NET PROFIT FOR THE PERIOD $ 45,133 $ 43,501 $ 132,819 $ 81,508 45,133 43,501 132,819 81,508 Attributable to: Owners of the parent company 45,133 43,501 132,819 81,508 NET PROFIT FOR THE PERIOD $ 45,133 $ 43,501 $ 132,819 $ 81,508 Basic and diluted earnings per share (USD) 10 $ 0.15 $ 0.15 $ 0.45 $ 0.28 (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 June 30, Six months ended June 30, 2026 2025 2026 2025 NET PROFIT FOR THE PERIOD $ 45,133 $ 43,501 $ 132,819 $ 81,508 Other comprehensive income, net of income tax Items that will not be reclassified subsequently to profit or loss: Revaluation of property, plant and equipment 13 136 (1,459) 264 $ 13 $ 136 $ (1,459) $ 264 Items that may be reclassified subsequently to profit or loss: Foreign exchange differences on translation of foreign operations gain (loss) 1,255 287 1,518 707 $ 1,255 $ 287 $ 1,518 $ 707 Other comprehensive income, net of income tax $ 1,268 $ 423 $ 59 $ 971 TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 46,401 $ 43,924 $ 132,878 $ 82,479 Total comprehensive income attributable to: Owners of the parent company 46,401 43,924 132,878 82,479 TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 46,401 $ 43,924 $ 132,878 $ 82,479 (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 December 31, ASSETS Notes June 30, 2026 2025 Current assets Cash and cash equivalents 11 41,136 108,005 Trade and other receivables, net 12 72,687 33,213 Precious metals 13 124,605 - Inventories, net 14 64,685 42,504 Investments in financial assets 2 2 Income tax assets 15 55,535 14,396 Other tax assets 15 42,228 36,783 Other assets 16 65,777 35,097 Total Current assets $ 466,655 $ 270,000 Non-current assets Trade and other receivables 12 2,647 2,331 Inventories, net 14 13,878 15,620 Investments in financial assets 17,442 11,808 Other tax assets 15 21 - Deferred tax assets 15 13,938 6,559 Investment property 5,904 5,904 Exploration and evaluation projects, net 103,117 101,500 Intangible assets, net 28,086 31,227 Property, plant and equipment, net 318,787 306,068 Total Non-current assets $ 503,820 $ 481,017 TOTAL ASSETS $ 970,475 $ 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 June 30, 2026 December 31, 2025 LIABILITIES AND EQUITY Liabilities Current liabilities Loans and other borrowings 17 52,952 10,810 Derivative financial instruments 5 13,308 - Trade and other payables 40,899 35,304 Other financial liabilities 10 22,543 8,182 Employee benefits 6,824 5,682 Income tax liabilities 15 126,851 82,584 Other tax liabilities 15 3,444 3,237 Provisions 18 10,978 11,030 Total current liabilities $ 277,799 $ 156,829 Non-current liabilities Loans and other borrowings 17 2,683 4,588 Employee benefits 4,502 4,357 Deferred Tax Liability 15 7,626 9,626 Provisions 18 78,272 61,750 Total non-current liabilities $ 93,083 $ 80,321 TOTAL LIABILITIES $ 370,882 $ 237,150 Equity Share capital 44 44 Share premium account 30,194 30,194 Reserves 19 361,423 263,591 Other comprehensive income 63,808 63,854 Retained earnings 144,122 156,182 Equity attributable to the owners of the parent company $ 599,591 $ 513,865 Non-controlling interests 2 2 Total equity 599,593 513,867 TOTAL LIABILITIES AND EQUITY $ 970,475 $ 751,017 Commitments (Note 21) (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 JUNE 30, 2026 AND DECEMBER 31, 2025 AND FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND JUNE 30, 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 - - - - 81,508 81,508 - 81,508 Other comprehensive income for the period, net of income tax - - - 971 - 971 - 971 Total comprehensive income for the period $ - $ - $ - $ 971 $ 81,508 $ 82,479 $ - $ 82,479 Appropriation of reserves - - 86,552 - (86,552) - - - Dividends - - (29,974) - - (29,974) - (29,974) Reclassification $ - $ - $ - $ (92) $ 92 $ - $ - $ - Balance as of June 30, 2025 $ 44 $ 30,194 $ 275,699 $ 62,520 $ 92,600 $ 461,057 $ 2 $ 461,059 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 - - - - 132,819 132,819 - 132,819 Other comprehensive income for the period, net of income tax - - - 59 - 59 - 59 Total comprehensive income for the period $ - $ - $ - $ 59 $ 132,819 $ 132,878 $ - $ 132,878 Appropriation of reserves - - 144,984 - (144,984) - - - Dividends - - (29,578) - - (29,578) - (29,578) Share repurchase - - (18,077) - - (18,077) - (18,077) Reversal of dividends on treasury shares 503 503 503 Reclassification - - - (105) 105 - - - Balance as of June 30, 2026 $ 44 $ 30,194 $ 361,423 $ 63,808 $ 144,122 $ 599,591 $ 2 $ 599,593 (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 Three months ended June 30, Six months ended June 30, Cash flows provided by (used in) operating activities 2026 2025 2026 2025 Receipts from sales of goods 325,680 196,000 490,967 321,232 Receipts from commissions and other revenue 4,128 2,282 7,491 5,441 Payment to BMP & CMP (85,649) (49,987) (168,724) (89,987) Payments to suppliers for goods and services (51,526) (41,227) (101,793) (81,385) Payments to employees and social security agencies (20,211) (19,640) (39,112) (36,559) Payments for premiums and claims, annuities and other policy benefits (682) (2,340) (1,302) (4,533) Payments for futures contracts, forward contracts, option contracts and swap contracts - - (10,000) - Income tax paid (48,768) (25,200) (84,261) (42,630) Other outflows of cash (7,123) (68) (14,016) (125) Operating cash flow before strategic gold purchases $ 115,849 $ 59,820 $ 79,250 $ 71,454 Net purchases of bullion (86,971) $ - (110,008) $ - Net cash flows provided by (used in) operating activities $ 28,878 $ 59,820 $ (30,758) $ 71,454 Cash flows provided by (used in) investing activities Purchase of equity instruments or debt of other entities (9,493) - (16,993) - Proceeds from sales of property, plant and equipment - 107 73 107 Purchases of property, plant and equipment (13,460) (18,910) (22,773) (33,232) Purchases of intangible assets and exploration projects (1,090) (2,121) (2,319) (3,248) Interest received 382 764 973 1,476 Sales of financial instruments 233 1,096 1,414 1,658 Net cash flows (used in) investing activities $ (23,428) $ (19,064) $ (39,625) $ (33,239) Cash flows provided by (used in) financing activities Proceeds from borrowings 17 21,384 88 44,049 181 Payments of borrowings 17 (277) (1,746) (498) (3,525) Payments of lease liabilities 17 (3,347) (2,886) (6,394) (5,550) Repurchase of shares 10 (18,077) - (18,077) - Dividends paid 10 (7,370) (7,473) (14,745) (14,949) Interest paid 17 (383) (680) (742) (1,432) Net cash flows provided by (used in) financing activities $ (8,070) $ (12,697) $ 3,593 $ (25,275) Decrease (increase) in cash and cash equivalents before effect of exchange rate changes $ (2,620) $ 28,059 $ (66,790) $ 12,940 Effect of foreign exchange rate changes 191 337 (79) 307 Net (decrease) increase in cash and cash equivalents (2,429) 28,396 (66,869) 13,247 Cash and cash equivalents at beginning of the period $ 43,565 $ 81,261 $ 108,005 $ 96,410 Cash and cash equivalents at end of the period $ 41,136 $ 109,657 $ 41,136 $ 109,657 (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" 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, and the La Pepa Project in Chile. Investments in Subsidiaries Outlined below is information related to the Mineros S.A. subsidiaries as of June 30, 2026 and 2025: Corporate Name Place of incorporation and operation Type entity Main Activity Functional Currency Equity interest % June 30, 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% Mineros Chile Rentista de Capitales Mobiliarios Limitada (1) Chile Subsidiary Holding company USD N/A 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% Distribuidora Caribe Norte, S.A. (1) Nicaragua Subsidiary Inactive USD N/A 100% Minerales Matuzalén S.A. (1) Nicaragua Subsidiary Underground gold mining USD N/A 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 Tolima S.A.S Colombia Subsidiary Inactive COP 100% -% Mineros Switzerland AG Switzerland Subsidiary Corporate services USD 100% 100% Mineros (Canada) Inc Canada Subsidiary Corporate services USD 100% 100% As of June 30, 2026, each of the subsidiaries "Mineros Chile Rentista de Capitales Mobiliarios Limitada", "Distribuidora Caribe Norte S.A" and "Minerales Matuzalen" have completed their voluntary dissolution processes. Each company is no longer operational as a result. As of the reporting date, no material impacts or significant restrictions arising from the process have been identified. Expressed in Thousands of United States Dollars Table of Contents USD: United States Dollar COP: Colombian Peso 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 and six months ended June 30, 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 June 30, 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 June 30, 2026 Book value Financial assets Financial liabilities Total FVTPL - designated FVTOCI - designated Amortized cost FVTPL - designated Amortized cost Cash and cash equivalents (see note 11) $ - $ - $ 41,136 $ - $ - $ 41,136 Trade and other receivables (see note 12) $ - $ - $ 75,333 $ - $ - $ 75,333 Derivative financial instruments (1) (see note 5) $ - $ - $ - $ (13,308) $ - $ (13,308) Investment in financial asset $ 2 $ - $ - $ - $ - $ 2 Non-current investments (2) $ 4,180 $ 13,262 $ - $ - $ - $ 17,442 Loans and other borrowing (see note 17) $ - $ - $ - $ - $ (55,635) $ (55,635) Trade and other payables $ - $ - $ - $ - $ (40,899) $ (40,899) Other financial liabilities (see note 10) $ - $ - $ - $ - $ (22,543) $ (22,543) (1) 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. (2) These investments are classified as financial instruments. Mineros does not exercise significant influence over them 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). June 30, 2026 Fair value Level 1 2 3 Total Investment in financial asset 2 - - 2 Non-current investments 6,014 - 11,428 17,442 Derivate financial instrument (13,308) - - (13,308) 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 June 30, 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. Expressed in Thousands of United States Dollars Table of Contents 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 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. $ 43,500 (2025: $53) $ 44,125,(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, cash and cash equivalents and precious metals) 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 periods ended June 30, 2026 and June 30, 2025, 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. 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 Q2 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. Expressed in Thousands of United States Dollars Table of Contents 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 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 precious metals holdings As of June 30, 2026, the Group held 29,309 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 14 - Precious metals 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 gold inventory positions outstanding at June 30, 2026. The analysis assumes all other variables remain constant: Gold price variation Impact on Profit & Loss Statement XAUUSD + 20% $ 23,276 XAUUSD + 10% $ 11,638 Close price in USD $ 4,026.06 XAUUSD - 10% $ (11,638) XAUUSD - 20% $ (23,276) 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 for the six month ended June, 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 $41,136 (December 31, 2025: $108,005) and loans and other borrowings were $55,635 (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 seeks to have in place 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 June 30, 2026 December 31, 2025 Cash and cash equivalents $ 41,136 $ 108,005 Short term investments 2 2 Accounts receivable from gold and silver sales 72,687 33,213 Margin deposit - derivative contract 10,000 - Total $ 123,825 $ 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 six months ended June 30, 2026, the Group generated operating cash flows before strategic gold purchases of $79,250 (June 30, 2025: $71,454), broadly in line with the prior period. After net purchases of precious metals under the Group's investment policy of $110,008 (June 30, 2025: nil), net cash used in operating activities was 30,758 (June 30, 2025: net cash generated of $71,454). Management considers precious metals holdings to be part of the Group's total liquid resources given the depth and continuous liquidity of the global gold market. As at June 30, 2026, total liquid resources comprising cash and cash equivalents of $41,136 (December 31, 2025: $108,005) and precious metals holdings of $124,605 (December 31, 2025: nil) amounted to $169,462. In addition to this, trade receivables from gold and silver sales of $63,029 (equivalent to 12,912 ounces of gold and 95,577 ounces of silver) are expected to be settled in the near term, further supporting the Company's liquidity position. Derivative Financial Instruments 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 first quarter ended, the collar was finalized, and Mineros recognized a loss of $250. Gold forward contract As of June 30, 2026, the Group held a forward contract to purchase 18,650 ounces of gold at a fixed price of USD$4,740 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. As of June 30, 2026, the spot price of gold was $4,026 per ounce. The fair value of the forward contract was determined using observable forward curves and discounted cash flow techniques: Expressed in Thousands of United States Dollars Table of Contents Description Notional (oz) Contract Price ($/oz) Spot Price ($/oz) Fair Value Adjusment($) Classification Gold Forward Contract 18,650 $ 4,740 $ 4,026 $ (13,308) Net loss on derivative financial instruments The Group recognized a derivative liability of $13,308 as of June 30, 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 June 30, 2026 Realized loss on Gold Collar (1) (250) Unrealized loss on gold forward contract (2) (13,308) Total derivative loss, net $ (13,558) For the comparative period there were no transactions Balance included in sales of gold. 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 June 30, 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 in the Chile segment (La Pepa). During the quarter, the company commenced operations through Mineros Switzerland AG, buying precious metals from Colombia and Nicaragua and subsequently selling them to final customers. 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 June 30, 2026, and June 30, 2025: Expressed in Thousands of United States Dollars Table of Contents Three Months Ended June 30, 2026 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Mineros Switzerland (1) Others Intersegment adjustments and eliminations Total Revenue 103,426 173,895 - 7,045 81,764 534 (99,686) 266,978 Investment in subsidiaries - - (252) 51,908 - - (51,656) - Cost of sales (52,625) (117,636) - - (86,679) (375) 87,591 (169,724) Gross Profit $ 50,801 $ 56,259 $ (252) $ 58,953 $ (4,915) $ 159 $ (63,751) $ 97,254 Administrative expenses (1,144) (1,919) (86) (4,439) - (358) 1,766 (6,180) Exploration expenses - (1,428) - (111) - (732) - (2,271) Finance income 809 649 - 82 - 45 (1,075) 510 Finance expense (1,146) (970) - (619) (704) (257) 1,076 (2,620) Profit or loss before taxes 46,862 52,552 (56) 45,911 (14,136) (1,711) (56,311) 73,111 Income Tax $ (27,978) Net profit for the period $ 45,133 Six Months Ended June 30, 2026 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Mineros Switzerland Others Intersegment adjustments and eliminations Total Revenue 202,460 366,671 - 13,851 81,764 1,091 (107,049) 558,788 Investment in subsidiaries - - (878) 138,390 - - (137,512) - Cost of sales (100,987) (225,540) - - (86,679) (697) 93,442 (320,461) Gross Profit $ 101,473 $ 141,131 $ (878) $ 152,241 $ (4,915) $ 394 $ (151,119) $ 238,327 Administrative expenses (2,375) (4,111) (196) (8,853) (27) (1,174) 4,495 (12,241) Exploration expenses - (2,359) - (476) - (734) - (3,569) Finance income 1,340 1,033 - 136 - 54 (1,365) 1,198 Finance expense (2,227) (1,798) - (836) (737) (258) 1,365 (4,491) Profit or loss before taxes 93,737 134,065 (170) 132,926 (15,696) (1,714) (142,830) 200,318 Income Tax $ (67,499) Net profit for the period $ 132,819 Expressed in Thousands of United States Dollars Table of Contents Three Months Ended June 30, 2025 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Others Intersegment adjustments and eliminations Total Revenue 70,599 111,716 - 4,910 487 (5,309) 182,403 Investment in subsidiaries - - - 43,706 - (43,706) - Cost of sales (39,651) (72,912) - - (567) 5,688 (107,442) Gross Profit $ 30,948 $ 38,804 $ - $ 48,616 $ (80) $ (43,327) $ 74,961 Administrative expenses (707) (1,342) (102) (4,137) (160) 1,254 (5,194) Exploration expenses - (963) - (233) - - (1,196) Finance income 357 376 - 107 7 2 849 Finance expense (1,149) (746) - (142) (1) (1) (2,039) Profit or loss before taxes 28,551 34,771 (161) 44,382 13 (43,707) 63,849 Income Tax $ (20,348) Net profit for the period $ 43,501 Six Months Ended June 30, 2025 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Others Intersegment adjustments and eliminations Total Revenue 139,002 203,733 - 9,741 891 (10,404) 342,963 Investment in subsidiaries - - - 80,633 - (80,633) - Cost of sales (77,942) (136,059) - - (567) 10,724 (203,844) Gross Profit $ 61,060 $ 67,674 $ - $ 90,374 $ 324 $ (80,313) $ 139,119 Administrative expenses (1,813) (2,332) (498) (8,751) (387) 2,216 (11,565) Exploration expenses - (1,714) - (376) - (1) (2,091) Finance income 623 742 - 264 15 2 1,646 Finance expense (2,229) (1,518) - (322) (2) (2) (4,073) Profit or loss before taxes 1 55,803 60,501 (567) 82,404 (66) (80,579) 117,496 Income Tax $ (35,988) Net profit for the period $ 81,508 Six Months Ended June 30, 2026 Nechi Property Hemco Property Chile (La Pepa) Mineros S.A (Holding) Mineros Switzerland Others Intersegment adjustments and eliminations Total Property, plant, and equipment 113,722 173,247 - 2,650 - 13,878 15,290 318,787 Total, assets 387,462 237,876 45,509 704,801 122,647 41,382 (569,202) 970,475 Total, liabilities (163,279) (129,211) (350) (104,414) (144,900) (4,845) 176,117 (370,882) Additions of PP&E, intangibles and exploration and evaluation projects 9,811 17,007 - 109 - 67 - 26,994 Expressed in Thousands of United States Dollars Table of Contents The following sets out Information about major customers: Customer June 30, 2026 June 30, 2025 1 291,074 95,981 2 226,474 143,410 3 27,795 54,523 4 10,400 45,454 Total sales to customers exceeding 10% of annual metal sales $ 555,743 $ 339,368 Percentage of metal sales 99 % 99 % Transactions are agreed upon under conditions with minimum credit terms (between 2 and 30 days), resulting in a highly agile cash conversion cycle. Non-current assets are set out in the following table by segment : Non-current assets June 30, 2026 December 31, 2025 Mineros S.A (Holding) $ 669,173 $ 521,625 Hemco Property 272,150 275,170 Nechi Property 171,347 141,002 Chile (La Pepa) 45,099 45,228 Mineros Switzerland 5,730 - Intersegment adjustments and eliminations (659,679) (502,008) Total non-current assets $ 503,820 $ 481,017 Depreciation and amortization are set out in the following table by segment: Depreciation and amortization June 30, 2026 June 30, 2025 Hemco Property $ 23,435 $ 16,485 Nechi Property 10,324 8,987 Mineros S.A (Holding) 538 466 Others 92 86 Total, depreciation and amortization $ 34,389 $ 26,024 NOTE 7. REVENUE Mineros Group derives its income primarily from the export of precious metals. Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Sales of gold 255,829 178,573 532,189 334,845 Sales of silver 9,285 2,427 23,305 4,966 Sales of electrical energy 1,862 1,316 3,293 2,925 Other revenue 2 88 1 228 Total $ 266,978 $ 182,403 $ 558,788 $ 342,963 Expressed in Thousands of United States Dollars Table of Contents 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. NOTE 8. COST OF SALES Cost of sales comprises the following items: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Direct mining costs 31,084 30,012 65,155 59,678 Direct mining costs contracts (BMP-CMP) 99,933 60,430 186,663 109,725 Depreciation and amortization 11,146 8,543 23,920 18,347 Depreciation and amortization contracts (BMP-CMP) 5,370 3,685 9,861 7,150 Taxes and royalties 3,150 3,345 6,099 5,175 Taxes and royalties contracts (BMP-CMP) 7,900 973 15,327 2,845 Precious metals inventory write-down 10,282 - 11,780 - Cost of electricity sold 859 454 1,656 924 Total Cost of Sales $ 169,724 $ 107,442 $ 320,461 $ 203,844 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. OTHER EXPENSES This item includes the following expenses: Three months ended June 30, Six months ended June 30, Item 2026 2025 2026 2025 Taxes incurred 1,899 923 4,078 1,465 Impairment of financial instruments 1,736 21 1,760 26 Donations 871 576 1,116 793 Community support 514 581 1,050 1,317 Miscellaneous 666 567 911 604 Tax on financial movements 363 247 607 448 Corporate projects 55 534 104 757 Estimated liabilities 6 25 40 105 Spare parts write -down - 5 - 194 Total Other Expenses $ 6,110 $ 3,479 $ 9,666 $ 5,709 Expressed in Thousands of United States Dollars Table of Contents NOTE 10. 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.The Group has an RSU plan in place (see Note 10.1). As the RSUs are cash-settled instruments under IFRS 2, they do not result in the issuance of new shares and therefore have no dilutive effect on earnings per share under IAS 33. The calculation of the basic earnings per share is based on the following data: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Profit attributable to controlling interest $ 45,133 $ 43,501 $ 132,819 $ 81,508 Weighted average number of outstanding ordinary shares 294,784,900 294,784,900 294,784,900 294,784,900 Earnings per share in USD $ 0.15 $ 0.15 $ 0.45 $ 0.28 Six months ended June 30, 2026 Shares outstanding, beginning of period 295,780,517 Treasury shares acquired under the share repurchase (1) 2,986,851 Weighted average shares - basic (2) 294,784,900 Dilutive effect of RSUs - Weighted average shares - diluted 294,784,900 (1) During the six months ended June 30, 2026, the Company acquired and cancelled 2,986,851 common shares under its share repurchase program. During the six month the amount bought back under the share purchase program has been $18,077. (2) The weighted average number of shares is calculated by adjusting the shares outstanding at the beginning of the period for shares acquired and cancelled during the period, weighted by the portion of the period during which the shares were outstanding. In accordance with IAS 33.26 and IAS 33.64, the weighted average number of ordinary shares outstanding for the comparative periods (three and six months ended June 30, 2025) has been retrospectively adjusted to reflect the repurchases that occurred. As required by IAS 33.28, such shares are treated as if the event had occurred at the beginning of the earliest period presented. All earnings per share figures for prior periods have been restated accordingly. Dividends payable The balances of dividends payable, classified in the financial statement under other financial liabilities, are: Expressed in Thousands of United States Dollars Table of Contents June 30, 2026 December 31, 2025 Ordinary dividends decreed 21,671 7,341 Dividends from prior periods 872 841 Total $ 22,543 $ 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 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 2025 Assembly"). During the session, the 2025 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 June 30, 2026. June 30, 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) (504) - Foreign exchange differences 32 25 Dividends paid (14,745) (29,772) At the end of the period $ 22,543 $ 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. 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 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 six-month period ended June 30, 2026: Expressed in Thousands of United States Dollars Table of Contents Number outstanding Weighted average exercise price (COP) Balance, beginning of period - - Granted 51,547 $14,299 Balance, end of period 51,547 $14,299 The estimated grant date fair value of the RSU´s outstanding as of June 30, 2026, was calculated using the Black Scholes option-pricing model with the following weighted average assumptions: Granted in 2026 Risk-free interest rate 12.1 % Expected annual volatility 36.4 % Expected life (in years) 2.51 Expected dividend yield 2.7% Fair value per RSU (COP) 4,908 Share price at grant date (COP) 14,299 The Group recognized share-based payment expense of $12 for the six months ended June 30, 2026. The following summarizes information about RSU´s outstanding and exercisable at June 30, 2026: Expiry date Weighted average price (COP) RSU outstanding RSU exercisable Estimated fair value ($) Weighted average remaining contractual life (in years) January 1, 2029 14,299 51,547 - 12 2.51 Total 14,299 51,547 - 12 2.51 NOTE 11. CASH AND CASH EQUIVALENTS Cash and cash equivalents are composed of the following: June 30, 2026 December 31, 2025 Bank deposits (US dollars) 37,934 70,865 Bank funds 160 35,025 Local accounts 1,254 1,147 Collective investment fund (*) 1,756 937 Petty cash 32 31 Total $ 41,136 $ 108,005 (*) Collective investment funds are alternative investment funds that can be cash out at any time. Bank deposit accounts have average effective interest rates ("EIR") of 3.39% (December 31, 2025: 3.67% EIR). Local bank accounts have average EIR of 2.57% (December 31, 2025: 1.98% EIR). Collective investment funds have average EIR of 13.57% (December 31, 2025: 8.51% EIR). Expressed in Thousands of United States Dollars Table of Contents 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 $1,967. NOTE 12. TRADE AND OTHER RECEIVABLES, NET Trade and other receivables are composed of the following items: June 30, 2026 December 31, 2025 Trade accounts receivable: International Clients (1) 63,029 26,366 Local Clients 64 - Total trade accounts receivable $ 63,093 $ 26,366 Other accounts receivable: Employee loans 3,097 2,777 Other receivables 9,144 6,401 Total $ 12,241 $ 9,178 Trade accounts and other receivables $ 75,334 $ 35,544 Current portion 72,687 33,213 Non-current portion 2,647 2,331 (1) Trade account receivables are denominated in US dollars and are classified as current. These receivables do not accrue interest and are not secured by specific guarantees. The increase in trade account receivables during the first half of 2026 is primarily attributable to 12,912 ounces of gold and 95,577 ounces of silver sales pending final price determination (fixing). The related revenues have been recognized and the related receivable balance has been marked-to-market 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 13. PRECIOUS METALS June 30, 2026 December 31, 2025 Bullion (1) $ 116,383 $ - Unallocated metal positions (2) 8,222 - Total $ 124,605 $ - Current portion 124,605 - ( 1) During the period, Mineros Switzerland held 19,912 ounces of gold, at a closed price of $4,026.69 per ounce, and Hemco Mineros Nicaragua acquired 8,995 ounces of gold at a price of $4,026.69 per ounce. These transactions are part of the Company's Strategic Gold Reserve Policy under which physical gold bullion is held as a core treasury asset, reflecting a deliberate capital allocation decision to preserve value against monetary erosion. Allocated bullion consists of specifically identified gold bars held in the Company's name, free of counterparty credit risk, and is measured at the lower of cost and net realizable value (IAS 2). Expressed in Thousands of United States Dollars Table of Contents As of June 30, 2026, the Company recognized a non-cash net realizable value loss of $11,700 on positions measured at the lower of cost and net realizable value (allocated bullion). (2) Unallocated metal positions correspond to 402 ounces of gold held unallocated with the refinery, at a closed price of $4,026.69. per ounce, and 112,297 ounces of silver held in a Loco London unallocated account, at an average price of $58.80 per ounce. These are contractual rights against third-party custodians, subject to counterparty credit risk, and are measured at fair value through profit or loss (IFRS 9). As of June 30, 2026 a non-cash fair value loss of $1,700 on unallocated metal positions measured at fair value through profit or loss. There were no bullion nor unallocated metal positions as at December 31, 2025, as the Strategic Gold Reserve Policy was adopted during the six-month period ended June 30, 2026. NOTE 14. INVENTORIES, NET The following is the composition of inventories: June 30, 2026 December 31, 2025 Materials and spare parts 54,133 49,452 Ore Stockpiles (1) 20,709 8,672 Dore inventory pending assay (2) 3,721 - Total $ 78,563 $ 58,124 Current portion 64,685 42,504 Non-current portion 13,878 15,620 (1) Ore stockpiles at June 30, 2026 contained 16,128 ounces of gold, comprising 8,472 ounces from the BMP and 7,656 ounces from industrial operations. The increase of $12,037 in ore stockpiles during the six months ended June 30, 2026 reflects the Group's accumulation of ore feed as part 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. (2) Doré inventory pending assay corresponds to 614 ounces of gold and 34,774 ounces of silver produced at the Company's operations and held pending final refinery assay results. Until assay is complete, the metal cannot be sold to third parties. The balance is measured at the lower of cost and net realizable value (IAS 2)." NOTE 15. TAXES Current Tax Income tax assets and other tax assets Other tax receivable balances are as follows: June 30, 2026 December 31, 2025 VAT, Net 41,576 35,352 Municipal tax 673 1,431 $ 42,249 $ 36,783 Current portion 42,228 36,783 Non-current portion 21 - Expressed in Thousands of United States Dollars Table of Contents June 30, 2026 December 31, 2025 Income tax assets 55,535 14,396 Total $ 55,535 $ 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: June 30, 2026 December 31, 2025 Income tax 78,252 51,458 Prior year income tax 48,599 31,126 Total $ 126,851 $ 82,584 Temporary Wealth Tax in Colombia On February 24, 2026 the National Government established a temporary wealth tax for the 2026 fiscal year within the framework of the State of Economic, Social, and Ecological Emergency declared through Legislative Decree No. 0173. This tax applies to legal entities with a fiscal net worth equal to or greater than 200,000 UVT ($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 calculation 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 The wealth tax expense recognized for the period between January 1 and June 30, 2026, amounts to $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: Expressed in Thousands of United States Dollars Table of Contents Current Tax 2026 Balance as of January 01, 2026 $ - Expense recognized in the period $ 1,758 Payments made $ (1,758) Balance as of June 30, 2026 $ - Balances of Other taxes and Municipal Taxes as of June 30, 2026, and December 31, 2025 June 30, 2026 December 31, 2025 Other taxes 3,239 2,203 Municipal taxes 205 1,034 Total $ 3,444 $ 3,237 Current and deferred income tax Current and deferred taxes are recorded in Statement of Other Comprehensive Income: June 30, 2026 June 30, 2025 Current tax expense (1) 75,936 40,340 Income tax for previous periods 642 (284) Subtotal current tax expense $ 76,578 $ 40,056 Deferred tax (income),expense (1) (9,079) (4,068) Total deferred tax expense (income) $ (9,079) $ (4,068) Total expense (income) tax expense $ 67,499 $ 35,988 (1) The 88% increase in income tax expense for the six months ended June 30, 2026, compared with the same period of 2025 is due to higher deferred tax expenses, period over period, of $5,011. This increase in expenses is due to 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 six months ended June 30, 2026 was 4%, compared with the same period of 2025. Deferred tax Deferred income tax changes are set forth in the following table: Item June 30, 2026 December 31, 2025 Initial asset balance 6,559 754 Taxes increase (decrease) 7,379 5,805 Total, deferred tax asset $ 13,938 $ 6,559 Initial liability balance (9,626) (6,859) Taxes (decrease) increase 2,000 (2,767) Total, deferred tax liability $ (7,626) $ (9,626) Total, deferred tax (net) $ 6,312 $ (3,067) Deferred taxes increased (decreased) for each period is as follows: Expressed in Thousands of United States Dollars Table of Contents 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 5,952 (1,346) 2,318 2,155 9,079 (Debit) credit to other comprehensive income 312 - - - 312 Currency translation adjustment (41) 29 - - (12) Balance as of June 30, 2026 $ (14,423) $ (11,702) $ 6,971 $ 25,466 $ 6,312 From the total deferred tax income (expense) for the period ended June 30, 2026 of $9,079, (2025: deferred tax expense of $4,068) the temporary difference in property, plant and equipment represented $5,952, (2025: $614) other assets represented $1,346 (2025: $533) offset by differences in loans and other borrowings together with current and non-current liabilities for a net of $4,473 (2025: $2,082). NOTE 16. OTHER ASSETS The details of other assets are shown below: June 30, 2026 December 31, 2025 Public works projects financed with taxes 1 48,843 31,125 Prepaid expenses 2 6,934 3,972 Other assets 3 10,000 - Total $ 65,777 $ 35,097 (1) Corresponds to the projects financed with the resources allocated to the 2021, 2023, 2024 and 2025 Mineros Alluvial S.A.S. Bic Income Tax set forth in the following table. Type of project Income tax year 2021 2023 2024 2025 Implementation of digital technologies 7,352 - - - Construction of infrastructure - 4,210 6,448 9,465 Improvement of infrastructure - - 7,490 3,416 Supply & Equipment Allocation - 8,456 - 2,002 Totals 7,352 12,666 13,938 14,883 (2) The change is attributable to an increase 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. Expressed in Thousands of United States Dollars Table of Contents NOTE 17. LOANS AND OTHER BORROWINGS The following table sets out the balances of loans and other borrowings: Item June 30, 2026 December 31, 2025 Bank loans 44,125 53 Lease liabilities (1) 11,510 15,345 Total $ 55,635 $ 15,398 Current portion 52,952 10,810 Non-current portion 2,683 4,588 Changes in certain financial obligations, as of June 30, 2026, are shown below: 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 44,049 - 44,049 Liabilities for new leases - 1,966 1,966 Payments (499) (6,302) (6,801) Interest accrued 649 680 1,329 Interest paid (134) (608) (742) Other payments 10 2 12 Lease retirement - (92) (92) Exchange differences (3) 519 516 Balance as of June 30, 2026 $ 44,125 $ 11,510 $ 55,635 At June 30, 2026, the breakdown of loans is as follows: . Three (3) loans with an aggregated outstanding amount of $37,477 was taken out in 2026 with terms of one (1) year each, with an EIR of 5.45% in the Mineros S.A segment. A loan with an aggregated outstanding amount of $6,538 was taken out in 2026 with a term of 6 months, at an EIR of 7.50% in the Hemco Mineros Nicaragua segment. Other loans with an outstanding amount of $109 . At June 30, 2026, the breakdown of lease liabilities is as follows: Lease obligations of machinery and equipment with 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 $5,605 for the Nechí Property segment. Lease obligations of machinery and equipment in the HEMCO Mineros Nicaragua segment were taken out between 2020 and 2026. In aggregate the outstanding amounts are $5,690, have an average interest rate of 8.63%, and are for periods ranging between 1 and 4 years. An other finance lease has an outstanding amount of $215. Expressed in Thousands of United States Dollars Table of Contents The value of the loans and the interest payable thereon according to their maturity is as follows: June 30, 2026 December 31, 2025 1 Year 44,125 53 Total $ 44,125 $ 53 Present value bank loans 44,125 53 The reconciliation of the present value of future minimum lease payments is as follows: June 30, 2026 December 31, 2025 1 Year 9,532 11,754 1 to 5 Years 2,549 4,886 More than 5 years 809 - Total $ 12,890 $ 16,640 Less: unaccrued finance expenses (1,380) (1,295) Present value of minimum lease payments $ 11,510 $ 15,345 Loan agreements and financial obligations outstanding as of June 30, 2026, do not include restrictive clauses or requirements to comply with specific financial ratios (covenants) associated with the Group's results or financial position, nor conditions that could lead to early debt acceleration, except for the regular payment of principal and interest. NOTE 18. PROVISIONS The detail of provisions is the following: June 30, 2026 December 31, 2025 Dismantling of assets (1) 44,832 34,179 Environmental rehabilitation (2) 40,967 35,407 Other provisions 3,451 3,194 Total $ 89,250 $ 72,780 Current portion 10,978 11,030 Non-current portion 78,272 61,750 (1) The provision for asset dismantling represents the value of those closure costs that are expected to be incurred at the closure of mining operations, as follows: Hemco Property $34,961 (2025: $25,184) and Mineros Tolima $9,871. The estimate of said closing costs is based on studies that have been prepared by the Group's technical experts, complying with the environmental regulations in force in each country. (2) Represent the value of rehabilitation and restoration cost that are expected to be incurred in the environment rehabilitation for the Nechí Property of $40,967 (2025: $22,918). A reconciliation of the decommissioning obligations for assets and other provisions is presented below: Expressed in Thousands of United States Dollars Table of Contents Dismantling of assets Environmental rehabilitation Other provisions Balance as of December 31, 2025 $ 34,179 $ 35,407 $ 3,194 Additions, changes in estimates and other 9,178 1,962 283 Accretion expense 994 1,760 - Payments and others (90) (1,474) (288) Currency translation effect 571 - - Balance as of June 30, 2026 $ 44,832 $ 40,967 $ 3,451 Contingent assets Type of process Number of processes Claims Administrative and environmental 3 4,713 Civil 1 5 Total 4 4,718 Contingent Liabilities Contingencies that were evaluated as possible are detailed below: Type of process Number of processes Claims Labor 22 1,912 Administrative and environmental 12 7,654 Civil 1 169 Total 35 $ 9,734 Contingent assets and liabilities for each segment are as follows: Mineros S.A. Holding: $4,324 contingent assets and $4,616 contingent liabilities. Nechí Property: $Nil contingent assets and $4,343 contingent liabilities. Mineros Tolima Property: $Nil contingent assets and $2,305 contingent liabilities. Hemco Property and Chile (la Pepa) do not have recognized contingent assets and liabilities . NOTE 19. RESERVES The amounts of the reserves are retained earnings that the shareholders can use for future payment of dividends as of June 30, 2026 and December 31, 2025 were as follows: Description June 30, 2026 December 31, 2025 Other reserves (1) 361,403 263,571 Legal reserves 20 20 Total $ 361,423 $ 263,591 (1) Other reserves correspond to reserves established by the shareholders, mainly for the protection of assets. During the first half, the Company decreed dividends of $29,578 (December 31, 2025: $29,974); and appropriated reserves of $144,984 (December 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 Expressed in Thousands of United States Dollars Table of Contents 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 20. 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 June 30, 2026 and June 30, 2025 are as follows: June 30, 2026 June 30, 2025 Salaries and short-term benefits 886 782 Other compensation 786 3,190 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 - 2,556 Mineros Group have long-term or termination benefits for its key management personnel. For details of RSU´s granted during the period see note 10. The fees paid to Directors for their attendance at the meetings of the Board of Directors for the period ended June 30, 2026, were $194 (June 30, 2025: $319). Transactions with Mineros Foundation The values recorded for operations carried out with the Foundation in the indicated period are shown below: Description June 30, 2026 June 30, 2025 Donations $ 532 $ 520 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 21. 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 "). Expressed in Thousands of United States Dollars Table of Contents 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 June 30, 2026. NOTE 22. EVENTS AFTER REPORTING PERIOD On July 14, 2026, Mineros held an extraordinary Meeting of the General Shareholders' Assembly ("the Assembly"). The General Shareholders Assembly approved an expansion of the Company's share repurchase program to up to US$175 million, together with a corresponding increase in the reserve for share repurchases to US$175 million, charged to the reserves of the Company that are available for distribution. The expanded program is executable until March 27, 2029, through one or more repurchase offers. It may be executed in the Colombian market, through the transactional systems of the Colombian Stock Exchange (BVC) or an independent mechanism, and/or in the Canadian market, through the Toronto Stock Exchange (TSX) or any other mechanism permitted by applicable Canadian law and TSX rules, individually or concurrently, as determined by the Board of Directors. As of the date of the Meeting, US$19.8 million in common shares had been purchased under the program - US$13.2 million through an independent mechanism executed in Colombia in May 2026 and US$6.6 million through the transactional systems of the BVC. Repurchases executed to date are included within, and do not add to, the authorized amount, leaving US$155.2 million available for further repurchases under the expanded program. On July 21, 2026, Mineros Switzerland AG entered into a repurchase agreement for working capital purposes. Under this facility, the Company received net cash proceeds of $18,500 with a gross loan amount of $20,453 The transaction is secured by 5,100.58 ounces of gold, valued at a spot price of US$4,010 per ounce as of the transaction date. The repurchase agreement has a tenure of 185 days, with a maturity date of January 22, 2027 On July 24, 2026, the Company entered into a loan agreement with a financial institution and received proceeds of US$7 million. The purpose of this financing is to strengthen the Company's working capital position. NOTE 23. APPROVAL OF FINANCIAL STATEMENTS The Unaudited Condensed Interim Consolidated Financial Statements of Mineros S.A. for the three and six months ended June 30, 2026, were approved by the Board of Directors at its meeting held on August 5, 2026 as per minute number 616.