Physical Gold Established as a Core Treasury Asset
MEDELLÍN, Colombia, July 10, 2026--(BUSINESS WIRE)--Mineros S.A. (TSX: MSA, BVC: MINEROS, OTCQX: MNSAF) ("Mineros" or the "Company") has adopted a formal Strategic Gold Reserve Policy (the "Policy") under its Investment Management Policy. The Policy establishes physical gold bullion as a core treasury asset of the Company.
"We produce gold because we believe in gold," said Daniel Henao, Chief Executive Officer. "The Policy formalizes a natural extension of our business: retaining a measured portion of our output in its most elemental form. Gold is the asset we understand best and holding it in treasury aligns the Company with shareholders who own Mineros for exposure to gold."
"The Policy is supported by disciplined governance," added Natalia Correa, Chief Financial Officer. "We have established an Investment Committee, quantitative risk limits, and transparent reporting — including a new subtotal within our statement of cash flows that isolates strategic gold purchases — so that investors can evaluate the treasury position alongside operating performance."
Strategic Rationale
The Policy reflects a deliberate capital allocation decision. Against a backdrop of persistent inflation, sustained central-bank gold purchases, and continued pressure on the purchasing power of monetary assets, the Board and management consider a measured allocation of treasury assets to physical gold a prudent approach to capital stewardship.
For Mineros, gold is not merely a financial instrument; it is the product of the Company's operations and the asset in which it holds the deepest expertise. Retaining a portion of production in bullion provides a hedge against monetary erosion while preserving the exposure for which shareholders hold the Company.
Policy Framework
The Policy establishes the following principal parameters:
Custody and oversight: Physical gold bullion is held with reputable institutional custodians and managed as a distinct asset class within the Company's treasury portfolio, under the oversight of the Investment Committee.
Accounting treatment: Physical gold bullion is accounted for as inventory (precious metals) at the lower of cost and net realizable value in accordance with IAS 2. Gold-linked derivative instruments not designated as hedging instruments are measured at fair value through profit or loss under IFRS 9.
Cash flow presentation: Beginning with its financial statements for the three months ended June 30, 2026, the Company will present a subtotal — "operating cash flows before strategic gold purchases" — within its statement of cash flows, allowing investors to assess recurring operating cash generation independently of period-specific treasury allocation decisions.
Non-IFRS measures: The Company has introduced "Strategic Liquidity Position" (cash and cash equivalents plus physical gold bullion) as a supplementary liquidity measure and has updated the definition of Net Free Cash Flow to reconcile from operating cash flows before strategic gold purchases. These measures supplement, and do not substitute for, the Company's IFRS financial statements.