Slides
Page 1
Results Q2 2025 AUGUST 13, 2025 BVC: MINEROSTSX: MSA
Page 2
To listen in English – Para oír en Inglés2 Step 2 Click MUTE on the box that says “Media Player” to avoid listening to both audios simultaneously Step 1 Click START on the box that says “English” BVC: MINEROSTSX: MSA
Page 3
3Cautionary Note The information presented herein contains forward-looking statements; such information relates to future events, including the Company's performance, prospects and business opportunities. The projections may include, inter alia, the estimation of resources and reserves, future production levels, future investment levels and their allocation, levels of investment in exploration and mine development. The estimated resources and reserves are based on projections of future performance and internal assumptions. Any information presented that is not historical may be considered forward-looking and reflects conclusions drawn based on resource and reserve assumptions that may be economically viable. Any phrase that indicates or involves predictions, expectations, plans, projections, estimates, assumptions of future events or performance (for which words such as "seek", "anticipate", "plan", "plan", "continue", "estimate", "expect", "may"; "project", "predict", "potential", "identification", "intend", "could", "should" and other similar expressions are generally used) may be indicative of forward-looking statements. Future events involve known and unknown risks, uncertainties and other factors that could cause results to differ materially from estimates. There can be no guarantee that the estimates presented will be correct, so investors should be cautious in their analysis. The information presented herein is not intended to create or assume any obligation for the Company, except as required by law. Projections may include risks and uncertainties related to operational risks, production costs, availability of exploration equipment, availability of key personnel, resource and reserve estimates, health, safety or health issues, legal risks, regulatory changes, competition, geopolitical risk and financial risk, among others. BVC: MINEROSTSX: MSA
Page 4
4 This presentation includes non-IFRS financial measures and non-IFRS ratios such as: •Cash Cost (per ounce of gold sold) •AISC (per ounce of gold sold) •Average price per ounce of gold sold •Adjusted EBITDA •Net Debt •Return on Capital Employed (ROCE) The Company believes that these non-IFRS financial measures and non-IFRS ratios, in addition to conventional measures prepared in accordance with IFRS, provide investors with a better ability to assess the Company's performance. Non-IFRS financial measures and non-IFRS ratios should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These financial measures may not be comparable with similar financial measures or ratios disclosed by other issuers. Certain additional disclosures for these non-IFRS financial measures and non-IFRS ratios can be found in Section 10."Non-IFRS Financial Measures" of the Management's Discussion & Analysis of Financial Condition & Results of Operation for the three and six months ended June 30, 2025, available on the Company’s website and at SEDAR+ at www.sedarplus.com All values in this presentation are in U.S. dollars. Non-IFRS Financial Measures and Non-IFRS Ratios
Page 5
Management Team ©2023 Mineros. Todos los derechos reservados. 5 David Londoño CEO David Splett CFO Santiago Cardona Múnera Vice President, Colombia Ana Isabel Gaviria Arteaga Vice President, Legal & Sustainability Luis Fernando Villa Tabares Vice President, Nicaragua BVC: MINEROSTSX: MSA Edilia Diossa Acosta Vice President, Talent Ann Wilkinson Vice President, Investor Relations Inivaldo Diaz Vice President, Technical Services, Business Development & Strategy
Page 6
Agenda ©2024 Mineros. Todos los derechos reservados. 6 1.Highlights 2.Financial Results 3.Results of Operations 4.Review of Operations 5.Challenges & Opportunities BVC: MINEROSTSX: MSA
Page 7
Highlights Presented by: David Londoño CEO
Page 8
8Highlights - Q2 and Six Months Ended June 30, 2025 Silver production Q2 70,733 oz Silver production YTD 147,992 oz Gold production Q2: 53,907 oz Gold production YTD: 108,150 oz Dividends paid in Q2 $7.5 M Dividends paid YTD $14.9M We successfully concluded negotiations with the unions. Advances in the Guillermina deposit and Porvenir Project. Share buyback program Acquisition of 100% of the La Pepa Project in Chile
Page 9
9Q2 2025 - Gold Price ($/oz) BVC: MINEROSTSX: MSA $2,983 $3,432
Page 10
Financial Results Presented by: Sergio Chavarria Financial Manager
Page 11
11 Financial Results - Q2 2025 oRevenue increased 37% due to an increase in average realized price of gold sold of 42%, and a 0.4% increase in ounces of gold sold, offset by a 68% decrease in sales of silver oThe cost of sales increased due to: (i) higher gold prices, increasing ore purchase costs from cooperatives representing artisanal miners; (ii) higher depreciation and amortization oGross Profit and Adjusted EBITDA rose 81% and 66% respectively, due to higher revenues oNet profit saw an increase of 141%, increasing to $44 M from $18.1 M in Q2 2024 oNet free cash flow was positive and totaled $45.1 M in Q2 2025. After deducting the dividend payment of US$7.5 M, sustaining capital of US$6.5 M, and interest payments of US$0.7 M from net cash flow generated by operations, Mineros had negative cash flow of $6.8 M in the same period of 2024. Q2 2024 (M USD) Q2 2025 (M USD) 37% 81% 66% 141%17%
Page 12
12Financial Results - Six Months Ended June 30, 2025 o39% growth in revenue due to 41% higher average gold price oCost of sales increased by 18%, because of higher purchase costs of artisanal material due to higher gold prices, increased labour costs, higher service costs and higher taxes and royalties oGross profit and Adjusted EBITDA increased by 86% and 70%, thanks to higher revenues partially offset by increased cost of sales oNet profit increased by 134% to $81.5 M from $34.9 M in the same period of 2024 2024 (M USD) 2025 (M USD) 39% 86% 70%18% 134%
Page 13
13Adjusted EBITDA Figures in millions of USD Adjusted EBITDA is a non-IFRS financial measure. Its most comparable IFRS measure is net income. Non-IFRS financial measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These financial measures may not be comparable with similar financial measures disclosed by other issuers. +66% ADJ. EBITDAQ2 2025 vs. Q2 2024 Adjusted EBITDA increased by 66%, due to the increase in revenue from the 42% rise in gold prices and the 1% increase in gold sold
Page 14
14Cash and Net Debt oNet cash flows from operations represents cash from the sale of gold, silver and electricity of $196 M, less payments to suppliers of $91 M, salaries and benefits of $20 M and taxes of $25 M oCash flow used in investing activities is composed of purchases of property and equipment of $19 M and the purchase of intangibles and exploration projects of $2 M oCash used for financing activities was largely composed of a dividend payment to shareholders $7 M and payment of financial obligations of $5 M oAt the end of the quarter, loans and borrowings amounted to $25.6 M, while the cash and cash equivalents balance was $(109.7) M. Cifras en millones de USD
Page 15
Results of Operations Presented by: David Londoño CEO
Page 16
16Production, average gold price & costs +42%Average Sale Price Q2 2025 vs. Q2 2024 Production increased due to 1% higher production at the Nechí Alluvial Property, slightly offset by lower production of 0.2% at the Hemco Property Average sales price, Cash Cost per ounce of gold sold and the AISC per ounce of gold sold are non-IFRS financial measures. Non-IFRS financial measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These financial measures may not be comparable with similar financial measures disclosed by other issuers. +28%AISC Q2 2025 vs. Q2 2024 +0.4%Oz Produced Q2 2025 vs. Q2 2024 +28%Cash Cost Q2 2025 vs. Q2 2024
Page 17
Review of OperationsPresented by: Santiago Cardona Vice President, Colombia Luis Fernando Villa Vice President, Nicaragua
Page 18
18Nechí Alluvial - Colombia oQ2 2025 production increased by 1% from 2024 due to more tonnes processed oAISC per ounce of gold sold increased by 19% due to higher labour cost, formalized miners, taxes and royalties and an increase in sustaining capital expenditures o12.3 million cubic meters of material were processed, which is 19.42% more than the second quarter of 2024. oA new Collective Bargaining Agreement was signed, which will be in effect between May 2025 and May 2027, strengthening job stability and relationships with our employees. oStart of operations by the Aurora Plant AISC per ounce of gold sold is a non-IFRS financial measure. Non-IFRS financial measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These financial measures may not be comparable with similar financial measures disclosed by other issuers. Q2 2025 vs. Q2 2024 Production+1% AISC +19%
Page 19
19Hemco - Nicaragua oProduction was 0.2% lower in the second quarter of 2025, mainly due to a 3% decrease in processed grades, and a decrease in recovery rate of 1% which was offset by processing 7% more tonnes during the quarter. oAISC per ounce of gold sold increased by 33% due to the higher gold price, which caused an increase in the costs of purchasing ore from collectives representing artisanal miners. oOf the 33 koz produced, 27 koz (82%) came from artisanal production. o59% of the cost for Q2 is associated with artisanal production. Q2 2025 vs. Q2 2024 Production-0.2% AISC +33% AISC per ounce of gold sold is a non-IFRS financial measure. Non-IFRS financial measures should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These financial measures may not be comparable with similar financial measures disclosed by other issuers.
Page 20
Challenges and Opportunities Presented by: David Londoño CEO
Page 21
21Oportunities - Corporate Strategy The Corporate strategy is based on leveraging our exploration potential, optimizing our operations, and ensuring that our growth is sustainable and benefits all of our stakeholders. Strategic focus areas: 1.Accelerate Exploration 2.Operational Excellence 3.Responsible Mining 4.Organic and Inorganic Growth
Page 22
22Opportunities - Growth and exploration programs Near-mine exploration •A total of 10,862 meters of diamond drilling was completed at the Panamá and Pioneer mines during the second quarter of 2025. This represents approximately 65% of the 2025 drilling plan. •The purpose of this campaign is to increase Mineral Resources and Reserves at the mentioned mines. 5,148 meters were drilled at the Panamá mine and 5,714 meters at the Pioneer mine. We are updating the Mineral Resources and Reserves, and the publication is scheduled for early 2026. Porvenir Project •Mineros has obtained the necessary permit for the construction phase of an underground mine. This permit authorizes site preparation and underground development work and does not constitute an operating permit. •Optimization of the pre-feasibility study is scheduled for the end of 2025. Guillermina Deposit •On July 24, 2025, Mineros announced an initial resource estimate for the Guillermina Deposit, with 30 thousand indicated ounces of gold (Au) and 55 thousand inferred ounces. •The mineralization is open, suggesting expansion potential. A 2,000-meter drilling campaign that began in July 2025 is currently underway.
Page 23
23Opportunity - La Pepa Project Acquisition of 80% of the Project from Pan American Silver ✔Mineros will acquire an 80% interest in the Project for $40 million, which will increase its total interest to 100%. ✔The Acquisition is expected to close no later than September 30, 2025. ✔The Project represents a significant exploration-stage opportunity for Mineros in Chile, with promising mineralization and plans for further development. ✔Located in Chile, an additional mining-friendly jurisdiction, within a highly prospective district. Key Project Details Exploration and Development: Mining district with the presence of multinational mining companies, with extensive sector experience. Drilling and Results: A 6,342-meter drilling program (2019-2020) confirmed lateral continuity and remains open in all directions. Future Plans: Development of an exploration campaign and additional studies. La Pepa Project is an advanced gold exploration project located in the Maricunga Gold Belt of the Atacama Region, Chile, approximately 800 km north of Santiago and 110 km east of Copiapó, at 4,200 meters above sea level in the Andes Mountains.
Page 24
242025 Guidance Cash Cost per ounce of gold sold Six months ended June 30, 2025Revised 2025 Guidance ($/oz)1 2025 Guidance ($/oz) Nechí Alluvial Property 1,230 1,270 - 1,370 1,220 - 1,320 Hemco Property 1,794 1,740 - 1,840 1,420 - 1,520 Consolidated 1,554 1,550 - 1,640 1,340 - 1,430 AISC per ounce of gold sold Nechí Alluvial Property 1,420 1,490 - 1,590 1,440 - 1,540 Hemco Property 1,990 2,000 - 2,100 1,680 - 1,780 Consolidated 1,812 1,880 - 1,980 1,650 - 1,750 Updated cost guidance for 2025* *Original Guidance submitted to the market on January 22, 2025 ✔Our initial cost estimates don’t reflect the current reality of gold prices, so the 2025 guidance for Cash Cost ounce of and AISC has been adjusted. ✔This update only applies to our cost estimates and does not include a modification to our production estimates, which remain consistent with what was presented to the market earlier this year.
Page 25
25Opportunities - Changes in Senior Management Chief Financial Officer (CFO) On July 21, 2025, Mineros announced the appointment of David Splett as CFO, effective July 22, 2025. David Splett is a Chartered Professional Accountant with almost 35 years of senior-level international resource experience, a demonstrated track record of creating value, and success in financial and operational roles spanning base and precious metals mining, industrial minerals, and oil and gas. Prior to joining Mineros, Mr. Splett was the Senior Vice President and Chief Financial Officer of Calibre Mining Corp. Previously, he was Chief Financial Officer of Elevation Gold Mining Corporation from 2020. Previously, he was the Chief Financial Officer, Latin America for Goldcorp Inc. from 2016 through 2019, where he was responsible for strategy, policy implementation and optimization within the Latin American region. Mr. Splett has also held roles as Vice President of Finance at Mosaic Corporation, Chief Financial Officer at Minera Panama SA, Chief Financial Officer at Minera Antamina, and various roles at Teck Resources. Vice President, Talent On July 3, 2025, Edilia Diossa Acosta joined Mineros as Vice President of Talent. Edilia is an Industrial Engineer from the Universidad Nacional de Colombia and has an MBA from the Universidad EAFIT. She has over 18 years of experience in strategic leadership in human resources management, focusing on companies in the mining, agribusiness, and service sectors. She has led organizational transformation processes, collective bargaining, aligning talent with strategic objectives, cultural strengthening, and developing high-impact organizational models. She has held key positions at Comfenalco Antioquia, Grupo BIOS, Sanimax, and Sun Valley Investments, serving as Human Resources Manager.