MINEROS Q3 2025 Earnings Presentation

Page 1

BVC: M I N E R O ST S X :M S A O T C Q X :M N S A F Results Q3 2025 NOVEMBER 6, 2025

Page 2

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 To listen in English – Para oír en Inglés © 2025 Mineros 2 Step 1 Click START on the box that says “English” Step 2 Click MUTE on the box that says “Media Player” to avoid listening to both audios simultaneously

Page 3

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 Cautionary 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. © 2025 Mineros 3

Page 4

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 Non-IFRS Financial Measures and Non-IFRS Ratios • 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 nine months ended September 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. © 2025 Mineros 4

Page 5

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 © 2025 Mineros 5 Management Team David Londoño CEO Ana Isabel Gaviria Vice President, Legal & Sustainability David Splett CFO Inivaldo Diaz Vice President, Nicaragua Santiago Cardona Vice President, Colombia Ann Wilkinson Vice President, Investor Relations Edilia Diossa Vice President, Talent

Page 6

Page 7

Page 8

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 Highlights - Q3 & Nine Months Ended September 30, 2025 © 2025 Mineros 8 GOLD PRODUCTION Q3 54,862 ounces F9M 163,012 ounces PROGRAMA DE RECOMPRA DE ACCIONES Concluímos el programa de recompra de acciones NET PROFIT Q3 $54 M F9M $$136 M NET FREE CASH FLOW Q3 $62 M F9M $106 M LA PEPA PROJECT Successfully completed the acquisition of 100% of the La Pepa Project in Chile. SHARE BUYBACK PROGRAM $12M shares bought Reduced share count by 3.9 M Shares

Page 9

Page 10

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 © 2025 Mineros 10 Outstanding Financial Results - Q3 2025 Q3 2024 (M USD) Q3 2025 (M USD) 39% 49% 44% 90%33% RECORD REVENUES $196 M RECORD GROSS PROFIT $81.7 M RECORD NET PROFIT $54.1 M NET CASH FLOW $62.4 M COST OF SALES $114.3 M

Page 11

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 © 2025 Mineros 11 Outstanding Financial Results - Nine Months Ended September 30, 2025 39% 23% 70% 59% 114% 2024 (M USD) 2025 (M USD) RECORD REVENUE $538.9 M GROSS PROFIT RECORD $220.8 M RECORD NET PROFIT $135.6 M RECORD ADJUSTED EBITDA $243.9 M COST OF SALES $318.2 M

Page 12

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 © 2025 Mineros 12 Record Adjusted EBITDA - Q3 2025 +44% ADJ. EBITDA Q3 2025 vs. Q3 2024 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. Figures in millions of USD +44% ADJ. EBITDA Q3 2025 vs. Q3 2024

Page 13

Page 14

Page 15

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 © 2025 Mineros 15 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. +40% Average Sale Price Q3 2025 vs. Q3 2024 +2.3% Oz Produced Q3 2025 vs. Q3 2024 +34% AISC Q3 2025 vs. Q3 2024 +38% Cash Cost Q3 2025 vs. Q3 2024

Page 16

Page 17

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 Nechí Aluvial - Colombia © 2025 Mineros 17 The AISC per ounce of gold sold is a non-IFRS financial measure. 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. 1. Lost Time Injury Frequency Rate (LTIFR) refers to the number of lost time injuries that occurred during a reporting period. 2. Total Recordable Incident Frequency Rate (TRIFR) combines all recorded fatalities, lost time injuries, restricted work cases, and other injuries that required treatment by a medical professional. Ounces produced and AISC AISC $1,573 USD/oz +13% SAFETY Lost time(1) 0.65 Recorded Incidents(2) 1.88 PRODUCTION 23 koz +16% Start of Production at the Aurora Plant

Page 18

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 Hemco - Nicaragua © 2025 Mineros 18 The AISC per ounce of gold sold is a non-IFRS financial measure. 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. 1. Lost Time Injury Frequency Rate (LTIFR) refers to the number of lost time injuries that occurred during a reporting period. 2. Total Recordable Incident Frequency Rate (TRIFR) combines all recorded fatalities, lost time injuries, alternative work cases, and other injuries that required treatment by a medical professional. AISC $2,252 USD/oz +52% SAFETY Lost time(1) 0.04 Recorded Incidents(2) 0.68 PRODUCTION 32 koz -5.4% INDUSTRIAL PROD. 17% ARTESANAL PROD. 83%

Page 19

Page 20

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 © 2025 Mineros 20 Securing the Future - Growth & Exploration Strategy GREENFIELD EXPLORATION The drilling campaign began in July 2025 • 3 drilling rigs • 6,688 meters drilled NEAR-MINE EXPLORATION Q3 9,806 meters drilled Cumulative 29,252 meters drilled PORVENIR PROJECT The PFS study is being updated for December 2025, including a review of costs (Opex and Capex) and negotiations for the environmental compensation plan for the plant's PGA. LA PEPA PROJECT The Company is moving forward with plans for an exploration program scheduled to begin in 2026.

Page 21

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 © 2025 Mineros 21 Consistent Value Creation FINANCIAL MILESTONES 2025 • Record Revenue • Stable and Safe Production • Record Free Cash Flow • Record EBITDA • Record Net Income • Stable Dividend Payment • Positive Share Performance CORPORATE MILESTONES 2025 • Corporate Strategy Redefined • Execution of Share Buyback Program • Aurora Plant Operational • Advancements in Greenfield Exploration • Progress on Porvenir Project • Acquisition of 100% Interest in La Pepa

Page 22

BVC: M I N E R O ST 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

Page 23

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 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 $ $ $ $ Net Profit For The Period 54,063 28,507 135,571 63,357 Less: Interest income (1,038) (294) (2,673) (1,078) Add: Interest expense 1,886 2,012 5,848 6,043 Add: Current tax 1 21,019 15,231 61,075 37,525 Add/less: Deferred tax 1 670 1,623 (3,398) 2,593 EBIT 76,599 47,079 196,422 108,440 Add: Depreciation and amortization 14,054 12,574 40,078 36,916 EBITDA 90,653 59,653 236,500 145,356 Less: Other income (2,141) (294) (3,129) (2,392) Add: Share of results of associates — 26 59 79 Less: Finance income (excluding interest income) (1,676) (30) (1,687) (83) Add: Finance expense (excluding interest expense) 47 56 158 148 Add: Other expenses 1,609 1,893 7,318 5,971 Add: Exploration expenses 1,114 1,749 3,205 4,282 Less: Foreign exchange differences 670 (150) 1,431 (157) Adjusted EBITDA2 90,276 62,903.00 243,854 153,204.00 1. For additional information regarding taxes, see Note 12 of our audited condensed interim consolidated financial statements, for the three and nine months ended September 30, 2025, and 2024. 2. The reconciliation above does not include adjustments for (impairment) reversal of assets, because there would be a nil adjus tment for the three and nine months ended September 30, 2025, and 2024. Adjusted EBITDA

Page 24

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 September 30, 2025 2024 Loans and other borrowings $ 17,637 $ 28,718 Less: Cash and cash equivalents (102,219) (57,127) Net Debt (84,582) (28,409) Net Debt

Page 25

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 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cost of sales 114,320 86,234 318,164 258,903 Less: Cost of sales of non-mining operations1 (312) (407) (879) (827) Less: Depreciation and amortization (13,745) (12,254) (39,242) (35,961) Less: Sales of silver (4,211) (5,552) (9,177) (17,719) Less: Sales of electric energy (1,627) (2,163) (4,551) (5,311) Less: Environmental rehabilitation provision (1,423) (529) (4,112) (4,064) Add: Use of environmental and rehabilitation liabilities 464 434 1,219 811 Add: Use of Retirement obligations 16 471 107 1,203 Cash Cost 93,482 66,234 261,529 197,035 Gold sold (oz) 54,862 53,612 163,012 159.06 Cash Cost per ounce of gold sold ($/oz) $ 1,704 $ 1,235 $ 1,604 $ 1,239 1. Refers to cost of sales incurred in the Company’s “Others” segment. See note 6 of our unaudited condensed interim consolidate d financial statements for the three and nine months ended September 30, 2025and 2024. The majority of this amount relates to th e cost of sales of latex. Cash Cost per Ounce of Gold Sold

Page 26

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 AISC per Ounce of Gold Sold Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Cost of sales 114,320 86,234 318,164 258,903 Less: Cost of sales of non-mining operations 1 (312) (407) (879) (827) Less: Depreciation and amortization (13,745) (12,254) (39,242) (35,961) Less: Sales of silver (4,211) (5,552) (9,177) (17,719) Less: Sales of electric energy (1,627) (2,163) (4,551) (5,311) Less: Environmental rehabilitation provision (1,423) (529) (4,112) (4,064) Add: Use of environmental and rehabilitation liabilities 464 434 1,219 811 Add: Use of Retirement obligations 16 471 107 1,203 Add: Administrative expenses 5,436 4,313 17,001 13,217 Less: Depreciation and amortization of administrative expenses 2 (309) (320) (836) (955) Add: Sustaining leases and leaseback 3 2,928 2,544 8,547 7,383 Add: Sustaining exploration 4 201 42 427 160 Add: Sustaining capital expenditures 5 7,023 6,592 18,055 17,812 AISC from operations 108,761 79,405 304,723 234,652 Gold sold (oz) 54,862 53.61 163.01 159.06 AISC per ounce of gold sold ($/oz) 1,982 1,481 1,869 1,475 1. Cost of sales of non-mining operations is the cost of sales excluding cost incurred by non -mining operations and the majority of this cost comprises cost of sales of latex. 2. Depreciation and amortization of administrative expenses is included in the administrative expenses line on the unaudited con densed consolidated interim financial statements and is mainly related to depreciation for corporate office spaces and local adm inistrative buildings at the Hemco Property. 3. Represents most lease payments as reported in the unaudited consolidated financial statements of cash flows and is made up of the principal of such cash payments, less non-sustaining lease payments. Lease payments for new development projects and capacity projects are classified as non-sustaining. 4. Sustaining exploration: Exploration expenses and exploration and evaluation projects as reported in the unaudited consolidate d interim financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or no n-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footpri nt of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Explo ration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other gene rative exploration activity not linked to existing mining operations are classified as non -sustaining. 5. Sustaining capital expenditures: Represents the capital expenditures at existing operations including, periodic capitalized s tripping and underground mine development costs, ongoing replacement of mine equipment and overhaul of existing equipment, and i s calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non -sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including projects at existing operation s that are expected to materially benefit the operation and provide a level of growth, as well as enhancement capital for significant infrastruct ure improvements at existing operations. Non-sustaining capital expenditures during the three and nine months ended September 30, 2 025, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expe nditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaud ited condensed interim consolidated financial statements.

Page 27

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 Average Realized Price per Ounce of Gold Sold Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Sales of gold ($) 190,051 132,788 524,896 364,726 Gold sold (oz) 54,862 53,612 163,012 159,056 Average realized price per ounce of gold sold ($/oz) 3,464 2,477 3,220 2,293 Sales of silver ($) 4,211 5,552 9,177 17,719 Silver sold (oz) 100 187 248 653 Average realized price per ounce of silver sold ($/oz) 42 30 37 27

Page 28

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 Cash Cost & AISC per Ounce of Gold Sold - Segments Nechí Alluvial Hemco Property Cost of sales 42,990 76,851 Less: Depreciation and amortization (4,858) (8,847) Less: Sales of silver (84) (4,127) Less: Sales of electric energy (1,627) — Less: Intercompany royalty (5,635) — Less: Environmental rehabilitation provision (1,423) — Add: Use of environmental and rehabilitation liabilities 464 — Add: Use of Retirement obligations — 16 Cash Cost 29,827 63,893 AISC Adjustments Less: Depreciation and amortization of administrative expenses (3) (31) Add: Administrative expenses 2,150 2,106 Add: Sustaining leases and Leaseback 747 2,181 Add: Sustaining exploration 201 — Add: Sustaining capital expenditure 2,914 4,109 AISC 35,836 72,258 Gold sold (oz) 22,783 32,079 Cash Cost per ounce of gold sold ($/oz) 1,309 1,992 AISC per ounce of gold sold ($/oz) 1,573 2,252 Nechí Alluvial Hemco Property Cost of sales 32,833 57,027 Less: Depreciation and amortization (4,246) (7,968) Less: Sales of silver (55) (5,497) Less: Sales of electric energy (2,163) — Less: Intercompany royalty (3,522) — Less: Environmental rehabilitation provision (529) — Add: Use of environmental and rehabilitation liabilities 434 — Add: Use of Retirement obligations — 471 Cash Cost 22,752 44,033 AISC Adjustments Less: Depreciation and amortization administrative expenses (4) (18) Add: Administrative expenses 703 847 Add: Sustaining leases and Leaseback 659 1,885 Add: Sustaining exploration 42 — Add: Sustaining capital expenditure 3,131 3,461 AISC 27,283 50,208 Gold sold (oz) 19,686 33.926 Cash Cost per ounce of gold sold ($/oz) 1,156 1,298 AISC per ounce of gold sold ($/oz) 1,386 1,480 Three months ended September 30, 2025 Three months ended September 30, 2024

Page 29

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 Mineral Reserves and Resources Effective Date Dec. 31, 2024 as per 2024 Annual Information Form

Page 30

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 Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form

Page 31

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 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form Mineral Reserves - Notes

Page 32

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 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form Mineral Resources - Notes

Page 33

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 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form (c) Porvenir: 0.8 m. (d) Luna Roja: 2.0 m. (e) Leticia and St. Antonio: No minimum width applied. (13) Metal price: (a) Panama: gold price of $1,700/oz Au. (b) Pioneer: gold price of $1,700/oz Au. (c) Porvenir: gold price of $1,700/oz Au, a silver price of $20/oz Ag, and a zinc metal price of $1.36/lb Zn (d) Luna Roja: gold price of $1,700/oz Au. (e) Leticia and St. Antonio: gold price of $1,700/oz Au, a silver price of $20/oz Ag, and a zinc metal price of $1.22/lb Zn (14) Bulk density: (a) Panama: between 2.66 t/m3 and 2.68 t/m3. (b) Pioneer: 2.68 t/m3. (c) Porvenir: between 2.65 t/m3 and 2.90 t/m3. (d) Luna Roja: between 3.00 t/m3 (open pit) or 3.15 t/m3 (underground). (e) Leticia and St. Antonio: 2.72 t/m3 for Leticia and 2.75 t/m3 for San Antonio. (15) Metallurgical recoveries: (a) Panama: Average gold recovery of 90%. (b) Pioneer: Average gold recovery of 90%. (c) Porvenir: were applied on a block by block basis and average 63.39% for gold, 52.55% for silver and 84.05% for zinc. (d) Luna Roja: Average gold recovery of 83%. (e) Leticia and St. Antonio: Gold recovery of 87%, silver recovery of 60%, and zinc recovery of 86.93%. (16) Porvenir and Pioneer Mine, the material within 30 m of the topographic surface has been excluded from the Porvenir Mineral Resources to allow for artisanal mining. (17) Total silver and zinc grades were not calculated because it is not representative considering the total tonnage. (18) Mineral Resources are depleted for production through December 31, 2024. Mineral Resources - Notes

Page 34

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 Effective Date Dec. 31, 2024 as per 2024 Annual Information Form La Pepa Project: 1. Open pit Mineral Resources are estimated inside of an optimized pit envelope at a cut-off grade of 0.20 g/t Au for oxides and 0.26 g/t Au for sulphides, which corresponds to the marginal cut-off grade 2. Mineral Resources are estimated using a long-term gold price of US$1,650 per ounce. 3. Mineros holds a 20% interest in the La Pepa Project. Mineral Resources - Notes

Slides