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BVC: MINEROS TSX: MSA OTCQX: MNSAF Q4 & Full Year 2025 Results HOSTED BY: Daniel Henao CEO Sergio Chavarria CFO Ann Wilkinson VP Investor Relations FEBRUARY 19, 2026
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BVC: MINEROS TSX: MSA OTCQX: MNSAF NOTES TO INVESTORS 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. 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) • Gold equivalent (AuEq) 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 months and year months ended December 31, 2025, available on the Company’s website and at SEDAR+ at www.sedarplus.com All values in this presentation are in U.S. dollars. © 2026 Mineros 2
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BVC: MINEROS TSX: MSA OTCQX: MNSAF 2025 was a transformational year with records across all key metrics $800M +48% higher than 2024 DIVIDENDS & BUYBACKS $42M $30M dividends + $12M buybacks TSX PERFORMANCE 275% TSX 30 designation - top 2% BVC LEADERSHIP 259% Top performer (2nd consecutive year) A RECORD YEAR RECORD REVENUES $358M RECORD ADJ EBITDA +71% higher than 2024 227k AuEq oz PRODUCTION Above Guidance
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BVC: MINEROS TSX: MSA OTCQX: MNSAF $800M +48% $261M Q4, +74% NET PROFIT $145M +68% FREE CASH FLOW $139M +60% RECORD Q4 AND FY 2025 PERFORMANCE REVENUES $326M +77% GROSS PROFIT $106M Q4, +94% $358M +71% ADJUSTED EBITDA $115M Q4, +101% $9M Q4 $32M Q4
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Credit & Loans $15M Strong Net Cash Position with a net debt of ($93M) BALANCE SHEET STRENGTH Cash & Equivalents $108M Account Receivable from Refineries $26M
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BVC: MINEROS TSX: MSA OTCQX: MNSAF CONSISTENT PRODUCTION 6 The average selling price, the Cash Cost per ounce of gold sold, and the AISC per ounce of gold sold are non-IFRS financial measures. Non-IFRS financial measures and indicators should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. These indicators may not be comparable to similar financial indicators disclosed by other issuers. Gold equivalent (“AuEq”) ounces = (Gold ounces produced + revenue derived from silver ounces sold) / average realized price per ounce of gold sold. +57% Average Sale Price Q4 2025 vs. Q4 2024 +10% AuEq oz Produced Q4 2025 vs. Q4 2024
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Colombian Operations Production: 23k Au oz AISC: $1,891/oz Lost Time Freq: 0.90 Key Milestone: Aurora Plant commenced production Nicaraguan Operations Production: 36k Au oz AISC: $2,828/oz Lost Time Freq: 0.16 Mining Mix: 90% Bonanza Mining Partners, 10% Industrial OPERATIONAL EXCELLENCE – Q4 RESULTS
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BVC: MINEROS TSX: MSA OTCQX: MNSAF 8 (1) The gold price assumed was $4,405. While our 2026 guidance is anchored in our primary gold reserves, the Company continues to optimize silver recovery at the Hemco processing plant. Although silver is not currently classified as either a Mineral Reserve or a Mineral Resource, we expect improvements to our ability to recover silver will provide a positive impact on our revenues and consolidated AISC. For reporting purposes, any silver recovered will be disclosed as gold equivalent (AuEq) production using the then-average price per ounce sold of each metal. Consolidated Gold Production 213k - 233k Au oz Consolidated AISC $2,370-$2,470/oz Au Colombia 83k-93k Au oz AISC: $1,820-$1,920/oz Au CMP Margin 11% - 14% Nicaragua 130k-140k Au oz AISC: $2,000-$2,100/oz Au BMP Margin 39% - 41% 2026 Capital Investment Program Total CAPEX: $113.7M | Growth: $51.7M | Sustaining: $44.7M | Exploration: $17.3M 2026 GUIDANCE – CONTINUED GROWTH
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Growth & Exploration Strategy Near-Mine & Greenfield Exploration • 35,540 m drilled FY’25 • Largest exploration program in the history of Nicaragua • Resource-to-Reserve conversion • High-grade targets identified Porvenir Project • Optimized PFS - Q1'26 • Environmental permitting • OPEX/CAPEX review La Pepa Project - Chile • 100% ownership secured • 7,000 m drilling program • Advancing technical studies • Maricunga Gold Belt exposure SECURING THE FUTURE
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BVC: MINEROS TSX: MSA OTCQX: MNSAF A YEAR OF RECORDS Record revenues of $800M, $358M Adj. EBITDA and 145M net profit Above 2025 production guidance - proven track record Strong balance sheet with $93M net cash position Returned $42M to shareholders via dividends & buybacks Clear growth roadmap with three major projects
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BVC: MINEROS TSX: MSA OTCQX: MNSAF WWW.MINEROS.COM.CO
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 $ $ $ $ Net Profit For The Period 9,413 23,195 144,984 86,552 Less: Interest income (888) (613) (3,561) (1,691) Add: Interest expense 2,254 2,217 8,102 8,260 Add: Current tax 1 27,918 15,598 88,992 53,123 Add/less: Deferred tax 1 924 (699) (2,475) 1,894 EBIT 39,620 39,698 236,043 148,138 Add: Depreciation and amortization 16,018 11,632 56,096 48,548 EBITDA 55,638 51,330 292,139 196,686 Less: Other income (1,145) (516) (4,274) (2,908) Add: Share of results of associates — 20 59 99 Less: Finance income (excluding interest income) (7) (24) (1,694) (107) Add: Finance expense (excluding interest expense) 48 25 206 173 Add: Other expenses 57,036 4,831 64,354 10,802 Add: Exploration expenses 2,673 2,072 5,878 6,354 Less: Foreign exchange differences 307 (843) 1,738 (1,000) Adjusted EBITDA2 114,550 56,895.00 358,405 210,099.00 1. For additional information regarding taxes, see Note 12 of our audited condensed interim consolidated financial statements, for the three months and year months ended December 31, 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 months and year months ended December 31, 2025, and 2024. Adjusted EBITDA
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BVC: MINEROS TSX: MSA OTCQX: MNSAF December 31, 2025 2024 Loans and other borrowings $ 15,398 $ 25,927 Less: Cash and cash equivalents (108,005) (96,410) Net Debt (92,606) (70,483) Net Debt
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 Cost of sales 155,256 95,664 473,420 354,567 Less: Cost of sales of non-mining operations1 (275) — (1,154) (827) Less: Depreciation and amortization (15,703) (11,469) (54,945) (47,430) Less: Sales of silver (11,222) (3,520) (20,399) (21,239) Less: Sales of electric energy (1,199) (2,270) (5,750) (7,581) Less: Environmental rehabilitation provision (2,400) (3,296) (6,512) (7,360) Add: Use of environmental and rehabilitation liabilities 758 728 1,977 1,539 Add: Use of Retirement obligations 168 469 275 1,672 Cash Cost 125,383 76,306 386,912 273,341 Gold sold (oz) 58,596 54,189 221,608 213.25 Cash Cost per ounce of gold sold ($/oz) $ 2,140 $ 1,408 $ 1,746 $ 1,282 1. Refers to cost of sales incurred in the Company’s “Others” segment. See note 6 of our audited consolidated financial statements for the three months and year months ended December 31, 2025and 2024. The majority of this amount relates to the cost of sales of latex. Cash Cost per Ounce of Gold Sold
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BVC: MINEROS TSX: MSA OTCQX: MNSAF AISC per Ounce of Gold Sold Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 Cost of sales 155,256 95,664 473,420 354,567 Less: Cost of sales of non-mining operations 1 (275) — (1,154) (827) Less: Depreciation and amortization (15,703) (11,469) (54,945) (47,430) Less: Sales of silver (11,222) (3,520) (20,399) (21,239) Less: Sales of electric energy (1,199) (2,270) (5,750) (7,581) Less: Environmental rehabilitation provision (2,400) (3,296) (6,512) (7,360) Add: Use of environmental and rehabilitation liabilities 758 728 1,977 1,539 Add: Use of Retirement obligations 168 469 275 1,672 Add: Administrative expenses 6,945 9,231 23,946 22,448 Less: Depreciation and amortization of administrative expenses 2 (315) (163) (1,151) (1,118) Add: Sustaining leases and leaseback 3 3,024 2,455 11,571 9,838 Add: Sustaining exploration 4 939 31 1,366 191 Add: Sustaining capital expenditures 5 9,694 8,313 27,749 26,125 AISC from operations 145,670 96,173 450,393 330,825 Gold sold (oz) 58,596 54.19 221.61 213.25 AISC per ounce of gold sold ($/oz) 2,486 1,775 2,032 1,551 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 condensed 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 consolidated i nterim financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or non -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. Explorat ion expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generat ive 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 operations 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 months and year months ended December 31, 2025, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expenditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaudited condensed interim consolidated financial statements.
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Average Price per Ounce of Gold Sold Realized Three Months Ended December 31, Year ended December 31, 2025 2024 2025 2024 Sales of gold ($) 244,889 144,239 769,785 508,965 Gold sold (oz) 58,596 54,189 221,608 213,245 Average realized price per ounce of gold sold ($/oz) 4,179 2,662 3,474 2,387 Sales of silver ($) 11,222 3,520 20,399 21,239 Silver sold (oz) 178 112 426 766 Average realized price per ounce of silver sold ($/oz) 63 31 48 28
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Cash Cost & AISC per Ounce of Gold Sold - Segments Nechí Alluvial Hemco Property Cost of sales 49,760 112,407 Less: Depreciation and amortization (4,989) (10,672) Less: Sales of silver (119) (11,103) Less: Sales of electric energy (1,199) — Less: Intercompany royalty (6,588) — Less: Environmental rehabilitation provision (2,400) — Add: Use of environmental and rehabilitation liabilities 758 — Add: Use of Retirement obligations — 168 Cash Cost 35,223 90,800 AISC Adjustments Less: Depreciation and amortization of administrative expenses (3) (31) Add: Administrative expenses 1,521 3,073 Add: Sustaining leases and Leaseback 846 2,178 Add: Sustaining exploration 939 — Add: Sustaining capital expenditure 4,752 4,942 AISC 43,278 100,962 Gold sold (oz) 22,891 35,705 Cash Cost per ounce of gold sold ($/oz) 1,539 2,543 AISC per ounce of gold sold ($/oz) 1,891 2,828 Nechí Alluvial Hemco Property Cost of sales 39,055 61,032 Less: Depreciation and amortization (3,881) (7,550) Less: Sales of silver (64) (3,456) Less: Sales of electric energy (2,270) — Less: Intercompany royalty (4,224) — Less: Environmental rehabilitation provision (3,296) — Add: Use of environmental and rehabilitation liabilities 728 — Add: Use of Retirement obligations — 469 Cash Cost 26,048 50,495 AISC Adjustments Less: Depreciation and amortization administrative expenses (4) (11) Add: Administrative expenses 1,495 959 Add: Sustaining leases and Leaseback 636 1,819 Add: Sustaining exploration 31 — Add: Sustaining capital expenditure 4,056 4,257 AISC 32,262 57,519 Gold sold (oz) 22,528 31.661 Cash Cost per ounce of gold sold ($/oz) 1,156 1,595 AISC per ounce of gold sold ($/oz) 1,432 1,817 Three months ended December 31, 2025 Three months ended December 31, 2024
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Mineral Reserves and Resources Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Mineral Reserves and Resources Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Mineral Reserves - Notes Effective Date Dec. 31, 2024 as per 2024 Annual Information Form
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Mineral Reserves - Notes 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.
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BVC: MINEROS TSX: MSA OTCQX: MNSAF Mineral Reserves - Notes 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.