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Mineros Q2 2026 Earnings Results August 6 , 2026 Delivering on profitable growth Growth - oriented , mid - tier gold producer . HOSTED BY Daniel Henao , CEO Natalia Correa , CFO Ann Wilkinson , VP IR TSX : MSA BVC : MINEROS . OTCQX : MNSAF
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D I S C L O S U R E Cautionary notes & forward-looking information FORWARD -LOOKING INFORMATION This presentation contains "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variations thereof or comparable terminology. Forward-looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this presentation. While Mineros S.A. ("Mineros" or the "Company") considers these assumptions to be reasonable, they are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties. For further details, see Section 14: Cautionary Notes and Additional Information in the MD&A for the three and six months ended June 30, 2026. Forward-looking information involves known and unknown risks and does not guarantee future performance; see the "Risk Factors" section of the Company's AIF dated March 31, 2026. Copies of the MD&A and AIF are available on SEDAR+ at www.sedarplus.com. Forward-looking information is made as of the date of this presentation, and the Company disclaims any obligation to update it except as required by law. NON-IFRS MEASURES This presentation contains financial measures and ratios not calculated under IFRS, including Cash Cost per ounce of gold sold, AISC per ounce of gold sold, average realized price per ounce of gold sold, net free cash flow, Adjusted EBITDA, strategic liquidity position, operating cash flow before strategic gold purchases, Net Debt / Net Cash, ROCE and gold equivalent ("AuEq"). Management believes these measures, when supplementing IFRS measures, improve investors' ability to evaluate underlying performance. They have no standardized meaning under IFRS and may not be comparable to similar measures used by other companies. For reconciliations of non-IFRS measures to their most directly comparable IFRS measures, see Section 10: Non-IFRS and Other Financial Measures in the MD&A for the three and six months ended June 30, 2026, incorporated by reference herein. All values are in U.S. dollars unless otherwise noted. TECHNICAL DISCLOSURE Scientific and technical information herein is derived from technical reports prepared under National Instrument 43-101 by qualified persons. Mineral Reserve and Mineral Resource estimates were prepared under NI 43-101 and the CIM Definition Standards, effective December 31, 2025 as disclosed in the Company's 2025 Annual Information Form. Inferred mineral resources are subject to uncertainty as to their existence and their economic and legal feasibility. The technical information has been reviewed and approved by Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., a qualified person within the meaning of NI 43-101. As a non-reporting issuer under U.S. securities laws, the Company discloses under NI 43-101 and the CIM Definition Standards rather than the SEC Modernization Rules; the standards differ. 02 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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Our four key drivers Delivering on growth and strategic expansion: 01 · PERFORMANCE Record first half 559M H1 revenue · +63% YoY 122,634AuEq oz H1 gold-equiv. oz sold Avg. realized gold price US$4,530/oz 02 · BALANCE SHEET STRENGTH Backed by gold 229M Cash & gold-backed assets 110M Net cash position 03 · GROWTH & EXPLORATION Pipeline advancing Hemco expansion Expanding to 2,500 tpd by December 2026 Porvenir Development asset · plant & TSF environmentally certified New pipeline La Pepa & Tolima Largest-ever drill program underway 04 · SHAREHOLDER RETURNS Returning capital 18.1M Buybacks executed so far · US$175M program 14.7M H1 dividends paid 03 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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K E Y D R I V E R 0 1 Performance Outstanding revenues, margins and production results across both properties.
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Q2 2026 highlights Strong performance funds a growing pipeline. AUEQ OZ SOLD 61,849OZ +11% vs. Q2 2025 REVENUE 267M +46% vs. Q2 2025 ADJUSTED EBITDA 108 M +31% · 40% margin NET PROFIT 45 M 0.15 EPS AV G . R E AL I Z E D G O L D P R I C E · Q 2 2 0 2 6 US$4,290 +29% YoY Hemco expansion — Nicaragua Nechí operations — Colombia 05 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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Record H1 2026 performance Stronger production and higher realized prices translated into record revenue, EBITDA and earnings. Gold sold koz AuEq · six months +12% YoY 111.0 H1 '24 111.2 H2 '24 109.8 H1 '25 117.7 H2 '25 122.6 H1 '26 Revenue US$M · six months +63% YoY 248 H1 '24 291 H2 '24 343 H1 '25 457 H2 '25 559 H1 '26 Adjusted EBITDA US$M · six months +70% YoY 90 H1 '24 120 H2 '24 154 H1 '25 205 H2 '25 260 H1 '26 Net profit US$M · six months +63% YoY 35 H1 '24 52 H2 '24 82 H1 '25 64 H2 '25 133 H1 '26 Nechí operation · Colombia AV G . R E AL I Z E D G O L D P R I C E · H 1 2 0 2 6 US$4,530 +46% YoY EBITDA MARGIN 47% TRAILING LTM EBITDA US$M 465 EARNINGS PER SHARE US$ 0.45 06 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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Consistent sales Growing ounces with costs under control Q2 2026 gold -equivalent ounces sold Gold sold 59,639 Silver sold (AuEq) 2,210 Total AuEq oz 61,849 SILVER SOLD · Q2 2026 — RECORD 150,681oz avg US$62/oz 07 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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Revised 2026 guidance On track — a disciplined focus on quick-return ounces. CONSOLIDATED GOLD PRODUCTION 220–240koz Au Revised up from 213–233k oz · +7k oz at both ends CONSOLIDATED AISC 2,370–2,470US$/oz Q2 2026 actual $2,458 · on track 2026 guidance by property Gold production AISC (US$/oz) Colombia · Nechí Property 83k – 93k oz 2,090 – 2,190 Nicaragua · Hemco Property 137k – 147k oz 2,465 – 2,565 Consolidated 220k – 240k oz 2,370 – 2,470 Nechí alluvial dredge — Colombia H1 2026 gold -equivalent sales vs. revised full -year guidance Colombia · Nechí 48% OF FY MIDPOINT 42,634AuEq oz FY guidance 83–93k oz Nicaragua · Hemco 57% OF FY MIDPOINT 81,218AuEq oz FY guidance 137–147k oz Consolidated 53% OF FY MIDPOINT 122,634AuEq oz FY guidance 220–240k oz 08 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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Operational excellence — H1 2026 Two producing platforms — and the partnership models behind them. Colombia · Nechí COST EFFICIENCY · OWN VS PARTNER H1 2026 · AISC $/oz OWN OPERATION $1,676/oz Most cost-efficient source CONTRACT PARTNERS (CMP) 18% Mineros margin (Q2: 20%) PRODUCTION (H1) 42,568oz Q2: 22,659 oz AISC (H1) $1,933/oz Q2: $1,922/oz GOLD RECOVERY (H1) 96% Q2: 77→96% CASH COST (H1) $1,709/oz Q2: $1,701/oz Nicaragua · Hemco COST EFFICIENCY · OWN VS PARTNER H1 2026 · AISC $/oz UNDERGROUND (OWN) $1,833/oz Most cost-efficient source BMP PURCHASED ORE 41% Mineros margin (Q2: 35%) PRODUCTION (H1) 75,535oz Q2: 37,594 oz AISC (H1) $2,521/oz Q2: $2,703/oz THROUGHPUT 2,100tpd Ramp to 2,500 by Dec 2026 CASH COST (H1) $2,337/oz Q2: $2,509/oz 09 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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K E Y D R I V E R 0 2 Balance sheet strength Net cash, deep liquidity and a treasury backed by physical gold.
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Balance sheet strength A conservative balance sheet, deep liquidity and a treasury backed by physical gold. Cash and gold backed assets $229M Cash & equivalents $41M Precious metals $125M 29,309 AuOz Gold-backed receivables $63M 12,912 AuOz · 95,577 AgOz Credit loans $56M SHORT TERM LIQUIDITY Ore stockpiles $21M 16,128 AuOz Doré inventory $3M 1,190 AuEq oz Strong net cash position of $110M. 11 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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K E Y D R I V E R 0 3 Growth & exploration A funded pipeline and active drilling across the portfolio.
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Exploration & drilling update Reallocated toward near-mine targets to accelerate resource growth. Q2 2026 · 27,273 m in 52 holes at the Hemco Property — 36% of the 75,400 m planned · plus 2,088 m at Nechí DRILLING BY TARGET · H1 & FULL -YEAR 2026 PROGRAM Target H1 2026 m 2026 plan m Budget Nicaragua · Hemco Property 27,273 75,400 US$11.0M Panama & Pioneer · near-mine 12,136 ~41,500 — Brownfield · Bonanza block 7,516 ~15,700 — Greenfield · Bonanza District 5,104 5,000 — Porvenir · infill 2,517 10,000 — Colombia · Nechí Property 2,088 13,000 US$4.1M Chile · La Pepa — 7,000 US$2.2M Total 29,361 95,400 US$17.3M Hemco Property total includes minor Guillermina & Leticia infill drilling. H1 2026 reflects exploration-program drilling; The Hemco program was reallocated toward near-mine targets — the Panama & Pioneer plan rose to ~41,500 m — while the total 75,400 m is unchanged. The Xiloa vein system was drill-tested for the first time (8.3 m at 17.3 g/t Au). This is the largest exploration program ever executed by the Company. Diamond drilling — Nechí Property, Colombia 15 / 25 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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Advancing the growth pipeline Project status as of June 30, 2026 — Porvenir, La Pepa and Tolima. P O R V E N I R · N I C AR A G U A Final stretch of permitting. Pre-development Environmental Certification for the processing plant & TSF received April 2026. ▸ Pending forest-management & treated-wastewater permits expected by Q4 2026. ▸ 2026 PFS Update NI 43-101 issued March 2026 ▸ Infill drilling and metallurgical campaign underway — 2,517 m (~25% of the 10,000 m plan). L A P E P A · C H I L E Drilling permit secured. Engineering and Economic Assessment Required sectoral permit for the drilling program obtained in June 2026. ▸ 7,000 m drilling program (US$2.2M) planned; drilling had not commenced as at June 30, 2026 (winter season). ▸ CIM-compliant Preliminary Economic Assessment (PEA) to commence early Q3 2026. ▸ Winter/Fall season environmental characterization finalized. T O L I M A · C O L O M B I A Integrating a new project. Exploration project 100% owned via acquisition of AngloGold Ashanti Colombia (now Mineros Tolima) — sole registered holder of concession EIG-163, Cajamarca. ▸ Historical resource¹: 23.35 Moz Au Indicated · 4.98 Moz Au Inferred. ▸ Central Cordillera of the Andes, ~150 km W of Bogotá, ~30 km W of Ibagué (2,800–3,200 m a.s.l.). ▸ Integration underway (consolidating & validating historical data); maiden Mineral Resource Estimate targeted to commence early Q3 2026. 1. Historical mineral resource estimate as reported by AngloGold Ashanti PLC in December 2024; a qualified person has not done sufficient work to classify it as a current Mineral Resource, and Mineros is not treating it as current. 16 / 25 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF ▸ Engineering audits and GAP analysis performed by top engineering firms finalized. ▸ Continuation of environmental baseline studies for future permitting including DIA.
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K E Y D R I V E R 0 4 Shareholder returns Returning capital through an expanded buyback and consistent dividends.
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Share performance & capital returns Outperforming gold and peers while returning capital to shareholders. S H A R E R E P U R C H A S E P R O G R A M $175M $18.1M Remaining $156.9M $14.7M Mineros has materially outperformed gold and its peer index. TWO -YEAR TOTAL RETURN · JUL 2024 – JUL 2026 · INDEXED TO 100 Jul '24 Jan '25 Jul '25 Jan '26 Jul '26 +509% Mineros · MSA +118% GDXJ Juniors +68% Gold · XAU 16 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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W R A P- UP H1 2026 in summary A strong half across our four key drivers.
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H1 2026 in summary A strong half across our four key drivers. 01 PERFORMANCE The business is performing strongly — record first-half revenue of $559M and Adjusted EBITDA of $260M, with unit costs held within our guidance range. 02 BALANCE SHEET STRENGTH A net-cash balance sheet, strengthened by our new bullion policy that anchors the treasury to physical gold. 03 GROWTH & EXPLORATION Growth on track — Porvenir advancing through final permitting, Hemco expanding, and our largest-ever drill program underway across the portfolio. 04 SHARE PERFORMANCE & BUYBACKS The share is outperforming its peers and the gold price, while we return value through an expanded buyback and steady dividends. Disciplined growth. Real returns. Backed by gold. 18 / 19 T S X :M S A B V C :M I N E R O SO T C Q X :M N S AF
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T H A N K Y O U · Q & A For further information. Ann Wilkinson Juan Obando investor.relations@mineros.com.co · relacion.inversionistas@mineros.com.co TSX: MSA - BVC: MINEROS OTCQX: MNSAF