Mineros S.A (MINEROS) AGM 2025 summary

Opening remarks and agenda

• The assembly was formally opened with verification of quorum, confirming 80.9% of shares represented, ensuring valid decision-making.

• The agenda included financial statement review, management report, dividend proposal, board elections, share buyback, and auditor appointment.

• Voting procedures were clarified, with acclamation used unless significant matters required ballot voting.

Financial performance review

• 2024 saw record revenues of COP 2.2 trillion, a 14% increase, and net profit of COP 355 billion, up 418%.

• Gold production reached 213,000 ounces, with a 23% increase in production and strong share price appreciation in both Colombia and TSX.

• Cash and cash equivalents rose by 94% to COP 425 billion; investments in property, plant, and equipment totaled $309 million.

• Operational costs increased due to higher gold prices and payroll adjustments, with administrative expenses impacted by executive bonuses linked to share performance.

• The external auditor issued a clean opinion, confirming no material concerns and proper going concern status.

Board and executive committee updates

• A new board of directors was elected for 2025-2026, following a consultative vote and compliance with governance policies.

• Compensation structure for the board was revised to a fixed annual fee, removing per-meeting payments.

• CEO transition announced: Andrés Restrepo steps down, David Londoño appointed as new CEO effective April 8, 2025.