Mineros S.A (MINEROS) Mining Forum Europe 2026 summary

Operational performance and growth

• Achieved record operational results with 230,000 oz gold produced last year and 61,000 oz in Q1 2026, surpassing guidance.

• Revenues reached $800 million at $3,500 gold, with adjusted EBITDA of $360 million and a market cap of $1.1 billion.

• Share price increased 275% last year, outperforming 98% of TSX issuers and being the best performing stock in Colombia for two years.

• Healthy balance sheet with $130 million cash and no debt as of December 2025; considering new debt facilities for growth.

• Guidance for 2026 targets up to 233,000 oz gold, with plans to reach 500,000 oz by 2030.

Asset portfolio and development

• Operates two producing mines in Nicaragua and Colombia, both with over a century of production history.

• Nicaragua produced 140,000 oz gold equivalent last year; Colombia produced 90,000 oz, with significant reserves and resources.

• Bonanza Mining Partnership in Nicaragua provides profitable gold sourcing from local miners at about 50% of spot price.

• Porvenir project in Nicaragua is a key short-term growth engine, with phase I PFS showing 38% IRR on $200 million investment.

• Recent acquisition of a 23 million oz gold asset in Colombia from AngloGold Ashanti, focusing on community engagement for development.

Strategic initiatives and future plans

• Actively reinvesting in assets with $150 million CapEx for growth, sustaining, and exploration.

• Exploring opportunities for a third producing asset in the Americas, considering U.S., Canada, Brazil, and Chile.

• La Pepa project in Chile acquired from Pan American Silver, starting with 2.5 million oz resources and significant exploration potential.

• Plans to expand Porvenir to add 70,000 oz gold equivalent, aiming for over 300,000 oz annual production.

• Focused on disciplined growth, maintaining strong per-share metrics, and leveraging undervalued opportunities.