Mineros S A : Q1 2024 Press Release

TSX: MSA

BVC: MINEROS

Mineros Reports First Quarter 2024 Financial

and Operating Results

(all dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated)

Medellin, Colombia - May 9, 2024 - Mineros S.A. (TSX:MSA, MINEROS:CB) ("Mineros" or the "Company") today reported its financial and operating results for the three months ended March 31, 2024. For further information, please see the Company's unaudited condensed interim financial statements and management's discussion and analysis filed under its Mineros' profile on www.sedarplus.com.

Andrés Restrepo, President and Chief Executive Officer of Mineros, commented: "We had a strong first quarter from both a financial and an operating perspective. Our cash cost and all in sustaining costs were at the lower end of guidance for our operations. Our gold production from Company owned mines was largely as expected and we processed more artisanal material in Nicaragua showing the tremendous flexibility of our operations to compensate for unanticipated downtime in our processing plant at our Hemco operations. We're pleased with our progress in 2024 and are maintaining our cost and production guidance."

On September 21, 2023, Mineros sold all of the outstanding share capital of Mineros' subsidiary, Minas Argentinas S.A., which holds a 100% interest in the Gualcamayo Property in Argentina, to Eris LLC. Accordingly, the financial and operating results of the Company herein are presented for continuing operations comprising the Hemco Property and the Nechí Alluvial Property and omit the discontinued operations composed of the Gualcamayo Project. Certain results set out below have been restated to reflect only the continuing operations of the Company by removing amounts pertaining to the discontinued operations from previous totals. These restatements are reflected in all first quarter 2023 results in order to more appropriately compare the results from the first quarter of 2024 with the first quarter of 2023.

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BVC: MINEROS

FINANCIAL AND OPERATING HIGHLIGHTS FOR THE FIRST QUARTER OF 2024

• Revenue increased by 15%: revenue totaled $114,148 during the first quarter of 2024, compared with $98,869 in the first quarter of 2023, with sales of gold of $106,962 at an average realized price per ounce of gold sold from continuing operations1 of $2,067, during the first quarter of 2024 compared with sales of gold of $94,960 at an average realized price per ounce of gold sold from continuing operations of $1,876 in the first quarter of 2023. The increase in revenue in the first quarter of 2024 is mainly explained by a 10% increase in average realized price per ounce of gold sold from continuing operations, a 2% increase in ounces of gold sold from continuing operations and a 87% increase in sales of silver of $2,606;
• Cost of sales increased by 19% to $80,678 during the first quarter of 2024, compared with $67,971 in the first quarter of 2023. This increase was primarily due to: (i) the higher price of gold increasing the costs related to artisanal mining to $4,969; (ii) greater depreciation and amortization relating to our operations of $1,117; and (iii) the 17% revaluation of the Colombian peso against the US dollar and higher prices across the Company's operations, thus creating increased maintenance and materials cost of $1,915, and service and labour costs of $1,804 and $2,751 respectively;
• Gross Profit from continuing operations increased by 8% to $33,470 in the first quarter of 2024, compared with $30,898 in the first quarter of 2023, mainly due to higher revenue as explained above;
• Profit for the period from continuing operations up 0.14%, to $16,774 or $0.06 per share during the first quarter of 2024 compared with $16,751 or $0.06 per share during the first quarter of 2023. The modest increase in profit is mainly explained by higher revenue and gross profit as explained above. Profit for the period was impacted by higher foreign exchange differences of $2,157, higher administrative expenses of $778 related to employee benefits and services, higher taxes of $469 and less other income of $3,236;

1 Average realized price per ounce of gold sold from continuing operations, Adjusted EBITDA, Net Debt, Cash Cost per ounce of gold sold, and AISC per ounce of gold sold are non-IFRS financial measures, and Cash Cost per ounce of gold sold, AISC per ounce of gold sold and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release.

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BVC: MINEROS

• Adjusted EBITDA1 up 8%: Adjusted EBITDA was $40,654 during the first quarter of 2024 compared with $37,754 during the first quarter of 2023, mainly explained by higher revenue as explained above;
• ROCE1 was 32% as at March 31, 2024 compared with a ROCE of 26% as at March 31, 2023. The increase is mainly explained by 10% higher Adjusted EBITDA for the last 12 months, along with a 8% decrease in average capital employed, mainly explained by the sale of Gualcamayo and the disposal of its assets and liabilities;
• Net cash flows generated by operating activities up 305%, totaling $10,105 in the first quarter of 2024, compared with $2,498 in the first quarter of 2023, primarily explained the sale of Gualcamayo which resulted in lower payments to suppliers of $13,897, and lower payments to employees and social security agencies of $5,626, lower payments for premiums and claims of $1,438 partially offset with higher income tax payments of $2,156 and lower receipts from sales for $11,424;
• Net Debt2 was $(14,215) as at March 31, 2024, compared with $12,612 as at March 31, 2023; explained by 25% higher cash and cash equivalents, along with 48% lower loans and other borrowings, reflecting strong cash position for the company and significant decrease in debt levels;
• Dividends Paid up 8%: Dividends paid during the first quarter of 2024 were $5,239, compared with $4,837 in the same period of 2023, explained by an 8% higher dividend approved at the General Shareholders' Meeting in March 2023;
• Cash Cost & AISC: Cash Cost per ounce of gold sold for continuing operations in the first quarter of 2024 was $1,202 and AISC per ounce of gold sold from continuing operations1 was $1,429, compared with Cash Cost per ounce of gold sold from continuing operations of $1,055 and AISC per ounce of gold sold from continuing operations of $1,252 for the first quarter of 2023. The 14% increase in Cash Cost per ounce of gold sold from continuing operations is mainly explained by the 19% increase in cost of sales, due to higher gold prices and the effects of the COP:US$ exchange rate, which was partially offset by the 2% increase in ounces of gold sold. The increase in AISC per ounce of gold sold from continuing operations is explained by the increase in cost of sales, along with a 20% increase in

• Cash Cost, AISC, Adjusted EBITDA, net free cash flow, Net Debt and average price realized per ounce of gold
  sold are non-IFRS financial measures, and Cash Cost per ounce of gold sold, AISC per ounce of gold sold and ROCE are non-IFRS ratios, with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release.

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BVC: MINEROS

sustaining capital expenditures, partially offset by the 2% increase in ounces of gold sold; and

• Capital investments down 4% to $14,363: during the first quarter of 2024 capital investments of $14,363 were made into existing mines, and exploration & growth projects, compared with $14,982 in the first quarter of 2023; the decrease is explained by the sale of Gualcamayo.

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TSX: MSA

BVC: MINEROS

Financial and Operating Highlights
	Three Months
	Ended March	Change
	31,
	2024	2023	$	%
Financial
Revenue	114,148	98,869	15,279	15%
Cost of sales	(80,678) (67,971) (12,707) 19%
Gross Profit	33,470	30,898	2,572	8%
Profit for the period from continuing operations	16,774	16,751	23	0%
Basic and diluted earnings per share from continuing operations	$0.06	$0.06	$0	0%
($/share)
Loss for the period from discontinued operations	-	(1,347)	1,347	(100)%
Basic and diluted earnings per share from continuing and	$0.056	$0.051	$0.005	9%
discontinued operations ($/share)
Adjusted EBITDA1	40,654	37,754	2,900	8%
Net cash flows generated by operating activities	10,105	2,498	7,607	305%
Net free cash flow1	(1,897)	(10,232)	8,335	(81)%
ROCE1	32%	26%	6%	22%
Net Debt 1	(14,215)	12,612	(26,827) (213)%
Dividends paid	5,239	4,837	402	8%

Operating

Average realized price per ounce of gold sold from continuing operations ($/oz)1

Total Gold Produced from continuing operations (oz) Silver sold (oz) from continuing operations

Cash Cost per ounce of gold sold from continuing operations ($/ oz) 1 2

AISC per ounce of gold sold from continuing operations ($/oz) 1 2

2,067 1,876 191 10%

51,741 50,609 1,132 2%

242,649 131,523 111,126 84%

$1,202 $1,055 $147 14%

$1,429 $1,252 $177 14%

1. Adjusted EBITDA, Net free cash flow, Net Debt, Cash Cost per ounce of gold sold, AISC per ounce of gold sold and average realized price per ounce of gold sold, are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release.
2. In Q4 of 2023, the Company restated AISC and Cash Cost to capture cash outflows related to asset retirement obligations and environmental and rehabilitation costs.

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BVC: MINEROS

Operational Highlights by Material Property

(All numbers in ounces unless otherwise noted)

	Three Months
	Ended March	Change
	31,
	2024	2023
	Ounces	Ounces	Ounces	%
Nechí Alluvial Property (Colombia)	19,212	17,988	1,224	7%
Hemco Property	8,182	10,221	(2,039)	(20)%
Artisanal Mining	24,347	22,400	1,947	9%
Nicaragua	32,529	32,621	(92)	-%
Total Gold Produced from Continuing Operations	51,741	50,609	1,132	2%
Gualcamayo Property (Argentina)	-	9,639	(9,639)	(100)%
Total Gold Produced from Discontinued Operations	-	9,639	(9,639) (100)%
Total Gold Produced	51,741	60,248	(8,507) (14)%
Total Silver Produced	242,649 134,669 107,980	80%

• Gold production increased by 2%: Excluding the results of the discontinued operations at the Gualcamayo Property (disposed of in 2023), 51,741 ounces of gold were produced during the first quarter of 2024, compared with 50,609 ounces in the first quarter of 2023. The increase in production is mainly a result of 7% higher production at the Nechí Alluvial Property, explained by higher volumes.
• Exploration and Evaluation Expenditures: for the three months ended March 31, 2024, the Company incurred $2,228 in exploration and evaluation ("E&E") expenditures, an increase of 20% compared with the first quarter of 2023. The increase is mainly explained by higher exploration expenditures which were capitalized in the Hemco Property, related to the Porvenir Project. The increase in exploration expenses is mainly due to higher regional exploration in the Hemco Property and the sale and subsequent disposal of the Ataco project mining rights in Colombia. The following table summarizes E&E expenditures for the current and comparative periods.

	Three
	Months	Change
	Ended March
	31,
	2024	2023	$	%
E&E expenditures capitalized 1, 3	624	525	99	19%
E&E expenditures expensed 2	1,604	1,338	266	20%
Total	2,228 1,863	365	20%

1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position.

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TSX: MSA

BVC: MINEROS

1. Figures in the table reflect expenditures capitalized from continuing operations. E&E expenditures capitalized from discontinued operations as discussed in this MD&A are nil.
2. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under "Exploration expenses".

CORPORATE HIGHLIGHTS FOR THE THREE MARCH 31, 2024

Dividends declared

On March 26, 2024, the General Shareholders Assembly approved the distribution of the Company's profits by way of: (i) an annual ordinary dividend of $0.075, in respect of each common share, payable quarterly, in four equal installments of $0.01875, and (ii) an extraordinary dividend of $0.025, in respect of each common share issued and outstanding, payable quarterly, in four equal installments of $0.00625, representing a total distribution of $0.10 per share per annum, or $29,973,740 in total for the year, calculated based on the number of shares issued and outstanding as at March 31, 2024. This represents a payout increase of 42.8% compared with last year's dividend.

The Canadian record dates and Canadian/Colombian payment dates for the ordinary and extraordinary dividends are set out in the table directly below:

			Amount per share
	Record Date	Payment Date	($)	(COP$)
Ordinary Dividend	April 11, 2024	April 18, 2024	0.01875	74.1
	July 11, 2024	July 18, 2024	0.01875	74.1
	October 9, 2024	October 17, 2024	0.01875	74.1
	January 9, 2025	January 16, 2025	0.01875	74.1
Extraordinary Dividend	April 11, 2024	April 18, 2024	0.00625	24.7
	July 11, 2024	July 18, 2024	0.00625	24.7
	October 9, 2024	October 17, 2024	0.00625	24.7
	January 9, 2025	January 16, 2025	0.00625	24.7

Change in Board of directors

At the General Shareholders Assembly, six new members were appointed to the board of directors, being: Mr. Juan Esteban Mejía, Ms. Sofía Bianchi, Mr. Michael Gregory Doyle, Mr. Mauricio Toro, Mr. Daniel Fernando Henao Villamil and Mr. Marco Izquierdo, and three members were reelected, being: Mr. Eduardo Pacheco Cortés, Mr. Alberto Mejía Hernandez, and Ms. Lucía Taborda. All nine members of the board of directors shall hold office until they resign or until the next General Shareholders Assembly.

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TSX: MSA

BVC: MINEROS

GROWTH AND EXPLORATION PROJECT UPDATES

The two key growth and exploration projects the Company is advancing are the Porvenir Project and the Luna Roja Deposit, both located at the Hemco Property.

Porvenir Project, Nicaragua: Mineros finished the 2023 drill campaign achieving approximately 100% of its original plan, totaling 11,088 metres of diamond drilling in 60 holes. The analysis of the metallurgical campaign is ongoing, and the Company expects to receive analytical results, metallurgical test outcomes and also complete the update of the geometallurgical model in the second half of 2024.

The infill drilling campaign is confirming Mineros' view that mineralization extends below the current resource estimate and that mineralization remains open at depth.

Luna Roja Deposit, Nicaragua: Mineros continues to work on an internal Mineral Resources update of the Luna Roja Deposit. In 2024, the Company plans to carry out geological mapping with a focus on geophysical anomalies and conduct internal metallurgical testing at the Hemco lab. No drilling activities are scheduled for the Luna Roja Deposit throughout the year.

OUTLOOK

The following section of this news release represents forward-looking information, and readers are cautioned that actual results may vary. We refer readers to the risks and assumptions contained in Section 14 - Cautionary Notes and Additional Information - Cautionary Statement on Forward-Looking Information in the Company's MD&A for the interim financial period ended March 31, 2024.

Gold production guidance

The following table presents the Company's gold production guidance for 2024 and actual production for the three months ended March 31, 2024. The production guidance includes production from the Company's Nechi Alluvial, and Hemco Properties and from artisanal mining.

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BVC: MINEROS

	Actual (oz)	Guidance (oz)
	31 March	2024
	2024
Colombia (Nechí Alluvial)	19,212	86,000	- 96,000
Nicaragua (Hemco)	8,182	33,000	- 35,000
Total Company Mines	27,394	118,500	- 131,000
Nicaragua (Artisanal)	24,347	90,000	- 98,000
Total gold production (ounces)	51,741	209,000	- 229,000

Given the operating results for the period ended March 31, 2024, the Company maintains its production guidance for 2024.

Cost outlook

The following table outlines the Company's Cash Cost per ounce of gold sold and AISC per ounce of gold sold for the three months ended March 31, 2024, and cost guidance 2024. The cost guidance includes the Company's two Material Properties and production from artisanal mining.

	Actual	Cash Cost	Actual	AISC ($/oz)
	Cash Cost	Guidance ($/	AISC ($/	Guidance ($/
	($/oz)	oz)	oz)	oz)
Country (principal mine)	31 March	2024	31 March	2024
2024	2024
Colombia (Nechí Alluvial)	1,262	$1,090	- $1,190	1,389	$1,280	- $1,390
Nicaragua (Hemco)	1,273	$1,240	- $1,320	1,463	$1,450	- $1,520
Consolidated	1,202	$1,180	- $1,270	1,429	$1,430	- $1,530

Cash Costs per ounce of gold sold and AISC per ounce of gold sold outlooks were prepared assuming an average selling price of gold of $1,980/oz and inflation of 10% in Colombia and 6% in Nicaragua. Cash Costs per ounce of gold sold have been trending at the lower end of the guidance; however, given the strength of the Colombian peso we are monitoring this metric closely. We maintain our guidance at this time.

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CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call on Friday, May 10, 2024, at 8:00 am EST (8:00 am COT) to discuss the results. The conference call will be in Spanish with simultaneous translation in English.

A live webcast of the conference all will be available at: https://app.webinar.net/yRqkbmzw260

The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company's website at www.mineros.com.cofor approximately 30 days following the call.

ABOUT MINEROS S.A.

Mineros is a gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region.

The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations.

Mineros' common shares are listed on the Toronto Stock Exchange under the symbol "MSA", and on the Colombia Stock Exchange under the symbol "MINEROS".

For further information, please contact:

Ann Wilkinson

Vice President, Investor Relations [phone]

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo),

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