Mineros S A : Consolidated Financial Statements and notes 2021 and 2020

Deloitte & Touche Ltda.

Nit. 860.005.813-4

Calle 16 Sur No. 43A-49

Pisos 4 y 9

Ed. Corficolombiana

Medellín

Colombia

Tel: [phone]

www.deloitte.com/co

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Mineros S.A.

Opinion

We have audited the consolidated financial statements of Mineros S.A. and its subsidiaries (The Group), which comprise the consolidated statement of financial position as at December 31, 2021, and the consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2021, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International

Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Basis for Opinion

We conducted our audits in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Impairment of long-term assets, specifically the value in use of cash generating units (CGU)

Description of Key Audit Matter

As described in note 8 to the consolidated financial statements, Management recognized a reversal of a previous impairment charge in the Cash Generating Unit (CGU) of HEMCO in Nicaragua for $15,5 million and recognized an impairment charge in the CGU of Gualcamayo in Argentina for $13,6 million. Management estimated the recoverable amount using the value in use method, which is based on the estimated discounted cash flows of the CGUs. The value in use estimated by Management includes significant judgments and assumptions, related to expected revenue and the discount rate applied to estimated future cash flows. The valuation model is sensitive to the discount rate and changes in gold price.

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How the Key Audit Matter was addressed in the audit

The primary audit procedures performed related to the review of the discounted cash flow models prepared by the Group for Hemco and Gualcamayo CGUs were the following:

• Evaluating the risk associated to the value in use estimate prepared by the Management and the relevant assumptions of the discounted cash flow.
• Assessing the design and implementation of the relevant controls over the Group's process to develop their estimates of the recoverable amounts of the HEMCO and Gualcamayo CGUs;
• Evaluating, with the assistance of valuation specialists, the appropriateness of the discounted cash flows prepared by Management for each CGU, including the reasonableness of the assumptions used by the Group for the discount rate and future gold price.

Luna Roja project

Description of Key Audit Matter

As described in notes 1 and 25 to the consolidated financial statements, Management recognized the acquisition of the 50% stake in Luna Roja Project in Nicaragua for $24,6 million.

We considered this a key audit matter because it is a significant transaction and the greater level of audit effort to evaluate the carrying value as at December 31, 2021.

How the Key Audit Matter was addressed in the audit

The primary audit procedures performed related to the review the carrying value of Luna Roja Project were the following:

• Evaluating the risk associated to the carrying value of Lune Roja as early stage exploration project.
• Visit and observation of the location where the project is.
• Reviewing, with the assistance of internal accounting specialist, the appropriateness of the acquisition's accounting treatment.
• Evaluating the appropriateness of the carrying value, with the assistance of valuation specialists and using information available and comparison with ranges determined by other models.

Other information

Management is responsible for the other information. The other information comprises the Management's Discussion and Analysis.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible
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for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Olga Liliana Cabrales.

"/s/ Deloitte & Touche Ltda."

Medellín, Colombia

February 25, 2022

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