Mineros S.A.

Good morning and welcome to our presentation of the financial and operational results of Mineros S.A. corresponding to the fourth quarter and the end of the year 2024. My name is Juan Camilo Boando and I am the Director of Relations with Investors. The original language of this call is Spanish, however, if you want to hear it in English, please follow these two steps. To listen to this call in English, please follow two steps. First, identify the box that says English and click on Start. Then, to avoid listening to both languages at the same time, identify the box that says Media Player and click on Mute. Before we start, it is important to warn the listeners that this call and this presentation can contain prospective information about the future results of the company and that, for various reasons, among them the same nature of mining activity, these predictions can be made or not, according to what is foreseen. For this reason, we warn investors that they must be careful when making investment decisions and not be based exclusively on the information presented here. It is also worth mentioning that this presentation contains measures and non-conventional indicators according to the NIFs, such as the cash cost and the all in sustaining cost per ounce of gold sold, the average price per ounce of gold sold, the adjusted EBITDA and the net debt. Additional information about these measures can be found in section 10 of our MD&A published in Canada, which is also published on our website under the Investors menu in the financial reports section. Today with me in the room, Andrés Restrepo, President of Mineros, Alan Banzier, Vice President of Finance and Administration, Ana Isabel Gaviria, Vice President of Legal and Sustainability, and Santiago Cardona, Vice President of Colombia. And additionally, we are joined by Luis Fernando Villa, Vice President of Nicaragua, and Ann Wilkinson, Vice President of Relations with Investors. With this, I give the floor to Andrés Restrepo, President of Mineros.

Thank you, Juan. Good morning everyone and thank you for joining us in our report of the results of the fourth quarter and the end of 2024. In today's conference we are going to present the most outstanding events of the fourth quarter and the end of the year, followed by the financial results of the fourth quarter, also of the end of the year, and operational results. We are going to do a review of high flight of each operation and finally we are going to tell you what we believe are our challenges and opportunities in the year that begins. Let's start then with the relevant facts starting with the fourth quarter of 2024. During the fourth quarter of 2024 we produced a little more than 54,000 ounces of gold and 112,000 ounces of silver. These operating results generated a net utility of 23 million dollars for the fourth quarter. Our adjusted dividend was 56.9 million dollars and we had a net cash flow of 56.7 million dollars. In October, we paid dividends for a value of 7.5 million dollars to our shares. Now, in terms of relevant facts for the end of the year 2024, we noted that we had a production of 213,000 ounces of gold in our operations, of which 132,000 ounces were produced in Nicaragua and 82,000 in Colombia. As for the production of silver, the total production was 765,000 ounces, registering a growth of 13% compared to the year 2023. One of you, an investor, asked me about this production of silver that we see or show as a relevant fact. We really had a very good year from the point of view of silver production, but it is important to clarify that our little is gold and that silver is like a subproduct. It does not mean that we do not consider it important. What it means is that we do not deliberately explore looking for silver deposits. but in our operation in Nicaragua, the artisan miners and we ourselves found a percentage of silver due to the characteristics of the settlement and that amount of silver varies between one year and another. So it is a relevant fact because we had a very good year in silver, but it is worth clarifying that we continue to be a company focused on gold, mainly gold, silver and associated metals, and silver is an associated metal. These results provided us with net utility for the end of the year of 86.6 million dollars, an adjusted EBITDA of 210 million dollars and a net cash flow of 86.8 million dollars. During the year we paid a total of $27.7 million in dividend to our shareholders and our share had a very positive performance both in the Canadian stock market and in the Colombian stock market, registering a valuation of 129% and 131% respectively. Let's analyze the behavior of the gold price. During the year 2024, the price of gold recorded a predominantly altist trend, operating between $ 1,992 and $ 2,787 per ounce, with an average of $ 2,388 during the year. At the end of 2024 it recorded an increase of close to 27%, with a closing price of $ 2,624.50. Geopolitical events such as wars in Ukraine and the Gaza Strip, and the expectation and subsequent confirmation of the reduction of interest rates in the United States, as well as expectations of inflation worldwide, were one of the main factors that pushed metal to reach new historical highs during the year that ended. This positive trend was maintained in the first three months and was only compensated during the last quarter, in which the main impacts were the results of the US elections and the adjustments in the monetary policy rate of the Federal Reserve. With this, I will give the floor to Alan Uánchez to explain our initial result.

Thank you, Andrés, and good morning everyone. Let's start with the state of the results of the quarter. Let us remember that the figures are expressed in millions of US dollars. During the fourth quarter of 2024, the company's revenues recorded an increase of 15%, reaching $ 150 million, mainly due to an increase of 35% in the average price of gold sales. despite a decrease of 13% of the ounces sold and a decrease of 25% in silver sales. The sales cost increased by 16% due to higher prices of gold, which increases the costs of buying minerals from artisanal miners. Also due to greater depreciations and amortizations, greater operating expenses that were driven by inflation, that increased maintenance costs and materials, services and labor. The adjusted gross utility of EBITDA increased by 14.7% respectively, thanks to the increase in income and net utility had an increase of 7%. The net free cash flow was positive and totaled $56.7 million, compared to the $36.7 million of the same period in 2023, mainly due to higher income from sales and other income of $29.7 million, compensated with higher payments to suppliers during the quarter of $8.1 million. Moving on to the results of the end of 2024, income increased by 20% due to the fact that the average price of gold sales increased by 23%, since silver sales were 48% higher compared to the previous year. On the other hand, sales costs recorded an increase of 17% during 2024. due mainly to higher costs of buying artisanal materials as a consequence of higher prices of gold, higher labor costs, higher costs for services and higher taxes and royalties. The gross utility and adjusted EBITDA increased by 27% and 22%, respectively, thanks to higher incomes partially compensated with a higher sales cost and the continuous operations utility increased due to the increase in gross utility, partially compensated by an increase in costs. The continuous operations utility increased Due to the increase in gross utility, I already mentioned it before. Finally, we highlight that net utility had an important increase of 403%, compared to the year 2020-2023, and net utility of continuous operations increased by 16%. Now let's move on to the box. The box of the quarter increased 39 million dollars, closing at 96 million dollars. The flow of operations is mainly composed of income from gold and silver sales for 167 million, payments to suppliers of 72 million, payments for employee benefits of 15 million and payments of taxes of 7 million. The cash flow used in investment activities is explained by buying property, land and equipment for 19 million dollars and buying intangibles and exploration projects for 2 million dollars. The flow used for financing activities was largely composed by the payment of dividends of 7.5 million and payment of financial obligations for 5 million dollars. Now let's move on to the adjusted EBITDA. The adjusted EBITDA had an increase of 7% due to a greater number of ounces sold, added to an increase in the average price of gold sales. To close the financial part, let's now move on to net debt. The decrease in net debt with respect to the same period of the previous year is explained by a significantly higher cash balance, At the end of the quarter, loans and loans were $26 million, while the balance of cash and cash equivalents was $96.4 million. As we have mentioned before, as part of our financial strategy, we permanently monitor the market in search of opportunities in order to be prepared when cash needs require it. and this box position meets our availability to meet our obligations and growth projects. With this, I return the floor to Andrés, who will talk about operational indicators. Thank you, Alan.