Mineros S.A.

Good morning and welcome to our presentation of financial and mining operations results corresponding to the first quarter of 2025. My name is Karen and I will be your operator for today's call. At this time, all participants are in listening mode. At the end of the presentation, there will be a space for questions and answers on the web platform only. Please keep in mind that this teleconference is being recorded. Please consider that today's conference will be held in Spanish with simultaneous translation into English. We remind you that if you have difficulty viewing the slideshow on the web page, maximize the window called slideshows. From this moment on, I give the floor to Juan Camilo Ovando, Director of Relationship with Investors. Mr. Juan Camilo, you have the floor.

Karen, thank you very much. And good morning to all of you. Welcome to our presentation of financial and mining operations results corresponding to the first quarter of 2025. My name is Juan Camilo Ovando and I am the Director of Relationship with Investors. As you have already mentioned, the original language of this call will be Spanish. However, if you want to listen in English, please follow these two steps. To listen to the call in English, please follow these 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 begin, it is important to warn the listeners that this call and this presentation may contain prospective information about the company's future results and that for various reasons, including the nature of the mining activity, these forecasts may be fulfilled or not. For this reason, we warn investors to be careful when making investment decisions and not to rely exclusively on the information presented here. It should also be mentioned that this presentation contains non-conventional measures and indicators according to the NIF, such as the cash cost and the all-in sustaining cost per ounce of gold sold, the 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 MDNA published in Canada and is also available on our website under the investment menu in the finance report section. Today I am accompanied by David Londono, president of Mineros, Alan Bansheer, vice president of finance and administration, Santiago Cardona, vice president of Colombia, Enivaldo Díaz, vice president of technical and business development and strategy. Additionally, we are accompanied by Vía Telefónica, Ana Isabel Gaviria, legal and sustainability vice president, Luis Fernando Villa, vice president of Nicaragua, and Jan Wilkinson, vice president of investment relations. With this, I welcome you and I cede the floor to David Londono, president of Mineros.

Thank you very much, Juan Camilo. Good morning and thank you for joining us today in our report of results of the first quarter of 2025. As you know, I am David Londono and I started as president and CEO of Mineros on April 8, last month. I have been working as CEO of Americas for Oceanagold and previously as general manager of Dictour, Lake Gold Mine, and vice president of projects at Kiflan Lake Gold, now part of Nicoigle, among others. In today's conference, we will present the most outstanding aspects of the first quarter of 2025, followed by the financial results of the quarter, our operational results, a revision of each operation, and finally our challenges and opportunities. Let's start first with the relevant facts. It is important to emphasize first that on March 31, 2025, we had the General Assembly of Actionists, in which several relevant decisions were made for the company. First, an annual dividend of 10 cents per share was approved, paid in half. Additionally, we had the election of the new board of directors in which five new members were elected and four of the previous members were re-elected. In this way, the board of directors was formed by Augusto López, who was appointed as president of the board, Andrés Restrepo, Hernán Rodríguez, Natalia Correa, Philip Martins, Sofia Bianchi, Marco Izquierdo, Michael Lowell, and Daniel Henao. We give a warm welcome to our new members of the board. On the other hand, López was selected as our editor for a period of two years. Additionally, a resolution was approved that authorized the company to dismiss the board of directors to buy back its ordinary shares through acquisitions in the Colombian stock market and the Toronto Stock Exchange, up to a maximum of $12 million in a period not more than two years. Currently, we are investigating the Macedonian mechanism to carry out this program, and we will be communicating it appropriately to the market. Continuing with the relevant facts, during the first quarter of 2025 we produced a little more than 54,000 ounces of gold, which represents an increase of 5% compared to the same period of 2024. We also produced 77,000 ounces of silver. We paid by dividing our shareholders by a sum of $7.5 million. These operating results reported a net record utility of $38 million for the first quarter of the year. On the other hand, our adjusted EBITDA was $71.3 million and we had a depressive and equivalent jump of $81.3 million at the end of the quarter. During the first quarter of 2025, the price of gold had a positive performance and set a new record in its trading, continuing with the high-trend trend that has been presenting since last year. The closing price of March 31 was 3,123 ounces, which represents an increase of .5% compared to the closing price of the fourth quarter of 2024, when it was located at $2,657 per ounce. The average price recorded during the quarter was $2,662 per ounce. With this, I will give the floor to Alan Banshear, who will explain our financial results.

Thank you David. Good morning. Let's start with the results of the quarter. Let's remember that the figures are expressed in millions of US dollars. During the first quarter of 2025, the company's income recorded an increase of 41%, reaching $160 million, due mainly to an increase of 39% in the average price of gold sales, added to a growth of 5% of the ounces sold, despite a 55% decrease in silver sales. The cost of sales increased by 19%, due to the higher prices of gold, and the higher mineral purchases, higher depreciations and mortgages, and higher operating costs, driven by inflation, which increased maintenance costs, materials, services and gold. The gross and adjusted EBITDA utility increased by 92% and 75% respectively, thanks to the increase in income. And the net utility had an increase of 127%, placing itself at $38 million, compared to $16.8 million reported in the first quarter of 2024. The net cash flow was negative and totaled $1.1 million, compared to the negative balance of $1.9 million last year. This is obtained after discounting the net cash flow generated by operations, the payment of dividends by $7.5 million, capital expenses by $4.4 million, and interest payments by $750,000 million. Now let's move on to the cash flow. The net cash flows of operations represent income from gold and silver sales, mainly $125 million, less payments to suppliers by $80 million, payments for employees' salaries and benefits by $16.9 million, and payments for taxes by $17.4 million. The cash flow used in investment activities is explained by purchases of equipment plant properties by $14.3 million, of which $5.1 million was invested in expanding the San Joseb dam and $2.4 million in maintenance and maintenance costs in Nicaragua. We also have $1.9 million in maintenance and maintenance costs in the Luvial mine, and $1.1 million in purchase of intangibles and exploration projects. The flow used for financing activities was mainly composed of the payment of dividends by $7.5 million and payment of financial obligations by $5.2 million. The cash flow of the quarter closed at $81.3 million, with a 16% decrease compared to the initial balance of the quarter, when it was located at $96.4 million. Now let's look at the adjusted EBIT. This was located at $71.3 million at the end of the quarter, compared to $40.7 million registered in the first quarter of 2024, representing an increase of 75%. This variation is explained mainly by the increase in income by the rise in gold prices of 39% and the increase of 5% in gold sales. To close the financial part, let's move on to the net debt. The decrease in the net debt compared to the same period of the year in 2024 is explained by a significantly higher cash flow. At the end of the quarter, loans and loans were $28.1 million, while the cash flow was $81.3 million. As we have mentioned in previous meetings, as part of our financial strategy, we permanently monitor the market in search of opportunities, in order to be prepared when the needs of the cash flow are required. This position of cash flows meets our availability to meet our obligations and growth projects. With this, I return the floor to David, who will talk about operational indicators.

Thank you, Alan. Let's now move on to our operational indicators. The graph in this slide summarizes the operational performance of the last five trimesters. As you can see, the total production of the first trimester had an increase of 5% compared to the same period of 2024, due to a higher production of 21% in Colombia, contrasted slightly by a lower production of 5% in our operation in Nicaragua. On the other hand, the cash cost had an increase of 22%, due to an increase of 19% in the cost of sales, and the -in-sustaining cost had an increase of 18%, mainly due to the increase in the cash cost. During the first trimester of 2025, the average price of gold per ounce was 2881 dollars per ounce, registering an increase of 39% compared to the same period of the previous year. As you can see in the trend line of the graph, we continue to maintain highly attractive margins, and the -in-sustaining trend of gold prices has been translated into our average sales prices during the last five trimesters. Let's now look at the performance of the operations. I invite our Vice President of Operations in Colombia, Santiago Cardona, and our Vice President of Operations in Nicaragua, Luis Fernando Villa, to present the details of both operations. Thank

you, David. In Colombia, the production of the first trimester of the year was 23,000 ounces, which represents an increase of 21% compared to the first trimester of 2024. This is due to greater tenures and a constant improvement that we have been making in the recovery of gold. The -in-sustaining cost per ounce of gold sold had an increase of 4% compared to the same period of the previous year, which was 1295 dollars per ounce due to greater costs in the hands of gold services and maintenance, as Alan described, compensated in turn by a decrease in capital costs. The gross utility recorded an increase of 157%, up to 30 million dollars, as a result of the largest production of gold during the trimester combined with the increase in gold prices. As points to highlight in the operation in Colombia, we tell you that we started the negotiations of collective convention with the union, which is a process that is carried out every two years and that so far advances in a satisfactory way. We hope to reach an agreement that benefits both parties as it has been achieved in previous years. It is also very important that at the end of 2024 a new additional suction drain entered, which will improve performance in the exhaust, which combined with the improvements that we have been making to improve availability and recovery, helps us reduce costs in operation and improve operational performance and better production. With this I end the presentation of the operation in Colombia and I give the floor to Luis Fernando Villa, Vice President of Nicaragua.

Thank you Santiago. In Nicaragua, the production of the first trimester was 31,000 ounces, registering a 5% reduction compared to the 33,000 ounces produced in the same period of 2024. This variation is a 13% reduction in the mineral processing content, which was compensated in large part by an increase of 10% in the tons treated, thanks to which we achieved a better operational availability and an increase in the performance per hour of the plants. The Olin Sustaining Cost per ounce had an increase of 27% due to the higher price of gold, which caused an increase in the mineral purchase costs for craft miners. As for the gross utility, this registered an increase of 57%, being located at $29 million compared to the $18 million registered in the first trimester of the previous year, due to this mainly to higher income for the higher price of gold. Also to highlight, at the beginning of April of this year, the negotiation of the Labor Convention with the Workers' Unions, which will be in force for the next two years, With this I conclude the results of Nicaragua and I once again give the floor to David.

Thank you Luis Fernando. Let's talk about our challenges and opportunities in which we will review our growth and economic programs. In terms of exploration, the first trimester of 2025 was completed at 2420 meters in 83 perforations, which is equivalent to approximately 25% of the original perforation plan of the company. This was centered on perforations for the closure of the Mayan region, within the current production area with 566 meters completed. Now, moving on to Nicaragua, in which the project for the future, we can tell you that we continue to advance according to the planned update of the resources and mineral recipes of the project. Also, in relation to the project for the future, and as we reported to the market in the press release a couple of days ago, we received the permission for forest use for the mine of the future. This concludes the stage of permits of the mine and now we will proceed to present the study of environmental impact for the processing plant. The consequence of this permit means that we can start development work on the mine, while we continue our detailed engineering on the plant. It is to be noted that previously reserves for 572,000 ounces of gold, 1.9 million ounces of silver and 379 million pounds of zinc. As for exploration, the execution of 66,900 meters of diamond perforation is contemplated in strategic areas of our concessions, including areas where mining workers work. This was aimed at strengthening the operational continuity of our production mines and to considerably improve the classification of resources from requested to indicated and improve the quality of our reserve resources. From this plan, 49,300 meters will be in Brownfield, of which we have already executed 8,530 at the quarter of the quarter. In Greenfield, we will execute 10,600 meters and we estimate to start at the end of May.

With this, our presentation is over. At this time we would like to give the space for questions.

Well,

let's give a

couple of minutes while we are receiving more questions from the audience. We can start with the first question that has arrived. Why did the effective balance decrease from 96.4 million in the fourth quarter of 2024 to 81.2 million in the first quarter? We will join this question with another one that they make us about the increase in international accounts in the first quarter of 2025, which exceeded 25 million dollars.

Well, yes, these two questions have basically the same answer. The cash decrease and the increase in accounts to be charged continues the normal cycle of the company. There are always some variations between the end of the year, especially in accounts to be paid, and the beginning of the following year. In this case, we had that decrease in accounts to be paid at the beginning of the year and also in taxes that are made in the first quarter. Additionally, because the cash does not have the box, the accounts are increased to be charged in almost 34 million dollars. And it is also a matter of time. Our clients pay us between 7 and 21 days, and these accounts are following the correct recovery days. If they have increased by 5% in sold ounces and also by the increase in gold.

Thank you Alan. We continue with the next question. Good morning, thank you for the presentation. I would like to know what is the company's vision of growth under the new administration and the new shareholders. Is it going to be done through organic growth or inorganic growth? Additionally, in what period of time could we expect this growth?

Thank you very much for the question. As everyone knows, the first thing we are going to do is look internally at the operations, improve the performance, look at the costs and also improve the costs in both operations. That is the first task we have to do. As all of you know, exploration near the mine is the one that produces the best results. The deposits are always going to find where there has already been a mine in operation. That is the first thing we are doing and that is why we are increasing exploration in both countries this year. And then, obviously, every time there is an opportunity to acquire a project that is close to operation or already in operation, if the value is added to miners, we are going to look at it and consider it, whether to acquire deposits or M&A.

Thank you David. Next question. What percentage of the price of the gold spot is paid to the mining companies in Nicaragua? This depends

a lot on the amount of money that the mining company sends us and on the plant that they send us. However, on average, it is paid between 40 and 45% of the spot price.

Next question.

Good morning, I would like to ask you about the results. Do you currently have coverage or are you still exposed to the gold? I would like to welcome David.

Currently we are still exposed, we do not have coverage.

Thank you very much for the welcome. Next question.

Congratulations to the team for the results presented. At the beginning of the presentation, the re-buy program was mentioned. Is there an estimated date for the start of its execution?

No, we are still in the process of analyzing the best way to do the re-buy and once we have that finalized and approved by the board, we will let you know the dates.

Next question.

How does the administrative board perceive the initiative that the Ministry of Finance is leading to increase the retention of the 1% to .5% in the gold purchases made by the international trading society? And how can this

affect the company? This

is an effect that has for Colombia. In principle, it is an impact on the box for approximately 3 million in the box that would be recovered later. We also have to make it clear that we are not commercializers, so it is important that we are reviewing the impacts. We are still in a bill and reviewing with the activity that we carry out with the Colombian Association of Mineries to see the impacts not only on our company but also on the mining community here in Colombia.

Thank you, Santiago. Next question. We are asked about the reduction of the total free box with respect to the closure of Q4 in 2024. This

is the answer from the beginning. At the end of the year, due to the closure, we increase the accounts to be paid. In the first quarter, these accounts are paid for, and taxes are also paid. Additionally, our accounts to be charged increased and that increase will be seen in the box when they are recovered. We are in the right time to recover these accounts.

Thank you, Alan. I will continue with the next question. Thank you very much for the presentation and the results. Do you consider that the dynamic exists at the price of gold to be preserved for a longer period of time? What are your perspectives on this issue?

Thank you very much for this question. We are not analysts, we are operators and it is very difficult to say if this will continue. From the point of view of everything that is happening worldwide, it is expected that this will continue for the next 2 or 3 years.

Thank

you, David.

Next question. We are asked about the cost of depreciation, amortization and provisions in the quarter. If we can give a little more information about these numbers.

Of course. The cost of depreciation and amortization for the quarter was $11 million and provisions of $3 million.

Thank

you, Alan.

Next question. Thank you very much for the presentation. I would like to know what your expectations of growth are regarding the exploratory spending and how much you expect this to be reflected in future production. Congratulations for the results. Thank

you very much. As I said at the beginning, exploring being a mine is what offers much better results because we are going to find the deposits where we have already found other deposits and that is the experience worldwide. That is the experience that always finds deposits next to where we are mining. So if we explore being a mine, the perspective is that we are going to increase reserves, we are going to increase the life of the mine, particularly in Nicaragua where we have

to define our reserves for the future.

Thank you, David. Next question. Considering the extraordinary income that we could see throughout 2025, is there any policy of extraordinary dividends that is activated with these extraordinary income? How does the company's market cap look with these conditions?

As you know, the dividends are approved in the assembly. The dividends were approved for this year. It is 10 cents per share and we have to wait until next year to see how the assembly reacts to an extraordinary dividend.

Thank you, Alan. We have a message here from the team. Congratulations on the reduction of the consolidated ISK from 1,775 to 1,685 shows the good management and commitment of the administration.

And really the purpose of all of us here is to be sure that we have discipline in our expenses and that the performance of our production obviously improves the production results that affect the systemic costs.

Thank you, David. Next question. Can you provide us with any color on the decrease in the degrees in EMCO? Should we wait for this situation to continue for the rest of the year?

This is associated with the prices of gold. As the price of gold rises, the mineral of a lower degree becomes much more attractive and at this moment for the craft miners it is very attractive in the stockpiles that they have of low-layer

mineral. Thank you, David. Next question. Congratulations on the results. What dates do you expect the complete financial states

to be published? The financial states were published yesterday afternoon. There you see them complete.

Thank you. Next question.

Congratulations on the results and the solid financial position of the company. What is the amount of the free cash flow for the first quarter of the year and what was its variation in 2024? The

free cash flow for the first quarter was negative 1.1 million dollars. Last year it was negative 1.9 million

dollars. Thank you, Alan.

Next question. Congratulations on the results. What is the wait for the contingency of taxes in Nicaragua? If an adjustment has been made and now that ad valorem is paid, how does the situation of illegals in Colombia continue, particularly in the company's titles?

Let's have Isabel answer this question. Please.

Well, it seems that Ana has connection problems. As for the situation of ad valorem and deji, we are in the different instances of the appeal, the legal appeal with the Nicaraguan government. We have to wait for the results to be published. We believe that we are on the right track.

Regarding the question of how the situation of illegals in Colombia continues, in general the situation of illegal extraction in the country continues to grow. We are reviewing this at the high price of gold. The high price of gold allows, including as David explained in Nicaragua, to enter areas whose degrees are lower and therefore there is a growth of this informal, artisanal and legal mining. And our situation is not foreign to this and for this we are doing our formalization programs, increasing the activity with the environmental authorities, mining authorities, to increase our formalization program and bring more miners to the legal field.

Thank you. But we will continue to explore this

issue. Additionally, we are asked what expectations we have regarding gold

prices. I think we have already answered this question. We are not analysts, we are operators, but looking at what is happening worldwide, we

believe that it will continue to grow. Perfect, thank you very much. We will give a couple of seconds if we have any additional questions. Well, with this there are no more questions. I have a question here,

what is the estimated life of mining for the Colombian mine operation? And if there is a project or activity to increase the life of this, I will go to Santiago to answer this question.

Well, we have resources and reserves for approximately 10 years in the titles that we currently have. We are exploring, as David explained now, the perspectives on the closure of the mine and verification and change in the quality of resources and reserves. But we also want to explore the mine closer. We will do some programs, possibly in the second semester and next year, to look within our titles, increase resources and reserves, therefore future operations. And we also have some projects near our influence area, the Bagram-Echi, in the Caucasus population. We are also looking and implementing exploration campaigns, precisely to continue to increase the life of this mining operation.

Thank you Santiago.

It is nice to see such good results from such an important company. Congratulations. And you ask us the following question. I would like to know what is the projection regarding the exploration and exploitation of polymetallics in Colombia.

Thank you very much for the question. As I said before, Mineros has traditionally been a gold miner, a company that mines gold. We will continue to explore for gold, particularly in the vicinity of Salpagre, as Santiago has just mentioned. But as we know, if we operate in Colombia, we know how to operate in Colombia, we would most likely be willing to continue to explore for gold in Colombia.

Thank you. The next question is about the PEPA project. How is the project going to advance in Chile? As

you know, we are the owners of 20% of the PEPA project in Chile. The majority owner is Panamerican Silver. We are always in contact with them to see what is going on with the project. When we have new communications with them and something material happens, we are communicating.

Thank you. The next question is about the state in which the renewal of permits in Alubial Colombia

is located. As you know, we have an approved PMA, an environmental management plan, for all of our RPP title. The application of new permits for the use of resources is done in a dynamic and escalated way, every time we are going to move our operations, by the same dynamic nature of the same. At the moment, we have permits until the beginning of 2027, which gives us flexibility in the operation. We are also developing a viabilization strategy in other areas of our titles and other titles, also with the regional authority with Antioquia, and implementing our formalization programs through that viabilization. We are also finishing the engineering studies to request new extensions to our permits, which we will inform

you about later. Thank you Santiago. The next question is about the life of MENA, both for Nicaragua and Colombia.

As we all know, the loan is a document that is alive, it is changing, optimizing every year. At the moment, for Colombia, we have 10 years in the plan, and for Nicaragua, we have approximately 10 years, counting on

the artisanal money. Next

question, congratulations for the results. My question is if the price of the gold would change, what is the optimal price to not put the risk of current operations and

future investments? The optimal price should

always be the highest, obviously, but at this moment we have to focus on maintaining costs and

performance of the operation. Thank you.

This is where we are written, the action goes up by 100% with these excellent results, congratulations. Thank you. Well,

this is the last question, thank you all for attending and thank you for all the questions you asked us, and we hope to see you here at the next meeting.

I hope you all have a good day and a good weekend. Thank you. We are going to end the conference today. Thank

you for participating, you can disconnect now.