Mineros S.A.

Muy buenos días a todos y muchas gracias por acompañarnos para analizar los resultados del cuarto trimestre y de todo el año 2025 de Mineros. Mi nombre es Juan Camilo Obando y soy el director de relación con inversionistas. Hoy me acompaña Daniel Henao, presidente de Mineros, Sergio Chavarría, nuestro vicepresidente financiero interino, y Ann Wilkinson, nuestra vicepresidente de relación con inversionistas. Before starting, please keep in mind that today's presentation includes prospective statements based on the estimates and assumptions of the management. These involve inherent risks and uncertainties, as detailed in our warning note. We recommend reviewing our MD&A and the closing financial states of the year 2025 available on our website to better understand the inherent risks. Después de la presentación, tendremos una sesión de preguntas y respuestas. Puede enviar preguntas en cualquier momento a través del webcast. Por favor, tenga en cuenta que esta llamada está siendo grabada y una repetición estará disponible en nuestro sitio web dentro de las próximas 24 horas. Con esto, cedo la palabra a Daniel Henao, Presidente de Mineros.

Gracias, Juan, y buenos días para todos. El 2025 fue un año fundamental para mineros, definido por un enfoque disciplinado de nuestros planes mineros y una concentración en la producción de alta calidad. Nos complace informar que superamos nuestras estimaciones de producción para todo el año, produciendo 227,000 onzas de oro equivalente. This achievement reflects the constant performance of our technical teams and the continuous commitment to maximize the value of our deposits through operational excellence. Our operations in Nicaragua continue to give very positive results. Only in December, the asset reached a milestone of production of 16,000 equivalent ounces of gold. which shows the constant progress we are achieving in the optimization of performance, recoveries, and management of senior executives in operations. The combination of higher production volumes and a positive environment in the gold price resulted in exceptionally solid financial performance with revenues that reached $800 million. an increase of 48% year-to-year. This operating performance generated an adjusted EBITDA record of $358 million, an increase of 71% with respect to 2024. This represents approximately $1 million in EBITDA for each day of the year. También cumplimos con nuestra larga trayectoria de devolver capital a nuestros accionistas a través del pago de 30 millones de dólares en dividendos, 12 millones de dólares mediante recompra de acciones y además obtuvimos una impresionante apreciación en el precio de las acciones de 275%. Con esto, recibimos la designación TSX-30, que significa que Mineros superó al 98% de todas las empresas que cotizan en la Bolsa de Valores de Toronto en los últimos dos años. También fuimos la acción con mejor desempeño en la Bolsa de Valores de Colombia por segundo año consecutivo. Beyond our solid financial results, I am especially proud of the commitment of our team to offer these results in a safe and reliable way. From our perspective, there is nothing more important than keeping our people and our communities safe. And this year's performance reflects that fundamental value in all our operations. Now I will give the call to Sergio to discuss in more detail our financial results.

Thank you, Daniel, and good morning to everyone. Moving on to our financial results, 2025 was defined by a record in our main metrics. This growth was driven by a favorable environment in the price of gold, with an average price per ounce sold that reached $3,474 for the full year, y los $4,179 en el cuarto trimestre. Esto representa un precio de venta excepcional. Nuestro promedio anual superó el precio de referencia del mercado lo que refleja nuestro enfoque disciplinado para maximizar el valor en un entorno de mercado. According to our financial results for the full year 2025, as Daniel mentioned earlier, our annual revenues reached a record of $800 million, with an increase of 48% compared to 2024. Our gross utility reached $326 million, 77% more. I would also like to highlight that Mineros exceeded 145 million dollars in net utility, which represents an increase of 68% with respect to 2024. And as mentioned before, we had an adjusted EBITDA of 358 million for 2025, which represents an increase of 71% over 2024. Also, our net free cash flow reached a record of $138.6 million for the year, an increase of 60% compared to 2024, with $32.2 million of net free cash flow only in the fourth quarter, as we highlighted previously. As for our quarterly results, the fourth quarter recorded a record income of $261 million. an increase of 74% compared to the same period of 2024. This growth influenced the entire state of results, since our gross utility reached 106 million, 94% more, and our adjusted EBITDA doubled to 115 million, an increase of 101% interannually. The net utility of the fourth quarter was $9.4 million and we generated a free cash flow of $32 million in the quarter. These results of the quarter are particularly solid if you consider the strategic investments and non-recurrent payments that we made. Even after the acquisition of 80% in the PEPA project and the resolution of the dispute with the DGI, we had an unprecedented generation of value. Moving on to our cash position, our general balance is exceptionally solid. We closed the year with 108 million in cash and equivalent cash after adding 49.7 million from the operation to our initial balance of 102 million for the fourth quarter of 2025 and cover investments and financial expenses for 43 million dollars. We ended the year with a very solid cash position of less than $93 million, made up of $108 million in cash and equivalents, compensated by loans of $15.4 million. In addition, we closed accounts to cover our refineries for $26.3 million. It is important to note that this exceptional result was achieved even after extraordinary results, including 40 million for the acquisition of 80% of the LATEPA project in Chile, 49 million in payments to the DGI in Nicaragua and 12 million assigned to our stock purchase program. With this, I finish the review of the financial results and at this moment I return the floor to Daniel, who will talk to us about the results of our operations.