Mineros S.A.

Good morning, everyone, and thank you for joining us to go through our second quarter and first half 2026 results. I'm Juan Awando, Director of Investor Relations, and with me this morning are Daniel Henao, our President and CEO, Natalia Correa, our CDFO. Before we get started, a quick reminder that today's presentation includes forward-looking statements, which rest on assumptions and inherent risks and uncertainties. We encourage you to review our second quarter MD&A and financial statements, both of which are on our website and RCDR Plus. We also refer to a number of non-IFRS measures this morning, such as cash cost, all-in sustaining cost and adjusted EBITDA, and net free cash flow. You'll find those defined and reconciled in Section 10 of the MD&A and in the last evening news release. Unless we say otherwise, every figure is in U.S. dollars. After our prepared remarks, we'll take your questions through the webcast portal. The call is being recorded, and we'll post a replay on our website afterwards. With that, let me hand it over to our president and CEO, Daniel Henao. Thank you, Juan, and good morning, everyone. The first half of this year was a transformational one for Mineros. We gave record results We strengthened the balance sheet further, and we made real progress on the growth side of the business. It reflects the work of the Mineros team, running the operations more efficiently, safely, keeping a firm plan on cost, and returning value to our shareholders. We've built today's call around four drivers, and I want to give you the headline of each before we dig in. The first is performance, and it was our strongest half on record, with revenues of almost $560 million, up 46% year over year. The second is balance sheet strength. We now hold about $250 million in cash and gold-backed assets. The third is our growth and exploration potential. We keep advancing at sound pace. Chemco is on its way to 2,500 tons per day. We continue to de-risk urban air, advancing on detail engineering in multiple fronts, and this year we expect to get final permits on that asset. And this year we're also running the largest drill program in the company's history. And fourth is how we return value to you, our shareholders. Share price performance and expanded buyback program to $175 million of which we have executed already $18 million alongside $14.7 million of business paid through the half of the year. Natalia will start us off on that first driver, performance.

Thanks Daniel. It really was a strong quarter for both of our operations, so let me take you through the numbers. Let me start with the headlines for the quarter. Taking in the order, they drive the business. We sold 61,849 gold equivalent ounces. That's an 11% increase over the same quarter last year. This volume, combined with a much stronger gold price, All of this converted into a net profit of $45 million, which is equivalent to 15 cents per share for the quarter. Now, on the gold price, Our average realized price was $4,290 per ounce, 29% higher than a year ago. We made a deliberate decision to keep our production largely unhedged because we have a conviction in gold as an asset. And this quarter, that decision is clearly visible in our margins. I would stress that this performance is exactly what's funding our growth. Advancing for Me, expanding HEMCO, supporting what is our largest ever drilling program, and continuing to return capital to shareholders. We are not having to choose between those things, and that's a direct result of the earnings power we are generating right now. Let's now look at the full six months. The first half tells a compelling story. What I want you to notice first is not just the numbers. but the shape of those bars. Across all four charts, you are looking at two and a half years of data and first half 2026 is the tallest bar in every single one. That's not a coincidence and it's not just gold price. Volume was a significant part of it. We sold 122.6 thousand gold equivalent ounces up 12% which we achieved through disciplined operational improvement at both properties. Price was also a driver. Our average realized gold price of $4,530 per ounce is up 46% year over year and had a positive impact on our record revenues of $559 million for the half, increasing 63% over last year. What's particularly satisfying is how efficiently that revenue converted into earnings. EBITDA reached $260 million, up 70% with a 47% margin. On a trailing 12-month basis, EBITDA stands at $465 million. This is more than the EBITDA of the entire 2025 year. Finally, at the bottom line, we had a record net profit of $133 million, equivalent to 45 cents per share, and up 63% compared to the first half of 2025. The story underneath these bars is a simple and a powerful one. We sold more metal at meaningfully higher prices and because we kept costs on track, that flows straight through to record revenue, record EBITDA and record earnings.

Thanks Natalia. This next slide breaks down what we actually sold in the quarter and it's worth a moment because the mix is shifting in our favor. On a global equivalent basis, we sold about 62,000 ounces, 59.6 thousand ounces of gold plus another 2.2 thousand ounces of gold equivalent that came from silver. Silver is the part I'll draw your attention to. We sold a record 150.7 thousand ounces of silver in the quarter, essentially all of it from Henco at an average price of $62 an ounce. That's come out of the work we've done on silver recoveries at the Henco plant and it's turning into a genuine second revenue stream. Because we account for silver as a byproduct, every ounce we sell also works to bring our only sustaining cost down on the gold side. With that on the performance picture, let me now take you to the outlook on the operations and let me start with the guidance. Because we have raised it, and I want to be clear about why we did that. We now expect consolidated gold production of 220,000 to 240,000 ounces of gold up from the previous 213,000 to 233,000 ounces range that we set at the start of the year. What sits behind the increase is a deliberate focus on the quick return ounces initiative that we've been discussing in previous calls. Improve the coverage for gold and silver, removing historical bottlenecks like processing capacity, and improving the grades of our operations. The operational excellence initiatives are starting to pay off. On cost, we're holding our guidance. Consolidated cash costs of 2070 to 2170 an ounce and holding sustained costs of 2370 to 2470. Our second quarter all-in sustaining cost of $24.58 lands right inside the range, so we are on track. The gauges show where we are against the full-year increase in guidance. On a golden-brilliant basis, we've delivered 53% of the midpoint of our guidance at the hamlet, Colombia at 48% and Nicaragua at 57%. That's exactly the pacing we want going into the second half. Let me now break the half down to operations, because behind these results are two very different producing platforms, each with its own business model. In Colombia, the tea produced over 42,000 ounces of gold in the first half at an only sustainable cost of $19.33 an ounce and a cash cost of $17.09. The main story here is recovery. We took our gold recovery rate up to about 95%. Improved recoveries more than offset lower rates than expected according to the mine plan. Our own operation is the most cost efficient source at $16.76 an ounce for the first half and our contract mining partners at high grade volume on top of that. At a margin of around 20% for us in the quarter. In Nicaragua, Henco produced more than 75,000 ounces in the quarter at an only sustained cost of 25.21 an ounce and a cash cost of 23.37. With throughput now up to 2,100 tons a day and heading towards the 2,500 tons a day that we set as a target by December of this year. Same pattern here. Our own underground mining is the lower cost source at $18.33 an ounce per half and we buy ore from our Bonanza Mining partners that operate in our concessions at a 40 to 45 percent margin of the spot gold price to scale up our throughput. That earns us a margin of around 35 percent of the quarter and just as importantly, It formalizes and supports the local mining community around the operations, which matters a great deal to us. Before I leave operations, one point worth explaining. You'll notice we're now producing more gold than we are selling, and that is deliberate. Our milling capacity is still catching up to the ore we are producing, So we've been building a stockpile of high-grade ore, about 16,000 gold-to-gold analysis of it, sitting ready to be processed. Those are ounces we've already produced and paid to bring to surface, and they will move through the plant and into cells over the coming quarters as we remove the processing bottleneck of our operation. So in summary, Our own operations anchor the cost base, our partners contribute incremental volumes at attractive margins, and the combined oil and sustaining cost remains well below prevailing oil prices, giving us a resilient margin structure across all cycles. With that, I'll hand it over to Natalia for the balance sheet.