Mineros S.A (MINEROS) 2024 Precious Metals Summit summary

Strategic positioning and growth plans

• Profitable mid-tier gold producer with over 20 years of dividend payments and a diversified asset base in Latin America.

• Pursuing both organic growth (Porvenir Project in Nicaragua) and inorganic expansion opportunities across the Americas, excluding Mexico and Argentina.

• Listed on both the Colombia and Toronto Stock Exchanges, with recent improvements in liquidity and share price.

• Largest shareholders include Sun Valley, a family office, and Grupo Aval, with over 8,000 shareholders.

Operational performance and financials

• Finished H1 with $27 million in cash, minimal net debt, and annual EBITDA of about $180 million; market cap is less than 2x EBITDA.

• Maintains robust dividend policy despite recent acquisitions and ongoing investments.

• 2023 production guidance is 209,000–229,000 ounces; Nicaragua expected to outperform, Colombia slightly below target.

• All-in sustaining cost remains competitive at $1,400–$1,500/oz, with 10+ years of reserves in Colombia.

Asset portfolio and mining operations

• Assets in Colombia (alluvial gold, Nechí), Nicaragua (mechanized and artisanal mining), and a 20% stake in Chile's La Pepa project.

• Colombia: 40,000 ounces produced, slightly below guidance due to formalization program challenges; 10+ years of reserves.

• Nicaragua: 65,000 ounces produced, meeting guidance; unique model integrates artisanal miners via co-ops, providing 50% of ore and 70% of doré.

• Porvenir Project in Nicaragua could add 60,000 ounces, reducing reliance on artisanal supply.