Mineros S.A (MINEROS) AGM 2025 summary

Opening remarks and agenda

• The assembly was formally opened on March 31, 2025, with verification of quorum and a detailed agenda including financial reports, board elections, and shareholder proposals.

• Quorum was established with 80.9% of shares represented, ensuring valid decision-making.

• The agenda was amended to include a share buyback program, which was approved by the assembly.

Financial performance review

• 2024 saw record revenues of COP 2.2 trillion and net profit of COP 355 billion, a 418% increase from the prior year.

• Gold production reached 213,000 ounces, up 23%, with significant contributions from Nicaragua and Colombia.

• Cash and cash equivalents rose by 94% to COP 425 billion, and investments in property, plant, and equipment increased by 22%.

• Share price appreciated 131% in Colombia and 129% in Canada, with increased trading volumes.

• Operational costs rose due to higher gold prices and increased artisanal mining costs in Nicaragua.

Board and executive committee updates

• A new board of directors was elected for 2025-2026, with nine members confirmed.

• The outgoing CEO, Andrés Restrepo, was recognized for his leadership, and David Londoño was welcomed as the new CEO, effective April 8.

• Board compensation was restructured to a fixed annual fee, eliminating per-meeting payments.