Mineros S.A (MINEROS) Deutsche Goldmesse summary

Financial performance and dividend policy

• Reported Q1 revenues of $160 million and earnings of $38 million, translating to $0.13 per share with 300 million shares outstanding.

• Negative net free cash flow in Q1 due to $42 million in accounts receivable and tax payments concentrated in the first half.

• Trailing 12-month net free cash flow was $87 million, with $81 million in cash and $28 million in Colombian peso-denominated debt.

• Q1 EBITDA was $71 million; trailing 12-month EBITDA reached $240 million.

• Maintains a long-term dividend policy, paying CAD 0.10 per share annually, with a history of uninterrupted dividends since 2013.

Asset overview and production

• Operates two main assets: one in Colombia and one in Nicaragua.

• Colombia produced 23,000 ounces of gold in Q1 at an all-in sustaining cost of $1,295, outperforming guidance due to higher production and a weaker peso.

• Nicaragua produced just under 31,000 ounces at an all-in sustaining cost of $1,855, with 70–75% of production from toll milling artisanal miners' rock.

• Full-year production guidance is 120,000–132,000 ounces, with costs above the high end due to gold price-indexed payments to artisanal miners.

Resource base and operational practices

• Colombian asset (Nechí) has 1.35 million ounces proven and probable, plus 1 million measured and indicated; over 9 million ounces historically extracted.

• Employs environmentally conscious mining, including wildlife relocation, land restoration, and no use of cyanide or mercury.

• Post-mining, land is recontoured for sustainable uses such as farming, rubber, cocoa, and beekeeping.