Mineros Reports Record First Quarter 2025 Financial and Operating Results

Mineros S.A. (TSX:MSA, MINEROS:CB) ("Mineros" or the "Company") today reported its financial and operating results for the three months ended on March 31, 2025. All dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company's unaudited condensed interim consolidated financial statements and management's discussion and analysis posted on Mineros' website https://mineros.com.co/en/investors/financial-reports and filed under its profile on www.sedarplus.com.

HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025

• Record revenue of $160,560.
• Produced 54,243 ounces of gold, 30,999 ounces from our Nicaraguan operations, 5% lower when compared with the first quarter of 2024 and 23,244 from our Colombian operations, 21% higher than the first quarter of 2024.
• Average realized price per ounce of gold sold¹ was $2,881.
• Produced 77,259 ounces of silver during the first quarter of 2025, down 68% from the same period in 2024.
• Cost of sales of $96,402.
• Cash Cost per ounce of gold sold¹ was $1,437.
• AISC per ounce of gold sold¹ was $1,685.
• Net cash flows generated by operating activities of $11,634.
• Record net profit of $38,007.
• Earnings per share of $0.13 (basic and diluted earnings).
• $81,261 in cash and cash equivalents as at March 31, 2025.
• $28,098 in loans and other borrowings as at March 31, 2025.
• Paid $7,476 in dividends in January 2025.

David Londono, President and Chief Executive Officer of Mineros, commented: "This is certainly an exciting time to join Mineros. We are very pleased with our results for the first quarter of 2025. From a financial perspective, record gold prices provided us with another record for revenues and profits in the first quarter of 2025 of $160.6M and $38.0M respectively. These results were generated from the production and sale of 54,243 ounces of gold at an average price of $2,881, which price is 21% higher than the full year average gold price for 2024. Net earnings per share were $0.13. From an operational perspective our Hemco Property is running smoothly and our partnership with artisanal miners under the Bonanza model continues to deliver excellent results aligned with our vision of bringing benefit to all stakeholders. Cash costs and all-in sustaining costs were below guidance for Nechí and above the higher end of guidance for Hemco because of the very strong gold price."

The following table summarizes the financial highlights for the three month periods ended March 31, 2025 and 2024.

• Revenue increased by 41% to $160,560 during the first quarter of 2025, compared with $114,148 in the first quarter of 2024, with realized gold sales of $156,272 at an average realized price per ounce of gold sold of $2,881, compared with realized gold sales of $106,962 at an average realized price per ounce of gold sold of $2,067 for the first quarter of 2024. The increase in revenue in the first quarter of 2025 is due to a 39% increase in the average realized price per ounce of gold sold, and a 5% increase in ounces of gold sold, offset by a 55% decrease in sales of silver of $3,055.

• Cost of sales increased by 19% to $96,402 during the first quarter of 2025, compared with $80,678 in the first quarter of 2024. This increase was primarily due to: (i) higher gold price which increase the costs to purchase ore from artisanal miners by $9,615 or 61%; (ii) slight increases in operating costs across the Company's operations generally, including maintenance and materials cost of $1,194 (higher tonnage and gold produced), labour costs of $1,959, tax costs of 1,583, and an increase in depreciation and amortization of 1,585.

• Gross Profit increased by 92% to $64,158 in the first quarter of 2025, compared with $33,470 in the first quarter of 2024, due to higher gold prices combined with more ounces of gold sold.

• Profit for the period more than doubled to $38,007 or $0.13 per share during the first quarter of 2025 from $16,774 or $0.06 per share during the first quarter of 2024.

• Adjusted EBITDA was $71,300 during the first quarter of 2025, up 75%, compared with $40,654 during the first quarter of 2024, mainly due to the higher revenue.

• Net cash flow generated by operating activities was up 15%, totaling $11,634 in the first quarter of 2025, compared with $10,105 in the first quarter of 2024. The Company's net free cash flow was negative for the three months ended March 31, 2025 and totaled $1,080, an improvement from the negative free cash flow of $1,897 in the same period of 2024, mainly due to the increase in cash generated by operating activities of $1,529 and a decrease in sustaining capital expenditures of $1,219, partially offset by higher dividends paid of $2,237.

• Dividends paid during the first quarter of 2025 were $7,476, compared with $5,239 in the same period of 2024, up 43% due to the extraordinary dividend approved at the ordinary meeting of the General Shareholders' Assembly in March 2024.

• During the first quarter of 2025, capital investments² of $21,175 were made into existing mines, and exploration and growth projects, compared with $14,363 in the first quarter of 2024; this increase of 47% is described in Section 8 under the Capital Expenditures for the three months ended March 31, 2025.

• Cash Cost per ounce of gold sold in the first quarter of 2025 was $1,437 and AISC per ounce of gold sold was $1,685, compared with Cash Cost per ounce of gold sold of $1,174 and AISC per ounce of gold sold of $1,429 for the first quarter of 2024. The 22% increase in Cash Cost per ounce of gold sold is mainly explained by the 19% increase in the cost of sales, due to higher gold prices, along with a 5% increase in ounces of gold sold. The increase in AISC per ounce of gold sold is explained by the increase in the Cash Costs per ounce of gold sold, offset by a 16% decrease in sustaining capital expenditures.³

• ROCE was 40% as at March 31, 2025 compared with ROCE of 32% as at March 31, 2024; the increase is due to the 38% higher Adjusted EBITDA for the last 12 months, along with a 20% increase in average capital employed, partially offset with a moderate increases in current assets.

• Net Debt was $(53,163) as at March 31, 2025, compared with $(14,215) as at March 31, 2024; due to 44% higher cash and cash equivalents of $81,261, together with 13% lower loans and other borrowings of $28,098, reflecting a strong cash position.

2025 Guidance

For 2025, we expect gold production to be between 201,000 and 223,000 ounces, building on the consistent performance of our Nicaragua underground mines and partnerships with artisanal miners and the improved performance at the Nechí Alluvial Property. We remain focused on operational excellence and delivering strong returns for our shareholders.

As gold prices continue to increase, Mineros will continue to make production decisions at its Hemco Property, similar to those made in the first quarter of 2025 and to maximize gold production, which may result in a different split in production between the Company's Pioneer and Panama Mines and the artisanal mining production than originally anticipated and upon which the original guidance was provided. The higher gold prices will also result in higher Cash Costs per ounce of gold sold and AISC per ounce of gold sold at the Hemco Property as our artisanal mining partners are paid a relatively stable percentage of the spot price for gold.

The following table summarizes the Company's production in the first quarter of 2025 relative to 2025 full-year guidance:

The following table summarizes the Company's cash cost and AISC in the first quarter of 2025 ant the 2025 full-year guidance:

We are currently maintaining our guidance on both production and costs as we are on track to meet guidance. With respect to costs, we are constantly reviewing our Cash Costs and AISC per ounce of gold sold as the volatility of gold prices continues to affect our Hemco Property.

Guidance for 2025 is forward-looking information, and readers are cautioned that actual results may vary. See "Forward-Looking Statements" below.

The following table sets forth the gold produced by the operations for the three months ended March 31, 2025 and 2024, with a discussion of the operational highlights for the same periods:

• Gold production increased by 5% as 54,243 ounces of gold were produced during the first quarter of 2025, compared with 51,741 ounces in the first quarter of 2024. The increase in production is the result of 21% higher production at the Nechí Alluvial Property offset by 5% lower production at the Hemco Property.

• Exploration and Evaluation Expenditures: for the three months ended March 31, 2025, the Company incurred $1,037 in capital expenditures, an increase of 66% compared with the first quarter of 2024. The increase is due to higher expenditures of $413 at the Porvenir Project, and a 44% decrease in additional expenditures due to lower expenses in the regional exploration program at the Hemco Property.

The following table summarizes E&E expenditures for the three months ended March 31, 2025 and comparative periods:

1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position.
2. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under "Exploration expenses"

Health and Safety

Mineros reaffirms its commitment to provide and maintain a safe and healthy work environment in which all employees and contractors conduct themselves in a responsible and safe manner. Thus, the Company is committed to achieving a high standard of Occupational Health and Safety through the implementation of all policies, procedures, and standards and the continuous improvement of management systems, setting targets and monitoring performance. Operations at the Nechí Alluvial Property and the Hemco Property (the "Material Properties") are ISO 45001 (Occupational Health and Safety Management) certified.

The following table presents the safety statistics for the three March 31, 2025, and the comparative period in 2024.

1. Lost time injury frequency rate ("LTIFR") refers to the number of lost time injuries that occurred during a reporting period.
2. Total recordable incident frequency rate ("TRIFR") combines all of the recorded fatalities, lost time injuries, cases or alternate work and other injuries requiring treatment by a medical professional.

GROWTH AND EXPLORATION PROJECT UPDATES

Near Mine Exploration, Hemco Property Expansion

Near mine exploration is focused on the current mining operations, the Panama Mine and the Pioneer Mine. Mineralization is related to an epithermal gold system associated with multiple quartz veins.

A total of 8,534 metres of diamond drilling in 27 holes was completed in the first quarter of 2025, achieving approximately 28% of the 2025 drilling plan. The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine. A total of 3,564 meters were drilled at the Panama Mine and 4,970 meters at the Pioneer Mine.

The Company experienced logistical challenges with platform contractors and limited availability of drill rigs due to maintenance from the third quarter of 2024 to the first quarter of 2025. This situation is now resolved and the plan is to complete the planned drilling on schedule.

Mineros is updating the Mineral Resources and Mineral Reserves for the Panama Mine and Pioneer Mine, scheduled to be published in late 2025.

Brownfield Exploration, Hemco Property Expansion

Brownfield exploration is centered on the Bonanza block, which encompasses the concession areas between the Panama Mine and the Pioneer Mine. The mineralization belongs to the same epithermal gold trend that comprises the Panama and Pioneer mines, characterized by multiple quartz veins.

For 2025, Mineros has planned an 18,000-metre diamond drilling campaign to mainly evaluate two brownfield targets, Cleopatra and Orpheus. Brownfield drilling activities have not yet commenced due to prioritization of drilling efforts in the Panama and Pioneer Mines.

Porvenir Project

The Porvenir Project is a pre-development stage project located 10.5 km southwest of the existing Hemco Property facilities. Mineralization consists of a volcanic hosted gold-zinc-silver deposit with epithermal quartz veins of intermediate sulphidation.

The Company is progressing as planned with the update of Mineral Resources and Mineral Reserves for the Porvenir Project, aiming to maximize its value, with the prefeasibility study optimization scheduled for completion in late 2025.

Guillermina Target

The Guillermina target is an epithermal zinc-gold-silver deposit, located four kilometres west of the Pioneer deposit.

For 2025, Mineros has planned a 2,000-metre diamond drilling campaign, however, greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts.

The Company is planning to complete an initial Mineral Resource estimate for the Guillermina Target in 2025.

Leticia Deposit

The Leticia Deposit is an epithermal gold-silver-zinc deposit, located 500m northwest of the Porvenir Project.

For 2025, Mineros has planned a 1,300-metre diamond drilling campaign, however, greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts.

Mineros is planning to update the Mineral Resource estimate for the Leticia deposit in 2025.

Luna Roja Deposit

The Luna Roja Deposit is a skarn gold system, located 24km southeast from the existing Hemco facilities. The Company is focusing on expanding the current Mineral Resources and identifying new targets surrounding the main deposit.

Mineros is advancing a Mineral Resource update for the Luna Roja Deposit, with publication expected in late 2025.

Hemco Property Regional Exploration

Mineros' regional greenfield exploration is focused on two areas with early-stage targets: Rosita and Bonanza districts. The Bonanza district excludes the designated brownfield area known as the Bonanza block, see Brownfield Exploration, Hemco Property Expansion.

A 14,500-metre drilling campaign is planned for 2025, with approximately 6,000 metres allocated for exploration in the Rosita District and 8,500 metres in the Bonanza District. Greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts.

Due to laboratory delays, assay results from the Okonwas Target are now expected to be fully received in the second quarter of 2025. Preliminary observations have identified multiple semi-parallel thin veins containing chalcopyrite, sphalerite, and galena, indicating gold-zinc-silver mineralization.

Near Mine Exploration, Nechí Alluvial Property Expansion

At the Nechí Alluvial Property, Mineros is exploring for alluvial gold predominantly east of the Nechí River, where the Company is currently mining within quaternary alluvial sediments.

A total of 2,420 meters in 83 holes were completed in the first quarter of 2025, approximately 25% of the Company's original drilling plan. The drilling focused on infill drilling within the current production area, with 566 metres completed in 19 holes of ward drilling and 1,854 metres in 64 holes of sonic drilling.

CONFERENCE CALL AND WEBCAST DETAILS

As a reminder the Company will host a conference call tomorrow, Friday, May 9, 2025, at 9:00 AM Colombian Standard Time (10:00 AM Eastern Daylight Time). Please register here to join us.

The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company's website at www.mineros.com.co for approximately 30 days following the call.

ABOUT MINEROS S.A.

Mineros is a gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with relatively low cost mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region.

The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations.

Mineros' common shares are listed on the Toronto Stock Exchange under the symbol "MSA", and on the Colombia Stock Exchange under the symbol "MINEROS".

Election of Directors - Electoral Quotient System

The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company's most recent annual information form, available on the Company's website at https://www.mineros.com.co/ and from SEDAR+ at www.sedarplus.com.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., who is a qualified person within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

FORWARD-LOOKING STATEMENTS

This news release contains "forward looking information" within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to the Company's outlook for 2025; estimates for future mineral production and sales; the Company's expectations, strategies and plans for the Material Properties; the Company's planned exploration, development and production activities; statements regarding the projected exploration and development of the Company's projects; adding or upgrading Mineral Resources and developing new mineral deposits; estimates of future capital and operating costs; the costs and timing of future exploration and development; estimates for future prices of gold and other minerals; expectations regarding the payment of dividends; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

Forward-looking information is based upon estimates and assumptions of management in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release including, without limitation, assumptions about; favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; the development of the Porvenir Project; completion of its drilling programs; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Material Properties being as described in the applicable technical reports; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; positive relations with local groups, including artisanal mining cooperatives in Nicaragua, and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

For further information of these and other risk factors, please see the "Risk Factors" section of the Company's annual information form dated March 25, 2024, available on SEDAR+ at www.sedarplus.com.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward looking information contained herein. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

Forward looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

NON-IFRS AND OTHER FINANCIAL MEASURES

The Company has included certain non-IFRS financial measures and non-IFRS ratios in this news release. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a discussion of the use of non-IFRS financial measures and reconciliations thereof to the most directly comparable IFRS measures, see below.

EBIT, EBITDA and Adjusted EBITDA

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use earnings before interest and tax ("EBIT"), earnings before interest, tax, depreciation and amortization ("EBITDA"), and adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"), which excludes certain non-operating income and expenses, such as financial income or expenses, hedging operations, exploration expenses, impairment of assets, foreign currency exchange differences, and other expenses (principally, donations, corporate projects and taxes incurred). The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results because it is consistent with the indicators management uses internally to measure the Company's performance and is an indicator of the performance of the Company's mining operations.

The following table sets out the calculation of EBIT, EBITDA and Adjusted EBITDA to Net profit for the three months ended March 31, 2025 and 2024:

1. For additional information regarding taxes, see note 13 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024.
2. The reconciliation above does not include adjustments for (impairment) reversal of assets, because there would be a nil adjustment for the three months ended March 31, 2025 and 2024.

Cash Cost

The objective of Cash Cost is to provide stakeholders with a key indicator that reflects as close as possible the direct cost of producing and selling an ounce of gold.

The Company reports Cash Cost per ounce of gold sold which is calculated by deducting revenue from silver sales, depreciation and amortization, environmental rehabilitation provisions and including cash used for retirement obligations and environmental and rehabilitation and sales of electric energy. This total is divided by the number of gold ounces sold. Cash Cost includes mining, milling, mine site security, royalties, and mine site administration costs, and excludes non-cash operating expenses. Cash Cost per ounce of gold sold is a non-IFRS financial measure used to monitor the performance of our gold mining operations and their ability to generate profit, and is consistent with the guidance methodology set out by the World Gold Council.

The following table provides a reconciliation of Cash Cost per ounce of gold sold on a by-product basis to cost of sales for the three months ended March 31, 2025, and 2024:

1. Refers to cost of sales incurred in the Company's "Others" segment. See note 6 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024. The majority of this amount relates to the cost of sales of latex.

Changes in Composition of Cash Cost

The composition of Cash Cost was revised in the second quarter of 2024 to deduct revenue from sales of electric energy from cost of sales to better reflect the costs to produce an ounce of gold. Values for prior periods have been adjusted from amounts previously disclosed to reflect these changes.

Changes in Composition of Cash Cost - Nechí Alluvial Property (Colombia) Segment

The composition of Cash Cost for the Nechí Alluvial Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty, which reduces Cash Cost and Cash Cost per ounce of gold sold for that segment. The Company notes that guidance provided for the Nechí Alluvial Property (Colombia) segment has always excluded the intercompany royalty, even though disclosure of historical Cash Cost performance for the segment did not, which resulted in an inconsistency in reporting of this measure between guidance and historical measures. Disclosure of Cash Cost and Cash Cost per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment has been adjusted from amounts previously disclosed in historical MD&A and news releases to reflect this change. For greater certainty, this change does not affect Cash Cost and Cash Cost per ounce of gold sold of the Company on a consolidated basis, or for any other segment.

All-in Sustaining Costs

The objective of AISC is to provide stakeholders with a key indicator that reflects as close as possible the full cost of producing and selling an ounce of gold. AISC per ounce of gold sold is a non-IFRS ratio that is intended to provide investors with transparency regarding the total costs of producing one ounce of gold in the relevant period.

The Company reports AISC per ounce of gold sold on a by-product basis. The methodology for calculating AISC per ounce of gold sold is set out below and is consistent with the guidance methodology set out by the World Gold Council. The World Gold Council definition of AISC seeks to extend the definition of total Cash Cost by deducting cost of sales of non-mining operations and adding administrative expenses, sustaining exploration, sustaining leases and leaseback and sustaining capital expenditures. Non-sustaining costs are primarily those related to new operations and major projects at existing operations that are expected to materially benefit the current operation. The determination of classification of sustaining versus non-sustaining requires judgment by management. AISC excludes current and deferred income tax payments, finance expenses and other expenses. Consequently, these measures are not representative of all the Company's cash expenditures. In addition, the calculation of AISC does not include depreciation and amortization cost or expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company's overall profitability. Other companies may quantify these measures differently because of different underlying principles and policies applied. Differences may also occur due to different definitions of sustaining versus non-sustaining.

The following table provides a reconciliation of AISC per ounce of gold sold to cost of sales for the three months ended March 31, 2025 and 2024:

1. Cost of sales of non-mining operations is the cost of sales excluding cost incurred by non-mining operations and the majority of this cost comprises cost of sales of latex.
2. Depreciation and amortization of administrative expenses is included in the administrative expenses line on the unaudited condensed consolidated interim financial statements and is mainly related to depreciation for corporate office spaces and local administrative buildings at the Hemco Property.
3. Represents most lease payments as reported in the unaudited consolidated financial statements of cash flows and is made up of the principal of such cash payments, less non-sustaining lease payments. Lease payments for new development projects and capacity projects are classified as non-sustaining.
4. Sustaining exploration: Exploration expenses and exploration and evaluation projects as reported in the unaudited consolidated interim financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining.
5. Sustaining capital expenditures: Represents the capital expenditures at existing operations including, periodic capitalized stripping and underground mine development costs, ongoing replacement of mine equipment and overhaul of existing equipment, and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including projects at existing operations that are expected to materially benefit the operation and provide a level of growth, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the three months ended March 31, 2025, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expenditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaudited condensed interim consolidated financial statements.

Changes in Composition of AISC - Nechí Alluvial Property (Colombia) Segment

The composition of AISC for the Nechí Alluvial Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty, which reduces AISC and AISC per ounce of gold sold for that segment. The Company notes that guidance provided for the Nechí Alluvial Property (Colombia) segment has always excluded the intercompany royalty, even though disclosure of historical AISC performance for the segment did not, which resulted in an inconsistency in reporting of this measure between guidance and historical measures. Disclosure of AISC and AISC per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment has been adjusted from amounts previously disclosed in historical MD&A and news releases to reflect this change. For greater certainty, this change does not affect AISC and AISC per ounce of gold sold of the Company on a consolidated basis, or for any other segment.

Cash Cost and All-in Sustaining Costs by Operating Segment

The following table provides a reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold sold by operating segment⁴ to cost of sales, for the three months ended March 31, 2025, and 2024.

Reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold - Nechí Alluvial Segment (Colombia)

The following tables provide a reconciliation of the calculation of Cash Cost per ounce of gold sold and the AISC per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment for the three months ended March 31, 2025, reflecting changes made to the composition of those measures in the 2024 financial year and to align with the manner in which guidance is reported.

Cash Cost Reconciliation

AISC Reconciliation

Net Free Cash Flow

The Company uses the financial measure "net free cash flow", which is a non-IFRS financial measure, to supplement information regarding cash flows generated by operating activities. The Company believes that in addition to IFRS financial measures, certain investors and analysts use this information to evaluate the Company's performance with respect to its operating cash flow capacity to meet recurring outflows of cash.

Net free cash flow is calculated as cash flows generated by operating activities less non-discretionary sustaining capital expenditures and interest and dividends paid related to the relevant period.

The following table sets out the calculation of the Company's net free cash flow to net cash flows generated by operating activities for the three months ended March 31, 2025, and 2024:

Return on Capital Employed ("ROCE")

The Company uses ROCE as a measure of long-term operating performance to measure how effectively management utilizes the capital it is provided. This non-IFRS ratio is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of ROCE, expressed as a percentage, is Adjusted EBIT (calculated in the manner set out in the table below) divided by the average of the opening and closing capital employed for the 12 months preceding the period end. Capital employed for a period is calculated as total assets at the beginning of that period less total current liabilities.

Net Debt

Net Debt is a non-IFRS financial measure that provides insight regarding the liquidity position of the Company. The calculation of net debt shown below is calculated as nominal undiscounted debt including leases, less cash and cash equivalents. The following sets out the calculation of Net Debt as at March 31, 2025 and 2024.

Average Realized Price

The Company uses "average realized price per ounce of gold sold" and "average realized price per ounce of silver sold", which are non-IFRS financial measures. Average realized metal price represents the revenue from the sale of the underlying metal as per the statement of operations, adjusted to reflect the effect of trading at the holding company level (parent company) on the sales of gold purchased from subsidiaries. Average realized prices are calculated as the revenue related to gold and silver sales divided by the number of ounces of metal sold. The following table sets out the reconciliation of average realized metal prices to sales of gold and sales of silver for the three months ended March 31, 2025 and 2024:

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We are very pleased with our results for the first quarter of 2025. From a financial perspective, record gold prices provided us with another record for revenues and profits in the first quarter of 2025 of $160.6M and $38.0M respectively.

For further information, please contact:

Ann Wilkinson
Vice President, Investor Relations
+1 416-357-5511
relacion.inversionistas@mineros.com.co
Investor.relations@mineros.com.co