Mr. Daniel Henao reports

MINEROS S.A. ANNOUNCES 2026 GUIDANCE: A DISCIPLINED APPROACH TO PRODUCTION GROWTH AND STRATEGIC EXPANSION

Mineros SA has released its production and cost guidance for 2026. The company's 2026 outlook reflects a dual-track strategy: maximizing near-term production to capitalize on the current gold price environment while advancing the technical evaluations required for a multiyear growth trajectory.

Strategic capital allocation: near-term optimization

For 2026, Mineros is providing consolidated gold production guidance of 213,000 to 233,000 ounces of gold. This represents an increase of 10,000 ounces relative to 2025 guidance. This increase is the result of a disciplined focus on quick-return ounces, prioritizing capital investment toward brownfield projects and operational efficiencies that can be brought on line rapidly to maximize free cash flow in a robust commodity market.

"Our 2026 guidance demonstrates a transition in our corporate life cycle," stated Daniel Henao, president and chief executive officer of Mineros. "We are moving beyond a steady-state profile by allocating capital to projects with immediate accretive value. We are shifting our focus to creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns. This 10,000-ounce increment is the first stage of a broader evolution for the company."

2026 operational and cost outlook

The company's production and cost guidance reflect a commitment to maintaining healthy margins despite global inflationary pressures.

In 2026, the Hemco property (Nicaragua) is expected to deliver solid performance with gold production guidance of 130,000 to 140,000 ounces. The Panama and Pioneer operations are expected to have an AISC (all-in sustaining cost) range of $2,000 to $2,100 per ounce, reflecting a disciplined cost framework. In addition, the Bonanza Mining Partners arrangement is expected to generate an AISC margin of 39 to 41 per cent, supporting a resilient contribution profile.

For the Nechi property (Colombia), Mineros is targeting steady gold output of 83,000 to 93,000 ounces in 2026. Company-owned dredges are expected to operate within an AISC range of $1,820 to $1,920 per ounce, underpinned by continued operational focus and cost control. The contract mining partners are expected to deliver an AISC margin of 11 to 14 per cent, reinforcing a consistent and dependable cash generation profile.

Capex (capital expenditure): financing the growth horizon

The 2026 capex budget is structured to balance sustaining requirements with high-impact growth initiatives.

Nicaragua expansion and long-term scalability

Approximately 78 per cent of the company's growth capital is directed toward Nicaragua, anchored by a $23-million project to scale the Hemco processing capacity from 1,800 to 2,500 tonnes per day. This initiative is the first stage in a disciplined approach to increase production through organic capacity expansion.

Beyond these immediate gains, Mineros is evaluating the strategic installation of a 1,000-tonne-per-day mill already in the company's asset inventory. This project is viewed as a critical debottlenecking exercise intended to increase output in Nicaragua. By addressing these processing limits, the company is laying the groundwork for a transition to significantly higher production capacity over the long term.

The company is also focused on advancing the Porvenir project through the final stages of permitting and technical optimization. The completion of the Hemco National Instrument 43-101 update, scheduled for late in the first quarter of 2026, contains an update on the Porvenir project's prefeasibility study (PFS), highlighting an optimized process plant with throughput capacity of 2,000 tonnes per day. The Porvenir project already holds the environmental permit for mining operation, significantly derisking the path to production.

Exploration

Mineros's exploration program (budgeted at $17.3-million) is designed to support near-term production growth while advancing a pipeline of opportunities across the portfolio. The company plans 95,000 metres of drilling in 2026, with the focus being a 75,400-metre program at Hemco costing $11-million, predominantly focused on brownfield targets around existing operations and growth projects (including work at and near Porvenir), while selectively increasing greenfield exploration across the underexplored Golden Triangle district, an area defined by the historic mining towns of Bonanza, Rosita and Siuna, where the company operates. The Golden Triangle is one of Central America's most prolific mining regions, reported to have produced nine million ounces of gold, five million ounces of silver and 305 million pounds of copper.

In Colombia, Mineros expects to complete 13,000 metres of drilling at the Nechi property at a cost of $4.1-million, and, in Chile, the company will invest $2.2-million for 7,000 metres of drilling at La Pepa as it continues to derisk the project and maintain strategic exposure to a high-potential exploration district.

Mineros plans to release its fourth quarter 2025 and year-end financial and operating results on Wednesday, Feb. 18, 2026. Senior management will host a conference call on Thursday, Feb. 19, 2025, at 9 a.m. Eastern Standard Time (9 a.m. Colombian Standard Time).

About Mineros SA

Mineros is a leading Latin American gold mining company headquartered in Medellin, Colombia. The company operates a diversified portfolio of assets in Colombia and Nicaragua and maintains a pipeline of development and exploration projects across the region, including the La Pepa project in Chile.

With more than 50 years of operating history, Mineros maintains a long-standing focus on safety, sustainability and disciplined capital allocation. Its common shares are listed on the Toronto Stock Exchange (symbol: MSA) and the Colombian Stock Exchange (symbol: MINEROS) and trade on the OTCQX Best Market under the symbol MNSAF.

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