Ms. Ann Wilkinson reports

MINEROS S.A. REPORTS SIGNIFICANT PROGRESS ON NICARAGUA EXPANSION

Mineros S.A. has provided an update on material advances on its Nicaragua expansion initiatives. Current activities include the phased expansion of Hemco's main processing plant to 2,500 tonnes per day (tpd) by year-end, accelerated underground mine development and the commencement of the most aggressive exploration drilling program in the history of the property.

Nicaragua's autonomous region of the North Caribbean Coast represents one of the most prolific gold-bearing geological corridors in Central America, and Hemco has maintained an uninterrupted operating presence in the region for decades. The Hemco property benefits from a skilled and experienced local work force, well-established community relationships, and access to a diversified energy supply that includes company owned and operated hydroelectric generation. Mineros remains firmly committed to its long-term investment in Nicaragua and to the sustainable development of the region's considerable mineral endowment, in partnership with local communities and authorities.

Hemco processing plant expansion -- key milestones achieved

The Hemco facility has achieved a sustained throughput of 2,000 tpd, a 14.3-per-cent increase over the 1,750 tpd baseline. Major capital equipment for the subsequent expansion phase has been procured and is expected on site in the third quarter of 2026.

The expansion remains on schedule and within budget, while maintaining full compliance with all environmental legal permits. The expansion will achieve the following throughput capacity milestones:

June, 2026:  2,200 tpd interim target

December, 2026:  2,500 tpd milestone

In the last year the focus has been on improving metallurgical recoveries. Gold recovery is now consistently above 90 per cent, and silver recoveries have improved in recent months following multiple process optimization initiatives.

Additionally, the company is conducting technical and engineering studies to evaluate the incorporation of an additional 1,000 tpd mill circuit utilizing milling equipment already owned by Mineros, which, if advanced, would provide a further step change in processing capacity.

Mine development -- building inventory and recovering economies of scale

To ensure mill feed continuity commensurate with expanded capacity, the company has accelerated development at the Panama and Pioneer underground mines, supporting surface stockpiles. As of the date of this release, the stockpiles contain more than 6,000 ounces of gold. This accumulation of inventory is intended to provide operational flexibility and allow the company to optimize processing by blending various grade material.

Management expects the increased throughput to drive economies of scale, contributing to a projected reduction in unit operating costs over the medium term.

Bonanza Mining Partners (BMP) -- strengthening valuable relationships

The company continues to leverage its BMP model, a multilateral framework involving local cooperatives and authorities. With the objective of being closer to the company's BMPs, Mineros recently built a physical space for storing and staging ore in anticipation (the patio), located in the municipality of Rosita about 20 miles from Bonanza. Rosita is part of the Mining Triangle, along with Bonanza and Siuna. The new patio is now fully operational, contributing an incremental 200 tpd of mineral to the Hemco processing plant. In the current gold price environment, the company is reviewing opportunities to increase BMP mineral acquisitions to maximize ore availability ahead of the 2026 throughput capacity increases.

2026 exploration program -- most ambitious drilling program in property history

Mineros has initiated a 75,000-metre drilling program for 2026, with eight active rigs. The program focuses on resource-to-reserve conversion and greenfield exploration across the Nicaragua portfolio.

By employing a company-owned drill fleet, Mineros maintains a significant cost advantage, with all-in internal drilling costs averaging approximately $100 per metre compared with $160 per metre for contracted services.

The exploration program is designed to extend the life of the existing Panama and Pioneer mines, advance the Porvenir project, and explore high-grade targets in the proximity of current mining operations as well as a wider investigation of the entire property package of the company in Nicaragua.

A technical report for an update on the prefeasibility study (PFS) of the Porvenir project and the Hemco property is expected by the end of March, 2026.

Technical disclosure and qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Maria Vallejo, PEng, FAusIMM, Mineros's vice-president, growth and technical services, for Mineros, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Mineros S.A.

Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The company has a diversified asset base, with mines in Colombia and Nicaragua, and a pipeline of development and exploration projects throughout the region, including the La Pepa project in Chile.

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

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