Ms. Maria Vallejo reports

MINEROS S.A. ACHIEVES MAJOR MILESTONE WITH PORVENIR PROJECT DEVELOPMENT

The Attorney-General's Office has granted the environmental certification for the Porvenir processing plant and tailings storage facility of Mineros SA, through its wholly owned subsidiary Hemco Mineros Nicaragua.

"The receipt of the environmental certification for Porvenir's processing plant and tailings storage facility, along with the already secured mining permits, represents more than regulatory compliance. It validates our technical approach to developing Nicaragua's next major mining operation," said Maria Vallejo, vice-president of strategic growth and technical services at Mineros. "The approved infrastructure incorporates engineered controls that meet international standards for tailings management, including the GISTM classification requirements. Mineros is positioned to advance the Porvenir project through detailed engineering and construction planning. The project's polymetallic nature, producing copper-lead and zinc concentrates along with gold and silver dore, represents a strategic diversification of our portfolio while maintaining our operational footprint within the established mining district in Nicaragua."

Porvenir project permitting status

Building on its recent achievement of new environmental certifications, the Porvenir project further advanced its regulatory standing by concluding the public consultation process on March 13, 2024. Consequently, the project has secured six key approvals:

• Underground mining permits (Serena-CRACCN resolution No. 74-11-04-2024, issued April, 2024);
• Forest management authorizations for main road and underground mine (Marena, September, 2025);
• Environmental certifications from Attorney-General's Office for forest management authorizations (April, 2025);
• Municipal approvals for land use and project opinion (Bonanza municipal government, October to November, 2025);
• Environmental processing plant and TSF permit (Serena-CRACCN resolution No. 349-11-12-2025, December, 2025); and
• Environmental certification from Attorney-General's Office for processing plant and TSF environmental permit (April, 2026).

While certain project areas are cleared for commencement of construction, others require specific forest management and treated waste water discharge authorizations. The company is focusing on submitting the regulatory information for sectorial forest management authorizations to the competent institutions. These pending permits will be obtained in accordance with national regulations in which Mineros expects to complete submission of forest management authorization documentation by the end of second quarter 2026, with approvals anticipated by the end of fourth quarter 2026.

Next steps

Following the robust results of the "NI 43-101 Technical Report Hemco Property, Region Autonoma de la Costa Caribe Norte, Nicaragua," issued and effective March 31, 2026, Mineros is currently evaluating accelerating the project timeline, including potentially commencing detailed engineering. This evaluation, supported by the newly obtained environmental certifications, aims to optimize the transition from the study phase to project construction.

The company expects to provide updated guidance on a construction timeline and capital requirements in late 2026.

The Porvenir project

Porvenir is an underground polymetallic stand-alone project located 14 kilometres southwest of Bonanza within Hemco's concessions in the Vesubio district of Nicaragua's North Caribbean coast autonomous region (RACCN).

The approved infrastructure includes:

• 2,500-tonne-per-day processing plant includes primary and secondary crushing, followed by a grinding circuit featuring a semi-autogenous grinding mill and two parallel ball mills: The recovery circuit includes flash flotation, conventional copper-lead and zinc flotation, countercurrent decantation, and Merrill-Crowe precious metal recovery circuits.
• Tailings storage facility: Three-stage downstream rockfill dam with 5.85-cubic-millimetre storage capacity, designed in accordance with Canadian Dam Association and Global Industry Standard on Tailings Management. The TSF design incorporates best practices for water management, including process water recycling, lined containment with underdrains and surface water diversion channels, and treatment of excess water prior to environmental discharge.

Porvenir is the most advanced asset within an emerging polymetallic district that also includes the Guillermina, Leticia and San Antonio deposits. These deposits share similar geological characteristics, intermediate-sulphidation epithermal systems hosting gold, silver, zinc and copper mineralization, and are being considered within a district-scale development framework centred on Porvenir's processing infrastructure.

As described in the 2026 prefeasibility study, on a consolidated basis, the four deposits host approximately 736,000 ounces gold equivalent in proven and probable mineral reserves, with an additional 406,000 oz AuEq in measured and indicated mineral resources (exclusive of mineral reserves) and 313,000 oz AuEq in inferred mineral resources. The district-scale approach positions Porvenir's processing plant as a central facility for ore from multiple deposits, with potential to extend mine life beyond the initial 9.2-year plan through processing of satellite deposits.

Porvenir deposit mineral reserves and production profile

The Porvenir deposit comprises three zones -- Porvenir Norte, Porvenir Sur and Real McKoy -- containing multiple close-spaced epithermal veins. Underground extraction will employ mechanized sublevel stoping and bench and fill methods.

Porvenir mineral reserves, based on the 2026 PFS, result in total 6.48 million tonnes grading 2.86 grams per tonne gold, 12.27 g/t silver, 0.37 per cent copper and 2.61 per cent zinc, containing 736,000 oz AuEq, 596,000 oz Au, 2,555,000 oz Ag, 52 million pounds Cu and 372 Mlb Zn. At steady state, the project is expected to generate average annual sales of 72,300 oz AuEq (54,500 oz Au, 190,000 oz Ag, 28 Mlb Zn and 3.75 Mlb Cu) over 9.2 years of full production.

Project economics

The 2026 PFS demonstrates robust project economics. Based on consensus forecast prices of $3,150 per oz Au, $45 per oz Ag, $4.72 per lb Cu and $1.22 per lb Zn, the project generates an after-tax net present value (5 per cent) of $460-million and an after-tax internal rate of return of 37.9 per cent, with a 2.0-year payback period. After-tax free cash flow over the life of mine is estimated at $727-million. The all-in sustaining cost is $1,295 per oz AuEq, and initial capital requirements are estimated at $206.8-million. All figures are in U.S. dollars.

For more information, please refer to Mineros news release "Mineros Announces Updated Prefeasibility Study for the Porvenir Project and Highlights Emerging Porvenir Polymetallic District," issued March 31, 2026.

Technical disclosure and qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Ms. 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 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 La Pepa project in Chile and the exploration project in Tolima near Cajamarca, Colombia.

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 (MSA) and the Colombian Stock Exchange (MINEROS), and trade on the OTCQX Best Market under the symbol MNSAF.

We seek Safe Harbor.