BVC: MINEROS TSX :MSA OTCQX: MNSAF MINEROS.COM.CO Mineros S.A. to Acquire a Gold Exploration Project in Tolima, Colombia (all dollar amounts are expressed in U.S. dollars)
BVC: MINEROS TSX :MSA OTCQX: MNSAF MINEROS.COM.CO
Mineros S.A. to Acquire a Gold Exploration Project in Tolima, Colombia
(all dollar amounts are expressed in U.S. dollars)
Medellin, Colombia – March 9, 2026 – Mineros S.A. (TSX:MSA, OTCQX:MNSAF, BVC:MINEROS) (“Mineros”
or the “ Company”) has entered into a definitive agreement to acquire a 100% interest in a gold
exploration project in the Department of Tolima, Colombia from a subsidiary of AngloGold Ashanti PLC
(“AngloGold Ashanti ”) through the acquisition of all the outstanding shares of AngloGold Ashanti
Colombia S.A.S. (“AGA Colombia”).
AGA Colombia is the sole registered holder of the integrated mining concession contract (National Mining
Registry code EIG-163), which grants rights for the exploration of a gold system in the municipality of
Cajamarca, Tolima. The transaction does not relate to the Quebradona project which AngloGold Ashanti
will continue to develop.
This transaction reflects Mineros’ long-standing conviction in Colombia as a jurisdiction for responsible,
well-governed mining. As a Colombian operator with decades of history in the country, Mineros brings
deep local knowledge, cultural competency, and an established track record of constructive engagement
with communities and authorities. The Company believes that assets of this nature are best stewarded by
operators with strong domestic roots, a long-term perspective, and a commitment to aligning
development pathways with local priorities.
Transaction Terms:
The acquisition will be completed on a cash-free, debt-free, zero net working capital basis. The
consideration consists of:
• $10 million payable in cash at closing; and
• Contingent consideration of up to $60 million, linked to the total tonnage of mineral ore
authorized under a “plan de trabajo y obras” (“PTO”) and an approved environmental license.
The transaction is expected to close during the first quarter of 2026, subject to customary conditions.
Mineros’ Approach to Community Engagement and Project Identity
The project has historically been referred to within the mining sector as La Colosa. As part of its integration
strategy, Mineros intends to move away from the project’s historical legacy. The Company believes that
the future of the project will be shaped by its relationship with the Department of Tolima and its
communities, rather than by historical context.
BVC: MINEROS TSX :MSA OTCQX: MNSAF 2
Accordingly, Mineros will initiate a collaborative process with local stakeholders to define a new project
identity, including a new name. This process is intended to reflect shared values, local perspectives, and
a development philosophy grounded in environmental stewardship and social responsibility. The
Company views this re-definition as a critical first step in establishing a constructive foundation for any
future decisions regarding the project. Importantly, Mineros emphasizes that any advancement of the
project will be contingent upon achieving regulatory clarity, environmental authorization, and meaningful
community consensus.
Project Overview:
The project is an exploration-stage gold asset located approximately 150 km west of Bogotá and 30 km
west of Ibagué, in the Department of Tolima. Exploration activities have been largely suspended since
2017 following the declaration of force majeure related to delays in obtaining environmental permits.
The project hosts a historical mineral resource estimate reported by AngloGold Ashanti in December 2024
of:
• Indicated Resources: 23.35 million ounces of gold at an average grade of 0.87 g/t
• Inferred Resources: 4.98 million ounces of gold at an average grade of 0.71 g/t
No mineral reserves have been declared.
Mineros has not verified this historical estimate as a current mineral resource. Mineros’ Qualified Person
has not completed sufficient work to classify the historical estimate as a current mineral resource, and
Mineros is not treating it as such. Significant data compilation, verification, and potentially additional
drilling would be required before any declaration, update or reclassification. Consequently, the QP
disclaims all liability for the accuracy, completeness, or reliability of the data provided by these external
sources.
The delineation of the Los Nevados Páramo under Resolution 1987 of 2016 remains subject to legal
proceedings and may affect portions of the historical resource estimate.
For further details on the Mineral Resources, refer to AngloGold Ashanti’s annual report on Form 20-F for
the financial year ended 31 December 2024.
ABOUT MINEROS S.A.
Mineros is a leading Latin American gold mining company headquartered in Medellín, 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 longstanding focus on safety,
sustainability, and disciplined capital allocation. Its common shares are listed on the Toronto Stock
BVC: MINEROS TSX :MSA OTCQX: MNSAF 3
Exchange (MSA) and the Colombian Stock Exchange (MINEROS) and trade on the OTCQX® Best Market
under the symbol MNSAF.
QUALIFIED PERSON
Scientific and technical information contained in this news release has been approved by Maria Vallejo,
P.Eng., FAusIMM, Vice President, Strategic Growth and Technical Services, who is a qualified person within
the meaning of NI 43-101.
Election of Directors – Electoral Quotient System
The Company has received an exemption from the individual and majority voting requirements
applicable to TSX-listed issuers. Compliance with such requirements would conflict with Colombian laws
and regulations, which require directors to be elected from a slate of nominees under an electoral
quotient system. Additional details are available in the Company’s most recent Annual Information
Form, accessible on the Company’s website at www.mineros.com.co and on SEDAR+ at
www.sedarplus.com.
For Further Information, Please Contact:
Ann Wilkinson
Vice President, Investor Relations
+1 (647) 496-3011
Juan Obando
Director, Investor Relations
+57 (4) 266-5757
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable securities
laws. Forward-looking information includes statements that use forward-looking terminology such as
“may,” “could,” “would,” “will,” “should,” “intend,” “plan,” “expect,” “estimate,” “anticipate,” “believe,”
“continue,” or similar expressions. Such statements include, without limitation, those relating to the
strategic benefits of the acquisition and its impact on the Company’s asset portfolio, the contingent
deferred payments and the likelihood of them being paid, the potential for development of the La
Colosa and the Company’s ability to obtain regulatory approvals and environmental licences to advance
the integrated mining concession contract. These statements are based on current expectations and are
subject to risks and uncertainties that may cause actual results to differ materially.
BVC: MINEROS TSX :MSA OTCQX: MNSAF 4
Forward-looking information is based on management’s reasonable assumptions, estimates, and
expectations as of the date of this release. These assumptions involve known and unknown risks,
uncertainties, and other factors that may cause actual results to differ materially from those expressed
or implied, including, without limitation: the Company may fail to obtain, renew, or maintain in effect
necessary permits and licenses, including environmental permits; community opposition to mining
activity could result in disruption, delays, or an inability to advance the integrated mining concession
contract; the accuracy of the historical estimate of Inferred Mineral Resources; the Company may fail to
implement its business strategy; title disputes; regulatory changes may increase the Company’s costs of
doing business, restrict operations or result in fines, revocation of permits or facilities shutdowns; and
the additional risks described in the ‘‘Risk Factors” sections of the Company’s most recent annual
information form, available from the Company’s website www.mineros.com.co or on SEDAR+ at
www.sedarplus.com. Readers are cautioned not to place undue reliance on forward-looking
information. Mineros undertakes no obligation to update such information, except as required by
applicable securities laws.