Mineros Announces Execution of Binding Agreement to Sell Gualcamayo Property

MINEROS ANNOUNCES EXECUTION OF BINDING AGREEMENT TO SELL GUALCAMAYO

PROPERTY

Medellin, Colombia – September 8, 2023 – Mineros S.A. (TSX:MSA, MINEROS:CB) (“Mineros” or the

“Company”) is pleased to announce that its subsidiaries Mineros Chile Rentista de Capitales Mobiliarios

Limitada and Mineros Argentina Holding B.V. (the “Sellers”) have signed a share purchase and sale

agreement (the “Agreement”) with Eris LLC (the “Purchaser”) dated September 7, 2023, to sell all of the

outstanding shares in the capital stock of Mineros’ subsidiary, Minas Argentinas S.A. (“MASA”) to the

Purchaser (the “Transaction”). MASA holds a 100% interest in the Gualcamayo Property, which hosts the

Gualcamayo Mine and the Deep Carbonates Project.

The Transaction is being completed on an “as is, where is” basis. Pursuant to the Agreement, the Purchaser

will acquire all of the issued and outstanding shares of MASA in exchange for: (i) US$4 million which was

advanced by the Purchaser to fund on-going operations of MASA and to secure exclusivity during the

negotiations of the Agreement, (ii) the assumption by the Purchaser of any and all obligations of MASA

existing as at the closing date of the Transaction, and (iii) the agreement by the Purchaser to make the

US$30 million contingent payment that would become payable to Pan American Silver Corp. should the

Deep Carbonates Project ever be put into production, which would otherwise be payable by Mineros.

In addition, the Purchaser has agreed to provide a credit facility to MASA in an amount of up to US$10

million, of which US$2 million was advanced to MASA prior to execution of the Agreement, and the

remaining US$8 million will be advanced by the Purchaser on closing of the Transaction to ensure that

MASA is properly capitalized. On closing of the Transaction, the Sellers will pay US$6.5 million to the

Purchaser to cover certain outstanding obligations of MASA existing as at the date of execution of the

Agreement.

The Sellers and its affiliates are holders of certain intercompany loans with MASA, which will be capitalized

and settled prior to closing of the Transaction.

Closing of the Transaction remains subject to the satisfaction or waiver of certain conditions precedent

including, without limitation, the negotiation and execution of a transitional services agreement.

Andres Restrepo, CEO & President of Mineros S.A., said, “The sale of the Gualcamayo Property is in line

with our strategy of actively managing our portfolio and focusing management’s efforts on high margin,

long-life and lower cost assets. We are pleased to sell the Gualcamayo Property to Eris LLC as we have

full confidence that they will leverage their experience and knowledge gained from their local investments

to maximise and enhance the future of the Deep Carbonates Project. We wish to thank our local employees

for their commitment, professionalism and contribution to Mineros’ success over the past several years.”

Closing of the Transaction is expected to occur on or about September 21, 2023.

Gualcamayo Property Overview

The Gualcamayo Project is located in west-central Argentina, in the northern part of the Province of San

Juan and extending into the Province of La Rioja, which hosts the Gualcamayo Mine, and the undeveloped

project known as the Deep Carbonates Project.

Change in Guidance

Mineros’ guidance for production at the Gualcamayo Property for 2023 was between 55,000 and 63,000 oz

of gold. At the closing of the Transaction, Mineros expects that it will have produced between 31,000 and

33,000 oz of gold at the Gualcamayo Property during 2023. As a result, Mineros is reviewing its overall

production and cost guidance for 2023, and aims to provide updated guidance concurrent with the

announcement of the closing of the Transaction.

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, Nicaragua, and Argentina 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”.

For further information, please contact:

Patricia Ospina John McClintock

Investor Relations Manager Investor Relations

(+57) 42665757 (+44) 7718 576395

[email protected] [email protected]

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 filed on

SEDAR+ at www.sedarplus.ca.

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”, “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 regarding the completion of the Transaction and estimated timing thereof, the

settlement of the intercompany loans, the negotiation and execution of a transitional services agreement

and estimated timing thereof, expected 2023 gold production at the Gualcamayo Property at the completion

of the Transaction, and the revision of the Company’s 2023 guidance.

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 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 31, 2022 (as it may be updated or replaced from time to

time), available on SEDAR+ at www.sedarplus.ca.

The Company cautions that the foregoing lists of important assumptions and factors that may affect future

results 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.