Mineros Reports Fourth Quarter 2024 Financial and Operating Results
Mineros Reports Fourth Quarter 2024 Financial and Operating Results
MEDELLIN, Colombia--(BUSINESS WIRE)--February 14, 2025--Mineros S.A. (TSX:MSA, MINEROS:CB)
(“Mineros” or the “Company”) today reported its financial and operating results for the three months and year
ended December 31, 2024. All dollar amounts - other than per share amounts - are expressed in thousands of US
dollars unless otherwise stated. For further information, please see the Company’s audited consolidated financial
statements and management’s discussion and analysis posted on Mineros’ website
https://mineros.com.co/en/investors/financial-reports and filed under its profile on www.sedarplus.com.
Andrés Restrepo, President and Chief Executive Officer of Mineros, commented: “We are very pleased with our
results for the fourth quarter and year-ended December 31, 2024. From a financial perspective, high and rising
gold prices provided us with record revenues and record profits for 2024 of $538.6M and $86.6M from the
production and sale of 213,245 ounces of gold at an average price $2,387. Net earnings per share were $0.29.
From an operational perspective our Hemco operation is running smoothly and our partnership with artisanal
miners under the Bonanza model continues to deliver excellent results aligned with our vision of bringing
benefit to all stakeholders thereby allowing us to produce close to the top end of our guidance. Our Nechí
Alluvial operation met revised guidance for annual production. We continue to implement various efficiency
measures to improve production. We are proud of the work we do in the El Bagre area and continue to effect
positive change in the lives of locals through participation in formalizing some informal miners working
alongside us. Cash Cost and all-in sustaining costs were in line for Nechí and just above the higher end of
guidance for Hemco because of the very strong gold price.”
HIGHLIGHTS FOR THE THREE MONTHS AND YEAR ENDED DECEMBER 31, 2024
For the three months ended December 31, 2024:
Produced 54,189 ounces of gold, 31,661 ounces from our Nicaraguan operations, down 7% when
compared with 2023 and 22,528 from our Colombian operations, down 19% from the same period in
2023;
Revenue of $150,158;
Net profit of $23,195;
Earnings per share of $0.08 (basic and diluted earnings from continuing operations);
Average realized price per ounce of gold sold1 of $2,662;
Cost of sales of $95,664;
Cash Cost per ounce of gold sold from continuing operations1 of $1,408;
AISC per ounce of gold sold from continuing operations1 of $1,775;
Net cash flows generated by operating activities of $73,221;
Net free cash flow1 of $56,706; and
Paid $7,475 in dividends in October 2024.
For the year ended December 31, 2024:
Produced 213,245 ounces of gold, 131,228 ounces from our Nicaraguan operations, up 4% when
compared with 2023 and 82,017 from our Colombian operations, down 13% from the same period in
2023;
Produced 765,611 ounces of silver during 2024, up 23% from the same period in 2023;
Record revenue of $538,566;
Record net profit of $86,552;
Earnings per share of $0.29 (basic and diluted earnings from continuing operations);
Average realized price per ounce of gold sold of $2,387;
Cost of sales of $95,664;
Cash Cost per ounce of gold sold from continuing operations of $1,282;
AISC per ounce of gold sold from continuing operations1 of $1,551;
Net cash flows generated by operating activities of $144,192;
Net free cash flow1 of $86,807; and
$96,410 in cash and cash equivalents as at December 31, 2024;
$25,927 in loans and other borrowings as at December 31, 2024;
Paid $27,663 of dividends; and
Return on capital employed (“ROCE”)1 was 37%.
2024 Performance and 2025 Guidance
The Company achieved its revised production guidance for 2024 with the production of 213,245 ounces of gold,
above the midpoint of the guided range. The Company had adjusted guidance in the third quarter of 2024 to
better give stakeholders an idea of how the Nechí Alluvial Property and the Hemco Property were each
performing against guidance, and to provide better information as to where Cash Cost per ounce of gold sold and
AISC per ounce of gold sold were trending. For 2025, we expect gold production to be between 201,000 and
223,000 ounces, building on the consistent performance of our Nicaragua underground mines and partnerships
with artisanal miners and the diligence with which our teams at the Nechí Alluvial Property resolve issues as
they arise. We remain focused on operational excellence and delivering strong, reliable returns for our
shareholders.
The following table summarizes the Company’s production performance relative to 2024 guidance, and 2025
guidance:
Production Gold 2024 1 2024 Guidance1 2 2025 Guidance1
Nechí Alluvial Property 82,017 77,000 - 85,000 81,000 - 91,000
Hemco Property 34,344 33,000 - 35,000 33,000 - 36,000
Company Mines 116,361 110,000 - 120,000 114,000 - 127,000
Artisanal - Nicaragua 96,884 93,000 - 98,000 87,000 - 96,000
Consolidated 213,245 203,000 - 218,000 201,000 - 223,000
1. Guidance for silver is not provided by the Company, as we treat it as a by-product and the volumes of
silver are rather small relative to gold production.
2. 2024 guidance was revised in November 2024 to reflect lower grades recovered at the Nechí Alluvial
Property, and higher artisanal production at the Hemco Property, as disclosed in the Company’s news
release dated November 13, 2024, titled “Mineros Reports Third Quarter 2024 Financial and Operating
Results”.
The following table summarizes the Company’s cash cost and AISC performance relative to 2024 guidance, and
2025 guidance:
Cash Cost per ounce of
gold sold 2024 Performance ($/oz) 2024 Guidance ($/oz 1 2025 Guidance ($/oz)1 2 3
Nechí Alluvial Property 1,113 1,250 - 1,350 1,220 - 1,320
Hemco Property 1,402 1,340 - 1,420 1,420 - 1,520
Consolidated 1,282 1,250 - 1,330 1,340 - 1,430
AISC per ounce of gold
sold
Nechí Alluvial Property 1,345 1,450 - 1,550 1,440 - 1,540
Hemco Property 1,585 1,500 - 1,580 1,680 - 1,780
Consolidated 1,551 1,480 - 1,570 1,650 - 1,750
1. 2024 guidance was revised in November 2024 to reflect lower grades recovered at the Nechi Alluvial
Property, and higher artisanal production at the Hemco Property, as disclosed in the Company’s news
release dated November 13, 2024, titled “Mineros Reports Third Quarter 2024 Financial and Operating
Results”.
2. These measures are forward-looking non-IFRS financial measures. Guidance for 2025 Cash Cost per
ounce of gold sold and AISC per ounce of gold sold assume an average realized gold price of $2,600/oz,
and a exchange rate COP/USD of COP$4,200, and inflation of 6,5%. For further information concerning
the equivalent historical non-IFRS financial measures, see Section 10 – Non-IFRS and Other Financial
Measures in this MD&A.
3. The composition of Cash Cost per ounce of gold sold and AISC per ounce of gold sold were revised in Q2
of 2024. See Section 10 – Non-IFRS and Other Financial Measures in this MD&A.
4. The composition of Cash Cost per ounce of gold sold for the Nechi Alluvial Property was revised in Q4 of
2024. See Section 10 – Non-IFRS and Other Financial Measures in this MD&A.
Further to the Company's January 25, 2025 news release, the composition of Cash Cost for the Nechi Alluvial
Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty
between the Company and its subsidiary, Mineros Aluvial S.A.S. BIC, aligning the composition of those
measures for reporting historical performance with the composition of those measures used in disclosing the
Company's guidance. This reduces Cash Cost and Cash Cost per ounce of gold sold for that segment. The
Company notes that guidance provided for the Nechi Alluvial Property (Colombia) segment has always excluded
the intercompany royalty, even though disclosure of historical Cash Cost performance for the segment did not,
which resulted in an inconsistency in reporting of this measure between guidance and historical measures, which
has now been addressed. The Company clarifies that all guidance and all historical calculations of Cash Cost and
AISC on a consolidated basis previously disclosed by the Company have excluded the effect of this
intercompany royalty, and accordingly, they have not been affected by this change.
Annual gold production for 2025 at the Nechí Alluvial Property is expected to be between 81,000 and 91,000
ounces. At the Nechí Alluvial Property, the Company anticipates Cash Cost per ounce of gold sold and AISC per
ounce of gold sold to increase slightly compared with 2024 due to inflationary pressures.
At the Hemco Property, the Company anticipates annual production in 2025 of 120,000 to 132,000 ounces of
gold, including 87,000 to 96,000 ounces of gold from artisanal production. We have cultivated strong
relationships with the artisanal mining community, creating a strategic advantage in sourcing gold. This
collaborative approach ensures consistent access to high-quality minerals, allowing us to maintain stable
production levels and deliver on our guidance commitments with greater confidence. The Company anticipates
both Cash Cost per ounce of gold sold and AISC per ounce of gold sold to increase due to higher assumed gold
prices resulting in 2025, which would increase the cost of artisanal production.
FINANCIAL AND OPERATING HIGHLIGHTS FOR THE THREE MONTHS AND YEAR-ENDED
DECEMBER 31, 2024
The following table summarizes quarterly financial highlights for the three months and year ended December 31,
2024 and 2023.
Three Months
Ended
December 31, Change
Year ended
December 31, Change
2024 2023 2024 2023
($) ($)2 ($) % ($) ($)2 ($) %
Revenue 150,158 130,427 19,731 15 538,566 447,290 91,276 20
Cost of sales (95,664) (82,663) (13,001) 16 (354,567) (301,888) 52,679 17
Gross Profit 54,494 47,764 6,730 14 183,999 145,402 38,597 27
Profit for the period from continuing operations 23,195 22,808 387 2 86,552 74,538 12,014 16
Loss for the period from discontinued operations — (1,043) 1,043 (100) — (57,324) 57,324 (100)
Net Profit for the period 23,195 21,765 1,430 7 86,552 17,214 69,338 403
Basic and diluted earnings per share from continuing operations
($/share) 0.08 0.08 0.00 2 0.29 0.25 0.04 16
Basic and diluted earnings per share from continuing and
discontinued operations ($/share) 0.08 0.07 — 7 0.29 0.06 0.23 403
Average realized price per ounce of gold sold ($/oz) 1 2,662 1,975 687 35 2,387 1,937 449 23
Average realized price per ounce of gold sold from continuing
operations ($/oz)1 2,662 1,975 687 35 2,387 1,937 449 23
Average realized price per ounce of gold sold from discontinued
operations ($/oz) 1 — — — 0 — 1,938 (1,938) (100)
Adjusted EBITDA1 56,895 53,364 3,531 7 210,099 172,146 37,953 22
Cash Cost per ounce of gold sold from continuing operations
($/oz) 1 1,408 1,018 390 38 1,282 1,066 216 20
AISC per ounce of gold sold from continuing operations ($/oz) 1 1,775 1,316 458 35 1,551 1,299 253 19
Net cash flows generated by operating activities 73,221 52,932 20,289 38 144,192 89,908 54,284 60
Net free cash flow1 56,706 36,761 19,945 54 86,807 49,202 37,605 76
ROCE1 37% 30% 6% 21% 37% 30% 6% 21 %
Net Debt 1 (70,483) (24,316) (46,167) 190 (70,483) (24,316) (46,167) 190
Dividends paid 7,475 5,228 2,247 43 27,663 20,519 7,144 35
1. Average realized price per ounce of gold sold, average realized price per ounce of gold sold from
continuing operations, average realized price per ounce of gold sold from discontinued operations,
Adjusted EBITDA, Cash Cost per ounce of gold sold from continuing operations, AISC per ounce of gold
sold from continuing operations, net free cash flow and Net Debt are non-IFRS financial measures, and
ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be
comparable to similar measures presented by other issuers. For further information and detailed
reconciliations to the most directly comparable IFRS measures, see Non-IFRS and Other Financial
Measures in this news release.
Financial Highlights for the three months ended December 31, 2024
Revenue increased by 15%: Revenue totaled $150,158 during the fourth quarter of 2024, compared with
$130,427 in the fourth quarter of 2023, with sales of gold of $144,239 at an average realized price per
ounce of gold sold from continuing operations of $2,662, during the fourth quarter of 2024, compared with
sales of gold of $122,530 at an average realized price per ounce of gold sold from continuing operations of
$1,975 in the same period in 2023. The increase in revenue in the fourth quarter of 2024 is due to a 35%
increase in the average realized price per ounce of gold sold from continuing operations, offset by a 13%
decrease in ounces of gold sold, and a 25% decrease in sales of silver of $1,149;
Cost of sales increased by 16% to $95,664 during the fourth quarter of 2024, compared with $82,663 in
the fourth quarter of 2023. This increase was primarily due to: (i) the higher price of gold increasing the
costs to purchase ore from artisanal miners by $5,385; (ii) higher operating expenses across the
Company’s operations generally, increased maintenance and materials cost of $3,997, and service and
labour costs of $258 and $1,108 respectively. At the Nechí Alluvial Property the Company made a
provision of $1,450 for environmental rehabilitation and took a non-cash impairment of certain assets of
$2,162.
Gross Profit from continuing operations increased by 14% to $54,494 in the fourth quarter of 2024,
compared with $47,764 in the fourth quarter of 2023, mainly due to higher revenue as noted above;
Profit for the period from continuing operations was flat at $23,195 or $0.08 per share during the
fourth quarter of 2024 compared with $22,808 or $0.08 per share during the fourth quarter of 2023.
Adjusted EBITDA up 7%: Adjusted EBITDA was $56,895 during the fourth quarter of 2024 compared
with $53,364 during the fourth quarter of 2023, mainly due to the higher revenue;
Net cash flows generated by operating activities were up 38%, totaling $73,221 in the fourth quarter of
2024, compared with $52,932 in the fourth quarter of 2023. The Company’s net free cash flow was
positive for the three months ended December 31, 2024 and totaled $56,706, up from $36,761 in the same
period of 2023, mainly due to $29,762 higher receipts from sales of goods and other revenue, offset with
higher payments to suppliers during the quarter of $8,070;
Dividends Paid up 43%: Dividends paid during the fourth quarter of 2024 were $7,475, compared with
$5,228 in the same period of 2023, due to the extraordinary dividend approved at the ordinary meeting of
the General Shareholders’ Assembly in March 2024;
Capital investments1 up 8%: During the fourth quarter of 2024, capital investments of $27,316 were
made into existing mines, and exploration and growth projects, compared with $25,242 in the fourth
quarter of 2023; the increase is due to the construction of a new tailings impoundment facility at the
Hemco Property; and
Cash Cost & AISC: Cash Cost per ounce of gold sold from continuing operations in the fourth quarter of
2024 was $1,408 and AISC per ounce of gold sold from continuing operations was $1,775, compared with
Cash Cost per ounce of gold sold from continuing operations of $1,018 and AISC per ounce of gold sold
from continuing operations of $1,316 for the fourth quarter of 2023. The 38% increase in Cash Cost per
ounce of gold sold from continuing operations is mainly explained by the 16% increase in the cost of
sales, due to higher gold prices, partially offset by the 13% decrease in ounces of gold sold. The increase
in AISC per ounce of gold sold from continuing operations is explained by the increase in the Cash Costs
per ounce of gold sold from continuing operations, along with a (12)% increase in sustaining capital
expenditures.2
Financial Highlights for year ended December 31, 2024
Revenue increased by 20%: revenue totaled $538,566 during the year ended December 31, 2024,
compared with $447,290 in the year ended December 31, 2023, with sales of gold of $508,965 at an
average realized price per ounce of gold sold from continuing operations of $2,387 in the year ended
December 31, 2024, compared with sales of gold of $425,647 at an average realized price per ounce of
gold sold from continuing operations of $1,937 in the year ended December 31, 2023;
Cost of sales increased by 17%, to $354,567 in the year ended December 31, 2024, compared with
$301,888 in the year ended December 31, 2023; the increase in costs is primarily due to higher cost of
purchasing artisanal material of $24,470 due to higher gold prices, higher labour costs of $6,645, higher
services of $5,279 and higher taxes and royalties of $569;
Gross Profit from continuing operations increased by 27%, amounting to $183,999 in the year ended
December 31, 2024, compared with $145,402 in the year ended December 31, 2023; mainly due to a 20%
increase in revenue, due to higher gold prices, which was partially offset by a 17% increase in cost of sales
as explained above;
Profit for the period from continuing operations was up by 16% to $86,552 or $0.29 per share during
the year ended December 31, 2024 compared with $74,538 or $0.25 per share during the year ended
December 31, 2023; the increase in profit is mainly explained by the increase in gross profit, partially
offset by an increase in costs as mentioned earlier. Profit was negatively impacted by higher deferred taxes
of $16,414 and higher current taxes of $10,562;
Adjusted EBITDA up 22%: Adjusted EBITDA was $210,099 during the year ended December 31, 2024
compared with $172,146 during the year ended December 31, 2023 due to a 20% increase in revenue,
offset by a 17% increase in cost of sales and a 22% increase in administrative expenses, a 55% decrease in
other income offset with a 115% increase in foreign exchange difference, due to the appreciation of the
Colombian peso against the U.S. dollar;
Loss for the period from discontinued operations decreased by 100%, to $0 during the year ended
December 31, 2024, compared with a loss of $57,324 during the year ended December 31, 2023, due to
the sale of the Gualcamayo Property;
ROCE was 37% as at December 31, 2024 compared with ROCE of 30% as at December 31, 2023; the
increase is mainly explained by 22% higher Adjusted EBITDA for the last 12 months, along with a 5%
increase in average capital employed, mainly explained by lower gold inventories after the sale of the
Gualcamayo Property, fewer exploration and evaluation projects and lower value attributable to property,
plant and equipment;
Net Debt was $(70,483) as at December 31, 2024, compared with $(24,316) as at December 31, 2023;
explained by 41% higher cash and cash equivalents, along with 27% lower loans and other borrowings;
Dividends Paid up 35%: Dividends paid were $27,663 during the year ended December 31, 2024,
compared with $20,519 in the same period of 2023, explained by an extraordinary annual dividend
approved at the ordinary meeting of the General Shareholders’ Assembly in March 2024;
Net cash flows generated by operating activities were up 60% totaling $144,192 in the year ended
December 31, 2024, compared with $89,908 in the same period of 2023. The Company’s net free cash
flow was positive for the year ended December 31, 2024 and totaled $86,807, up from $49,202 in the
same period of 2023, due to lower receipts from sales of goods and other revenue of $14,917, lower
payments to suppliers of $23,319 and lower payments to employees of $18,309 offset by higher income
tax payments of $3,904;
Capital investments up 15% to $75,919: During the year ended December 31, 2024 capital investments
of $75,919 were made into existing mines, and exploration and growth projects, compared with $66,205 in
the year ended December 31, 2023. The increase is explained by the construction of a new tailings
impoundment facility at the Hemco Property; and
Cash Cost & AISC: Cash Cost per ounce of gold sold in the year ended December 31, 2024 was $1,282
and AISC per ounce of gold sold was $1,551, compared with Cash Cost per ounce of gold sold of $1,066
and AISC per ounce of gold sold of $1,299 for the same period in 2023. The 20% increase in Cash Cost
per ounce of gold sold was mainly explained by 19% higher cost of sales, due to higher gold prices, the
6% devaluation of the US dollar against the Colombian peso and 3% more ounces of gold sold. The 19%
increase in AISC per ounce of gold sold is explained by the increase in Cash Cost per ounce of gold sold
and a 6% increase in sustaining capital expenditures.
Operational Highlights by Material Property
The following table sets forth the gold produced for the continuing and discontinued operations of the Company
for the three months and year ended December 31, with a discussion of the operational highlights for each of the
three months ended December 31, 2024, following the table.
(All numbers in ounces unless otherwise noted)
Three Months
Ended December 31, Change Year ended
December 31, Change
2024 2023 ounces % 2024 2023 ounces %
Nechí Alluvial Property (Colombia) 22,528 27,920 (5,392) (19) 82,017 93,757 (11,740) (13)
Hemco Property 8,797 9,480 (683) (7) 34,344 32,732 1,612 5
Artisanal Mining 22,864 24,639 (1,775) (7) 96,884 93,219 3,665 4
Nicaragua 31,661 34,119 (2,458) (7) 131,228 125,951 5,277 4
Total Gold Produced from Continuing
Operations 54,189 62,039 (7,850) (13) 213,245 219,708 (6,463) (3)
Gualcamayo Property (Argentina) — — — — — 31,061 (31,061) (100)
Total Gold Produced from
Discontinued Operations — — — — — 31,061 (31,061) (100)
Total Gold Produced 54,189 62,039 (7,850) (13) 213,245 250,769 (37,524) (15)
Total Silver Produced 112,142 198,427 (86,285) (43) 765,611 623,976 141,635 23
Operational Highlights for the three months ended December 31, 2024
Gold production decreased by 13%: Excluding the results of the discontinued operations at the
Gualcamayo Property (disposed of in 2023), 54,189 ounces of gold were produced during the fourth
quarter of 2024, compared with 62,039 ounces in the fourth quarter of 2023. The decrease in production is
mainly a result of 7% lower production at the Hemco Property and 19% lower production at the Nechí
Alluvial Property.
Exploration and Evaluation Expenditures: for the three months ended December 31, 2024, the
Company incurred $3,777 in exploration and evaluation (“E&E”) expenditures, a decrease of 40.7%
compared with the fourth quarter of 2023. Regional exploration in the Hemco Property was at similar
levels in both periods. The following table summarizes E&E expenditures for the current and comparative
periods. The very modest increase in exploration expenses is mainly due to regional exploration in the
Hemco Property.
The following table summarizes E&E expenditures for the three months and year ended December 31, 2024 and
comparative periods.
Three Months
Ended
December 31,
Change Year ended
December 31, Change
2024 2023 $ % 2024 2023 $ %
E&E expenditures capitalized 1, 2 $ 1,705 $ 3,812 $ (2,107) (55) $ 4,711 $ 6,779 $ (2,068) (31)
E&E expenditures expensed 3 2,072 2,556 (484) (19) 6,354 6,092 262 4
Total $ 3,777 $ 6,368 $ (2,591) (41) $11,065 $12,871 $ (1,806) (14)
1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial
position.
2. Figures in the table reflect expenditures capitalized from continuing operations. E&E expenditures
capitalized from discontinued operations as discussed in this news release are nil.
3. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective
period under “Exploration expenses”
Health and Safety
Mineros reaffirms its commitment to provide and maintain a safe and healthy work environment in which all
employees and contractors conduct themselves in a responsible and safe manner. Thus, the Company is
committed to achieving a high standard of Occupational Health and Safety through the implementation of all
policies, procedures, and standards and the continuous improvement of management systems, setting targets and
monitoring performance. Operations at both of the Company’s Material Properties are ISO 45001 (Occupational
Health and Safety Management) certified.
The following table presents the safety statistics for the Year ended December 31, 2024, and the comparative
period in 2023.
Health and Safety KPIs Year ended December 31,
2024 2023
Nechí Alluvial Property LTIFR1 0.45 0.66
(Colombia) TRIFR 2 1.59 2.64
Hemco Property
(Nicaragua)
LTIFR 0.03 0.34
TRIFR 0.79 1.31
Mineros
(Weighted Average)
LTIFR 0.21 0.49
TRIFR 1.12 1.94
1. Lost time injury frequency rate (“LTIFR”) refers to the number of lost time injuries that occurred during a
reporting period.
2. Total recordable incident frequency rate (“TRIFR”) combines all of the recorded fatalities, lost time
injuries, cases or alternate work and other injuries requiring treatment by a medical professional.
GROWTH AND EXPLORATION PROJECT UPDATES
Near Mine Exploration, Hemco Property Expansion
Near mine exploration is focused on the current mining operations, the Panama Mine and the Pioneer Mine.
Mineralization is related to an epithermal gold system associated with multiple quartz veins.
A diamond drill program totaling 134 holes and 37,860 metres was completed in 2024. The objective of this
campaign was to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer
Mine. In the fourth quarter of 2024, the drill program advanced at the Panama Mine and the Pioneer Mine, with
7,829 metres of drilling completed in 29 holes. A total of 4,004 metres were drilled at the Panama Mine and
3,825 metres at the Pioneer Mine. The Company faced delays in its drilling program due to mechanical issues
with the drilling rigs.
For 2025, the Company has planned a diamond drilling campaign of approximately 30,000 metres to expand the
current Mineral Resources and Mineral Reserves. A total of 17,500 metres is planned for the Panama Mine and
12,500 metres for the Pioneer Mine.
Brownfield Exploration, Hemco Property Expansion
Brownfield exploration is centered on the Bonanza block, which encompasses the concession areas between the
Panama Mine and the Pioneer Mine. The mineralization belongs to the same epithermal gold trend that
comprises the Panama and Pioneer mines, characterized by multiple quartz veins.
For 2025, Mineros has planned an 18,000 metre diamond drilling campaign to mainly evaluate two brownfield
targets, Cleopatra and Orpheus. The objective of this drilling campaign aligns with the Company's strategic plan
to ensure the mineral resources being mined at the Panama and Pioneer mines are replaced.
Porvenir Project
The Porvenir Project is a pre-development stage project located 10.5 km southwest of the existing Hemco
Property facilities. Mineralization consists of a volcanic hosted gold-zinc-silver deposit with epithermal quartz
veins of intermediate sulphidation.
In 2024, Mineros completed work to evaluate alternative mining methods for the Porvenir Project to improve
extraction efficiency and reduce costs, including through the analysis of alternative geometallurgical
assumptions and analysis of metallurgical test work results, which allowed for the refinement of the
geometallurgical model for the Porvenir Project, completed in fourth quarter of 2024. This work was guided by
the findings of the geomechanical study which was also completed in 2024.
The Company is updating the Mineral Resources and Reserves for the Porvenir Project to maximize its value,
with the prefeasibility study optimization scheduled for completion in 2025.
Guillermina Target