Mineros S.A. Adopts Strategic Gold Reserve Policy Physical Gold Established as a Core Treasury Asset Medellín, Colombia – July •, 2026 – Mineros S.A. (TSX: MSA, BVC: MINEROS, OTCQX: MNSAF) (“Mineros” or the “Company”) has adopted a formal Strategic Gold Reserve
Mineros S.A. Adopts Strategic Gold Reserve Policy
Physical Gold Established as a Core Treasury Asset
Medellín, Colombia – July •, 2026 – Mineros S.A. (TSX: MSA, BVC: MINEROS, OTCQX:
MNSAF) (“Mineros” or the “Company”) has adopted a formal Strategic Gold Reserve
Policy (the “ Policy”) under its Investment Management Policy. The Policy establishes
physical gold bullion as a core treasury asset of the Company.
“We produce gold because we believe in gold,” said Daniel Henao, Chief Executive
Officer. “The Policy formalizes a natural extension of our business: retaining a measured
portion of our output in its most elemental form. Gold is the asset we understand best and
holding it in treasury aligns the Company with shareholders who own Mineros for
exposure to gold.”
“The Policy is supported by disciplined governance,” added Natalia Correa, Chief
Financial Officer. “We have established an Investment Committee, quantitative risk limits,
and transparent reporting — including a new subtotal within our statement of cash fl ows
that isolates strategic gold purchases — so that investors can evaluate the treasury
position alongside operating performance.”
Strategic Rationale
The Policy reflects a deliberate capital allocation decision. Against a backdrop of
persistent inflation, sustained central -bank gold purchases, and continued pressure on
the purchasing power of monetary assets, the Board and management consider a
measured allocation of treasury assets to physical gold a prudent approach to capital
stewardship.
For Mineros, gold is not merely a financial instrument; it is the product of the Company’s
operations and the asset in which it holds the deepest expertise. Retaining a portion of
production in bullion provides a hedge against monetary erosion while preserving the
exposure for which shareholders hold the Company.
Policy Framework
The Policy establishes the following principal parameters:
• Custody and oversight: Physical gold bullion is held with reputable institutional
custodians and managed as a distinct asset class within the Company’s treasury
portfolio, under the oversight of the Investment Committee.
• Accounting treatment : Physical gold bullion is accounted for as inventory
(precious metals) at the lower of cost and net realizable value in accordance with
IAS 2. Gold-linked derivative instruments not designated as hedging instruments
are measured at fair value through profit or loss under IFRS 9.
• Cash flow presentation: Beginning with its financial statements for the three
months ended June 30, 2026, the Company will present a subtotal — “operating
cash flows before strategic gold purchases” — within its statement of cash flows,
allowing investors to assess recurring operating cash generation independently of
period-specific treasury allocation decisions.
• Non-IFRS measures: The Company has introduced “Strategic Liquidity Position”
(cash and cash equivalents plus physical gold bullion) as a supplementary liquidity
measure and has updated the definition of Net Free Cash Flow to reconcile from
operating cash flows before strategic gold purchases. These measures
supplement, and do not substitute for, the Company’s IFRS financial statements.
ABOUT MINEROS S.A.
Mineros is a 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 and an exploration project in Tolima, Colombia.
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 Exchange (MSA) and the Colombian Stock Exchange (MINEROS), and
trade on the OTCQX® Best Market under the symbol MNSAF.
For Further Information, Please Contact:
Ann Wilkinson
Vice President, Investor Relations
+1 (647) 496-3011
Juan Camilo Obando
Director, Investor Relations
+57 (604) 266-5757
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable
Canadian securities laws, including statements regarding the Company’s treasury
strategy, the allocation of capital to physical gold, expected financial reporting
presentation, and future performance. 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. While the Company considers these assumptions to
be reasonable, they are inherently subject to significant business, economic, political,
regulatory, competitive and other risks and uncertainties, contingencies and other factors
that could cause actual results, performance or achievements to differ materially from
those projected in the forward-looking information, including gold price volatility, changes
in regulatory requirements, and the other risk factors described in the Company’s most
recent Annual Information Form, avai lable on the Company’s website at
www.mineros.com.co and on SEDAR+ at www.sedarplus.ca. 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.
The Company disclaims any obligation to update forward- looking information except as
required by applicable securities laws.