MSA.TO · 2026-02-27 12:00:00

Mineros S.A. Reports Significant 2025 Drill Results in Nicaragua; Confirms High-Grade Discovery at a New Target and Potential Expansion of the District

Drill Results

Mineros S.A. Reports Significant 2025 Drill Results in Nicaragua; Confirms

High-Grade Discovery at a New Target and Potential Expansion of the

District

Medellín, Colombia – February 27, 2026 – Mineros S.A. (TSX:MSA, OTCQX: MNSAF , BVC:MINEROS)

(“Mineros” or the “ Company”) has concluded its 2025 diamond drilling campaign at the Hemco

Property in Nicaragua, completing 52,214 metres of core drilling. The program evaluated regional

targets and provided infill data for active mining operations to confirm structural continuity and

assess potential resource expansion. All technical disclosures have been reviewed by a Qualified

Person in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for

Mineral Projects.

Exploration and Delineation Results

The 2025 program successfully identified new mineralized structures and extended known systems.

Notable results are categorized by target area below:

Momotombo Target: This area, situated 2.5 km northwest of the Porvenir project, represents a new

mineralized occurrence. Initial drilling, surface trenching, and mapping have identified

approximately 400 metres of strike length, which remains open at depth.

BPPDDH_25_1: Intersected 2.90m (core length) grading 68.42 g/t Au and 208 g/t Ag.

BPISDD_25_2: Intersected 3.25m (core length) grading 28.23 g/t Au and 281 g/t Ag.

Porvenir Potential Upside : Drilling targeted the Guillermina, Leticia, and Apoyo vein systems to

evaluate vertical and lateral continuity.

Guillermina System: Hole BGUIDDH_25_63 returned 13.90m (core length) grading 10.22 g/t Au, 53

g/t Ag, 9.17% Zn, and 0.41% Cu.

Leticia System: Hole BLDDH_25_43 returned 3.70m (core length) grading 36.58 g/t Au, 130 g/t Ag,

4.58% Zn, and 4.61% Cu.

Apoyo System: This newly identified system successfully extended the known mineralized footprint

to the northeast.

Infill Drilling and Operational Support

Infill drill programs conducted at the Panamá and Pioneer Mines were designed to increase data

density for near-term mine planning.

La Reforma Vein (Pioneer Mine): Confirmed high-grade continuity within active mining blocks.

BPIODD_25_2261: Intersected 2.35m (core length) grading 26.55 g/t Au.

BPIODD_25_2251: Intersected 12.65m (core length) grading 8.53 g/t Au.

Capitán FW and Atlas Veins (Panamá Mine) : Delineation drilling confirmed and locally extended

mineralization within existing underground infrastructure.

Carlos David Rios, Vice President of Exploration for Mineros, commented: “Record gold production

in 2025 demonstrates the strength of our operating assets. This performance, combined with the

prospectivity of the Hemco Property land package, allows us to advance the most ambitious

exploration program in Mineros' history. With over 75,000 metres of drilling planned and an

expanded soil sampling program underway, we are well-positioned to expand our known

mineralization across this district.”

MOMOTOMBO AREA: A POTENTIAL NEW HIGH-GRADE ZONE

The 2025 program led to the discovery of high-grade mineralization at Momotombo, confirming the

district’s strong exploration potential. Located 2.5 km northwest of the Porvenir Project (see Figure

1), Momotombo expands the known mineralized footprint. Drilling, trenching, and mapping outline

up to 400 metres of strike, with mineralization open at depth. Momotombo will be a priority target

in the expanded 2026 program as we advance and define its full scale and value.

Table 1. Momotombo Target - 2025 Drilling Results

Hole ID From

(m)

Length*

(m)

(g/t)

BPPDDH_25_1 154.40 157.3 2.90 68.42 208

BPISDD_25_6 138.85 140.75 1.90 17.28 42

BPISDD_25_2 199.60 202.85 3.25 28.23 281

BPISDD_25_2 177.25 178.35 1.10 7.24 2

*True widths are currently unknown, and grades are reported as uncut.

Figure 1. Momotombo Target – Location

POTENTIAL UPSIDE AT PORVENIR

The 2025 drilling program successfully extended high-grade zones near the Porvenir Project. Drilling

at the Guillermina and Leticia vein systems confirmed robust vertical continuity at depth, while the

newly identified Apoyo Vein System extended the known mineralization to the northeast. These

structures remain open along strike and at depth, demonstrating potential upside to the Porvenir

Project in the near future.

Table 2. Significant drilling Results with potential to expand Mineralization at Porvenir Project

Hole ID From

(m)

Length

(m)

(g/t)

*AuEq

(g/t)

Vein System

BLDDH_25_43 234.30 238.00 3.70 36.58 130 4.58 4.61 36.56 Leticia

BEDDH_25_6 133.05 140.30 7.25 23.82 68 1.25 0.34 21.87 Apoyo

BGUIDDH_25_63 234.10 248.00 13.90 10.22 53 9.17 0.41 11.37 Guillermina

BGUIDDH_25_62 197.70 209.10 11.40 7.84 28 11.77 0.23 9.27 Guillermina

BLDDH_25_40 218.25 220.90 2.65 7.92 45 3.41 1.87 9.05 Leticia

BLDDH_25_46 278.70 281.05 2.35 6.52 49 3.03 1.6 7.72 Leticia

BLDDH_25_42 212.25 220.50 8.25 4.80 15 4.68 0.59 5.45 Leticia

BCDDH_25_10 166.50 170.10 3.60 4.49 11 1.89 0.56 4.63 Apoyo

BGUIDDH_25_60 80.80 86.65 5.85 0.88 39 9.70 0.26 3.17 Guillermina

and

BGUIDDH_25_60

98.80

100.65

1.85

1.03

11.24

0.55

4.17

Guillermina

BGUIDDH_25_61 137.95 145.80 7.85 0.84 36 9.98 0.14 3.07 Guillermina

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.86) + (Ag (g/t) x 0.0186 x 0.884) + (Cu (%) x 0.74 x 0.70) + (Zn (%) x 0.199 x 0.85)

utilizing metal prices of Au – US$4,300/oz, Ag – US$80/oz, Cu – US$4.62/lb and Zn – US$1.25/lb. Recovery Rates: 85.5% for Au; 88%

for Ag and 85% Zn. Recoveries for Au, Ag, Cu and Zn are based on metallurgical test work for the Porvenir Project. Prices reflect

January 2026 spot rates.

Intercepts reported herein are not included in the Mineral Resource estimation and lack demonstrated economic viability. It is

uncertain whether further exploration will result in these extensions being categorized as Mineral Resources or converted into Mineral

Reserves.

Figure 2. Leticia, Guillermina and Apoyo Vein Systems Location

Commented [CR2R2]: Fix it

Commented [CR2]:

update this version please

Figure 3. Leticia Longitudinal Section

HIGH-GRADE INFILL RESULTS AT PANAMÁ AND PIONEER MINE

The 2025 infill drilling program continues to intersect high-grade mineralization along the main vein

systems at our core operations.

At the Pioneer Mine, infill and definition drilling has confirmed the continuity of high-grade zones

within the La Reforma Vein system. At the Panamá Mine, drilling has confirmed and locally extended

mineralization within the Capitán FW and Atlas vein systems. These results support our near-term

mine planning and are expected to support future updates to mine plans and contribute to

extending the Life of Mine at both operations.

Table 3. Multiple High-Grade Intercepts Across the La Reforma, Capitan, and Atlas vein systems

Hole ID

From

(m)

Length*

(m)

(g/t)

Vein System Mine

Commented [CR3]:

Commented [CR3R2]: Please update this graphic

BPIODD_25_2261 118.6 120.95 2.35 26.55 34 La Reforma Pioneer

BPANDD_25_2375 414.3 416.5 2.20 26.43 38 Capitán FW Panamá

BPIODD_25_2261 112.35 114.4 2.05 11.01 11 La Reforma Pioneer

BPIODD_25_2250 226.5 229.55 3.05 10.96 19 La Reforma Pioneer

BPIODD_25_2230 281.55 285.75 4.20 11.3 13 La Reforma Pioneer

BPIODD_25_2260 154.25 157.75 3.50 10.43 12 La Reforma Pioneer

BPIODD_25_2263 159.7 165.9 6.20 10.23 14 La Reforma Pioneer

BPIODD_25_2251 266.35 279 12.65 8.53 8 La Reforma Pioneer

BPIODD_25_2259 100.5 107.55 7.05 7.74 6 La Reforma Pioneer

BPIODD_25_2239 277.2 280 2.80 7.41 5 La Reforma Pioneer

BPIODD_25_2225 230.1 234.35 4.25 6.61 4 La Reforma Pioneer

BPIODD_25_2229 221.9 228 6.10 6.06 12 La Reforma Pioneer

BPIODD_25_2258 217.5 225.7 8.20 5.72 29 La Reforma Pioneer

BPIODD_25_2231 297.6 301.3 3.70 5.53 14 La Reforma Pioneer

BPIODD_25_2254 169.15 171.8 2.65 5.4 28 La Reforma Pioneer

BPANDD_25_2360 185 194.1 9.10 4.94 9 Atlas Panamá

BPIODD_25_2262 150.6 152.6 2.00 4.77 24 La Reforma Pioneer

BPIODD_25_2242 238.25 242.25 4.00 4.64 14 La Reforma Pioneer

BPANUDD_25_1141 132.2 137.6 5.40 3.88 5 Capitán FW Panamá

BPIODD_25_2242 225.8 233.9 8.10 3.4 9 La Reforma Pioneer

BPIODD_25_2237 257.5 266.8 9.30 3.04 9 La Reforma Pioneer

*True widths are currently unknown, and grades are reported as uncut.

The high-grade intercepts summarized above are being integrated into the Company’s geological database to support the

future Mineral Resource update.

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 and Nicaragua and a pipeline of

development and exploration projects throughout the region.

The Hemco Property is located approximately 230 kilometers northeast of Managua and benefits

from excellent access, established infrastructure, and location within a well-established and mining-

friendly jurisdiction. The property comprises a large, contiguous land package of approximately

151,389 hectares and is situated within one of the most prolific and extensive epithermal gold

systems in Central America, which has supported multiple gold deposits and long-term mining

operations.

QUALITY ASSURANCE, QUALITY CONTROL, AND DATA VERIFICATION

Results from samples taken during the 2025 drilling program were analyzed at ALS Global Peru. The

sampling program was conducted under the direction of Carlos David Rios (Geo.Eng.). A secure

chain of custody was maintained for delivery to ALS Global in Managua for preparation and

subsequently to Lima, Peru for geochemical analysis. Gold was assayed using fire assay (30 g aliquot)

with an atomic absorption finish and gravimetric finish for results over 10 ppm. Analysis by aqua

regia digestion with a 51-element ICP-ES/MS suite was conducted on all samples.

Carlos David Rios, MAusIMM CP (Geo), VP Exploration for Mineros S.A., a qualified person under

National Instrument 43-101, has reviewed and verified the technical information contained in this

news release.

Election of Directors – Electoral Quotient System

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, available on the Company’s website at

https://www.mineros.com.co/ and from SEDAR+ at www.sedarplus.com.

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