Temporary suspension of the main milling plant at the Hemco Property in Nicaragua

1

Temporary suspension of the main milling plant

at the Hemco Property in Nicaragua

Medellin, Colombia – August 2, 2023 – Mineros S.A. (TSX:MSA, MINEROS:CB) (“Mineros” or the

“Company”) today announces the temporary suspension of its main milling plant, which processes

89% of the material and disposal of tailings at its Hemco Property in Nicaragua.

The suspension is precaufionary in nature and is designed to allow for the swift complefion of the

expansion of its detoxificafion capacity at the tailings facility prior to hurricane season in Nicaragua.

This work had been planned for earlier this year but had been delayed by post-pandemic equipment

supply constraints. As a result of the shut down, the Company has taken this opportunity to move

forward certain plant maintenance work that had been scheduled for later this year.

During the suspension period, which is esfimated to last for approximately 20 days, industrial and

arfisanal mining acfivifies will confinue and the Vesmisa and La Curva plants will also confinue to

operate.

The precaufionary suspension is expected to reduce the Hemco Property’s output by approximately

5,000 to 10,000 ounces of gold for the month of August. Mineros is currently reviewing its mining

plan for the Hemco Property for the second half of 2023 with a view to minimizing the impact, if

any, of this suspension on our producfion guidance for 2023.

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”.

2

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.sedar.com.

Qualified Person

Scienfific and technical informafion contained in this MD&A has been reviewed and approved by

Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager

for Mineros S.A., who is a qualified person within the meaning of NI 43-101.

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 with

respect to the suspension of operations at the main milling plant at the Hemco Property, and

potential impacts on the Company’s production 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: the timing and complexity of the work required to complete the expansion of the

detoxification capacity at the Hemco Property’s main milling plant; availability of skilled labour and

equipment required to complete the capacity expansion; operating conditions being favourable

such that the Company is able to operate in a safe, efficient and effective manner; political and

regulatory stability; risks inherent in the mining industry including environmental hazards, industrial

3

accidents, unusual or unexpected geological formations, floods, labour disruptions, weather

conditions and criminal activity; commodity price fluctuations; higher operating and/or capital

costs; the availability of infrastructure; the receipt of governmental, regulatory and third party

approvals, licenses and permits on favourable terms; obtaining required renewals for existing

approvals, licenses and permits; sustained labour stability; stability in financial and capital goods

markets; availability of equipment; and positive relations with local groups. While the Company

considers these assumptions to be reasonable, many of them 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 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. These risk factors specifically

include, without limitation: work to expand the detoxification capacity may take longer than

anticipated; risks relating to receipt of regulatory approvals; delays in stakeholder negotiations;

changes in regulations applicable to the development, operation, and closure of mining operations;

difficulties attracting the necessary work force; changes in development or mining plans due to

changes in logistical, technical or other factors; operational and infrastructure risks; and the

additional risks described in the ‘‘Risk Factors” sections of the Company’s annual information form

dated March 31, 2022, and the Company’s Management’s Discussion and Analysis for the three

months and year ended December 31, 2022, available on SEDAR at www.sedar.com.

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.