Ms. Patricia Ospina reports

TEMPORARY SUSPENSION OF THE MAIN MILLING PLANT AT THE HEMCO PROPERTY IN NICARAGUA

Mineros SA has temporarily suspended its main milling plant, which processes 89 per cent of the material and disposal of tailings at its Hemco property in Nicaragua.

The suspension is precautionary in nature and is designed to allow for the swift completion of the expansion of its detoxification 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 postpandemic 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 estimated to last for approximately 20 days, industrial and artisanal mining activities will continue, and the Vesmisa and La Curva plants will also continue to operate.

The precautionary suspension is expected to reduce the Hemco property's output by approximately 5,000 ounces 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 its production 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 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.

The company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under TSX policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations that 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.

Qualified person

Scientific and technical information contained in this MD&A (management's discussion and analysis) has been reviewed and approved by Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), mineral resources and reserves manager for Mineros, who is a qualified person within the meaning of National Instrument 43-101.

We seek Safe Harbor.