An anonymous director reports

MINEROS COMPLETES SALE OF THE GUALCAMAYO PROPERTY

On Sept. 21, 2023, Mineros SA closed the previously announced sale of its non-core Gualcamayo property to Eris LLC. (All amounts are expressed in U.S. dollars.)

The transaction was structured as the sale to the purchaser by certain subsidiaries of Mineros of all of the outstanding shares of Minas Argentinas SA pursuant to a share purchase and sale agreement dated Sept. 7, 2023. Under the terms of the agreement: (i) the purchaser assumed all obligations of MASA existing as at the closing date of the transaction, and Mineros paid $6.5-million to the purchaser to cover a portion of those obligations; and (ii) the purchaser assumed all of the obligations of Mineros and its subsidiaries with respect to a $30-million contingent payment that would become payable to Nomad Royalty Company Ltd. (a subsidiary of Sandstorm Gold Ltd.) should the Deep Carbonates project, an exploration project located on the Gualcamayo property, ever be put into production.

As a result of the transaction, the company expects to incur one-time non-cash costs of between $38-million to $41-million in the third quarter of 2023.

Updated guidance

Based on the sale of the Gualcamayo property, Mineros is revising its 2023 consolidated production and cost guidance, as provided in the company's management's discussion and analysis for the three months and year ended Dec. 31, 2022, dated Feb. 17, 2022. Guidance for total gold production on a consolidated basis is revised from 264,000 to 292,000 ounces to 239,000 to 262,000 ounces, cash cost per ounce of gold sold on a consolidated basis is revised from $1,160 to $1,250 to $1,170 to $1,270 and all-in sustaining cost (AISC) per ounce of gold sold on a consolidated basis is revised from $1,400 to $1,490 to $1,440 to $1,540.

Mineros is not revising its 2023 guidance for the Hemco property or the Nechi alluvial property (continuing operations). On a consolidated basis, guidance for 2023 for the Hemco property and the Nechi alluvial property is as follows: total gold production is 209,000 to 229,000 ounces, cash cost per ounce of gold sold is $1,060 to $1,150, and AISC per ounce of gold sold is $1,310 to $1,410.

About Mineros SA

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 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.

Mineros's common shares are listed on the Toronto Stock Exchange under the symbol MSA and on the Colombia Stock Exchange under the symbol MINEROS.

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+.

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