Mineros S.A. (TSX: MSA) (MINEROS: CB) is pleased to announce that it achieved its production guidance for 2023. Mineros is also pleased to provide its production and cost guidance for 2024.

2023 Full Year and Fourth Quarter Production:

• 250,769 ounces of gold produced for the full year, within the Company’s 2023 production guidance range of 239,000 – 262,000 ounces.
• 62,039 ounces of gold produced in the fourth quarter.

2024 Production and Cost Guidance:

• Gold production of 209,000 to 229,000 ounces in 2024, a decrease of approximately 13% over its 2023 guidance, as a result of the sale of the Company’s Gualcamayo Property in September 2023.
• Cash cost¹ per ounce of gold sold is expected to increase slightly to between $1,180 to 1,270 in 2024 ($1,170 to 1,270 in its 2023 guidance).
• All-in sustaining cost per ounce of gold sold¹ is expected to decrease slightly to between $1,430 to 1,530 in 2024 (1,440 to 1,540 in its 2023 guidance).

Andrés Restrepo, President and CEO of Mineros, commented: “We had a strong operational fourth quarter and demonstrated resilience throughout the year. We were able to meet our 2023 production guidance while overcoming the disruptions we had in March at our Nechí Alluvial Property and in July at our Hemco Property. As we move forward, the Company will continue to focus on being a reliable and profitable operator.”

2023 Production

Total annual production from all operating units was 250,769 ounces of gold in 2023, meeting the Company’s annual production guidance of 239,000 to 262,000 ounces (Table 1).

Table 1. 2023 Fourth Quarter and Full Year Production.

Annual production of 93,757 ounces of gold from the Nechí Alluvial Property was near the higher end of our 2023 guidance and approximately 1% above 2022 production. The increase in production in 2023 relative to the previous year is a result of higher operational efficiencies and 28% higher average gold grade at the Nechí Alluvial Property.

In Nicaragua, total combined annual production of 125,951 ounces of gold met our 2023 guidance and was 5% lower than 2022 annual production. Gold production was impacted by a two-week suspension of the main processing plant at the Hemco Property during the third quarter, to allow for tailings detoxification capacity enhancements at the San José Tailings Dam.

2024 Guidance

The Company announces 2024 production guidance of 209,000 to 229,000 ounces of gold, a decrease of approximately 13% from 2023 guidance, mainly explained by the sale of the Company’s Gualcamayo Property in September 2023 (Table 2).

Table 2. 2024 Production and Cost Guidance

Annual gold production for 2024 at the Nechí Alluvial Property in Colombia is expected to increase slightly, to between 86,000 to 96,000 ounces, an increase of approximately 2% from 2023 production guidance. At the Nechí Alluvial Property in Colombia, the Company anticipates Cash Cost per ounce of gold sold to increase from 2023 guidance by approximately 7% to 8% in 2024 and AISC per ounce of gold sold to increase by approximately 9% in 2024 as compared with 2023 guidance.

At the Hemco Property in Nicaragua, the Company anticipates annual production in 2024 of 123,000 to 133,000 ounces of gold, including 90,000 to 98,000 ounces of gold from artisanal production, which is similar to its 2023 production. Our relationship with the artisanal mining community has grown strong throughout the years bringing consistency to mineral purchasing and predictability in our guidance. The Company anticipates Cash Cost per ounce of gold sold to increase by 5% to 6%, and AISC per ounce of gold sold to increase by approximately 7% in 2024, as compared to 2023 guidance.

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 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”.

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 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, available on SEDAR+ at www.sedarplus.com.

QUALIFIED PERSON 

The scientific and technical information contained in this news release 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 National Instrument 43-101 – Standards of Disclosure for Mineral Projects.