Latest news with #Bonanza
Yahoo
23-05-2025
- General
- Yahoo
Victims identified in small plane crash near Broomfield
DENVER (KDVR) — The victims of a small plane crash near Broomfield on Saturday have been identified by the Boulder County Coroner. The crash occurred around 10 a.m. on Saturday, May 17, after the Beechcraft Bonanza took off from the Rocky Mountain Metropolitan Airport and immediately tried to return. The plane didn't make it back, crashing just across U.S. Highway 36 and Midway Boulevard from the airport in a Boulder County open space field. Popular mountain pass opens at earliest point in season in 6 years On Thursday, the two men on board the plane when it crashed were identified as Euguen Knutson, 80, and James Gelaude, 74. Upon impact, the plane burst into flames. North Metro Fire Rescue crews responded to the scene where the plane was on fire and were able to extinguish the fire quickly. Mark Daugherty, deputy chief of operations for North Metro Fire Rescue, said Saturday that the crash was a 'tragic incident.' The airport said that the pilot called Air Traffic Control and reported an issue with a door being open. 'We're going to have to come back and re-land, we've got the door popped open,' one of the plane's occupants can be heard saying on Air Traffic Control recordings. Air controllers then can be heard giving instructions on which runways were available and where the plane should go to safely land at the airport again. After about 90 seconds, the controllers repeated the information, hoping the pilot heard them. Free on Your TV • New FOX31+ App for Roku, Fire TV, Apple TV Within two minutes of requesting to re-land at the Rocky Mountain Metropolitan Airport, an air traffic controller can be heard making the solemn announcement. 'Tower, that Bonanza just went down north of 36,' someone can be heard saying. Aviation expert Steve Cowell told FOX31's Nate Belt that what played out on the ATC recording was the right response from both the pilot and tower. 'They know you're in a critical situation, an emergency situation, and they're going to afford you every opportunity to get back to the airport safely,' Cowell said, noting that flying with a door open would be distracting. 'The pilot really has to concentrate on navigating that airplane to where he needs to be to get that airplane back on the ground safely.' However, he said that's not what brought the airplane down. 'It's noisy in that cockpit, it's disruptive to maybe what you're normally used to, but it's not something that would bring an airplane down,' Cowell said. Cowell also told Belt that the door opening is not a problem specific to the Beechcraft planes, and that the Federal Aviation Administration would notify pilots of any patterns. The National Transportation Safety Board, Federal Aviation Administration, Rocky Mountain Metropolitan Airport, Broomfield Police Department and Boulder County Sheriff's Office are investigating the crash. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-05-2025
- Entertainment
- Yahoo
Joe Don Baker, star of 'Walking Tall 'and the James Bond films 'Tomorrow Never Dies and GoldenEye,' dies at 89
Actor Joe Don Baker, best known for his role as Sheriff Buford Pusser in the unexpected 1973 box-office hit Walking Tall, died May 7, his family announced. He was 89. Baker's death was shared in an obituary, in which he is mourned by his "small but very close circle of friends who will miss him eternally." No cause of death was provided. Entertainment Weekly has reached out to the actor's reps for additional comment. "Joe Don was a beacon of kindness and generosity. His intellectual curiosity made him a voracious reader, inspiring a great love of nature and animals, particularly cats. Throughout his life, Joe Don touched many lives with his warmth and compassion, leaving an indelible mark on everyone fortunate enough to know him," his obituary reads. As remembered by his community, the Texas-born Baker was a college athlete before serving two years in the U.S. Army, and subsequently moving to New York to study at the Actor's Studio. The actor began his career with bit parts in movies and television — mostly westerns such as The Big Valley (1965-1969), Bonanza (1959-1973), Guns of the Magnificent Seven (1969), and Wild Rovers (1971) — before garnering mainstream attention with his supporting role alongside Steve McQueen in Sam Peckinpah's Junior Bonner (1972). It was a year later that Baker scored his breakthrough role as real-life Tennessee wrestler-turned-sheriff Buford Pusser in Walking Tall. Baker became known for his "tough guy" characters who walked on either side of the law, whether they were a rugged lawman or an intimidating villain. His ability to bounce between the two was most notably apparent in his appearance in three James Bond films in which he played two different characters on both sides of the law. He first portrayed villainous arms dealer Brad Whitaker in The Living Daylights, which starred Timothy Dalton in 1987. Baker returned to the franchise in 1995's GoldenEye and 1997's Tomorrow Never Dies as Pierce Brosnan's CIA associate Jack Wade. Baker would go on to appear in films like Martin Scorsese's Cape Fear, Congo, Mars Attacks!, Joe Dirt, and The Dukes of Hazzard. His last big-screen role was in the 2012 film Mud, before he retired from acting after performing in 57 movies, according to his obituary. "As we say goodbye to Joe Don, we hold onto the memories and the love he shared with us," the obituary concludes. "Though he may no longer be with us in body, his spirit will always remain, a guiding light in the lives he touched. Rest in peace, Joe Don. You will be dearly missed but never forgotten." Read the original article on Entertainment Weekly
India Today
12-05-2025
- Business
- India Today
IndiGo takes off on D-Street with 10% jump: What's behind the rally?
Shares of InterGlobe Aviation Ltd, the parent company of IndiGo, jumped sharply on Monday, rising nearly 10% during the day. The rise came after an important development, which is, Indian airspace has been reopened for commercial flights following a ceasefire announcement between India and Pakistan. This means 32 airports that were earlier closed are now back in to Notices to Airmen (NOTAM), which are used to inform pilots and airlines about changes in air traffic, the earlier restrictions on Indian airspace have now been removed. This move is expected to reduce air traffic congestion and allow smoother operations for both domestic and international flights. This is likely to benefit all airlines, including IndiGo, which is one of India's largest Monday, IndiGo's share price jumped as much as 9.78% to touch a high of Rs 5,599. By the afternoon, the stock was trading 7.45% higher at Rs 5,479.85. With this rise, IndiGo's share price has gone up 19.35% so far in say that the Rs 5,300–5,350 range will act as a strong support zone for the stock. If the share price moves clearly above the Rs 5,600–5,650 range, further gains could Kamble, a Senior Technical Research Analyst at Bonanza, said that as long as the stock stays above Rs 5,350, it could move up towards Rs 5,926 in the short to medium term. If that level is crossed, it may even reach Rs 6, S Patel, Senior Manager for Technical Research at Anand Rathi, pointed out that the stock is currently supported at Rs 5,300 and is facing resistance at Rs 5,600. A clear break above Rs 5,600 could lead the share to rise to Rs 5,800. He added that the expected trading range for the short term is likely to be between Rs 5,200 and Rs 5, Singh, Senior Vice-President of Retail Research at Religare Broking, also said that Rs 5,650 is a key resistance level for IndiGo, while support can be seen at Rs 5, share price is currently trading higher than all key simple moving averages (SMAs), including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day averages. This is seen as a positive sign by many 14-day Relative Strength Index (RSI) of the stock stands at 58.91. In general, an RSI value below 30 is considered oversold, while a value above 70 is considered overbought. A value around 59 indicates the stock is in a stable zone without being per data from BSE, IndiGo has a price-to-equity (P/E) ratio of 34.86 and a price-to-book (P/B) value of 56.65. Its earnings per share (EPS) is Rs 157.18, and the return on equity (RoE) is to data from Trendlyne, IndiGo has a one-year beta of 0.9. This suggests that the stock is less volatile compared to the broader market. advertisement
Business Wire
08-05-2025
- Business
- Business Wire
Mineros Reports Record First Quarter 2025 Financial and Operating Results
MEDELLIN, Colombia--(BUSINESS WIRE)--Mineros S.A. (TSX:MSA, MINEROS:CB) (' Mineros ' or the ' Company ') today reported its financial and operating results for the three months ended on March 31, 2025. All dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company's unaudited condensed interim consolidated financial statements and management's discussion and analysis posted on Mineros' website and filed under its profile on We are very pleased with our results for the first quarter of 2025. From a financial perspective, record gold prices provided us with another record for revenues and profits in the first quarter of 2025 of $160.6M and $38.0M respectively. Share HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 Record revenue of $160,560. Produced 54,243 ounces of gold, 30,999 ounces from our Nicaraguan operations, 5% lower when compared with the first quarter of 2024 and 23,244 from our Colombian operations, 21% higher than the first quarter of 2024. Average realized price per ounce of gold sold 1 was $2,881. Produced 77,259 ounces of silver during the first quarter of 2025, down 68% from the same period in 2024. Cost of sales of $96,402. Cash Cost per ounce of gold sold 1 was $1,437. AISC per ounce of gold sold 1 was $1,685. Net cash flows generated by operating activities of $11,634. Record net profit of $38,007. Earnings per share of $0.13 (basic and diluted earnings). $81,261 in cash and cash equivalents as at March 31, 2025. $28,098 in loans and other borrowings as at March 31, 2025. Paid $7,476 in dividends in January 2025. David Londono, President and Chief Executive Officer of Mineros, commented: 'This is certainly an exciting time to join Mineros. We are very pleased with our results for the first quarter of 2025. From a financial perspective, record gold prices provided us with another record for revenues and profits in the first quarter of 2025 of $160.6M and $38.0M respectively. These results were generated from the production and sale of 54,243 ounces of gold at an average price of $2,881, which price is 21% higher than the full year average gold price for 2024. Net earnings per share were $0.13. From an operational perspective our Hemco Property is running smoothly and our partnership with artisanal miners under the Bonanza model continues to deliver excellent results aligned with our vision of bringing benefit to all stakeholders. Cash costs and all-in sustaining costs were below guidance for Nechí and above the higher end of guidance for Hemco because of the very strong gold price.' The following table summarizes the financial highlights for the three month periods ended March 31, 2025 and 2024. Revenue increased by 41% to $160,560 during the first quarter of 2025, compared with $114,148 in the first quarter of 2024, with realized gold sales of $156,272 at an average realized price per ounce of gold sold of $2,881, compared with realized gold sales of $106,962 at an average realized price per ounce of gold sold of $2,067 for the first quarter of 2024. The increase in revenue in the first quarter of 2025 is due to a 39% increase in the average realized price per ounce of gold sold, and a 5% increase in ounces of gold sold, offset by a 55% decrease in sales of silver of $3,055. Cost of sales increased by 19% to $96,402 during the first quarter of 2025, compared with $80,678 in the first quarter of 2024. This increase was primarily due to: (i) higher gold price which increase the costs to purchase ore from artisanal miners by $9,615 or 61%; (ii) slight increases in operating costs across the Company's operations generally, including maintenance and materials cost of $1,194 (higher tonnage and gold produced), labour costs of $1,959, tax costs of 1,583, and an increase in depreciation and amortization of 1,585. Gross Profit increased by 92% to $64,158 in the first quarter of 2025, compared with $33,470 in the first quarter of 2024, due to higher gold prices combined with more ounces of gold sold. Profit for the period more than doubled to $38,007 or $0.13 per share during the first quarter of 2025 from $16,774 or $0.06 per share during the first quarter of 2024. Adjusted EBITDA was $71,300 during the first quarter of 2025, up 75%, compared with $40,654 during the first quarter of 2024, mainly due to the higher revenue. Net cash flow generated by operating activities was up 15%, totaling $11,634 in the first quarter of 2025, compared with $10,105 in the first quarter of 2024. The Company's net free cash flow was negative for the three months ended March 31, 2025 and totaled $1,080, an improvement from the negative free cash flow of $1,897 in the same period of 2024, mainly due to the increase in cash generated by operating activities of $1,529 and a decrease in sustaining capital expenditures of $1,219, partially offset by higher dividends paid of $2,237. Dividends paid during the first quarter of 2025 were $7,476, compared with $5,239 in the same period of 2024, up 43% due to the extraordinary dividend approved at the ordinary meeting of the General Shareholders' Assembly in March 2024. During the first quarter of 2025, capital investments 2 of $21,175 were made into existing mines, and exploration and growth projects, compared with $14,363 in the first quarter of 2024; this increase of 47% is described in Section 8 under the Capital Expenditures for the three months ended March 31, 2025. Cash Cost per ounce of gold sold in the first quarter of 2025 was $1,437 and AISC per ounce of gold sold was $1,685, compared with Cash Cost per ounce of gold sold of $1,174 and AISC per ounce of gold sold of $1,429 for the first quarter of 2024. The 22% increase in Cash Cost per ounce of gold sold is mainly explained by the 19% increase in the cost of sales, due to higher gold prices, along with a 5% increase in ounces of gold sold. The increase in AISC per ounce of gold sold is explained by the increase in the Cash Costs per ounce of gold sold, offset by a 16% decrease in sustaining capital expenditures. 3 ROCE was 40% as at March 31, 2025 compared with ROCE of 32% as at March 31, 2024; the increase is due to the 38% higher Adjusted EBITDA for the last 12 months, along with a 20% increase in average capital employed, partially offset with a moderate increases in current assets. Net Debt was $(53,163) as at March 31, 2025, compared with $(14,215) as at March 31, 2024; due to 44% higher cash and cash equivalents of $81,261, together with 13% lower loans and other borrowings of $28,098, reflecting a strong cash position. 2025 Guidance For 2025, we expect gold production to be between 201,000 and 223,000 ounces, building on the consistent performance of our Nicaragua underground mines and partnerships with artisanal miners and the improved performance at the Nechí Alluvial Property. We remain focused on operational excellence and delivering strong returns for our shareholders. As gold prices continue to increase, Mineros will continue to make production decisions at its Hemco Property, similar to those made in the first quarter of 2025 and to maximize gold production, which may result in a different split in production between the Company's Pioneer and Panama Mines and the artisanal mining production than originally anticipated and upon which the original guidance was provided. The higher gold prices will also result in higher Cash Costs per ounce of gold sold and AISC per ounce of gold sold at the Hemco Property as our artisanal mining partners are paid a relatively stable percentage of the spot price for gold. The following table summarizes the Company's production in the first quarter of 2025 relative to 2025 full-year guidance: The following table summarizes the Company's cash cost and AISC in the first quarter of 2025 ant the 2025 full-year guidance: We are currently maintaining our guidance on both production and costs as we are on track to meet guidance. With respect to costs, we are constantly reviewing our Cash Costs and AISC per ounce of gold sold as the volatility of gold prices continues to affect our Hemco Property. Guidance for 2025 is forward-looking information, and readers are cautioned that actual results may vary. See 'Forward-Looking Statements' below. The following table sets forth the gold produced by the operations for the three months ended March 31, 2025 and 2024, with a discussion of the operational highlights for the same periods: Gold production increased by 5% as 54,243 ounces of gold were produced during the first quarter of 2025, compared with 51,741 ounces in the first quarter of 2024. The increase in production is the result of 21% higher production at the Nechí Alluvial Property offset by 5% lower production at the Hemco Property. Exploration and Evaluation Expenditures: for the three months ended March 31, 2025, the Company incurred $1,037 in capital expenditures, an increase of 66% compared with the first quarter of 2024. The increase is due to higher expenditures of $413 at the Porvenir Project, and a 44% decrease in additional expenditures due to lower expenses in the regional exploration program at the Hemco Property. The following table summarizes E&E expenditures for the three months ended March 31, 2025 and comparative periods: Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under 'Exploration expenses' Health and Safety Mineros reaffirms its commitment to provide and maintain a safe and healthy work environment in which all employees and contractors conduct themselves in a responsible and safe manner. Thus, the Company is committed to achieving a high standard of Occupational Health and Safety through the implementation of all policies, procedures, and standards and the continuous improvement of management systems, setting targets and monitoring performance. Operations at the Nechí Alluvial Property and the Hemco Property (the ' Material Properties ') are ISO 45001 (Occupational Health and Safety Management) certified. The following table presents the safety statistics for the three March 31, 2025, and the comparative period in 2024. Lost time injury frequency rate ('LTIFR') refers to the number of lost time injuries that occurred during a reporting period. Total recordable incident frequency rate ('TRIFR') combines all of the recorded fatalities, lost time injuries, cases or alternate work and other injuries requiring treatment by a medical professional. GROWTH AND EXPLORATION PROJECT UPDATES Near Mine Exploration, Hemco Property Expansion Near mine exploration is focused on the current mining operations, the Panama Mine and the Pioneer Mine. Mineralization is related to an epithermal gold system associated with multiple quartz veins. A total of 8,534 metres of diamond drilling in 27 holes was completed in the first quarter of 2025, achieving approximately 28% of the 2025 drilling plan. The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine. A total of 3,564 meters were drilled at the Panama Mine and 4,970 meters at the Pioneer Mine. The Company experienced logistical challenges with platform contractors and limited availability of drill rigs due to maintenance from the third quarter of 2024 to the first quarter of 2025. This situation is now resolved and the plan is to complete the planned drilling on schedule. Mineros is updating the Mineral Resources and Mineral Reserves for the Panama Mine and Pioneer Mine, scheduled to be published in late 2025. Brownfield Exploration, Hemco Property Expansion Brownfield exploration is centered on the Bonanza block, which encompasses the concession areas between the Panama Mine and the Pioneer Mine. The mineralization belongs to the same epithermal gold trend that comprises the Panama and Pioneer mines, characterized by multiple quartz veins. For 2025, Mineros has planned an 18,000-metre diamond drilling campaign to mainly evaluate two brownfield targets, Cleopatra and Orpheus. Brownfield drilling activities have not yet commenced due to prioritization of drilling efforts in the Panama and Pioneer Mines. Porvenir Project The Porvenir Project is a pre-development stage project located 10.5 km southwest of the existing Hemco Property facilities. Mineralization consists of a volcanic hosted gold-zinc-silver deposit with epithermal quartz veins of intermediate sulphidation. The Company is progressing as planned with the update of Mineral Resources and Mineral Reserves for the Porvenir Project, aiming to maximize its value, with the prefeasibility study optimization scheduled for completion in late 2025. Guillermina Target The Guillermina target is an epithermal zinc-gold-silver deposit, located four kilometres west of the Pioneer deposit. For 2025, Mineros has planned a 2,000-metre diamond drilling campaign, however, greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts. The Company is planning to complete an initial Mineral Resource estimate for the Guillermina Target in 2025. Leticia Deposit The Leticia Deposit is an epithermal gold-silver-zinc deposit, located 500m northwest of the Porvenir Project. For 2025, Mineros has planned a 1,300-metre diamond drilling campaign, however, greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts. Mineros is planning to update the Mineral Resource estimate for the Leticia deposit in 2025. Luna Roja Deposit The Luna Roja Deposit is a skarn gold system, located 24km southeast from the existing Hemco facilities. The Company is focusing on expanding the current Mineral Resources and identifying new targets surrounding the main deposit. Mineros is advancing a Mineral Resource update for the Luna Roja Deposit, with publication expected in late 2025. Hemco Property Regional Exploration Mineros' regional greenfield exploration is focused on two areas with early-stage targets: Rosita and Bonanza districts. The Bonanza district excludes the designated brownfield area known as the Bonanza block, see Brownfield Exploration, Hemco Property Expansion. A 14,500-metre drilling campaign is planned for 2025, with approximately 6,000 metres allocated for exploration in the Rosita District and 8,500 metres in the Bonanza District. Greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts. Due to laboratory delays, assay results from the Okonwas Target are now expected to be fully received in the second quarter of 2025. Preliminary observations have identified multiple semi-parallel thin veins containing chalcopyrite, sphalerite, and galena, indicating gold-zinc-silver mineralization. Near Mine Exploration, Nechí Alluvial Property Expansion At the Nechí Alluvial Property, Mineros is exploring for alluvial gold predominantly east of the Nechí River, where the Company is currently mining within quaternary alluvial sediments. A total of 2,420 meters in 83 holes were completed in the first quarter of 2025, approximately 25% of the Company's original drilling plan. The drilling focused on infill drilling within the current production area, with 566 metres completed in 19 holes of ward drilling and 1,854 metres in 64 holes of sonic drilling. CONFERENCE CALL AND WEBCAST DETAILS As a reminder the Company will host a conference call tomorrow, Friday, May 9, 2025, at 9:00 AM Colombian Standard Time (10:00 AM Eastern Daylight Time). Please register here to join us. The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company's website at for approximately 30 days following the call. ABOUT MINEROS S.A. Mineros is a gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with relatively low cost 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'. 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 and from SEDAR+ at 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. This news release contains 'forward looking information' within the meaning of applicable Canadian 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 Company's outlook for 2025; estimates for future mineral production and sales; the Company's expectations, strategies and plans for the Material Properties; the Company's planned exploration, development and production activities; statements regarding the projected exploration and development of the Company's projects; adding or upgrading Mineral Resources and developing new mineral deposits; estimates of future capital and operating costs; the costs and timing of future exploration and development; estimates for future prices of gold and other minerals; expectations regarding the payment of dividends; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements. 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: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; the development of the Porvenir Project; completion of its drilling programs; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Material Properties being as described in the applicable technical reports; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; positive relations with local groups, including artisanal mining cooperatives in Nicaragua, and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. While the Company considers these assumptions to be reasonable, 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. Many assumptions 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. For further information of these and other risk factors, please see the 'Risk Factors' section of the Company's annual information form dated March 25, 2024, available on SEDAR+ at The Company cautions that the foregoing lists of important assumptions and factors 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. NON-IFRS AND OTHER FINANCIAL MEASURES The Company has included certain non-IFRS financial measures and non-IFRS ratios in this news release. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a discussion of the use of non-IFRS financial measures and reconciliations thereof to the most directly comparable IFRS measures, see below. EBIT, EBITDA and Adjusted EBITDA The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use earnings before interest and tax (' EBIT'), earnings before interest, tax, depreciation and amortization (' EBITDA '), and adjusted earnings before interest, tax, depreciation and amortization (' Adjusted EBITDA '), which excludes certain non-operating income and expenses, such as financial income or expenses, hedging operations, exploration expenses, impairment of assets, foreign currency exchange differences, and other expenses (principally, donations, corporate projects and taxes incurred). The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results because it is consistent with the indicators management uses internally to measure the Company's performance and is an indicator of the performance of the Company's mining operations. The following table sets out the calculation of EBIT, EBITDA and Adjusted EBITDA to Net profit for the three months ended March 31, 2025 and 2024: For additional information regarding taxes, see note 13 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024. The reconciliation above does not include adjustments for (impairment) reversal of assets, because there would be a nil adjustment for the three months ended March 31, 2025 and 2024. Cash Cost The objective of Cash Cost is to provide stakeholders with a key indicator that reflects as close as possible the direct cost of producing and selling an ounce of gold. The Company reports Cash Cost per ounce of gold sold which is calculated by deducting revenue from silver sales, depreciation and amortization, environmental rehabilitation provisions and including cash used for retirement obligations and environmental and rehabilitation and sales of electric energy. This total is divided by the number of gold ounces sold. Cash Cost includes mining, milling, mine site security, royalties, and mine site administration costs, and excludes non-cash operating expenses. Cash Cost per ounce of gold sold is a non-IFRS financial measure used to monitor the performance of our gold mining operations and their ability to generate profit, and is consistent with the guidance methodology set out by the World Gold Council. The following table provides a reconciliation of Cash Cost per ounce of gold sold on a by-product basis to cost of sales for the three months ended March 31, 2025, and 2024: Refers to cost of sales incurred in the Company's 'Others' segment. See note 6 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024. The majority of this amount relates to the cost of sales of latex. Changes in Composition of Cash Cost The composition of Cash Cost was revised in the second quarter of 2024 to deduct revenue from sales of electric energy from cost of sales to better reflect the costs to produce an ounce of gold. Values for prior periods have been adjusted from amounts previously disclosed to reflect these changes. Changes in Composition of Cash Cost - Nechí Alluvial Property (Colombia) Segment The composition of Cash Cost for the Nechí Alluvial Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty, which reduces Cash Cost and Cash Cost per ounce of gold sold for that segment. The Company notes that guidance provided for the Nechí Alluvial Property (Colombia) segment has always excluded the intercompany royalty, even though disclosure of historical Cash Cost performance for the segment did not, which resulted in an inconsistency in reporting of this measure between guidance and historical measures. Disclosure of Cash Cost and Cash Cost per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment has been adjusted from amounts previously disclosed in historical MD&A and news releases to reflect this change. For greater certainty, this change does not affect Cash Cost and Cash Cost per ounce of gold sold of the Company on a consolidated basis, or for any other segment. All-in Sustaining Costs The objective of AISC is to provide stakeholders with a key indicator that reflects as close as possible the full cost of producing and selling an ounce of gold. AISC per ounce of gold sold is a non-IFRS ratio that is intended to provide investors with transparency regarding the total costs of producing one ounce of gold in the relevant period. The Company reports AISC per ounce of gold sold on a by-product basis. The methodology for calculating AISC per ounce of gold sold is set out below and is consistent with the guidance methodology set out by the World Gold Council. The World Gold Council definition of AISC seeks to extend the definition of total Cash Cost by deducting cost of sales of non-mining operations and adding administrative expenses, sustaining exploration, sustaining leases and leaseback and sustaining capital expenditures. Non-sustaining costs are primarily those related to new operations and major projects at existing operations that are expected to materially benefit the current operation. The determination of classification of sustaining versus non-sustaining requires judgment by management. AISC excludes current and deferred income tax payments, finance expenses and other expenses. Consequently, these measures are not representative of all the Company's cash expenditures. In addition, the calculation of AISC does not include depreciation and amortization cost or expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company's overall profitability. Other companies may quantify these measures differently because of different underlying principles and policies applied. Differences may also occur due to different definitions of sustaining versus non-sustaining. The following table provides a reconciliation of AISC per ounce of gold sold to cost of sales for the three months ended March 31, 2025 and 2024: Cost of sales of non-mining operations is the cost of sales excluding cost incurred by non-mining operations and the majority of this cost comprises cost of sales of latex. Depreciation and amortization of administrative expenses is included in the administrative expenses line on the unaudited condensed consolidated interim financial statements and is mainly related to depreciation for corporate office spaces and local administrative buildings at the Hemco Property. Represents most lease payments as reported in the unaudited consolidated financial statements of cash flows and is made up of the principal of such cash payments, less non-sustaining lease payments. Lease payments for new development projects and capacity projects are classified as non-sustaining. Sustaining exploration: Exploration expenses and exploration and evaluation projects as reported in the unaudited consolidated interim financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Sustaining capital expenditures: Represents the capital expenditures at existing operations including, periodic capitalized stripping and underground mine development costs, ongoing replacement of mine equipment and overhaul of existing equipment, and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including projects at existing operations that are expected to materially benefit the operation and provide a level of growth, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the three months ended March 31, 2025, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expenditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaudited condensed interim consolidated financial statements. Changes in Composition of AISC - Nechí Alluvial Property (Colombia) Segment The composition of AISC for the Nechí Alluvial Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty, which reduces AISC and AISC per ounce of gold sold for that segment. The Company notes that guidance provided for the Nechí Alluvial Property (Colombia) segment has always excluded the intercompany royalty, even though disclosure of historical AISC performance for the segment did not, which resulted in an inconsistency in reporting of this measure between guidance and historical measures. Disclosure of AISC and AISC per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment has been adjusted from amounts previously disclosed in historical MD&A and news releases to reflect this change. For greater certainty, this change does not affect AISC and AISC per ounce of gold sold of the Company on a consolidated basis, or for any other segment. The following table provides a reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold sold by operating segment 4 to cost of sales, for the three months ended March 31, 2025, and 2024. Three months ended March 31, 2024 Nechí Alluvial Hemco Cost of sales $ 29,502 $ 54,389 Less: Depreciation and amortization (4,168 ) (7,459 ) Less: Sales of silver (39 ) (5,555 ) Less: Sales of electric energy (1,435 ) — Less: Intercompany royalty (2,861 ) — Less: Environmental rehabilitation provision (1,186 ) — Add: Use of environmental and rehabilitation liabilities 142 — Add: Use of Retirement obligations — 25 Cash Cost $ 19,955 $ 41,400 AISC Adjustments Less: Depreciation and amortization administrative expenses (4 ) (7 ) Add: Administrative expenses 681 691 Add: Sustaining leases and Leaseback 601 2,341 Add: Sustaining exploration 44 — Add: Sustaining capital expenditure 2,553 3,152 AISC $ 23,830 $ 47,577 Gold sold (oz) 19,212 32,529 Cash Cost per ounce of gold sold ($/oz) $ 1,039 $ 1,273 AISC per ounce of gold sold ($/oz) $ 1,240 $ 1,463 Expand Reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold - Nechí Alluvial Segment (Colombia) The following tables provide a reconciliation of the calculation of Cash Cost per ounce of gold sold and the AISC per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment for the three months ended March 31, 2025, reflecting changes made to the composition of those measures in the 2024 financial year and to align with the manner in which guidance is reported. Cash Cost Reconciliation AISC Reconciliation Three Months Ended On March 31, 2024 AISC per ounce of gold sold ($/oz) - Previously reported $ 1,389 Adjustments ($/oz) Less: Intercompany royalty (149 ) AISC per ounce of gold sold ($/oz) restated $ 1,240 Expand Net Free Cash Flow The Company uses the financial measure 'net free cash flow', which is a non-IFRS financial measure, to supplement information regarding cash flows generated by operating activities. The Company believes that in addition to IFRS financial measures, certain investors and analysts use this information to evaluate the Company's performance with respect to its operating cash flow capacity to meet recurring outflows of cash. Net free cash flow is calculated as cash flows generated by operating activities less non-discretionary sustaining capital expenditures and interest and dividends paid related to the relevant period. The following table sets out the calculation of the Company's net free cash flow to net cash flows generated by operating activities for the three months ended March 31, 2025, and 2024: Return on Capital Employed ('ROCE') The Company uses ROCE as a measure of long-term operating performance to measure how effectively management utilizes the capital it is provided. This non-IFRS ratio is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of ROCE, expressed as a percentage, is Adjusted EBIT (calculated in the manner set out in the table below) divided by the average of the opening and closing capital employed for the 12 months preceding the period end. Capital employed for a period is calculated as total assets at the beginning of that period less total current liabilities. Net Debt Net Debt is a non-IFRS financial measure that provides insight regarding the liquidity position of the Company. The calculation of net debt shown below is calculated as nominal undiscounted debt including leases, less cash and cash equivalents. The following sets out the calculation of Net Debt as at March 31, 2025 and 2024. Average Realized Price The Company uses 'average realized price per ounce of gold sold' and 'average realized price per ounce of silver sold', which are non-IFRS financial measures. Average realized metal price represents the revenue from the sale of the underlying metal as per the statement of operations, adjusted to reflect the effect of trading at the holding company level (parent company) on the sales of gold purchased from subsidiaries. Average realized prices are calculated as the revenue related to gold and silver sales divided by the number of ounces of metal sold. The following table sets out the reconciliation of average realized metal prices to sales of gold and sales of silver for the three months ended March 31, 2025 and 2024: _________________________ 1 Average realized price per ounce of gold sold, Cash Cost per ounce of gold sold, and all in sustaining cost ('AISC') per ounce of gold sold, are non-IFRS financial measures with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see the Non-IFRS and Other Financial Measures in this news release. 2 Capital investments refers to additions to exploration, property, plant and equipment, and intangibles (which includes asset retirement obligation amounts and leases) for the Nechí Alluvial Property, the Hemco Property, and the La Pepa Project segments. It excludes additions to property, plant and equipment, exploration or intangibles of Mineros and other segments. For additional information as additions to exploration, property, plant and equipment, and intangibles, see Note 7 of our unaudited condensed interim consolidated financial statements for the three months ended on March 31, 2025. 3 For information regarding the composition of sustaining capital expenditures, see Non-IFRS and Other Financial Measures – All-In Sustaining Costs section of this news release. 4 For additional information regarding segments (Material Properties), see note 6 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025, and 2024. Expand
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08-05-2025
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Mineros Reports Record First Quarter 2025 Financial and Operating Results
MEDELLIN, Colombia, May 08, 2025--(BUSINESS WIRE)--Mineros S.A. (TSX:MSA, MINEROS:CB) ("Mineros" or the "Company") today reported its financial and operating results for the three months ended on March 31, 2025. All dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company's unaudited condensed interim consolidated financial statements and management's discussion and analysis posted on Mineros' website and filed under its profile on HIGHLIGHTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 Record revenue of $160,560. Produced 54,243 ounces of gold, 30,999 ounces from our Nicaraguan operations, 5% lower when compared with the first quarter of 2024 and 23,244 from our Colombian operations, 21% higher than the first quarter of 2024. Average realized price per ounce of gold sold1 was $2,881. Produced 77,259 ounces of silver during the first quarter of 2025, down 68% from the same period in 2024. Cost of sales of $96,402. Cash Cost per ounce of gold sold1 was $1,437. AISC per ounce of gold sold1 was $1,685. Net cash flows generated by operating activities of $11,634. Record net profit of $38,007. Earnings per share of $0.13 (basic and diluted earnings). $81,261 in cash and cash equivalents as at March 31, 2025. $28,098 in loans and other borrowings as at March 31, 2025. Paid $7,476 in dividends in January 2025. David Londono, President and Chief Executive Officer of Mineros, commented: "This is certainly an exciting time to join Mineros. We are very pleased with our results for the first quarter of 2025. From a financial perspective, record gold prices provided us with another record for revenues and profits in the first quarter of 2025 of $160.6M and $38.0M respectively. These results were generated from the production and sale of 54,243 ounces of gold at an average price of $2,881, which price is 21% higher than the full year average gold price for 2024. Net earnings per share were $0.13. From an operational perspective our Hemco Property is running smoothly and our partnership with artisanal miners under the Bonanza model continues to deliver excellent results aligned with our vision of bringing benefit to all stakeholders. Cash costs and all-in sustaining costs were below guidance for Nechí and above the higher end of guidance for Hemco because of the very strong gold price." The following table summarizes the financial highlights for the three month periods ended March 31, 2025 and 2024. Three Months Ended On March 31, Variation 2025 2024 $ % Revenue 160,560 114,148 46,412 41 % Cost of sales (96,402 ) (80,678 ) (15,724 ) 19 % Gross Profit 64,158 33,470 30,688 92 % Profit for the period 38,007 16,774 21,233 127 % Net Profit for the period 38,007 16,774 21,233 127 % Basic and diluted earnings per share ($/share) 0.13 0.06 0.07 127 % Average realized price per ounce of gold sold ($/oz) 1 2,881 2,067 814 39 % Cash Cost per ounce of gold sold ($/oz) 1 1,437 1,174 263 22 % AISC per ounce of gold sold ($/oz) 1 1,685 1,429 256 18 % Adjusted EBITDA1 71,300 40,654 30,646 75 % Net cash flows generated by operating activities 11,634 10,105 1,529 15 % Net free cash flow1 (1,080 ) (1,897 ) 817 (43 )% ROCE1 40 % 32 % 8 % 24 % Net Debt 1 (53,163 ) (14,215 ) (38,948 ) 274 % Dividends paid 7,476 5,239 2,237 43 % 1 Average realized price per ounce of gold sold, Cash Cost per ounce of gold sold, AISC per ounce of gold sold, Adjusted EBITDA, net free cash flow and Net Debt are non-IFRS financial measures, and return on capital employed ("ROCE") is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see "Non-IFRS and Other Financial Measures" below in this news release. Revenue increased by 41% to $160,560 during the first quarter of 2025, compared with $114,148 in the first quarter of 2024, with realized gold sales of $156,272 at an average realized price per ounce of gold sold of $2,881, compared with realized gold sales of $106,962 at an average realized price per ounce of gold sold of $2,067 for the first quarter of 2024. The increase in revenue in the first quarter of 2025 is due to a 39% increase in the average realized price per ounce of gold sold, and a 5% increase in ounces of gold sold, offset by a 55% decrease in sales of silver of $3,055. Cost of sales increased by 19% to $96,402 during the first quarter of 2025, compared with $80,678 in the first quarter of 2024. This increase was primarily due to: (i) higher gold price which increase the costs to purchase ore from artisanal miners by $9,615 or 61%; (ii) slight increases in operating costs across the Company's operations generally, including maintenance and materials cost of $1,194 (higher tonnage and gold produced), labour costs of $1,959, tax costs of 1,583, and an increase in depreciation and amortization of 1,585. Gross Profit increased by 92% to $64,158 in the first quarter of 2025, compared with $33,470 in the first quarter of 2024, due to higher gold prices combined with more ounces of gold sold. Profit for the period more than doubled to $38,007 or $0.13 per share during the first quarter of 2025 from $16,774 or $0.06 per share during the first quarter of 2024. Adjusted EBITDA was $71,300 during the first quarter of 2025, up 75%, compared with $40,654 during the first quarter of 2024, mainly due to the higher revenue. Net cash flow generated by operating activities was up 15%, totaling $11,634 in the first quarter of 2025, compared with $10,105 in the first quarter of 2024. The Company's net free cash flow was negative for the three months ended March 31, 2025 and totaled $1,080, an improvement from the negative free cash flow of $1,897 in the same period of 2024, mainly due to the increase in cash generated by operating activities of $1,529 and a decrease in sustaining capital expenditures of $1,219, partially offset by higher dividends paid of $2,237. Dividends paid during the first quarter of 2025 were $7,476, compared with $5,239 in the same period of 2024, up 43% due to the extraordinary dividend approved at the ordinary meeting of the General Shareholders' Assembly in March 2024. During the first quarter of 2025, capital investments2 of $21,175 were made into existing mines, and exploration and growth projects, compared with $14,363 in the first quarter of 2024; this increase of 47% is described in Section 8 under the Capital Expenditures for the three months ended March 31, 2025. Cash Cost per ounce of gold sold in the first quarter of 2025 was $1,437 and AISC per ounce of gold sold was $1,685, compared with Cash Cost per ounce of gold sold of $1,174 and AISC per ounce of gold sold of $1,429 for the first quarter of 2024. The 22% increase in Cash Cost per ounce of gold sold is mainly explained by the 19% increase in the cost of sales, due to higher gold prices, along with a 5% increase in ounces of gold sold. The increase in AISC per ounce of gold sold is explained by the increase in the Cash Costs per ounce of gold sold, offset by a 16% decrease in sustaining capital expenditures.3 ROCE was 40% as at March 31, 2025 compared with ROCE of 32% as at March 31, 2024; the increase is due to the 38% higher Adjusted EBITDA for the last 12 months, along with a 20% increase in average capital employed, partially offset with a moderate increases in current assets. Net Debt was $(53,163) as at March 31, 2025, compared with $(14,215) as at March 31, 2024; due to 44% higher cash and cash equivalents of $81,261, together with 13% lower loans and other borrowings of $28,098, reflecting a strong cash position. 2025 Guidance For 2025, we expect gold production to be between 201,000 and 223,000 ounces, building on the consistent performance of our Nicaragua underground mines and partnerships with artisanal miners and the improved performance at the Nechí Alluvial Property. We remain focused on operational excellence and delivering strong returns for our shareholders. As gold prices continue to increase, Mineros will continue to make production decisions at its Hemco Property, similar to those made in the first quarter of 2025 and to maximize gold production, which may result in a different split in production between the Company's Pioneer and Panama Mines and the artisanal mining production than originally anticipated and upon which the original guidance was provided. The higher gold prices will also result in higher Cash Costs per ounce of gold sold and AISC per ounce of gold sold at the Hemco Property as our artisanal mining partners are paid a relatively stable percentage of the spot price for gold. The following table summarizes the Company's production in the first quarter of 2025 relative to 2025 full-year guidance: Production Gold Q1 2025 1 2025 Guidance1 Nechi Alluvial Property 23,244 81,000 - 91,000 Hemco Property 6,821 33,000 - 36,000 Company Mines 30,065 114,000 - 127,000 Artisanal 24,178 87,000 - 96,000 Consolidated 54,243 201,000 - 223,000 1 Production guidance for silver is not provided by the Company, as we treat it as a by-product and the volumes of silver are rather small relative to gold production. The following table summarizes the Company's cash cost and AISC in the first quarter of 2025 ant the 2025 full-year guidance: Cash Cost per ounce of gold sold Q1 2025 2025 Guidance ($/oz)1 Nechí Alluvial Property 1,129 1,220 - 1,320 Hemco Property 1,677 1,420 - 1,520 Consolidated 1,437 1,340 - 1,430 AISC per ounce of gold sold Nechí Alluvial Property 1,295 1,440 - 1,540 Hemco Property 1,855 1,680 - 1,780 Consolidated 1,685 1,650 - 1,750 1 These measures are forward-looking non-IFRS financial measures. Guidance for 2025 Cash Cost per ounce of gold sold and AISC per ounce of gold sold assume an average realized gold price of $2,600/oz, and an exchange rate COP/USD of COP$4,200, and inflation of 6.5%. For further information concerning the equivalent historical non-IFRS financial measures, see "Non-IFRS and Other Financial Measures" below in this news release. We are currently maintaining our guidance on both production and costs as we are on track to meet guidance. With respect to costs, we are constantly reviewing our Cash Costs and AISC per ounce of gold sold as the volatility of gold prices continues to affect our Hemco Property. Guidance for 2025 is forward-looking information, and readers are cautioned that actual results may vary. See "Forward-Looking Statements" below. The following table sets forth the gold produced by the operations for the three months ended March 31, 2025 and 2024, with a discussion of the operational highlights for the same periods: Three Months Ended March 31, Variation 2025 2024 ounces % Nechí Alluvial Property (Colombia) 23,244 19,212 4,032 21 % Hemco Property 6,821 8,182 (1,361 ) (17 )% Artisanal Mining 24,178 24,347 (169 ) (1 )% Nicaragua 30,999 32,529 (1,530 ) (5 )% Total Gold Produced 54,243 51,741 2,502 5 % Total Silver Produced 77,259 242,649 (165,390 ) (68 %) Gold production increased by 5% as 54,243 ounces of gold were produced during the first quarter of 2025, compared with 51,741 ounces in the first quarter of 2024. The increase in production is the result of 21% higher production at the Nechí Alluvial Property offset by 5% lower production at the Hemco Property. Exploration and Evaluation Expenditures: for the three months ended March 31, 2025, the Company incurred $1,037 in capital expenditures, an increase of 66% compared with the first quarter of 2024. The increase is due to higher expenditures of $413 at the Porvenir Project, and a 44% decrease in additional expenditures due to lower expenses in the regional exploration program at the Hemco Property. The following table summarizes E&E expenditures for the three months ended March 31, 2025 and comparative periods: Three Months Ended March 31, Variation 2025 2024 $ % E&E expenditures capitalized 1 $ 1,037 $ 624 $ 413 66 E&E expenditures expensed 2 895 1,604 (709 ) (44 ) Total $ 1,932 $ 2,228 $ (296 ) (13 ) Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under "Exploration expenses" Health and Safety Mineros reaffirms its commitment to provide and maintain a safe and healthy work environment in which all employees and contractors conduct themselves in a responsible and safe manner. Thus, the Company is committed to achieving a high standard of Occupational Health and Safety through the implementation of all policies, procedures, and standards and the continuous improvement of management systems, setting targets and monitoring performance. Operations at the Nechí Alluvial Property and the Hemco Property (the "Material Properties") are ISO 45001 (Occupational Health and Safety Management) certified. The following table presents the safety statistics for the three March 31, 2025, and the comparative period in 2024. Health and Safety KPIs Three Months Ended On March 31, 2025 2024 Nechí Alluvial Property (Colombia) LTIFR1 0.62 0.53 TRIFR 2 3.10 2.10 Hemco Property (Nicaragua) LTIFR 0.00 0.13 TRIFR 1.05 1.08 Mineros (Weighted Average) LTIFR 0.28 0.31 TRIFR 1.95 1.53 Lost time injury frequency rate ("LTIFR") refers to the number of lost time injuries that occurred during a reporting period. Total recordable incident frequency rate ("TRIFR") combines all of the recorded fatalities, lost time injuries, cases or alternate work and other injuries requiring treatment by a medical professional. GROWTH AND EXPLORATION PROJECT UPDATES Near Mine Exploration, Hemco Property Expansion Near mine exploration is focused on the current mining operations, the Panama Mine and the Pioneer Mine. Mineralization is related to an epithermal gold system associated with multiple quartz veins. A total of 8,534 metres of diamond drilling in 27 holes was completed in the first quarter of 2025, achieving approximately 28% of the 2025 drilling plan. The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine. A total of 3,564 meters were drilled at the Panama Mine and 4,970 meters at the Pioneer Mine. The Company experienced logistical challenges with platform contractors and limited availability of drill rigs due to maintenance from the third quarter of 2024 to the first quarter of 2025. This situation is now resolved and the plan is to complete the planned drilling on schedule. Mineros is updating the Mineral Resources and Mineral Reserves for the Panama Mine and Pioneer Mine, scheduled to be published in late 2025. Brownfield Exploration, Hemco Property Expansion Brownfield exploration is centered on the Bonanza block, which encompasses the concession areas between the Panama Mine and the Pioneer Mine. The mineralization belongs to the same epithermal gold trend that comprises the Panama and Pioneer mines, characterized by multiple quartz veins. For 2025, Mineros has planned an 18,000-metre diamond drilling campaign to mainly evaluate two brownfield targets, Cleopatra and Orpheus. Brownfield drilling activities have not yet commenced due to prioritization of drilling efforts in the Panama and Pioneer Mines. Porvenir Project The Porvenir Project is a pre-development stage project located 10.5 km southwest of the existing Hemco Property facilities. Mineralization consists of a volcanic hosted gold-zinc-silver deposit with epithermal quartz veins of intermediate sulphidation. The Company is progressing as planned with the update of Mineral Resources and Mineral Reserves for the Porvenir Project, aiming to maximize its value, with the prefeasibility study optimization scheduled for completion in late 2025. Guillermina Target The Guillermina target is an epithermal zinc-gold-silver deposit, located four kilometres west of the Pioneer deposit. For 2025, Mineros has planned a 2,000-metre diamond drilling campaign, however, greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts. The Company is planning to complete an initial Mineral Resource estimate for the Guillermina Target in 2025. Leticia Deposit The Leticia Deposit is an epithermal gold-silver-zinc deposit, located 500m northwest of the Porvenir Project. For 2025, Mineros has planned a 1,300-metre diamond drilling campaign, however, greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts. Mineros is planning to update the Mineral Resource estimate for the Leticia deposit in 2025. Luna Roja Deposit The Luna Roja Deposit is a skarn gold system, located 24km southeast from the existing Hemco facilities. The Company is focusing on expanding the current Mineral Resources and identifying new targets surrounding the main deposit. Mineros is advancing a Mineral Resource update for the Luna Roja Deposit, with publication expected in late 2025. Hemco Property Regional Exploration Mineros' regional greenfield exploration is focused on two areas with early-stage targets: Rosita and Bonanza districts. The Bonanza district excludes the designated brownfield area known as the Bonanza block, see Brownfield Exploration, Hemco Property Expansion. A 14,500-metre drilling campaign is planned for 2025, with approximately 6,000 metres allocated for exploration in the Rosita District and 8,500 metres in the Bonanza District. Greenfield drilling activities have not yet commenced due to delays in finalizing the drilling contracts. Due to laboratory delays, assay results from the Okonwas Target are now expected to be fully received in the second quarter of 2025. Preliminary observations have identified multiple semi-parallel thin veins containing chalcopyrite, sphalerite, and galena, indicating gold-zinc-silver mineralization. Near Mine Exploration, Nechí Alluvial Property Expansion At the Nechí Alluvial Property, Mineros is exploring for alluvial gold predominantly east of the Nechí River, where the Company is currently mining within quaternary alluvial sediments. A total of 2,420 meters in 83 holes were completed in the first quarter of 2025, approximately 25% of the Company's original drilling plan. The drilling focused on infill drilling within the current production area, with 566 metres completed in 19 holes of ward drilling and 1,854 metres in 64 holes of sonic drilling. CONFERENCE CALL AND WEBCAST DETAILS As a reminder the Company will host a conference call tomorrow, Friday, May 9, 2025, at 9:00 AM Colombian Standard Time (10:00 AM Eastern Daylight Time). Please register here to join us. The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company's website at for approximately 30 days following the call. ABOUT MINEROS S.A. Mineros is a gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with relatively low cost 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". 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 and from SEDAR+ at 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. FORWARD-LOOKING STATEMENTS This news release contains "forward looking information" within the meaning of applicable Canadian 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 Company's outlook for 2025; estimates for future mineral production and sales; the Company's expectations, strategies and plans for the Material Properties; the Company's planned exploration, development and production activities; statements regarding the projected exploration and development of the Company's projects; adding or upgrading Mineral Resources and developing new mineral deposits; estimates of future capital and operating costs; the costs and timing of future exploration and development; estimates for future prices of gold and other minerals; expectations regarding the payment of dividends; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements. 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: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; the development of the Porvenir Project; completion of its drilling programs; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Material Properties being as described in the applicable technical reports; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; positive relations with local groups, including artisanal mining cooperatives in Nicaragua, and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. While the Company considers these assumptions to be reasonable, 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. Many assumptions 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. For further information of these and other risk factors, please see the "Risk Factors" section of the Company's annual information form dated March 25, 2024, available on SEDAR+ at The Company cautions that the foregoing lists of important assumptions and factors 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. NON-IFRS AND OTHER FINANCIAL MEASURES The Company has included certain non-IFRS financial measures and non-IFRS ratios in this news release. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a discussion of the use of non-IFRS financial measures and reconciliations thereof to the most directly comparable IFRS measures, see below. EBIT, EBITDA and Adjusted EBITDA The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use earnings before interest and tax ("EBIT"), earnings before interest, tax, depreciation and amortization ("EBITDA"), and adjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA"), which excludes certain non-operating income and expenses, such as financial income or expenses, hedging operations, exploration expenses, impairment of assets, foreign currency exchange differences, and other expenses (principally, donations, corporate projects and taxes incurred). The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results because it is consistent with the indicators management uses internally to measure the Company's performance and is an indicator of the performance of the Company's mining operations. The following table sets out the calculation of EBIT, EBITDA and Adjusted EBITDA to Net profit for the three months ended March 31, 2025 and 2024: Three Months Ended March 31, 2025 2024 ($) ($) Net Profit For The Period $ 38,007 $ 16,774 Less: Interest income (792 ) (487 ) Add: Interest expense 1,974 2,039 Add: Current tax 1 18,869 10,007 Add/less: Deferred tax 1 (3,229 ) (953 ) EBIT $ 54,829 $ 27,380 Add: Depreciation and amortization 13,513 12,048 EBITDA $ 68,342 $ 39,428 Less: Other income (373 ) (1,656 ) Add: Share of results of associates — 40 Less: Finance income (excluding interest income) (5 ) (6 ) Add: Finance expense (excluding interest expense) 60 48 Add: Other expenses 2,230 1,680 Add: Exploration expenses 895 1,297 Less: Foreign exchange differences 151 (177 ) Adjusted EBITDA2 $ 71,300 $ 40,654 For additional information regarding taxes, see note 13 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024. The reconciliation above does not include adjustments for (impairment) reversal of assets, because there would be a nil adjustment for the three months ended March 31, 2025 and 2024. Cash Cost The objective of Cash Cost is to provide stakeholders with a key indicator that reflects as close as possible the direct cost of producing and selling an ounce of gold. The Company reports Cash Cost per ounce of gold sold which is calculated by deducting revenue from silver sales, depreciation and amortization, environmental rehabilitation provisions and including cash used for retirement obligations and environmental and rehabilitation and sales of electric energy. This total is divided by the number of gold ounces sold. Cash Cost includes mining, milling, mine site security, royalties, and mine site administration costs, and excludes non-cash operating expenses. Cash Cost per ounce of gold sold is a non-IFRS financial measure used to monitor the performance of our gold mining operations and their ability to generate profit, and is consistent with the guidance methodology set out by the World Gold Council. The following table provides a reconciliation of Cash Cost per ounce of gold sold on a by-product basis to cost of sales for the three months ended March 31, 2025, and 2024: Three Months Ended March 31, 2025 2024 Cost of sales $ 96,402 $ 80,678 Less: Cost of sales of non-mining operations1 — (195 ) Less: Depreciation and amortization (13,269 ) (11,684 ) Less: Sales of silver (2,539 ) (5,594 ) Less: Sales of electric energy (1,609 ) (1,435 ) Less: Environmental rehabilitation provision (1,380 ) (1,186 ) Add: Use of environmental and rehabilitation liabilities 312 142 Add: Use of Retirement obligations 45 25 Cash Cost $ 77,962 $ 60,751 Gold sold (oz) 54,243 51,741 Cash Cost per ounce of gold sold ($/oz) $ 1,437 $ 1,174 Refers to cost of sales incurred in the Company's "Others" segment. See note 6 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025 and 2024. The majority of this amount relates to the cost of sales of latex. Changes in Composition of Cash Cost The composition of Cash Cost was revised in the second quarter of 2024 to deduct revenue from sales of electric energy from cost of sales to better reflect the costs to produce an ounce of gold. Values for prior periods have been adjusted from amounts previously disclosed to reflect these changes. Changes in Composition of Cash Cost - Nechí Alluvial Property (Colombia) Segment The composition of Cash Cost for the Nechí Alluvial Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty, which reduces Cash Cost and Cash Cost per ounce of gold sold for that segment. The Company notes that guidance provided for the Nechí Alluvial Property (Colombia) segment has always excluded the intercompany royalty, even though disclosure of historical Cash Cost performance for the segment did not, which resulted in an inconsistency in reporting of this measure between guidance and historical measures. Disclosure of Cash Cost and Cash Cost per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment has been adjusted from amounts previously disclosed in historical MD&A and news releases to reflect this change. For greater certainty, this change does not affect Cash Cost and Cash Cost per ounce of gold sold of the Company on a consolidated basis, or for any other segment. All-in Sustaining Costs The objective of AISC is to provide stakeholders with a key indicator that reflects as close as possible the full cost of producing and selling an ounce of gold. AISC per ounce of gold sold is a non-IFRS ratio that is intended to provide investors with transparency regarding the total costs of producing one ounce of gold in the relevant period. The Company reports AISC per ounce of gold sold on a by-product basis. The methodology for calculating AISC per ounce of gold sold is set out below and is consistent with the guidance methodology set out by the World Gold Council. The World Gold Council definition of AISC seeks to extend the definition of total Cash Cost by deducting cost of sales of non-mining operations and adding administrative expenses, sustaining exploration, sustaining leases and leaseback and sustaining capital expenditures. Non-sustaining costs are primarily those related to new operations and major projects at existing operations that are expected to materially benefit the current operation. The determination of classification of sustaining versus non-sustaining requires judgment by management. AISC excludes current and deferred income tax payments, finance expenses and other expenses. Consequently, these measures are not representative of all the Company's cash expenditures. In addition, the calculation of AISC does not include depreciation and amortization cost or expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company's overall profitability. Other companies may quantify these measures differently because of different underlying principles and policies applied. Differences may also occur due to different definitions of sustaining versus non-sustaining. The following table provides a reconciliation of AISC per ounce of gold sold to cost of sales for the three months ended March 31, 2025 and 2024: Three Months Ended March 31, 2025 2024 Cost of sales $ 96,402 $ 80,678 Less: Cost of sales of non-mining operations 1 — (195 ) Less: Depreciation and amortization (13,269 ) (11,684 ) Less: Sales of silver (2,539 ) (5,594 ) Less: Sales of electric energy (1,609 ) (1,435 ) Less: Environmental rehabilitation provision (1,380 ) (1,186 ) Add: Use of environmental and rehabilitation liabilities 312 142 Add: Use of Retirement obligations 45 25 Add: Administrative expenses 6,371 4,864 Less: Depreciation and amortization of administrative expenses 2 (244 ) (364 ) Add: Sustaining leases and leaseback 3 2,734 2,942 Add: Sustaining exploration 4 78 44 Add: Sustaining capital expenditures 5 4,486 5,705 AISC from continuing operations $ 91,387 $ 73,942 Gold sold (oz) from continued operations 54,243 51,741 AISC per ounce of gold sold from continuing operations ($/oz) $ 1,685 $ 1,429 AISC $ 91,387 $ 73,942 Gold sold (oz) 54,243 51,741 AISC per ounce of gold sold ($/oz) $ 1,685 $ 1,429 Cost of sales of non-mining operations is the cost of sales excluding cost incurred by non-mining operations and the majority of this cost comprises cost of sales of latex. Depreciation and amortization of administrative expenses is included in the administrative expenses line on the unaudited condensed consolidated interim financial statements and is mainly related to depreciation for corporate office spaces and local administrative buildings at the Hemco Property. Represents most lease payments as reported in the unaudited consolidated financial statements of cash flows and is made up of the principal of such cash payments, less non-sustaining lease payments. Lease payments for new development projects and capacity projects are classified as non-sustaining. Sustaining exploration: Exploration expenses and exploration and evaluation projects as reported in the unaudited consolidated interim financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non-sustaining. Sustaining capital expenditures: Represents the capital expenditures at existing operations including, periodic capitalized stripping and underground mine development costs, ongoing replacement of mine equipment and overhaul of existing equipment, and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including projects at existing operations that are expected to materially benefit the operation and provide a level of growth, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the three months ended March 31, 2025, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expenditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaudited condensed interim consolidated financial statements. Changes in Composition of AISC - Nechí Alluvial Property (Colombia) Segment The composition of AISC for the Nechí Alluvial Property (Colombia) segment was revised in the fourth quarter of 2024 to exclude an intercompany royalty, which reduces AISC and AISC per ounce of gold sold for that segment. The Company notes that guidance provided for the Nechí Alluvial Property (Colombia) segment has always excluded the intercompany royalty, even though disclosure of historical AISC performance for the segment did not, which resulted in an inconsistency in reporting of this measure between guidance and historical measures. Disclosure of AISC and AISC per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment has been adjusted from amounts previously disclosed in historical MD&A and news releases to reflect this change. For greater certainty, this change does not affect AISC and AISC per ounce of gold sold of the Company on a consolidated basis, or for any other segment. Cash Cost and All-in Sustaining Costs by Operating Segment The following table provides a reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold sold by operating segment4 to cost of sales, for the three months ended March 31, 2025, and 2024. Three months ended March 31, 2025 Nechí Alluvial Hemco Cost of sales $ 38,291 $ 63,147 Less: Depreciation and amortization (4,480 ) (8,740 ) Less: Sales of silver (67 ) (2,472 ) Less: Sales of electric energy (1,609 ) — Less: Intercompany royalty (4,831 ) — Less: Environmental rehabilitation provision (1,380 ) — Add: Use of environmental and rehabilitation liabilities 312 — Add: Use of Retirement obligations — 45 Cash Cost $ 26,236 $ 51,980 AISC Adjustments Less: Depreciation and amortization of administrative expenses (4 ) (24 ) Add: Administrative expenses 1,106 990 Add: Sustaining leases and Leaseback 683 2,051 Add: Sustaining exploration 78 — Add: Sustaining capital expenditure 1,992 2,494 AISC $ 30,091 $ 57,491 Gold sold (oz) 23,244 30,999 Cash Cost per ounce of gold sold ($/oz) $ 1,129 $ 1,677 AISC per ounce of gold sold ($/oz) $ 1,295 $ 1,855 Three months ended March 31, 2024 Nechí Alluvial Hemco Cost of sales $ 29,502 $ 54,389 Less: Depreciation and amortization (4,168 ) (7,459 ) Less: Sales of silver (39 ) (5,555 ) Less: Sales of electric energy (1,435 ) — Less: Intercompany royalty (2,861 ) — Less: Environmental rehabilitation provision (1,186 ) — Add: Use of environmental and rehabilitation liabilities 142 — Add: Use of Retirement obligations — 25 Cash Cost $ 19,955 $ 41,400 AISC Adjustments Less: Depreciation and amortization administrative expenses (4 ) (7 ) Add: Administrative expenses 681 691 Add: Sustaining leases and Leaseback 601 2,341 Add: Sustaining exploration 44 — Add: Sustaining capital expenditure 2,553 3,152 AISC $ 23,830 $ 47,577 Gold sold (oz) 19,212 32,529 Cash Cost per ounce of gold sold ($/oz) $ 1,039 $ 1,273 AISC per ounce of gold sold ($/oz) $ 1,240 $ 1,463 Reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold - Nechí Alluvial Segment (Colombia) The following tables provide a reconciliation of the calculation of Cash Cost per ounce of gold sold and the AISC per ounce of gold sold for the Nechí Alluvial Property (Colombia) segment for the three months ended March 31, 2025, reflecting changes made to the composition of those measures in the 2024 financial year and to align with the manner in which guidance is reported. Cash Cost Reconciliation Three Months Ended March 31, 2024 Cash Cost per ounce of gold sold ($/oz) - Previously reported $ 1,262 Adjustments ($/oz) Less: Intercompany royalty (149 ) Less: Sales of electric energy (75 ) Cash Cost per ounce of gold sold ($/oz) restated $ 1,039 AISC Reconciliation Three Months Ended On March 31, 2024 AISC per ounce of gold sold ($/oz) - Previously reported $ 1,389 Adjustments ($/oz) Less: Intercompany royalty (149 ) AISC per ounce of gold sold ($/oz) restated $ 1,240 Net Free Cash Flow The Company uses the financial measure "net free cash flow", which is a non-IFRS financial measure, to supplement information regarding cash flows generated by operating activities. The Company believes that in addition to IFRS financial measures, certain investors and analysts use this information to evaluate the Company's performance with respect to its operating cash flow capacity to meet recurring outflows of cash. Net free cash flow is calculated as cash flows generated by operating activities less non-discretionary sustaining capital expenditures and interest and dividends paid related to the relevant period. The following table sets out the calculation of the Company's net free cash flow to net cash flows generated by operating activities for the three months ended March 31, 2025, and 2024: Three Months Ended March 31, 2025 2024 Net cash flows generated by operating activities $ 11,634 $ 10,105 Non-discretionary items: Sustaining capital expenditures (4,486 ) (5,705 ) Interest paid (752 ) (1,058 ) Dividends paid (7,476 ) (5,239 ) Net free cash flow $ (1,080 ) $ (1,897 ) Return on Capital Employed ("ROCE") The Company uses ROCE as a measure of long-term operating performance to measure how effectively management utilizes the capital it is provided. This non-IFRS ratio is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of ROCE, expressed as a percentage, is Adjusted EBIT (calculated in the manner set out in the table below) divided by the average of the opening and closing capital employed for the 12 months preceding the period end. Capital employed for a period is calculated as total assets at the beginning of that period less total current liabilities. Three Months Ended March 31, 2025 2024 Adjusted EBITDA (last 12 months) $ 240,745 $ 175,046 Less: Depreciation and amortization (last 12 months) (50,013 ) (46,205 ) Adjusted EBIT (A) $ 190,732 $ 128,841 Total assets at the beginning of the period 582,036 493,757 Less: Total current liabilities at the beginning of the period (106,022 ) (84,765 ) Opening Capital Employed (B) $ 476,014 $ 408,992 Total assets at the end of the period 618,852 500,585 Less: Current liabilities at the end of the period (133,482 ) (105,075 ) Closing Capital employed (C) $ 485,370 $ 395,510 Average Capital employed (D)= (B) + (C) /2 $ 480,692 $ 402,251 ROCE (A/D) 40 % 32 % Net Debt Net Debt is a non-IFRS financial measure that provides insight regarding the liquidity position of the Company. The calculation of net debt shown below is calculated as nominal undiscounted debt including leases, less cash and cash equivalents. The following sets out the calculation of Net Debt as at March 31, 2025 and 2024. As at March 31, 2025 2024 Loans and other borrowings $ 28,098 $ 31,661 Less: Cash and cash equivalents (81,261 ) (45,876 ) Net Debt $ (53,163 ) $ (14,215 ) Average Realized Price The Company uses "average realized price per ounce of gold sold" and "average realized price per ounce of silver sold", which are non-IFRS financial measures. Average realized metal price represents the revenue from the sale of the underlying metal as per the statement of operations, adjusted to reflect the effect of trading at the holding company level (parent company) on the sales of gold purchased from subsidiaries. Average realized prices are calculated as the revenue related to gold and silver sales divided by the number of ounces of metal sold. The following table sets out the reconciliation of average realized metal prices to sales of gold and sales of silver for the three months ended March 31, 2025 and 2024: Three Months Ended March 31, 2025 2024 Sales of gold ($) $ 156,272 $ 106,962 Gold sold (oz) 54,243 51,741 Average realized price per ounce of gold sold ($/oz) $ 2,881 $ 2,067 Average realized price per ounce of gold sold ($/oz) $ 2,881 $ 2,067 Sales of silver ($) $ 2,539 $ 5,594 Silver sold (oz) 77,259 242,649 Average realized price per ounce of silver sold ($/oz) $ 33 $ 23 _________________________1 Average realized price per ounce of gold sold, Cash Cost per ounce of gold sold, and all in sustaining cost ("AISC") per ounce of gold sold, are non-IFRS financial measures with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see the Non-IFRS and Other Financial Measures in this news release. 2 Capital investments refers to additions to exploration, property, plant and equipment, and intangibles (which includes asset retirement obligation amounts and leases) for the Nechí Alluvial Property, the Hemco Property, and the La Pepa Project segments. It excludes additions to property, plant and equipment, exploration or intangibles of Mineros and other segments. For additional information as additions to exploration, property, plant and equipment, and intangibles, see Note 7 of our unaudited condensed interim consolidated financial statements for the three months ended on March 31, 2025. 3 For information regarding the composition of sustaining capital expenditures, see Non-IFRS and Other Financial Measures – All-In Sustaining Costs section of this news release. 4 For additional information regarding segments (Material Properties), see note 6 of our unaudited condensed interim consolidated financial statements for the three months ended March 31, 2025, and 2024. View source version on Contacts For further information, please contact:Ann WilkinsonVice President, Investor Relations+1
