Mineros Advances La Pepa Project in Chile, Appoints Dedicated Project Manager

On December 16, 2025, Mineros S.A. announced the formal launch of the work program for its recently consolidated La Pepa Project in Chile. Key developments include: - The appointment of Rafael Casas Plata, an experienced manager, to lead the project. - The filing of a new NI 43-101 technical report for the project. - An outline of the 2026 work program, which will include environmental baseline studies, geophysical surveys, and a drilling program. - The press release reiterates an existing mineral resource estimate for La Pepa, effective October 31, 2021, comprising 1.15 million ounces of Measured, 1.04 million ounces of Indicated, and 0.37 million ounces of Inferred gold resources. The company's CEO, Daniel Henao, stated that while the main strategic focus remains acquiring producing assets, the company is committed to fast-tracking the La Pepa project to strengthen its position in the Maricunga Gold Belt.

The announcement is a positive, but routine, step in the company's stated strategy. It confirms that Mineros is actively advancing the La Pepa project following its consolidation of 100% ownership in September 2025 for US$40 million. The appointment of a dedicated project manager and the detailing of a 2026 work plan are concrete actions that de-risk the project's timeline and demonstrate execution capability.

However, the impact is not material for the following reasons: - Expected Progression: Advancing the project was the clear and expected next step after the acquisition. The Q3 2025 conference call on November 6th had already guided the market to expect the commencement of exploration in 2026 with an initial budget of approximately $5 million. This news simply formalizes those plans. - Old Resource Estimate: The mineral resource estimate included in the release is not new; its effective date is October 31, 2021. This was the same resource on which the acquisition from Pan American Silver was based. While filing a new NI 43-101 report is a procedural step, it does not add new ounces or de-risk the geology at this stage. - Tempered Expectations: The CEO's quote explicitly prioritizes the acquisition of producing assets over the development of La Pepa. This frames La Pepa as an important, but secondary, growth lever, managing market expectations about the pace and scale of near-term capital allocation to the project.

In summary, the news confirms the company is on track with its plans for La Pepa. It provides useful detail on the 2026 program but does not contain any surprises or catalysts that would materially re-rate the stock.

Mineros S.A. is a Latin American gold producer with over 50 years of operating history. Its primary producing assets are the Nechí Alluvial Property in Colombia and the Hemco Property (underground and artisanal mining) in Nicaragua. The company is actively pursuing a growth strategy to become a mid-tier producer.

The company has two key growth projects: 1. Porvenir Project (Nicaragua): A development-stage gold-zinc-silver project nearing a construction decision. An updated PFS is expected by year-end 2025. 2. La Pepa Project (Chile): A large-scale exploration project in the prolific Maricunga Gold Belt. Mineros consolidated 100% ownership in September 2025 and is launching a significant exploration program in 2026 to advance it towards an economic study.