Mineros to acquire La Pepa from Pan American for $40M

Executive Summary

• Mineros S.A. will acquire an additional 80 % interest in the La Pepa gold project from Pan American Silver Corp. for US$40 million, bringing its ownership to 100 %.
• The transaction involves the purchase of all shares of Minera Cavancha SpA not already owned by Mineros; the joint‑venture between the parties will be terminated.
• Closing is expected on or before September 30 2025, expanding Mineros’ portfolio into Chile and adding a fully owned advanced exploration asset.

Key Details

• Purchase Price: US$40 million for an 80 % interest in La Pepa (bringing total ownership to 100 %).
• Structure: Sale of all shares of Minera Cavancha SpA held by Pan American Silver Corp. to subsidiaries of Mineros; joint‑venture termination follows the purchase.
• Closing Timeline: Expected on or before 30 Sept 2025.
• Project Overview: La Pepa is an advanced gold exploration project in the Maricunga belt, Atacama region, Chile (≈4,200 m elevation).
• Exploration Highlights:
• Targets a porphyry‑style gold system with disseminated stockwork and high‑sulphidation epithermal veins.
• Envisioned open‑pit, heap‑leach operation.
• 6,342 m of drilling (2019‑2020) confirmed lateral continuity and depth potential.
• Resource Estimate: Based on a resource dated 31 Oct 2021; cut‑off grades 0.20 g/t Au (oxides) and 0.26 g/t Au (sulphides), assuming long‑term gold price of US$1,650/oz.
• Future Plans: Use the resource estimate as a basis for a Preliminary Economic Assessment to evaluate heap‑leach feasibility.
• Management Quote: “We are pleased to add the balance of the La Pepa project not already owned by us to our portfolio of organic growth projects… The acquisition exposes us to Chile, an additional jurisdiction with a long and well‑established mining history.” – David Londono, President & CEO, Mineros.

Notable Quotes

• “While we remain focused on acquiring producing gold assets or late‑stage development assets, we are expanding our strategy to include acquiring earlier‑stage projects to enable Mineros to develop a pipeline of growth projects as we mature as a mid‑tier gold producer.” – David Londono, President & CEO.