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

Ms. Ann Wilkinson reports MINEROS S.A. ACQUIRES 80% OF LA PEPA FROM PAN AMERICAN TO OWN 100% Mineros SA will acquire from Pan American Silver Corp. an 80-per-cent interest in La Pepa project for $40-million, bringing its interest in La Pepa project to 100 per cent. La Pepa project purchase is structured as a transaction between subsidiaries of Mineros and Pan American for the purchase and sale of all shares of Minera Cavancha SpA not currently owned by Mineros. Minera Cavancha currently holds La Pepa project pursuant to a joint venture between Mineros and Pan American. In connection with La Pepa project purchase, that joint venture will be terminated. La Pepa project purchase is expected to close on or before Sept. 30, 2025. "We are pleased to add the balance of the La Pepa project not already owned by us to our portfolio of organic growth projects," stated David Londono, president and chief executive officer of Mineros. "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. Additionally, the acquisition of La Pepa project exposes us to Chile, an additional jurisdiction with a long and well-established mining history." La Pepa project, Chile La Pepa Project is an advanced gold exploration project located in the Maricunga gold belt of the Atacama region, Chile, approximately 800 kilometres north of Santiago and 110 kilometres east of Copiapo, at 4,200 metres above sea level in the Andes Mountains. It is 100 per cent owned by Minera Cavancha, a joint venture entity that is owned 20 per cent by Mineros and 80 per cent by Pan American. La Pepa project represents a significant exploration-stage opportunity for Mineros in Chile, with promising mineralization and plans for further development. Key details about the project include the following: Exploration and development: The project targets a porphyry-style gold system with two types of auriferous mineralization: gold disseminated in stockwork and high-sulphidation epithermal replacement veins; Envisioned as an open-pit mining and heap-leaching operation; Drilling and results: A 6,342-metre drilling program (2019 and 2020) confirmed lateral continuity and potential expansion at depth; for further information, see Mineros's annual information form for the year ended Dec. 31, 2021, dated March 31, 2022; Future plans: Mineros plans to use the mineral resource estimate, effective Oct. 31, 2021, as the basis for a preliminary economic assessment to evaluate feasibility as a heap-leaching operation. Mineral resources reported in this press release were estimated by Geoestima Spa, inside an optimized pit envelope with cut-off grades of 0.20 gram per tonne gold for oxides and 0.26 g/t Au for sulphides, which correspond to the marginal cut-off grade, assuming a long-term gold price of $1,650 per ounce. All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not add up due to rounding. The qualified person is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors that could materially affect the potential development of the mineral resources. About Mineros SA Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The company has a diversified asset base, with mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region. The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years, Mineros has operated with a focus on safety and sustainability at all its operations. Mineros's common shares are listed on the Toronto Stock Exchange under the symbol MSA and on the Colombia Stock Exchange under the symbol MINEROS. Qualified person Scientific and technical information contained in this news release has been approved by Orlando Rojas, MAIG, principal consultant and director at GeoEstima, who is a qualified person within the meaning of National Instrument 43-101 and who is independent of the company. We seek Safe Harbor.