Mineros S.A. Included in S&P/TSX Global Mining Index

The most recent news (January 21, 2026) announces Mineros S.A.'s inclusion in the S&P/TSX Global Mining Index, effective January 14, 2026. This follows the December 2025 quarterly review. Management views this as a milestone reflecting increased market scale and liquidity, expecting it to enhance visibility among global institutional investors.

This release follows a January 7, 2026 operational update where Mineros reported record December gold production and achieved the upper end of its 2025 guidance (221,656 oz produced vs. guidance of 201k-223k oz).

While index inclusion is technically a "Routine" administrative event, the confluence of this news with the operational beat is Positive. * Liquidity and Flow: Inclusion in the S&P/TSX Global Mining Index necessitates buying from passive index funds and ETFs that track this benchmark. For a company where the float has been aggressively consolidated by a single strategic investor (Sun Valley Investments), this introduces vital demand from a different class of investor. * Validation of Scale: It confirms the market's recognition of Mineros' rapid market cap expansion (stock up nearly 4x over the provided period). * Operational Context: The index news is bolstered by the Jan 7th production beat. Achieving the upper end of guidance (221,656 oz) validates the operational improvements at the Hemco property in Nicaragua and stability at Nechí in Colombia.

However, from a critical perspective, index inclusion does not change the fundamental value of the assets. It is a pricing mechanism event, not a value creation event.

Mineros S.A. is a Latin American gold producer headquartered in Colombia. * Nechí Alluvial Property (Colombia): The historical foundation of the company. It is a low-cost alluvial operation. It produced ~90k oz in 2025. It is a steady cash generator but lacks significant exploration upside compared to hard rock assets. * Hemco Property (Nicaragua): The growth engine. It combines company-owned underground mines (Panama and Pioneer) with a unique artisanal purchase model (Bonanza). Total Nicaragua production for 2025 was ~131k oz. * Development Pipeline: * La Pepa (Chile): Recently consolidated to 100% ownership (acquired remaining 80% from Pan American Silver). This is a strategic push to diversify jurisdiction. * Porvenir (Nicaragua): A development stage project near Hemco.