Mineros S.A.

Investor Presentation

September 2021

This presentation is dated September 16, 2021. A preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada, other
than Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this presentation. The preliminary prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities
until a receipt for the final prospectus has been issued. This presentation does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus, and any amendment for
disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.
Disclaimers
This presentation has been prepared by Mineros S.A. (the “Company” or “Mineros”) for the exclusive use of the person to whom the Company delivers this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any state, province or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or exemption therefrom under the securities laws of any such state, province or jurisdiction. In
particular, this presentation and the information contained herein does not constitute an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in the United States, and this presentation may not be distributed: (a) in the United
States, except to (i) persons reasonably believed to be “Qualified Institutional Buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “U.S. Securities Act”)) pursuant to an exemption from the registration requirements of the U.S. Securities Act
provided by Rule 144A thereunder or (ii) institutions that are “accredited investors” (as defined in Rule 501 under the U.S. Securities Act), and in compliance with applicable state securities laws; (b) in the member states of the European Economic Area, except to persons
who are qualified investors (within the meaning of article 2(e) of the Prospectus Regulation 2017/1129 as amended from time to time, and includes any relevant implementing measure in the applicable member state; or (c) in the United Kingdom, except to qualified
investors within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 that are also (i) investment professionals falling within Article 19(5) of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended, referred to herein as the “Order”, and/or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated or caused to be
communicated (collectively, “Relevant Persons”). This information must not be acted on or relied on by persons who are not Relevant Persons.

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

The securities discussed in this presentation and have not been, nor will they be, registered under the U.S. Securities Act or any state securities laws, and accordingly, they may be not offered or sold in the United States unless an exemption from the registration
requirements of the U.S. Securities Act is available and such offer or sale is made in compliance with any applicable state securities laws. This presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be
relevant to you (the “Recipient”) considering any potential transaction and any Recipient should conduct its own investigation and analysis. This presentation is for informational purposes and reference only pursuant to the Recipient's request and is not intended to be,
and must not be, taken as the basis for a decision with respect to any possible transaction. Neither the Company nor any of its affiliates or representatives makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this
presentation or any of the information contained herein, or any other written or oral communication transmitted or made available to the Recipient or its affiliates or representatives. The Company and its affiliates or representatives expressly disclaim to the fullest extent
permitted by law, including any and all applicable securities legislation, any and all liability based, in whole or in part, on the presentation or any information contained herein or any other written or oral communication transmitted or made available to the Recipient or its
affiliates or representatives, including, without limitation, with respect to errors therein or omissions therefrom. The Toronto Stock Exchange (“TSX”) has not conditionally approved the Company’s listing application and there is no assurance that they will approve the
listing application.

Statement Regarding Forward-Looking Information

This presentation 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, any 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 the preliminary prospectus. 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 details on the forward-looking information included in this presentation, see “Statement Regarding Forward-Looking Information” in the prospectus. Forward-looking information involves known and unknown risks, uncertainties and other
factors, and does not guarantee future performance. See “Statement Regarding Forward-Looking Information” and “Risk Factors” in the prospectus for a discussion of certain risk factors investors should carefully consider before deciding to invest in securities of the
Company. Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors
that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended. 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 presentation or as of the date indicated, 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 in Canada.

Market & Industry Data

This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently
verified any of the data from third party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The
Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and
economic data used in this presentation are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information.

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Disclaimers (Continued)
Comparables

The comparable information about other issuers was obtained from public sources and has not been verified by the Company. Comparable means information that compares an issuer to other issuers. The information is a summary of certain relevant operational
attributes of certain mining and resource companies and has been included to provide an overview of the performance of what are expected to be comparable issuers. The comparables are considered to be an appropriate basis for comparison with the Company based
on their industry, size, operating scale, commodity mix, jurisdiction, capital structure and additional criteria. The comparable issuers face different risks from those applicable to the Company. Recipients are cautioned that there are risks inherent in making an investment
decision based on the comparables, that past performance is not indicative of future performance and that the performance of the Company may be materially different from the comparable issuers. Accordingly, Recipients are cautioned not to put undue reliance on the
comparables in making an investment decision.

Other

Certain monetary amounts, estimates, percentages and other figures included in this presentation have been subject to rounding adjustments. Certain other amounts that appear in this presentation may not sum due to rounding.

Non-IFRS Measures

This presentation contains certain supplemental financial measures that are not calculated pursuant to International Financial Reporting Standards (“IFRS”), including: adjusted EBITDA, all-in sustaining costs (“AISC”), return on capital employed (“ROCE”), net free cash
flow, and net debt to adjusted EBITDA. The Company believes that these non-IFRS measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS
measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. The data relating to non-IFRS measures 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 these non-IFRS measures and reconciliations thereof to the most directly comparable IFRS measures, see “Non-IFRS Measures” in the
prospectus. Adjusted EBITDA Margin is a ratio which is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be comparable to similar financial measures disclosed by other companies. The
ratio is calculated as Adjusted EBITDA, which is a non-IFRS measure, divided by revenues over the same period. Adjusted EBITDA is adjusted earnings before interest, tax, depreciation and amortization excluding items such as other non operating income or expenses,
financial income or expenses, hedging operations, exploration expenses, impairment of assets and foreign currency exchange differences. For a discussion of the use of this non-IFRS measure and a reconciliation thereof to the most directly comparable IFRS measures, see
“All-in Sustaining Margin and Adjusted EBITDA” in the prospectus. Adjusted EBITDA Margin is useful as it provides management with an indicator of the company's operating profit, shown as a percentage of its revenue, and provides a measure of consistency over time
and is an indicator management uses internally to measure the Company’s performance.

Information Regarding Technical Disclosure

The scientific and technical information in this presentation is derived from the prospectus, including the summaries in the prospectus of the following technical reports prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”) by the following “qualified persons” (as such term is defined in NI 43-101): (i) in respect of the Gualcamayo Property, the report entitled “Technical Report on the Gualcamayo Property, San Juan and La Rioja Provinces, Argentina”, dated September
15, 2021, with an effective date of June 30, 2021, prepared by Sean Horan, P.Geo., Martin Orozco, P.Geo, Ariel M. Testi, MBA, CPG, Andrew P. Hampton, M.Sc., P.Eng., Jason J. Cox, P.Eng, all of SLR Consulting Limited (“SLR”), and Gerd Wiatzka, P. Eng., of Arcadis Canada
Inc.; (ii) in respect of the Hemco Property, the report entitled “Technical Report on the Hemco Property, Región Autónoma De La Costa Caribe Norte, Nicaragua” dated September 15, 2021, with an effective date of September 15, 2021, prepared by Sean Horan, P.Geo.,
Martin Orozco, P.Geo, Jason J. Cox, P.Eng, Varun Bhundhoo, Ing. and Holger Krutzelmann, P.Eng., all of SLR, and Gerd Wiatzka, P.Eng., of Arcadis Canada Inc.; and (iii) in respect of the Nechí Alluvial Property, the report prepared in accordance with NI 43-101 entitled
“Technical Report on the Nechí Alluvial Gold Mineral Resource and Mineral Reserve Estimates, Antioquia Department, Colombia”, dated September 15, 2021, with an effective date of September 15, 2021, prepared by Luke Evans, M.Sc., P.Eng., Richard E. Routledge, M.Sc.
(Applied), P.Geo., Ian Weir, P.Eng., Holger Krutzelmann, P.Eng., all of SLR, and Gerd Wiatzka, P.Eng., of Arcadis Canada Inc. Certain scientific and technical information contained in this presentation that relates to mineral properties in which the Company has an interest is
derived from the prospectus but which was not specifically prepared by the qualified persons listed above has been prepared under the supervision of, or approved by, Sean Horan, P.Geo., a qualified person. This presentation uses the terms “inferred mineral resources”
or “inferred resources”. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and
economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. In accordance with Section 3.5 of NI 43-101, readers are advised that certain additional information regarding the mineral properties in which
the Company has an interest related to data verification, exploration information, and mineral resources and mineral reserves (referred to in Sections 3.2, 3.3 and paragraphs (a), (c) and (d) of Section 3.4 of NI 43-101) is set forth in the prospectus.

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Introduction of Presenters

Andrés Restrepo Isaza, President and CEO

▪ Production engineer with extensive management experience in mining, construction and telecommunications
▪ President and CEO of Mineros S.A. since 2015
▪ Holds a Master in Public Administration from Harvard University

Alan Wancier Rode, CFO

▪ Industrial engineer with extensive experience in financial management for companies in mining and metals as well as
consumer product sectors
▪ Holds a Master in Business Administration from University of Rochester

Eduardo Flores Zelaya, VP Strategy and Corporate Development

▪ Industrial and electrical engineer with over 30 years of international gold and copper mining experience, from discovery-
exploration, greenfield projects, financing, construction and operations
▪ Experience include senior positions with Barrick Gold, Goldcorp, Kinross Gold, Antofagasta plc, Exxon Mobil

4
Diversified Portfolio, Solid Cash Flow and Expansion Growth
Mineros is a Colombian intermediate gold producer focused on responsible
production and development of a high-quality, diversified portfolio of assets Portfolio Overview

▪ 3 producing assets in Colombia, Argentina and Nicaragua Hemco Hemco Property (Nicaragua)
Diversified,
▪ Assets in mining-friendly countries with established regimes Nicaragua
Stage Operating
High-Quality Porvenir Mine Type Underground & Artisanal
Portfolio ▪ 2020 gold production 272 koz with 2021 guidance 250-267 Reserves (Prov + Prob) 1.9Mt @ 3.96g/t Au for 0.2Moz
koz Medellin
Nechi Resources (Meas + Ind) (1)(2) 11.9Mt @ 3.17g/t Au for 1.2Moz
Resources (Inf) (1)(2) 7.6Mt @ 3.56g/t Au for 0.9Moz
(Head Office) Colombia
Long Record of ▪ 46 years of gold production with strong community 2020 Production 123 koz Au

Successful, relationships 2020 AISC US$1,222/oz

Responsible ▪ Profitably grown production ~31% since 2018 Porvenir Project (Nicaragua) Nechi Alluvial Property (Colombia)
Production ▪ Generated positive earnings every year since 2004 Stage
Feasibility Stage Operating
(In Process) Mine Type Alluvial
▪ 3-year average adjusted EBITDA margin(6) of 34% Mine Type Underground
Reserves (Prov + Prob) 752Mt @ 0.05 g/t Au for 1.2Moz
Meaningful Resources (Meas + Ind) 9.5Mt @ 2.85g/t Au for 0.87Moz
▪ ~US$150M net free cash flow generated 2018-2020 Resources (Inf) 2.4.Mt @ 2.39g/t Au for 0.19Moz
Resources (Meas + Ind) (1) 1,056Mt @ 0.04g/t Au for 1.2Moz
Cash Flow 2020 Production 70 koz Au
▪ Dividend yield >5% with US$41M+ in dividends paid 2018-
Generation 2020 AISC US$ 998/oz
2020
and Dividends La Pepa Project (Chile)
▪ 3-year average ROCE of ~27% Stage
PEA
(In Process)

Strong ▪ Low net debt of only ~US$47M(4) Mine Type Open Pit
149Mt @ 0.57g/t Au for
Resources (Meas + Ind) (5)
Balance Sheet ▪ Q2 2021 net debt to adjusted EBITDA of ~0.26x 2.76Moz
Resources (Inf) (5) 38Mt @ 0.50g/t Au for 0.62Moz
Gualcamayo Property (Argentina)
▪ Strong pipeline of growth projects and exploration targets Chile
Stage Operating
Robust Growth ▪ Total of 9 active projects with meaningful resource potential Mine Type Open Pit & Underground
La Pepa
Potential ▪ Growth target of 500koz Au annual production through Argentina Reserves (Prov + Prob) 3.3Mt @ 1.65g/t Au for 0.2Moz
Resources (Meas + Ind) (1)(3) 26.3Mt @ 1.93g/t Au for 1.6Moz
organic growth and M&A Production Gualcamayo Resources (Inf) (1)(3) 16.1Mt @ 2.29g/t Au for 1.2Moz
Please refer to slides in the appendix for Mineral Resource and Mineral Reserves notes. Growth Projects 2020 Production 72 koz Au
(1) Mineral Resources are exclusive of Mineral Reserves and are as at June 30, 2021.
2020 AISC US$1,473/oz
(2) Includes the Porvenir Project.
(3) Includes the DCP Project. (6) Adjusted EBITDA Margin is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be
(4)
(5)
Net debt calculated as total debt less cash.
As at December 31, 2020. As reported by Yamana in February 11, 2021 press release.
comparable to similar financial measures disclosed by other companies. For additional information please refer to the “Adjusted EBITDA Margin” disclosure under “Non-
IFRS Measures” on slide 3 of this presentation.
5
Mineros Capital Structure
Capitalization(1) Mineros >10% Shareholders
Ticker BVC:MINEROS Shareholders Shares Held (000s) % of Shares Outstanding
Share Price US$ $0.96
Grupo Colpatria 85,548 32.7%
Shares Outstanding M 261.7
Market Capitalization US$M $252 Negocios Y Representaciones 33,723 12.9%
(+) Total Debt US$M $90
(-) Cash US$M $43 Total Mineros >10% Shareholders 119,271 45.6%
(-) Equity Investments US$M $0
Enterprise Value US$M $299

Share Price Performance and Trading Volume

Volume Relative Share Price Relative Gold Price

40.0% 1.200
30.0% 0.800
Performance (%)

20.0%

Volume (M)
10.0% 0.400
-- --
(10.0%) (0.400)
(20.0%)
(30.0%) (0.800)
(40.0%) (1.200)
Jun-21
Jan-21

May-21
Mar-21
Sep-20

Feb-21

Sep-21
Dec-20

Jul-21
Oct-20

Nov-20

Apr-21

Aug-21

Source: FactSet, Management guidance 6

(1) Share price data as at September 14, 2021. Balance sheet data as at June 30, 2021
Portfolio Operating Guidance
Production (koz) All-In Sustaining Cost (US$/oz)
Original Updated Original Updated
2021 2021 % Change Notes 2021 2021 % Change Notes
Guidance Guidance Guidance Guidance

▪ Disruptions to equipment ▪ More artisanal ore bought

supply offset by increased Hemco(1) $1,225-$1,300 $1,290-$1,350 5.3% - 3.8% to offset disruptions in
Hemco(1) 118-128 121-128 2.5% - -- equipment supply
contribution from artisanal ore
sources
▪ Ounces sourced from
Nechi $885-$940 $1,200-$1,285 35.6% - 36.7% formalized dredges carry
▪ Permitting constraints resulted
higher cost
in mining in lower grade areas
Nechi 85-95 68-74 (20.0%) - (22.1%)
▪ Output drop partially offset by
▪ Declining production as
formalized dredges
asset is in harvest mode
Gualcamayo $1,782-$1,982 $1,800-$1,930 1.0% - (2.6%)
▪ CapEx for oxide heap leach
▪ Increased gold recovered from
Gualcamayo 54-59 61-65 13.0% - 10.2% to extend LoM ~2 years
leach pads
▪ Mitigation strategies have
▪ Updated guidance still on track Consolidated $1,230-$1,321 $1,390-$1,473 13.0% - 11.5% held AISC within 15% of
Consolidated 257-282 250-267 (2.7%) - (5.3%)
to meet lower end of original original guidance

2018 Gualcamayo Acquisition Rationale

▪ Gualcamayo open pit nearing end of life with attractive cash flows
▪ Transaction included multi-million ounce deposits at Deep Carbonates Project (DCP) and La Pepa (Chile)(2)
▪ Majority of exploration and technical work funded by remaining oxides
▪ Total transaction cost of US$31.1M, plus additional US$30M contingent payment if DCP goes into commercial production, translates to US$5.4/oz Au (US$11.1/oz Au
including contingent payment) acquired(2)

(1) Includes 87-92 koz artisanal production 7

(2) Based on M&I resources at La Pepa and Gualcamayo. La Pepa M&I resources are as of December 31, 2020 and based on Yamana press release dated February 11, 2021, at a 0.3 g/t Au cut-off grade for potential open pit resources.
Profitable and Consistent Growth
Strong Track Record of Operational Success
Production and All-in Sustaining Costs Adjusted EBITDA and Adjusted EBITDA Margins (1)
Nechi Hemco Gualcamayo AISC (US$/oz) $300

Adjusted EBITDA (US$M) Adjusted EBITDA Margin (%) 50%

$1,513 $1,390-$1,473 39% 45%

500

Gold Production (koz) $1, 600

$250

$1,226 34% 40%

31%
450

$1, 400

400
$1,092 $200 31% $188 35%

350
$968 $1, 200

30%

290 272 $1, 000

300

250-267 $150

$128 25%

207 94 72
250 $80 0

61-65 $85 $87

20%

3 133
200
$100
$60 0
15%

107 123
150

100
125 30 121-128 $40 0

$50
10%

97 62 $20 0 5%

71 77
50

-
41 68-74 $0
$0 0%

2018 2019 2020 H1 2021 2021E 2018 2019 2020 H1 2021

Consistent Value Creation for Shareholders
Return on Capital Employed (%) Average Annual Dividend Yield (%)
45% 8.0%

6.9%
40%
37% 7.0%
6.4%
35%

31% 5.6%
5.0%
6.0%

30%

5.0%

23%
20%
25%

4.0%

20%

3.0%

15%

2.0%

10%

1.0%

5%

0.0%
0%

2018 2019 2020 H1 2021 2018 2019 2020 H1 2021

Source: Company filings, Capital IQ
Note: Nechi includes production from the La Ye underground mine of 17 koz (2018), 16 koz (2019), and 7 koz (2020); the La Ye underground mine was sold in 2020 and effective control of operations passed to the new owners on June 5, 2020
(1) Adjusted EBITDA Margin is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be comparable to similar financial measures disclosed by other companies. For additional information
please refer to the “Adjusted EBITDA Margin” disclosure under “Non-IFRS Measures” on slide 3 of this presentation 8
Mineros Benchmarking to TSX Peers
Comparables Analysis

In accordance with Section 13.7(4) of National Instrument 41-101 – General Prospectus Requirements, all of the information relating to Mineros’ comparables and any
disclosure relating to the comparables, which is contained in the presentation to be provided to potential investors, has been removed from this template version for
purposes of its filing on the System for Electronic Document Analysis and Retrieval ("SEDAR").

9
Refer to “Comparables” disclaimer on page 3.
Nechi Alluvial: Asset Overview
Nechi Alluvial Property Operation Information

Ownership 100% Mineros S.A.

Status Operating
Nechi
Medellin Mining Type Alluvial

COLOMBIA
LOM Processing Rate (Mm3pa) 28 Mm3pa

LOM Gold Recovery (%) 80%

80 70
100

90

55 68-74
▪ Alluvial gold deposits in the Nechi River and adjacent floodplain (41,293
80

70

41
Production
60

50

ha)
40

30

(koz Au)(1) 20

10

--

▪ Five bucket dredges extract 73,400 m3 per day (LOM) 2018 2019 2020 H1 2021 2021E

▪ 46 years’ dredge production experience $1, 400

$799 $1,065 $998

$1,072 $1,200-$1,285
AISC
$1, 200

$1, 000

▪ Very well-understood, efficient, profitable and reliable production

$80 0

$60 0

(US$/oz)(1) $40 0

$20 0

--

▪ LOM of 13 years to 2034 2018 2019 2020 H1 2021 2021E

Reserves & Mineral Resources – June 30, 2021(2,3) Timeline

Volume Au Grade Au Contained 1908 1974 2010 2020
(Mm³) (mg/m³) (koz)
Proven & Probable Reserves 376 109 1,171
First bucket Mineros acquires Start up of Suction plain
Measured & Indicated Resources 528 80 1,211
dredge begins Nechi Alluvial Providencia III hydro mining added to
Inferred Resources -- -- -- plant operations
(1) Excludes production from the La Ye underground mine of 17 koz (2018), 16 koz (2019), and 7 koz (2020). The La Ye underground mine was sold in 2020 and effective control of operations passed to the new owners on or about May 31, 2020.
(2) See Mineral Resource and Mineral Reserve tables in the appendix for detailed breakdown and notes. 10
(3) Mineral Resources are exclusive of Mineral Reserves.
Nechi Environmental Permitting Process Overview & Status
Process Overview Permitting Area
▪ Between 2001-2017, permitting was conducted at the provincial level
solely by Corantioquia
▪ Nechi’s growth and national importance also brought the operation
under ANLA’s jurisdiction in 2018
▪ ANLA assumed permitting responsibility from Corantioquia in 2019

State Approval Pros / Cons

Pros Cons
▪ Ability to permit significantly ▪ Increased intricacies as a
larger areas larger area will require more
▪ Enhanced operational and time and resources
financial planning with 4+ ▪ Rigorous process that may
years of certainty at a time extend the timelines of key
▪ Increase potential scale and KPI’s
future production abilities ▪ Resources put towards EIA
Stage 2019 2020 2021 2022 2023 2024 2025

Stage 0
Stage 0.5
Stage 0.75
Stage 1
Stage 1.5
Stage 2

11
Nechi Environmental Permitting Progress Update
Actions to Date

▪ Meetings completed with relevant stakeholders, including Corantioquia, ANLA, Ministry of Environment and Sustainable
Stakeholder
Development and the Ministry of Mines
Meetings
▪ Correspondence regarding the situation with mayors and other interested parties

▪ Defined dredging alternatives required to maintain operations

▪ Filed for appeals for reinstatement in April 2021
Proactive
▪ Established corporate social responsibility with steps towards positive environmental impact
Actions
− Wildlife and nature preservation action in region
− Environmental effect investigation under way

▪ ANLA Resolution on June 23rd, 2021

▪ Delayed approval of stage 1.5 (dark green in previous slide) pending receipt of additional information from Mineros
▪ Approval of forest use in the Sampumoso sector for an additional 23 ha
Current Status ▪ Lifting of restriction of occupation of swamps and removal of cavitos trees in the following stages
▪ Lifting obligations of wildlife crossings
▪ Parallel activities stage 1.5 – Environmental effect investigation and hydrological and hydraulic modeling
▪ Stage 1.5 is expected to receive approval in November 2021, with production in late December

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Gualcamayo: Asset Overview
Gualcamayo Property Operation Information

Ownership 100% Mineros S.A.

Gualcamayo
San Juan Status Operating
ARGENTINA
Mining Type Open Pit and Underground

LOM Processing Rate (Mtpa) 1.6 Mtpa

LOM Gold Recovery (%) 57%

▪ Commercial production started since 2009 100
94 72
61-65
90

80

▪ Mineros acquired Gualcamayo from Yamana in 2018 Production 30

70

60

50

40

3
(koz Au)
30

20

▪ 20% of 39,184 ha land package explored

10

--

2018 2019 2020 H1 2021 2021E

▪ Mineros is investing US$8 million/year in near-mine exploration and infill $2, 900

$1,989 $2,287 $1,800-$1,930

drilling to increase mine life $2, 400

$1,105 $1,473
AISC
$1, 900

$1, 400

▪ Deep Carbonates Project (DCP) provides upside potential (1.1 Moz M&I; (US$/oz)
$90 0

$40 0

($100)

0.8 Moz Inf)(1) 2018 2019 2020 H1 2021 2021E

Reserves & Mineral Resources – June 30, 2021(2,3) Timeline

Tonnage Au Grade Au Contained 1980 2009 2013 2018

(kt) (g/t) (koz)
Proven & Probable Reserves 3,285 1.65 174
Gold Commercial Underground Mineros acquires
Measured & Indicated Resources 26,316 1.93 1,635 mineralization production begins mining begins Gualcamayo
Inferred Resources 16,099 2.29 1,183 discovered

(1) Included in Mineral Resources for the Gualcamayo Property as at June 30, 2021.
(2) See Mineral Resource and Mineral Reserve table for the detailed breakdown and notes.
(3) Mineral Resources are exclusive of Mineral Reserves. 13
Hemco: Asset Overview
Hemco Property Operation Information

Ownership 99.9975% Mineros S.A.(1)

Hemco
Status Operating

Mining Type Underground and Artisanal

Managua LOM Processing Rate 0.35 Mtpa (~0.7 Mtpa with artisanal mining in 2020)

LOM Gold Recovery (%) 90% (89% with artisanal mining in 2020)

107 125 123 121-128

▪ Hemco Nicaragua S.A. was acquired by Mineros in 2013, providing a 140

120

62
Production 100

platform for entry into a highly prospective gold district in Northern

80

60

(koz Au) 40

20

Nicaragua
--

2018 2019 2020 H1 2021 2021E

▪ Underground mining is conducted at the Panama Mine and Pioneer Mine,

$1,131 $1,097 $1,222 $1,358 $1,290-$1,350
applying shrinkage stoping and long hole stoping $1, 600

$1, 400

AISC
$1, 200

$1, 000

$80 0

▪ Innovative agreements with artisanal miners have increased annual gold

$60 0

(US$/oz) $40 0

$20 0

--

production to grow from 65 koz in 2013 to 125 koz in 2019 2018 2019 2020 H1 2021 2021E

Reserves & Mineral Resources – June 30, 2021(2,3) Timeline

Tonnage Au Grade Au Contained
1880-2013 2013 2015 2017 2018
(kt) (g/t) (koz)
Proven & Probable Reserves 1,902 3.96 242
Operations by Mineros Exploration of Entry into Pioneer Mine
Measured & Indicated Resources 11,891 3.17 1,212 various groups acquires Pioneer & strategic alliance construction
Hemco Porvenir begins with Royal Road commences
Inferred Resources 7,575 3.56 867
(1) Excluding Caribe Exploration Target, which is subject to a joint venture with Royal Road.
(2)
(3)
See Mineral Resource and Mineral Reserve table for the detailed breakdown and notes.
Mineral Resources are exclusive of Mineral Reserves.
14
Robust Organic Growth Potential From Our Project Pipeline
Nechi Alluvial Mine >US$25.7 million spent on
Panama Mine construction projects:
Operating

Gualcamayo Mine
Operating - Pioneer Mine:
(Proven and Probable Mineral Reserves) US$11.9 million (2018-2021 Jun)
Suction Pioneer
Dredge Mine - Suction Dredge (Llanuras):
(Llanuras)
US$13.8 million (2019-2021 Jun)
Feasibility Studies in Progress Porvenir
(Measured and Indicated Mineral Resources) Project (1) >US$58.6 million spent on
exploration, studies and
Advanced
Projects

PEA Studies in Progress DCP La Pepa acquisition:

(Measured, Indicated and Inferred Mineral Resources) Project (2) Project (3)
>US$13.4 million (2019)
Resource Definition Gualcamayo >US$13.1 million (2020)
Nechi Alluvial Hemco Property
(Measured, Indicated and Inferred Mineral Property (excluding Porvenir) Property (excluding >US$32.1 million (2021 Jun,
Resources) DCP)
includes acquisition of Luna Roja
for US$24.5 million)
Drilling GNM Exploration Luna Roja and Caribe Gualcamayo Property
Exploration

Target (4) Exploration Targets (5) Targets (6)

Initial Gualcamayo Property La Pepa Earn-In (7)

Nechi Alluvial Property Hemco Property
Exploration

Colombia Nicaragua Argentina Chile

(1) Feasibility Study for the Porvenir Project planned for completion by the end of the first quarter of 2022.
(2) Preliminary Economic Assessment for the Deep Carbonates Project planned for completion by the end of the first quarter of 2022.
(3) A Mineral Resource estimate and a PEA is planned for the La Pepa Project for completion by the end of the first quarter of 2022.
(4) GNM Exploration Target is subject to the Royal Road Colombia Alliance Agreement. Mineros has earned a 25% interest with an option to acquire an additional 25% interest.
(5) A preliminary Mineral Resource in the Luna Roja Exploration Target estimate is planned for the first half of 2022. Caribe Exploration Target is subject to the Royal Road Nicaragua Alliance Agreement.
(6) Includes a number of property-wide exploration targets outside of current mining areas on the Gualcamayo Property.
(7) Earn-in pursuant to the La Pepa Option Agreement, and upon execution (expected by the end of 2021), the La Pepa Shareholders Agreement. 15
Attractive Results from Ongoing Work Programs: Nicaragua
Luna Roja
▪ 50% acquisition completed in May 2021 → Mineros now owns 100% of this
promising exploration target
▪ Attractive asset provides opportunity to leverage the Hemco plant in close proximity
▪ Hub-and-spoke model has demonstrated success in Nicaragua
▪ Mineral Resource estimate expected to be completed in H1 2022
▪ 7,000 metre drill program initiated in March 2021 with 1,932 metres completed as
at June 30, 2021

Porvenir
▪ Feasibility Study progressing on track; expected to be completed by end of Q1 2022
▪ Aimed at evaluating Porvenir as a stand-alone operation
▪ Mineros is optimistic about a significant increase in Porvenir Mineral Resources
▪ Studies to assess processing and mining scenarios underway → facilitate disclosure
of Mineral Reserves
▪ Mine start-up expected in 2023

Caribe
▪ Gold exploration target as part of the Royal Road Nicaragua Alliance Agreement
▪ 5,000 metre drill program underway with 944 metres completed as at June 30, 2021;
total program expected to be completed in 2021
Mineros’ landholdings in Nicaragua’s Golden Triangle
▪ Strong results from 2019-2020 drill program → highlight hole DDH-016 intercepted
100m of 1g/t gold from 49m depth 16
Attractive Results from Ongoing Work Programs: Chile & Argentina
La Pepa

▪ Located in the prolific Maricunga Gold Belt
▪ 20% earn in exercised in June 2021
▪ ~US$5.5 million qualifying expenditures spent by Mineros within 2-year period
under the La Pepa Option Agreement with Yamana Gold
▪ Focused on exploration of a telescoped porphyry-style gold system, which is similar to
several other gold systems in the Maricunga Gold Belt
▪ Expect to complete a Mineral Resource estimate and a PEA study by Q1 2022
In accordance with Section 13.7(4) of National Instrument
41-101 – General Prospectus Requirements, all of the
information relating to Mineros’ comparables and any
disclosure relating to the comparables, which is contained
in the presentation to be provided to potential investors,
has been removed from this template version for purposes
of its filing on the System for Electronic Document Analysis
and Retrieval ("SEDAR").

DCP

▪ PEA study progressing and is expected to be completed by the end of Q1 2022

▪ 2,400 metre drilling campaign initiated in Q2 2021 aimed at upgrading Mineral
Resource and identifying additional drill targets
▪ As at June 30, 2021, 1,085 metres had been completed
▪ Currently undertaking geotechnical and metallurgical test work to examine mining and
processing scenarios

17
Mineros’ Commitment to ESG
ESG Pillars Mineros’ ESG Objectives

✓ Focused on health and safety of our employees

Employee Health & Safety ✓ Inclusion and diversity
✓ Commitment to providing training and benefits to Cooperatives of small scale miners in Nicaragua

✓ Improvement of public health, quality of education and access to recreation and culture areas
Community Development ✓ Managing community relationships and community development through social programs
✓ Managing labour relations and human rights

✓ Promote rational use of natural resources

Environmental Stewardship ✓ Carry out environmental education processes in areas of influence
✓ Strengthen municipal environmental management and rural development in areas affected by mining

Governance
▪ Governed by an independent and diverse
Board
Environment ▪ Committed to transparency and Social
accountability
▪ Established global risk mitigation programs 18
Looking Ahead: Key Catalysts
Numerous catalysts expected in the near term
2021 2022
Key Catalysts
Q3 Q4 Q1 Q2
▪ Preliminary prospectus filing expected
Corporate
▪ TSX listing expected

▪ 3,000-meter scout drilling program expected to be completed

Nechi
▪ Environmental Permitting

▪ Updated reserves and resources expected to be completed

Porvenir
▪ Feasibility Study expected to be completed

▪ 7,000-meter drill program expected to be completed

Luna Roja
▪ Initial mineral resource estimate expected to be completed

Caribe ▪ 5,000-meter drill program expected to be completed

▪ Initial 20% interest transfer expected to be completed

La Pepa ▪ Resource update expected to be completed

▪ PEA Study expected to be completed

Gualcamayo & ▪ 18,000-meter Gualcamayo drill program expected to be completed

Deep Carbonates
Project (DCP) ▪ DCP PEA expected to be completed

19
QUESTIONS

20
APPENDIX

21
Continued Support from an Established Cornerstone Investor
Grupo Colpatria Key Businesses Under Grupo Colpatria

▪ A leading player in the Colombian banking and business sector

▪ Originally founded by the Pacheco family in 1955, Grupo Colpatria has
grown from a family business into one of the largest conglomerates in 100% 100%
Colombia Constructora Colpatria Private Capital Unit
Construction company with operations in Focus on energy, consumer retail and
▪ Grupo Colpatria has grown through making strategic investments and Colombia, Peru and Mexico infrastructure in the Andean region and
establishing alliances with Tier 1 operators across industries Central America

▪ Diversified portfolio includes industries such as finance, insurance,

technology, infrastructure, construction, energy and mining
▪ Formed a long-term strategic alliance with Scotiabank in October 2011 49% 49%
through the sale of a 51% stake in Banco Colpatria Scotiabank Colpatria Axa Colpatria Seguros
6th largest bank in Colombia by deposits; Top 10 largest insurer in Colombia
▪ In 2013, formed a long-term strategic alliance with AXA through the 5th largest by loans
sale of a 51% stake in Colpatria Seguros, a composite insurance
operation in Colombia
▪ Grupo Colpatria has been a supportive major shareholder of Mineros since
1977 100% 33%
Olimpia IT Mineros
▪ Currently owns ~33% of Mineros common shares Colombian technology company Colombian mining company
specializing in cybersecurity, biometric
security and e-commerce

Others:

22
Source: Company filings and publicly available information
Overview of Mineros Management
Mineros Management Team

Andrés Restrepo Isaza, President and Chief Executive Officer

Andrés is a production engineer with extensive management experience in mining, construction and telecommunications. He has held the role of President and CEO of Mineros
S.A. since 2015 and holds a Master in Public Administration from Harvard University.

Alan Wancier Rode, Chief Financial Officer

Alan is an industrial engineer with extensive experience in financial management for companies in mining and metals as well as consumer product sectors. He holds a Master in
Business Administration from University of Rochester.

Eduardo Flores Zelaya, Vice President, Business Development and Strategy

Eduardo is an industrial and electrical engineer with over 30 years of international mining experience from discovery-exploration to greenfield project approval, financing,
construction and operations. Previous experience include senior positions with major gold producers, including: Barrick Gold - Executive Director, Chile and SVP Pascua Lama;
Goldcorp - General Manager, El Morro; and Kinross Gold - Regional Vice President, Ecuador.
Ana Isabel Gaviria, Corporate Secretary and General Counsel
Ms. Gaviria is a lawyer qualified in Colombia. She has been the Corporate Secretary since 2018, the General Counsel of the Company since 2016, and previously, since 2010,
served as Legal Counsel and Head of the Company’s Legal Department. She holds a LLB from Universidad Pontificia Bolivariana, a MSc (International Contracts) from Universidad
Externado de Colombia, and a LLM (Corporate and Securities Law) from London School of Economics and Political Science.
Carlos Mario Gómez, Vice President, Nicaragua
Mr. Gómez is an engineer with over 30 years of mining experience. He has been Vice President, Nicaragua, in charge of the Company’s mining operations in Nicaragua, since 2016. He has
been with Mineros since 2008, and previously served as Managing Director of Operadora Minera S.A.S, a former subsidiary of the Company with underground mining projects in Colombia.
Mr. Gómez holds degrees in Mine and Metallurgy Engineering from Universidad Nacional de Colombia, and Environmental Management from Universidad Pontificia Bolivariana.

Santiago Cardona, Vice President, Colombia

Mr. Cardona is an engineer and project management specialist. He has been Vice President, Colombia, in charge of the Company’s mining operations in Colombia, since 2018.
He has been with Mineros since 2010, and previously served as Vice President, Supply Chain and Projects, and a Project Director. Mr. Cardona holds a degree in Mechanical
Engineering from Universidad Nacional de Colombia, and a Project Management Specialist designation from Escuela de Ingeniería de Antioquia.

John Jairo Cuervo, Vice President, Argentina

Mr. Cuervo is a mining and metallurgical engineer and business management professional. He has been Vice President, Argentina, in charge of the Company’s operations in
Argentina since 2020, and previously served as Vice President, Operations and Site Manager of Hemco from 2013 to 2020. Mr. Cuervo holds a degree in Mining Engineering and
Metallurgy from Universidad Nacional de Colombia, and an MBA (Management) from Universidad Jorge Tadeo Lozano, Colombia.
23
Experienced Board of Directors and Consultants
Eduardo Pacheco, Chairman and Director
▪ CEO and Director of Mercantil Colpatria since 1997
▪ Chair of the Board of Banco Colpatria Multibanca Colpatria S.A
▪ Board member for Scotiabank between 2015-2018
Alberto Mejía Hernández, Vice-Chairman and Director
▪ Has been the President of GH Capital Inc. since 1992
▪ Spent 9 years at Citibank NA, most recently as VP and Area Head for South
America
Luis Santiago Perdomo Maldonado, Director
▪ Has been the Delegate in Charge of Mercantil Colpatria S.A since April 2018
▪ Held various positions with Scotiabank Colpatria S.A from 1994 to 2018, most
recently as CEO
José Fernando Llano Escandón, Director
▪ President, Private Equity and Infrastructure Division, of Mercantil Colpatria S.A.
▪ Previously served as VP, Planning and Control, for Grupo Colpatria focusing on
strategic and financial planning and internal audit and risk management
Juan Carlos Páez Ayala, Director
▪ Currently the Executive VP of Corficolombiana S.A., a financial institution
▪ Was previously the Project Director and Treasury Manager for the International
and Treasury Vice Presidency of Banco de Bogota S.A.
Beatriz Orrantia, Director
▪ Lawyer qualified in Ontario and Colombia, with expertise in M&A, securities, and
mining
▪ Was previously VP Special Projects at Barrick Gold, currently works as an independent
strategic consultant specializing in business between Canada and Latin America
Dieter W. Jentsch, Director
▪ Former Scotiabank executive, most recently served as Group Head, Global Banking &
Markets
▪ Was also Group Head of International Banking where he managed operations in 43
countries across Asia, South America and the Caribbean
Mónica Jiménez Gonzalez, Director
▪ Lawyer qualified in Colombia, and a qualified practitioner of foreign law recognized by
the Law Society of British Columbia
▪ Currently the Secretary General and Counsel to the CEO of Ecopetrol S.A, a director of
Ecopetrol Brazil, and a member of the International Court of Arbitration
Sergio Restrepo Isaza, Director
▪ Served in the Bancolombia S.A Group as VP for Capital Markets and Executive VP for
Corporate Development
▪ Started his career at Corfinsura, where he held the positions of Company President, VP,
Investment Banking and VP, Investments and International

Experienced Auditor, Technical Consultant, and Key Suppliers Advisors for Proposed TSX IPO
Auditor ▪ Auditor since 2008 IPO Bookrunners
▪ Author of NI 43-101 compliant technical
QP / Technical
reports for Mineros’ material properties Legal Counsel
Consultants ▪ Independent Qualified Persons
Legal Counsel to
Key Suppliers Underwriters
24
Mineros’ Entry into Argentina & Chile
Consideration Structure Gualcamayo Operating Profile(1)
▪ US$31.1M cash
Production (Koz) AISC (US$/oz)
▪ 2.0% NSR on all revenue from material processed above the initial 396koz Au
Gualcamayo (excluding DCP), up to US$50M cumulative $1,800-$1,930
$1,473
300 $2, 500
$2, 400

▪
$2, 300

US$30M in cash payable on declaration of commercial production at DCP &

$2, 200

250
$1,105 $2, 100
$2, 000
$1, 900
$1, 800
$1, 700
$1, 600
$1, 500

1.5% uncapped NSR on DCP

$1, 400
200 $1, 300
$1, 200
$1, 100
$1, 000

150
94 72
$90 0
$80 0
$70 0

61-65
$60 0
$50 0
$40 0
$30 0
100 $20 0
$10 0

▪
$0

US$5M spend over 24 months gives option for 20% interest

-$100
-$200
-$300
50 -$400
-$500
-$600
-$700

▪
-$800

Option to increase interest by 31% with US$20M incremental investment

-$900
0 -$1,000

La Pepa 2019 2020 2021E

(US$5M to Yamana, US$15M project spend)
▪ At 51% interest, Mineros can acquire remaining stake at market value

Acquisition Rationale
CREATION

2019 2020 2020

▪
VALUE

6,400m drilling completed at La 2,127m drilling
Pepa. Results to be used in completed at DCP in
resource update and PEA support of planned
updated resource and
PEA (2021)
166koz produced at Gualcamayo since
acquisition. Mineros production in
excess of 270koz produced in 2019 &
2020
Gualcamayo has increased Mineros production by
166koz since acquisition
▪ Long-life growth opportunities with Deep
Carbonates project and La Pepa

▪ Gualcamayo/DCP constitute a significant portion

of Mineros group Mineral Reserves & Mineral
Resources

▪
ACQUISITIONS

La Pepa option introduced exploration in the

2018 2020 2021 world-class Maricunga belt
Gualcamayo Property, Mineros has incurred U$5.5M in Mineros exercised its
including DCP, acquired and qualifying expenditures at La Pepa, option for 20% interest in ▪ Updating the La Pepa resource will boost group
La Pepa earn-in entered into entitling it to exercise its first option to La Pepa in June 2021 with Mineral Resources once verified
with Yamana Gold acquire 20% interest in the project notice to proceed for the
second option will be ▪ Option agreement provides flexibility based on
delivered concurrently exploration outcome
25
Source: Company public filings, (1) 2021E is displayed as midpoint of guidance range.
Overview of Luna Roja Transaction
▪ Mineros acquired Royal Road’s 50% interest in the Luna Roja project, comprising the Monte Carmelo I and Monte
Carmelo II mining concessions in Nicaragua to consolidate Mineros’ 100% ownership
The Transaction ▪ Mineros paid US$24.5M(1) in cash on closing plus a 1.25% net smelter royalty on all future mineral production from the
Monte Carmelo I and Monte Carmelo II concessions
▪ Royal Road will invest US$7.5M over a five-year period in ongoing exploration alliance with Mineros

Compelling Transaction Rationale

▪ Luna Roja augments development opportunities to leverage existing Hemco plant with hub-and-spoke potential
Repositions Hemco
deployed successfully elsewhere in Nicaragua

Backstop TSX Dual List and ▪ Transaction provides Mineros with another growth opportunity and a pathway to reposition Hemco
Increased Liquidity ▪ Value accretive use of proceeds on the equity issued to seed the TSX and offsets dilution

▪ Luna Roja is low risk given proximity to Hemco Property operations (labour, mill & social license) and significant
information acquired as JV partner
Low Risk M&A
▪ The project is single commodity and consistent with gold strategy
▪ Helps attainment of critical mass for future production growth in the region

Source: S&P Capital IQ, Market Intelligence, Management guidance 26

(1) Includes gross-up for applicable withholding taxes
Mineral Reserves and Mineral Resources
(Effective Date of June 30, 2021 as per 2021 Technical Reports)
Mineral Reserves and Resources
Tonnage Grade Contained Metal
Ore Au Ag Zn Au Ag Zn
(kt) (g/t) (g/t) (%) (koz) (koz) (Mlb)
Mineros S.A.

Proven & Probable reserves

Nechi Alluvial Property 751,544 0.05 - - 1,171 - -
Hemco - Panama, Pioneer and Artisanal 1,902 3.96 - - 242 - -
Gualcamayo Property - Others: (QDD Main, QDDL, Condor, Potenciales,
3,285 1.65 - - 174 - -
AIM, Target D, Salamanca and Las Vacas)
Total Proven & Probable Reserves 756,731 0.07 - - 1,587 - -

Measured & Indicated Resources

Nechi Alluvial Property 1,056,000 0.04 - - 1,211 - -
Hemco Property – Porvenir Project, Leticia and San Antonio Deposits 9,507 2.86 10.79 2.76 872 3,297 578
Hemco Property - Panama Mine, Pioneer Mine and Artisanal 2,384 4.43 - - 340 123 -
Gualcamayo Property – DCP (Rodado) 9,249 3.54 - - 1,053 - -
Gualcamayo Property – Others (QDD Main, QDDL, Condor, Potenciales, AIM,
17,066 1.06 - - 582 - -
Target D, Salamanca and Las Vacas)
Total Measured and Indicated 1,094,206 0.12 - - 4,058 3,420 578

Inferred Resources
Nechi Alluvial Property - - - - - - -
Hemco Property – Porvenir Project, Leticia and San Antonio Deposits 4,171 2.88 10.58 2.23 386 1,420 205
Hemco Property – Panama Mine, Pioneer Mine and Artisanal Mining 3,404 4.39 - - 480 258 -
Gualcamayo Property – DCP (Rodado) 8,947 2.79 - - 802 - -
Gualcamayo Property – Others (QDD Main, QDDL, Condor, Potenciales, AIM,
7,152 1.66 - - 381 - -
Target D, Salamanca and Las Vacas)
Total Inferred 23,674 2.69 - - 2,049 1,678 205

Mineral Resources are exclusive of Mineral Reserves

Please refer to the following slides for Mineral Resource and Mineral Reserve reporting notes
27
Mineral Reserves Notes
(Effective Date of June 30, 2021 as per 2021 Technical Reports)
Mineral Reserve Reporting Notes:
• CIM (2014) definitions were followed for Mineral Reserves.
• Mineral Reserves are estimated using an average long-term gold price of US$1,500/oz.
• Numbers may not add due to rounding.
Nechi Alluvial Property – Colombia:
• The Nechi Alluvial Property Mineral Reserves have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m3.
• Mineral Reserves are estimated at cut-off grades of 38 mg/m³ for mining by bucket line dredges, 49 mg/m³ for Brazilian suction dredge alluvials, 39 mg/m³ for wheel
cutter suction dredge alluvials, and 96 mg/m³ for terrace alluvials.
• Mineral Reserves are estimated using an estimated gold price of US$1,500/oz Au.
• An exchange rate of COP$3,500=US$1.00 was used.
• Gold grade includes some silver. Alluvial gold at Nechi is 890 fine for reserve estimation.
• A minimum alluvial mining depth of 12 m was used.
• A maximum alluvial mining depth of 30 m was used.
Hemco Property – Nicaragua:
• Mineral Reserves are estimated using drill hole and sample data and depleted production through June 30, 2021.
• A minimum mining width of 0.9 m was used for shrinkage stoping and between 1.8 m and 2.0 m for mechanized mining methods.
• A marginal and break-even cut-off grade of 2.35 g/t Au and 2.85 g/t Au, respectively, were applied to shrinkage stope designs. Break even cut-off grades between 2.13
g/t Au and 2.64 g/t Au were applied to mechanized stope designs.
• Dilution skins of 0.25 m were applied to shrinkage stopes and between 0.6 m to 0.8 m to mechanized stopes. An extraction factor of 70% was applied to shrinkage
stopes and between 75% and 90% to mechanized stopes.
• Mineral Reserves for the Toboba, Elefante, Neblina Main, and Neblina Sur orebodies were estimated using a 2019 Resource model. At the time of writing, while
updated block models exist for the Elefante and Neblina Main orebodies an update to the Mineral Reserves was in progress.
• Mineral Reserves are estimated using average long term gold price of US$1,500/oz Au, and an exchange rate of COP$3,650=US$1.00 and NIO 36.30=US$1.00.

28
Mineral Reserves Notes (cont.)
(Effective Date of June 30, 2021 as per 2021 Technical Reports)
Gualcamayo Property – Argentina:
• Mineral Reserves are estimated using drill hole and sample data and depleted for production through June 30, 2021.
• Open pit Mineral Reserves are based on mine designs carried out on an updated resource model, applying a dilution and mining loss factor of 2% and 88%, 6% and 86%,
and 5% and 91% at zero grade for the QDD Main, AIM, and Target D deposits, respectively. The following pit discard cut-off grades were applied:
o QDD – 0.32 g/t Au
o Target D – 0.40 g/t Au
o Magdalena – 0.52 g/t Au
o Stockpiles – same cut-off grade as source material.
• Stockpile Mineral Resources are based upon surveyed volumes supplemented by production data.
• Underground Mineral Reserves are based on mine designs carried out on an updated resource model. Stope dilution for QDD Lower and Bajo Prego Robin (BPR) was
estimated through a sub-level caving (SLC) mixing model and averaged 24% and 10%, respectively. A dilution factor of 10% was applied to CE stopes and all
development in ore.
• Mining recovery for QDD Lower and BPR stopes were estimated through the SLC mixing model and averaged 91% and 51%, respectively. The mining recovery at CE
averaged 82%. An extraction of 90% was applied to all development in ore.
• A cut-off grade of 0.84 g/t Au was applied to the underground mine designs.
• Mineral Reserves are estimated using average long term gold price of US$1,500/oz Au, and an exchange rate of COP$3,650=US$1.00 and AR$135 =US$1.00.

29
Mineral Resources Notes
(Effective Date of June 30, 2021 as per 2021 Technical Reports)
Mineral Resource Reporting Notes:
• CIM (2014) definitions were followed for Mineral Resources.
• Mineral Resources are exclusive of Mineral Reserves.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Numbers may not add due to rounding.
Nechi Alluvial Property:
• The Nechi Mineral Resources have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m3.
• Mineral Resources for 2021 at Nechi are estimated at a raw gold cut-off grade of 34 mg/m3 for suction dredge plain alluvials, 85 mg/m3 for terrace alluvials, and 43
mg/m³ gold for Brazilian dredge alluvials and dredge tailings.
• Mineral Resources are estimated using a gold price of US$1,700/oz Au and an exchange rate of COP$3,500 = US$1.00.
• Alluvial gold at Nechi is 890 fine for resource estimation.
• Resources are estimated to the depth of dredging and drill hole grade capping has been carried out at 290 mg/m3.
• Average thickness of the resource pay gravel is 11.1 m. Average thickness of overburden is 12.0 m.

30
Mineral Resources Notes (cont.)
(Effective Date of June 30, 2021 as per 2021 Technical Reports)
Hemco Property:
• Mineral Resources are estimated at a cut-off grade of 2.0 g/t Au for long hole stoping resource shapes and 2.52 g/t Au for shrinkage resource shapes, 3.0 g/t Au
for artisanal areas, and an NSR cut-off value of US$70/t and US$84.60/t for Porvenir (sublevel stoping and shrinkage stoping, respectively), and US$73.3/t for
Leticia, and San Antonio. Open pit material above the 850 ft Level at Panama was estimated using a cut-off grade of 1.8 g/t Au.
• Mineral Resources are estimated using a long-term gold price of US$1,700/oz, a silver price of US$20/oz, and a zinc price of US$1.22/lb.
• A minimum mining width of 0.9 m was used at Panama, and a 1.8 m for sublevel stoping. For Pioneer, a minimum mining width of 1.0 m was used for all veins
except Lone Star, Pioneer Northeast, Pioneer Northeast Extension, and Pioneer 3 which used underground reporting shapes to demonstrate Reasonable
Prospects for Eventual Economic Extraction. Porvenir used underground reporting shapes to demonstrate Reasonable Prospects for Eventual Economic
Extraction.
• Bulk density is between 2.66 t/m3 and 2.68 t/m3 for Panama, between 2.65 t/m3 and 2.92 t/m3 for Porvenir, 2.68 t/m3 for Pioneer, 2.72 t/m3 for Leticia, 2.75 t/m3
for San Antonio, and 2.7 t/m3 for the artisanal areas.
• Material within 30 m of the topographic surface has been excluded from the Pioneer and Porvenir Mineral Resources to allow for artisanal mining. This material
is exclusive of the artisanal areas.
• Contained Ag ounces for the Panama Mine, Pioneer Mine and Artisanal subgroup are from Pioneer only. For the Ag grades corresponding to the contained Ag
ounces, see Appendix “C” of the preliminary prospectus.
Gualcamayo Property:
• Mineral Resources are estimated at cut-off grades between 0.20 g/t Au and 0.40 g/t Au for open pit and between 0.63 g/t Au and 1.85 g/t Au for underground.
• Open pit Mineral Resources are constrained within Whittle optimized pit shells.
• Mineral Resources are estimated using a long-term gold price of US$1,700 per ounce.
• Bulk densities range between 2.47 t/m3 and 3.01 t/m3 depending on the rock type.
• Bajo OP corresponds to small zones of mineralization below each of the Whittle optimized pit shells of the open pit Mineral Resources that may be amenable to
underground mining techniques. These areas were defined using reporting shapes to ensure reasonable prospects for eventual economic extraction.
• The DCP is comprised of three areas Roadado, Feeders, and Santiago, and accounts for 65% of the total of Measured and Indicated Resources and the long term
future of the Gualcamayo Mine.

31