Medellin, Colombia — March 3, 2026 — Leads & Copy —
Mineros S.A. (TSX: MSA; BVC: MINEROS; OTCQX: MNSAF) reports significant progress on its Nicaragua expansion, including phased upgrades to the Hemco processing plant to 2,500 tonnes per day (tpd) by year-end. The company is also advancing underground mine development and beginning an extensive exploration drilling program.
The Hemco Property, located in Nicaragua’s Autonomous Region of the North Caribbean Coast, has operated for decades and benefits from a local workforce, community relationships, and a diversified energy supply, including Company owned hydroelectric generation. Mineros has committed to its long-term investment in Nicaragua and sustainable development of the region’s mineral resources, in partnership with local communities and authorities.
The Hemco facility has achieved a sustained throughput of 2,000 tpd, a 14.3% increase over the 1,750 tpd baseline. Major capital equipment for the next expansion phase has been procured and is expected on-site in the third quarter of 2026. The expansion remains on schedule and within budget while maintaining compliance with environmental permits. The next milestones include:
June 2026: 2,200 tpd interim target.
December 2026: 2,500 tpd milestone.
Gold recovery is consistently above 90%, and silver recoveries have improved following process optimization initiatives. The Company is conducting studies to evaluate an additional 1,000 tpd mill circuit utilizing existing milling equipment, which would further increase processing capacity.
To support the expanded mill capacity, Mineros has accelerated development at the Panama and Pioneer underground mines. Stockpiles contain over 6,000 ounces of gold. This inventory provides operational flexibility and allows the Company to optimize processing by blending material. Management expects increased throughput to reduce unit operating costs over the medium term.
Mineros continues to use its BMP model, involving local cooperatives and authorities. The company recently built a physical space for storing ore in Rosita, part of the Mining Triangle, contributing an incremental 200 tpd of mineral to the Hemco processing plant. The Company is reviewing opportunities to increase BMP mineral acquisitions to maximize ore availability.
Mineros has begun a 75,000-meter drilling program for 2026, with eight active rigs. The program focuses on resource-to-reserve conversion and greenfield exploration across the Nicaragua portfolio.
By employing a Company-owned drill fleet, Mineros maintains a cost advantage, with all-in internal drilling costs averaging approximately $100 per metre compared with $160 per metre for contracted services. The exploration program is designed to extend the life of the existing Panama and Pioneer mines, advance the Porvenir Project, and explore high-grade targets in the proximity of current mining operations as well as a wider investigation of the entire property package of the Company in Nicaragua.
A technical report for an update on the Prefeasibility Study (PFS) of the Porvenir project and the Hemco property is expected by the end of March 2026.
Maria Vallejo, Mineros’ Vice President, Growth and Technical Services for Mineros S.A., reviewed and approved the scientific and technical information contained in this release.
Mineros is a Latin American gold mining company headquartered in Medellin, Colombia, with mines in Colombia and Nicaragua, and a pipeline of development and exploration projects throughout the region. Its common shares are listed on the Toronto Stock Exchange (MSA) and the Colombia Stock Exchange (MINEROS), and trade on the OTCQX®️ Best Market under the symbol MNSAF.
Source: Mineros S.A.
