Mineros S.A. has decided that the current market conditions as insufficiently attractive to issue the proposed $400 million senior unsecured notes. Therefore, we revised our assessment of Mineros' financial risk profile to a stronger category, given the improved weighted average of its gross leverage metrics. On Nov. 14, 2025, S&P Global Ratings affirmed its 'B+' long-term issuer credit rating on Mineros. At the same time, we withdrew our 'B+' issue level rating on Mineros Netherlands B.V. 's proposed senior unsecured notes. The outlook remains stable and reflects our expectation that Mineros will benefit from favorable gold prices while maintaining healthy credit metrics and prudent financial policy toward its expansion plan. On Oct. 22, 2025, Mineros announced that it had begun
