This report does not constitute a rating action. We expect Mineros S.A. to maintain stable gold output and solid revenue and EBITDA over the next 12 months amid still strong gold prices. We base this expectation on broadly stable operations in Mineros'Hemco and Alluvial mines in Nicaragua and Colombia, respectively, with potential consolidated production of around 240,000 ounces (oz), alongside favorable international gold prices. High gold prices drove a robust 2025 for the company and so far in 2026 have averaged $4,500/oz-$4,600/oz. As a result, Mineros has had favorable results in the first half of 2026, reaching 122,634 oz of production, revenue of $560 million, and EBITDA of $260 million. We expect gold prices to hold steady near $4,300/oz
