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US$12 million invested in Works for Taxes
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80,000 people helped
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Mineros directly investing another US$22.1 million in eight new projects in conjunction with other private and public enterprises
MEDELLÍN, Colombia--(BUSINESS WIRE)--Jun. 9, 2025--
Mineros S.A. (TSX: MSA, MINEROS: CB) (“Mineros” or the “Company”) is pleased to announce that over the past seven years, Mineros has invested more than US$12 million (COP $50.000M) in social impact projects, benefiting more than 80,000 people in Bajo Cauca, Antioquia. This was accomplished through the Works for Taxes program, through which individuals and legal entity taxpayers may pay income and other taxes by investing in public works or projects of social importance that meet the legal requirements in Zones Most Affected by Armed Conflict (ZOMAC).
Projects completed and close to completion:
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Escarralao - El Bagre Road
Beneficiaries: Improved connectivity between towns for close to 80,000 inhabitants of Zaragoza and El Bagre which strengthened the social and economic environment in these communities.
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Phase I (2020): Connected Zaragoza and El Bagre with the 4G Troncal de la Paz road.
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Investment: COP $18.650 million
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Length: 5.5 paved kilometers
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Phase II (2021-2022): Constructed the section between Puerto Jobo and Puente de la Libertad
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Investment: COP $24.881 million
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Length: 5.8 paved kilometers
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Implemented new technologies in urban and rural educational centers in El Bagre, Nechí and Zaragoza with the dual objectives of improving both teaching and learning processes, and promoting the educational development of children and young people in the Bajo Cauca region of Antioquia.
Beneficiaries: 151 educational centers, wherein 492 teachers were trained and 5,869 computers delivered.
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Investment: nearly COP $14.600 millions
Thanks to the Works for Taxes program, Mineros has consolidated its position as a pioneer in the use of this mechanism, working jointly with the Government of Antioquia and Proantioquia. In addition, this work has been carried out in coordination with local, departmental and national governments, as well as with the National Planning Department and the Land Renewal Agency.
David Londoño, President and Chief Executive Officer of Mineros said: “At Mineros, we are convinced that our growth must go hand in hand with the well-being and economic and social progress of our host communities. Works for Taxes allow us, as a Company, to allocate a portion of our taxes to the direct construction of priority infrastructure and the implementation of social development projects. Our participation in Works for Taxes ensures that investment reaches communities efficiently and transparently. It is our way to accelerate closing social gaps and to build a future with more opportunities for all, especially for children and young people who are the future of our society.”
As part of its ongoing commitment to the comprehensive development of the regions where it operates, Mineros is currently advancing eight new projects with a total investment of over US$48.2 million (COP $200,000 million). Mineros itself has contributed nearly 45% of this amount, equivalent to US$22.06 million (COP $91,621 million), alongside contributions from partner companies such as Empresas Púplicas de Medellín, Grupo Nutresa S.A., and Grupo Argos S.A., among others.
These projects include the improvement of rural and urban roads, the construction of a pedestrian bridge over the Cauca River, and the development of an educational institution in El Bagre. They also involve the distribution of books and sports equipment to local communities.
In Nicaragua, Mineros’ wholly owned subsidiary, HEMCO Mineros Nicaragua S.A., has received the necessary Forest Harvesting Permit to begin construction of its underground mine at the Porvenir Project. The project is located in the community of Vesubio, within the municipality of Bonanza, in the North Caribbean Coast Autonomous Region (RACCN) of Nicaragua—a region with a rich mining tradition.
* Figures are based on the closing COP/USD exchange rate of $4,149 as of May 31, 2025.
ABOUT MINEROS S.A.
Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia and Nicaragua, and a pipeline of development and exploration projects.
The board of directors and management of Mineros have extensive experience in mining, corporate development, finance, and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For 50 years Mineros has operated with a focus on safety and sustainability at all its operations.
Mineros’ common shares are listed on the Toronto Stock Exchange under the symbol “MSA”, and on the Colombia Stock Exchange under the symbol “MINEROS”.
Election of Directors – Electoral Quotient System
The Company has been granted an exemption from the individual voting and majority voting requirements applicable to listed issuers under Toronto Stock Exchange policies, on grounds that compliance with such requirements would constitute a breach of Colombian laws and regulations which require the directors to be elected on the basis of a slate of nominees proposed for election pursuant to an electoral quotient system. For further information, please see the Company’s most recent annual information form, available on the Company’s website at https://www.mineros.com.co/ and from SEDAR+ at www.sedarplus.com.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “estimate”, “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, statements with respect to expected applications for and receipt of regulatory approvals, the expected sufficiency of such regulatory approvals to support construction activities at the Porvenir Project, the Company’s plans and expectations with respect to the future development of the Porvenir Project and the timing therefor.
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 this news release including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production and development of the Porvenir Project; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; the development of the Porvenir Project; completion of its drilling programs; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Porvenir Project being as described in the applicable technical report; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; and positive relations with local groups. 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 information of these and other risk factors, please see the “Risk Factors” section of the Company’s annual information form dated March 31, 2025, available on the Company’s website at https://www.mineros.com.co/ and SEDAR+ at www.sedarplus.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20250608092099/en/
For further information, please contact:
Ann Wilkinson
VP of Investor Relations
+1 (647) 496-3011
ann.wilkinson@mineros.com.co
Juan Obando
Director, Investor Relations
(+57) 574 266 5757
juan.obando@mineros.com.co
Bettina Filippone
Renmark Financial Communications Inc.
+1 (514) 939-3989 or +1 (212) 812-7680
bfilippone@renmarkfinancial.com
Source: Mineros S.A.
