Mineros SA（或简称“Mineros”）公布其2026年产量和成本预期。公司2026年的展望体现了双轨战略：一方面，最大限度地提高近期产量，以充分利用当前的金价环境；另一方面，推进多年增长所需的各项技术评估。

战略资本配置：近期优化

Mineros预计2026年黄金产量为21.3万至23.3万盎司，较2025年预期增加1万盎司。此次产量增长源于公司对“快速回报”黄金产量的专注，优先将资本投资投入到现有矿区项目和运营效率提升项目，以便在强劲的大宗商品市场中最大限度地提高自由现金流。Mineros

总裁兼首席执行官Daniel Henao表示：“我们2026年的业绩指引标志着公司生命周期的转型。我们正超越稳态发展模式，将资本配置到能够立即产生增值效益的项目上。我们将重心转移到通过稳健增长创造股东价值，从而增强现金流并提高长期回报。此次1万盎司的增产是公司更广泛发展历程的第一步。”

2026年运营及成本展望：

公司2026年的产量和成本指引体现了公司致力于在全球通胀压力下保持健康利润率的承诺。

业绩指引说明：假设金价为每盎司4,405美元。虽然我们2026年的业绩指引主要基于我们的主要黄金储量，但公司仍在持续优化Hemco加工厂的白银回收率。尽管白银目前尚未被归类为矿产储量或矿产资源，但我们预计白银回收能力的提升将对我们的收入和合并维持成本（AISC）产生积极影响。出于报告目的，任何回收的白银都将以黄金当量（AuEq）产量的形式披露，并采用当时每种金属的平均每盎司售价。

预计2026年，尼加拉瓜的Hemco矿区将取得稳健的业绩，黄金产量预计为13万至14万盎司。巴拿马和Pioneer矿区的维持成本预计在每盎司2000至2100美元之间，体现了严格的成本控制。此外，与Bonanza Mining Partners的合作预计将带来39%至41%的维持成本利润率，从而支撑稳健的盈利模式。

对于位于哥伦比亚的Nech矿区，Mineros的目标是到2026年实现83,000至93,000盎司的稳定黄金产量。公司自有的挖泥船预计将以每盎司1,820至1,920美元的维持成本（AISC）运营，这得益于持续的运营专注和成本控制。承包采矿合作伙伴预计将实现11%至14%的维持成本利润率，从而巩固稳定可靠的现金流。

尼加拉瓜扩张和长期规模化：

公司约78%的增长资本投入尼加拉瓜，其中一项核心项目是投资2300万美元将Hemco的加工能力从每日1,800吨提升至2,500吨。这项举措是公司通过有机产能扩张来稳步提升产量的第一步。

除了这些短期收益外，Mineros公司正在评估战略性地安装其现有资产清单中的一台日处理量1000吨的选矿厂。该项目被视为一项关键的瓶颈消除措施，旨在提高尼加拉瓜的产量。通过解决这些加工瓶颈，公司正在为长期向更高产能的转型奠定基础。

公司目前正致力于推进Porvenir项目，使其完成许可审批和技术优化的最后阶段。计划于2026年第一季度末完成的Hemco NI 43-101更新报告将包含Porvenir项目预可行性研究（PFS）的最新进展，重点介绍日处理能力达2000吨的优化选矿厂。Porvenir项目已获得采矿作业的环境许可，显著降低了投产风险。

勘探方面

，Mineros的勘探计划（预算为1730万美元）旨在支持近期产量增长，同时推进旗下多个项目的开发。公司计划在2026年钻探95,000米，重点是Hemco矿区一项耗资1100万美元、钻探75,400米的计划，该计划主要针对现有矿区和增长项目（包括Porvenir矿区及其周边地区）的棕地勘探目标，同时选择性地增加在勘探程度较低的黄金三角区（由历史悠久的矿业城镇Bonanza、Rosita和Siuna界定，公司在该区域开展业务）的绿地勘探。黄金三角区是中美洲最富饶的矿区之一，据报道已生产900万盎司黄金、500万盎司白银和3.05亿磅铜。

在哥伦比亚，Mineros 预计将在 Nechi 矿区完成 13,000 米的钻探，耗资 410 万美元；在智利，该公司将投资 220 万美元在 La Pepa 矿区进行 7,000 米的钻探，以继续降低项目风险，并保持对高潜力勘探区的战略投资。

Mineros计划于2026年2月18日星期三发布其2025年第四季度和全年财务及运营业绩。高级管理层将于2025年2月19日星期四美国东部标准时间上午9:00（哥伦比亚标准时间上午9:00）召开电话会议。

Mineros S.A (锟組ineros锟� or the 锟紺ompany锟�) announces its production and cost guidance for 2026. The Company锟絪 2026 outlook reflects a dual-track strategy: maximizing near-term production to capitalize on the current gold price environment, while advancing the technical evaluations required for a multi-year growth trajectory.

STRATEGIC CAPITAL ALLOCATION: NEAR-TERM OPTIMIZATION

For 2026, Mineros is providing consolidated gold production guidance of 213,000 to 233,000 ounces of gold. This represents an increase of 10,000 ounces relative to 2025 guidance. This increase is the result of a disciplined focus on "quick-return" ounces, prioritizing capital investment toward brownfield projects and operational efficiencies that can be brought online rapidly to maximize free cash flow in a robust commodity market.

锟絆ur 2026 guidance demonstrates a transition in our corporate lifecycle,锟� stated Daniel Henao, President and CEO of Mineros. 锟絎e are moving beyond a steady-state profile by allocating capital to projects with immediate accretive value. We are shifting our focus to creating shareholder value through disciplined growth that strengthens cash flow and enhances long-term returns. This 10,000-ounce increment is the first stage of a broader evolution for the Company.锟�

2026 OPERATIONAL & COST OUTLOOK

The Company锟絪 production and cost guidance reflects a commitment to maintaining healthy margins despite global inflationary pressures.

Note to Guidance: The gold price assumed was $4,405. While our 2026 guidance is anchored in our primary gold reserves, the Company continues to optimize silver recovery at the Hemco processing plant. Although silver is not currently classified as either a Mineral Reserve or a Mineral Resource, we expect improvements to our ability to recover silver will provide a positive impact on our revenues and consolidated AISC. For reporting purposes, any silver recovered will be disclosed as gold equivalent (AuEq) production using the then-average price per ounce sold of each metal.

In 2026, the Hemco Property (Nicaragua) is expected to deliver solid performance with gold production guidance of 130,000锟�140,000 ounces. The Panama & Pioneer operations are expected to have an AISC range of $2,000锟�$2,100 per ounce, reflecting a disciplined cost framework. In addition, the Bonanza Mining Partners arrangement is expected to generate a 39%锟�41% AISC margin, supporting a resilient contribution profile.

For the Nech锟� Property (Colombia), Mineros is targeting steady gold output of 83,000锟�93,000 ounces in 2026. Company-owned dredges are expected to operate within an AISC range of $1,820锟�$1,920 per ounce, underpinned by continued operational focus and cost control. The contract mining partners are expected to deliver an AISC margin of 11%锟�14%, reinforcing a consistent and dependable cash generation profile.

NICARAGUA EXPANSION AND LONG-TERM SCALABILITY

Approximately 78% of the Company锟絪 growth capital is directed toward Nicaragua, anchored by a $23 million project to scale the Hemco processing capacity from 1,800 to 2,500 tpd. This initiative is the first stage in a disciplined approach to increase production through organic capacity expansion.

Beyond these immediate gains, Mineros is evaluating the strategic installation of a 1,000 tpd mill already in the Company锟絪 asset inventory. This project is viewed as a critical de-bottlenecking exercise intended to increase output in Nicaragua. By addressing these processing limits, the Company is laying the groundwork for a transition to significantly higher production capacity over the long term.

The Company is also focused on advancing the Porvenir Project through the final stages of permitting and technical optimization. The completion of the Hemco NI 43-101 update, scheduled for late in the first quarter of 2026, contains an update on the Porvenir Project锟絪 at prefeasibility study (PFS), highlighting an optimized process plant with throughput capacity of 2,000 tpd. The Porvenir project already holds the environmental permit for mining operation, significantly de-risking the path to production.

EXPLORATION

Mineros锟� exploration program (budgeted at $17.3 million) is designed to support near-term production growth while advancing a pipeline of opportunities across the portfolio. The Company plans 95,000 metres of drilling in 2026, with the focus being a 75,400 metres program at Hemco costing $11.0 million, predominantly focused on brownfield targets around existing operations and growth projects (including work at and near Porvenir), while selectively increasing greenfield exploration across the under-explored 锟紾olden Triangle锟� district, an area defined by the historic mining towns of Bonanza, Rosita and Siuna; where the Company operates. The golden triangle is one of Central America锟絪 most prolific mining regions, reported to have produced nine million ounces of gold, five million ounces of silver and 305 million pounds of copper.

In Colombia, Mineros expects to complete 13,000 metres of drilling at the Nechi Property at a cost of $4.1 million, and in Chile the Company will invest $2.2 million for 7,000 metres of drilling at La Pepa as it continues to de-risk the project and maintain strategic exposure to a high-potential exploration district.

Mineros plans to release its fourth quarter 2025 and year-end financial and operating results on Wednesday, February 18, 2026. Senior management will host a conference call on Thursday, February 19, 2025, at 9:00 AM Eastern Standard Time (9:00 AM Colombian Standard Time).