Mineros S.A. — Investor Presentation 2021

Sep 16, 2021

Mineros S.A. Investor Presentation

September 2021

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This presentation is dated September 16, 2021. A preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces of Canada, other than Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this presentation. The preliminary prospectus is still subject to completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This presentation does not provide full disclosure of all material facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus, and any amendment for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.

Disclaimers

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This presentation has been prepared by Mineros S.A. (the “Company” or “Mineros”) for the exclusive use of the person to whom the Company delivers this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state, province or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or exemption therefrom under the securities laws of any such state, province or jurisdiction. In particular, this presentation and the information contained herein does not constitute an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities in the United States, and this presentation may not be distributed: (a) in the United States, except to (i) persons reasonably believed to be “Qualified Institutional Buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “U.S. Securities Act”)) pursuant to an exemption from the registration requirements of the U.S. Securities Act provided by Rule 144A thereunder or (ii) institutions that are “accredited investors” (as defined in Rule 501 under the U.S. Securities Act), and in compliance with applicable state securities laws; (b) in the member states of the European Economic Area, except to persons who are qualified investors (within the meaning of article 2(e) of the Prospectus Regulation 2017/1129 as amended from time to time, and includes any relevant implementing measure in the applicable member state; or (c) in the United Kingdom, except to qualified investors within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, referred to herein as the “Order”, and/or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated or caused to be communicated (collectively, “Relevant Persons”). This information must not be acted on or relied on by persons who are not Relevant Persons.

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

The securities discussed in this presentation and have not been, nor will they be, registered under the U.S. Securities Act or any state securities laws, and accordingly, they may be not offered or sold in the United States unless an exemption from the registration requirements of the U.S. Securities Act is available and such offer or sale is made in compliance with any applicable state securities laws. This presentation does not purport to contain all of the information that may be required to evaluate all of the factors that would be relevant to you (the “Recipient”) considering any potential transaction and any Recipient should conduct its own investigation and analysis. This presentation is for informational purposes and reference only pursuant to the Recipient's request and is not intended to be, and must not be, taken as the basis for a decision with respect to any possible transaction. Neither the Company nor any of its affiliates or representatives makes any representation or warranty, expressed or implied, as to the accuracy or completeness of this presentation or any of the information contained herein, or any other written or oral communication transmitted or made available to the Recipient or its affiliates or representatives. The Company and its affiliates or representatives expressly disclaim to the fullest extent permitted by law, including any and all applicable securities legislation, any and all liability based, in whole or in part, on the presentation or any information contained herein or any other written or oral communication transmitted or made available to the Recipient or its affiliates or representatives, including, without limitation, with respect to errors therein or omissions therefrom. The Toronto Stock Exchange (“TSX”) has not conditionally approved the Company’s listing application and there is no assurance that they will approve the listing application.

Statement Regarding Forward-Looking Information

This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “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, any statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements. 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 the preliminary prospectus. 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 details on the forward-looking information included in this presentation, see “Statement Regarding Forward-Looking Information” in the prospectus. Forward-looking information involves known and unknown risks, uncertainties and other factors, and does not guarantee future performance. See “Statement Regarding Forward-Looking Information” and “Risk Factors” in the prospectus for a discussion of certain risk factors investors should carefully consider before deciding to invest in securities of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking information, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information contained herein is made as of the date of this presentation or as of the date indicated, and the Company disclaims any obligation to update or revise any forward-looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws in Canada.

Market & Industry Data

This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation, or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. The accuracy and completeness of the market, industry and economic data used in this presentation are not guaranteed and the Company does not make any representation as to the accuracy or completeness of such information.

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Disclaimers (Continued)

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Comparables

The comparable information about other issuers was obtained from public sources and has not been verified by the Company. Comparable means information that compares an issuer to other issuers. The information is a summary of certain relevant operational attributes of certain mining and resource companies and has been included to provide an overview of the performance of what are expected to be comparable issuers. The comparables are considered to be an appropriate basis for comparison with the Company based on their industry, size, operating scale, commodity mix, jurisdiction, capital structure and additional criteria. The comparable issuers face different risks from those applicable to the Company. Recipients are cautioned that there are risks inherent in making an investment decision based on the comparables, that past performance is not indicative of future performance and that the performance of the Company may be materially different from the comparable issuers. Accordingly, Recipients are cautioned not to put undue reliance on the comparables in making an investment decision.

Other

Certain monetary amounts, estimates, percentages and other figures included in this presentation have been subject to rounding adjustments. Certain other amounts that appear in this presentation may not sum due to rounding.

Non-IFRS Measures

This presentation contains certain supplemental financial measures that are not calculated pursuant to International Financial Reporting Standards (“IFRS”), including: adjusted EBITDA, all-in sustaining costs (“AISC”), return on capital employed (“ROCE”), net free cash flow, and net debt to adjusted EBITDA. The Company believes that these non-IFRS measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. The data relating to non-IFRS measures is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a discussion of the use of these non-IFRS measures and reconciliations thereof to the most directly comparable IFRS measures, see “Non-IFRS Measures” in the prospectus. Adjusted EBITDA Margin is a ratio which is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be comparable to similar financial measures disclosed by other companies. The ratio is calculated as Adjusted EBITDA, which is a non-IFRS measure, divided by revenues over the same period. Adjusted EBITDA is adjusted earnings before interest, tax, depreciation and amortization excluding items such as other non operating income or expenses, financial income or expenses, hedging operations, exploration expenses, impairment of assets and foreign currency exchange differences. For a discussion of the use of this non-IFRS measure and a reconciliation thereof to the most directly comparable IFRS measures, see “All-in Sustaining Margin and Adjusted EBITDA” in the prospectus. Adjusted EBITDA Margin is useful as it provides management with an indicator of the company's operating profit, shown as a percentage of its revenue, and provides a measure of consistency over time and is an indicator management uses internally to measure the Company’s performance.

Information Regarding Technical Disclosure

The scientific and technical information in this presentation is derived from the prospectus, including the summaries in the prospectus of the following technical reports prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) by the following “qualified persons” (as such term is defined in NI 43-101): (i) in respect of the Gualcamayo Property, the report entitled “Technical Report on the Gualcamayo Property, San Juan and La Rioja Provinces, Argentina”, dated September 15, 2021, with an effective date of June 30, 2021, prepared by Sean Horan, P.Geo., Martin Orozco, P.Geo, Ariel M. Testi, MBA, CPG, Andrew P. Hampton, M.Sc., P.Eng., Jason J. Cox, P.Eng, all of SLR Consulting Limited (“SLR”), and Gerd Wiatzka, P. Eng., of Arcadis Canada Inc.; (ii) in respect of the Hemco Property, the report entitled “Technical Report on the Hemco Property, Región Autónoma De La Costa Caribe Norte, Nicaragua” dated September 15, 2021, with an effective date of September 15, 2021, prepared by Sean Horan, P.Geo., Martin Orozco, P.Geo, Jason J. Cox, P.Eng, Varun Bhundhoo, Ing. and Holger Krutzelmann, P.Eng., all of SLR, and Gerd Wiatzka, P.Eng., of Arcadis Canada Inc.; and (iii) in respect of the Nechí Alluvial Property, the report prepared in accordance with NI 43-101 entitled “Technical Report on the Nechí Alluvial Gold Mineral Resource and Mineral Reserve Estimates, Antioquia Department, Colombia”, dated September 15, 2021, with an effective date of September 15, 2021, prepared by Luke Evans, M.Sc., P.Eng., Richard E. Routledge, M.Sc. (Applied), P.Geo., Ian Weir, P.Eng., Holger Krutzelmann, P.Eng., all of SLR, and Gerd Wiatzka, P.Eng., of Arcadis Canada Inc. Certain scientific and technical information contained in this presentation that relates to mineral properties in which the Company has an interest is derived from the prospectus but which was not specifically prepared by the qualified persons listed above has been prepared under the supervision of, or approved by, Sean Horan, P.Geo., a qualified person. This presentation uses the terms “inferred mineral resources” or “inferred resources”. Inferred mineral resources are subject to uncertainty as to their existence and as to their economic and legal feasibility. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. In accordance with Section 3.5 of NI 43-101, readers are advised that certain additional information regarding the mineral properties in which the Company has an interest related to data verification, exploration information, and mineral resources and mineral reserves (referred to in Sections 3.2, 3.3 and paragraphs (a), (c) and (d) of Section 3.4 of NI 43-101) is set forth in the prospectus.

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Introduction of Presenters

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Andrés Restrepo Isaza, President and CEO

• Production engineer with extensive management experience in mining, construction and telecommunications

• President and CEO of Mineros S.A. since 2015

• Holds a Master in Public Administration from Harvard University

Alan Wancier Rode, CFO

• Industrial engineer with extensive experience in financial management for companies in mining and metals as well as consumer product sectors

• Holds a Master in Business Administration from University of Rochester

Eduardo Flores Zelaya, VP Strategy and Corporate Development

• Industrial and electrical engineer with over 30 years of international gold and copper mining experience, from discoveryexploration, greenfield projects, financing, construction and operations

• Experience include senior positions with Barrick Gold, Goldcorp, Kinross Gold, Antofagasta plc, Exxon Mobil

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Diversified Portfolio, Solid Cash Flow and Expansion Growth

Mineros is a Colombian intermediate gold producer focused on responsible production and development of a high-quality, diversified portfolio of assets

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Portfolio Overview
Hemco Hemco Property (Nicaragua)
Stage Operating
Porvenir Nicaragua Mine Type Underground & Artisanal
Reserves (Prov + Prob) 1.9Mt @ 3.96g/t Au for 0.2Moz
Medellin Nechi Resources (Meas + Ind) [(1)(2)] 11.9Mt @ 3.17g/t Au for 1.2Moz
(Head Office) Colombia Resources (Inf) [(1)(2)] 7.6Mt @ 3.56g/t Au for 0.9Moz
2020 Production 123 koz Au
2020 AISC US$1,222/oz
Porvenir Project (Nicaragua) Nechi Alluvial Property (Colombia)
Feasibility Stage Operating
Stage
(In Process) Mine Type Alluvial
Mine Type Underground Reserves (Prov + Prob) 752Mt @ 0.05 g/t Au for 1.2Moz
Resources (Meas + Ind) 9.5Mt @ 2.85g/t Au for 0.87Moz
Resources (Meas + Ind) [(1)] 1,056Mt @ 0.04g/t Au for 1.2Moz
Resources (Inf) 2.4.Mt @ 2.39g/t Au for 0.19Moz
2020 Production 70 koz Au
2020 AISC US$ 998/oz
La Pepa Project (Chile)
PEA
Stage
(In Process)
Mine Type Open Pit
Resources (Meas + Ind) [(5)] 149Mt @ 0.57g/t Au for 2.76Moz
Resources (Inf) [(5)] 38Mt @ 0.50g/t Au for 0.62Moz
Gualcamayo Property (Argentina)
Chile
Stage Operating
La Pepa Mine Type Open Pit & Underground
Argentina Reserves (Prov + Prob) 3.3Mt @ 1.65g/t Au for 0.2Moz
Resources (Meas + Ind) [(1)(3)] 26.3Mt @ 1.93g/t Au for 1.6Moz
Production Gualcamayo Resources (Inf) [(1)(3)] 16.1Mt @ 2.29g/t Au for 1.2Moz
Growth Projects 2020 Production 72 koz Au
2020 AISC US$1,473/oz
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▪ 3 producing assets in Colombia, Argentina and Nicaragua Diversified, ▪ Assets in mining-friendly countries with established regimes High-Quality Portfolio ▪ 2020 gold production 272 koz with 2021 guidance 250-267 koz Long Record of ▪ 46 years of gold production with strong community Successful, relationships Responsible ▪ Profitably grown production ~31% since 2018 Production ▪ Generated positive earnings every year since 2004 ▪ 3-year average adjusted EBITDA margin[(6)] of 34% Meaningful ▪ ~US$150M net free cash flow generated 2018-2020 Cash Flow ▪ Dividend yield >5% with US$41M+ in dividends paid 2018- Generation 2020 and Dividends ▪ 3-year average ROCE of ~27% Strong ▪ Low net debt of only ~US$47M[(4)] Balance Sheet ▪ Q2 2021 net debt to adjusted EBITDA of ~0.26x ▪ Strong pipeline of growth projects and exploration targets Robust Growth ▪ Total of 9 active projects with meaningful resource potential Potential ▪ Growth target of 500koz Au annual production through organic growth and M&A

Robust Growth Potential

Please refer to slides in the appendix for Mineral Resource and Mineral Reserves notes.

• (1) Mineral Resources are exclusive of Mineral Reserves and are as at June 30, 2021.

• (2) Includes the Porvenir Project.

(6) Adjusted EBITDA Margin is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be comparable to similar financial measures disclosed by other companies. For additional information please refer to the “Adjusted EBITDA Margin” disclosure under “Non- 5 IFRS Measures” on slide 3 of this presentation.

• (3) Includes the DCP Project.

• (4) Net debt calculated as total debt less cash.

• (5) As at December 31, 2020. As reported by Yamana in February 11, 2021 press release.

Mineros Capital Structure

	Capitalization(1)
Ticker		BVC:MINEROS
Share Price	US$	$0.96
Shares Outstanding	M	261.7
Market Capitalization	US$M	$252
(+) Total Debt	US$M	$90
(-) Cash	US$M	$43
(-) Equity Investments	US$M	$0
Enterprise Value	US$M	$299

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Mineros	>10% Shareholders
Shareholders	Shares Held (000s)	% of Shares Outstanding
Grupo Colpatria	85,548	32.7%
Negocios Y Representaciones	33,723	12.9%
Total Mineros >10% Shareholders	119,271	45.6%

Share Price Performance and Trading Volume

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Volume Relative Share Price Relative Gold Price
40.0% 1.200
30.0%
0.800
20.0%
0.400
10.0%
-- --
(10.0%)
(0.400)
(20.0%)
(0.800)
(30.0%)
(40.0%) (1.200)
Volume (M)
Performance (%)
Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
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Source: FactSet, Management guidance (1) Share price data as at September 14, 2021. Balance sheet data as at June 30, 2021

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Portfolio Operating Guidance

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Production (koz)			All-In Sustaining Cost (US$/oz)	All-In Sustaining Cost (US$/oz)
Original 2021 Guidance Updated 2021 Guidance % Change Notes Hemco(1) 118-128 121-128 2.5% - -- ▪ Disruptions to equipment supply offset by increased contribution from artisanal ore sources Nechi 85-95 68-74 (20.0%) - (22.1%) ▪ Permitting constraints resulted in mining in lower grade areas ▪ Output drop partially offset by formalized dredges Gualcamayo 54-59 61-65 13.0% - 10.2%▪ Increased gold recovered from leach pads Consolidated 257-282 250-267 (2.7%) - (5.3%) ▪ Updated guidance still on track to meet lower end of original		Original 2021 Guidance Updated 2021 Guidance % Change Notes
Hemco(1) 118-128 121-128 2.5% - --		Hemco(1) $1,225-$1,300 $1,290-$1,350 5.3% - 3.8%		▪ More artisanal ore bought to offset disruptions in equipment supply
		Nechi $885-$940 $1,200-$1,285 35.6% - 36.7%		▪ Ounces sourced from formalized dredges carry higher cost
Nechi 85-95 68-74 (20.0%) - (22.1%)
		Gualcamayo $1,782-$1,982 $1,800-$1,930 1.0% - (2.6%)		▪ Declining production as asset is in harvest mode ▪ CapEx for oxide heap leach to extend LoM ~2 years
Gualcamayo 54-59 61-65 13.0% - 10.2%
		Consolidated $1,230-$1,321 $1,390-$1,473 13.0% - 11.5%		▪ Mitigation strategies have held AISC within 15% of original guidance
Consolidated 257-282 250-267 (2.7%) - (5.3%)

2018 Gualcamayo Acquisition Rationale

• Gualcamayo open pit nearing end of life with attractive cash flows

• Transaction included multi-million ounce deposits at Deep Carbonates Project (DCP) and La Pepa (Chile)[(2)]

• Majority of exploration and technical work funded by remaining oxides

• Total transaction cost of US$31.1M, plus additional US$30M contingent payment if DCP goes into commercial production, translates to US$5.4/oz Au (US$11.1/oz Au including contingent payment) acquired[(2)]

• (1) Includes 87-92 koz artisanal production

• (2) Based on M&I resources at La Pepa and Gualcamayo. La Pepa M&I resources are as of December 31, 2020 and based on Yamana press release dated February 11, 2021, at a 0.3 g/t Au cut-off grade for potential open pit resources.

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Profitable and Consistent Growth

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Strong Track Record of Operational Success

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Production and All-in Sustaining Costs
Nechi Hemco Gualcamayo AISC (US$/oz)
500 Gold Production (koz) $1,513 $1,390-$1,473 $1,600
450 $1,226 $1,400
400 350 300 $968 $1,092290 272 250-267 $1,200$1,000
250 207 $800
200 3 94 72 133 61-65 $600
150
100 107 125 123 30 121-128 $400
50 - 97 71 77 62 41 68-74 $200$0
2018 2019 2020 H1 2021 2021E
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Adjusted EBITDA and Adjusted EBITDA Margins[(1)]

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Adjusted EBITDA (US$M) Adjusted EBITDA Margin (%) 50%
39% 45%
34% 40%
31% 31% $188 35%
30%
$128 25%
$85 $87 20%15%
10%
5%
0%
2018 2019 2020 H1 2021
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Consistent Value Creation for Shareholders
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Return on Capital Employed (%)
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Average Annual Dividend Yield (%)

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6.9%
37% 7.0% 6.4%
31% 6.0% 5.6%
5.0%
23% 5.0%
20% 4.0%
3.0%
2.0%
1.0%
0.0%
2018 2019 2020 H1 2021 2018 2019 2020 H1 2021
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Source: Company filings, Capital IQ

Note: Nechi includes production from the La Ye underground mine of 17 koz (2018), 16 koz (2019), and 7 koz (2020); the La Ye underground mine was sold in 2020 and effective control of operations passed to the new owners on June 5, 2020

• (1) Adjusted EBITDA Margin is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be comparable to similar financial measures disclosed by other companies. For additional information please refer to the “Adjusted EBITDA Margin” disclosure under “Non-IFRS Measures” on slide 3 of this presentation

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Mineros Benchmarking to TSX Peers

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Comparables Analysis

In accordance with Section 13.7(4) of National Instrument 41-101 – General Prospectus Requirements, all of the information relating to Mineros’ comparables and any disclosure relating to the comparables, which is contained in the presentation to be provided to potential investors, has been removed from this template version for purposes of its filing on the System for Electronic Document Analysis and Retrieval ("SEDAR").

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Refer to “Comparables” disclaimer on page 3.

Nechi Alluvial: Asset Overview

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Nechi Alluvial Property
Nechi
Medellin
COLOMBIA
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• Alluvial gold deposits in the Nechi River and adjacent floodplain (41,293 ha)

• Five bucket dredges extract 73,400 m[3] per day (LOM)

• 46 years’ dredge production experience

• Very well-understood, efficient, profitable and reliable production

• LOM of 13 years to 2034

Operation Information

Ownership	100% Mineros S.A.
Status	Operating
Mining Type	Alluvial
LOM Processing Rate (Mm3pa)	28 Mm3pa
LOM Gold Recovery (%)	80%
Production (koz Au)(1)	80 55 70 41 -- 10 20 30 40 50 60 70 80 90 100 68-74
	2018 2019 2020 H1 2021 2021E
AISC (US$/oz)(1) $ $ $ $ $1, $1, $1,	$799 $1,065 $998 $1,072 -- 200 400 600 800 000 200 400 $1,200-$1,285
	2018 2019 2020 H1 2021 2021E

Reserves & Mineral Resources – June 30, 2021[(2,3)]

Timeline

Reserves & Mineral Resources – June 30, 2021(2,3)	Reserves & Mineral Resources – June 30, 2021(2,3)	Reserves & Mineral Resources – June 30, 2021(2,3)	Reserves & Mineral Resources – June 30, 2021(2,3)
	Volume	Au Grade	Au Contained
	(Mm³)	(mg/m³)	(koz)
Proven & Probable Reserves 376 109 1,171 Measured & Indicated Resources 528 80 1,211 Inferred Resources -- -- --

Timeline	Timeline
	1908 2010 2020 1974 Start up of Providencia III hydro plant Suction plain mining added to operations Mineros acquires Nechi Alluvial First bucket dredge begins

• (1) Excludes production from the La Ye underground mine of 17 koz (2018), 16 koz (2019), and 7 koz (2020). The La Ye underground mine was sold in 2020 and effective control of operations passed to the new owners on or about May 31, 2020. (2) See Mineral Resource and Mineral Reserve tables in the appendix for detailed breakdown and notes.

• (3) Mineral Resources are exclusive of Mineral Reserves.

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Nechi Environmental Permitting Process Overview & Status

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Process Overview

Permitting Area

• Between 2001-2017, permitting was conducted at the provincial level solely by Corantioquia

• Nechi’s growth and national importance also brought the operation under ANLA’s jurisdiction in 2018

• ANLA assumed permitting responsibility from Corantioquia in 2019

State Approval Pros / Cons Pros Cons

• Ability to permit significantly larger areas

• Increased intricacies as a larger area will require more time and resources

• Enhanced operational and financial planning with 4+ years of certainty at a time

• Rigorous process that may extend the timelines of key KPI’s

• Increase potential scale and future production abilities

• Resources put towards EIA

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Stage	2019	2020	2021	2022	2023	2024	2025
Stage 0
Stage 0.5
Stage 0.75
Stage 1
Stage 1.5
Stage 2

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Nechi Environmental Permitting Progress Update

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Actions to Date	Actions to Date
▪ Meetings completed with relevant stakeholders, including Corantioquia, ANLA, Ministry of Environment and Sustainable Development and the Ministry of Mines ▪ Correspondence regarding the situation with mayors and other interested parties Stakeholder Meetings
Proactive Actions ▪ Defined dredging alternatives required to maintain operations ▪ Filed for appeals for reinstatement in April 2021 ▪ Established corporate social responsibility with steps towards positive environmental impact − Wildlife and nature preservation action in region − Environmental effect investigation under way
▪ ANLA Resolution on June 23rd, 2021 ▪ Delayed approval of stage 1.5 (dark green in previous slide) pending receipt of additional information from Mineros ▪ Approval of forest use in the Sampumoso sector for an additional 23 ha ▪ Lifting of restriction of occupation of swamps and removal of cavitos trees in the following stages ▪ Lifting obligations of wildlife crossings ▪ Parallel activities stage 1.5 – Environmental effect investigation and hydrological and hydraulic modeling ▪ Stage 1.5 is expected to receive approval in November 2021, with production in late December Current Status

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Gualcamayo: Asset Overview

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Gualcamayo Property
Gualcamayo
San Juan
ARGENTINA
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• Commercial production started since 2009

• Mineros acquired Gualcamayo from Yamana in 2018

• 20% of 39,184 ha land package explored

• Mineros is investing US$8 million/year in near-mine exploration and infill drilling to increase mine life

• Deep Carbonates Project (DCP) provides upside potential (1.1 Moz M&I; 0.8 Moz Inf)[(1)]

Reserves & Mineral Resources – June 30, 2021[(2,3)]

	Tonnage	Au Grade	Au Contained
	(kt)	(g/t)	(koz)
Proven & Probable Reserves 3,285 1.65 174 Measured & Indicated Resources 26,316 1.93 1,635 Inferred Resources 16,099 2.29 1,183

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Operation Information	Operation Information	Operation Information	Operation Information
Ownership		100% Mineros S.A.
Status		Operating
Mining Type		Open Pit and Underground
LOM Processing Rate (Mtpa)		1.6 Mtpa
LOM Gold Recovery (%)		57%
Production (koz Au)		-- 10 20 30 40 50 60 70 80 90 100	3 94 72 30 2018 2019 2020 H1 2021 2021E 61-65
AISC (US$/oz)	($1 $ $ $1, $1, $2, $2,	400 900 400 900 400 900	$1,989 $1,105 $1,473 $2,287 2018 2019 2020 H1 2021 2021E $1,800-$1,930
		00)

Timeline

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----- Start of picture text -----

1980 2009 2013 2018
Gold Commercial Underground Mineros acquires
mineralization production begins mining begins Gualcamayo
discovered
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• (1) Included in Mineral Resources for the Gualcamayo Property as at June 30, 2021.

• (2) See Mineral Resource and Mineral Reserve table for the detailed breakdown and notes.

• (3) Mineral Resources are exclusive of Mineral Reserves.

13

Hemco: Asset Overview

Hemco Property

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----- Start of picture text -----

Hemco
Managua
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• Hemco Nicaragua S.A. was acquired by Mineros in 2013, providing a platform for entry into a highly prospective gold district in Northern Nicaragua

• Underground mining is conducted at the Panama Mine and Pioneer Mine, applying shrinkage stoping and long hole stoping

• Innovative agreements with artisanal miners have increased annual gold production to grow from 65 koz in 2013 to 125 koz in 2019

Reserves & Mineral Resources – June 30, 2021[(2,3)]

Reserves & Mineral Resources – June 30, 2021(2,3)	Reserves & Mineral Resources – June 30, 2021(2,3)	Reserves & Mineral Resources – June 30, 2021(2,3)	Reserves & Mineral Resources – June 30, 2021(2,3)
	Tonnage	Au Grade	Au Contained
	(kt)	(g/t)	(koz)
Proven & Probable Reserves 1,902 3.96 242
Measured & Indicated Resources 11,891 3.17 1,212
Inferred Resources 7,575 3.56 867

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Operation Information

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----- Start of picture text -----

Ownership 99.9975% Mineros S.A. [(1)]
Status Operating
Mining Type Underground and Artisanal
LOM Processing Rate 0.35 Mtpa (~0.7 Mtpa with artisanal mining in 2020)
LOM Gold Recovery (%) 90% (89% with artisanal mining in 2020)
140 107 125 123 121-128
120100 62
Production 80
60
40
(koz Au) 20--
2018 2019 2020 H1 2021 2021E
AISC (US$/oz) $1,600$1,400$1,200$1,000$800$600$400$200-- $1,131 $1,097 $1,222 $1,358 $1,290-$1,350
2018 2019 2020 H1 2021 2021E
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Timeline

1880-2013	2013	2015	2017	2018
Operations by various groups	Mineros acquires Hemco	Exploration of Pioneer & Porvenir begins	Entry into strategic alliance with Royal Road	Pioneer Mine construction commences

(1) Excluding Caribe Exploration Target, which is subject to a joint venture with Royal Road.

• (2) See Mineral Resource and Mineral Reserve table for the detailed breakdown and notes.

• (3) Mineral Resources are exclusive of Mineral Reserves.

14

Robust Organic Growth Potential From Our Project Pipeline

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Nechi Alluvial Mine >US$25.7 million spent on
Panama Mine construction projects:
Operating Gualcamayo Mine - Pioneer Mine:
(Proven and Probable Mineral Reserves) US$11.9 million (2018-2021 Jun)
Dredge Suction Pioneer Mine - Suction Dredge (Llanuras):
(Llanuras) US$13.8 million (2019-2021 Jun)
Feasibility Studies in Progress Porvenir
Project [(1)] >US$58.6 million spent on
(Measured and Indicated Mineral Resources)
exploration, studies and
PEA Studies in Progress DCP La Pepa acquisition:
(Measured, Indicated and Inferred Mineral Resources) Project [(2)] Project [(3)]
>US$13.4 million (2019)
Resource Definition (Measured, Indicated and Inferred Mineral Nechi Alluvial Property (excluding Porvenir)Hemco Property Property (excluding Gualcamayo >US$13.1 million (2020)>US$32.1 million (2021 Jun,
Resources) DCP) includes acquisition of Luna Roja
for US$24.5 million)
Drilling GNM Exploration Luna Roja and Caribe Gualcamayo Property
Target [(4)] Exploration Targets [(5)] Targets [(6)]
Initial Nechi Alluvial Property Hemco Property Gualcamayo Property La Pepa Earn-In [(7)]
Exploration
Colombia Nicaragua Argentina Chile
Operating
Projects
Advanced
Exploration
----- End of picture text -----

• (1) Feasibility Study for the Porvenir Project planned for completion by the end of the first quarter of 2022.

• (2) Preliminary Economic Assessment for the Deep Carbonates Project planned for completion by the end of the first quarter of 2022.

• (3) A Mineral Resource estimate and a PEA is planned for the La Pepa Project for completion by the end of the first quarter of 2022.

• (4) GNM Exploration Target is subject to the Royal Road Colombia Alliance Agreement. Mineros has earned a 25% interest with an option to acquire an additional 25% interest.

• (5) A preliminary Mineral Resource in the Luna Roja Exploration Target estimate is planned for the first half of 2022. Caribe Exploration Target is subject to the Royal Road Nicaragua Alliance Agreement. (6) Includes a number of property-wide exploration targets outside of current mining areas on the Gualcamayo Property.

• (7) Earn-in pursuant to the La Pepa Option Agreement, and upon execution (expected by the end of 2021), the La Pepa Shareholders Agreement.

15

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Attractive Results from Ongoing Work Programs: Nicaragua

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Luna Roja

• 50% acquisition completed in May 2021 → Mineros now owns 100% of this promising exploration target

• Attractive asset provides opportunity to leverage the Hemco plant in close proximity

• Hub-and-spoke model has demonstrated success in Nicaragua

• Mineral Resource estimate expected to be completed in H1 2022

• 7,000 metre drill program initiated in March 2021 with 1,932 metres completed as at June 30, 2021

Porvenir

• Feasibility Study progressing on track; expected to be completed by end of Q1 2022

• Aimed at evaluating Porvenir as a stand-alone operation

• Mineros is optimistic about a significant increase in Porvenir Mineral Resources

• Studies to assess processing and mining scenarios underway → facilitate disclosure of Mineral Reserves

• Mine start-up expected in 2023

Caribe

• Gold exploration target as part of the Royal Road Nicaragua Alliance Agreement

• 5,000 metre drill program underway with 944 metres completed as at June 30, 2021; total program expected to be completed in 2021

Mineros’ landholdings in Nicaragua’s Golden Triangle

• Strong results from 2019-2020 drill program → highlight hole DDH-016 intercepted 100m of 1g/t gold from 49m depth

16

Attractive Results from Ongoing Work Programs: Chile & Argentina

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La Pepa

• Located in the prolific Maricunga Gold Belt

• 20% earn in exercised in June 2021

• ~US$5.5 million qualifying expenditures spent by Mineros within 2-year period under the La Pepa Option Agreement with Yamana Gold

• Focused on exploration of a telescoped porphyry-style gold system, which is similar to several other gold systems in the Maricunga Gold Belt

In accordance with Section 13.7(4) of National Instrument 41-101 – General Prospectus Requirements, all of the information relating to Mineros’ comparables and any disclosure relating to the comparables, which is contained in the presentation to be provided to potential investors, has been removed from this template version for purposes of its filing on the System for Electronic Document Analysis and Retrieval ("SEDAR").

• Expect to complete a Mineral Resource estimate and a PEA study by Q1 2022

DCP

• PEA study progressing and is expected to be completed by the end of Q1 2022

• 2,400 metre drilling campaign initiated in Q2 2021 aimed at upgrading Mineral Resource and identifying additional drill targets

• As at June 30, 2021, 1,085 metres had been completed

• Currently undertaking geotechnical and metallurgical test work to examine mining and processing scenarios

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17

Mineros’ Commitment to ESG

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	ESG Pillars		Mineros’ ESG Objectives
	Employee Health & Safety ✓Focused on health and safety of our employees ✓Inclusion and diversity ✓Commitment to providing training and benefits to Cooperatives of small scale miners in Nicaragua
	Community Development ✓Improvement of public health, quality of education and access to recreation and culture areas ✓Managing community relationships and community development through social programs ✓Managing labour relations and human rights
	Environmental Stewardship ✓Promote rational use of natural resources ✓Carry out environmental education processes in areas of influence ✓Strengthen municipal environmental management and rural development in areas affected by mining
	1 Environment Social Governance ▪ Governed by an independent and diverse Board ▪ Committed to transparency and accountability ▪ Established global risk mitigation programs

18

Looking Ahead: Key Catalysts

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Numerous catalysts expected in the near term

Key Catalysts		2021	2022
		Q3 Q4	Q1 Q2
Corporate	▪ Preliminary prospectus filing expected
	▪ TSX listing expected
Nechi	▪ 3,000-meter scout drilling program expected to be completed
	▪ Environmental Permitting
Porvenir	▪ Updated reserves and resources expected to be completed
	▪ Feasibility Study expected to be completed
Luna Roja	▪ 7,000-meter drill program expected to be completed
	▪ Initial mineral resource estimate expected to be completed
Caribe	▪ 5,000-meter drill program expected to be completed
La Pepa	▪ Initial 20% interest transfer expected to be completed
	▪ Resource update expected to be completed
	▪ PEA Study expected to be completed
Gualcamayo & Deep Carbonates Project (DCP)	▪ 18,000-meter Gualcamayo drill program expected to be completed
	▪ DCP PEA expected to be completed

19

QUESTIONS

20

APPENDIX

21

Continued Support from an Established Cornerstone Investor

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Grupo Colpatria

Key Businesses Under Grupo Colpatria

• A leading player in the Colombian banking and business sector

• Originally founded by the Pacheco family in 1955, Grupo Colpatria has grown from a family business into one of the largest conglomerates in Colombia

• Grupo Colpatria has grown through making strategic investments and establishing alliances with Tier 1 operators across industries

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100% 100% Constructora Colpatria Private Capital Unit Construction company with operations in Focus on energy, consumer retail and Colombia, Peru and Mexico infrastructure in the Andean region and Central America

• Diversified portfolio includes industries such as finance, insurance, technology, infrastructure, construction, energy and mining

• Formed a long-term strategic alliance with Scotiabank in October 2011 through the sale of a 51% stake in Banco Colpatria

• In 2013, formed a long-term strategic alliance with AXA through the sale of a 51% stake in Colpatria Seguros, a composite insurance operation in Colombia

• Grupo Colpatria has been a supportive major shareholder of Mineros since 1977

• Currently owns ~33% of Mineros common shares

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49% 49% Scotiabank Colpatria Axa Colpatria Seguros 6[th] largest bank in Colombia by deposits; Top 10 largest insurer in Colombia 5[th] largest by loans

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100% 33% Olimpia IT Mineros Colombian technology company Colombian mining company specializing in cybersecurity, biometric security and e-commerce

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Others:

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22

Source: Company filings and publicly available information

Overview of Mineros Management

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Mineros Management Team

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Andrés Restrepo Isaza, President and Chief Executive Officer

Andrés is a production engineer with extensive management experience in mining, construction and telecommunications. He has held the role of President and CEO of Mineros S.A. since 2015 and holds a Master in Public Administration from Harvard University.

Alan Wancier Rode, Chief Financial Officer

Alan is an industrial engineer with extensive experience in financial management for companies in mining and metals as well as consumer product sectors. He holds a Master in Business Administration from University of Rochester.

Eduardo Flores Zelaya, Vice President, Business Development and Strategy

Eduardo is an industrial and electrical engineer with over 30 years of international mining experience from discovery-exploration to greenfield project approval, financing, construction and operations. Previous experience include senior positions with major gold producers, including: Barrick Gold - Executive Director, Chile and SVP Pascua Lama; Goldcorp - General Manager, El Morro; and Kinross Gold - Regional Vice President, Ecuador.

Ana Isabel Gaviria, Corporate Secretary and General Counsel

Ms. Gaviria is a lawyer qualified in Colombia. She has been the Corporate Secretary since 2018, the General Counsel of the Company since 2016, and previously, since 2010, served as Legal Counsel and Head of the Company’s Legal Department. She holds a LLB from Universidad Pontificia Bolivariana, a MSc (International Contracts) from Universidad Externado de Colombia, and a LLM (Corporate and Securities Law) from London School of Economics and Political Science.

Carlos Mario Gómez, Vice President, Nicaragua

Mr. Gómez is an engineer with over 30 years of mining experience. He has been Vice President, Nicaragua, in charge of the Company’s mining operations in Nicaragua, since 2016. He has been with Mineros since 2008, and previously served as Managing Director of Operadora Minera S.A.S, a former subsidiary of the Company with underground mining projects in Colombia. Mr. Gómez holds degrees in Mine and Metallurgy Engineering from Universidad Nacional de Colombia, and Environmental Management from Universidad Pontificia Bolivariana.

Santiago Cardona, Vice President, Colombia

Mr. Cardona is an engineer and project management specialist. He has been Vice President, Colombia, in charge of the Company’s mining operations in Colombia, since 2018. He has been with Mineros since 2010, and previously served as Vice President, Supply Chain and Projects, and a Project Director. Mr. Cardona holds a degree in Mechanical Engineering from Universidad Nacional de Colombia, and a Project Management Specialist designation from Escuela de Ingeniería de Antioquia.

John Jairo Cuervo, Vice President, Argentina

Mr. Cuervo is a mining and metallurgical engineer and business management professional. He has been Vice President, Argentina, in charge of the Company’s operations in Argentina since 2020, and previously served as Vice President, Operations and Site Manager of Hemco from 2013 to 2020. Mr. Cuervo holds a degree in Mining Engineering and Metallurgy from Universidad Nacional de Colombia, and an MBA (Management) from Universidad Jorge Tadeo Lozano, Colombia.

23

Experienced Board of Directors and Consultants

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Eduardo Pacheco, Chairman and Director

• CEO and Director of Mercantil Colpatria since 1997

• Chair of the Board of Banco Colpatria Multibanca Colpatria S.A

• Board member for Scotiabank between 2015-2018

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Alberto Mejía Hernández, Vice-Chairman and Director

• Has been the President of GH Capital Inc. since 1992

• Spent 9 years at Citibank NA, most recently as VP and Area Head for South America

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Luis Santiago Perdomo Maldonado, Director

• Has been the Delegate in Charge of Mercantil Colpatria S.A since April 2018

▪ Held various positions with Scotiabank Colpatria S.A from 1994 to 2018, most recently as CEO

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José Fernando Llano Escandón, Director

• President, Private Equity and Infrastructure Division, of Mercantil Colpatria S.A.

• ▪ Previously served as VP, Planning and Control, for Grupo Colpatria focusing on strategic and financial planning and internal audit and risk management

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Juan Carlos Páez Ayala, Director

• Currently the Executive VP of Corficolombiana S.A., a financial institution

▪ Was previously the Project Director and Treasury Manager for the International and Treasury Vice Presidency of Banco de Bogota S.A.

Experienced Auditor, Technical Consultant, and Key Suppliers

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Auditor

• Auditor since 2008

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• Author of NI 43-101 compliant technical reports for Mineros’ material properties

• ▪ Independent Qualified Persons

QP / Technical Consultants

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Key Suppliers

Beatriz Orrantia, Director

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• Lawyer qualified in Ontario and Colombia, with expertise in M&A, securities, and mining

• Was previously VP Special Projects at Barrick Gold, currently works as an independent strategic consultant specializing in business between Canada and Latin America

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Dieter W. Jentsch, Director

• Former Scotiabank executive, most recently served as Group Head, Global Banking & Markets

• Was also Group Head of International Banking where he managed operations in 43 countries across Asia, South America and the Caribbean

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Mónica Jiménez Gonzalez, Director

▪ Lawyer qualified in Colombia, and a qualified practitioner of foreign law recognized by the Law Society of British Columbia

• Currently the Secretary General and Counsel to the CEO of Ecopetrol S.A, a director of Ecopetrol Brazil, and a member of the International Court of Arbitration

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Sergio Restrepo Isaza, Director

• Served in the Bancolombia S.A Group as VP for Capital Markets and Executive VP for Corporate Development

• Started his career at Corfinsura, where he held the positions of Company President, VP, Investment Banking and VP, Investments and International

Advisors for Proposed TSX IPO

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IPO Bookrunners

Legal Counsel

Legal Counsel to Underwriters

24

Mineros’ Entry into Argentina & Chile

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Gualcamayo Operating Profile[(1)]

• Consideration Structure ▪ US$31.1M cash

	Production	(Koz)		AISC	(US$/oz)
94 $1,105 2019		72 $1,473 2020				61-65 $1,800-$1,930 2021E

▪ 2.0% NSR on all revenue from material processed above the initial 396koz Au Gualcamayo ▪ (excluding DCP), up to US$50M cumulativeUS$30M in cash payable on declaration of commercial production at DCP & 300250 $1,105 $1,473 $1,800-$1,930 1.5% uncapped NSR on DCP 200150100 94 72 61-65 ▪ US$5M spend over 24 months gives option for 20% interest 50 ▪ Option to increase interest by 31% with US$20M incremental investment 0 La Pepa 2019 2020 2021E (US$5M to Yamana, US$15M project spend) ▪ At 51% interest, Mineros can acquire remaining stake at market value Acquisition Rationale 2019 2020 2020 ▪ Gualcamayo has increased Mineros production by 6,400m drilling completed at La 2,127m drilling 166koz produced at Gualcamayo since Pepa. Results to be used in completed at DCP in acquisition. Mineros production in 166koz since acquisition resource update and PEA support of planned updated resource and excess of 270koz produced in 2019 & 2020 ▪ Long-life growth opportunities with Deep PEA (2021) Carbonates project and La Pepa ▪ Gualcamayo/DCP constitute a significant portion of Mineros group Mineral Reserves & Mineral Resources ▪ La Pepa option introduced exploration in the 2018 2020 2021 world-class Maricunga belt Gualcamayo Property, Mineros has incurred U$5.5M in Mineros exercised its including DCP, acquired and qualifying expenditures at La Pepa, option for 20% interest in ▪ Updating the La Pepa resource will boost group La Pepa earn-in entered into entitling it to exercise its first option to La Pepa in June 2021 with Mineral Resources once verified with Yamana Gold acquire 20% interest in the project notice to proceed for the second option will be ▪ Option agreement provides flexibility based on delivered concurrently exploration outcome

• Gualcamayo has increased Mineros production by 166koz since acquisition

• ▪ Long-life growth opportunities with Deep Carbonates project and La Pepa

• Gualcamayo/DCP constitute a significant portion of Mineros group Mineral Reserves & Mineral Resources

25

Source: Company public filings, (1) 2021E is displayed as midpoint of guidance range.

Overview of Luna Roja Transaction

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• Mineros acquired Royal Road’s 50% interest in the Luna Roja project, comprising the Monte Carmelo I and Monte Carmelo II mining concessions in Nicaragua to consolidate Mineros’ 100% ownership

The Transaction

• Mineros paid US$24.5M[(1)] in cash on closing plus a 1.25% net smelter royalty on all future mineral production from the Monte Carmelo I and Monte Carmelo II concessions

• Royal Road will invest US$7.5M over a five-year period in ongoing exploration alliance with Mineros

Compelling Transaction Rationale

Repositions Hemco

• Luna Roja augments development opportunities to leverage existing Hemco plant with hub-and-spoke potential deployed successfully elsewhere in Nicaragua

Backstop TSX Dual List and Increased Liquidity

• Transaction provides Mineros with another growth opportunity and a pathway to reposition Hemco

• Value accretive use of proceeds on the equity issued to seed the TSX and offsets dilution

• Luna Roja is low risk given proximity to Hemco Property operations (labour, mill & social license) and significant information acquired as JV partner

Low Risk M&A

• The project is single commodity and consistent with gold strategy

• Helps attainment of critical mass for future production growth in the region

Source: S&P Capital IQ, Market Intelligence, Management guidance (1) Includes gross-up for applicable withholding taxes

26

Mineral Reserves and Mineral Resources

(Effective Date of June 30, 2021 as per 2021 Technical Reports)

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Mineral Reserves and Resources
	Tonnage	Grade Contained Metal
	Ore (kt)	Au Ag Zn Au Ag Zn (g/t) (g/t) (%) (koz) (koz) (Mlb)
Mineros S.A.
Proven & Probable reserves Nechi Alluvial Property Hemco - Panama, Pioneer and Artisanal Gualcamayo Property - Others: (QDD Main, QDDL, Condor, Potenciales, AIM,Target D,Salamanca and Las Vacas)	751,544 1,902 3,285	0.05 - - 1,171 - - 3.96 - - 242 - - 1.65 - - 174 - -
Total Proven & Probable Reserves Measured & Indicated Resources Nechi Alluvial Property Hemco Property – Porvenir Project, Leticia and San Antonio Deposits Hemco Property - Panama Mine, Pioneer Mine and Artisanal Gualcamayo Property – DCP (Rodado) Gualcamayo Property – Others (QDD Main, QDDL, Condor, Potenciales, AIM, Target D,Salamanca and Las Vacas)	756,731 1,056,000 9,507 2,384 9,249 17,066	0.07 - - 1,587 - - 0.04 - - 1,211 - - 2.86 10.79 2.76 872 3,297 578 4.43 - - 340 123 - 3.54 - - 1,053 - - 1.06 - - 582 - -
Total Measured and Indicated Inferred Resources Nechi Alluvial Property Hemco Property – Porvenir Project, Leticia and San Antonio Deposits Hemco Property – Panama Mine, Pioneer Mine and Artisanal Mining Gualcamayo Property – DCP (Rodado) Gualcamayo Property – Others (QDD Main, QDDL, Condor, Potenciales, AIM, Target D,Salamanca and Las Vacas)	1,094,206 - 4,171 3,404 8,947 7,152	0.12 - - 4,058 3,420 578 - - - - - - 2.88 10.58 2.23 386 1,420 205 4.39 - - 480 258 - 2.79 - - 802 - - 1.66 - - 381 - -
Total Inferred	23,674	2.69 - - 2,049 1,678 205

Mineral Resources are exclusive of Mineral Reserves Please refer to the following slides for Mineral Resource and Mineral Reserve reporting notes

27

Mineral Reserves Notes

(Effective Date of June 30, 2021 as per 2021 Technical Reports)

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Mineral Reserve Reporting Notes:

• CIM (2014) definitions were followed for Mineral Reserves.

• Mineral Reserves are estimated using an average long-term gold price of US$1,500/oz.

• Numbers may not add due to rounding.

Nechi Alluvial Property – Colombia:

• The Nechi Alluvial Property Mineral Reserves have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m[3] .

• Mineral Reserves are estimated at cut-off grades of 38 mg/m³ for mining by bucket line dredges, 49 mg/m³ for Brazilian suction dredge alluvials, 39 mg/m³ for wheel cutter suction dredge alluvials, and 96 mg/m³ for terrace alluvials.

• Mineral Reserves are estimated using an estimated gold price of US$1,500/oz Au.

• An exchange rate of COP$3,500=US$1.00 was used.

• Gold grade includes some silver. Alluvial gold at Nechi is 890 fine for reserve estimation.

• A minimum alluvial mining depth of 12 m was used.

• A maximum alluvial mining depth of 30 m was used.

Hemco Property – Nicaragua:

• Mineral Reserves are estimated using drill hole and sample data and depleted production through June 30, 2021.

• A minimum mining width of 0.9 m was used for shrinkage stoping and between 1.8 m and 2.0 m for mechanized mining methods.

• A marginal and break-even cut-off grade of 2.35 g/t Au and 2.85 g/t Au, respectively, were applied to shrinkage stope designs. Break even cut-off grades between 2.13 g/t Au and 2.64 g/t Au were applied to mechanized stope designs.

• Dilution skins of 0.25 m were applied to shrinkage stopes and between 0.6 m to 0.8 m to mechanized stopes. An extraction factor of 70% was applied to shrinkage stopes and between 75% and 90% to mechanized stopes.

• Mineral Reserves for the Toboba, Elefante, Neblina Main, and Neblina Sur orebodies were estimated using a 2019 Resource model. At the time of writing, while updated block models exist for the Elefante and Neblina Main orebodies an update to the Mineral Reserves was in progress.

• Mineral Reserves are estimated using average long term gold price of US$1,500/oz Au, and an exchange rate of COP$3,650=US$1.00 and NIO 36.30=US$1.00.

28

Mineral Reserves Notes (cont.) (Effective Date of June 30, 2021 as per 2021 Technical Reports)

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Gualcamayo Property – Argentina:

• Mineral Reserves are estimated using drill hole and sample data and depleted for production through June 30, 2021.

• Open pit Mineral Reserves are based on mine designs carried out on an updated resource model, applying a dilution and mining loss factor of 2% and 88%, 6% and 86%, and 5% and 91% at zero grade for the QDD Main, AIM, and Target D deposits, respectively. The following pit discard cut-off grades were applied:

• QDD – 0.32 g/t Au

• Target D – 0.40 g/t Au

• Magdalena – 0.52 g/t Au

• Stockpiles – same cut-off grade as source material.

• Stockpile Mineral Resources are based upon surveyed volumes supplemented by production data.

• Underground Mineral Reserves are based on mine designs carried out on an updated resource model. Stope dilution for QDD Lower and Bajo Prego Robin (BPR) was estimated through a sub-level caving (SLC) mixing model and averaged 24% and 10%, respectively. A dilution factor of 10% was applied to CE stopes and all development in ore.

• Mining recovery for QDD Lower and BPR stopes were estimated through the SLC mixing model and averaged 91% and 51%, respectively. The mining recovery at CE averaged 82%. An extraction of 90% was applied to all development in ore.

• A cut-off grade of 0.84 g/t Au was applied to the underground mine designs.

• Mineral Reserves are estimated using average long term gold price of US$1,500/oz Au, and an exchange rate of COP$3,650=US$1.00 and AR$135 =US$1.00.

29

Mineral Resources Notes

(Effective Date of June 30, 2021 as per 2021 Technical Reports)

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Mineral Resource Reporting Notes:

• CIM (2014) definitions were followed for Mineral Resources.

• Mineral Resources are exclusive of Mineral Reserves.

• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

• Numbers may not add due to rounding.

Nechi Alluvial Property:

• The Nechi Mineral Resources have been expressed as tonnes by converting cubic metres to tonnes using a density factor of 2.0 t/m[3] .

• Mineral Resources for 2021 at Nechi are estimated at a raw gold cut-off grade of 34 mg/m[3] for suction dredge plain alluvials, 85 mg/m[3] for terrace alluvials, and 43 mg/m³ gold for Brazilian dredge alluvials and dredge tailings.

• Mineral Resources are estimated using a gold price of US$1,700/oz Au and an exchange rate of COP$3,500 = US$1.00.

• Alluvial gold at Nechi is 890 fine for resource estimation.

• Resources are estimated to the depth of dredging and drill hole grade capping has been carried out at 290 mg/m[3] .

• Average thickness of the resource pay gravel is 11.1 m. Average thickness of overburden is 12.0 m.

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Mineral Resources Notes (cont.) (Effective Date of June 30, 2021 as per 2021 Technical Reports)

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Hemco Property:

• Mineral Resources are estimated at a cut-off grade of 2.0 g/t Au for long hole stoping resource shapes and 2.52 g/t Au for shrinkage resource shapes, 3.0 g/t Au for artisanal areas, and an NSR cut-off value of US$70/t and US$84.60/t for Porvenir (sublevel stoping and shrinkage stoping, respectively), and US$73.3/t for Leticia, and San Antonio. Open pit material above the 850 ft Level at Panama was estimated using a cut-off grade of 1.8 g/t Au.

• Mineral Resources are estimated using a long-term gold price of US$1,700/oz, a silver price of US$20/oz, and a zinc price of US$1.22/lb.

• A minimum mining width of 0.9 m was used at Panama, and a 1.8 m for sublevel stoping. For Pioneer, a minimum mining width of 1.0 m was used for all veins except Lone Star, Pioneer Northeast, Pioneer Northeast Extension, and Pioneer 3 which used underground reporting shapes to demonstrate Reasonable Prospects for Eventual Economic Extraction. Porvenir used underground reporting shapes to demonstrate Reasonable Prospects for Eventual Economic Extraction.

• Bulk density is between 2.66 t/m[3] and 2.68 t/m[3] for Panama, between 2.65 t/m[3] and 2.92 t/m[3] for Porvenir, 2.68 t/m[3] for Pioneer, 2.72 t/m[3] for Leticia, 2.75 t/m[3] for San Antonio, and 2.7 t/m[3] for the artisanal areas.

• Material within 30 m of the topographic surface has been excluded from the Pioneer and Porvenir Mineral Resources to allow for artisanal mining. This material is exclusive of the artisanal areas.

• Contained Ag ounces for the Panama Mine, Pioneer Mine and Artisanal subgroup are from Pioneer only. For the Ag grades corresponding to the contained Ag ounces, see Appendix “C” of the preliminary prospectus.

Gualcamayo Property:

• Mineral Resources are estimated at cut-off grades between 0.20 g/t Au and 0.40 g/t Au for open pit and between 0.63 g/t Au and 1.85 g/t Au for underground.

• Open pit Mineral Resources are constrained within Whittle optimized pit shells.

• Mineral Resources are estimated using a long-term gold price of US$1,700 per ounce.

• Bulk densities range between 2.47 t/m[3] and 3.01 t/m[3] depending on the rock type.

• Bajo OP corresponds to small zones of mineralization below each of the Whittle optimized pit shells of the open pit Mineral Resources that may be amenable to underground mining techniques. These areas were defined using reporting shapes to ensure reasonable prospects for eventual economic extraction.

• The DCP is comprised of three areas Roadado, Feeders, and Santiago, and accounts for 65% of the total of Measured and Indicated Resources and the long term future of the Gualcamayo Mine.

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