# Mineros Announces Updated Prefeasibility Study for the Porvenir Project and Highlights Emerging Porvenir Polymetallic District Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e Original source: https://money.tmx.com/en/quote/MSA/news/5428004096961885/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high Publisher: tmx Original announcement: 2026-03-31T12:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Mineros S.A. - Ticker: MSA - Exchange: TSX - Region: Nicaragua - Primary commodity: Gold - Secondary commodities: Silver, Zinc, Copper - Document categories: Resource update, Metallurgy - Extracted: 2026-08-25 22:54:27 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Mineros S.A. announced an updated Prefeasibility Study for its Porvenir Project, highlighting robust economics with a $460 million NPV \(5% discount rate\) and a 37.9% IRR. The study confirms Porvenir as a high-margin, stand-alone underground operation and the cornerstone of an emerging polymetallic district in Nicaragua. The company also reported updated Mineral Resource and Reserve estimates for Porvenir and other deposits within the Hemco Property, reinforcing district-scale potential and a viable processing flowsheet for gold, silver, zinc, and copper. Reasoning: Mineros has announced robust economics for its Porvenir Project through an updated Prefeasibility Study, supported by significant Proven and Probable Mineral Reserves and updated Mineral Resources across a polymetallic district. The study confirms a viable processing route and highlights the potential for future growth, although some individual metal recoveries and grades are not exceptional. - Positive factor: Robust project economics with high NPV and IRR - Positive factor: Significant Proven and Probable Mineral Reserves established for the Porvenir Project - Positive factor: Updated Mineral Resources for multiple deposits reinforce district-scale potential - Positive factor: Metallurgical test work confirms viable processing route with good recoveries for key metals - Positive factor: NI 43-101 compliant and signed off by multiple Qualified Persons - Negative factor: Copper recovery is on the lower side for flotation - Negative factor: Some resource grades for individual metals are moderate to weak for underground mining Facts used in scoring: 85 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report is explicitly stated as a 'National Instrument 43-101 \(“NI 43-101”\) technical report'. Evidence · text > A National Instrument 43-101 \(“NI 43-101”\) technical report **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons \(P.Geo., P.Eng.\) from SLR are named as responsible for the Mineral Resource and Reserve estimates and have reviewed and approved the information. Evidence · text > Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate for the purposes of NI 43-101 and has reviewed and approved the information relating to the Mineral Resource estimate contained in this news release. The Mineral Reserve estimate summarized in this news release is based on the 2026 PFS completed by. and Mineros and reviewed by SLR. Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate for the purposes of NI 43-101 and have reviewed and approved the information relating to the Mineral Reserve estimate contained in this news release. All other scientific and technical information contained in this news release has been reviewed and approved by the appropriate independent Qualified Person responsible for the relevant portions of the Technical Report, including Brenna J.Y. Scholey, P.Eng., Principal Metallurgist with SLR, Gerd Wiatzka, P.Eng., Vice President and Director Mining of Arcadis Canada Inc., and Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, each of whom is independent of the Company. **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is an 'Updated Prefeasibility Study' and the resource/reserve estimates are presented in support of this study. Evidence · text > Updated Prefeasibility Study for the Porvenir Project **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document explicitly states 'updated Mineral Resource and Mineral Reserve estimates'. Evidence · text > updated Mineral Resource and Mineral Reserve estimates **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Proven Mineral Reserves' for the Porvenir Project. Evidence · text > Proven Mineral Reserves: 650 Kt averaging 4.25 g/t AuEq **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Probable Mineral Reserves' for the Porvenir Project. Evidence · text > Probable Mineral Reserves: 5,827 Kt averaging 3.45 g/t AuEq **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The document reports 'Measured' Mineral Resources for the Porvenir Project. Evidence · table > Measured Context: 159 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 'Indicated' Mineral Resources for the Porvenir Project and other deposits. Evidence · table > Indicated Context: 2,811 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'Inferred' Mineral Resources for the Porvenir Project and other deposits. Evidence · table > Inferred Context: 1,031 **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing plant design includes 'flotation and cyanidation circuits' and a 'grinding circuit featuring a SAG mill and two parallel ball mills'. Evidence · text > Ore from the Porvenir underground mine will be processed in a new dedicated processing facility incorporating flotation and cyanidation circuits. The optimized flowsheet enables the recovery of copper and zinc concentrates in addition to gold-silver doré. Economic Analysis The economic analysis of the Porvenir Project demonstrates that the Mineral Reserves are economically viable at the consensus forecast prices of $3,150/oz Au, $45.00/oz Ag, $4.72/lb Cu, and $1.22/lb Zn over the LOM. The 2026 PFS Update base case economics result in an after-tax NPV at a 5% discount rate of approximately $460 million, an after-tax IRR of 37.9%, and a payback period of approximately 2.0 years from the start of production. Initial capital costs are estimated at $206.8 million, including contingency. Life-of-Mine \(“LOM”\) sustaining capital is estimated at $66.2 million, and closure and reclamation costs are estimated at $33.4 million. After-Tax cash flow undiscounted for the LOM of $727 million, see Figure 2 , and the average LOM AISC per ounce of gold equivalent sold is estimated at $1,295/oz AuEq. Mine and Processing Plant Operation The estimated Mineral Reserves support LOM of 9.2 years at a peak production rate of 2,000 tpd. The LOM plan is designed to minimize upfront capital expenditures without adversely affecting initial cash flow. The mine plan includes a six-month progressive ramp-up period, gradually increasing to 2,000 tpd in year one. Underground development is expected to commence two years prior to the start of production. The proposed Porvenir Plant is designed as a stand-alone facility with a treatment capacity of 2,000 tpd, placed within a layout with sufficient capacity for future expansions. The plant will utilize an updated metallurgical flowsheet designed to produce three primary products: copper-lead concentrate containing gold and silver, zinc concentrate, and gold-silver doré bars. The comprehensive process includes primary crushing, followed by a grinding circuit featuring a SAG mill and two parallel ball mills. The recovery circuit integrates specialized stages such as flash flotation, conventional Cu-Pb and zinc flotation, and a cyanidation circuit for flotation tailings. The facility includes a Merrill-Crowe recovery system, a cyanide destruction circuit for tailings detoxification, and an industrial wastewater treatment plant equipped with an acid mine drainage module. The Porvenir Plant is designed to achieve LOM metallurgical recoveries rates of 88.4% for gold, 84.9% for silver, 84.5% for zinc, and 69.9% for copper. Under the 2026 PFS, the Porvenir Project is expected to deliver average annual sales of 72.3 Koz AuEq 1 , 54.5 Koz Au, 190 Koz Ag, 28 Mlb Zn and 3.75 Mlb Cu over years 1 to 9 \(years of full production\) of mine life. See Figure 3 Sensitivity analysis for the base case is provided in Table 1 . Table 1: After-tax sensitivity analysis Gold Price \($/oz Au\) NPV 10% \($000\) NPV 5% \($000\) 2,520 152,378 263,836 2,835 221,702 361,851 3,150 \(Base Case\) 291,026 459,867 3,465 360,238 557,677 3,780 429,309 655,227 The 2026 PFS was managed by Mineros, completed by BISA Ingenieria de Proyectos S.A. of Lima, Peru \(“BISA”\), and reviewed by SLR. Both BISA and SLR are independent of Mineros. PORVENIR MINERAL RESOURCES AND MINERAL RESERVES ESTIMATES Porvenir Deposit Mineral Resources Porvenir Project Mineral Resources set out in Table 2 were estimated by Mineros and reviewed by SLR. The updated Mineral Resource estimate effective December 31, 2025, accounts for updated metal prices, cost estimates, metallurgical recoveries, and resource reporting using an $80/t NSR cut-off for sub-level stoping resource shapes. Table 2: Porvenir Mineral Resources – Effective December 31, 2025 Mineral Resource Category Tonnes \(Kt\) Gold Grade \(g/t Au\) Silver Grade \(g/t Ag\) Zinc Grade \(% Zn\) Copper Grade \(% Cu\) Gold Eq Grade \(g/t AuEq\) Cont. Metal \(Koz Au\) Cont. Metal \(Koz Ag\) Cont. Metal \(Mlb Zn\) Cont. Metal \(Mlb Cu\) Cont. Metal \(Koz AuEq\) Measured 159 1.86 10.52 1.82 0.43 2.39 10 54 6 2 12 Indicated 2,811 1.91 9.02 2.20 0.27 2.44 172 815 137 17 220 Total M+I 2,969 1.91 9.10 2.18 0.28 2.44 182 869 143 18 233 Inferred 1,031 2.05 6.77 2.35 0.12 2.64 68 224 53 3 84 Notes 1. CIM \(2014\) definitions were followed for Mineral Resources. 2. The effective date for the Mineral Resources is December 31, 2025. 3. Mineral Resources are estimated at an NSR cut-off value of $80/t for sub-level stoping. 4. Mineral Resources are estimated using a long-term gold price of $2,500/oz Au, a silver price of $28/oz Ag, a zinc price of $1.18/lb Zn, and a copper price of $3.92/lb Cu. 5. Underground reporting shapes were used to demonstrate Reasonable Prospects for Eventual Economic Extraction. 6. Bulk density average is 2.73 t/m 3 . 7. Metallurgical recoveries were applied on a block-by-block basis and average 79.2% for gold, 62.2% for silver, 78.1% for zinc, and 37.1% for copper. 8. Material within 10 m of the topographic surface has been excluded from Porvenir Mineral Resources to allow for artisanal mining. 9. The NSR $/t value for each block was calculated using the following NSR factors: a. $75.88/g x g/t Au x gold recovery b. $0.744/g x g/t Ag x silver recovery c. $12.93/% x % Zn x zinc recovery d. $53.07/% x % Cu x copper recovery 10. The formula used to calculate the AuEq grade is Au g/t + \(Ag g/t \* silver AuEq factor\) + \(Zn% \* zinc AuEq factor\) + \(Cu% \* copper AuEq factor\), where: a. silver AuEq factor = \(0.74 \* silver recovery\) / \(75.88 \* gold recovery\) b. zinc AuEq factor = \(12.93\* zinc recovery\) / \(75.88 \* gold recovery\) c. copper AuEq factor = \(53.07 \* copper recovery\) / \(75.88 \* gold recovery\) 11. Gold Grade stated on an AuEq basis and AuEq Contained Metal have been calculated for purposes of this press release and are not disclosed in the Hemco Technical Report. 12. Mineral Resources are exclusive of Mineral Reserves. 13. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 14. Numbers may not add due to rounding. Porvenir Deposit Mineral Reserves Mineral Reserves were estimated by BISA and reviewed by SLR, set out in Table 3 , using the updated Mineral Resource estimate, and Deswik stope optimizer software to prepare stope designs for bench-and-fill and sub-level long hole stoping of the deposit. Mine access designs assume the use of mechanized equipment for mucking and haulage and conventional ventilation and backfill systems. Dilution was added to the footwall and hanging wall of stopes and mining extraction factors were included to account for pillars and practical ore extraction from stopes. Allowances were made for sill and rib pillars within the designs. Table 3: Porvenir Mineral Reserves – Effective December 31, 2025 Mineral Reserve Category Tonnes \(Kt\) Gold Grade \(g/t Au\) Silver Grade \(g/t Ag\) Zinc Grade \(% Zn\) Copper Grade \(% Cu\) Gold Eq Grade \(g/t AuEq\) Cont. Metal \(Koz Au\) Cont. Metal \(Koz Ag\) Cont. Metal \(Mlb Zn\) Cont. Metal \(Mlb Cu\) Cont. Metal \(Koz AuEq\) Proven 650 3.50 14.07 2.54 0.50 4.25 73 294 36 7 89 Probable 5,827 2.79 12.07 2.61 0.35 3.45 523 2,261 336 45 647 Total P+P 6,477 2.86 12.27 2.61 0.37 3.53 596 2,555 372 52 736 Notes 1. CIM \(2014\) definitions were followed for Mineral Reserves. 2. Mining methods at Porvenir include bench-and-fill stoping and sub-level stoping. 3. Minimum mining width for Porvenir is 1.80 m. 4. Mineral Reserves are based on NSR cut-off values ranging approximately between $96/t and $110/t depending on mining method and mining area. 5. Mineral Reserves were estimated using long-term metal prices of $2,150/oz Au, $24/oz Ag, $1.01/lb Zn, and $3.33/lb Cu. 6. Metallurgical recoveries were applied on a block-by-block basis and average 88.4% for gold, 84.9% for silver, 84.5% for zinc and 69.9% for copper. 7. The NSR $/t value for each block was calculated using the following NSR factors: a. $65.25/g x g/t Au x gold recovery b. $0.638/g x g/t Ag x silver recovery c. $9.83/% x % Zn x zinc recovery d. $41.14/% x % Cu x copper recovery 8. The formula used to calculate the AuEq grade is Au g/t + \(Ag g/t \* silver AuEq factor\) + \(Zn% \* zinc AuEq factor\) + \(Cu% \* copper AuEq factor\), where: a. silver AuEq factor = \(0.638 \* silver recovery\) / \(65.25 \* gold recovery\) b. zinc AuEq factor = \(9.83\* zinc recovery\) / \(65.25 \* gold recovery\) c. copper AuEq factor = \(41.14 \* copper recovery\) / \(65.25 \* gold recovery\) 9. Gold Grade stated on an AuEq basis and AuEq Contained Metal have been calculated for purposes of this press release and are not disclosed in the Hemco Technical Report. 10. Totals may not add due to rounding. PORVENIR POLYMETALLIC DISTRICT MINERAL RESOURCES Porvenir Polymetallic District Mineral Resources Mineral Resources were estimated by Mineros and reviewed by SLR, set out in Table 4 . The updated Mineral Resource estimate effective December 31, 2025, accounts for updated metal prices, cost estimates, metallurgical recoveries, and resource reporting using a $80/t NSR cut-off for sub-level stoping resource shapes. Mineral Resources at Guillermina, Leticia and San Antonio are classified based on drill hole spacing, using criteria comparable to those applied at Porvenir due to the similar deposit style. Table 4: Porvenir Polymetallic District Mineral Resources – Effective December 31, 2025 Mineral Resource Category Deposit Tonnes \(Kt\) Gold Grade \(g/t Au\) Silver Grade \(g/t Ag\) Zinc Grade \(% Zn\) Copper Grade \(% Cu\) Gold Eq Grade \(g/t AuEq\) Cont. Metal \(Koz Au\) Cont. Metal \(Koz Ag\) Cont. Metal \(Mlb Zn\) Cont. Metal \(Mlb Cu\) Cont. Metal \(Koz AuEq\) Porvenir 159 1.86 10.52 1.82 0.43 2.39 10 54 6 2 12 Measured Guillermina - - - - - - - - - - Leticia - - - - - - - - - - San Antonio - - - - - - - - - - Porvenir 2,811 1.91 9.02 2.20 0.27 2.44 172 815 137 17 220 Indicated Guillermina 1,763 0.97 27.33 6.61 0.21 2.37 55 1,549 257 8 134 Leticia 300 3.40 13.31 1.71 0.54 3.98 33 129 11 4 38 San Antonio - - - - - - - - - - Porvenir 2,969 1.91 9.10 2.18 0.28 2.44 182 869 143 18 233 M+I Guillermina 1,763 0.97 27.33 6.61 0.21 2.37 55 1,549 257 8 134 Leticia 300 3.40 13.31 1.71 0.54 3.98 33 129 11 4 38 San Antonio - - - - - - - - - - - Total M+ I Porvenir Polymetallic 5,033 1.67 15.74 3.71 0.27 2.51 270 2,546 411 30 406 Porvenir 1,031 2.05 6.77 2.35 0.12 2.54 68 224 53 3 84 Inferred Guillermina 1,118 1.44 30.15 5.50 0.17 2.66 52 1,084 136 4 96 Leticia 137 2.81 8.53 0.82 0.36 3.15 12 38 3 1 14 San Antonio 1,313 2.23 12.33 0.32 0.93 2.82 94 521 9 27 119 Total Inferred Porvenir Polymetallic 3,599 1.95 16.13 2.53 0.44 2.70 226 1,866 200 35 313 Notes 1. CIM \(2014\) definitions were followed for Mineral Resources. 2. The effective date for the Mineral Resources is December 31, 2025. 3. Mineral Resources are estimated at an NSR cut-off value of $80/t for sub-level stoping. 4. Mineral Resources are estimated using a long-term gold price of $2,500/oz Au, a silver price of $28/oz Ag, a zinc price of $1.18/lb Zn, and a copper price of $3.92/lb Cu. 5. Underground reporting shapes were used to demonstrate Reasonable Prospects for Eventual Economic Extraction. 6. Bulk density average is 2.73 t/m³ for Porvenir, 2.73 t/m 3 , 2.71 t/m 3 for Guillermina, 2.77 t/m 3 for Leticia, and 2.76 t/m 3 for San Antonio. 7. Metallurgical recoveries for Porvenir were applied on a block-by-block basis and average 79.2% for gold, 62.2% for silver, 78.1% for zinc, and 37.1% for copper. 8. Metallurgical recoveries for Guillermina were applied on a block-by-block basis and average 83.9 % for gold, 69.3 % for silver, 81.8 % for zinc and 47.0 % for copper. 9. Metallurgical recoveries for Leticia were applied on a block-by-block basis and average 73.3 % for gold, 60.6 % for silver, 62.2 % for zinc and 44.1 % for copper. 10. Metallurgical recoveries for San Antonio were applied on a block-by-block basis and average 79.3 % for gold, 68.3 % for silver, 27.9% for zinc and 56.9 % for copper. 11. Material within 10 m of the topographic surface has been excluded from Porvenir Mineral Resources to allow for artisanal mining. 12. The NSR $/t value for each block was calculated using the following NSR factors: a. $75.88/g x g/t Au x gold recovery b. $0.744/g x g/t Ag x silver recovery c. $12.93/% x % Zn x zinc recovery d. $53.07/% x % Cu x copper recovery 13. The formula used to calculate the AuEq grade is Au g/t + \(Ag g/t \* silver AuEq factor\) + \(Zn% \* zinc AuEq factor\) + \(Cu% \* copper AuEq factor\), where: a. silver AuEq factor = \(0.74 \* silver recovery\) / \(75.88 \* gold recovery\) b. zinc AuEq factor = \(12.93\* zinc recovery\) / \(75.88 \* gold recovery\) c. copper AuEq factor = \(53.07 \* copper recovery\) / \(75.88 \* gold recovery\) 14. Gold Grade stated on an AuEq basis and AuEq Contained Metal have been calculated for purposes of this press release and are not disclosed in the Hemco Technical Report. 15. Mineral Resources are exclusive of Mineral Reserves. 16. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 17. Numbers may not add due to rounding PORVENIR NEXT STEPS Future work at the Porvenir polymetallic district will focus on high-impact technical validation and optimization initiatives focusing on potential expanded processing capacities for the Porvenir Project, as well as continued understanding of the nearby identified targets through disciplined exploration drilling. Key activities for the Porvenir Project include: Infill Drilling: Execution of infill drilling campaigns and additional metallurgical sampling to support continued refinement of the processing flowsheet and optimization of the mine design and production schedule. Infrastructure & Safety: Continuation of geotechnical studies and advanced engineering for the Tailings Storage Facility, the process plant, and associated site facilities. These activities are designed to systematically de-risk the Porvenir Project. By aligning infill results with advanced engineering, we are establishing the technical certainty required to optimize capital allocation and provide a clear, data-driven path for future development options. HEMCO PROPERTY MINERAL RESOURCES AND RESERVES The Hemco Property Mineral Resource statement in Table 5 , by deposit and exclusive of Mineral Reserves, as of December 31, 2025, includes the Panama and Pioneer mines alongside the Porvenir, Guillermina, Leticia, San Antonio and Luna Roja deposits. Table 5: Hemco property Mineral Resources– Effective December 31, 2025 Mineral Resource Category Deposit Tonnes \(Kt\) Gold Grade \(g/t Au\) Silver Grade \(g/t Ag\) Zinc Grade \(% Zn\) Copper Grade \(% Cu\) Cont. Metal \(Koz Au\) Cont. Metal \(Koz Ag\) Cont. Metal \(Mlb Zn\) Cont. Metal \(Mlb Cu\) Panama 124 2.51 - - - 10 - - - Pioneer 51 4.39 - - - 7 - - - Measured Luna Roja \(Open Pit\) - - - - - - - - - Porvenir 159 1.86 10.52 1.82 0.43 10 54 6 2 Guillermina - - - - - - - - - Leticia - - - - - - - - - San Antonio - - - - - - - - - Panama 1,034 3.14 - - - 104 - - - Pioneer 311 3.12 - - - 31 - - - Indicated Luna Roja \(Open Pit\) 841 2.77 - - - 75 - - - Porvenir 2,811 1.91 9.02 2.20 0.27 172 815 137 17 Guillermina 1,763 0.97 27.33 6.61 0.21 55 1,549 257 8 Leticia 300 3.40 13.31 1.71 0.54 33 129 11 4 San Antonio - - - - - - - - - Panama 1,159 3.07 - - - 114 - - - Pioneer 362 3.30 - - - 38 - - - M+I Luna Roja \(Open Pit\) 841 2.77 - - - 75 - - - Porvenir 2,969 1.91 9.10 2.18 0.28 182 869 143 18 Guillermina 1,763 0.97 27.33 6.61 0.21 55 1,549 257 8 Leticia 300 3.40 13.31 1.71 0.54 33 129 11 4 San Antonio - - - - - - - - - Total M+I Hemco Property 7,394 2.09 - - - 497 2,546 411 30 Panama 3,027 3.50 - - - 340 - - - Pioneer 1,769 3.54 - - - 201 - - - Inferred Luna Roja \(Open Pit\) 869 2.52 - - - 70 - - - Luna Roja \(Underground\) 291 2.81 - - - 26 - - - Porvenir 1,031 2.05 6.77 2.35 0.12 68 224 53 3 Guillermina 1,118 1.44 30.15 5.50 0.17 52 1,084 136 4 Leticia 137 2.81 8.53 0.82 0.36 12 38 3 1 San Antonio 1,313 2.23 12.33 0.32 0.93 94 521 9 27 Total Inferred Hemco Property 9,554 2.81 - - - 864 1,866 200 35 Notes: 1. CIM \(2014\) definitions were followed for Mineral Resources. 2. The effective date for the Mineral Resources is December 31, 2025. 3. Mineral Resources are estimated at a cut-off grade of 1.5 g/t Au for shrinkage resource shapes at Panama, Pioneer, and Luna Roja \(Underground\), and an NSR cut-off value of $80/t for sub-level stoping at Porvenir, San Antonio, Guillermina, and Leticia. Pillar Recovery at Panama production units Carolina, Foundling, Cable-Comal-Tesoro, Filadelfia, and La Estrellita are reported at a 2.49 g/t Au block cut-off. Open pit material at Luna Roja was estimated using a cut-off grade of 0.8 g/t Au. 4. Mineral Resources are estimated using a long-term gold price of $2,500/oz Au, a silver price of $28/oz Ag, a zinc price of $1.18/lb Zn, and a copper price of $3.92/lb Cu. 5. Underground reporting shapes were used to demonstrate Reasonable Prospects for Eventual Economic Extraction. At Luna Roja, Mineral Resources amenable to open pit mining were reported within a resource pit shell. 6. Bulk density average is 2.68 t/m 3 for Panama and Pioneer, 2.73 t/m 3 for Porvenir, 2.82 t/m 3 for Luna Roja OP, 3.15 t/m 3 for Luna Roja UG, 2.71 t/m 3 for Guillermina, 2.77 t/m 3 for Leticia, and 2.76 t/m 3 for San Antonio. 7. Mineral Resources are exclusive of Mineral Reserves. 8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 9. Material within 10 m of the topographic surface has been excluded from the Panama, Pioneer, Porvenir, Guillermina, Leticia, and San Antonio Mineral Resources to allow for artisanal mining. 10. Total silver, copper, and zinc grades were not calculated as these metals are not consistently reported across all deposits. 11. Number may not add due to rounding Hemco Property Mineral Reserves in Table 6 , as of December 31, 2025, includes the Panama Mine, the Pioneer Mine, and the Porvenir Project. There are gold Mineral Reserves in the Panama and Pioneer mines and gold, silver, copper and zinc Mineral Reserves in the Porvenir deposit. Table 6: Hemco property Mineral Reserves– Effective December 31, 2025 Mineral Resource Category Deposit Tonnes \(Kt\) Gold Grade \(g/t Au\) Silver Grade \(g/t Ag\) Zinc Grade \(% Zn\) Copper Grade \(% Cu\) Cont. Metal \(Koz Au\) Cont. Metal \(Koz Ag\) Cont. Metal \(Mlb Zn\) Cont. Metal \(Mlb Cu\) Panama 102 2.90 - - - 9 - - - Proven Pioneer 75 5.22 - - - 13 - - - Porvenir 650 3.50 14.07 2.54 0.50 73 294 36 7 Panama 990 3.89 - - - 124 - - - Probable Pioneer 839 4.42 - - - 119 - - - Porvenir 5,827 2.79 12.07 2.61 0.35 523 2,261 336 45 Proven and Probable Panama 1,091 3.79 - - - 133 - - - Pioneer 914 4.49 - - - 132 - - - Porvenir 6,477 2.86 12.27 2.61 0.37 596 2,555 372 52 Total P+P Hemco Property 8,481 3.16 - - - 861 2,555 372 52 Notes 1. CIM \(2014\) definitions were followed for Mineral Resources. 2. The effective date for the Mineral Resources is December 31, 2025. 3. Mineral Resources are estimated at an NSR cut-off value of $80/t for sub-level stoping. 4. Mining method: a. Panama and Pioneer: shrinkage stoping, sub-level open stoping \(“SLOS”\), and bench and fill. b. Porvenir: Bench-and-fill stoping and sub-level stoping. 5. Minimum mining width: a. Panama and Pioneer: 0.90 m for shrinkage stoping and between 1.80 m and 2.00 m for mechanized mining methods. b. Porvenir: 1.805 m. 6. Cut-off grades and values: a. Panama and Pioneer: marginal and break-even cut-off grades of 1.62 g/t Au and 2.42 g/t Au, 1.78 g/t Au and 2.58 g/t Au, and 2.05 g/t Au and 2.85 g/t Au were applied to shrinkage, SLOS, and bench and fill mining methods respectively. b. Porvenir: based on NSR cut-off values: Real McKoy BAF - $109.57/t, Porvenir Norte SLS longitudinal \(width < 7 m\) - $104.22/t, SLS longitudinal \(width < 12 m\) - $96.30/t, SLS transverse - $102.37/t, and Porvenir Sur SLS longitudinal \(width < 7 m\) - $106.23/t, SLS longitudinal \(width < 12 m\) - $98.31/t, SLS transverse - $105.12/t. 7. Metallurgical recoveries: a. Panama and Pioneer: 90% for gold. b. Porvenir: were applied on a block-by-block basis and average 88.4% for gold, 84.9% for silver, 84.5% for zinc and 69.9% for copper. 8. Dilution: a. Panama and Pioneer: dilution skins of 0.20 m were applied to shrinkage stopes and between 0.6 m to 0.8 m to mechanized stopes. b. Porvenir: Dilution skins of 0.83 m and 0.75 m were applied to longitudinal and transverse SLS stopes, respectively, at Porvenir Sur and 0.79 m and 0.75 m, respectively, at Porvenir Norte. A total Equivalent Linear Overbreak/Slough \(ELOS\) of 0.60 m was applied to the BAF stopes at Real McKoy. 9. Mining Extraction: a. Panama and Pioneer: a factor of 90% was applied to shrinkage and 80% mechanized stopes. b. Porvenir: a factor of 95% was applied to all stopes and 100% to development in ore. 10. Mineral Reserves estimated using an average long term metal prices of $2,150/oz Au, $24.00/oz Ag, $1.0601/lb Zn and $3.33/lb Cu. 11. Mineral Reserves are depleted for production through December 31, 2025. 12. Total silver, copper, and zinc grades were not calculated as these metals are not consistently reported across all deposits. QUALIFIED PERSON, TECHNICAL INFORMATION, AND QUALITY CONTROL The Mineral Resource estimate summarized in this news release was prepared by Mineros S.A. and reviewed by SLR. Katharine M. Masun, M.Sc., MSA, P.Geo., Principal Resource Geologist with SLR, is the independent Qualified Person responsible for the Mineral Resource estimate for the purposes of NI 43-101 and has reviewed and approved the information relating to the Mineral Resource estimate contained in this news release. The Mineral Reserve estimate summarized in this news release is based on the 2026 PFS completed by. and Mineros and reviewed by SLR. Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, and Varun Bhundhoo, Ing., Consultant Mining Engineer with SLR, are the independent Qualified Persons responsible for the Mineral Reserve estimate for the purposes of NI 43-101 and have reviewed and approved the information relating to the Mineral Reserve estimate contained in this news release. All other scientific and technical information contained in this news release has been reviewed and approved by the appropriate independent Qualified Person responsible for the relevant portions of the Technical Report, including Brenna J.Y. Scholey, P.Eng., Principal Metallurgist with SLR, Gerd Wiatzka, P.Eng., Vice President and Director Mining of Arcadis Canada Inc., and Eduardo Zamanillo, M.Sc., MBA, P.Eng., Principal Mining Engineer with SLR, each of whom is independent of the Company. In addition, Luis Fernando Ferreira de Oliveira, P.Geo., MAusIMM \(CP\), Manager, Technical Services for Mineros, a Qualified Person with the meaning of NI 43-101 who is not independent of the Company, has reviewed this news release on behalf of Mineros and approved certain Company-generated technical and operational information contained herein. Gold equivalent \(“AuEq”\) values disclosed in this news release are not presented in the Hemco Technical Report however the AuEq calculations, and grade and contained metal AuEq disclosure have been reviewed and approved by the SLR QPs. Mineros maintains a comprehensive quality assurance and quality control \(QA/QC\) program consistent with industry’s best practices. Certified reference materials, blanks and duplicates are routinely inserted into the sample stream to monitor accuracy, precision, contamination and bias. All QA/QC results are reviewed, and any failed batches are reanalyzed. Diamond drill core is logged and sampled by site geologists, typically at one-metre intervals \(ranging from 0.2 m to 2.0 m\). Core is cut in half, with one half retained on site and the other submitted for analysis under strict chain-of-custody procedures. Prior to April 2023, sample preparation and analysis were conducted by Bureau Veritas \(Canada\), an ISO/IEC 17025:2017 accredited and independent laboratory. Since April 2023, samples have been processed by ALS Global Peru \(Nicaragua for preparation and Lima, Peru for analysis\), also ISO/IEC 17025:2017 accredited and independent. Currently, Sample preparation follows industry-standard crushing and pulverization protocols following the PREP31 package \(crushing of the entire sample to ≥70% passing 2-mm mesh, pulverization of 250 g ≥85% 75 µm\). Samples, standards, duplicates, and blanks are analyzed for gold using a standard fire assay method \(30 g aliquot\) and AAS. Assays over 10 ppm are reanalyzed by 30 g fire assay with gravimetric finish. All samples are analyzed for a 51-element suite, using aqua regia digestion and an ICP-ES/MS finish. All coarse rejects and pulps are securely stored by the Company, and approximately 5% of pulps are submitted to an independent secondary laboratory for check assays to verify results. ABOUT MINEROS S.A. Mineros is a leading Latin American gold mining company headquartered in Medellín, Colombia. The Company operates a diversified portfolio of assets in Colombia and Nicaragua and maintains a pipeline of development and exploration projects across the region, including the La Pepa Project in Chile. With more than 50 years of operating history, Mineros maintains a longstanding focus on safety, sustainability, and disciplined capital allocation. Its common shares are listed on the Toronto Stock Exchange \(MSA\) and the Colombian Stock Exchange \(MINEROS\) and trade on the OTCQX ® Best Market under the symbol MNSAF. Election of Directors – Electoral Quotient System The Company has received an exemption from the individual and majority voting requirements applicable to TSX-listed issuers. Compliance with such requirements would conflict with Colombian laws and regulations, which require directors to be elected from a slate of nominees under an electoral quotient system. Additional details are available in the Company’s most recent Annual Information Form, accessible on the Company’s website at www.mineros.com.co and on SEDAR+ at www.sedarplus.ca . FORWARD-LOOKING STATEMENTS This news release 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, statements with respect to the timing of filing of the technical report containing the 2026 PFS; production estimates; future infrastructure; the estimate of Mineral Resources, and Mineral Reserves the results of metallurgical studies; exploration and testing plans; growth of Mineros’ operations; life of mine; initial capital costs; future expansion and upgrading of Mineral Resources and Mineral Reserves; mining recovery methods; production ramp-up; underground development at Porvenir; annual production expectations ; the economic viability of the Porvenir Project and its satellite deposits; and future development at the Porvenir Project. 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 reasonable and reasonable in the circumstances, as of the date of this news release. 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 most recent annual information form, available on SEDAR+ at www.sedarplus.ca . The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information contained herein. 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 news release 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. 1 Base case consensus forecast prices of $3,150/oz Au, $45.00/oz Ag, $4.72/lb Cu, and $1.22/lb Zn 2 After-tax free cash flow and AISC per ounce of AuEq sold are calculated at the project level based on the 2026 PFS life of mine economic analysis and are not comparable to the non-IFRS financial measures and non-IFRS financial ratios reported in the Company’s management’s discussion and analysis. 3 Mineral Reserves in terms of gold equivalent ounces \(“AuEq”\) have been calculated for purposes of this press release based on the assumptions set out in Note 8 to Table 3, below, and are not disclosed in the Hemco Technical Report. 4 Mineral Resources in terms of AuEq have been calculated for purposes of this press release based on the assumptions set out in Note 10 to Table 2, below, and are not disclosed in the Hemco Technical Report. 5 Payable Gold equivalent is calculated as Au payable oz + \(Ag payable oz \* $45.00/oz Ag / $3,150/oz Au\) + \(Zn payable lb \* $1.22/lb Zn / $3,150/oz Au\) + \(Cu payable lb \* $4.72/lb Cu / $3,150/oz Au\) View source version on businesswire.com: https://www.businesswire.com/news/home/20260330416382/en/ For Further Information, Please Contact: Ann Wilkinson Vice President, Investor Relations +1 \(647\) 496-3011 Ann.Wilkinson@Mineros.com.co Juan Obando Director, Investor Relations +57 \(4\) 266-5757 Juan.Obando@Mineros.com.co ## Extracted facts Stored fact records: 85. Some facts used in scoring do not have a stored record. ## Resource Estimates (85) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-0) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 159000 - Grade: 1.86 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured gold resource at Porvenir is moderate in grade for an underground epithermal deposit, contributing to the overall resource base. Evidence · table > 1.86 Context: 159 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-1) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 159000 - Grade: 10.52 - Grade Unit: g/t - Contained Metal: 54000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured silver resource at Porvenir is weak in grade for an underground epithermal deposit, but contributes to polymetallic value. Evidence · table > 10.52 Context: 159 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-2) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 159000 - Grade: 1.82 - Grade Unit: % - Contained Metal: 6000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured zinc resource at Porvenir is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 1.82 Context: 159 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-3) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 159000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 2000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured copper resource at Porvenir is weak in grade for an underground VMS-type deposit, but contributes to polymetallic value. Evidence · table > 0.43 Context: 159 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-4) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 159000 - Grade: 2.39 - Grade Unit: g/t AuEq - Contained Metal: 12000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured gold equivalent resource at Porvenir is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 2.39 Context: 159 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-5) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 2811000 - Grade: 1.91 - Grade Unit: g/t - Contained Metal: 172000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold resource at Porvenir is moderate in grade for an underground epithermal deposit, forming a significant part of the resource base. Evidence · table > 1.91 Context: 2,811 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-6) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 2811000 - Grade: 9.02 - Grade Unit: g/t - Contained Metal: 815000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated silver resource at Porvenir is weak in grade for an underground epithermal deposit, but contributes to the polymetallic value. Evidence · table > 9.02 Context: 2,811 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-7) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 2811000 - Grade: 2.2 - Grade Unit: % - Contained Metal: 137000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated zinc resource at Porvenir is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 2.20 Context: 2,811 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-8) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 2811000 - Grade: 0.27 - Grade Unit: % - Contained Metal: 17000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated copper resource at Porvenir is weak in grade for an underground VMS-type deposit, but contributes to polymetallic value. Evidence · table > 0.27 Context: 2,811 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-9) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 2811000 - Grade: 2.44 - Grade Unit: g/t AuEq - Contained Metal: 220000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold equivalent resource at Porvenir is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 2.44 Context: 2,811 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-10) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1031000 - Grade: 2.05 - Grade Unit: g/t - Contained Metal: 68000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Porvenir is moderate in grade for an underground epithermal deposit, representing future potential. Evidence · table > 2.05 Context: 1,031 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-11) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1031000 - Grade: 6.77 - Grade Unit: g/t - Contained Metal: 224000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred silver resource at Porvenir is weak in grade for an underground epithermal deposit, but contributes to polymetallic value. Evidence · table > 6.77 Context: 1,031 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-12) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1031000 - Grade: 2.35 - Grade Unit: % - Contained Metal: 53000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred zinc resource at Porvenir is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 2.35 Context: 1,031 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-13) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1031000 - Grade: 0.12 - Grade Unit: % - Contained Metal: 3000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred copper resource at Porvenir is weak in grade for an underground VMS-type deposit, but contributes to polymetallic value. Evidence · table > 0.12 Context: 1,031 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-14) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1031000 - Grade: 2.64 - Grade Unit: g/t AuEq - Contained Metal: 84000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold equivalent resource at Porvenir is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 2.64 Context: 1,031 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-15) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 650000 - Grade: 3.5 - Grade Unit: g/t - Contained Metal: 73000 - Contained Unit: oz - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven gold reserve at Porvenir is strong in grade for an underground epithermal deposit, indicating high confidence and economic viability. - Positive factor: Proven Reserve Evidence · table > 3.50 Context: 650 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-16) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 650000 - Grade: 14.07 - Grade Unit: g/t - Contained Metal: 294000 - Contained Unit: oz - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven silver reserve at Porvenir is weak in grade for an underground epithermal deposit, but contributes to the polymetallic value. - Positive factor: Proven Reserve Evidence · table > 14.07 Context: 650 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-17) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 650000 - Grade: 2.54 - Grade Unit: % - Contained Metal: 36000000 - Contained Unit: lb - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven zinc reserve at Porvenir is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. - Positive factor: Proven Reserve Evidence · table > 2.54 Context: 650 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-18) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 650000 - Grade: 0.5 - Grade Unit: % - Contained Metal: 7000000 - Contained Unit: lb - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven copper reserve at Porvenir is weak in grade for an underground VMS-type deposit, but contributes to polymetallic value. - Positive factor: Proven Reserve Evidence · table > 0.50 Context: 650 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-19) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 650000 - Grade: 4.25 - Grade Unit: g/t AuEq - Contained Metal: 89000 - Contained Unit: oz AuEq - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven gold equivalent reserve at Porvenir is strong in grade for an underground epithermal deposit, indicating high confidence and economic viability. - Positive factor: Proven Reserve Evidence · table > 4.25 Context: 650 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-20) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 5827000 - Grade: 2.79 - Grade Unit: g/t - Contained Metal: 523000 - Contained Unit: oz - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable gold reserve at Porvenir is moderate in grade for an underground epithermal deposit, representing a significant portion of the economic inventory. - Positive factor: Probable Reserve Evidence · table > 2.79 Context: 5,827 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-21) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 5827000 - Grade: 12.07 - Grade Unit: g/t - Contained Metal: 2261000 - Contained Unit: oz - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable silver reserve at Porvenir is weak in grade for an underground epithermal deposit, but contributes significantly to the polymetallic value. - Positive factor: Probable Reserve Evidence · table > 12.07 Context: 5,827 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-22) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 5827000 - Grade: 2.61 - Grade Unit: % - Contained Metal: 336000000 - Contained Unit: lb - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable zinc reserve at Porvenir is weak in grade for an underground VMS-type deposit, but adds significantly to the polymetallic nature. - Positive factor: Probable Reserve Evidence · table > 2.61 Context: 5,827 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-23) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 5827000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 45000000 - Contained Unit: lb - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable copper reserve at Porvenir is weak in grade for an underground VMS-type deposit, but contributes to polymetallic value. - Positive factor: Probable Reserve Evidence · table > 0.35 Context: 5,827 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-24) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 5827000 - Grade: 3.45 - Grade Unit: g/t AuEq - Contained Metal: 647000 - Contained Unit: oz AuEq - Cutoff Grade: 96 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable gold equivalent reserve at Porvenir is moderate in grade for an underground epithermal deposit, representing a significant portion of the economic inventory. - Positive factor: Probable Reserve Evidence · table > 3.45 Context: 5,827 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-25) Guillermina · gold #### Identity - Project: Guillermina - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 1763000 - Grade: 0.97 - Grade Unit: g/t - Contained Metal: 55000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold resource at Guillermina is weak in grade for an underground epithermal deposit, but contributes to the district-scale potential. Evidence · table > 0.97 Context: 1,763 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-26) Guillermina · silver #### Identity - Project: Guillermina - Commodity: silver - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 1763000 - Grade: 27.33 - Grade Unit: g/t - Contained Metal: 1549000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated silver resource at Guillermina is weak in grade for an underground epithermal deposit, but represents a significant contained metal amount. Evidence · table > 27.33 Context: 1,763 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-27) Guillermina · zinc #### Identity - Project: Guillermina - Commodity: zinc - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 1763000 - Grade: 6.61 - Grade Unit: % - Contained Metal: 257000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated zinc resource at Guillermina is moderate in grade for an underground VMS-type deposit, contributing significantly to the polymetallic value. Evidence · table > 6.61 Context: 1,763 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-28) Guillermina · copper #### Identity - Project: Guillermina - Commodity: copper - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 1763000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 8000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated copper resource at Guillermina is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 0.21 Context: 1,763 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-29) Guillermina · gold #### Identity - Project: Guillermina - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 1763000 - Grade: 2.37 - Grade Unit: g/t AuEq - Contained Metal: 134000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold equivalent resource at Guillermina is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 2.37 Context: 1,763 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-30) Leticia · gold #### Identity - Project: Leticia - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 3.4 - Grade Unit: g/t - Contained Metal: 33000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold resource at Leticia is moderate in grade for an underground epithermal deposit, contributing to the district-scale potential. Evidence · table > 3.40 Context: 300 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-31) Leticia · silver #### Identity - Project: Leticia - Commodity: silver - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 13.31 - Grade Unit: g/t - Contained Metal: 129000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated silver resource at Leticia is weak in grade for an underground epithermal deposit, but adds to the polymetallic value. Evidence · table > 13.31 Context: 300 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-32) Leticia · zinc #### Identity - Project: Leticia - Commodity: zinc - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 1.71 - Grade Unit: % - Contained Metal: 11000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated zinc resource at Leticia is weak in grade for an underground VMS-type deposit, but contributes to the polymetallic nature. Evidence · table > 1.71 Context: 300 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-33) Leticia · copper #### Identity - Project: Leticia - Commodity: copper - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 0.54 - Grade Unit: % - Contained Metal: 4000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated copper resource at Leticia is weak in grade for an underground VMS-type deposit, but adds to the polymetallic value. Evidence · table > 0.54 Context: 300 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-34) Leticia · gold #### Identity - Project: Leticia - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 300000 - Grade: 3.98 - Grade Unit: g/t AuEq - Contained Metal: 38000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold equivalent resource at Leticia is strong in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 3.98 Context: 300 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-35) Guillermina · gold #### Identity - Project: Guillermina - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1118000 - Grade: 1.44 - Grade Unit: g/t - Contained Metal: 52000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Guillermina is weak in grade for an underground epithermal deposit, representing future potential. Evidence · table > 1.44 Context: 1,118 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-36) Guillermina · silver #### Identity - Project: Guillermina - Commodity: silver - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1118000 - Grade: 30.15 - Grade Unit: g/t - Contained Metal: 1084000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred silver resource at Guillermina is weak in grade for an underground epithermal deposit, but represents a significant contained metal amount. Evidence · table > 30.15 Context: 1,118 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-37) Guillermina · zinc #### Identity - Project: Guillermina - Commodity: zinc - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1118000 - Grade: 5.5 - Grade Unit: % - Contained Metal: 136000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred zinc resource at Guillermina is moderate in grade for an underground VMS-type deposit, contributing significantly to the polymetallic value. Evidence · table > 5.50 Context: 1,118 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-38) Guillermina · copper #### Identity - Project: Guillermina - Commodity: copper - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1118000 - Grade: 0.17 - Grade Unit: % - Contained Metal: 4000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred copper resource at Guillermina is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 0.17 Context: 1,118 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-39) Guillermina · gold #### Identity - Project: Guillermina - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1118000 - Grade: 2.66 - Grade Unit: g/t AuEq - Contained Metal: 96000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold equivalent resource at Guillermina is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 2.66 Context: 1,118 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-40) Leticia · gold #### Identity - Project: Leticia - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 137000 - Grade: 2.81 - Grade Unit: g/t - Contained Metal: 12000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Leticia is moderate in grade for an underground epithermal deposit, representing future potential. Evidence · table > 2.81 Context: 137 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-41) Leticia · silver #### Identity - Project: Leticia - Commodity: silver - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 137000 - Grade: 8.53 - Grade Unit: g/t - Contained Metal: 38000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred silver resource at Leticia is weak in grade for an underground epithermal deposit, but contributes to polymetallic value. Evidence · table > 8.53 Context: 137 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-42) Leticia · zinc #### Identity - Project: Leticia - Commodity: zinc - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 137000 - Grade: 0.82 - Grade Unit: % - Contained Metal: 3000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred zinc resource at Leticia is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 0.82 Context: 137 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-43) Leticia · copper #### Identity - Project: Leticia - Commodity: copper - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 137000 - Grade: 0.36 - Grade Unit: % - Contained Metal: 1000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred copper resource at Leticia is weak in grade for an underground VMS-type deposit, but contributes to polymetallic value. Evidence · table > 0.36 Context: 137 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-44) Leticia · gold #### Identity - Project: Leticia - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 137000 - Grade: 3.15 - Grade Unit: g/t AuEq - Contained Metal: 14000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold equivalent resource at Leticia is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 3.15 Context: 137 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-45) San Antonio · gold #### Identity - Project: San Antonio - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1313000 - Grade: 2.23 - Grade Unit: g/t - Contained Metal: 94000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at San Antonio is moderate in grade for an underground epithermal deposit, representing future potential. Evidence · table > 2.23 Context: 1,313 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-46) San Antonio · silver #### Identity - Project: San Antonio - Commodity: silver - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1313000 - Grade: 12.33 - Grade Unit: g/t - Contained Metal: 521000 - Contained Unit: oz - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred silver resource at San Antonio is weak in grade for an underground epithermal deposit, but contributes to polymetallic value. Evidence · table > 12.33 Context: 1,313 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-47) San Antonio · zinc #### Identity - Project: San Antonio - Commodity: zinc - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1313000 - Grade: 0.32 - Grade Unit: % - Contained Metal: 9000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred zinc resource at San Antonio is weak in grade for an underground VMS-type deposit, but adds to the polymetallic nature. Evidence · table > 0.32 Context: 1,313 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-48) San Antonio · copper #### Identity - Project: San Antonio - Commodity: copper - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1313000 - Grade: 0.93 - Grade Unit: % - Contained Metal: 27000000 - Contained Unit: lb - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred copper resource at San Antonio is moderate in grade for an underground VMS-type deposit, contributing significantly to the polymetallic value. Evidence · table > 0.93 Context: 1,313 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-49) San Antonio · gold #### Identity - Project: San Antonio - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1313000 - Grade: 2.82 - Grade Unit: g/t AuEq - Contained Metal: 119000 - Contained Unit: oz AuEq - Cutoff Grade: 80 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold equivalent resource at San Antonio is moderate in grade for an underground epithermal deposit, reflecting the combined value of multiple metals. Evidence · table > 2.82 Context: 1,313 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-50) Panama · gold #### Identity - Project: Panama - Commodity: gold - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 124000 - Grade: 2.51 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured gold resource at Panama is moderate in grade for an underground epithermal deposit, contributing to the overall Hemco Property resource. Evidence · table > 2.51 Context: 124 ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-51) Pioneer · gold #### Identity - Project: Pioneer - Commodity: gold - Ticker: MSA #### Resource Data - Category: measured - Tonnes: 51000 - Grade: 4.39 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Measured gold resource at Pioneer is strong in grade for an underground epithermal deposit, contributing to the overall Hemco Property resource. Evidence · table > 4.39 Context: 51 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-52) Panama · gold #### Identity - Project: Panama - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 1034000 - Grade: 3.14 - Grade Unit: g/t - Contained Metal: 104000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold resource at Panama is moderate in grade for an underground epithermal deposit, forming a significant part of the Hemco Property resource. Evidence · table > 3.14 Context: 1,034 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-53) Pioneer · gold #### Identity - Project: Pioneer - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 311000 - Grade: 3.12 - Grade Unit: g/t - Contained Metal: 31000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold resource at Pioneer is moderate in grade for an underground epithermal deposit, contributing to the Hemco Property resource. Evidence · table > 3.12 Context: 311 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-54) Luna Roja \(Open Pit\) · gold #### Identity - Project: Luna Roja \(Open Pit\) - Commodity: gold - Ticker: MSA #### Resource Data - Category: indicated - Tonnes: 841000 - Grade: 2.77 - Grade Unit: g/t - Contained Metal: 75000 - Contained Unit: oz - Cutoff Grade: 0.8 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Indicated gold resource at Luna Roja \(Open Pit\) is strong in grade for an open pit epithermal deposit, contributing to the Hemco Property resource. Evidence · table > 2.77 Context: 841 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-55) Panama · gold #### Identity - Project: Panama - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 3027000 - Grade: 3.5 - Grade Unit: g/t - Contained Metal: 340000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Panama is moderate in grade for an underground epithermal deposit, representing future potential for the Hemco Property. Evidence · table > 3.50 Context: 3,027 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-56) Pioneer · gold #### Identity - Project: Pioneer - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 1769000 - Grade: 3.54 - Grade Unit: g/t - Contained Metal: 201000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Pioneer is moderate in grade for an underground epithermal deposit, representing future potential for the Hemco Property. Evidence · table > 3.54 Context: 1,769 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-57) Luna Roja \(Open Pit\) · gold #### Identity - Project: Luna Roja \(Open Pit\) - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 869000 - Grade: 2.52 - Grade Unit: g/t - Contained Metal: 70000 - Contained Unit: oz - Cutoff Grade: 0.8 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Luna Roja \(Open Pit\) is strong in grade for an open pit epithermal deposit, representing future potential for the Hemco Property. Evidence · table > 2.52 Context: 869 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-58) Luna Roja \(Underground\) · gold #### Identity - Project: Luna Roja \(Underground\) - Commodity: gold - Ticker: MSA #### Resource Data - Category: inferred - Tonnes: 291000 - Grade: 2.81 - Grade Unit: g/t - Contained Metal: 26000 - Contained Unit: oz - Cutoff Grade: 1.5 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Inferred gold resource at Luna Roja \(Underground\) is moderate in grade for an underground epithermal deposit, representing future potential for the Hemco Property. Evidence · table > 2.81 Context: 291 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-59) Panama · gold #### Identity - Project: Panama - Commodity: gold - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 102000 - Grade: 2.9 - Grade Unit: g/t - Contained Metal: 9000 - Contained Unit: oz - Cutoff Grade: 1.62 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven gold reserve at Panama is moderate in grade for an underground epithermal deposit, contributing to the Hemco Property reserves. - Positive factor: Proven Reserve Evidence · table > 2.90 Context: 102 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-60) Pioneer · gold #### Identity - Project: Pioneer - Commodity: gold - Ticker: MSA #### Resource Data - Category: proven - Tonnes: 75000 - Grade: 5.22 - Grade Unit: g/t - Contained Metal: 13000 - Contained Unit: oz - Cutoff Grade: 1.62 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Proven gold reserve at Pioneer is exceptional in grade for an underground epithermal deposit, contributing to the Hemco Property reserves. - Positive factor: Proven Reserve Evidence · table > 5.22 Context: 75 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-61) Panama · gold #### Identity - Project: Panama - Commodity: gold - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 990000 - Grade: 3.89 - Grade Unit: g/t - Contained Metal: 124000 - Contained Unit: oz - Cutoff Grade: 1.62 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable gold reserve at Panama is moderate in grade for an underground epithermal deposit, forming a significant part of the Hemco Property reserves. - Positive factor: Probable Reserve Evidence · table > 3.89 Context: 990 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-62) Pioneer · gold #### Identity - Project: Pioneer - Commodity: gold - Ticker: MSA #### Resource Data - Category: probable - Tonnes: 839000 - Grade: 4.42 - Grade Unit: g/t - Contained Metal: 119000 - Contained Unit: oz - Cutoff Grade: 1.62 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Probable gold reserve at Pioneer is strong in grade for an underground epithermal deposit, forming a significant part of the Hemco Property reserves. - Positive factor: Probable Reserve Evidence · table > 4.42 Context: 839 ### Fact 64 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-63) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: LOM metallurgical recovery for gold at Porvenir is moderate for a mill/CIL route, indicating a viable process. Evidence · text > The Porvenir Plant is designed to achieve LOM metallurgical recoveries rates of 88.4% for gold ### Fact 65 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-64) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: LOM metallurgical recovery for silver at Porvenir is moderate for a flotation route, indicating a viable process. Evidence · text > 84.9% for silver ### Fact 66 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-65) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: LOM metallurgical recovery for zinc at Porvenir is moderate for a flotation route, indicating a viable process. Evidence · text > 84.5% for zinc ### Fact 67 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-66) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: LOM metallurgical recovery for copper at Porvenir is weak for a flotation route, suggesting potential for optimization or higher costs. - Negative factor: Low Recovery Evidence · text > 69.9% for copper ### Fact 68 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-67) Porvenir · gold #### Identity - Project: Porvenir - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for gold in Porvenir Mineral Resources is weak for a mill/CIL route, indicating a need for further optimization. Evidence · table > 79.2% Context: 7. Metallurgical recoveries were applied on a block-by-block basis and average ### Fact 69 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-68) Porvenir · silver #### Identity - Project: Porvenir - Commodity: silver - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for silver in Porvenir Mineral Resources is weak for a flotation route, indicating a need for further optimization. - Negative factor: Low Recovery Evidence · table > 62.2% Context: 7. Metallurgical recoveries were applied on a block-by-block basis and average ### Fact 70 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-69) Porvenir · zinc #### Identity - Project: Porvenir - Commodity: zinc - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for zinc in Porvenir Mineral Resources is moderate for a flotation route, indicating a viable process. Evidence · table > 78.1% Context: 7. Metallurgical recoveries were applied on a block-by-block basis and average ### Fact 71 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-70) Porvenir · copper #### Identity - Project: Porvenir - Commodity: copper - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for copper in Porvenir Mineral Resources is very weak for a flotation route, suggesting significant challenges or need for process improvement. - Negative factor: Low Recovery Evidence · table > 37.1% Context: 7. Metallurgical recoveries were applied on a block-by-block basis and average ### Fact 72 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-71) Guillermina · gold #### Identity - Project: Guillermina - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for gold at Guillermina is moderate for a mill/CIL route, indicating a viable process. Evidence · table > 83.9 % Context: 8. Metallurgical recoveries for Guillermina were applied on a block-by-block basis and average ### Fact 73 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-72) Guillermina · silver #### Identity - Project: Guillermina - Commodity: silver - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for silver at Guillermina is weak for a flotation route, indicating potential for optimization. Evidence · table > 69.3 % Context: 8. Metallurgical recoveries for Guillermina were applied on a block-by-block basis and average ### Fact 74 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-73) Guillermina · zinc #### Identity - Project: Guillermina - Commodity: zinc - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for zinc at Guillermina is moderate for a flotation route, indicating a viable process. Evidence · table > 81.8 % Context: 8. Metallurgical recoveries for Guillermina were applied on a block-by-block basis and average ### Fact 75 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-74) Guillermina · copper #### Identity - Project: Guillermina - Commodity: copper - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for copper at Guillermina is weak for a flotation route, suggesting potential for optimization or higher costs. - Negative factor: Low Recovery Evidence · table > 47.0 % Context: 8. Metallurgical recoveries for Guillermina were applied on a block-by-block basis and average ### Fact 76 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-75) Leticia · gold #### Identity - Project: Leticia - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for gold at Leticia is weak for a mill/CIL route, indicating a need for further optimization. - Negative factor: Low Recovery Evidence · table > 73.3 % Context: 9. Metallurgical recoveries for Leticia were applied on a block-by-block basis and average ### Fact 77 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-76) Leticia · silver #### Identity - Project: Leticia - Commodity: silver - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for silver at Leticia is weak for a flotation route, indicating potential for optimization. - Negative factor: Low Recovery Evidence · table > 60.6 % Context: 9. Metallurgical recoveries for Leticia were applied on a block-by-block basis and average ### Fact 78 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-77) Leticia · zinc #### Identity - Project: Leticia - Commodity: zinc - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for zinc at Leticia is weak for a flotation route, indicating potential for optimization. - Negative factor: Low Recovery Evidence · table > 62.2 % Context: 9. Metallurgical recoveries for Leticia were applied on a block-by-block basis and average ### Fact 79 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-78) Leticia · copper #### Identity - Project: Leticia - Commodity: copper - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for copper at Leticia is weak for a flotation route, suggesting potential for optimization or higher costs. - Negative factor: Low Recovery Evidence · table > 44.1 % Context: 9. Metallurgical recoveries for Leticia were applied on a block-by-block basis and average ### Fact 80 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-79) San Antonio · gold #### Identity - Project: San Antonio - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for gold at San Antonio is weak for a mill/CIL route, indicating a need for further optimization. Evidence · table > 79.3 % Context: 10. Metallurgical recoveries for San Antonio were applied on a block-by-block basis and average ### Fact 81 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-80) San Antonio · silver #### Identity - Project: San Antonio - Commodity: silver - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for silver at San Antonio is weak for a flotation route, indicating potential for optimization. Evidence · table > 68.3 % Context: 10. Metallurgical recoveries for San Antonio were applied on a block-by-block basis and average ### Fact 82 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-81) San Antonio · zinc #### Identity - Project: San Antonio - Commodity: zinc - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for zinc at San Antonio is very weak for a flotation route, suggesting significant challenges or need for process improvement. - Negative factor: Low Recovery Evidence · table > 27.9% Context: 10. Metallurgical recoveries for San Antonio were applied on a block-by-block basis and average ### Fact 83 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-82) San Antonio · copper #### Identity - Project: San Antonio - Commodity: copper - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for copper at San Antonio is weak for a flotation route, suggesting potential for optimization or higher costs. - Negative factor: Low Recovery Evidence · table > 56.9 % Context: 10. Metallurgical recoveries for San Antonio were applied on a block-by-block basis and average ### Fact 84 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-83) Panama · gold #### Identity - Project: Panama - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for gold at Panama is strong for a mill/CIL route, indicating an efficient process. Evidence · table > 90% Context: Panama and Pioneer: 90% for gold. ### Fact 85 [Link to this fact](https://atlas-staging.minestarters.com/news/mineros-announces-updated-prefeasibility-study-for-the-porvenir-project-and-high--6ed5f00d-de2a-48b0-83e0-a2dfb492a05e#fact-resource-facts-84) Pioneer · gold #### Identity - Project: Pioneer - Commodity: gold - Ticker: MSA #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: Metallurgical recovery for gold at Pioneer is strong for a mill/CIL route, indicating an efficient process. Evidence · table > 90% Context: Panama and Pioneer: 90% for gold. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.