Positive Prefeasibility Study Results For The Porvenir Project On The Hemco Property

COLOMBIA - Mineros S.A. reported that a positive prefeasibility study (PFS) has been completed on the gold-silver-zinc Porvenir Project on its Hemco Property, in northeastern Nicaragua, significantly increasing the mine life of the Hemco Property Mineral Reserves from five to thirteen years. In addition to the Porvenir Project, the Hemco Property includes the Panama and Pioneer Mines, and produces gold from material purchased from artisanal mining collectives with whom the Company has a strong collaborative relationship. A new NI 43-101 technical report on the Hemco Property will be filed.

Andrés Restrepo, President and Chief Executive Officer, said, "We are pleased to have reached this milestone for the Porvenir Project, which is a key project in our pipeline of organic growth projects. The advance of the Porvenir Project would allow us to extend the life of mine at the Hemco Property for eight additional years, allowing us to strengthen our presence in the Bonanza-Siuna-Rosita Mining Triangle district. This would give us the opportunity to make additional contributions to the sustainable development and the well-being of the communities that embrace us, thanks to the trust that we have built by maintaining high standards of environmental and social responsibility. We are continuing to invest in brownfield and greenfield exploration at our Hemco Property, with a view to further expanding the current Mineral Resources and Mineral Reserves and making new discoveries, paving the way for future growth."

Future work on the Porvenir Project will focus on Mineral Resource conversion and ongoing metallurgical and economic optimization activities. These opportunities are not included in the PFS economic analysis. Alternative mining methods will be evaluated to convert part of the current Mineral Resources into Mineral Reserves, as small structures were not considered in the current LOM due to minimum mining width criteria. The mineralization at Porvenir remains open laterally and at depth, representing opportunities for mine life extension. In 2023, the Company is planning a 6,000 meter metallurgical diamond drilling program with the objectives of improving the current metallurgical model and evaluating the viability of ore sorting. The Company continues to investigate opportunities to further improve the economics of the Porvenir Project, including further optimizing of capital and operating costs, evaluating different ore processing alternatives.