Mineros S.A. Receives TSX Approval for Normal Course Issuer Bid

Mineros S.A. (TSX: MSA, OTCQX: MNSAF, BVC: MINEROS), a leading Latin American gold producer, announced it has received acceptance from the Toronto Stock Exchange (TSX) for its Normal Course Issuer Bid (NCIB). Shareholders approved resolutions related to the NCIB at an extraordinary meeting held on July 14, 2026.

Under the NCIB, Mineros may purchase its common shares during the period commencing on July 17, 2026, and ending on the earlier of July 16, 2027, or the date on which the company has purchased 14,639,683 common shares. This represents 5% of the 292,793,666 common shares issued and outstanding on the date the TSX approved the NCIB. Daily purchases under the NCIB will be limited to 81,220 common shares, which is 25% of the average daily trading volume on the TSX for the six months ended June 30, 2026, with an exception for block purchases. The repurchased shares will be withdrawn from circulation and held in treasury. Mineros' board of directors believes that the NCIB represents an appropriate and desirable use of its available liquidity to increase shareholder value and is in the best interests of the company and its shareholders.

Mineros S.A. is headquartered in Medellín, Colombia, and operates a diversified portfolio of assets in Colombia and Nicaragua. With over 50 years of operating history, the company maintains a longstanding focus on safety, sustainability, and disciplined capital allocation. Mineros has a history of returning capital to shareholders through similar programs. For instance, the company completed a US$13.3 million share repurchase in May 2026 through the Colombian Stock Exchange (BVC), as the first tranche of a larger US$80.0 million share repurchase program approved by shareholders on March 27, 2026, to be executed over three years. Another US$12 million buyback program was completed in September 2025.

Share buybacks, such as a Normal Course Issuer Bid, are generally seen as a sign of management's confidence that the company's stock is undervalued in the market. These programs can reduce the number of outstanding shares, thereby increasing earnings per share (EPS) and improving return on equity (ROE), ultimately enhancing shareholder value. Mineros' latest move reinforces its commitment to creating value for shareholders under current market conditions.

This share repurchase program is consistent with Mineros' broader strategy of disciplined capital allocation. The company's 2026 guidance emphasizes maximizing near-term production and prioritizing capital investment in quick-return projects. Furthermore, Mineros S.A. recently adopted a Strategic Gold Reserve Policy on July 10, 2026, establishing physical gold bullion as a core treasury asset. This policy aims to hedge against persistent inflationary pressures and preserve shareholder exposure to gold, demonstrating the company's proactive approach to financial management and shareholder interests.

Analysts and market observers may view these buyback programs positively, indicating the company's strong cash flow generation capabilities and management's confidence in its future prospects. Share repurchases can be particularly attractive to investors when the stock price is perceived to be below the company's intrinsic value. These strategic steps by Mineros could positively impact its share performance and investor perception in the upcoming period.