Section1: Company Overview

Mineros S.A (TSX: MSA) is a Latin American gold mining company that has been operating for almost fifty years. Although new to the TSX, the Company has a long history of profitability and payment of dividends to shareholders on the Colombia Stock Exchange. Mineros has a diversified asset base, with mines in Colombia, Nicaragua and Argentina. The Company has a robust portfolio of exploration to development-stage growth assets throughout Latin America. This Report covers the Investment Highlights, Key Financial Metrics, Risks, and Recommendation on the stock.

1.1 The Key Investment Highlights and Risks

Section2:  Financial Highlights

 2.1 Key Financial Highlights

Section 3:  Stock Recommendation Summary

3.1 Valuation Methodology

3.2 Price Performance and Stock Recommendation

The stock has witnessed an upside of ~26.34% in 1 month and an upside of ~53.59% over the last 3 months. The stock has a 52-week high and 52-week low of CAD 2.49 and CAD 0.95, respectively and is currently trading above the average of 52-week high-low average, approaching near its resistance.

3.3 One-Year Technical Price Chart

One-Year Technical Price Chart (as of March 20, 2025). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, and currency as of March 20, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

 Note 4: Dividend Yield may vary as per the stock price movement.

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’