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Mineros S.A. closes the first quarter of the year with positive results
May 12 2020

Mineros S.A. closes the first quarter of the year with positive results

• The operating profit was approximately $119,000 mill billion, an increase of 120% vs. the same quarter of 2019.
• EBITDA was $148,350 million, which represents a 61% increase.
• Net profit increased by 160%, with a total of $56,574 million.
• Quarterly consolidated production from January to March was 72,327 ounces, a 0.5% increase vs. the first quarter of last year.

Mineros S.A., has been dedicated for 47 years, to the exploration and exploitation of precious metals, especially gold. The Company, with operations in Colombia, Argentina and Nicaragua, reported today its financial and production statements, corresponding to the first quarter of 2020.

Company income was $411,016 million, representing a 39% increase vs. $295.558 million in the same quarter of 2019, mainly due to increases in the price of gold, exchange rate and a greater percentage of ounces of alluvial mining, which are most cost-efficient. The average selling Price of USD 1,607 per ounce increased 2.34% compared to the first quarter of 2019, and the quarterly exchange rate was Col. Ps. $3,533 per USD, an increase of approximately 13%.

Price of gold during this quarter had a positive behavior, closing at 1,577.18 USD/oz, representing a 3.95% increase vs. the closing price in 2019 (1,517.27 USD/oz).
“The present moment shows us that gold continues being a source of economic protection and a safe haven. We will continue working to fulfill our value promise”, Andres Restrepo, President of Mineros S.A., explained.

Company income basically results from the sale of gold, with Nicaragua contributing with 44% of the production, Colombia with 32% and Argentina, 24%.

On the other hand, the Company’s EBITDA was $148.350 million, 61% higher than the compared quarter and EBITDA margin increased from 31.2% in 2019, to 36.1%.
Operating profit was close to $119,000 million, a 120% increase vs. 2019, which represents an operating margin of approximately 29%.

Net profit increased by 160% with respect to the same quarter of 2019, for a total of $56,574 million, or a margin of 13.8%.
EBITDA and net profit reflect the positive effect of the price of gold and exchange rate and also improvement due to a greater percentage of alluvial ounces, with lower production costs.
Actions against COVID-19
Following recommendations of the governments of the countries where we operate and the World Health Organization (WHO), we developed the COVID-19 Biohazardous Protocol and strengthened our Contingency Committee, who is in charge of constantly monitoring the situation among other actions implemented.

We restricted trips between work sites, cities and countries and when possible, we adopted a remote working scheme. We also increased medical support in all our mining operations and are permanently checking and controlling our personnel’s health.

In Colombia and Nicaragua, we have been able to continue working without interruptions, but in Argentina we had a temporary partial shut-down, although the Argentinian government has already authorized re-opening mining activitie. “We thank all our workers and allies, who thanks to their perseverance and effort, have allowed maintaining the activities of the Company. Seeking for the wellbeing of all, we have strengthened actions in communities in our areas of influence, to contribute by supporting this contingency situation”, said Andres Restrepo, President of Mineros.

About S.A.
For 47 years, Mineros S.A., a Colombian company, has worked with the commitment to implement sustainable processes for the use of minerals, contributing to the protection of the environment and diversity, the wellbeing of all its stakeholders and the economic and social growth of the regions where it operate. Today, such best practices convert Mineros into an important benchmark in the responsible mining sector.

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