(all dollar amounts - other than per share amounts -  are expressed in thousands of US dollars unless otherwise stated) MEDELLIN, Colombia, May 9, 2024 /CNW/ - Mineros S.A. (TSX:MSA) (CB: MINEROS) ("Mineros" or the "Company") today reported its financial and operating results for the three months ended March 31, 2024. For further information, please see the Company's unaudited condensed interim financial statements and management's discussion and analysis filed under its Mineros' profile on www.sedarplus.com. Andrés Restrepo, President and Chief Executive Officer of Mineros, commented: "We had a strong first quarter from both a financial and an operating perspective. Our cash cost and all in sustaining costs were at the lower end of guidance for our operations. Our gold production from Company owned mines was largely as expected and we processed more artisanal material in Nicaragua showing the tremendous flexibility of our operations to compensate for unanticipated downtime in our processing plant at our Hemco operations. We're pleased with our progress in 2024 and are maintaining our cost and production guidance." On September 21, 2023, Mineros sold all of the outstanding share capital of Mineros' subsidiary, Minas Argentinas S.A., which holds a 100% interest in the Gualcamayo Property in Argentina, to Eris LLC. Accordingly, the financial and operating results of the Company herein are presented for continuing operations comprising the Hemco Property and the Nechí Alluvial Property and omit the discontinued operations composed of the Gualcamayo Project. Certain results set out below have been restated to reflect only the continuing operations of the Company by removing amounts pertaining to the discontinued operations from previous totals. These restatements are reflected in all first quarter 2023 results in order to more appropriately compare the results from the first quarter of 2024 with the first quarter of 2023. FINANCIAL AND OPERATING HIGHLIGHTS FOR THE FIRST QUARTER OF 2024 Revenue increased by 15%: revenue totaled $114,148 during the first quarter of 2024, compared with $98,869 in the first quarter of 2023, with sales of gold of $106,962 at an average realized price per ounce of gold sold from continuing operations1 of $2,067, during the first quarter of 2024 compared with sales of gold of $94,960 at an average realized price per ounce of gold sold from continuing operations of $1,876 in the first quarter of 2023. The increase in revenue in the first quarter of 2024 is mainly explained by a 10% increase in average realized price per ounce of gold sold from continuing operations, a 2% increase in ounces of gold sold from continuing operations and a 87% increase in sales of silver of $2,606; Cost of sales increased by 19% to $80,678 during the first quarter of 2024, compared with $67,971 in the first quarter of 2023. This increase was primarily due to: (i) the higher price of gold increasing the costs related to artisanal mining to $4,969; (ii) greater depreciation and amortization relating to our operations of $1,117; and (iii) the 17% revaluation of the Colombian peso against the US dollar and higher prices across the Company's operations, thus creating increased maintenance and materials cost of $1,915, and service and labour costs of $1,804 and $2,751 respectively; Gross Profit from continuing operations increased by 8% to $33,470 in the first quarter of 2024, compared with $30,898 in the first quarter of 2023, mainly due to higher revenue as explained above; Profit for the period from continuing operations up 0.14%, to $16,774 or $0.06 per share during the first quarter of 2024 compared with $16,751 or $0.06 per share during the first quarter of 2023. The modest increase in profit is mainly explained by higher revenue and gross profit as explained above. Profit for the period was impacted by higher foreign exchange differences of $2,157, higher administrative expenses of $778 related to employee benefits and services, higher taxes of $469 and less other income of $3,236; Adjusted EBITDA1 up 8%: Adjusted EBITDA was $40,654 during the first quarter of 2024 compared with $37,754 during the first quarter of 2023, mainly explained by higher revenue as explained above; ROCE1 was 32% as at March 31, 2024 compared with a ROCE of 26% as at March 31, 2023. The increase is mainly explained by 10% higher Adjusted EBITDA for the last 12 months, along with a 8% decrease in average capital employed, mainly explained by the sale of Gualcamayo and the disposal of its assets and liabilities; Net cash flows generated by operating activities up 305%, totaling $10,105 in the first quarter of 2024, compared with $2,498 in the first quarter of 2023, primarily explained the sale of Gualcamayo which resulted in lower payments to suppliers of $13,897, and lower payments to employees and social security agencies of $5,626, lower payments for premiums and claims of $1,438 partially offset with higher income tax payments of $2,156 and lower receipts from sales for $11,424; Net Debt2 was $(14,215) as at March 31, 2024, compared with $12,612 as at March 31, 2023; explained by 25% higher cash and cash equivalents, along with 48% lower loans and other borrowings, reflecting strong cash position for the company and significant decrease in debt levels; Dividends Paid up 8%: Dividends paid during the first quarter of 2024 were $5,239, compared with $4,837 in the same period of 2023, explained by an 8% higher dividend approved at the General Shareholders' Meeting in March 2023; Cash Cost & AISC: Cash Cost per ounce of gold sold for continuing operations in the first quarter of 2024 was $1,202 and AISC per ounce of gold sold from continuing operations1 was $1,429, compared with Cash Cost per ounce of gold sold from continuing operations of $1,055 and AISC per ounce of gold sold from continuing operations of $1,252 for the first quarter of 2023. The 14% increase in Cash Cost per ounce of gold sold from continuing operations is mainly explained by the 19% increase in cost of sales, due to higher gold prices and the effects of the COP:US$ exchange rate, which was partially offset by the 2% increase in ounces of gold sold. The increase in AISC per ounce of gold sold from continuing operations is explained by the increase in cost of sales, along with a 20% increase in sustaining capital expenditures, partially offset by the 2% increase in ounces of gold sold; and Capital investments down 4% to $14,363: during the first quarter of 2024 capital investments of $14,363 were made into existing mines, and exploration & growth projects, compared with $14,982 in the first quarter of 2023; the decrease is explained by the sale of Gualcamayo. ____________________________________ 1 Average realized price per ounce of gold sold from continuing operations, Adjusted EBITDA, Net Debt, Cash Cost per ounce of gold sold, and AISC per ounce of gold sold are non-IFRS financial measures, and Cash Cost per ounce of gold sold, AISC per ounce of gold sold and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release. 2 Cash Cost, AISC, Adjusted EBITDA, net free cash flow, Net Debt and average price realized per ounce of gold sold are non-IFRS financial measures, and Cash Cost per ounce of gold sold, AISC per ounce of gold sold and ROCE are non-IFRS ratios, with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release. Financial and Operating Highlights Three MonthsEnded March31, Change 2024 2023 $ % Financial Revenue 114,148 98,869 15,279 15 % Cost of sales (80,678) (67,971) (12,707) 19 % Gross Profit 33,470 30,898 2,572 8 % Profit for the period from continuing operations 16,774 16,751 23 0 % Basic and diluted earnings per share from continuing operations($/share) $0.06 $0.06 $0 0 % Loss for the period from discontinued operations — (1,347) 1,347 (100) % Basic and diluted earnings per share from continuing anddiscontinued operations ($/share) $0.056 $0.051 $0.005 9 % Adjusted EBITDA1 40,654 37,754 2,900 8 % Net cash flows generated by operating activities 10,105 2,498 7,607 305 % Net free cash flow1 (1,897) (10,232) 8,335 (81) % ROCE1 32 % 26 % 6 % 22 % Net Debt 1 (14,215) 12,612 (26,827) (213) % Dividends paid 5,239 4,837 402 8 % Operating Average realized price per ounce of gold sold from continuingoperations ($/oz)1 2,067 1,876 191 10 % Total Gold Produced from continuing operations (oz) 51,741 50,609 1,132 2 % Silver sold (oz) from continuing operations 242,649 131,523 111,126 84 % Cash Cost per ounce of gold sold  from continuing operations($/oz) 1 2 $1,202 $1,055 $147 14 % AISC per ounce of gold sold from continuing operations ($/oz) 1  2 $1,429 $1,252 $177 14 % 1. Adjusted EBITDA, Net free cash flow, Net Debt, Cash Cost per ounce of gold sold, AISC per ounce of gold sold and average realized price per ounce of gold sold, are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore they may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations of non-IFRS financial measures to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release. 2. In Q4 of 2023, the Company restated AISC and Cash Cost to capture cash outflows related to asset retirement obligations and environmental and rehabilitation costs. Operational Highlights by Material Property (All numbers in ounces unless otherwise noted) Three MonthsEnded March  31, Change 2024 2023 Ounces Ounces Ounces % Nechí Alluvial Property (Colombia) 19,212 17,988 1,224 7 % Hemco Property 8,182 10,221 (2,039) (20) % Artisanal Mining 24,347 22,400 1,947 9 % Nicaragua 32,529 32,621 (92) — % Total Gold Produced from Continuing Operations 51,741 50,609 1,132 2 % Gualcamayo Property (Argentina) — 9,639 (9,639) (100) % Total Gold Produced from Discontinued Operations — 9,639 (9,639) (100) % Total Gold Produced 51,741 60,248 (8,507) (14) % Total Silver Produced 242,649 134,669 107,980 80 % Gold production increased by 2%: Excluding the results of the discontinued operations at the Gualcamayo Property (disposed of in 2023), 51,741 ounces of gold were produced during the first quarter of 2024, compared with 50,609 ounces in the first quarter of 2023. The increase in production is mainly a result of 7% higher production at the Nechí Alluvial Property, explained by higher volumes. Exploration and Evaluation Expenditures: for the three months ended March 31, 2024, the Company incurred $2,228 in exploration and evaluation ("E&E") expenditures, an increase of 20% compared with the first quarter of 2023. The increase is mainly explained by higher exploration expenditures which were capitalized in the Hemco Property, related to the Porvenir Project. The increase in exploration expenses is mainly due to higher regional exploration in the Hemco Property and the sale and subsequent disposal of the Ataco project mining rights in Colombia. The following table summarizes E&E expenditures for the current and comparative periods. ThreeMonthsEnded March31, Change 2024 2023 $ % E&E expenditures capitalized 1, 3 624 525 99 19 % E&E expenditures expensed 2 1,604 1,338 266 20 % Total 2,228 1,863