Mineros S A : Q1 2024 Condensed Consolidated Interim FS

GENERAL NOTES

PAGE

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS

2

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME

3

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

4

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

5

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

6

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

7

NOTE 1. CORPORATE INFORMATION

8

NOTE 2. STATEMENT OF COMPLIANCE

9

NOTE 3. BASIS OF PREPARATION

9

NOTE 4. RECENT ACCOUNTING PRONOUNCEMENTS

9

NOTE 5. FINANCIAL INSTRUMENTS

9

NOTE 6. DISCONTINUED OPERATIONS - MINAS ARGENTINAS S.A.

12

NOTE 7. SEGMENTS

13

NOTE 8. REVENUE

16

NOTE 9. COST OF SALES

16

NOTE 10.OTHER INCOME

16

NOTE 11. EARNINGS PER SHARE

16

NOTE 12. CASH AND CASH EQUIVALENTS

19

NOTE 13.TRADE AND OTHER RECEIVABLES

19

NOTE 14.TAXES

20

NOTE 15. OTHER ASSETS

22

NOTE 16. INTANGIBLE ASSETS, NET

22

NOTE 17. PROPERTY PLANT AND EQUIPMENT, NET

23

NOTE 18. TRADE AND OTHER PAYABLES

23

NOTE 19. PROVISIONS

23

NOTE 20. RESERVES

24

NOTE 21. TRANSACTIONS AND BALANCES WITH RELATED PARTIES

24

NOTE 22. COMMITMENTS

26

NOTE 23. EVENTS AFTER REPORTING PERIOD

26

NOTE 24. APPROVAL OF FINANCIAL STATEMENTS

26

Three months ended March 31,

Note

2024

2023

Revenue

8

114,148

98,869

Cost of sales

9

(80,678)

(67,971)

GROSS PROFIT

33,470

30,898

Administrative expenses

(4,864)

(4,086)

Other income

10

1,963

5,199

Share of results of associates

(40)

-

Other expenses

(1,680)

(1,635)

Exploration expenses

(1,604)

(1,338)

Finance income

493

309

Finance expense

(2,087)

(2,032)

Foreign exchange differences

177

(1,980)

PROFIT FOR THE PERIOD BEFORE TAX

25,828

25,335

Current income tax

14

(10,007)

(11,563)

Deferred income tax

14

953

2,979

PROFIT FOR THE YEAR FROM CONTINUING OPERATIONS

16,774

16,751

Loss for the period from discontinued operations

6

-

(1,347)

NET PROFIT FOR THE YEAR

16,774

15,404

Attributable to:

Owners of the parent company

16,774

15,404

Non-controlling interests

-

-

NET PROFIT FOR THE YEAR

16,774

15,404

Basic and diluted earnings per share from continuing operations

11

0.06

0.06

Basic and diluted earnings per share from continuing and discontinued operations

11

0.06

0.05

(Signed)" Andrés Restrepo Isaza"

(Signed)"Miguel Ángel Hinestroza Hoyos"

ANDRÉS RESTREPO ISAZA

MIGUEL ÁNGEL HINESTROZA HOYOS

PRESIDENT AND CEO

ACCOUNTANT

P.C 74290-T

2024

2023

NET PROFIT FOR THE YEAR

16,774

15,404

Other comprehensive income, net of income tax

Items that will not be reclassified subsequently to profit or loss:

Revaluation of property, plant and equipment

34

34

34

34

Items that may be reclassified subsequently to profit or loss:

Cash flows hedges

(171)

(1,568)

Foreign exchange differences on translation of foreign operations

(174)

233

(345)

(1,335)

Other comprehensive income, net of income tax

(311)

(1,301)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

16,463

14,103

Total comprehensive income attributable to:

Owners of the parent company

16,463

14,103

Non-controlling interests

-

-

16,463

14,103

(Signed)" Andrés Restrepo Isaza"

(Signed)"Miguel Ángel Hinestroza Hoyos"

ANDRÉS RESTREPO ISAZA

MIGUEL ÁNGEL HINESTROZA HOYOS

PRESIDENT AND CEO

ACCOUNTANT

P.C 74290-T

Notes

31/03/2024

31/12/2023

ASSETS

Current assets

Cash and cash equivalents

12

45,876

57,118

Trade and other receivables, net

13

24,881

8,025

Inventories

24,349

25,037

Derivative financial instruments

5

1

115

Investments in financial assets

6

6

Income tax assets

14

13,699

8,318

Other tax assets

14

28,736

28,657

Other assets

15

10,104

17,065

Total Current assets

147,652

144,341

Non-current assets

Trade and other receivables

13

2,319

2,392

Inventories

20,647

19,591

Investments in financial assets

9,498

9,650

Other tax assets

14

412

419

Deferred tax assets

14

971

195

Investment property

2,617

2,617

Exploration and evaluation projects, net

53,145

52,827

Intangible assets, net

16

35,719

37,805

Investment in associates

5,375

5,286

Property, plant and equipment, net

17

222,230

218,634

Total Non-current assets

352,933

349,416

TOTAL ASSETS

500,585

493,757

(Signed)" Andrés Restrepo Isaza"

(Signed)"Miguel Ángel Hinestroza Hoyos"

ANDRÉS RESTREPO ISAZA

MIGUEL ÁNGEL HINESTROZA HOYOS

PRESIDENT AND CEO

ACCOUNTANT

P.C 74290-T

Notes

31/03/2024

31/12/2023

LIABILITIES AND EQUITY

Liabilities

Current liabilities

Loans and other borrowings

13,966

13,575

Derivative financial instruments

5

407

276

Trade and other payables

18

25,108

29,402

Other financial liabilities

11

30,438

5,701

Employee benefits

3,814

4,395

Income tax liabilities

14

27,793

27,300

Other tax liabilities

14

581

1,371

Provisions

19

2,968

2,745

Total current liabilities

105,075

84,765

Non-current liabilities

Loans and other borrowings

17,695

19,227

Employee benefits

4,559

4,557

Deferred tax

14

843

1,127

Provisions

19

40,366

38,524

Total non-current liabilities

63,463

63,435

TOTAL LIABILITIES

168,538

148,200

Equity

Share capital

44

44

Share premium account

30,194

30,194

Reserves

20

219,121

233,652

Other comprehensive income

54,962

55,284

Retained earnings

27,724

26,381

Equity attributable to the owners of the parent company

332,045

345,555

Non-controlling interests

2

2

Total equity

332,047

345,557

TOTAL LIABILITIES AND EQUITY

500,585

493,757

Commitments (Note 39)

(Signed)" Andrés Restrepo Isaza"

(Signed)"Miguel Ángel Hinestroza Hoyos"

ANDRÉS RESTREPO ISAZA

MIGUEL ÁNGEL HINESTROZA HOYOS

PRESIDENT AND CEO

ACCOUNTANT

P.C 74290-T

Other

Equity

Share premium

Retained

attributable to the

Non-controlling

Share capital

Reserves

comprehensive

Total equity

accounts

earnings

owners of the

interests

income

parent company

Balance as of January 01,

44

30,194

250,147

53,294

12,872

346,551

2

346,553

2023

Net profit for the period

-

-

-

-

15,404

15,404

-

15,404

Other comprehensive income for

-

-

-

(1,301)

-

(1,301)

-

(1,301)

the period, net of income tax

Total comprehensive income

-

-

-

(1,301)

15,404

14,103

-

14,103

for the year

Appropriation of reserves

-

-

4,487

-

(4,487)

-

-

-

Dividends

-

-

(20,982)

-

-

(20,982)

-

(20,982)

Reclassification

-

-

-

(12)

12

-

-

-

Balance as of March 31, 2023

44

30,194

233,652

51,981

23,801

339,672

2

339,674

Balance as of January 01,

44

30,194

233,652

55,284

26,381

345,555

2

345,557

2024

Net profit for the period

-

-

-

-

16,774

16,774

-

16,774

Other comprehensive income for

-

-

-

(311)

-

(311)

-

(311)

the period, net of income tax

Total comprehensive income

-

-

-

(311)

16,774

16,463

-

16,463

for the year

Appropriation of reserves

-

-

15,442

-

(15,442)

-

-

-

Dividends

-

-

(29,973)

-

-

(29,973)

-

(29,973)

Reclassification

-

-

-

(11)

11

-

-

-

Balance as of March 31, 2024

44

30,194

219,121

54,962

27,724

332,045

2

332,047

(Signed)" Andrés Restrepo Isaza"

(Signed)"Miguel Ángel Hinestroza Hoyos"

ANDRÉS RESTREPO ISAZA

MIGUEL ÁNGEL HINESTROZA HOYOS

PRESIDENT AND CEO

ACCOUNTANT

P.C 74290-T

31/03/2024

31/03/2023

Cash flows from (used in) operating activities

Receipts from sales of goods

98,076

109,500

Receipts from commissions and other revenue

4,292

4,979

Cash receipts from futures contracts, forward contracts, option contracts and swap contracts

-

900

Payments to suppliers for goods and services

(66,948)

(80,845)

Payments to employees and social security agencies

(14,113)

(19,739)

Payments for premiums and claims, annuities and other policy benefits

(1,957)

(3,395)

Payments for futures contracts, forward contracts, option contracts and swap contracts

-

(1,787)

Income tax (paid)

(9,011)

(6,855)

Other inflows (outflows) of cash

(234)

(260)

Net cash flows generated by operating activities

10,105

2,498

Cash flows from (used in) investing activities

Proceeds from sales of property, plant and equipment

65

43

Purchases of property, plant and equipment

(9,921)

(10,656)

Purchases of intangible assets and exploration projects

(896)

(627)

Dividends received

-

28

Interest received

407

217

Sales of financial instruments

6

47

Net cash flows used in investing activities

(10,339)

(10,948)

Cash flows from (used in) financing activities

Proceeds from borrowings

156

8,624

Payments of borrowings

(1,923)

(8,076)

Payments of lease liabilities

(2,851)

(3,434)

Dividends paid

(5,239)

(4,837)

Interest paid

(1,058)

(1,937)

Net cash flows used in financing activities

(10,915)

(9,660)

Decrease in cash and cash equivalents before effect of exchange rate changes

(11,149)

(18,110)

Effect of foreign exchange rate changes

(93)

2,588

Net decrease in cash and cash equivalents

(11,242)

(15,522)

Cash and cash equivalents at beginning of the year

57,118

49,791

Cash and cash equivalents at end of the period

45,876

34,269

(Signed)" Andrés Restrepo Isaza"

(Signed)"Miguel Ángel Hinestroza Hoyos"

ANDRÉS RESTREPO ISAZA

MIGUEL ÁNGEL HINESTROZA HOYOS

PRESIDENT AND CEO

ACCOUNTANT

P.C 74290-T

Corporate Name

Place of

Type

Main

Functional

Equity interest %

incorporation

Activity

and operation

entity

Activity

Currency

31/03/2024

31/12/2023

Mineros Chile SpA

Chile

Subsidiary

Holding company

USD

100%

100%

Mineros Argentina Holdings BV

Netherlands

Subsidiary

Holding company

USD

100%

100%

Mineros Chile Rentista de Capitales

Chile

Subsidiary

Holding company

USD

100%

100%

Mobiliarios Limitada

Minas Argentinas S.A (*)

Argentina

Subsidiary

Underground and open pit

USD

N/A

N/A

gold mining

HEMCO Nicaragua S.A.

Nicaragua

Subsidiary

Underground gold mining and

USD

100%

100%

holding company for

operations in Nicaragua

Vesubio Mining S.A.

Nicaragua

Subsidiary

Underground gold mining

USD

100%

100%

Rosita Mining S.A.

Nicaragua

Subsidiary

Underground gold mining

USD

100%

100%

New Castle Gold Mining S. A

Nicaragua

Subsidiary

Inactive

USD

69,9%

69,9%

Roca Larga Mining, S.A.

Nicaragua

Subsidiary

Inactive

USD

100%

100%

Distribuidora Caribe Norte, S.A.

Nicaragua

Subsidiary

Inactive

USD

100%

100%

Minerales Matuzalén S.A.

Nicaragua

Subsidiary

Underground gold mining

USD

100%

100%

Mineros Aluvial S.A.S.BIC.

Colombia

Subsidiary

Alluvial gold mining

USD

100%

100%

Negocios Agroforestales S.A.S.

Colombia

Subsidiary

Biological assets

COP

100%

100%

management

Compañía Minera de Ataco S.A.S.

Colombia

Subsidiary

Underground gold mining

COP

100%

100%

Mineros (CANADA) INC

Canada

Subsidiary

Corporate services

USD

100%

100%

Minera Cavancha SpA

Chile

Associate

Underground gold mining

USD

20%

20%

Amendments to IAS 1

Classification of Liabilities as Current or Non-current

Amendments to IAS 1

Non-current Liabilities with Covenants

Amendments to IAS 7 and IFRS 7

Supplier Finance Arrangements

Amendments to IFRS 16

Lease Liability in a Sale and Leaseback