お知らせ • Mar 31
Mineros S.A. Announces Updated Prefeasibility Study for the Porvenir Project
Mineros S.A. announced the results of the updated prefeasibility study for the Hemco Property including its 100% owned Porvenir polymetallic project located within the Company’s Hemco Property in northeastern Nicaragua. The 2026 PFS confirms Porvenir as a high-margin, stand-alone underground operation and the cornerstone of an emerging district including the Guillermina, Leticia, and San Antonio deposits. After-tax net present value, using a 5% discount rate (“NPV5%”) of $460 million, after-tax internal rate of return (“IRR”) of 37.9% and 2.0-years payback base case. After-tax free cash flow at $3,150/oz Au of $727 million for the life of mine. All-in Sustaining Cost (“AISC”) of $1,295/oz of gold equivalent (“AuEq”). Initial capital cost requirement of $206.8 million. Average annual sales of 72.3Koz AuEq, 54.5 Koz Au, 190 Koz Ag, 28 Mlb Zn and 3.75 Mlb Cu over years 1 to 9 (years of full production) of mine life. A 2,000 tonnes per day (“tpd”) processing plant with associated infrastructure including tailing facility, power supply via dedicated 34.5 kV distribution line and wastewater treatment plant. Metallurgical testing has confirmed a process involving flotation and cyanidation, enabling the recovery of copper and zinc concentrates alongside gold-silver doré. Updated Mineral Resource estimates for Porvenir, Guillermina, Leticia, and San Antonio reinforce a district-scale mineralized system centered on Porvenir infrastructure. Updated Mineral Reserves as of December 31, 2025: Proven and Probable Mineral Reserves: 6,477 Kt averaging 3.53 g/t AuEq, 2.86 g/t Au, 12.27 g/t Ag, 2.61% Zn and 0.37% Cu, containing 736 Koz AuEq, 596 Koz Au, 2,555 Koz Ag, 372 Mlb Zn, and 52 Mlb Cu. Proven Mineral Reserves: 650 Kt averaging 4.25 g/t AuEq, 3.50 g/t Au, 14.07 g/t Ag, 2.54% Zn and 0.50% Cu, containing 89 Koz AuEq, 73 Koz Au, 294 Koz Ag, 36 Mlb Zn, and 7 Mlb Cu. Probable Mineral Reserves: 5,827 Kt averaging 3.45 g/t AuEq, 2.79 g/t Au, 12.07 g/t Ag, 2.61% Zn and 0.35% Cu, containing 647 Koz AuEq, 523 Koz Au, 2,261 Koz Ag, 336 Mlb Zn and 45 Mlb Cu. The 2026 PFS and ongoing exploration work mark an important milestone, supporting Mineros’ view of an emerging polymetallic district with gold, silver, zinc, and copper associated with an intermediate sulphidation epithermal system. The district is centered on the Porvenir Project and includes several nearby deposits and early-stage exploration targets. The 2026 PFS covers the Hemco Property in its entirety. As Panama and Pioneer are producing mines, the study's development focus is on the Porvenir Project, the Company’s principal development-stage project within the district. Concurrently, Mineros has completed updated Mineral Resource estimates for the Guillermina, Leticia, and San Antonio deposits. On a consolidated basis, Porvenir hosts approximately 736 Koz AuEq in Proven and Probable Mineral Reserves. In addition, Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, total approximately 406 Koz AuEq, with a further 313 Koz AuEq classified as Inferred Mineral Resources on all four deposits. Mineros believes centralized infrastructure at Porvenir could serve as a processing hub for the district, with potential to significantly extend mine life beyond the current plan. Relative to the previous prefeasibility study, this additional technical work has strengthened the project design, supported a better understanding of the underground mine plan, and defined an updated processing flowsheet. The 2026 PFS reflects improved project economics and supports Porvenir’s advancement as a robust underground polymetallic development project within the Hemco operations. Recent exploration and technical work have highlighted a district-scale mineralized system comprising several spatially related deposits and targets, including: Porvenir Project: An epithermal gold-silver-zinc-copper system in pre-development stage with updated Mineral Reserves and Mineral Resources, which is the focus of the 2026 PFS. Guillermina: An epithermal gold-silver-zinc-copper system at an advanced exploration stage, located ~3 km north of Porvenir; open along strike and at depth, with updated Indicated and Inferred Mineral Resources. Leticia: An epithermal gold-silver-zinc system at an advanced exploration stage, located ~500 m northwest of Porvenir; open along strike and at depth, with updated Indicated and Inferred Mineral Resources. San Antonio: An epithermal gold-silver-zinc-copper system at an advanced exploration stage, located ~500 m southwest of Porvenir; open along strike and at depth, with updated Inferred Mineral Resources. Early-stage exploration targets: Mombacho, Pochomil, Apoyo and Madroño, Momotombo which form part of the Company’s broader exploration pipeline within the Porvenir polymetallic district. The presence of significant polymetallic mineralization distributed throughout the district reinforces the potential for continued resource growth and exploration activities which are focused on expanding Mineral Resources, increasing geological confidence, and advancing the broader district potential centered on the Porvenir Polymetallic district. The Porvenir Project is located within the Bonanza-Siuna-Rosita Mining Triangle in northeastern Nicaragua, approximately 420 km northeast of Managua. The project forms part of the Company’s Hemco Property, which includes the producing Panama and Pioneer underground gold mines, as well as several advanced-stage and early-stage exploration targets across the district. Mineralization at Porvenir occurs primarily within the Real McKoy and the Porvenir Norte and Porvenir Sur zones and is hosted in epithermal veins associated with intermediate sulphidation mineralization and hydrothermal breccias. Mining will be conducted using mechanized underground methods. Geomechanical modelling completed as part of the 2026 PFS has been updated to support optimized stope design and improved underground mining parameters, with bench-and-fill and sub-level stoping as the primary extraction methods. Ore from the Porvenir underground mine will be processed in a new dedicated processing facility incorporating flotation and cyanidation circuits.