What you need to know: • Mineros reported Q4 production results with total gold production of 58.6Koz modestly ahead of our 55.1Koz forecast, including a December monthly record of 20.7Koz AuEq in Nicaragua. • Full-year 2025 production of 225.8koz AuEq included 221.7koz of gold at the top end of annual guidance (201-223Koz). • Strong production in the quarter was a result of improved throughput and higher-grade artisanal ores in Nicaragua, resulting in gold production of 35.8Koz versus our 33.8Koz estimate. Yesterday, after market close, Mineros S.A. (MSA:TSX, MINEROS:CL) reported its Q4 and full-year 2025 production results that were ahead of our estimates. The beat came on the back of a strong quarter in Nicaragua, in which operational improvements are being realized and facilitated record December production. The Company achieved the upper-end of its 2025 guidance in both Colombia and Nicaragua. We expect a record-setting quarter financially as gold prices have held above $4,000/oz for the majority of Q4. We are maintaining our BUY rating and target price of C$7.00/share on MSA. Production Highlights • Total Q4 gold production of 58.6Koz was 6% above our 55.1Koz forecast and included a monthly record of 20.7Koz AuEq in December from Nicaragua. • Full-year 2025 production of 225.8Koz AuEq included gold production of 221.6Koz at the top end of the 201-223Koz guidance range. • In Nicaragua, Q4 gold production of 35.8Koz beat our 33.8Koz forecast by 6% due to significantly higher artisanal production. • Similarly, in Colombia, Q4 gold production of 22.9Koz beat our 21.3Koz expectation by 7%.