Mineros S.A. ($MINEROS)

We also welcome those that right now are listening through YouTube and watching through the YouTube channel, we will be starting momentarily. Very well. So we will begin our assembly. First of all, we invite you to look at the following video that summarizes what -- welcome -- what Mineros as a company. [Presentation]

We were born in 1974 with our operation in Colombia. From that beginning, we had as a purpose to generate with being for all through responsible and well-made mining, development of progress stories with stars of a journey, which is built with hard, with tangible facts that convey your commitment to sustainability, more than 50 years of history, learning and achievements that give us legacy of communities, family and the regions where we have presence. According to the new direction of growth that we set back then in 2013, we acquired which allowed us to increase annual production to continue bringing the very best of our manning model to new geographies, with new talent, capabilities and ways of doing things. We continue strengthening our presence in LatAm. In 2021, we listed in FX, in Toronto, in being the first company in Colombia to be listed in Toronto in 2024, Vale investment enters as the main shareholder, opening a new horizon and new opportunities for growth and learning. In 2025, we acquired 100% of the La Pepa Project in Chile, a new growth opportunity and expansion for responsible mining model to other geographies. Today, when more than 50 years have passed, we look back with pride and recognition for everything we have achieved together. It's a legacy that inspires us. Now our focus is in the present and the brilliant future that we will build together. We are preparing for a new [indiscernible] [Foreign Language]

Good morning, shareholders. First of all, receive or cordial welcome and also to express my pleasure to have you all attending in these general holders assembly to look at exercise 2025 -- fiscal year 2025. I am Agusto López Valencia, the Chairman of the Board. I have here with me, Daniel Villamil, the CEO of the company, Mr. Sergio Chavarria, Vice President of Financial, CFO and administration; and Dr. who is the Secretary of the Board of Directors. Please verify Secretary, the quorum of the assembly.

Good morning. The Secretary speaking. Right now, we have 252,834,018 shares represented which is equivalent to 85.48% of Quorum.

In these conditions then, there is quorum to deliberate and make decisions valid. So I declare officially opened the general shareholders assembly and I request Mr. Secretary to read the agenda proposed for the assembly today.

The agenda for the regular shareholders assembly for Mineros S.A. First, verification of quorum and opening of the assembly; second, approval of the agenda; third, designation and appointment of the review and approval of the minutes; presentation of the annual management report; fifth, presentation of financial statements, both separated and consolidated as of December 31, 2025; sixth, reading the report of the external auditor; seventh, approval of the management report; eight, approval of the financial statement separated and consolidated with date, December 2025; ninth point, to the agenda approval of the buyback program, shares buyback program; tenth, approval of the reserve for buyback reserve; 11th, presentation and approval of the dividend distribution project; 12, presentation and approval of the bylaws reform; 13th, consultative vote for the Board of Directors; 14th, election of Board of Directors period 2026, 2027; 15, fees for the Board of Directors; 16, propositions and other topics. First verification of the quorum. Let me allow say that this assembly was called upon following regulation according to a publication on the website of the company in 24th February 2026. Turning now the shares listed in TSX. The company is using this position of notification and access complying with the laws and regulation, making it available to shareholders the required documentation. Except there are any objections, I propose that wave, the reading, the notice, and I certify that there's been proof of notification of the meeting, that it was done according to bylaws of the company and Canadian regulation. As I just confirmed, we have a quorum of 85.48% of all shares in circulation. Therefore, there is sufficient quorum to deliberate and make decisions valid. I also report that neither the managers nor the employees of the companies are representing any foreign shares. I consequently officially declare open the assembly. I report to the shareholders that the meeting is being recorded through streaming in the website of the company. Second, approval of the agenda. Dear shareholders, the vote in this assembly will be carried out by applause. I'll -- kindly raise your hand in case of disagreeing any of the decisions being made. I subject to the consideration of the assembly members the order of the day.

2 Thank you very much. Can you hear me better. Good morning, Mr. Chairman of the assembly, Secretary members of the Board of Directors, members of management and other shareholders. Vis-a-vis the agenda proposed today, for today, on behalf of -- investment as a shareholder of the company, allow myself to propose a slight adjustment so that the point of the presentation and approval of the project for dividend distribution that is in the number 11 should -- it could be moved to point 9. It would be addressed there before points related to the buyback -- share buyback and the reserve for shares acquisition. This substitutive proposal, we simply alter the order of sequence of point, to define the dividends first and then the buyback -- the share buyback. The proposal would be first verification of quorum and installation of the at second approval of the agenda. Third, designation of the commission to approve the -- and management and report presentation; fifth, presentation of the financial statements, separated and consolidated as of December 2025; sixth, reading the external auditor report; seventh, approval of the management report; eighth, financial statement approval; ninth, the presentation of dividend project; tenth, approval of buyback program; 11, presentation of the reserve for the approval of the reserve for buyback; 12, bylaws were formed; 13, consultative vote for the Board of Directors; 14, election of the Board of Directors for 2026, 2027; 15, fees for the Board of Directors; and finally, 16, propositions and other discussion topics. Bearing in mind and consider the proposal subjected by the shareholder, I ask the assembly whether you approve the proposition, the substitutive proposition? It is so approved.

Good morning. My name is -- I represents 17,000 shares. Obviously, we're a minority, but I don't agree with that because, first, I'm going to say this -- excuse, first of all, they give us -- they tell us that they're going to distribute dividends and then they tell us how much they're going to spend for buybacks. I do not agree with that change of agenda.

Subject to the consideration, we will give the explanations about that at the moment, when we consider those bond, we will properly explain and clarify. Now I ask does the assembly approve the substitute proposal for the agenda? It is so approved. Third point, Secretary?

Appointment -- third, appointment of the commission to review and approve the minutes of the assembly.

I put to the consideration of this assembly, Daniel Santiago Gonzalez as delegates to create the commission and reviews and approves the minutes for this meeting. The delegates are present in the meeting. The delegates is present in the meeting, please stand up so that the shareholders can identify you those that are appointed or proposed to be the review committee. The review commission. Daniela Welles, Daniela... Do we approve the -- according to the regulation of the assembly, the election to supervise the scrutiny is integrated by the Chairman and the Secretary of the meeting, who can confirm it with compliance with the regulation can request the accompaniment of the external auditor. Fourth point, presentation of the annual management report. We subject to the consideration of the assembly report for 2025 annual report, which was available to the shareholders, in the legal terms of inspection right in compliance with the law, management certified the compliance of the intellectual property laws and regulation and copyrights. It is up to date in social security and expresses manifestly, but the company has not blocked the free circulation of invoices issued by suppliers and vendors. The exercise laws with historic records, achieving record revenues of $3.2 billion on net profits of in excess of $500 million, as relevant facts and events we report the following. The first, the signature of an agreement for acquisition of 100% of the Titan project previously known as La Colosa in Cajamarca, Tolima, Colombia. Second, the new appointment of the legal -- the Chief Legal Officer, Martha Saracha, the beginning of the analysis by the Board of a possible corporate relocation. According to the expansion in Nicaragua, we report significant progress. The Hemkop plant, Hemkop already reached capacity -- sustained capacity of 2,000 tonnes a day, and we are approaching our goal of 2,000 -- a target of 2,500 by the end of the year, 2,500 tonnes. We're discovering higher grades in Novo tomo reserve and the execution of the most ambition exploration program in our history with 75,000 meters in depth schedule for 2026. Having presented the central post on the certification by law, I give the mic to the Chair -- to the CEO of the company. to expand the details about strategy and operation to proceed -- before proceeding to the vote.

Thank you very much, Mr. Chairman. Members of the Board, shareholders, management team of the company. representatives of regulatory institutions, listening, the media and other attendees. It's an honor to present to you the results of what was undoubtedly a truly transformational year for Mineros. Before entering into the Netegrity, I would like to very specially thank to our teams in Colombia, in Nicaragua, our team in Canada and in Chile, that made possible this excellent performance; to our shareholders for their trust; and to our communities with whom we build something much more lasting than any financial metric. Allow me to begin with the most important thing in 2025. We had 0 fatalities in our industrial operations, our rate of accidents with lost time was 0, not 9% in Colombia, an exceptional 0.16 in Nigaragua. To put it into context, the world-class standard is below -- being below 1. And the average of mining globally is between 1.5 and 2. We are significantly better below that average, and that's not a coincidence. Here, in Mineros, this is not a metric, but a fundamental value. As follows, we will present a summary -- of the summary of activities and results of 2025 fiscal year. The full document will be found in the printed book that we put in your seats. The separated financial statements that we published on the website. This management report was presented according to circular 012 and 031 of 2012 of the financial authority of Colombia. Let's begin with the general aspects of the company. We are a gold mining company with HQ in managing Colombia with a diversified operation in productive stage and development stage in center in South America. Our mines and operation are in Chilean Colombia and Henko property in Nicolagua. In addition to that last year, we closed the purchase of 80% remaining participation of the La Pepa Project in Chile, reaching 100% ownership of this project. We have a series of growth projects in the pipeline like the expansion of Hempco and the progress of Porvenir, which are in pre-feasibility stage and now define as potential this polymetallic district with neighboring deposits like Igermina, Leticia and San Antonio. Our shares are listed in Colombia with the Mineros Symbol and Toronto Stock Exchange with the MSA symbol. Furthermore in 2025, we carried out the registration of our shares in the OTCQX in the U.S. under the symbol MNSA in the U.S., expanding our access to foreign investors. Recently, we achieved the eligibility of ETC, which is depository trust company in the United States. In simple terms, simply put this allows any investor or broker in the U.S. be able to buy and sell shares of Mineros electronically without friction as any other American company. We are opening up the door to the largest capital market in the world. In Mineros, we're focused on profitability and sustainable growth, supported by a solid history of value generation for our shareholders. We're going to talk about the most relevant financial events. In fact, Sergio will talk to you in more detail about these results. Consolidated and separated. So I'm just going to mention some highlights and metrics, the most relevant metrics. During 2025, we had revenue -- record revenues of COP 13.2 trillion. This is about $800 million, registering an increase of 46% compared to 2024. Our net profit also registered record levels with COP 594 billion, 68% in excess of last year. These results were possible, thanks to production of 227,000 ounces of equivalent gold, exceeding the highest range of our production guidance for 2025. Only in December, just in December, we had a production of approximately 21,000 ounces. Well, this is the largest production in history of our 2 mines in Colombia and Nicaragua. On the other hand, we pay dividends totaling in COP 121 billion, and we carried out a share buyback program for COP 47 billion. In total, the return to our shareholders added COP 168 billion, a record return and yield in the history of Mineros, reinforcing our commitment to the generation of value to you, our shareholders. Additionally, the share of Mineros at behavior are truly exceptional behavior with a return of 275% in Toronto Stock Exchange, the market where we were listed, we were included in the top 30 in the TSX, which means that we had a superior performance to 98% of all the companies listed in TSX. This is a stock exchange that has more than 1,800 issuers and underwriters. In Colombia, our share increased to 159%, where with the second consecutive year, we were the best performance stock in the year in the country. We are building Mineros a company that hopes to become a global relevant producer of Global -- in spite of the historical record performance on so shares and results, we consider the continued being very low value in our share price. We generated $100 million in sales last year with a average price of gold below $3,000 per ounce. And our capital -- market capital is approximately $1 billion, which is less than 1.3x our annual revenues. We are convinced that gap is a very significant opportunity for investors. Now turning to operational performance in Colombia, our Louville operation produced a total of 89,777 ounces of gold with an of $1,579, set in motion of Aurora plan is an important milestone that will strengthen our production in Colombia. In Nicaragua, hamburg continues being the growth engine of Mineros, and represents approximately 60% of our total production. During 2025, Hamburg produced 131,831 ounces of gold and 364,188 ounces of silver, closing our fourth record quarter in our history. Core record and record December, our best quarter ever in the history of Nicaragua or mining, partners of the Bonanza model represents a high percentage of the production of the fourth quarter. Confirming the solidity of our partnership model. Furthermore, the recovery of the planning -- the recovery levels improved to -- from 80% -- 87% to more than 90%. And the recovery of silver increasingly more relevant component went from 30% to more than 70%. For this reason, we are beginning to report our production metrics in equivalent ounces. Now turning to the development projects represents one of our -- the feasibility study under the NI 43-101. The results are presented in the next few days. They represent a fundamental milestone in Mineros. These results back of the history of Mineros, the vision of Mineros to developing a polymetallic district with presence of gold, silver, zinc and copper at 14 kilometers from our mine -- production mines, Pioneer and Panama. During 2025, we completed 14,500 meters of diamond drilling. A total of 52,000 drilled meters in the entire property. The results confirm measured, indicated and inferred resources in close to the Porvenir projects with deposits, Gilerman -- The drillings in these deposits confirmed -- vertical continuity in depth. Similarly, we've identified new areas of interest in the close to the Permian projects, in highlighting the support vein system that extends the potential to the Northeast. We also discovered high-grade mineralization in the emergent Momotombozones at 2.5 kilometers to the northwest of which reinforces the solid potential -- exploration potential of our mining district in Nicaragua. Talking about Chile, the project -- La Pepa Project in -- we consolidated the total of the property, acquiring 80% -- remaining 80% of PanAmerican Silver, paying approximately 40% for $40 million, the project in Maria -- the prolific Maricunga belt to the north of Chile has Mineral Resources that exceeds 2 million ounces in gold. In December 2025, we formally launched a program, the work program with the appointment of Rafal Casas Plata as Project Manager and presented a technical report following NI-41-101, which is already in Currently, we are carrying out a drilling program of approximately 7,000 meters to -- for the metallurgical evaluation, conversion of resources, the base -- environmental baseline study and other permits Besides, we are also making geophysical assessments to increase the size and reliability of the deposit. The integration of La Pepa establishes Chile as a new third operational geography for Mineros S.A., strengthening the geographical diversification of the company in the region. Now turning to perform -- to the stock behavior, the stock behavior. Mineros had a performance, a truly exceptional behavior. Not only we've had significant returns in the price -- in the share price in Colombia and Canada, but we're also working strongly in a consistent increase of transaction volumes and liquidity of our shares, which have increased in approximately 5x. Last year, the share increase in visibility for investors, accompanied by inclusion in stock indices, relevant indexes such as MSCI, small caps, as well as we've maintained an important indexes, such as MS eco Colombia selected -- Colombia Select and the selection of our shares are eligible asset to be reposed in Colombia. We continue with our commitment to be in constant communication with investors and market analysts. We are reinforcing Mineros present in the international investor conferences in the world over. We are also working strongly in our communications and information strategy to the market. As part of our commitment for transfer -- and timely disclosure of information, we received the distinction of Colombia Stock Exchange who make -- give us the recognition -- the IR recognition, which is an important award. Talking about the gold price, in 2025, consolidated a period of appreciation and important appreciation with an annual growth of 65%, which, of course, drove the -- went from $2,600 to $4,319 as a record level. This ascending trajectory translated to a sales -- average sales price of $3,474 per ounce, which represents an increase of 44% vis-a-vis 2024. And it significantly strengthens our operational margins. During 2025, we didn't take any position for hedging in gold, which allowed us to benefit enormously from the strong bull market. This perform -- this behavior resulted from macroeconomic factors, persistent and reinforcing the metal as a safe haven as a reserve asset. It was a catalyzer -- critical catalyst, giving an incentive to sustainable demand, looking for quality assets backed up structurally by record net purchases by central banks and passive interest in ETFs backed up by gold. This combination of the stational support and investment, capital influx flows has become a market -- a robust market environment for our company, providing -- profitability platform and stability for the reserves and the production of Mineros. It's important to emphasize that we are committed in maintaining efficiency and increasing efficiency in the operation, so that Mineros is still profitable and sustainable in differently from the metal price. We are aware that we cannot control the gold price, and our commitment is to work to control what we can control, costs, so our operation will be sustainable in the very long term. In 2025, we launched our strategy, ideas and Axion -- ideas in action today is our guide in every decision we make. We -- the idea to increase eye to increase production to 2027 equivalent. We hope to get to 2030 with a production of 500,000 on a yearly basis, to develop territory impacting more than 10,000 people through strategic lines such as eduction, inclusive education and culture, integration of close to 6,000 mining partners in Bonanza Nicaragua, integrating them into responsible regulated and seamless value chain in the country. E, of excellence in operations. We are increasing recovery levels in our plants in Colombia, Nicaragua. As I mentioned, we went from 87% to 90% plus in gold from 30% to more than 70% in silver. We are increasing production and processing capacity of our plants from 1,700 to 2,500 tonnes a day and many, many more technical engineering initiatives throughout our operations. The A of high performance with a renewed technical team and management team with great capabilities and empowered by technologies such as AI. On the of shareholders' value, $42 million returned to our shareholders in 2025, a net cash position of $92 million. 278% valuation in Toronto Stock Exchange, inclusion in TSX, exceeding almost 1,700 companies listed in the country. In -- second consecutive year having the very best performance of the share in Colombia. So these are the ideas in action. These are just some of the ideas that we're translating into actions and tangible results in our operations. I'm going to talk a little bit about our growth pipeline, our growth vision, looking to the future because we are convinced that these excellent results in 2025 are not the destination, but the platform to continue our journey. We have a positive cash and excellent team, our pipeline -- project pipeline that can transform this company in the next 5 years. So now we're going to talk about our growth strategy, which has two axis. Maximize what we already have, and to build for the future. I talked very quickly about the expansion of Hamco from 1,800, 2,000 to 2,500 tonnes beyond. We are already working in the next level of expansion in addition to the 2,500 tonnes a day improvement in recovery. This expansion was requiring an important commitment of approximately $50 million. We're investing in these expansion for 2026. And we are focusing on mitigating the main constraint -- production constraint that we have right now in our company, which is processing capability in Nicaragua. The Porvenir project, as I mentioned before, is in a few days and very soon, way, we're going to make our release to the market of the pre-feasibility study for Hamco, which includes the Porvenir project. The results are very positive. And we are committed with advanced engineering studies, looking at engineering expansion opportunities beyond, so that we can fully tap on the total growth potential in the polymetallic district that we are finding in Nicaragua. We are strongly working in environmental baseline studies to understand the geological potential of La Pepa in Chile. During 2026, we carried out -- we've been carrying out part of the required studies for the environmental baseline in La Pepa. And in parallel, the research investigation of geological potential will help us to identify mineralized structures to go to technical feasibility of the project. These progress will continue at constant step -- a fundamental step for informed decision-making in the exploration stages within environment with a responsibility with the natural environment of the project. The exploration program for 2026 is a very -- is the most aggressive and most ambitious exploration program in the history of the company, almost 100 kilometers of drilling. We're going to drill more than 100 kilometers in our 3 projects, almost 75,000 meters in Nicaragua, 13,000 in Colombia, 7,000 meters in Chile, in La Pepa. And we continue working and evaluating acquisition, M&A, focused on assets in brownfield. Brownfield or highly developed assets with a technical discipline and financial discipline for decision -- for sound decision-making. We're going to act when and only when you put the right opportunity presents itself. Now turning to our estimates -- production estimates and cost for 2026. Our production consolidated perspective is from our perspective is 2030, the 10,000 ounces more than the guidance for last year, that would be 2030 from going to -- from 213,000 to 233,000 in gold. The total consolidated is 233,000. The consolidated, we have a guidance of all-in sustaining good, that goes from $2,370 to $2,470 per ounce and we're going to be doing investments, capital investments and exploration investments for more than $110 million in our projects. We are aware that our all-in sustaining cost is increasing by 31% in 2025. That is clear. This reflects external -- real external factors. The biggest increase in minimum salary in history of the 2 last dig in Colombia, the tax reform, variable cost structure, mining partners in Colombia, which are linked to gold price, which -- but we have a clear plan to improve efficiencies. The cost that we can control, we are controlling them. We have taken proactive measures to optimize that we are executing promptly along 2026. We are finally talk about the sustainability memories. I want to recognize that our trajectory has been based on the common wine, commitment towards sustainability and the well-being of the operations where we operate. We reaffirm that our success is not only measured in ounces produced but in the progress of the territories that receives. We understand mining as an engine for development capable to positively transform the environment and create shared value. Personally, I feel very proud to lead a company that supports the environment and honors its partners. This coherent vision has allowed us to consolidate a solid social license with high approval standards of our stakeholders, both in Colombia as well as in Nicaragua. During 2025, our bet for the regions where we operate was materialized in significant progress, $31 million mobilized through mechanisms of taxes for civil works -- the record in Colombia, consolidating this mechanism as our main tool for social license. We've impacted 52 municipalities, subregions of with multiple projects executed. Currently, we have 8 projects in execution focused on roads, education and sports facilities. For 2024 and 2025, the projects and execution add up to $54 million of taxes for civil works, where we're contributing with $24 million. $3.9 million invested in social pure strategic and social investment to strengthen 60 direct social programs in Colombia and Nicaragua, encompassing health, education, inclusive economy. Almost 11 people benefited in the lower Cauca region in Tokyo through the fund Mines Foundation, which has contributed with $130,000 and mobilized close to $1.6 million additional. We had a reduction of 52% to 45% of multidimensional poverty in the regions where we operate. That's an interesting index. So 18,000 people benefit in Bonanza and Nicaragua under schemes of community benefit like Bonanza entrepreneurial project, Mineros to Mineros, contributing livelihoods and food safety and security of producers -- community producers, 1,700 partners in Nicaragua under the model of Bonanza partnership. 2018, native trees planted in more than 900 hectares in Colombia, under the system plant live Colombia, and our green alliance program in Nicaragua has created -- has replanted more than 3,000 more than 500,000 plants, rescuing the environment to Florida. This is a test to our sustainability in action. We are building a legacy that transcends, the life of our mines and operations. And an the package that you have in your seats, honorable shareholders, we have a summarized version of the sustainability in I recommend you to read it, to feel proud about our sustainable development objectives. The full report is in the website, which follows international standards, GRI, TCFT and SASB for those. I invite you, I highly recommend to read with the certainty that Mineros. We walk the talk transforming mineral wealth in a source of pride and well-being for all. Finally, the printed report includes the information and legalities and clauses, the Board of Directors disclosure, where we comply all the regulation, about we comply with social security payments and social security and the free circulation of invoices and all that information is in your seats, the Corrigo Pai survey standard. And the Board of Directors and management, thank the effort are grateful for the dedication of our employees and their commitment to achieve the goals, the ambitious goals that we have set ourselves. With this, I finalize this summary, the CEO, the report of the extra case, then I'll give back to mic to the Chairman of the assembly.

Thank you very much, Dr. Daniel. Secretary, fifth point in the agenda.

Fifth point in the agenda presentation of financial statements, separated and consolidated as of December 31, 2025.

Sergio Chavarria, CFO in charge, will give you a brief explanation of the financial statements, which were made available to all the shareholders with more than 15 days in advance to this meeting. Then we will open a space for Q&A. Go ahead, Sergio. The room is yours.

Thank you, Mr. Chairman. Good morning. Good day to you all. Let's begin with the consolidated financial statements. During 2025, company revenues increased significantly from COP 1 trillion compared to previous year, COP 1 trillion more, reaching a total of COP 3.2 trillion. This growth represents an increase of 46%, attributable mostly to the strong performance in gold sales, which registered record increases 46% in prices going from $2,387 per ounce in 2024 to $3,474 per ounce in 2025. Added to an increase of 4% in ounces produced in gold. These results were partially compensated with a decrease of 6% in silver sales and 25% in energy sales. Costs went to COP 1.9 trillion, an increase in variation of COP 157 billion. This increase is attributable mostly to higher cost in mining operation, amongst which we highlight buying artisanal material, which increased in tandem with gold prices in 2025 and more costs in all the direct operations in Colombia. Net profit, gross profit had an increase of 74%, reaching COP 1.3 trillion because of more revenues, the previously mentioned additional revenues. Management expenses and overhead increased by 4%, mainly due to the increase in payroll derived from the salary adjustment and the index and the inflation index and the recognition of employee benefits. The other revenues raised COP 190 billion attributable to taxes -- after the tax agreement with the financial with the tax authority in Nicaragua, paying $49.3 million for ad valorem tax and interest from 2019 to 2024, the tax expense had an increase of 64% and is due mainly to deferred taxes derived from the accounting effect of revaluation of the ForEx, foreign exchange rate on inventories in the alluvial segment. This behavior was compensated by the expense register in Mineros S.A. linked to adjustments related and fiscal sales from previous periods. Finally, net profit registered import an increase of 68%, reaching COP 594 billion versus COP 300-plus billion in 2024, explained by higher revenues in this period. Looking at assets, an increase of 10%, equivalent to COP 257 billion is explained mainly by the increase in exploration projects as a result of the acquisition of 100% of La Pepa. Furthermore, the increase of commercial debtors and inventories given and the new inventories of materials in the Nicaragua segment and the new stockpiles, increase of 16% in the liability, the equivalent to COP 126 billion compared to 2024 is due to more income tax provisions for dismantling of assets and environmental rehabilitation and accounts payable. On the other hand, and net worth was increased by COP 129 billion, with a percentage of variation of 7%, mainly by the increase in results of the fiscal year, which were COP 594 billion. Now let's take a look at the cash balance and equivalents. Closing 2025, cash position was COP 425 billion, a change in 5%, mainly explained by the increase in payments COP 405 billion, 782 because of tax obligation, including the income tax and the liquidation of the contingency with the DGI that is the tax authority Nicalagua. Similarly, the acquisition of intangible assets and exploration projects for COP 176 billion derived of the purchase, mainly of La Pepa project. More investment in property, plant and equipment, COP 99 billion, on the increase in expenses in social security and personnel by COP 58 billion. Do we add to this the execution of the share buyback for COP 48 billion. These outlays were compensated partially by a solid growth in collections and sales, which were COP 962 billion during the year. The cash flow coming from operational activities increased by COP [ 217 ] billion, closing 2024. This increase is mainly due to increases in revenues for sales, which was partially compensated by higher payment to vendors for goods and services as well as more payments and taxes, income taxes paid out. Let's go to the separated financial statement. Revenues increased by 73%, reaching COP 658 billion, explained by more revenues for royalties and more revenues in subsidiary companies. Net operational profit was COP 594 billion, which increases to -- an increase of COP 261 billion, 68% more than 2024. This positive performance was driven mainly by the growth of COP 228 billion in gross profits and COP 31 billion in other revenues. I end with a general balance -- separated balance sheet. The increase in were COP 142 billion, representing a percentage variation of 7%, explained by the increase of investment in subsidiaries and an increase in investment properties. Liabilities increased by 12%, approximately COP 12 billion, due mainly to more accounts -- receive accounts payable between group companies and more liabilities for deferred tax as a result of the asset revaluation, the effect of ForEx on the assets of the company. Lastly, the net worth was increased by 7%, equivalent to COP 121 billion. due mainly to the increase of the results in the fiscal year. With this, I end the presentation, and I give back to mic to the Chairman of the assembly.

Thank you very much, Sergio. I asked the honorable shareholders. Do you have any questions or comments. The mic will be given to you. Just one second. Just one second for the mic.

Why the separated results of COP 3,000 million affecting the net worth because network should have grown to COP 2,000 million. We only grew COP 120,000 million. The other integral result corresponds to the effect by conversion of financial statements.

To give you clarity, our functional currency is the dollar, U.S. dollar. All of our transactions are registered historically in U.S. dollars. For the presentation of the information, data are transferred or converted to Colombian pesos using assets at the closing date and a historical that creates a gap, a network that is assigned to the next result. It's a timing issue. It's basically a timing issue. So the type of the exchange -- if the exchange rate changes from 1 year to next generate a net worth effect in the way in which you calculate depending on the currency.

Very well. Let me ask if that's any other shareholder requires any explanation or ask a question. Very well then if there's no more questions or comments, let's continue forward. Sixth points in the agenda. Reading of the external auditor report. I request Alexander representative of Deloitte & Touch that is the external auditor to read his report on financial statement separated and consolidated financial statements of the company for the year ending in December 31, 2025.

Just to make sure if you were awake. Good morning, everybody. Good day to you all. I'm going to go ahead and read out the external auditor report. I'm going to allow myself to read the report and consolidated financial statements. And I'm not going to read the separated ones because, in essence, it's an aggregation of the mall. So the written with the same technique and in essence, they reach the same conclusions in the aggregate. So I proceed with the reading -- review the report of the external auditor to shareholders of Mineros and report on the audit of financial -- consolidated financial statements opinion. I have audited the financial -- consolidated financial statements -- From now on, named the group, which have in financial information as of December 31, 2025, financial statements and comprehensive results and cash flows and equity and net worth changes and financial statement notes, including material accounting policies, in my opinion, financials -- consolidated financial statements present reasonably well in all important aspects, the real financial situation of the group as of 31st of December 2025, the result of its operations -- cash flows for the year ended in the date compliance with accounting norms and financial information accepted in Colombia. Basis of the opinion. I've carried out my thorough audit according to international audit regulation and rules accepted in Colombia. My responsibility according to this regulation are described later in their responsibilities of the auditor section. I mean, dependent from the group according to the ethical obligations that are relevant for my audit of the financial statements in Colombia. And I've complied with the various compliance requirements with the consider that the evidence obtained by the audit is efficiently and appropriate to provide a sound basis to express my opinion. Key issues. The key audit issues are issues that according to my professional judgment, were of the highest importance in the consolidated audit. These issues were covered in the context of my assessment of the statements and in the formation of my opinion, I do not have a separate opinion. I've determined the question determined the key issue of the -- is this the key issues to communicate report, what is the key issue, the Luna Roja project. As is described in '23 to the financial statements as of 31st of December 2025, the value -- the book value of the deposit to Luna Roja is 59,800 million which is an early exploration, state project recognized according to the accounting policy described in Note 3.16.2 of the report. Given the phase in which the project is and the different steps being carried out by management with the regulatory entities in Nicaragua, management applies critical judgment and critical judgment in the evaluation of the of the impairment indications. Budgeted exploration expenses and the progress of the project, identified the Luna Roja project as a key or issue specifically vis-a-vis consider premises and judgments in the annual impairment evaluation. The procedures were amongst others, the following: I visited the project to validate the existence and the management process by the company. I verify the mail from all the authorities in Nicaragua with the support of my legal counsel and specially evaluated the legal analysis by the external advisers about the viability of the project. With the support of my specialist, I've thoroughly reviewed the evaluation of the project by them and the premises used and assumptions used in the estimation of the recovery value and the payback value, using available technical information and comparing it with similar projects. I inspected Board of Directors meetings, findings with the operations, management in Nicaragua, with management and government officials to collaborate the evidence. I evaluated subsequent facts until the date of my report, I evaluated the disclosure and consolidated financial statements about judgments and premises and assumptions considered by management, responsibility of management and those in charge of corporate governance in relation to the financial statements. Management is responsible for the preparation and correct presentation of this financial -- consolidated financial reports in compliance with accounting norms and financial information accepted in Colombia. And the internal control that management considers relevant for the preparation and proper presentation of statements, free of material errors be it by fraud or error to select the appropriate accounting policies as well as to establish the accounting estimates that are reasonable in the current circumstances. When preparing the financial -- consolidated financial statements, management is responsible to evaluate the capability of the group to continue as an ongoing concern disclosing issues related to the ongoing concern and company using the accounting principle of ongoing concern. And unless the company has intention of liquidating or close stopping operations or there is no other realistic alternative. Those responsible of governance are responsible to review the process to report the financial information of the group. Responsibilities of the auditor and vis-a-vis the audit of financial statements. And my objective is to obtain reasonable, reliable opinion that this information is free of material due to fraud or error and to issue an audit report that contains my truth opinion. So reasonable safety, reasonable, it doesn't guarantee that the audit according to international audit norms accepted in Colombia, will detect always a material error. Errors could be due to error or fraud and are considered material. If individually or in the aggregate, we can -- reasonably expect them to influence economic decisions that users make based on final -- consolidated financial statements. As part of my audit and compliance with international audit or accepted norms in Colombia, I apply my professional judgment and maintain an attitude of a professional septicism during the entire audit. Similarly, identify and evaluate material risk errors in consolidated financial statements due to fraud or error. Design and apply audit procedures to answer these risks and obtain audit -- sufficient audit and adequate evidence to provide a sound basis for my opinion. The risk of not dictating fraud that the fraud would imply collusion, the risk of not detecting a material due to fraud is more elevated than in the case of a material error due to given that they could include omission -- deliberate omissions, by intentionally -- expression or the illusion of internal control. So that's even more -- I have an understanding of internal control -- relevant internal controls for the audit with the purpose of designing audit procedures that are adequate is a function of the circumstances and not with the purpose of expressing an opinion on the effectiveness of internal control of the group. I evaluate what's needed and the applied -- policy applied and disclosures made by management. I conclude on the adequate utilization by management of the accounting principle of ongoing concern. And based on the evidence of obtained audit that conclude whether there exists or not on material uncertainty related to conditions of fracs that might generate significant doubts on the capability of the group to continue as an ongoing concern. If I conclude that there is a material uncertainty, we require me to draw the attention in the audit report about the corresponding disclosed information and financial statements or if these disclosures are not right to express a modified opinion. My conclusions are based on audit and information obtained to date -- to the date of the report. Nevertheless, future events or conditions can cause the group to stop being an ongoing concern. I evaluate the global presentation, structure and content of financial statement -- financial statements including disclosed information. Any financial statements represent transactions and relevant events so that they achieved a reasonable presentation. I plan on execute the audit to obtain sufficient and appropriate evidence about the financial information of the entities or business activities inside the group to express a sound opinion on the consolidated financial statements. I'm responsible for the direction, supervision an implementation of the audit or to the group. I'm the only responsible by my opinion opinion. I communicate to those incharge governance in the group, amongst other issues, the scope and timeliness of the audit and the significant results as well as any significant efficiency in internal control if it were identified during the audit. I also gave the governance those insurance governance, my opinion about the compliance of independence and all the relations and other aspects that can expect reasonably expected to affect my independence and the corresponding safeguards from the communicated -- from the issues communicated to those in charge of governance, I determine which one of these issues were of the has importance in the audit of financial statements of the current fiscal year. And therefore, these are the key issues of audit taken into account. I described these issues in my report, unless the laws of regulations for bid it. Or whether in extremely scars circumstances, an issue might not be reported because reasonably, it could be expressed as the consenters consequences would be more than the benefits of public interest for this communication. Other issues of consolidated financial statements for the year ended in 31st of December 2024, which are included for corporate purposes only. Were audited by other fiscal reviewer designated by Deloitte & Touche, which expressed a positive opinion in Alexander, science professional license designated by Deloitte in February 18, 2026.

Thank you very much, Alexander. Thank you very much. Seventh points in the agenda. Can we go -- can we pass the microphone. You have a question by the audience.

I would like to know why in the notes to financial statements are a comprehensive part, are they not being accompanied in the report, why the notes are not in the report? So we don't know what is every point addressing.

I don't know if Sergio would like to respond to that. The report that was given here is a summery. The original document -- he has the QR code that you can see it and you have access, it was published in the website in the page and all the legal requirement were complied by since February 19. Thank you very much. Any other question? So let's move forward Secretary.

Seventh point, approval of the managed annual report -- management annual report. Does the assembly approve the consolidated annual report for 2025? It is so approved. Thank you very much. Eighth point, approval of separated and consolidated financial statements as of 31st of December 2025. I ask the honorable members of the assembly, do we approve the financial consolidated and separated financial statements as of 31st of December 2025? It is so approved. Ninth point, presentation and approval of the dividend distribution project. Dear shareholders. I proceed to read the proposal for profit and for dividend distribution for 2025, which tries to balance the growth of the company with a direct distribution of dividends. The key points of this proposal are the following. Result of the exercise. The company closed the year 2025, with net profit of $144.9 billion equivalent to COP 594 billion. As a signal of trust in our company, we will propose the creation of a new special reserve exclusively to reacquisition of shares. Transferred to reserves, the excess of net profit of the year, we propose to transfer it completely to the company reserves to strengthen our net worth origin of the dividend. For the payment of direct dividends to share, we proposed to release $29.5 billion to [ $185,921 ] million of reserves from previous years and nontax reserves from previous years, total amount to distribute. This allows us to put to your consideration the total dividend of COP 121 billion to COP 185.921 million. As a summary, the proposal is to distribute an annual dividend corresponding to $29.5 million. This payment will be carried out in 4 quarterly installments, equal payments. The first in April 27, 2026; the second in July 21, 2026; third, October 19, 2026; and the last, January 18, 2027. This proposal corresponds to an annual dividend of $0.10 on the dollar per share. I ask the Honorable assembly, do you approve the proposal for profit distribution profit, dividend distribution of 2025? You have the shareholder, you have the mic. You have the mic, the staff will bring the mic over to you.

I consider that with a strong profit increase of 46% in the year, the dividend should have been increased in a similar proportion because we continue with the exact same $0.10 in the last few years. And with the rate -- with a lower exchange rate in FX, we are receiving less dividends proportionately or comparatively than 3 years ago, we should compensate with the profit with increasing profit of 46%. And I would like to add to that, you're distributing only of the profits from 2025. And last year, you were distributing 34% of the profits of the year. So for our shareholders, that represents a decrease.

My name is Wilson Munis, shareholder of the company. And in line with the other shareholders, I said, I believe that distribution -- the distribution -- the dividend proposal is very too conservative and does not reflect the results of the company in the previous year. We've had amazing very positive results and when they're not being reflected in what we as shareholders obtain. Even though the share price has increased, this cannot represent the value that you give us because what you're at you're telling us to share -- to sell the shares to be able to capture that value, and it shouldn't be so it should be as dividends that we can take with are needing to -- the $0.10 is very low taking into account that the exchange rate has went down, has gone down, it's very significant. It's a very little I consider, and now we will discuss that in the next -- but I want to -- the shares buyback for this moment is not is not prudent. Because the price of the share has increased a year ago when the price was different. It made sense to make -- to buy back -- but now to destine from the profits from last year, such a low percentage for dividends -- and another percentage where buyback is not convenient. All of these that goes for buybacks go to dividends, is not the moment for buyback. In other companies, they've done buybacks because prices are excessively low. The price of the share is not excessively low. As she said, is we're only distributing 20% of the profits is very little. It's very little. A normal percentage would be 40% or up to 60% with more traditional companies. So I do not accept this proposal of dividends. It's very too conservative. We talk about cash. There's a lot of cash available with more than COP 400 billion, which are available in cash. More than enough for investment, more than an enough for investment, there's more than enough money for investment project. If gold price has increased so much, why can't we take advantage of this gain? Why are we not seeing this reflected in the gains? Why are you going to keep that money if there is more than enough to distribute and to develop? And the buyback is not the time we have to prudently use the money then to buy the shares that's high prices. Again, this is to destroy value instead of gaining value. So I have a different proposal for dividend distribution. For this year, that contemplates that there will not be -- we're contemplating that there will not be buyback -- shares buyback and to have a more coherent dividend corresponding to the current financial situation of the company.

As you well said, the shares buyback. We have it in another separate point later. So we're not going to refer to that yet. Is there any question related to dividends, we have the mic.

That's my first argument, how much are we going to invest in buybacks? Because last year, we were COP 47 billion, and equivalent to 13% of profits. And for this year, how much, what percentage do you think we will invest? And why did you change the agenda, the sequence? First, you approve the agenda, and then we'll tell you what percentage is going to go for buybacks. I don't agree with that sequence.

I'm also a minority shareholder, 46,000 shares. And I agree -- I disagree. I think the company generates more value with investments. The price has been reflected in the value of dividends. can make us buy more income taxes as my not agree with management's proposals.

Is there anyone would like to present anyone that would like to let's answer the question.

Yes, thank you very much. Thank you. Yes, we will clarify. In management, we coincide that to reinvest in our business is the best investment and will generate more long-term benefits. We're beginning to see the share has increased by 275% in the last year. More than 100% in the last 2 years when we began to reinvest in our business. We have exceeded the performance of our share has exceeded most of our peers. So we consider that that's a very good investment. It's a very good way to give back value to shareholders. The shares buyback, it's a mechanism -- an equivalent mechanism to dividends and brings additional benefits of tax nature or tax benefits and it increases -- proportionately increases the participation of all of you in your ownership, in your ownership. So it's basically putting money back in your pocket. So it's a mechanism that allows us to defend the good behavior of the share, to give back value to shareholders. And whoever wants to capture value right now, it gives them additional value if they sell shares. But we, as a company, we do not believe that we are expensive. We are convinced that the shares are low -- are too low, very low compared to what they should. The market cap of Mineros is a $1 billion and we sold $800 million, less than $3,500 an ounce. The ounce right now is more than 4,400. So to say that Mineros is expensive, it's -- doesn't -- we don't agree. Mineros on the contrary is undervalue, sub -- undervalued at very low levels. So we believe we're convinced that very positively the best investment option for Mineros is Mineros itself. That's why we believe in the buyback mechanism to give back value to you, our shareholders, and the results of reinventing and reinvesting -- are being evident in the behavior of the share and in the results of the company.

Let me ask, does the assembly approved the proposal for dividend distribution for 2025? It's so approved. Anyone would like to register a negative vote? You can register the negative vote. You can register it formally here in -- If you're interested in registering your negative vote. Dr. [indiscernible] is saying that you already have registered the negative votes. You can close with the due risk that I consider the shares buyback is not a way of generating value to shareholders. shareholders stop being a partner, and this is not what we want. If the proposal is that is to tell us being partners or shareholders giving us the sure.

What do you mean? I mean, I don't continue being shareholders and we're adding value. So we want us to continue -- you're not going to tell us sell your shares. Make us participant in the gains of the company. We're receiving only 2.8% yield. That is very low. It's very well below the average yield of Colombia Stock Exchange. Why one of the best companies in the stock exchange is going to be one of the lowest yields in the whole stock exchange, that doesn't compute. We're celebrating good results. Why do we generate a lower yield to shareholders and it doesn't compute. It doesn't make sense.

As I expressed before, right now, we are considering the distribution of dividends. In the next point, we're going to talk about shares buyback in the next -- at this moment right now, we're only voting exclusively to approve the dividends that were just proposed, and then we will clarify everything that you have proposed Mr. Shareholder, yes. You have registered the votes in favor and again, give us a couple of minutes while gives us the result of the vote. Give us a couple of minutes.

I ask whether dividends to be distributed of previous profits from 2016 of [indiscernible] of subsequent or after 2017. After 2017.

Just to clarify, the reserves before 2016 were extinguished a couple of years ago the rhythm in which we are distributing dividends. So it's after 2017.

Good afternoon. My name is Santiago Alaska, shareholder of Mineros. This week -- we are shareholders. I entered relatedly in Mineros 2 years ago, 1 or 2 years ago. And I share many of the ideas to my shareholder -- other shareholders, but this is a democracy and the majority wins. But I would like to give me your proposition because the same happened last week in the country club where Jilinskishow spectacular results in Nutresa and other group we're not going to give you dividends. The same thing -- as you say we love you a lot. We -- but we'll do it alone, we'll benefit alone. And I talk personally for me, shares is a long-term investment, but for older people, which are used to dividends, I would like to evaluate please. For those that would like to have the -- not to leave the company because they've trusted in you in the worst moments of the company and to give them some yield. For those that play the long game and the long term, of course, better stock of 15,000 and 1,900, but those that received so little. It's -- it gives them an after after-taste. And I'm sorry, if I've done this in other assemblies, I reinforce that the 65 days are right next -- or close to the next, to the first round of the presidential election. I'm moving the Northeastern region of Tokyo, where I have crops. What we have to do a lot of pedagogy of participating in the next elections because even though we have operations in cargo in Chile and we care Colombia where we were born. And Colombia, we can lose it if we are apolitical. So in a company that is regulated by the government we should do in an environment without direct participation, promoting participation of our colleagues and employees, telling them about the risks that an anti-mining government has what could happen with the company. Thank you very much.

Thank you, Santiago. Do we have the result? Let me confirm point nine of the agenda was approved by 98% of the quorum, 251,544,054 shares. The assembly ratify the result -- the decision. Tenth point in the agenda, approval of the shares by stock buyback or share buyback program. Honorable shareholders, according to the regular applicable regulation, the company can repurchase shares by decisions of the shareholders' assembly. For this purpose, it's necessary that first, the resources employed or used by the company or the proceeds used by the company come from liquid profits. Secondly, the reacquisition should be done through mechanism that guarantee equal conditions to all shareholders. And third, the price is set based on a study made according to technically recognized procedures. In this context, we propose the approval of our share buyback program for $20 million to be done in a period of up to a year or up to a year. Let me ask the assembly. Do the shareholder has the mic. Microphone, microphone please, for the lady.

The year -- previous year, we invested $12 million for buyback -- for shares buyback. We are increasing from $12 million to $20 million. What percentage is that? Almost -- that's 55%. The profit is we are putting it in shares buyback and the investor, we are decreasing, we're decreasing the dividend. Let me ask who agrees with this? The owner?

The shareholder has the mic.

Mr. Chairman and shareholders, in relation to point of the shares buyback program. In my condition as a shareholder, I would like to subject to the approval at a substitute proposal consisting in approving a shares buyback of the company for a higher amount, for a higher amount proposed by management that goes up to $80 million using the reserve for a period of up to 3 years. As we have explained before, this is a program that is absolutely voluntary that depends from the vision that every shareholder has of their vision and their expected returns and it's going to allow shareholders that have the intention of obtaining liquidity to sell or those that want to buy that keep betting on long-term value to stay in the company. Based on this substitute proposal, I give you the proposal, Mr. Chairman.

Very well. I proceed to read the proposal -- substitute the proposal for point nine presented by the shareholder. According to what disposed in Article 369 of the code of subject to the consideration of the shareholders to approve a program, a share buyback program for up to $80 million using the reserves for shares buyback. And as a consequence, increasing the reserve for this increase the reserve for this purpose. Through the formulation of one or several reacquisition, one or several reacquisition offers in a period of up to 3 years, counting from today through transactional systems of the stock of Colombia and/or stock exchange or independent mechanism according to what is defined in the corresponding notice of offer as long as it's done through mechanism we guarantee equal conditions for all shareholders. In addition to delegating the Board of Directors the faculty to define the specific conditions under which this program will be carried out for shares buyback, ensuring the compliance of the applicable regulation. So I put to the consideration of the shareholders, the substitute proposal presented by the gentlemen by the shareholder. If there is no comments or -- I ask, does the assembly approved -- the shareholder has the mic.

At what price are you going to -- at what price are you going to buy back the shares?

The proposal is to give powers to management when they determine it necessary or convenient to exert it. It's simply an open permit, not is for 3 years, up to 3 years and up to $80 million. It's an open -- basically when and if there are moments or timely or when there's an opportunity, when the share is too low, it would be the moment. But not any specific moment. We have to remind members that this can be done proportionately. It doesn't have to be all of it, could be proportional. If someone wants to preserve their current participation and share, you can simply proportionately participate and it becomes an equivalent -- is an equivalent to dividends.

I participate. Let me excuse the interruption. -- you were talking about valuation of the shares and the benefits for us as investors. But in this moment, you're saying that the proposal is to do a buyback when the price of the share is low. When? That's again lose, gain lose for wind loose. Let me make a counterproposal? Why don't you repurchase at $15 per share, and I will sell them to you right away. All of them at $15, $15 per share. I mean that make it a win-win for you and for us. You want to get rid of us so get rid of us fine. About $15 and then you can buy the whole company.

Thank you. Dr. -- You can put it to the approval of the minority or for the approval of the minority that we also count. And I'm going to tell you, I am in this company, not for me, but for my family and for my grandmother. I believe that for more than 60 years. Thank you.

Good day. My name is Luca Passa, shareholder of Mineros. I am fully in agreement with what she has been -- she has expressed. I do not understand how management can give an answer which is going to be a repurchase buyback whenever it's low, all the time for all the -- they've always told us that it's low that it supposedly is going to go up. So for me, we have to put conditions. We are -- many of us are -- many shareholders are unsatisfied with the dividend. You're making our buyback proposal tell us what would be the real price at which you want to buyback. But I mean that's -- I mean, I don't see a win-win. Basically, you're getting -- asking us to leave the company.

Well, the buyback mechanisms are regulated by law. And the mechanism is the market at market price, you can pull a $15 price the market will pay for it. If you can place that order, you can place that offer the market.

The shareholder has a mic.

My name is Philip Just a comment, just a comment. On March 25, was in the Celsius assembly, an energy company. We also discuss the buyback and they told the buyback -- share buyback and told yes, as management, the price of the shares should be between COP 8,000 to COP 9,000 or COP 10,000. So we are going to present to you COP 150 billion to do a buyback at COP 9,000. You see -- you decide whether you take it, which will be in April. But I know about that decision in that company. When the company -- does when shares are going down. Right now, you should be doing repurchase Mineros because we went down from 19,000 to 14,000, which wasn't mentioned either.

No, we cannot do it because we don't have reserves approved. We don't have reserves approved precisely this mechanism would allow to act in that situation, but we don't have a mechanism approved or reserved approved. Let's say, these levels at which we're transacting right now in management, we believe that these are levels that do not represent the true value of the company. As I said, we are transacting and selling at one point -- the liquidity is 1.2, 1.2, sales of $3,300 an ounce, and we are at $4,400. The project sales projections are much, much -- are significant. So we consider that we're convinced that at these levels, an excellent investment for Mineros to invest. And if the shareholders that consider selling at these levels, we as a company, we are willing to buy immediately. We are convinced that what we're doing, the fundamental value of Mineros exceeds by far the market value of the company. Again, I consider that the -- the buyback mechanism right now is not a mechanism to -- it's not an efficient mechanism to generate value for us as investors, probably generate value to the majority shareholder, but the minority shareholders will not generate value. If we sell, maybe we can gain or lose but to have certainty, it's very cloudy. If you see -- for example, if you said we're going to rebuy it at this price, but you're simply saying we're going to repurchase the best conditions, but not for the investor, this is not a guarantee. Mineros is you. If there was a price that we would have more or better criteria to determine whether that generates value. But as it's designed, it doesn't. So I would like -- this could be transferred directly to dividends or tell us at what price you would consider that you will buy the shares to see if it's a mechanism for us -- for our investors. But the win which it is proposed at market price, I don't think it's good for us.

The gentleman has the -- shareholder, the mic.

The minority -- I'm not a new -- I'm here from 2016, what this management has not to generate value has been incredible. The increase in the value of the share. The dividends, if we pay dividends, the company destroys net worth. On the contrary, when they buy back, if you don't sell, it increasing your beat of your cake, they're working for all. It's not -- I mean, it's not the majority against the minority, you're wrong. I think they're working for all of us.

I agree with the shareholder. But what I do -- but as Magister in finance and a shareholder of the company, I ask is that to clearly specify the buyback mechanism we're going to be building. It's going to be market price or one way or another. I would like to need more of a clarification about what price are you going to buy and when, what is the cutoff pride, the cut-off date to be able to access that buyback mechanism if we want to buy back ourselves is not saying no, it's how, is how? Because the ways are very important in the stock end been 20 years in the stock exchange. So it would be -- it's important to clarify, to be more transparent and seamless. I know you don't think well. I think the results have been very good. Otherwise, the share wouldn't be where it is. That is clear. But please clarify the mechanisms in how and how we can do buyback in our own?

Good afternoon. What I've heard from management, I'm amazed that you presented a proposal for buyback. And seemingly, you didn't budget that buyback because not even -- you don't know even putting the price. I mean we authorized a very low dividend. Why don't we set now the buyback price, making it sufficiently high to compensate that lower dividend. That's my opinion. Thank you very much.

Well, again, the representative of the majority shareholder that was given the authority to make the proposal of the $80 million didn't get authorization, how much is it going to buy back the shares share, you know perfectly how much. Why don't you tell you was to clarify, how much it will buy back this. The proposal is to do it at market price.

Mark, he must know very well how much would be precisely. Yes, these are low legal mechanisms. Unfortunately, we cannot exceed the mechanism established by authorities. Surely, the mean is going to be a book building, probably book building and purchases will be made at market price. And the Board is empowered and has the fact to determine when would be the right moment to do it. That's why we're putting a deadline up to 3 years. We have 3 years to see when we have to buy and how much.

Very well. Let me ask -- go ahead. Go ahead. You have the mic, sir.

So when do we do -- let me present an additional proposal for your consideration. Taking this amount for a repurchase of $80 million, putting a price, putting a specific minimum price, and we can improve it or reject it, but to make more sense. And let's put a price the specific acquisition price. Let me propose taking into account but we said about growth that a fair price could be 30,000 per share during -- in the next 3 years, in the next 12 months. Whoever wants to participate with a specific price that would give us a benchmark or a reference. It's a formal proposal to subject to the consideration of our repurchase in the next 12 months for COP 30,000 for common shares.

There is another hand in the middle of the room.

Everything that has been said has been -- it's clear -- but I share the opinion that there should be a price, a minimum price at a certain price. And we would recover a percentage, let's say, 1%, 0.5%. It's a way of distributing dividends and nontax but with an attractive price. As it's presented at $20 million or $80 million is a very cloudy and very ambiguous what are the market mechanisms or what is specific is going to be through -- there's -- you have autonomy to present the price. And we will decide whether we accept it or not. But it doesn't say that you're going to -- the only thing -- the only ones that gain are the investment bankers here. So these are the price we want to pay, and we will see with whether we accept it, and a percentage of how much we can sell.

Well, good day to all of you. Good afternoon maybe with the intention of untangling the confusion a little bit and to see the full landscape, the look at the landscape. This is a democracy. We're all shareholders and we have to find compromises or midpoints. More than voting these proposals just presented by the shareholders, which is for 3 years when we vote for the initial one for $20 million. which is also would encompass the 3 years with the condition that for the next assembly next year, which is in the 3 years, we have a specific proposal for negotiation price for the remaining $60 million that could satisfy the other shareholders for the buyback because to open up that possibility from today for 3 years is too long with that uncertainty with that with that ambiguous -- ambiguity and cloudiness could be inconvenient for the rest of the shareholders.

You have the mic.

I think about the following. When Mineros intends to buy back shares, majority shareholders and minority shareholders are in that process. We are all in that process. It doesn't make sense from any point of view at all to say at what price I'm going to buy back. It doesn't make sense. Why? If I buy back, it's -- what's important is to buy as low as possible when the market is showing signs of undervaluation to buy more expensive doesn't make sense.

Thank you. I mean it's an explanation. Those of us that bought shares did benefit the majority shareholders and the minority shareholders, all boats are risen level. Those that consider that your prices $15, fine. You can put that offer. If the market reaches that level, you're going to sell them. But when we talk about $80 million, that's to set up price. That's a very -- it gives a big guarantee that we're all going to end up winning. We all -- I am one of the more minority of the minority shareholders.

I invite you to recognize management and congratulate management because this is not comparable to -- to the other company mentioned. We're talking about management that, that closed the deal of Apapa $50 million, close the deal of Colosa, $10 million. I believe we have -- sorry, let me -- I want to recognize and congratulate management be because of the facts and the events, the actual results of the new management is not comparable with Celsia. The other company mentioned Celsia -- they's distributing 110% of profits. Here, we are being cautious, prudent, responsible because Mineros has all the potential for growth, all the cash. And we're not -- we want to buy -- we're not buying 110%. The idea is to improve, I assume, we also have to see the close La Pepa for $50 million. They closed Colosa for $10 million. We're talking about millions of ounces that they bought that haven't even been born. Very cheap, very cheaply. I think we have to congratulate these moves by management. That the investments they have made and the way in which they deal and manage are representing the very best value. In my personal opinion, I prefer to be in this side of the negotiation you're buying ounces, you bought ounces, dead cheap. Ridiculously cheap. It's a clear cut the same that you're doing with creating inventory and stockpiles. You're buying cheap and selling expensive. Anyone -- the way we do it, you're accumulating inventories to process, you're expanding processing capacity, it's putting money in your -- they're buying cheap and selling expensive guarantee for the immediate future is not even medium term. So we have a very top level, top-notch management, I cannot guarantee, of course, I don't have the crystal ball, but the fact seen so far, we see they're not thinking in buying back some of their thinking and generating value and generating value for all shareholders. And we always have the power of the -- of course, you want us if you want to sell you, you can sell it. If you want to sell -- shareholder.

Just -- excuse me, just why don't we organize then an extraordinary assembly to set the price of the share, to set the share price at when did when they did a repurchase for $250 million. Thank you very much, and have a good day to you all.

As President -- as Chairman of the assembly, I have to put to the consideration of the proposition presented by the shareholder. So I open the vote, those that are against please register your vote, the number of shares that you have, and you can please register your way and this is what I have to give us the numbers on the vote count. These are $80 million for buyback in for 3 years. Giving faculty to management to determine the very best moment to the Board of Directors to determine the best moment for the Board at market prices. Very well. Let's take a look at the result of the vote. There was a proposal by management of $20 million. So automatically management voted that proposal, you threw it in the band present $80 million. We proposed the initial or do we get -- do we present the new one? No. Let me clarify. When there is an initial proposal and substitute proposal is we have to put in consideration the substitute proposal. If the substitute is denied, then we vote again for the original one. But if it is approved then is the one that is, in effect, valid. That is the procedure.

First, congratulations for your results. Personally, I agree with the buyback program, what you've done, it's fabulous. The only question I have is the destination would be the stock exchange or Canada shareholders?

All of them. Every single shareholder, all shareholders are included. The mechanism is going to be -- is enabled in Colombia, but all Canadian shareholders can participate as well in the same condition, in the same conditions, there is a quality for all shareholders, but it will only be executed in the Colombian Stock Exchange. But all shareholders can participate.

Good afternoon, Santiago de Baris on behalf of Citi Trust. About the modification being proposed, I would like to make a clarification with the Chairman and Secretary, and should be -- I would like this to be the record that I represented about -- on the new proposal, the vote should be understood. We should -- how were they understand -- how they were preregistered votes were preregistered. We will take that into account.

Yes. You have the preregistration trail.

How were they preregistered?

If anyone would like to vote against, please register your vote on the table to my left. So I have a counter proposal, if -- because as the gentleman said, maybe there is a shareholders that have pre-registries. And I put to the consideration of the Chairman of the table to register only the positive -- the positive robots only. Once we close the vote, we have to register all the votes, all the votes. If there are positive votes, we have to see how many -- if there are negative votes, we also have to say how many votes by procedure. We made the colleague. If anyone wants to register the negative vote, you can please register at the table to make sure it is counted. Anyone else would like to register a vote. The vote is closed because otherwise, we're going to spend all day here. With the vote closed, we will obtain all the results in case that it's approved, this proposal -- in case that it is denied, we will consider the original one in case that it doesn't reach an off or the vote threshold. But the registered Citibanks, Citibank, the vote is closed to be registered by the closest -- Clarification, there's still registering Citi banks or Citigroup's vote. We have the vote count. Tenth point in the agenda, we have this decision approved by 91.1% of the votes of the present quorum. 256 million shares or 122,786. So it's more than a super majority. So it's approved. 11th point in the agenda, Secretary?

11 point, approval of the reserve for purchase for the share buyback.

Taking into account that the assembly just approved the program for the reacquisition of shares, we proposed the creation of our reserve destined for this purpose for an amount of $80 million. I ask the assembly, do we approve this proposal? Approved, there is no votes against, we consider it approved. Secretary, 12th point in the agenda.

Presentation and approval of the bylaws reform.

Dear shareholders, we subject to your consideration of bylaws reform that intends to make management of Mineros be stealthier, agile, efficient and modern, aligning it with the best corporate practices internationally. This proposal has been reviewed -- thoroughly reviewed by legal external advisers in Colombia and Canada and was reviewed and approved previously by TSX in Canada. The proposal was made available to all of you together with the other proposals according to the terms established by the laws and the bylaws. I proceed to explain the changes proposed article by article. Article 25 or close 25. Quorum for me extraordinary meetings. It increased from 5% to 10%, percent of shareholders necessary to call extraordinary meetings of the assembly. This modification intends to avoid significant backing in shares and is aligned with international standards of corporate governance. Article 27 and 35, approval of company of election policy and evaluation of the Board. The approval of the policy for election and evaluation of the Board would be competency of the Board of Directors and not the assembly. This is logical because the Board knows better the technical profiles needed by the business. You, as an assembly, you preserve the power of postulating, electing and presenting slate and how much we pay. Board of Director, approval of minutes. The Chairman of the Assembly will propose delegate for the approval of the minutes who will be elected by my simple majority. This means the procedure and provides more clarity and transparency. Article 34, size of the Board of Directors, we're proposing to reduce the member -- number of members of the board from 9 to 5 members. More smaller board allows for speedier deeper discussions, faster decisions and more individual responsibility of every director. Consequently, we adjust a quorum to make decisions valid to the majority, guaranteeing that the Board will always be able to operate in an effective fashion. Article 39 and 43, powers of the Board and securities generation. We strengthened the powers of the Board in two senses. First, we -- the Board is a residual body, meaning that it will be able to act in any subject that is not specifically aside to any other body of governance. Avoiding power vacuums always being without the need of previous delegation of the assembly, which allows the company to benefit from market opportunities, speedily and in the right moment. Articles 39 and 43, little low -- contracting limit of the CEO has increased 10x from $1 million to $10 million, the autonomous contracting threshold from $1 million to $10 million. This change reflects the growth of the operations of the company and allows more speed and agility in managing the day-to-day without committing the control with compromising the controls of the Board on higher more significant amounts. Article 43 little low governance of affiliate companies to ensure that all the companies in the group can follow the same strategy. The Board will give instructions of vote -- direct vote to the Chairman, to the CEO of the company in the asset for the subsidiary companies. We go from authorizing to direct and lead actively the direction of all the holding group. Article 53 reserves. Finally, we replaced the instrument of special reserves by statutory reserve exclusively dedicated to financing capital increases. This gives more transparency, uncertainty about the designation of resources, allocation -- the allocation of resources served by the company. In a summary, dear gentlemen, dear shareholders modifying articles 25, 27, 35, 33, 34, 39, 40, 39, 43, 40, 43 and 53 of the bylaws and has, as a purpose, to vote -- to give Mineros a more agile, efficient on governance practice, more aligned with international governance practices. I asked the assembly, do we approve the bylaws reform? It is approved. You have the mic over there. You have the mic over there and then over here. Are you taking a picture or are you taking -- you're taking a picture, no, I'm sorry, but there's one lady here.

Yes, I did ask for the mic. My name is Catalina I have a comment about the Board. I believe that you reduce it to 5 too much. I believe that an optimal point would be about 7 members of the Board, 9 might be larger, but 5 could give to lack of diversity of perspective and a lack of counterweight. I think the valuable thing about our board is that will be counterweight and with 5 could be, I think, a limited diversity of opinion and really deep discussions and conversations. There could be maybe as an overload, unlimited -- and the excessive available time for committees. But I think we're limiting the participation in committees. I think it also limits the participation in access to opportunities and networking and media. So -- and I think there would be there's vulnerability. Vulnerable to exit of one member to lose a member or two, or a member as a Board of 4. So while we replace it, get the new member, I think a Board of 7 would be a better, a more optimal point to have diversity of opening and different opinions and have -- and not to concentrate power so much.

Let me ask the shareholder. Are you presenting a list or just making a comment because you...

I will propose that the change in the bylaws is from 9 to 5, but 9 to 7.

I put to the consideration the substitute proposal -- so the number of members of the board should be 7 instead of 5. Let me ask the assembly, do we approve it? Is denied by the shareholder. Rejected by majority of the Shareholder. Let's register the negative vote. I reject that proposal. I consider that these proposals are concentrating the power of the majority shareholder and the decisions of the company too much. It's reducing the power to the assembly and when there's equity members, I mean we're simply outside the discussion. We're increasingly outside the discussion, minority shareholder outside the discussion. Both on the quorum for meetings and less delegates and et cetera, et cetera, we're losing -- we're losing more and more power as minority shareholders. This is reflected in the dividend distribution. Maybe there are more than -- so et cetera, I am very concerned about this assembly of all the -- the assemblies that have been this week. This is the one that concerns me more than all the others because of the decisions that are being made here. Results of the vote?

Chairman FelipioRosco speaking. I believe that we are making the exercise the other way around. Knowing that the majority shareholders is the one that is putting all the conditions, you should say what he agrees to modify or not. And we simply not throwing ideas in the air. This is what they propose and that's it. I mean, I believe the moment of the vote would be speedier and if he decides, gentlemen, I propose this and my shares are 65% of the share to total. So humbly, we have to accept the order. Legally, we have to go to the vote. We have to go to the vote legally, complying with the low under regulation and the protocols. We have to follow that procedure.

We have the result of the vote of the alternative or moving from 5 to 7. 90.2% does not approve. It's approved only by 9.48%, which is not accepted then. We have to vote again the initial proposal. The other one was not accepted, so we need to vote again the other proposal. Do the assembly approved the initial bylaws reform? It is so approved? 13th point, consultative vote for the Board of Directors and formed with the policy of election, performance and compensation of the Board of Directors, in this point we request to have a consultative vote nonbinding vote vis-a-vis every member of the Board of Directors proposed. Every member of the Board proposed. Honorable shareholders, as this consultative vote, it's a practice adopted with the purpose of complying Canadian regulation according to which Board of Directors are voted individually. The results of this vote will only be used with purposes of evaluation according to what is according to Section 6, numeral -- that refer to remuneration and compensation of the Board. If the majority doesn't agree with any member of the Board, their permanence will be evaluated. I highlight the consultative vote will be done for the members elected -- the elected members of the Board. I report the assumed that for the election of members of the Board, there is only -- we only have the presented slates and published beforehand in the website of the company. Therefore, the consultative vote and the election will be carried out about the 5 members post We invite you to vote in the units outside -- in the back of the room in favor of every member of the Board. You have them in the screens over there where you can vote. Can you publish the names? Can you put -- can you project in the screen, the names of those members. I announced that the vote is going to be closed, please if there's anyone that intends to vote, please do it speedily, so we can include your vote. [Voting]

I anticipate that the vote will be closed. If there's any one missing, we're going to close the board in a minute. So please, if there's no one else to express their intention to vote. We are closing the vote, and we're going to do the scrutiny of the ballot. [Voting]

We're in the process of counting the votes. election of the Board of Director, 2026, 2027, the slate presented was made available to all the shareholders through the website of the company, previously in advance of this meeting. In compliance with the applicable regulation and the performance and compensation policy of the company, the Governance and Sustainability Committee has evaluated the profiles of the candidates with the following criteria: Their functional and professional profile, diversity, independence in comparabilities and inabilities. The governance and sustainability government committee has determined that all the candidates presented in this late for election are apt to serve as members of the Board for the company. According to Colombian regulation, the Board of Directors is elected through the electoral quotient system, which is described in detail in Colombian regulation, and the circular influent information. Circular made available to Canadian investors and shareholders as well as what appears and the degree taking into account that the slate includes most independent members as it's disposed -- as it's implied by regulation. And the election of all the members will be carried out in a single vote. We thank you to proceed. We thank you to proceed with the vote of the slate, which I repeat the slate, red is Filipe Martins, Augusto López, Vikram Sodhi, Hernán Rodríguez, Sofía Binachi. Let's proceed to the vote. [Voting]

I ask the members of the assembly. Do we approve the slate that has been read? It is so approved. 15th point of the agenda, fees for the Board of Directors. The management team of Mineros S.A. bearing in mind report presented by the Board of Directors with support from the Corporate Governance Committee and Sustainability proposes that the individual compensation of the members of the Board, including fees for attendance to Board meetings and committees remain stable and the same as is shown in the table on the screen. The fee -- annual fees proposed are $55,000 for every director, $30,000 additional for the Chairman of the Board and $25,000 for the Chairman of the Audit Committee and $5,000 additional for the other members of committees. It's important to emphasize that the big will not charge any fees whatsoever in the company. In addition, I want to emphasize that as a result of the bylaws reform approved in the previous point, the reduction of the Board of Directors from 9 to 5 members generate savings -- significant savings for the company. Even though the fees for the Board of Directors, although the individual fees are the same, the aggregate cost and fees for the Board is reduced in approximately 4% -- by 44%, almost half. This reflects a focus on efficiency in governance without increasing the unit cost per director. Do the assembly approved the fees, which are the same for 2025 will be the same for 2026. It is so approved by 16th point, and 16th point proposals and other topics. Dear gentlemen, do we have another subject to propose? Do you have the mic over there?

I have a question. What is your perspective vis-a-vis gold in the medium, short and long term? And the other question is how much -- what is the percentage? Because I know that you did a provision for $5,000 per ounce. What is the provision we have for sales? That those are my questions?

You made a provision for the cost structure? You made a cost structure, the budget, we need a budget at $4,200. The budget of $4,400 was the budget per ounce. The for about at the current levels, more than our position as a company, the position of the market and the 1 the main analysts in the market, there is a general consensus that we continue in a bull market. The trend is as an increase. There's a lot of volatility in the short term, yes. But the perspective, the outlook are still positive and bullish. The fundamentals are clear, strong fundamentals, fundamentals that do not change in the short term. Central banks are buying. flows and market demand in Asian markets are very structural aspects that we consider are going to continue. So we believe that we will continue in a bullish market as it has been happening in the recent years. The budget was $4,400.

And the last question, do you delist in Colombia and bring...

Now on the contrary, we see very relevant value in shares in Colombia. In fact, we see growing flows and growing interest of Colombian investors coming into the share. Recently, the price of the share in Colombia is above Canada. So actually, of the 600 shares, 600,000 shares transacted in Mineros every day, 200,000 are in Colombia. So the opposite. The opposite, we want to stay present in the Colombian market, the Colombian Exchange. We have the Latin American integrated market which we hope to connect soon with the Peruvian and Chilean market, both countries, eminently mining countries. So on the contrary, we see strategic relevant strategic value to be listed in Colombia's Stock Exchange.

Thank you for your questions. Very well. Are there any other proposals? The hand is over there, please bring the mic over.

You say that hopefully, the shares in Chile and Peru and Colombia will complement.

I report that from the next -- of the next -- the first of the next month, the transactions are available in the 3 stock exchanges in Colombia. So it will become enabled at the first of next month. I ask, are there any other questions or comments? Okay. Having no more proposals than we closed the assembly today. Thank you very much for your attendance, for your participation, wishing you a great afternoon. Thank you very much and for those connected remotely washing through YouTube. Thank you very much for your attendance, and have a good afternoon. [Statements in English on this transcript were spoken by an interpreter present on the live call.]