Mineros Reports Second Quarter 2024 Financial and Operating Results

(all dollar amounts - other than per share amounts - are expressed in thousands of US dollars unless otherwise stated)

MEDELLIN, Colombia--(BUSINESS WIRE)--Mineros S.A. (TSX:MSA, MINEROS:CB) (“Mineros” or the “Company”) today reported its financial and operating results for the three and six months ended June 30, 2024. For further information, please see the Company’s unaudited condensed interim financial statements and management’s discussion and analysis posted on Mineros’ website https://mineros.com.co/en/investors/financial-reports and filed under its Mineros’ profile on www.sedarplus.com.

Andrés Restrepo, President and Chief Executive Officer of Mineros, commented: “The second quarter was good from both a financial and an operational perspective. Our revenues, gross profit and Adjusted EBITDA were all higher in the second quarter due to the high price of gold. Cash Cost and all-in sustaining costs were at the higher end of guidance for our operations due to the weakening of the US dollar against the Colombian peso and stronger gold prices resulting in the mineral bought from our artisanal mining partners being more expensive. Our gold production from Company-owned mines was modestly behind expectations in Colombia and in line with expectations in Nicaragua. Because we processed more artisanal material in Nicaragua we stockpiled material coming from our Panama and Pioneer underground mines for processing in the third quarter of 2024. At this time we are maintaining our cost and production guidance but will be closely monitoring certain cost inputs and production at our Nechí operation in order to alleviate the bottlenecks experienced in the second quarter of 2024.”

On September 21, 2023, Mineros sold all of the outstanding share capital of Mineros’ subsidiary, Minas Argentinas S.A., which holds a 100% interest in the Gualcamayo Property in Argentina, to Eris LLC. Accordingly, the financial and operating results of the Company herein are presented for continuing operations comprising the Hemco Property and the Nechí Alluvial Property and omit the discontinued operations comprising the Gualcamayo Property. Certain results set out below have been restated to reflect only the continuing operations of the Company by removing amounts pertaining to the discontinued operations from previous totals. These restatements are reflected in the first and second quarter 2023 results in order to more appropriately compare the results from the second quarter of 2024 with the second quarter of 2023 and the first six months of 2024 with the first six months of 2023.

CORPORATE HIGHLIGHTS FOR THE THREE AND SIX JUNE 30, 2024

• Produced 105,444 ounces of gold, 65,641 ounces from our Nicaraguan operations, up 1% from the first six months of 2023 and 39,803 from our Colombian operations, down a modest 7% from the same period in 2023.
• Produced 466,745 ounces of silver in the first six months of 2024, up 63% from the same period in 2023.
• Paid $7,473 in dividends in April 2024.
• Projects financed with income tax payable by Mineros Aluvial S.A.S. BIC (“Mineros Aluvial”) and approved by the government:
  • Provided $5,006 for library collections for educational institutions in Bajo Cauca.
  • A pedestrian bridge will be constructed in the municipality of Caceres, Antioquia, in Bajo Cauca for $3,495.
  • Provided $2,014 for sports equipment for schools in Bajo Cauca.

Dividends declared

On March 26, 2024, the General Shareholders Assembly approved the distribution of the Company’s profits by way of: (i) an annual ordinary dividend of $0.075 per share, payable quarterly, in four equal installments of $0.01875, and (ii) an extraordinary dividend of $0.025 per share, payable quarterly, in four equal installments of $0.00625, representing a total annual distribution of $0.10 per share, or approximately $29,974 in total for the year, calculated based on the number of shares issued and subscribed as at March 31, 2024. This represents a payout increase of 42.8% compared with last year’s dividend.

The future Canadian record dates and Canadian/Colombian payment dates for the ordinary and extraordinary dividends are set out in the table directly below:

			Amount per share
	Record Date	Payment Date	($)	(COP$)
Ordinary Dividend	October 9, 2024	October 17, 2024	0.01875	74.1
	January 9, 2025	January 16, 2025	0.01875	74.1
Extraordinary Dividend	October 9, 2024	October 17, 2024	0.00625	24.7
	January 9, 2025	January 16, 2025	0.00625	24.7

FINANCIAL AND OPERATING HIGHLIGHTS FOR THE SECOND QUARTER OF 2024

The following table summarizes quarterly financial highlights for the three and six months ended June 30, 2024 and 2023.

	Three Months Ended June 30,		Change		Six Months Ended June 30,		Change
	2024	2023			2024	2023
	($)	($)^2	($)	(%)	($)	($)^2	($)	%
Revenue	133,384	116,623	16,761	14%	247,532	215,492	32,040	15%
Cost of sales	(91,991)	(75,596)	(16,395)	22%	(172,669)	(143,567)	29,102	20%
Gross Profit	41,393	41,027	366	1%	74,863	71,925	2,938	4%
Profit for the period from continuing operations	18,076	21,695	(3,619)	(17)%	34,850	38,446	(3,596)	(9%)
Loss for the period from discontinued operations	—	(9,143)	9,143	(100)%	—	(10,490)	10,490	(100)%
Net Profit for the period	18,076	12,552	5,524	44%	34,850	27,956	6,894	25%
Basic and diluted earnings per share from continuing operations ($/share)	0.060	0.072	(0.012)	(17)%	0.12	0.13	(0.01)	(9%)
Basic and diluted earnings per share from continuing and discontinued operations ($/share)	0.060	0.042	0.018	44%	0.12	0.09	0.02	25%
Average realized price per ounce of gold sold ($/oz) ^1	2,327	1,966	361	18%	2,200	1,926	273	14%
Average realized price per ounce of gold sold from continuing operations ($/oz)^1	2,327	1,964	363	18%	2,200	1,923	277	14%
Average realized price per ounce of gold sold from discontinued operations ($/oz) ^1	—	1,973	(1,973)	(100%)	—	1,943	(1,943)	(100)%
Adjusted EBITDA^1	49,647	47,649	1,998	4%	90,301	85,403	4,898	6%
Cash Cost per ounce of gold sold from continuing operations ($/oz) ^1	1,304	1,044	261	25%	1,240	1,040	200	19%
AISC per ounce of gold sold from continuing operations ($/oz) ^1	1,514	1,225	289	24%	1,472	1,238	234	19%
Net cash flows generated by operating activities	7,115	30,154	(23,039)	(76%)	17,220	32,652	(15,432)	(47%)
Net free cash flow^1	(6,818)	21,762	(28,580)	(131%)	(8,715)	11,530	(20,245)	(176%)
ROCE^1	31%	27%	4%	15%	31%	27%	4%	15%
Net Debt ^1	1,898	(3,820)	5,718	(150%)	1,898	(3,820)	5,718	(150%)
Dividends paid	7,473	5,213	2,260	43%	12,712	10,050	2,662	26%

1. Average realized price per ounce of gold sold, average realized price per ounce of gold sold from continuing operations, average realized price per ounce of gold sold from discontinued operations, Adjusted EBITDA, Cash Cost per ounce of gold sold from continuing operations, all-in sustaining costs (“AISC”) per ounce of gold sold from continuing operations, net free cash flow and Net Debt are non-IFRS financial measures, and return on cash employed (“ROCE”) is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release.
2. The Gualcamayo Property was sold in September of 2023 and, accordingly, certain amounts have been restated to reflect the continuing operations of the Company by removing amounts pertaining to the discontinued operations. This restatement is reflected in the first six months of 2023 in order to more appropriately compare the results period over period.

• Revenue increased by 14%: Revenue totaled $133,384 during the second quarter of 2024, compared with $116,623 in the second quarter of 2023, with sales of gold of $124,976 at an average realized price per ounce of gold sold from continuing operations of $2,327, during the second quarter of 2024 compared with sales of gold of $111,708 at an average realized price per ounce of gold sold from continuing operations of $1,964 in the second quarter of 2023. The increase in revenue in the second quarter of 2024 is mainly explained by an 18% increase in average realized price per ounce of gold sold from continuing operations and a 83% increase in sales of silver of $2,973, offset by a 6% decrease in ounces of gold sold;

• Cost of sales increased by 22% to $91,991 during the second quarter of 2024, compared with $75,596 in the second quarter of 2023. This increase was primarily due to: (i) the higher price of gold increasing the costs to purchase material from artisanal miners of $7,825; (ii) greater depreciation and amortization relating to our operations of $1,753; (iii) the 13% devaluation of the US dollar against the Colombian peso and higher prices across the Company’s operations, created increased maintenance and materials cost of $2,266, and service and labour costs of $2,002 and $1,067 respectively;

• Gross Profit from continuing operations increased by 1% to $41,393 in the second quarter of 2024, compared with $41,027 in the second quarter of 2023, mainly due to higher revenue as explained above;

• Profit for the period from continuing operations down 17%, to $18,076 or $0.06 per share during the second quarter of 2024 compared with $21,695 or $0.07 per share during the second quarter of 2023. The decrease in profit was due mainly to higher costs to purchase material from artisanal miners, modestly fewer ounces of gold sold and higher costs due to the strong Colombian peso. Profit for the period was also impacted by higher foreign exchange differences of $2,607 and higher taxes of $7,731;

• Adjusted EBITDA¹ up 4%: Adjusted EBITDA was $49,647 during the second quarter of 2024 compared with $47,649 during the second quarter of 2023, mainly explained by higher revenue;

• Net cash flows generated by operating activities were down 76%, totaling $7,115 in the second quarter of 2024, compared with $30,154 in the second quarter of 2023, The Company’s net free cash flow was negative $6,818 for the three months ended June 30, 2024 , down from $21,762 in the same period of 2023, due to the timing issues of the payment of income tax $20,361 in Colombia;

• Dividends paid up 43% - Dividends paid during the second quarter of 2024 were $7,473, compared with $5,213 in the same period of 2023, explained by the extraordinary dividend approved at the ordinary meeting of the General Shareholders’ Assembly in March 2024;

• Cash Cost & AISC: Cash Cost per ounce of gold sold from continuing operations in the second quarter of 2024 was $1,304 and AISC per ounce of gold sold from continuing operations was $1,514, compared with Cash Cost per ounce of gold sold from continuing operations of $1,044 and AISC per ounce of gold sold from continuing operations of $1,225 for the second quarter of 2023. The 25% increase in Cash Cost per ounce of gold sold from continuing operations is mainly explained by the 22% increase in cost of sales, due to higher gold prices and the effects of the COP:US$ exchange rate, along with the 6% decrease in ounces of gold sold. The increase in AISC per ounce of gold sold from continuing operations is explained by the increase in the Cash Costs per ounce of gold sold from continuing operations, along with a 12% increase in sustaining capital expenditures.¹

• Capital investments² up 46% to $16,662: during the second quarter of 2024 capital investments of $16,662 were made into existing mines, and exploration & growth projects, compared with $11,439 in the second quarter of 2023; the increase is explained by higher investments at the Hemco Property.

Financial Highlights for six months ended June 30, 2024

• Revenue increased by 15%: revenue totaled $247,532 during the six months ended June 30, 2024, compared with $215,492 in the six months ended June 30, 2023, with sales of gold of $231,938 at an average realized price per ounce of gold sold from continuing operations of $2,200 in the six months ended June 30, 2024, compared with sales of gold of $206,668 at an average realized price per ounce of gold sold from continuing operations of $1,923 in the six months ended June 30, 2023;

• Cost of sales increased by 20%, to $172,669 in the six months ended June 30, 2024, compared with $143,567 in the six months ended June 30, 2023; The increase in costs is primarily due to higher cost of purchasing artisanal material of $12,794 due to higher gold prices, higher labour costs of $3,818, higher services of $3,806 and higher taxes and royalties of $237;

• Gross Profit from continuing operations increased by 4%, amounting to $74,863 in the six months ended June 30, 2024, compared with $71,925 in the six months ended June 30, 2023; mainly due to an 15% increase in revenue, which was partially offset by a 20% increase in cost of sales as explained above;

• Profit for the period from continuing operations was down by 9% to $34,850 or $0.12 per share during the six months ended June 30, 2024 compared with $38,446 or $0.13 per share during the six months ended June 30, 2023; the decrease in profit is mainly explained by the modest increase in gross profit offset by an increase in costs. Profit was positively impacted by higher foreign exchange differences of $4,763. Profits were also impacted by lower other income of $2,598 due to the receipt of an insurance payment of $4,889 related to the overturning of the Llanuras Plant in the first quarter of 2023, higher deferred taxes of $8,653 and lower current taxes of $813;

• Adjusted EBITDA up 6%: Adjusted EBITDA was $90,301 during the six months ended June 30, 2024 compared with $85,403 during the six months ended June 30, 2023 due to a 15% increase in revenue, offset by a 20% increase in cost of sales and a 10% increase in administrative expenses;

• Loss for the period from discontinued operations decreased by 100%, to $0 during the six months ended June 30, 2024, compared with a loss of $10,490 during the six months ended June 30, 2023, due to the sale of the Gualcamayo Property;

• ROCE was 31% as at June 30, 2024 compared with ROCE of 27% as at June 30, 2023; the increase is mainly explained by 9% higher Adjusted EBITDA for the last 12 months, along with a 6% decrease in average capital employed, mainly explained by lower gold inventories after the sale of the Gualcamayo Property, fewer exploration and evaluation projects and lower value attributable to property, plant and equipment;

• Net Debt was $1,898 as at June 30, 2024, compared with $(3,820) as at June 30, 2023; explained by 74% lower cash and cash equivalents, along with 50% lower loans and other borrowings;

• Dividends Paid up 26%: Dividends paid of $12,712 during the six months ended June 30, 2024, compared with $10,050 in the same period of 2023, explained by an extraordinary annual dividend approved at the ordinary meeting of the General Shareholders’ Assembly in March 2024;

• Net cash flows generated by operating activities were down 47% totaling $17,220 in the six months ended June 30, 2024, compared with $32,652 in the same period of 2023. The Company’s net free cash flow was negative for the six months ended June 30, 2024 and totaled $8,715, down from $11,530 in the same period of 2023, due to timing issues of the payment of income tax of $22,517 in Colombia. While the sale of the Gualcamayo Property resulted in lower receipts from the sale of goods, commissions and other revenue, and various hedging instruments of $23,762, in total these decreases were more than offset by the reduction in payments to suppliers and employees, and social security agencies, among others, which totaled $30,802;

• Capital investments up 17% to $31,025: during the six months ended June 30, 2024 capital investments of $31,025 were made into existing mines, and exploration & growth projects, compared with $26,421 in the six months ended June 30, 2023. This increase is explained in part by higher exploration capital expenditures of $867 and no capital expenditures related to the Gualcamayo Property which were $7,687 in the comparative period, offset with an increase of $11,430 at the Hemco Property.

Operational Highlights by Material Property

(All numbers in ounces unless otherwise noted)

	Three Months Ended June 30,		Change		Six Months Ended June 30,		Change
	2024	2023	ounces	%	2024	2023	ounces	%
Nechí Alluvial Property (Colombia)	20,591	24,648	(4,057)	(16)%	39,803	42,636	(2,833)	(7)%
Hemco Property	7,357	7,517	(160)	(2)%	15,539	17,738	(2,199)	(12)%
Artisanal Mining	25,755	24,699	1,056	4%	50,102	47,099	3,003	6%
Nicaragua	33,112	32,216	896	2.8%	65,641	64,837	804	1%
Total Gold Produced from Continuing Operations	53,703	56,864	(3,161)	(6)%	105,444	107,473	(2,029)	(2)%
Gualcamayo Property (Argentina)	—	12,390	(12,390)	(100)%	—	22,029	(22,029)	(100)%
Total Gold Produced from Discontinued Operations	—	12,390	(12,390)	(100)%	—	22,029	(22,029)	(100)%
Total Gold Produced	53,703	69,254	(15,551)	(22)%	105,444	129,502	(24,058)	(19)%
Total Silver Produced	224,096	152,027	72,069	47%	466,745	286,696	180,049	63%

• Gold production decreased by 6%: Excluding the results of the discontinued operations at the Gualcamayo Property (disposed of in 2023), 53,703 ounces of gold were produced during the second quarter of 2024, compared with 56,864 ounces in the second quarter of 2023. The decrease in production is mainly a result of 16% lower than expected production at the Nechí Alluvial Property, explained by lower volumes and lower grades.

• Exploration and Evaluation Expenditures: for the three months ended June 30, 2024, the Company incurred $2,643 in exploration and evaluation (“E&E”) expenditures, an increase of 38% compared with the second quarter of 2023. The increase is mainly explained by higher exploration expenditures which were capitalized in the Hemco Property, related to the Porvenir Project. The increase in exploration expenses is mainly due to higher regional exploration in the Hemco Property. The following table summarizes E&E expenditures for the current and comparative periods.

	Three Months Ended June 30,		Change
	2024	2023	$	%
E&E expenditures capitalized ^1, 3	1,407	639	768	120%
E&E expenditures expensed^2	1,236	1,271	(35)	(3)%
Total	2,643	1,910	733	38%

1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position.
2. Figures in the table reflect expenditures capitalized from continuing operations. E&E expenditures capitalized from discontinued operations are nil.
3. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under “Exploration expenses”.

GROWTH AND EXPLORATION PROJECT UPDATES

The two key growth and exploration projects the Company is advancing are the Porvenir Project and the Luna Roja Deposit, both located at the Hemco Property.

Porvenir Project, Nicaragua: The Porvenir Project is a pre-development-stage project located 10.5 km southwest of the existing Hemco Property facilities. Mineralization consists of a volcanic hosted gold-zinc-silver deposit with epithermal quartz veins of intermediate sulphidation.

Mineros updated the mineral resource model by incorporating all drilling data collected from the 2023 drilling campaign. The completed model is under review by SLR Consulting (Canada) Ltd., with ongoing updates to the geometallurgical assumptions.

The updates to the geometallurgical assumptions together with the analysis of the 2023 metallurgical testwork is underway, and the Company expects to receive the results in order to update the geometallurgical model in the second half of 2024.

In light of commodity market conditions management is proceeding logically and methodically to upgrade mineral resources and mineral reserves, and refine potential approaches to development described in the prefeasibility study completed on the Porvenir Project in 2023, with a view to maximizing the value of the asset and the projected returns. Accordingly, the Company has delayed preparation of the pre-feasibility study optimization to 2025.

Luna Roja Deposit, Nicaragua: The Luna Roja Deposit is a skarn gold system, located 24 km southeast from the existing Hemco facilities. The Company is focusing on expanding the current Mineral Resources and identifying new targets surrounding the main deposit.

Mineros anticipates finalizing technical work and analysis supporting an updated Mineral Resource estimate for the Luna Roja Deposit by the end of 2024 for publication in early 2025. The Company plans to select samples for metallurgical testing at the Hemco lab once the model is completed, which is expected in the fourth quarter of 2024.

The Company also plans to conduct fieldwork focused on geophysical anomalies starting in the fourth quarter of 2024.

OUTLOOK

The following section of this news release represents forward-looking information, and readers are cautioned that actual results may vary. We refer readers to the risks and assumptions contained in Section 14 – Cautionary Notes and Additional Information - Cautionary Statement on Forward-Looking Information in the Company’s MD&A for the interim financial period ended June 30, 2024.

Gold production guidance

The following table presents the Company's gold production guidance for 2024 and actual production for the six months ended June 30, 2024. The production guidance includes production from the Company’s Nechí Alluvial and Hemco Properties and from artisanal mining.

	Actual (oz)	Guidance (oz)
	Six months ended June 30, 2024	2024
Colombia (Nechí Alluvial)	39,803	86,000 - 96,000
Nicaragua (Hemco)	15,539	33,000 - 35,000
Total Company Mines	55,342	118,500 - 131,000
Nicaragua (Artisanal)	50,102	90,000 - 98,000
Total gold production (ounces)	105,444	209,000 - 229,000

Given the operating results for the six months ended June 30, 2024, the Company maintains its production guidance for 2024.

Cost outlook

The following table outlines the Company’s Cash Cost per ounce of gold sold and AISC per ounce of gold sold for the three months ended June 30, 2024, and cost guidance 2024. The cost guidance includes the Nechi Alluvial Property and the Hemco Property (the “Material Properties”) and production from artisanal mining.

	Actual Cash Cost ($/oz)	Cash Cost Guidance ($/oz)	Actual AISC ($/oz)	AISC Guidance ($/oz)
Country (principal mine)	30 June 2024	2024	30 June 2024	2024
Colombia (Nechí Alluvial)	1,226	$1,090 - $1,190	1,434	$1,280 - $1,390
Nicaragua (Hemco)	1,362	$1,240 - $1,320	1,528	$1,450 - $1,520
Consolidated	1,240	$1,180 - $1,270	1,472	$1,430 - $1,530

Cash Cost per ounce of gold sold and AISC per ounce of gold sold outlooks were prepared assuming an average selling price of gold of $1,980/oz and inflation of 10% in Colombia and 6% in Nicaragua. Cash Cost per ounce of gold sold has been trending at the high end of the guidance and given the strength of the Colombian peso and the strength of the gold price and its impact on our costs in Nicaragua we are monitoring this metric closely. We maintain our guidance at this time.

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call on Thursday, August 15, 2024, at 9:00 am EDT (8:00 am EST) to discuss the results. The conference call will be in Spanish with simultaneous translation in English.

A live webcast of the conference all will be available at: https://app.webinar.net/wdyKZy5ZxoY

The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company’s website at www.mineros.com.co for approximately 30 days following the call.

ABOUT MINEROS S.A.

Mineros is a gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with relatively low cost mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region.

The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations.

Mineros’ common shares are listed on the Toronto Stock Exchange under the symbol “MSA”, and on the Colombia Stock Exchange under the symbol “MINEROS”.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., who is a qualified person within the meaning of NI 43-101.

FORWARD-LOOKING STATEMENTS

This news release contains “forward looking information” within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to the Company’s outlook for 2024; estimates for future mineral production and sales; the Company’s expectations, strategies and plans for the Material Properties; the Company’s planned exploration, development and production activities; statements regarding the projected exploration and development of the Company’s projects; adding or upgrading Mineral Resources and developing new mineral deposits; estimates of future capital and operating costs; the costs and timing of future exploration and development; estimates for future prices of gold and other minerals; expectations regarding the payment of dividends; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

Forward looking information is based upon estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Material Properties being as described in the applicable technical reports; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; positive relations with local groups, including artisanal mining cooperatives in Nicaragua, and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

For further information of these and other risk factors, please see the ‘”Risk Factors” section of the Company’s annual information form dated March 25, 2024, available on SEDAR+ at www.sedarplus.com.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward looking information contained herein. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

Forward looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

NON-IFRS AND OTHER FINANCIAL MEASURES

The Company has included certain non-IFRS financial measures and non-IFRS ratios in this news release. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a discussion of the use of non-IFRS financial measures and reconciliations thereof to the most directly comparable IFRS measures, see below.

EBIT, EBITDA and Adjusted EBITDA

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use earnings before interest and tax (“EBIT”), earnings before interest, tax, depreciation and amortization (“EBITDA”), and adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”), which excludes certain non-operating income and expenses, such as financial income or expenses, hedging operations, exploration expenses, impairment of assets, foreign currency exchange differences, and other expenses (principally, donations, corporate projects and taxes incurred). The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results because it is consistent with the indicators management uses internally to measure the Company’s performance and is an indicator of the performance of the Company’s mining operations. Certain amounts under each set of results have been restated to reflect continuing operations of the Company (amounts pertaining to discontinued operations of the Gualcamayo Property have been removed). The three and six months ended June 30, 2023 have been restated to this effect.

The following table sets out the calculation of EBIT, EBITDA and Adjusted EBITDA to Net profit for the three and six months ended June 30, 2024, and 2023:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	($)	($)	($)	($)
Net Profit For The Period	18,076	12,552	34,850	27,956
Less: Interest income	(297)	(278)	(784)	(560)
Add: Interest expense	1,992	1,147	4,031	2,339
Add: Current tax ^1	12,287	11,544	22,294	23,107
Add/less: Deferred tax ^1	1,923	(4,705)	970	(7,683)
EBIT	33,981	20,260	61,361	45,159
Add: Depreciation and amortization	12,294	10,666	24,342	21,608
EBITDA	46,275	30,926	85,703	66,767
Less: Other income	(442)	503	(2,098)	(4,696)
Add: Share of results investments in associates	13	—	53	—
Less: Finance income (excluding interest income)	(47)	(76)	(53)	(103)
Add: Finance expense (excluding interest expense)	44	915	92	1,755
Add: Other expenses	2,398	2,190	4,078	3,825
Add: Exploration expenses	1,236	1,271	2,533	2,609
Less: Foreign exchange differences	170	2,777	(7)	4,756
Add: Loss for the period from discontinued operations ^2	—	9,143	—	10,490
Adjusted EBITDA^3	49,647	47,649	90,301	85,403

1. For additional information regarding taxes, see Note 13 of our unaudited condensed interim consolidated financial statements, for the three and six months ended June 30, 2024 and 2023
2. Composition of Adjusted EBITDA was revised in the third quarter of 2023 to include loss for the year from discontinued operations.
3. The reconciliation above does not include adjustments for (impairment) reversal of assets, because there would be a nil adjustment for the three and six months ended June 30, 2024 and 2023.

Cash Cost

The objective of Cash Cost is to provide stakeholders with a key indicator that reflects as close as possible the direct cost of producing and selling an ounce of gold.

The Company reports Cash Cost per ounce of gold sold which is calculated by deducting revenue from silver sales, depreciation and amortization, environmental rehabilitation provisions and including cash used for retirement obligations and environmental and rehabilitation and sales of electric energy. This total is divided by the number of gold ounces sold. Production Cash Cost includes mining, milling, mine site security, royalties, and mine site administration costs, and excludes non-cash operating expenses. Cash Cost per ounce of gold sold is a non-IFRS financial measure used to monitor the performance of our gold mining operations and their ability to generate profit, and is consistent with the guidance methodology set out by the World Gold Council. Certain amounts under each set of results have been restated to reflect continuing operations of the Company (amounts pertaining to discontinued operations of the Gualcamayo Property have been removed). The three and six months ended June 30, 2023 have been restated to this effect.

The following table provides a reconciliation of Cash Cost per ounce of gold sold on a by-product basis to cost of sales for the three and six months ended June 30, 2024, and 2023:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	($)	($)	($)	($)
Cost of sales	91,991	75,596	172,669	143,567
Less: Cost of sales of non-mining operations ^1	(225)	(192)	(420)	(299)
Less: Depreciation and amortization	(12,023)	(10,270)	(23,707)	(20,837)
Less: Sales of silver	(6,573)	(3,600)	(12,167)	(6,516)
Less: Sales of electric energy	(1,713)	(1,195)	(3,148)	(2,156)
Less: Environmental rehabilitation provision	(2,349)	(982)	(3,535)	(1,969)
Add: Use of environmental and rehabilitation liabilities	235	—	377	—
Add: Use of Retirement obligations	707	—	732	—
Cash Cost from continuing operations	70,050	59,357	130,801	111,790
Gold sold (oz) from continuing operations	53,703	56,864	105,444	107,473
Cash Cost per ounce of gold sold from continuing operations ($/oz)	$1,304	$1,044	$1,240	$1,040
Cash Cost from discontinued operations	—	21,236	—	36,946
Gold sold (oz) from discontinued operations	—	11,706	—	21,790
Cash Cost per ounce of gold sold from discontinued operations ($/oz)	$—	$1,814	$—	$1,696
Cash Cost	70,050	80,593	130,801	148,736
Gold sold (oz)	53,703	68,570	105,444	129,263
Cash Cost per ounce of gold sold ($/oz)	$1,304	$1,175	$1,240	$1,151

1. Refers to cost of sales incurred in the Company’s “Others” segment. See Note 7 of our unaudited condensed interim financial statements for the three and six months ended June 30, 2024 and 2023. The majority of this amount relates to the cost of sales of latex.

The following table provides a reconciliation of Cash Cost per ounce of gold sold on a by-product basis to cost of sales, before and after the change of definition of this metric, modified to capture cash outflows related to asset retirement obligation and environmental rehabilitation provisions, for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023	Six Months Ended June 30, 2023
Cash Cost per ounce of gold sold ($/oz) - Previously reported	1,207	1,183
Adjustments ($/oz)
Less: Environmental rehabilitation provision	(14)	(16)
Less: Sales of electric energy	(18)	(16)
Add: Use of environmental and rehabilitation liabilities	—	—
Add: Use of retirement obligations	—	—
Cash Cost per ounce of gold sold ($/oz) - restated	1,175	1,151

All-in Sustaining Costs

The objective of AISC is to provide stakeholders with a key indicator that reflects as close as possible the full cost of producing and selling an ounce of gold. AISC per ounce of gold sold is a non-IFRS ratio that is intended to provide investors with transparency regarding the total costs of producing one ounce of gold in the relevant period.

The Company reports AISC per ounce of gold sold on a by-product basis. The methodology for calculating AISC per ounce of gold sold is set out below and is consistent with the guidance methodology set out by the World Gold Council. The World Gold Council definition of AISC seeks to extend the definition of total Cash Cost by deducting cost of sales of non-mining operations and adding administrative expenses, sustaining exploration, sustaining leases and leaseback and sustaining capital expenditures. Non-sustaining costs are primarily those related to new operations and major projects at existing operations that are expected to materially benefit the current operation. The determination of classification of sustaining versus non-sustaining requires judgment by management. AISC excludes current and deferred income tax payments, finance expenses and other expenses. Consequently, these measures are not representative of all the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation and amortization cost or expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company’s overall profitability. Other companies may quantify these measures differently because of different underlying principles and policies applied. Differences may also occur due to different definitions of sustaining versus non-sustaining. Certain amounts under each set of results have been restated to reflect continuing operations of the Company (amounts pertaining to discontinued operations in Gualcamayo have been removed). The three and six months ended June 30, 2023 have been restated to this effect.

The following table provides a reconciliation of AISC per ounce of gold sold to cost of sales for the three and six months ended June 30, 2024, and 2023:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	($)	($)	($)	($)
Cost of sales	91,991	75,596	172,669	143,567
Less: Cost of sales of non-mining operations ^1	(225)	(192)	(420)	(299)
Less: Depreciation and amortization	(12,023)	(10,270)	(23,707)	(20,837)
Less: Sales of silver	(6,573)	(3,600)	(12,167)	(6,516)
Less: Sales of electric energy	(1,713)	(1,195)	(3,148)	(2,156)
Less: Environmental rehabilitation provision	(2,349)	(982)	(3,535)	(1,969)
Add: Use of environmental and rehabilitation liabilities	235	—	377	—
Add: Use of Retirement obligations	707	—	732	—
Add: Administrative expenses	4,040	4,044	8,904	8,130
Less: Depreciation and amortization of administrative expenses ^2	(271)	(396)	(635)	(771)
Add: Sustaining leases and leaseback ^3	1,897	1,570	4,839	3,684
Add: Sustaining exploration ^4	74	160	118	292
Add: Sustaining capital expenditures ^5	5,515	4,938	11,220	9,910
AISC from continuing operations	81,305	69,673	155,247	133,035
Gold sold (oz) from continued operations	53,703	56,864	105,444	107,473
AISC per ounce of gold sold from continuing operations ($/oz)	1,514	1,225	1,472	1,238
AISC from discontinued operations	—	24,490	—	45,758
Gold sold (oz) from discontinued operations	—	11,706	—	21,790
AISC per ounce of gold sold from discontinued operations ($/oz)	—	2,092	—	2,100
AISC	81,305	94,163	155,247	178,793
Gold sold (oz)	53,703	68,570	105,444	129,263
AISC per ounce of gold sold ($/oz)	1,514	1,373	1,472	1,383

1. Cost of sales of non-mining operations is the cost of sales excluding cost incurred by non-mining operations and the majority of this cost comprises cost of sales of latex.
2. Depreciation and amortization of administrative expenses is included in the administrative expenses line on the unaudited condensed interim consolidated financial statements and is mainly related to depreciation for corporate office spaces and local administrative buildings at the Hemco Property.
3. Represents most lease payments as reported in the unaudited condensed interim consolidated financial statements of cash flows and is made up of the principal of such cash payments, less non-sustaining lease payments. Lease payments for new development projects and capacity projects are classified as non-sustaining.
4. Sustaining exploration: Exploration expenses and exploration and evaluation projects as reported in the unaudited condensed interim consolidated financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non- sustaining.
5. Sustaining capital expenditures: Represents the capital expenditures at existing operations including, periodic capitalized stripping and underground mine development costs, ongoing replacement of mine equipment and overhaul of existing equipment, and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including projects at existing operations that are expected to materially benefit the operation and provide a level of growth, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the three and six months ended June 30, 2024, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expenditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaudited condensed interim financial statements.

The following table provides a reconciliation of AISC per ounce of gold sold on a by-product basis to cost of sales, before and after the change of definition of this metric, modified to capture cash outflows related to asset retirement obligation and environmental rehabilitation provisions, for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023	Six Months Ended June 30, 2023
AISC per ounce of gold sold ($/oz) - Previously reported	1,387	1,398
Adjustments ($/oz)
Less: Environmental rehabilitation provision	(14)	(15)
Add: Use of environmental and rehabilitation liabilities	—	—
Add: Use of retirement obligations	—	—
AISC per ounce of gold sold ($/oz) restated	1,373	1,383

Cash Cost and All-in Sustaining Costs by Operating Segment

The following tables provide a reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold sold by operating segment³ to cost of sales, for the three and six months ended June 30, 2024, and 2023:

Three months ended June 30, 2024

	Nechi Alluvial	Hemco
	$	$
Cost of sales	34,197	61,475
Less: Depreciation and amortization	(4,348)	(7,648)
Less: Sales of silver	(57)	(6,516)
Less: Sales of electric energy	(1,713)	—
Less: Environmental rehabilitation provision	(2,349)	—
Add: Use of environmental and rehabilitation liabilities	235	—
Add: Use of Retirement obligations	—	707
Cash Cost	25,965	48,018
AISC Adjustments
Less: Depreciation and amortization of administrative expenses	(3)	(7)
Add: Administrative expenses	758	897
Add: Sustaining leases and Leaseback	800	1,097
Add: Sustaining exploration	74	—
Add: Sustaining capital expenditure	2,784	2,731
AISC	30,378	52,736
Gold sold (oz)	20,591	33,112
Cash Cost per ounce of gold sold ($/oz)	1,261	1,450
AISC per ounce of gold sold ($/oz)	1,475	1,593

Three months ended June 30, 2023

	Nechi Alluvial	Hemco	Gualcamayo (Discontinued operation)^1
	$	$	$
Cost of sales	30,662	50,124	24,205
Less: Depreciation and amortization	(3,714)	(6,547)	(2,896)
Less: Sales of silver	(54)	(3,546)	(73)
Less: Sales of electric energy	(1,195)	–	–
Less: Environmental rehabilitation provision	(982)	—	—
Cash Cost	24,717	40,031	21,236
AISC Adjustments
Less: Depreciation and amortization administrative expenses	(4)	(18)	—
Add: Administrative expenses	531	697	578
Add: Sustaining leases and Leaseback	479	1,091	1,596
Add: Sustaining exploration	157	3	—
Add: Sustaining capital expenditure	3,303	1,635	1,080
AISC	29,183	43,439	24,490
Gold sold (oz)	24,648	32,216	11,706
Cash Cost per ounce of gold sold ($/oz)	1,003	1,243	1,814
AISC per ounce of gold sold ($/oz)	1,184	1,348	2,092

1. The Gualcamayo Property was sold as part of the disposition of MASA. Results in the table in the column titled Gualcamayo (Discontinued operation) reflect results from January 1, 2023 to September 21, 2023 and solely pertain to the discontinued operation.

Six months ended June 30, 2024

	Nechi Alluvial	Hemco
	$	$
Cost of sales	63,699	115,864
Less: Depreciation and amortization	(8,516)	(15,107)
Less: Sales of silver	(96)	(12,071)
Less: Sales of electric energy	(3,148)	—
Less: Environmental rehabilitation provision	(3,535)	—
Add: Use of environmental and rehabilitation liabilities	377	—
Add: Use of Retirement obligations	—	732
Cash Cost	48,781	89,418
AISC Adjustments
Less: Depreciation and amortization of administrative expenses	(7)	(14)
Add: Administrative expenses	1,439	1,588
Add: Sustaining leases and Leaseback	1,401	3,438
Add: Sustaining exploration	118	—
Add: Sustaining capital expenditure	5,337	5,883
AISC	57,069	100,313
Gold sold (oz)	39,803	65,641
Cash Cost per ounce of gold sold ($/oz)	1,226	1,362
AISC per ounce of gold sold ($/oz)	1,434	1,528

Six months ended June 30, 2023

	Nechi Alluvial	Hemco	Gualcamayo (Discontinued operation)^1
	$	$	$
Cost of sales	53,388	97,292	42,054
Less: Depreciation and amortization	(7,213)	(13,586)	(4,963)
Less: Sales of silver	(94)	(6,422)	(145)
Less: Sales of electric energy	(2,156)	–	–
Less: Environmental rehabilitation provision	(1,969)	—	—
Cash Cost	41,956	77,284	36,946
AISC Adjustments
Less: Depreciation and amortization of administrative expenses	(7)	(25)	—
Add: Administrative expenses	1,029	1,503	1,168
Add: Sustaining leases and Leaseback	906	2,778	3,137
Add: Sustaining exploration	248	44	—
Add: Sustaining capital expenditure	6,657	3,253	4,507
AISC	50,789	84,837	45,758
Gold sold (oz)	42,636	64,837	21,790
Cash Cost per ounce of gold sold ($/oz)	984	1,192	1,696
AISC costs per ounce of gold sold ($/oz)	1,191	1,308	2,100

1. The Gualcamayo Property was sold as part of the disposition of MASA. Results in the table in the column titled Gualcamayo (Discontinued operation) reflect results from January 1, 2023 to September 21, 2023 and solely pertain to the discontinued operation.

Net Free Cash Flow

The Company uses the financial measure “net free cash flow”, which is a non-IFRS financial measure, to supplement information regarding cash flows generated by operating activities. The Company believes that in addition to IFRS financial measures, certain investors and analysts use this information to evaluate the Company’s performance with respect to its operating cash flow capacity to meet recurring outflows of cash.

Net free cash flow is calculated as cash flows generated by operating activities less non-discretionary sustaining capital expenditures and interest and dividends paid related to the relevant period. As the Gualcamayo Property was sold in September 2023, amounts related to the metrics shown in the following table have been calculated to reflect only the continuing operations of the Company. This restatement of net free cash flow is reflected in the three and six months ended June 30, 2023 in order to more appropriately compare the results period over period.

The following table sets out the calculation of the Company’s net free cash flow to net cash flows generated by operating activities for the three and six months ended June 30, 2024, and 2023:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	($)	($)	($)	($)
Net cash flows generated by operating activities	7,115	30,154	17,220	32,652
Non-discretionary items:
Sustaining capital expenditures (excluding Gualcamayo)	(5,515)	(4,938)	(11,220)	(9,910)
Interest paid	(945)	(1,807)	(2,003)	(3,744)
Dividends paid	(7,473)	(5,213)	(12,712)	(10,050)
Net cash flows used in (generated from) discontinued operations ^1	—	3,566	—	2,582
Net free cash flow	(6,818)	21,762	(8,715)	11,530

1. Composition of net free cash flow has been revised to exclude net cash flows used in (generated from) discontinued operations.

Return on Capital Employed

The Company uses ROCE as a measure of long-term operating performance to measure how effectively management utilizes the capital it is provided. This non-IFRS ratio is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of ROCE, expressed as a percentage, is Adjusted EBIT (calculated in the manner set out in the table below) divided by the average of the opening and closing capital employed for the 12 months preceding the period end. Capital employed for a period is calculated as total assets at the beginning of that period less total current liabilities. Certain amounts under each set of results have been restated to reflect continuing operations of the Company (amounts pertaining to discontinued operations in Gualcamayo have been removed). The three and six months ended June 30, 2023 have been restated to this effect. The following table sets out the calculation of ROCE as at June 30, 2024, and 2023.

	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	2024	2023	2024	2023
	($)	($)	($)	($)
Adjusted EBITDA (last 12 months)	177,044	162,923	177,044	162,923
Less: Depreciation and amortization (last 12 months)	(47,833)	(43,515)	(47,833)	(43,515)
Adjusted EBIT (A)	129,211	119,408	129,211	119,408
Total assets at the beginning of the period	493,757	569,543	493,757	569,543
Less: Total current liabilities at the beginning of the period	(84,765)	(134,581)	(84,765)	(134,581)
Opening Capital Employed (B)	408,992	434,962	408,992	434,962
Total assets at the end of the period	521,183	576,771	521,183	576,771
Less: Current liabilities at the end of the period	(106,302)	(134,581)	(106,302)	(134,581)
Closing Capital employed (C)	414,881	442,190	414,881	442,190
Average Capital employed (D)= (B) + (C) /2	411,937	438,576	411,937	438,576
ROCE (A/D)	31%	27%	31%	27%

Net Debt

Net Debt is a non-IFRS financial measure that provides insight regarding the liquidity position of the Company. The calculation of net debt shown below is calculated as nominal undiscounted debt including leases, less cash and cash equivalents. The following sets out the calculation of Net Debt as at June 30, 2024 and 2023.

	As at June 30,
	2024	2023
Loans and other borrowings	29,123	43,595
Less: Cash and cash equivalents	(27,225)	(47,415)
Net Debt	1,898	(3,820)

Average Realized Price

The Company uses “average realized price per ounce of gold sold” and “average realized price per ounce of silver sold”, which are non-IFRS financial measures. Average realized metal price represents the revenue from the sale of the underlying metal as per the statement of operations, adjusted to reflect the effect of trading at the holding company level (parent company) on the sales of gold purchased from subsidiaries. Average realized prices are calculated as the revenue related to gold and silver sales divided by the number of ounces of metal sold. The following table sets out the reconciliation of average realized metal prices to sales of gold and sales of silver for the three and six months ended June 30, 2024 and 2023:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	($)	($)	($)	($)
Sales of gold from continuing operations	124,976	111,708	231,938	206,668
Gold sold from continuing operations (oz)	53,703	56,864	105,444	107,473
Average realized price per ounce of gold sold from continuing operations ($/oz)	2,327	1,964	2,200	1,923
Sales of gold from discontinued operations	—	23,099	—	42,338
Gold sold from discontinued operations (oz)	—	11,706	—	21,790
Average realized price per ounce of gold sold from discontinued operations ($/oz)	—	1,973	—	1,943
Average realized price per ounce of gold sold ($/oz)	2,327	1,966	2,200	1,926
Sales of silver from continuing operations	6,573	3,600	12,167	6,588
Silver sold from continuing operations (oz)	224,096	149,030	466,745	280,553
Average realized price per ounce of silver sold from continuing operations ($/oz)	29	24	26	23
Sales of silver from discontinued operations	—	73	—	145
Silver sold from discontinued operations (oz)	—	2,997	—	6,143
Average realized price per ounce of silver sold from discontinued operations ($/oz)	—	24	—	24
Average realized price per ounce of silver sold ($/oz)	29	24	26	23

^{__________________________________
1} For information regarding the composition of sustaining capital expenditures, see Non-IFRS and Other Financial Measures – All-In Sustaining Costs in this news release.
² Capital investments refers to additions to exploration, property, plant and equipment, and intangibles (which includes asset retirement obligation amounts and leases) for the Nechí Alluvial Property, the Hemco Property, and the La Pepa Project segments. It excludes additions to property, plant and equipment, exploration or intangibles of Mineros and other segments. For additional information as additions to exploration, property, plant and equipment, and intangibles, see Note 7 of our unaudited condensed interim financial statements for the three months and six months ended June 30, 2024.
³ For additional information regarding segments (Material Properties), see Note 7 of our unaudited condensed interim financial statements for the three and six months ended June 30, 2024, and 2023.