Mineros and Royal Road have terminated strategic alliance agreements

Medellín, Colombia – May 31, 2023 – Mineros S.A. (TSX: MSA, MINEROS:CB) ("Mineros" or the
"Company") announces that effective May 29, 2023, it has terminated and, where applicable,
settled all outstanding obligations under all of its agreements with Royal Road Minerals Limited
(“Royal Road”).

Mineros and Royal Road have terminated strategic alliance agreements for the exploration of their
respective properties in Nicaragua and Colombia, and related joint ventures in respect of the
Caribe Exploration Target, located on the Hemco Property in Nicaragua, and the Guintar-
Niverengo Margarita Exploration Target is located in the Anza Province, Colombia. Royal Road has
relinquished its 50% joint venture interest in Caribe Exploration Target to Mineros’ subsidiary
Hemco Nicaragua S.A. (“Hemco”), which is now 100% owned by Hemco. A 1.25% net smelter
returns royalty applicable to the two concessions that host the Luna Roja Deposit, which was
granted to Royal Road on May 2021 in connection with Mineros’ acquisition of Royal Road’s 50%
joint venture interest in those concessions was terminated, and provisions under the related
asset purchase agreement in respect of exploration expenditures to be incurred at the Hemco
The property has been released. Mineros has also relinquished its 50% joint venture interest in the
Guintar-Niverengo Margarita Exploration Target to Royal Road. Mineros and Royal Road have
also annulled a cooperation agreement relating to Mineros’ Gualcamayo Project in Argentina.

ABOUT MINEROS S.A. Mineros is a Latin American gold mining company headquartered in Medellín, Colombia. The
The company has a diversified asset base, with mines in Colombia, Nicaragua, and Argentina and a
portfolio of exploration and development projects throughout the region.

Mineros' Board of Directors and management have extensive experience in mining, corporate
development, finance, and sustainability. Mineros has a long track record of maximizing
shareholder value and generating strong 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".