Mineros acquires gold exploration project in Tolima, Colombia from AngloGold Ashanti

Mineros has signed a deal to acquire a gold exploration project in Tolima, Colombia from AngloGold Ashanti, with total consideration that could reach $70 million.

Mineros S.A. has signed a definitive agreement to acquire a 100% interest in a gold exploration project in Tolima, Colombia from a subsidiary of AngloGold Ashanti. The transaction will be completed through the acquisition of all outstanding shares of AngloGold Ashanti Colombia S.A.S., the company that holds the relevant mining concession rights.

According to the company, AngloGold Ashanti Colombia is the sole registered holder of the integrated mining concession contract EIG-163, which grants rights to explore a gold system in the municipality of Cajamarca, Tolima. Mineros also clarified that the transaction is not related to the Quebradona project, which AngloGold Ashanti will continue to develop separately.

Deal could reach $70 million

Mineros said the acquisition will be completed on a cash-free, debt-free basis with zero net working capital. The consideration includes:

• $10 million in cash at closing
• Up to $60 million in contingent payments, linked to the total mineral tonnage authorized in an approved plan of work and works (PTO) and an environmental licence

The company expects the transaction to close during the first quarter of 2026, subject to customary closing conditions.

Mineros seeks to redefine the project’s identity

Mineros said the asset has historically been known in the mining sector as La Colosa, but the company intends to move away from that legacy and launch a participatory process with local stakeholders to define a new identity for the project, including a new name.

The company said this process is intended to reflect shared values, local perspectives and a development philosophy based on environmental and social responsibility. Mineros also stressed that any future advancement of the project will depend on regulatory clarity, environmental authorization and genuine community consensus.

Large historical resource, but not yet verified by Mineros

The project is located about 150 km west of Bogotá and 30 km west of Ibagué in the Tolima department. Exploration activities have been largely suspended since 2017 following a force majeure declaration related to delays in environmental permitting.

The release cites a historical mineral resource estimate reported by AngloGold Ashanti in December 2024, consisting of:

• 23.35 million ounces of gold in indicated resources at an average grade of 0.87 g/t
• 4.98 million ounces of gold in inferred resources at an average grade of 0.71 g/t

However, Mineros explicitly stated that it has not verified this historical estimate as a current mineral resource. The company said further data compilation, verification work and potentially additional drilling would be required before any update, reclassification or formal declaration could be made.

The company also noted that the delimitation of the Los Nevados páramo under Resolution 1987 of 2016 remains subject to legal proceedings and could affect portions of the historical resource estimate.

Strategic bet on Colombia

Mineros said the acquisition reflects its confidence in Colombia as a jurisdiction for responsible mining with good governance. The company argued that assets of this type are better managed by operators with strong local roots, long-term vision and a proven track record of engagement with communities and authorities.

Based in Medellín, Mineros is a Latin American gold mining company with operations in Colombia and Nicaragua, as well as a pipeline of development and exploration projects in the region, including La Pepa in Chile. The company’s shares trade on the Toronto Stock Exchange, the Colombia Stock Exchange, and the OTCQX Best Market.