Mineros and Royal Road Intersect 303.7 Metres of 1.1 Grams Per Tonne Gold Equivalent in Newly Discovered Porphyry Copper-Gold System at the Guintar-Niverengo Margaritas Exploration Target, Colombia

Includes 62.0 metres at 3.3 grams per tonne gold equivalent

MEDELLIN, Colombia, Dec. 14, 2021 /CNW/ - Mineros S.A. (TSX: MSA) (MINEROS: CB) ("Mineros" or the "Company") is pleased to announce results from the first three drill holes of a follow-up drilling program undertaken by the Company's partner at the Guintar-Niverengo Margaritas Exploration Target (the "GNM Exploration Target") in Colombia.

The GNM Exploration Target is comprised of the contiguous Guintar and Niverengo concessions (the "Guintar Target Area" and "Niverengo Target Area", respectively) and the neighboring Margaritas concessions (the "Margaritas Target Area"), located in the Middle Cacua Metallogenic belt, within the Anza mining district, approximately 50 kilometres west of Medellin, Antioquia, Colombia. The GNM Exploration Target was acquired by Royal Road Minerals (TSXV:RYR; "Royal Road") through their purchase of Northern Colombia Holdings Limited, an affiliate of AngloGold Ashanti Limited. The GNM Exploration Target is subject to a strategic alliance agreement (the "Agreement") between the Company and Royal Road. Under the terms of the Agreement, Royal Road are operators and Mineros has earned a 25% interest in the GNM Exploration Target by funding initial exploration expenditures of US$1 million. Mineros may acquire a further 25% interest, bringing its interest to 50%, by paying a further US$1.5 million to fund exploration expenditures. For further information on the Agreement see the final prospectus of the Company dated November 11, 2021, available on SEDAR at www.sedar.com.

Andrés Restrepo, President and CEO of Mineros, commented "Although the exploration of the GNM Exploration Target is in its early stages, the drill results from the Guintar Target Area announced today are very promising. We look forward to continuing to update the market on the results of our work with partner Royal Road Minerals on this exciting new Colombian copper-gold porphyry target."

The Company has received results from the first three diamond drill holes at the Guintar Target Area. Significant intercepts are presented in Table 1 and highlights include:

GUI-DD-011:

• 17.9 metres1 ("m") of 0.9 grams per tonne gold ("g/t Au"), starting at a downhole depth of 99.7 m

GUI-DD-012:

• 303.7 m1 of 1.1 grams per tonne gold equivalent ("g/t AuEq"), starting at a downhole depth of 17.0 m and continuing to the end of the hole, including 62.0 m of 3.3 g/t AuEq, starting at a downhole depth of 143.0 m

GUI-DD-013:

• 126.0 m1 of 1.4 g/t AuEq2, starting at a downhole depth of 68.0 m, including 55.0 m of 2.6 g/t AuEq, starting at a downhole depth of 120.0 m, and
• 44.0 m1 of 1.1 g/t Au, starting at a downhole depth of 351.0 m

Drill hole GUI-DD-011 intersected gold mineralized basement rocks belonging to the early-Cretaceous Barroso Formation with low-grade gold (entire drill hole returned 0.2 g/t Au over 400.56 m) disseminated through the hornfels-altered sequence and higher grade intervals (9.8 g/t Au over 1.6 m) related to lithological contacts and more porous conglomerate units. No porphyritic intrusive rocks were intercepted in drill hole GUI-DD-011.

Drill hole GUI-DD-012 was collared in lower-grade, gold and copper mineralized mostly chloritic hornfels to 93 m downhole depth, at which point the drill hole passed into a porphyritic intrusive suite, strongly altered with biotite alteration related to quartz-chalcopyrite-pyrrhotite mineralized stockwork veinlets and albite related to chalcopyrite-pyrrhotite mineralized sheeted veinlets (Figure 1). Gold, copper and silver are related to both stockwork and sheeted veinlet styles of mineralization. Not applying a cut off, the entire drill hole GUI-DD-012 returned 320.7 m at 1.1 g/t AuEq from surface. This intersection is the first indication of significant porphyry-style copper and gold mineralization on the Guintar Target Area.

Drill hole GUI-DD-013 was drilled below GUI-DD-012 (Figure 1) and intersected the biotite-altered intrusive suite with associated mineralization at a down hole depth of 118.0 m. The entire drill hole returned 588.3 m at 0.7 g/t AuEq. Deeper gold-only mineralization (44.0 m at 1.1 g/t Au from 351.0 m) may be related to a more amphibole-rich intrusive suite.

Table 1. Significant Diamond Drill Results for GUI-DD-011 to GUI-DD-013.

The current drill campaign on the Guintar concession is planned to comprise approximately 5,000 m of diamond drilling aimed at testing the deeper parts of the mineralized system. A total of 3,422 m in nine diamond drill holes has been completed as of November 30, 2021.

QUALIFIED PERSON

The scientific and technical information in this news release has been reviewed and approved by Jorge Aceituno, a Registered Member of the Chilean Mining Commission and the Planning Manager, Resources and Reserves for Mineros. Mr. Aceituno is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Properties ("NI 43-101").

QUALITY ASSURANCE AND QUALITY CONTROL

Royal Road employees working on the GNM Exploration Target are instructed to follow standard operating and quality assurance procedures intended to ensure that all sampling techniques and sample results meet international reporting standards.

Sample preparation and analyses are conducted according to standard industry procedures. Soil samples are taken dry, sieved to -180 micron (80 mesh) and analyzed for gold by fire assay and ICP-AES and multi-elements by ICP-MS after aqua regia digestion. Analytical performance is monitored by means of certified reference materials, fine blanks, and laboratory duplicate samples. Soil samples have been prepared in ALS Chemex preparation lab in Colombia and analyses have been completed in ALS Chemex Lima, using the PREP-41, Au-ICP 21 and ME-MS61 package.

FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. The forward-looking information contained herein includes, without limitation, statements with respect to the Company's option to acquire a further 25% interest in the GNM Exploration Target, future drilling at the GNM Exploration Target, and the nature, location, and quality of potential gold mineralization at the GNM Exploration Target.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, market conditions, the price of gold, currency fluctuations, and the factors discussed under "Risk Factors" in the final prospectus of the Company dated November 11, 2021 (the "Final Prospectus"), available on SEDAR at www.sedar.com.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in forward-looking information.

Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to the Company or that the Company presently believes is not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such 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, which speaks only as of the date made. Forward-looking information contained in this press release represents the Company's expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

ABOUT MINEROS S.A.

Mineros is a Latin American gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with mines in Colombia, Nicaragua and Argentina 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 our 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".

SOURCE Mineros S.A.

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