Mineros S.A. — Forest Analysis | M&A Transaction Opportunities

$1,162M USD

Market Cap (SNL Dataset)

Confirmed from dataset entries for Hemco, La Pepa & Luna Roja. Consistent with TSX:MSA CAD $1.6–2.0B range.

Mid-Tier

Company Classification

Mineros crossed the $1B threshold, materially expanding M&A firepower versus prior periods.

~$290M

Full Acquisition Ceiling (~25%)

Comfortable outright acquisition capacity without material dilution. 11 Developer targets fall within this range.

~$2.3B

Strategic Minority Ceiling (~2×)

15–25% minority stakes feasible up to roughly 2× Mineros' own market cap via debt + equity mix.

Acquisition Structure Framework — Calibrated to Mineros $1,162M USD Market Cap | Gold marker = Mineros position

100% Acquisition

Targets < $290M mkt cap · 11 candidates · Full control, outright purchase

Controlling Stake (51%)

Targets $290M–$580M · 9 candidates · Board control, operational leadership

Strategic Minority (20–30%)

Targets $580M–$1.5B · 4 candidates · Anchor stake, call option to increase

All-Stock Acquisition

Targets $600M–$700M · Troilus, Lawyers, Volta Grande · Mineros as acquirer

JV / Streaming

KSM / Seabridge ($3.5B) · 10–15% JV alongside a co-investing Major

Forest Plot — Market Cap vs. Post-Tax NPV

26 Companies · All Tiers · One Entry Per Company Bubble size = Annual Production Capacity (oz) · All values USD millions · Hover for detail

Developer (<$100M)

Junior ($100M–$1B)

Mid-Tier ($1B–$10B)

Priority 1 Target

Green dashed = Mineros $1,162M · Diagonal = P/NAV 1.0× fair value · Multi-asset companies shown once at company market cap

Strategic Recommendations

M&A Priority Ranking Calibrated to Mineros $1,162M market cap · Companies consolidated to single entries

▶ Priority 1 — Immediate Pursuit

Euro Sun Mining

Rovina Valley · Romania · Feasibility Complete

Deepest DiscountEU JurisdictionFeas. CompleteDeveloper

0.063×

P/NAV

35.6%

Post-Tax IRR

$93M

Market Cap (USD)

82Koz/y

Production Cap

Trading at 6¢ on the dollar vs. $1,470M post-tax NAV — the widest discount in the universe. Feasibility is complete, de-risking execution meaningfully. Romania's EU membership provides permitting certainty. At $93M, this represents ~8% of Mineros' own market cap to secure 16× that value in NAV. A full acquisition is financially routine at Mineros' current scale.→ 100% Acquisition · ~8% of Mineros mkt cap

▶ Priority 1 — Immediate Pursuit

TriStar Gold

Castelo de Sonhos · Pará, Brazil · Pre-Feasibility

LatAm DNA FitDeep ValueHigh IRRDeveloper

0.175×

P/NAV

39.8%

Post-Tax IRR

$69M

Market Cap (USD)

146Koz/y

Production Cap

$69M to acquire 146Koz/y production capacity and $393M NAV. Brazil is Mineros' core operational geography — permitting relationships, community trust, and regulatory familiarity give Mineros a structural edge over any foreign bidder. Cost is ~6% of Mineros' market cap. Pre-feasibility stage introduces execution risk, but the strategic fit is without equal in the screened universe.→ 100% Acquisition · ~6% of Mineros mkt cap

▶ Priority 1 — Transformational

First Mining Gold

Springpole + 3 Resource Assets · Ontario, Canada · Feasibility Started

Largest Production13Moz Total PortfolioCanada Tier 1Junior

0.237×

P/NAV (Springpole)

40.9%

Post-Tax IRR

$510M

Market Cap (USD)

281Koz/y

Production Cap

The $510M market cap buys Springpole ($2,150M NPV, 281Koz/y) plus Cameron (1.1Moz), Duparquet (6.1Moz), and East Cedartree (0.19Moz) — a 13Moz total resource portfolio with no NPV yet assigned to the secondary assets. True P/NAV is materially lower than 0.237× once secondary assets are appraised. With Mineros at $1,162M, a 51% controlling stake (~$340M) or a full cash+stock deal is feasible and would roughly triple Mineros' production base.→ 51% Controlling Stake or 100% via cash + stock

◈ Priority 2 — Strong Conviction

Thesis Gold & Silver

Lawyers · British Columbia, Canada · Feasibility Started

Best Junior IRRBC Tier 1All-Stock AcquisitionJunior

0.405×

P/NAV

54.4%

Post-Tax IRR

$687M

Market Cap (USD)

145Koz/y

Production Cap

Best IRR among all Juniors at 54.4%. $1,695M NAV at $687M. With Mineros at $1,162M, Mineros is the larger party — this is an acquisition, not a merger of equals. An all-stock deal at a modest premium would be NAV-accretive for Mineros shareholders. BC is a top-5 global gold jurisdiction with strong permitting track record.→ All-Stock Acquisition, Mineros as acquirer

◈ Priority 2 — Full Acquisition

West Vault Mining

Hasbrouck · Nevada, USA · Construction Planned

Nevada Tier 1Construction ReadyHigh IRRDeveloper

0.408×

P/NAV

51.4%

Post-Tax IRR

$84M

Market Cap (USD)

71Koz/y

Production Cap

Nevada is the world's most coveted gold jurisdiction — infrastructure-rich, stable, transparent permitting. Hasbrouck is construction-planned with 51.4% IRR and $206M NAV at just $84M. Cost is ~7% of Mineros' market cap — a financially trivial bolt-on that adds material U.S. geographic diversification to a LatAm-concentrated portfolio.→ 100% Acquisition · ~7% of Mineros mkt cap

◈ Priority 2 — JV / Streaming

Seabridge Gold

KSM · British Columbia, Canada · Pre-Feasibility

World-Class AssetMid-TierJV StructureLong Horizon

0.600×

P/NAV

18.9%

Post-Tax IRR

$3,481M

Market Cap (USD)

$5,800M

Post-Tax NAV

KSM is one of the world's largest undeveloped gold deposits. At $3,481M, outright acquisition remains 3× Mineros' size. However, Mineros at $1,162M is now a credible JV partner. A 10–15% stake alongside a Major co-investor costs $350–520M and provides long-duration reserve optionality. IRR of 18.9% is modest — structure as a generational reserve play, not a near-term earnings driver.→ 10–15% JV Stake alongside Major co-investor

Full Screening Results

P/NAV < 1.0× · All Tiers · One Row Per Company 26 companies · Companies with multiple assets consolidated · USD millions · Sorted by P/NAV ascending

Mid-Tier

Market Cap $1,000M–$10,000M — 1 Company — JV / Streaming Only

Company / Asset(s)	P/NAV	Mkt Cap ($M)	Post-Tax NAV ($M)	IRR	Prod (Koz/y)	Stage	Country	Structure	Note
Seabridge Gold Inc. KSM	0.600×	3,481	5,800	18.9%	—	Prefeas/Scoping	🇨🇦 Canada	10–15% JV	Co-invest w/ Major

Junior Producers & Advanced Developers

Market Cap $100M–$1,000M — 14 Companies — Stake / Acquisition / All-Stock Territory

Company / Asset(s)	P/NAV	Mkt Cap ($M)	Post-Tax NAV ($M)	IRR	Prod (Koz/y)	Stage	Country	Structure	Note
First Mining Gold Corp. Springpole · Cameron · Duparquet · East Cedartree +Cameron 1.1Moz, Duparquet 6.1Moz, East Cedartree 0.19Moz — no published NPV; true P/NAV lower than shown	0.237×	510	2,150	40.9%	281	Feas. Started	🇨🇦 Ontario	51% or 100%	⭐ Transformational
Vista Gold Corp. Mt Todd	0.275×	291	1,060	27.8%	175	Feas. Complete	🇦🇺 Australia	100% Acq	Deep value
Theta Gold Mines Ltd. Transvaal Gold Mining Estates	0.369×	168	455	77.0%	105	Constr. Started	🇿🇦 South Africa	51% Stake	⚠ ZA risk
U.S. Gold Corp. CK	0.389×	246	632	27.0%	64	Feas. Complete	🇺🇸 USA	100% Acq	Modest IRR
West Wits Mining Ltd. Witwatersrand Basin	0.400×	200	500	81.0%	56	Operating	🇿🇦 South Africa	51% Stake	⚠ ZA risk
Thesis Gold & Silver Inc. Lawyers	0.405×	687	1,695	54.4%	145	Feas. Started	🇨🇦 BC	All-Stock Acq	⭐ Mineros acquirer
Meridian Mining PLC Cabacal	0.533×	525	984	61.2%	—	Feasibility	🇧🇷 Brazil	51% Stake	LatAm fit
Toubani Resources Ltd. Kobada	0.609×	305	500	50.0%	162	Constr. Started	🇲🇱 Mali	Monitor	⚠ Mali risk
St Barbara Ltd. Moose River Consolidated +Simberi Operating PNG 4.9Moz R&R — no separate NPV; total company NAV materially higher than shown	0.667×	622	931	80.2%	—	Operating	🇨🇦 Canada	51% Stake	High IRR; multi-asset
Rox Resources Ltd. Youanmi	0.724×	458	632	55.0%	103	Feas. Complete	🇦🇺 Australia	100% Acq	High IRR
Troilus Mining Corp. Troilus	0.779×	689	885	14.0%	245	Feas. Complete	🇨🇦 Quebec	All-Stock Acq	Scale / low IRR
Silver Tiger Metals Inc. El Tigre	0.798×	364	456	65.7%	—	Constr. Planned	🇲🇽 Mexico	100% Acq	High IRR
Liberty Gold Corp. Black Pine +Goldstrike 1.2Moz R&R — no published NPV; true P/NAV lower than shown	0.897×	493	550	31.8%	135	Prefeas/Scoping	🇺🇸 USA	100% Acq	Near fair value
Belo Sun Mining Corp. Volta Grande	0.943×	626	665	26.1%	—	Constr. Planned	🇧🇷 Brazil	Monitor	P/NAV near 1×

Developer / Advanced Explorer

Market Cap < $100M — 11 Companies — Full Acquisitions Easily Within Mineros' Capacity

Company / Asset(s)	P/NAV	Mkt Cap ($M)	Post-Tax NAV ($M)	IRR	Prod (Koz/y)	Stage	Country	Structure	Note
Euro Sun Mining Inc. Rovina Valley	0.063×	93	1,470	35.6%	82	Feas. Complete	🇷🇴 Romania	100% Acq	⭐ #1 Priority
Almaden Minerals Ltd. Ixtaca	0.067×	21	310	42.0%	—	Feas. Complete	🇲🇽 Mexico	Caution	⚠ Permit dispute
Falco Resources Ltd. Horne 5	0.131×	100	761	18.9%	220	Constr. Planned	🇨🇦 Canada	100% Acq	Large scale
TriStar Gold Inc. Castelo de Sonhos	0.175×	69	393	39.8%	146	Prefeas/Scoping	🇧🇷 Brazil	100% Acq	⭐ LatAm fit
Velocity Minerals Ltd. Rozino	0.253×	31	123	27.4%	54	Prefeas/Scoping	🇧🇬 Bulgaria	100% Acq	EU; small scale
Cora Gold Ltd. Sanankoro	0.276×	61	221	64.9%	47	Feas. Complete	🇲🇱 Mali	Monitor	⚠ Geopolitical
Canagold Resources Ltd. New Polaris	0.294×	91	311	30.9%	—	Feas. Complete	🇨🇦 Canada	100% Acq	Remote BC
Atico Mining Corp. La Plata	0.368×	34	93	25.1%	16	Feas. Complete	🇪🇨 Ecuador	100% Acq	LatAm fit
West Vault Mining Inc. Hasbrouck	0.408×	84	206	51.4%	71	Constr. Planned	🇺🇸 Nevada	100% Acq	⭐ Nevada T1
Terramin Australia Ltd. Adelaide Hills +Angas 9,400oz — negligible, does not affect valuation	0.516×	51	98	80.5%	45	Feas. Complete	🇦🇺 Australia	100% Acq	Small NAV
Minnova Corp. Maverick	0.837×	24	29	53.0%	46	Feas. Complete	🇨🇦 Canada	100% Acq	Bolt-on only

⚠ Jurisdiction Risk Flags: Mali-based targets (Sanankoro / Cora Gold, Kobada / Toubani) face elevated geopolitical risk under military junta governance since August 2021, with active hostility toward foreign mining interests. South African assets (Transvaal GME, Witwatersrand Basin) carry Eskom power supply and labor disruption risk — partially offset by very high IRRs (77–81%). Ixtaca (Almaden Minerals, Mexico) has an active permitting legal dispute. Recommended strategic weighting: Canada and LatAm jurisdictions align best with Mineros' operational track record, community relations model, and regulatory experience.

Methodology: Universe of 1,360 gold projects screened across 4 SNL/Metals Focus datasets. P/NAV = Owner Market Cap ÷ Post-Tax NPV Base Case, both in USD millions. Market cap reflects total company capitalisation — where a company owns multiple assets, all assets share the same market cap figure and the company appears once in this analysis. Four companies carry additional resource assets without published NPV studies (First Mining Gold, Liberty Gold, St Barbara, Terramin Australia) — these are noted inline; their disclosed P/NAV ratios are conservative and true discounts are wider once secondary assets are appraised. Mineros market cap of $1,162.08M USD sourced from dataset entries for Hemco, La Pepa, and Luna Roja properties. April 11, 2026.