Mineros S.A. announced it has entered into a definitive agreement to acquire a gold exploration project in the Department of Tolima, Colombia, from a subsidiary of AngloGold Ashanti PLC. The transaction will be completed by acquiring all outstanding shares of AngloGold Ashanti Colombia S.A.S., which holds the mining concession associated with the project.
The concession, registered under the National Mining Registry code EIG-163, grants rights to explore a gold system located in the municipality of Cajamarca, Tolima. The agreement does not include AngloGold Ashanti’s Quebradona project, which will remain under the company’s development portfolio.
Mineros said the acquisition reflects its long-standing commitment to operating in Colombia and its belief that domestic operators with strong local knowledge are well-positioned to responsibly manage mining projects in the country. Headquartered in Medellín, the company has operated in Colombia for decades and aims to apply its experience in engaging with communities, regulators, and local stakeholders as it evaluates the project’s future.
Under the terms of the agreement, the acquisition will be completed on a cash-free, debt-free, zero net working capital basis. Mineros will pay $10 million in cash at closing and may pay up to an additional $60 million in contingent consideration. The contingent payments are tied to the total tonnage of mineral ore authorized under an approved plan de trabajo y obras and the issuance of an environmental license. The companies expect the transaction to close during the first quarter of 2026, subject to customary closing conditions.
The project has historically been referred to as La Colosa within the mining sector. Mineros indicated it intends to move away from that historical identity as part of its integration strategy. The company plans to work with regional stakeholders to develop a new project name and identity that reflects local values and priorities. This collaborative process is intended to support constructive dialogue with communities in Tolima while emphasizing environmental stewardship and social responsibility.
Mineros emphasized that any advancement of the project will depend on regulatory clarity, environmental approvals, and community consensus. The company said redefining the project’s identity and engaging local stakeholders will be an important first step before any decisions about development are made.
The exploration stage project is located approximately 150 kilometers west of Bogotá and about 30 kilometers west of Ibagué. Exploration activities have largely been suspended since 2017 following a force majeure declaration linked to delays in obtaining environmental permits.
According to a historical mineral resource estimate reported by AngloGold Ashanti in December 2024, the project contains indicated resources of approximately 23.35 million ounces of gold at an average grade of 0.87 grams per tonne. The estimate also includes inferred resources of about 4.98 million ounces at an average grade of 0.71 grams per tonne. No mineral reserves have been declared.
Mineros noted it has not verified the historical resource estimate as a current mineral resource and its qualified person has not completed sufficient work to classify it as such. The company said additional data compilation, verification, and potentially further drilling would be required before any updated resource declaration could be made.
The project may also be affected by the delineation of the Los Nevados Páramo under Resolution 1987 of 2016, which remains subject to ongoing legal proceedings and could impact portions of the historical resource area.
Mineros operates a portfolio of mining and exploration assets across Latin America, including operations in Colombia and Nicaragua, and development projects such as the La Pepa project in Chile. The company has more than 50 years of operating history and focuses on safety, sustainability, and disciplined capital allocation. Its shares are listed on the Toronto Stock Exchange and the Colombian Stock Exchange and also trade on the OTCQX market in the United States.
