What you need to know: • MSA released Q2 financial results which outlined the strongest first half in company history. • The Company continues to execute on cost discipline with AISC positioned to beat full-year guidance entering H2. • MSA ended the quarter in a solid treasury position with net cash of $110.1M providing notable flexibility. • Mineros’ capital allocation framework, combined with its growth pipeline, enhances value for investors. Yesterday, after market close, Mineros S.A. (MSA:TSX, MINEROS:CL) reported its Q2/26 financial results after pre-reporting sales of 61.8Koz AuEq and raising guidance at Hemco (read our note here). While earnings were slightly down QoQ, they remained strong, making H1 the strongest first-half in company history, which also reflected strong cost discipline, including AISC below guidance. The strong H1 allowed MSA to continue to strengthen the treasury, positioning the Company to simultaneously execute on its capital allocation framework and growth. We are maintaining our BUY rating and C$12.50/share target price on Mineros. Record H1 earnings. The Company reported Q2 revenue of $267.0M vs. our forecast of $281.7M (-5%). As expected, despite incremental production growth, revenue declined modestly QoQ from a record $291.8M (-9%), which included a realized gold price of $4,290/oz vs. $4,777/oz in Q1. Cost of sales of $169.7M was in line with our forecast, resulting in gross profit of $97.3M vs. our $115.1M ($142.6M in Q1). Adjusted EBITDA of $107.9M broadly aligned with our $109.2M forecast, which compared to $154.1M in Q1, while net income of $45.1M ($0.15/share) compared to our $63.1M ($0.21/share), and a record $87.7M (0.29/share) in Q1, which included a ~$10M unrealized loss on forward contracts from the strategic gold purchases. While earnings were lower QoQ, H1 revenue, adjusted EBITDA, and net income of $558.8M (+63% YoY), $260.5M (+70% YoY), and $132.8M (+63% YoY) were all records, marking the strongest H1 in MSA’s history on stronger production and higher realized prices. After a noisy OCF reporting in Q1 resulting from the strategic gold purchasing, the Company has begun to report OCF pre-strategic purchases. Q2’s $115.8M solidly beat our $78.1M. Positioned to beat full-year AISC guidance. Q2’s cash costs and AISC of $2,204/oz and $2,458/oz increased QoQ from $2,002/oz and $2,235/oz in Q1, which was consistent with expectations, resulting in H1 cash costs of $2,104/oz within 2026 guidance of $2,070-$2,170/oz, and H1 AISC of $2,348/oz below guidance of $2,370-$2,470/oz. MSA is entering the second half of the year in a position to beat full-year cost targets, highlighting impressive cost discipline.