Minera Alamos Inc (QX)【MAIFF】株式ニュース

Minera Alamos Announces Positive Pre-Feasibility Study for the Copperstone Gold Project in ArizonaMay 27, 2026 5:00 PM
NewsfileBoard of Directors Approves Fast-Track ConstructionToronto, Ontario--(Newsfile Corp. - May 27, 2026) - Minera Alamos Inc. (TSXV: MAI) (OTCQX: MAIFF) ("Minera Alamos" or the "Company") is pleased to announce the results of a pre-feasibility study (the "PFS") on its 100%-owned, past-producing Copperstone project ("Copperstone" or the "Project") located in La Paz County, Arizona, USA. A technical report for the Copperstone PFS is being prepared in accordance with National Instrument 43-101 ("NI 43-101") and will be filed under the Company's profile on SEDAR+ and on the Company's website within 45 days of this news release.All dollar amounts in this news release are expressed in U.S. dollars, unless otherwise noted. Metric tonnes are referred to as "t", imperial short tons as "st", grams as "g", gold as "Au", troy ounces as "oz", thousands of troy ounces as "koz", and millions as "M".Copperstone Pre-Feasibility HighlightsStrong project economics:At base case gold price of $3,500/oz, after-tax net present value 5% ("NPV5%") of $374 M, internal rate of return ("IRR") of 108%, payback period of 1.2 years, and net cashflow of $512 M.At spot gold price of $4,500/oz, after-tax NPV5% of $537 M, IRR of 154%, payback period of 0.8 years, and net cashflow of $725 M.Resilient, low-cost mine plan: PFS life-of-mine ("LOM") plan shows an initial 6.3-year mine life producing a total of 291 koz gold with average annual production of 46 koz at total cash costs1 of $1,070/oz gold and all-in sustaining costs1 ("AISC") of $1,314/oz gold. Initial production anticipated in mid-2027, more than doubling the Company's projected annual gold production: Based on the PFS results and current estimates, project construction is expected to take approximately one year, with initial gold production anticipated by mid-2027. Given Copperstone's average annual production of 46 koz gold per year, the project has the potential to more than double the Company's consolidated annual gold production, as compared with the 2026 guidance for 32 koz – 38 koz from the Pan mine in Nevada.Low capital intensity: Total initial capital cost ("capex") of $58 M and sustaining capex of $77 M over the LOM. Based on initial capex, the Project has a NPV-to-capex ratio of 6.4x using base case gold price of $3,500/oz, and NPV-to-capex ratio of 9.2x using spot gold price of $4,500/oz. The initial capex of $58 M to be comfortably financed by the Company's existing cash balance (Q1 2026, $46 M), excess capacity under the recently closed $75 M revolving credit facility, and ongoing cash flow from the Pan mine in Nevada. Increased Resources and maiden Reserves: Increased Measured & Indicated ("M&I") Resources to 4,054 kt grading 4.83 grams per tonne gold ("g/t") and containing 630 koz gold, representing a 110% increase in contained gold ounces compared to the previous mineral resource estimate. Maiden Proven & Probable Reserves are 1,934 kt grading 4.87 g/t and containing 303 koz gold.Fully permitted for construction: Copperstone is a previously mined property with active mining and environmental permits.Significant exploration potential to increase mine life: Approximately half of the Measured & Indicated Resources were not converted to Reserves. Further drilling, mine development, and mine optimization could increase the likelihood of future conversion to Reserves. Additionally, the down-plunge extension potential of the underground mineralization will be further evaluated from underground drill stations after production starts, where much of the known mineralized zones are open at depth.Additional Open Pit Potential: The Copperstone project has an extensive history of both open pit and underground mining. For the purposes of the updated Copperstone PFS, only underground accessible Resources were considered. A portion of these Resources exist in near-surface areas in proximity to the historic open pit excavations ("Open Pit Potential"), and the Company believes there is potential for gold mineralization to be extracted via open pit mining methods. 1 Total cash costs and AISC are non-IFRS measures. For more details refer to the "Non-IFRS Measures" section of this release.Darren Koningen, President & COO, commented, "The Copperstone PFS results show a high-return, low capital underground gold mining project with first gold production anticipated in mid-2027 and which will more than double our Company's annual gold production once ramped up. Our Board has made a formal investment decision for construction of the Copperstone project, with full-scale engineering, procurement and construction activities commencing in June, and mobilizing the underground mining contractor in the near-term. The increase in initial capital cost versus the 2025 PEA allows for an expanded process plant capable of increasing throughput from 600 tons per day to 1,000 tons per day. In addition, a planned 3-month ore stockpile ahead of mill startup helps to de-bottleneck the commissioning and ramp-up of the project."The PFS represents an excellent starting point for the project while the Company continues to evaluate opportunities for resource expansion underground and potentially including a new open pit."Figure 1 – Copperstone project site overviewTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/299120_2dc5bec7e433daaf_003full.jpgPre-Feasibility Study SummaryTable 1 - Copperstone PFS HighlightsPROJECT HIGHLIGHTS
Total ore mined (k tonnes) 1,934 Average grade (g/t Au) 4.87 Gold ounces mined (koz) 303 Mine life (years) 6.3 Mill throughput year 1 (t/day) 544 Mill throughput years 2-8 (t/day) 907 Gold recovery (%)96%LOM gold ounces produced (koz) 291 LOM average annual production (koz) 46.3 Peak annual production (koz) 53.9 OPERATING AND CAPITAL COSTS
Mining cost ($/tonne ore mined)$98.39Processing cost ($/tonne processed)$23.79G&A cost ($/tonne processed)$8.06Transport & Refining cost ($/tonne processed)$2.01Total site operating cost ($/tonne processed)$132.24Total cash costs ($/oz sold)$1,070AISC ($/oz sold)$1,314Pre-production capital ($ million)$52.4Contingency capital ($ million)$5.9Total initial capital ($ million)$58.3Sustaining capital ($ million)$76.9PROJECT ECONOMICS
Base case $3,500/oz gold price
LOM average annual cashflow ($ million)$91Total cumulative cashflow ($ million)$512After-tax NPV5% ($ million)$374After-tax IRR (%)108%Payback period (years) 1.2 Table 2 – Copperstone PFS After-Tax Gold Price Sensitivity Gold Price
($/oz)After-tax NPV5%
($M)IRR
(%)Payback period
(years)Net Cashflow
(undiscounted $M)$2,500$21464%1.8$302$2,750$25575%1.6$355$3,000$29486%1.4$407$3,250$33497%1.3$460$3,500$374108%1.2$512$3,750$414119%1.1$564$4,000$455131%1.0$618$4,250$496142%0.9$671$4,500$537154%0.8$725$4,750$577165%0.8$779$5,000$618177%0.7$832 Property Location, Access, and InfrastructureThe Copperstone property is located 125 miles west of Phoenix, Arizona and is accessed via Interstate I-10 to the town of Quartzsite, Arizona. The site access road is located about 9 miles north of Quartzsite along US Highway 95. The access road is a well-maintained gravel road, the Cyprus Mine Road, that travels west for 5.5 miles to the project site.The Project is situated on the flat, sandy desert terrain of the La Posa Plain, at the northeastern end of the Dome Rock Mountains, and is surrounded by a natural desert scrub environment. Major supply centres and ample skilled and unskilled labour are available locally, in Phoenix and in Yuma. Access to the Sante Fe rail line is available nearby, and international air service and railway access are both available in Phoenix.The project benefits from the presence of significant existing operations infrastructure including power distribution, buildings, roads, tailings storage facility, water rights, and part of the process facility.Updated Mineral Resource EstimateThe Copperstone mineral resource estimate ("MRE") is presented in Table 3 below. The MRE is reported at an underground mining cut-off of 0.064 oz/ton gold (2.2 g/t Au). Resources were estimated using an inverse-distance-squared methodology within an overall indicator-kriged model boundary to approximately delineate the boundary between mineralized and unmineralized material. After the block grade estimations were complete, Deswik Stope Optimizer was used as a guide to generate mineralized zones based on $3,000/oz gold price and minimum mining widths and economic parameters consistent with the type of mineral system present at Copperstone. This Resource is considered by the author to have reasonable prospects for eventual economic extraction.Table 3 – Copperstone Mineral Resource estimate, effective December 1, 2025ClassificationTonnes
(kt)Au Grade
(g/t)Contained Gold
(koz Au)Measured2,198 5.08 359Indicated1,856 4.54 271Total Measured & Indicated4,054 4.83 630Inferred401 4.0452 Notes to Mineral Resource estimate:The effective date of the Mineral Resource Estimate is December 1, 2025The Mineral Resource Estimate has been classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) incorporated by reference into NI 43-101, and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019).The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues.The mineral resource is reported at an underground mining cut-off of 0.064 oz/ton (2.2 g/t Au) within estimated blocks which meet the criteria of a minable shape (minimum mining width of 9ft). The cut-off is based on the following assumptions: a gold price of $3,000/oz; assumed mining cost of $102.87/ton ($113.16/tonne), process costs of $42.64/ton ($46.90/tonne), general and administrative and property/severance tax costs of $16.39/ton ($18.03/tonne), refining and shipping costs of $12.00/oz, a metallurgical recovery for gold of 95%, and a 4.5% gross royalty.Resources are reported using at a minimum overall gold cut-off grade of 0.064 oz/ton Au (2.2 g/t Au). Internal dilution is incorporated into the MSO shape volumes as part of the estimated quantities and grades.Previously mined areas were modelled based on all available records and were excluded from reporting of this mineral resource.Mineral Resources are reported inclusive of Mineral Reserves. Mineral Reserves are estimated from Measured and Indicated Mineral Resources. Inferred Mineral Resources are not included in the Mineral Reserves.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and may be materially affected by modifying factors including but not restricted to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves.Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.Scott Zelligan, P. Geo. is responsible for reviewing and approving the Copperstone mine underground Mineral Resource Estimate. Mr. Zelligan is a Qualified Person ("QP") as set out in NI 43-101Mineral Reserve EstimateThe mineral reserves for the Copperstone underground gold project are estimated in accordance with the CIM Definition Standards. Measured mineral Resources are converted to Proven Reserves, while Indicated mineral Resources are converted to Probable Reserves. Inferred Resources are excluded from the reserve calculation and are treated as waste.Table 4 – Copperstone Mineral Reserve estimate, effective December 1, 2025ClassificationTonnes
(kt)Au Grade
(g/t)Contained Gold
(koz Au)Proven1,0525.06 172Probable882 4.61 131Total Proven & Probable1,934 4.87 303 Notes to Mineral Reserve estimate:The effective date for the Mineral Reserve is December 1, 2025 The Mineral Reserve Estimate has been classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) incorporated by reference into NI 43-101. Costs were based on the operating costs ranges as outlined in Table 1.Mineral Reserves were estimated using a gold price of $3,000/oz, metallurgical recovery of 95%, and a cut-off grade of 0.0642 oz/ton Au (2.2 g/t Au). Mining recovery of 95% and external dilution of 10% at zero grade applied. Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred resources are excluded from this reserve estimate and treated as waste. Numbers are rounded to the nearest ton or ounce; rounding may cause minor discrepancies in totals. Reserves are contained within the measured and indicated mineral resources. No additional material has been added. Peter Szkilnyk, P.Eng., is responsible for reviewing and approving the Copperstone mine underground Mineral Reserve Estimate. Mr. Szkilnyk is a Qualified Person ("QP") as set out in the NI 43-101.Mine Design and Production ProfileThe proposed mining method for the Copperstone Project is an overhand mechanized cut-and-fill approach utilizing cemented rock fill. This method was selected for its flexibility in efficiently extracting ore from zones with low vein dip angles. It also helps minimize dilution through precise geological control and disciplined mining practices. Underground mining methods were evaluated with the objectives of minimizing dilution, capital and operating costs, and maximizing resource recovery while sustaining the planned mill throughput. The Copperstone mineralization is relatively shallow, with an average dip of approximately 38 degrees. Although certain zones exceed a 45-degree dip and can be mined using gravity-assisted methods, most of the deposit is too flat to be efficiently mined using long hole stoping.Figure 2 – Copperstone PFS LOM Plan Tonnes and GradeTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/299120_minera-figure2.jpgFigure 3 – Copperstone PFS LOM Plan ProductionTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/299120_minera-figure3.jpgFigure 4 – Copperstone Underground Mine Design (looking southwest)To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/299120_2dc5bec7e433daaf_006full.jpgProcess Plant DesignThe proposed flowsheet will incorporate crushing, grinding, flotation, and cyanide leaching circuits to produce a gold concentrate and gold-loaded carbon products. The saleable gold concentrate will be shipped to a port on the west coast for shipping to a refinery, while the loaded carbon will be transported to the Company's Pan mine processing facility for further processing (refining). The "hybrid" process was selected to provide maximum flexibility to maintain overall high gold recoveries regardless of fluctuations in the mineralization recovered from the mine.The process plant is designed wherever possible to maximize the use of existing plant infrastructure and equipment, including the primary and secondary crushers, screens, ore bin conveyors, laboratory, and electrical distribution systems. The plant has been designed with an anticipated availability of 92% and projected overall gold recovery of approximately 96%. Initial effective processing capacity is expected to be 544 tpd (600 stpd) during the first year of operations, increasing to 907 tpd (1,000 stpd) from the second year onward.Tailings Storage FacilityPart of the existing infrastructure at the Copperstone project is a previously constructed and permitted tailings storage facility ("TSF"). Based on current production rate assumptions used in the PFS, the existing TSF is estimated to provide approximately 1.5 years of tailings storage capacity. The Company has planned a TSF expansion to accommodate production beginning late in year 1 of operations, with an additional lift planned later in the mine life. These planned expansions are already considered in the TSF permits for the project.Operating Cost EstimatesThe operating costs include the ongoing cost of operations related to mining, processing, tailings disposal, and general administration activities. The operating costs were determined based on the Company's in-house database of projects and studies, budgetary mining contractor quotes and data/estimates provided by GR Engineering Services Inc. ("GRES"). LOM average costs are summarized in the table below. Table 5 – Operating Cost SummaryOperating Costs $/oz Au$/tonne oreTotal Mining$654$98.39Total Processing$158$23.79Total Site G&A$53$8.06Transportation and Refining$13$2.01Cash Operating Costs$878$132.24Royalties$158$23.71Production Taxes$34$5.19Total Cash Costs$1,070$161.15Corporate G&A$10$1.55Reclamation cost - prorated$17$2.59Exploration costs - sustaining$28$4.16Capital costs - sustaining$189$28.43AISC$1,314$197.88 Capital Cost EstimatesThe basis of the PFS capital cost estimate included capacity sufficient for an expansion in processing throughput up to 1,000 stpd after the initial production startup.Cost estimates are based on the Company's in-house database of operations, projects, and prior studies, as well as budgetary quotations from mining contractor and mine equipment suppliers. GRES prepared the capital estimates for the re-build of the process plant. Apart from the primary grinding mill, process plant estimates are based on new equipment pricing. However, the Company intends to utilize a combination of new and refurbished equipment to optimize capital costs while minimizing the risk of cost overruns.Pre-production capital includes mine refurbishment and underground development activities, including the establishment of a planned three-month ore stockpile to support smooth commissioning and ramp-up of the new milling complex. Two planned phases of expansions of the tailings facility have been accounted for in the sustaining capital period.A summary of the initial and sustaining capital costs over the LOM are shown below. Table 6 – Capital Cost SummaryCapital Costs ($millions)InitialSustainingTotal LOMUnderground Mine - Infrastructure$9.2$50.1$59.3Underground Mine - Development$21.1$10.8$32.0Tailings Management Facility$0.0$4.9$4.9Mineral Processing Plant$16.9$0.0$16.9On-Site Infrastructure$1.0$0.0$1.0Total Direct Costs$48.3$65.8$114.1Owner Costs and Reclamation$0.0$5.0$5.0Project Indirect Costs$4.1$0.0$4.2Contingency$5.9$6.1$12.0Total Indirect Costs$10.1$11.1$21.2Grand Total$58.4$76.9$135.3 Construction Decision and Next StepsAs a result of the Copperstone PFS results showing a robust, high-return underground gold project, the Company's Board of Directors has made a positive formal construction decision. The construction period is expected to last approximately one year, with initial production anticipated by mid-2027.Pre-construction activities commenced earlier this year, with select major process plant components having been delivered to the project site in recent weeks. Mobilization of an underground mining contractor is expected to occur in the coming 2-3 months. Benefitting from over 4 km of existing underground development, the overall goals for underground work this year will be to rehabilitate areas where required, access new stoping areas, and establish all underground infrastructure required for mining operations.RecommendationsThe Copperstone project has an extensive history of both open pit and underground mining. For the purposes of the Copperstone PFS, only underground accessible Resources were considered. A portion of these Resources exist in near-surface areas in proximity to the historic open pit excavations ("Open Pit Potential"). The Company believes there is potential for gold mineralization to be extracted via open pit mining methods which would allow for the consideration of reduced cut-off grades. This opportunity will be more fully evaluated over the course of 2026 and 2027.Additional mine development optimization is ongoing to look at opportunities to delay some of the mine preproduction activities for completion after the start of production. In addition, studies continue to evaluate potential updates to mine stope sequencing and different cut-off grades to maximize gold production throughout the mine plan.Follow-up underground in-fill drilling is planned to commence once operations are underway to support mine planning and sequencing and will also target future Resource expansions.Non-IFRS Measures. This news release refers to certain financial measures, such as cash costs and all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those used by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A, available on SEDAR+.Total cash costs. The Company uses total cash costs per gold ounce sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying total cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Total cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-GAAP financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Total cash costs include production costs, refinery and transportation costs, royalties and production taxes. Total cash costs exclude non-cash depreciation and depletion and site share-based compensation. Production costs include mining, crushing, processing, and direct overhead at the operation sites.AISC. AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations. AISC per ounce includes mining, processing, direct overhead, reclamation and sustaining capital.Qualified Persons and NI 43-101 Technical ReportThe scientific and technical information contained in this news release has been reviewed and approved by Darren Koningen, P.Eng., President and COO of the Company, who is a "Qualified Person" ("QP") as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Koningen is not considered independent within the meaning of NI 43-101.The Copperstone PFS referenced in this news release was prepared by the Company with contributions from, and review by, Independent Qualified Persons as defined by NI 43-101. The PFS will be supported by a NI 43-101 technical report, which the Company expects to file under its profile on SEDAR+ and on the Company's website within 45 days of the date of this news release.The following independent Qualified Persons were responsible for preparing or supervising the preparation of the scientific and technical information contained in the Copperstone Project technical report and have reviewed and approved the corresponding disclosure contained in this news release:Peter Szkilnyk, P.Eng., Rockpoint Advisory Scott Zelligan, P.Geo., Zelligan Consulting Inc.Garth Wilcox, P.Eng. Lawrence Segerstrom, M.Sc., CPG, Segerstrom Consulting LLCAlex Duggan, P.Eng. GR Engineering Services Inc.The Qualified Persons have verified the data disclosed herein in accordance with industry-standard practices and have determined that the data, assumptions, and methodologies used are appropriate for the purposes of the technical report and this news release. A description of the data verification procedures and quality assurance/quality control measures will be included in the applicable sections of the NI 43-101 technical report.Cautionary Note to U.S. Investors Regarding Mineral Resources and Mineral ReservesMineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and U.S. investors are cautioned that terms such as "Measured," "Indicated" and "Inferred Mineral Resource" are recognized and required by Canadian regulations but may not be comparable to similar terms used in U.S. reporting standards.About Minera AlamosMinera Alamos is a growing North American gold production and development company with projects in Nevada, Arizona, and Mexico. The Company owns the Pan Operating Complex in White Pine County, Nevada, comprised of the producing Pan mine and the adjacent permitted Gold Rock project, as well as the nearby past-producing Illipah project.The Company also owns the Copperstone project in La Paz County, Arizona, a permitted, advanced underground gold project. The Company maintains a portfolio of high-quality Mexican assets, including the Cerro de Oro project, an open pit heap leach gold development project in northern Zacatecas.The Company's strategy is to become a leading, U.S.-focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio.The Company announced a proposed name change to Mining Americas Inc., subject to the approval of its shareholders at the Company's Annual General Meeting to be held on June 25, 2026 and the TSX Venture Exchange. Refer to the Company's news release dated May 11, 2026 for more details.For Further Information, Please Contact: Darren Blasutti, CEO
416-306-0990 ext 208
dblasutti@mineraalamos.comDavid Stewart, VP Corporate Development & Capital Markets
647-294-8361
dstewart@mineraalamos.comWebsite: www.mineraalamos.comCaution Regarding Forward-Looking StatementsThis press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information herein, other than information of historical fact, constitutes forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. In this news release, forward-looking statements relate to, among other things, statements regarding: the Project and the estimation of its mineral resources and reserves, the development, operational and economic results of the PFS , including cash flows, revenue potential, development, expenditures, and timing thereof, extraction rates, LOM projections and cost estimates, timing of completion of a technical report summarizing the results of the PFS, estimates of metallurgical recovery rates, and anticipated advancement of the Project. This information is based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations.The forward-looking information is based on assumptions and addresses future events and conditions that, by their very nature involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in forward-looking information for many reasons. The Company's financial condition and prospects could differ materially from those currently anticipated in forward-looking information for many reasons such as: an inability to receive requisite permits for mine operation, exploration or expansion; an inability to finance and/or complete updated resource and reserve estimates and technical reports which support the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the Company's activities; and other matters discussed in this press release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299120 Original: Minera Alamos Announces Positive Pre-Feasibility Study for the Copperstone Gold Project in Arizona

Minera Alamos Reports Fourth Quarter and Full Year 2025 Results; Record Quarterly Revenue of C$43.6 Million and Record Earnings from Mine Operations of C$20.1 MillionApril 30, 2026 7:01 PM
NewsfileToronto, Ontario--(Newsfile Corp. - April 30, 2026) - Minera Alamos Inc. (TSXV: MAI) (OTCQX: MAIFF) ("Minera Alamos" or the "Company") is pleased to announce audited financial and operating results for the three months and year ended December 31, 2025 ("fourth quarter" or "Q4 2025"). Results are presented in Canadian dollars unless otherwise stated. For details of the consolidated Financial Statements and Management's Discussion and Analysis, please see the Company's filings at www.mineraalamos.com or on SEDAR+ at www.sedarplus.ca.Fourth Quarter 2025 HighlightsRecord quarterly earnings from mine operations of $20.1 million and record quarterly adjusted earnings1 of $11.6 million ($0.11 per share).Cash flow from operating activities after changes in working capital in the quarter was $41.3 million ($0.39 per share), cash used in investing activities of $4.9 million, and net cash provided from financing activities of $22.0 million.Ended Q4 2025 with cash and cash equivalents of $60.3 million ($46.5 million unrestricted) and working capital of $112.0 million.Record quarterly gold production of 9,165 ounces, gold sales of 8,068 ounces at average realized price of US$3,871/oz, and revenue of $43.6 million.Q4 2025 total cash costs1 of US$1,658/oz gold sold and all-in sustaining costs1 ("AISC") of US$1,716/oz gold sold at the Pan mine. See "Non-IFRS Measures" below for explanation of total cash costs and AISC.1 Refer to the "Non-IFRS Measures" in this release and associated MD&A for a description of these measures.Minera Alamos CEO, Darren Koningen, commented, "With quarterly records across the board for gold production, revenue, earnings from mine operations and adjusted earnings, the fourth quarter solidifies our transformation into a growing, U.S. focused gold producer. We anticipate continued strong momentum in our financial results with current gold prices higher than those realized in the fourth quarter, and significantly improved liquidity from the recently announced US$75 million revolving credit facility, allowing us to organically fund our upcoming growth projects including the Copperstone Project in Arizona.In May 2026, we look forward to closing the revolving credit facility, releasing the results of a pre-feasibility study on the Copperstone project, and announcing a proposed name change and rebranding reflective of our newly transformed Company."Recent HighlightsOn October 1, 2025, Company completed the acquisition of the Pan Operating Complex from Equinox Gold Corp. (the "Pan Acquisition"), including the producing Pan mine, the Gold Rock project and the Illipah project located in White Pine County, Nevada, USA. First gold production from the Pan mine under the Company's ownership occurred on October 7, 2025.The Company continued to strengthen its management team in Q4 2025 with the appointment of Darren Blasutti as Executive Vice President Corporate Development in October 2025 and David Stewart as Vice President, Capital Markets & Strategy in November 2025. On January 5, 2026, the Company completed a share consolidation at a ratio of ten pre-consolidation shares to one post-consolidation share (the "Consolidation").On January 28, 2026, the Company announced a C$56 million secondary market purchase of approximately 9% of the Company's issued common shares by a group of strategic investors from a subsidiary of Equinox Gold Corp., including C$3 million from the Company's Executive Vice President Corporate Development, Darren Blasutti. The shares were originally issued to Equinox Gold Corp. as partial consideration for Pan Acquisition.On February 4, 2026, the Company announced 2026 production and cost guidance for the Pan mine, including gold production of 32,000-38,000 ounces, total cash costs of US$1,750-1,900 per ounce, and AISC of US$1,850-2,000 per ounce. In addition, the Company announced it had substantially integrated the Pan mine into its corporate and operating structures approximately three months ahead of the original schedule.On March 5, 2026, the Company announced updated Mineral Resource and Mineral Reserve estimates for the Pan mine with a technical report having an effective date of September 1, 2025. Highlights from the technical report include Proven and Probable Reserves of 222 thousand ounces gold (21.6 million tonnes grading 0.32 g/t) based on a conservative gold price of US$2,600 per ounce and an additional 33,000 ounces of recoverable gold leach pad inventory.On March 25, 2026, the Company executed a term sheet for a US$75 million, three-year revolving credit facility ("RCF") with The Bank of Nova Scotia ("Scotiabank") and National Bank of Canada ("National Bank"). The term sheet was approved by both banks' credit committees with closing and initial funding of the Revolver subject to negotiation and execution of definitive loan, guarantee and security agreements and satisfaction of certain customary closing conditions.On April 13, 2026, the Company reported first quarter 2026 gold production of 8,734 ounces and gold sales of 9,134 ounces from the Pan mine.2026 OutlookThe Company's strategy is to become a leading, U.S. focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio. For 2026, the Company has the following goals pursuant to its strategy:Achieving 2026 guidance at the Pan mine - gold production of 32,000-38,000 ounces, total cash costs of US$1,750-1,900 per ounce, and AISC of US$1,850-2,000 per ounceAnnouncing a proposed name change and rebranding in May 2026Releasing the results of the Copperstone pre-feasibility study ("PFS") in May 2026, followed by a construction decision and mine development throughout 2026Closing the Revolving Credit Facility with Scotiabank and National Bank and debt refinancing in May 2026Graduation from TSX Venture Exchange to Toronto Stock Exchange in Q2 20262Starting the Company's inaugural drilling program at the Copperstone project testing near-surface, open pit gold mineralization in Q2 2026Releasing a maiden open pit mineral resource estimate at the Copperstone project in mid-2026Releasing an updated technical report on the Gold Rock project in Q4 2026Continuing to strengthen the Company's Board and Management Team to raise its corporate profile and improve the operation and development of its property portfolio2 The Company has applied to have its securities listed on Toronto Stock Exchange. Listing is subject to the approval of the Exchange in accordance with its original listing requirements. Toronto Stock Exchange has not conditionally approved the issuer's listing application and there is no assurance that the Exchange will approve the listing application.Q4 2025 Financial HighlightsTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_003full.jpg1 Basic (loss) income per share is presented on a post share consolidation basis. Weighted average shares for the quarter and year ended December 31, 2025 are 105,994,157 and 69,282,251, respectively (December 31, 2024 - 47,089,101 and 46,819,194, respectively).On October 1, 2025, the Company completed the acquisition of the Pan Operating Complex from Equinox Gold Corp. The transaction included the Pan mine, together with the adjacent permitted Gold Rock project, as well as the nearby past-producing Illipah project. The transaction consisted of cash consideration of US$88.4 million, subject to post-closing working capital adjustments, and the issuance of 9,680,300 common shares of the Company. Gold production of 9,165 ounces was produced from the Pan mine during the fourth quarter of 2025.Gold revenues of $43.1 million were realized from the sale of 7,922 gold ounces from the Pan mine and revenues of $0.5 million were realized from the sale of 146 gold ounces from the Santana operation, for gross proceeds of $43.6 million with an average realized gold price of $5,399 (US$3,871) per ounce.Total cash costs and all-in sustaining costs ("AISC") were $2,313 per ounce (US$1,658) and $2,393 per ounce (US$1,716), respectively from the operations at the Pan mine.Cash flow from operating activities after changes in working capital in the quarter was $41.3 million, cash used in investing activities was $4.9 million, with net cash provided from financing activities during Q4 2025 of $22.0 million.The Company recorded earnings from mine operations of $20.1 million and a net loss of $0.9 million in Q4 2025. Adjusting for one-time items including expensing of the Copperstone project exploration expenses and costs associated with the acquisitions and settlements during the 2025 year the adjusted net income in Q4, 2025 is $11.6 million. Cash and Cash Equivalents of $60.3 million as at December 31, 2025. The cash and cash equivalents include $13.8 million to complete the working capital payment for the Pan Acquisition. The payment for this amount was made on January 20, 2026.The Company closed on a $3.5 million private placement by issuing 875,000 common shares at a price of $4.00 per share and 875,000 common share purchase warrants at a price of $7.05 per warrant share with a term of 3 years.Consolidated HighlightsTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_004full.jpg1 Consolidated financial and operational results for 2025 include the Pan Mining Complex since its acquisition, from October 1, 2025 to December 31, 2025.
2 Total cash costs and AISC reflects costs associated with the Pan operation only as total cash costs and AISC were not recognized on the Santana operations.
3 Non-IFRS measure, for further information refer to the Non-IFRS Measures section in this MD&A.
4 Basic (loss) income per share is presented on a post share consolidation basis. Weighted average shares for the quarter and year ended December 31, 2025 are 105,994,157 and 69,282,251, respectively (December 31, 2024 - 47,089,101 and 46,819,194, respectively).LiquidityTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_005full.jpgSummary of Cash FlowTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_006full.jpgPan Mine Operating SummaryTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_007full.jpgTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_008full.jpgNon-IFRS Measures. This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for Q4 2025, available on SEDAR+.Adjusted Net IncomeTo view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4183/295363_4709b04a741908ee_009full.jpgTotal cash costs. The Company uses total cash costs per gold ounce sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying total cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Total cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-GAAP financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Total cash costs include production costs, refinery and transportation costs, royalties and production taxes. Total cash costs exclude non-cash depreciation and depletion and site share-based compensation. Production costs include mining, crushing, processing, and direct overhead at the operation sites.AISC. AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations. AISC per ounce includes mining, processing, direct overhead, reclamation and sustaining capital.Qualified PersonThe scientific and technical information contained in this news release has been reviewed and approved by Mr. Darren Koningen, P.Eng., Minera Alamos' CEO, who is the Company's Qualified Person under National Instrument 43-101.About Minera AlamosMinera Alamos is a growing North American gold production and development company with projects in Nevada, Arizona, and Mexico. The Company owns the Pan Operating Complex in White Pine County, Nevada, comprised of the producing Pan mine and the adjacent permitted Gold Rock project, as well as the nearby past-producing Illipah project. The Company also owns the Copperstone project in La Paz County, Arizona, a permitted, advanced underground gold project. The Company maintains a portfolio of high-quality Mexican assets, including the Cerro de Oro project, an open pit heap leach gold development project in northern Zacatecas. The Company's strategy is to become a leading, U.S. focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio.For Further Information Please Contact: Darren Blasutti, EVP Corporate Development
416-306-0990 ext 208
dblasutti@mineraalamos.comDavid Stewart, VP Capital Markets & Strategy
647-294-8361
dstewart@mineraalamos.comWebsite: www.mineraalamos.comCaution Regarding Forward-Looking StatementsThis press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information herein, other than information of historical fact, constitutes forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. This information is based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations.The forward-looking information is based on assumptions and addresses future events and conditions that, by their very nature involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in forward-looking information for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in forward-looking information for many reasons such as: an inability to receive requisite permits for mine operation, exploration or expansion; an inability to finance and/or complete updated resource and reserve estimates and technical reports which support the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this press release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on Minera Alamos' forward-looking information. Minera Alamos does not undertake to update any forward-looking information that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295363
Original: Minera Alamos Reports Fourth Quarter and Full Year 2025 Results; Record Quarterly Revenue of C$43.6 Million and Record Earnings from Mine Operations of C$20.1 Million