Minera Alamos Reports First Quarter 2026 Results, Setting Quarterly Records for Revenue of US$39.2 Million, Earnings of US$10.9 Million, and EBITDA of US$15.3 Million
Minera Alamos Reports First Quarter 2026
Results, Setting Quarterly Records for
Revenue of US$39.2 Million, Earnings of
US$10.9 Million, and EBITDA of US$15.3
Million
Toronto, Ontario--(Newsfile Corp. - May 25, 2026) - Minera Alamos Inc.
(TSXV: MAI) (OTCQX:
MAIFF)
("
Minera Alamos
" or the "
Company
") is pleased to announce unaudited financial and
operating results for the three months ended March 31, 2026 ("
first quarter
" or "
Q1 2026
"). As of
January 1, 2026, the Company changed its reporting currency from Canadian dollars to United States
dollars. Therefore, results are presented in U.S. 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
.
First Quarter 2026 Highlights
Record revenue of $39.2 million, record earnings from mine operations of $19.5 million, record net
earnings of $10.9 million ($0.10 per share), and record EBITDA
1
of $15.3 million.
Ended Q1 2026 with cash and cash equivalents of $45.5 million and working capital of $88.9
million.
Gold production of 8,734 ounces, record gold sales of 9,134 ounces at record average realized
price of $4,287 per ounce.
Total cash costs
1
of $1,659/oz gold sold and all-in sustaining costs
1
("
AISC
") of $1,818/oz gold
sold at the Pan mine – both below the lower end of respective annual cost guidance ranges of
$1,750–1,900/oz and $1,850–2,000/oz, for 2026.
1
Refer to the "Non-IFRS Measures" in this release and associated MD&A for a description of these measures.
Minera Alamos CEO, Darren Blasutti, commented,
"We are pleased with our first quarter 2026 results
marking a strong start to the year by setting new records for revenue, earnings, and EBITDA. In
addition, the Pan mine total cash costs and AISC came in below the lower end of our annual cost
guidance ranges, showing continued, disciplined cost controls at the operation. We are proud of the
work done by our Pan mine operating team delivering an excellent operating result while ramping up
with a new mining contractor early in the quarter and despite higher diesel prices later in quarter.
"Looking forward this week, we plan to close the revolving credit facility with Scotiabank and National
Bank, eliminate our forward and pre-pay gold ounces, and release the results of a pre-feasibility study
on the Copperstone project."
Recent Highlights
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 CEO, 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 $1,750–1,900 per
ounce, and AISC of $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.
2
On March 25, 2026, the Company executed a term sheet for a $75 million, three-year revolving
credit facility ("RCF") with The Bank of Nova Scotia ("Scotiabank") and National Bank of Canada
("National Bank"). The Company anticipates closing the RCF by the end of May 2026.
On May 11, 2026, the Company announced a series of Board and Management changes to
support the Company's strategy of becoming a leading, U.S.-focused intermediate gold producer.
The Company also announced that, subject to shareholder and TSX Venture Exchange ("TSXV")
approval, the Company will change its name to "Mining Americas Inc.".
On May 19, 2026, the Company announced that it had agreed to repurchase a portion of the net
smelter return royalty equal to 0.75% on the Cerro de Oro project from Auramet Capital Partners,
L.P. ("Auramet") for a purchase price of $4.5 million, satisfied through the issuance of 895,572
common shares of the Company at a price of C$6.91 per share. After the repurchase, the
remaining net smelter return royalty is 0.25%. On May 22, 2026, the repurchase was completed
with the issuance of the shares.
2
The full report, "NI 43-101 Technical Report on Resources and Reserves Pan Gold Mine, White Pine County, Nevada", dated March 5, 2026 and
effective September 1, 2025, is available for download from the Company's SEDAR+ profile at
www.sedarplus.ca
.
2026 Outlook
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 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 $1,750–1,900 per ounce, and AISC of $1,850–2,000 per ounce
Releasing the results of the Copperstone pre-feasibility study ("PFS") in May 2026, expected to be
followed by a construction decision and mine development through the remainder of 2026
Closing the $75 million RCF with Scotiabank and National Bank and debt refinancing in May 2026
to strengthen and simplify the balance sheet
Graduation from TSX Venture Exchange to Toronto Stock Exchange in Q2 2026
3
Starting the Company's inaugural drilling program at the Copperstone project primarily testing
near-surface, open pit accessible gold mineralization in Q2 2026
Releasing a maiden open pit mineral resource estimate at the Copperstone project in Q3 2026
Releasing an updated technical report on the Gold Rock project in Q4 2026
3
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.
Q1 2026 Financial Highlights
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Gold production during the first quarter of 2026 was 8,734 ounces from the Pan mine.
Gold revenues in Q1 2026 of $39.2 million were realized from the sale of 9,134 gold ounces from the
Pan mine with an average realized gold price of $4,287 per ounce sold. The average realized gold price
in Q1 2026 was impacted by settling 1,500 ounces of the Company's outstanding call options with
Auramet at a price of $2,113 per ounce.
Total cash costs and AISC were $1,659 per ounce and $1,818 per ounce, respectively from the
operations at the Pan mine in Q1 2026.
Cash flow provided by operating activities after changes in working capital in the first quarter was $2.6
million, cash used in investing activities was $5.3 million, and net cash provided from financing activities
during Q1 2026 was $4.3 million.
The Company recorded earnings from mine operations in Q1 2026 of $19.5 million and net earnings of
$10.9 million.
Cash and cash equivalents was $45.5 million as at March 31, 2026, as compared to $44.0 million as at
December 31, 2025. The increase in the cash balance reflects the earnings from mining operations and
the net value from the exercise of warrants and options of $4.3 million in the current quarter partly offset
by a final payment of $10.0 million to Equinox Gold Corp. to complete the working capital payment for
the Pan Acquisition.
Consolidated Highlights
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1
Non-IFRS measure, for further information refer to the Non-IFRS Measures section in this release.
Pan Mine Operating Summary
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Mining Operations at the Pan mine during Q1 2026 averaged over 43 thousand tonnes per day, with
total material moved of 4.0 million tonnes.
Material mined included 1.2 million ore tonnes at a grade of
0.274 g/t and containing 10,432 ounces of gold, with 1.2 million tonnes placed on the heap leach pad.
The Company transitioned to a new mining contractor at the start of the year. The contractor was able to
quickly recover mining rates to pre-transition levels, matching the Company's plan during the quarter. The
new mine plan adopted in early Q1 2026 required additional pushbacks near the limits of mineralized
zones, resulting in a modest decrease in mined grade as compared with the prior quarter. The
combination of these factors is expected to slightly lower gold production in Q2 2026, with a recovery to
normal levels for the remainder of the year. Gold production for 2026 is tracking well to meet the
Company's annual guidance of 32,000–38,000 ounces.
Non-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+.
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.
EBITDA.
EBITDA is defined as earnings from continuing operations before net financial expenses
(income), income taxes, depreciation, depletion and amortization.
As such, this financial measure
allows comparability of operating results from one period to another by excluding the effects of items
that are usually associated with investing and financing activities.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by Mr. Darren Koningen, P.Eng., the Company's President & COO, who is the Qualified Person under
National Instrument 43-101.
About Minera Alamos
Minera 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 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
David Stewart, VP Corporate Development & Capital Markets
647-294-8361
Website:
www.mineraalamos.com
Caution Regarding Forward-Looking Statements
This 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: achieving its 2026 production and cost guidance at its Pan mine, releasing the
results of the Copperstone project PFS, followed by a construction decision and mine development
throughout 2026, graduation from TSX Venture Exchange to Toronto Stock Exchange, starting the
Company's inaugural open pit drilling program at the Copperstone project, releasing a maiden open pit
resource at the Copperstone project, and releasing an updated technical report on the Gold Rock
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.
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