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
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
Toronto, 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 Highlights
Record quarterly earnings from mine operations of $20.1 million and record quarterly adjusted
earnings
1
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 costs
1
of US$1,658/oz gold sold and all-in sustaining costs
1
("
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 Highlights
On 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 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 US$1,750-1,900 per ounce, and AISC of US$1,850-2,000 per ounce
Announcing a proposed name change and rebranding in May 2026
Releasing the results of the Copperstone pre-feasibility study ("PFS") in May 2026, followed by a
construction decision and mine development throughout 2026
Closing the Revolving Credit Facility with Scotiabank and National Bank and debt refinancing in
May 2026
Graduation from TSX Venture Exchange to Toronto Stock Exchange in Q2 2026
2
Starting the Company's inaugural drilling program at the Copperstone project testing near-surface,
open pit gold mineralization in Q2 2026
Releasing a maiden open pit mineral resource estimate at the Copperstone project in mid-2026
Releasing an updated technical report on the Gold Rock project in Q4 2026
Continuing to strengthen the Company's Board and Management Team to raise its corporate
profile and improve the operation and development of its property portfolio
2
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 Highlights
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1
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 Highlights
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1
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).
Liquidity
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Summary of Cash Flow
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Pan Mine Operating Summary
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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+.
Adjusted Net Income
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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 Person
The 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 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.
For Further Information Please Contact:
Darren Blasutti, EVP Corporate Development
416-306-0990 ext 208
David Stewart, VP Capital Markets & Strategy
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. 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.
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