Minera Alamos Reports Third Quarter Results, Provides Corporate Updates, and Further Strengthens Management Team
Minera Alamos Reports Third Quarter Results,
Provides Corporate Updates, and Further
Strengthens Management Team
Toronto, Ontario--(Newsfile Corp. - December 1, 2025) - Minera Alamos Inc.
(TSXV: MAI) (OTCQX:
MAIFF)
("
Minera Alamos
" or the "
Company
") today reported unaudited financial results for the third
quarter of 2025 and is also pleased to announce corporate updates and the further strengthening of its
management team. Results are presented in Canadian dollars unless otherwise stated. For details of
the unaudited condensed interim consolidated Financial Statements and Management's Discussion and
Analysis for the three and nine months ended September 30, 2025, please see the Company's filings at
www.mineraalamos.com
or on SEDAR+ (
www.sedarplus.ca
).
Minera Alamos CEO, Darren Koningen, commented,
"The combination of our recently closed Nevada
assets acquisition with the current strong gold price environment is transformative for Minera Alamos.
With the transitional third quarter in the rear view, we look forward to leveraging profitable, cash-flowing
gold production from the Pan Operating Complex as we execute on our growth portfolio that is focused
on high-quality, low-capital intensity gold projects."
"We are also moving quickly to bolster our corporate profile by continuing to strengthen our
management team, and are applying to graduate to a TSX listing, as well as completing a share
consolidation. These changes will enhance our capital markets presence and grow investor
awareness in our rapidly changing company."
Third Quarter 2025 and Recent Highlights
On October 1, 2025, Company announced the completion of the previously announced acquisition
(the "
Transaction
") of Equinox Gold Corp.'s ("
Equinox Gold
") Pan Gold Mine ("
Pan
"), Gold
Rock Project ("
Gold Rock
") and Illipah Project ("
Illipah
") located in White Pine County, Nevada,
U.S. (together, the "
Nevada Assets
").
On October 28, 2025, the Company reiterated Equinox's 2025 Pan Mine operating guidance
targeting of 30,000–40,000 gold ounces at an all-in sustaining cost of US$1,600–$1,700 per
ounce.
First gold pour from the Pan Operating Complex under Minera Alamos ownership occurred on
October 7, 2025, with total gold production of 3,093 ounces in the month of October.
On November 5, 2025, the Company provided an update on development plans for the
Copperstone project. With final amendments to the existing Mine Plan of Operations ("
MPO
")
submitted in final form in July 2025 and with approvals expected around year end, the Company is
concurrently preparing an updated technical study that would allow for a positive Board decision for
a full restart of the Copperstone project.
The Company continues to strengthen its board and management team as it rapidly grows towards
the goal of becoming an intermediate gold producer. In addition to the previously announced
appointments of Jason Kosec as Chairman of the Board and Darren Blasutti as Executive Vice
President, Corporate Development, the Company has appointed David Stewart as Vice
President, Capital Markets & Strategy. Mr. Stewart is a mining engineer with 15 years of
progressive leadership in the mining sector spanning mine development and operations, sell-side
equity research, and corporate development & investor relations.
Minera Alamos intends to graduate from the TSX Venture Exchange ("
TSXV
") to the Toronto
Stock Exchange ("
TSX
"). Depending on the application process, the Company anticipates
graduating to the TSX in the first quarter of 2026.
The Company intends to complete a 10:1 share consolidation and will file articles of amendment in
the coming weeks, with progress updates to be reported in due course.
The Company has granted 48,300,000 pre-consolidation stock options to officers and directors of
the Company, in accordance with the Company's Omnibus Incentive Plan, which shall vest over the
next three years and have an exercise price of $0.425 per share.
The Company recorded a net loss of ($7,057,841) or ($0.012)/share in the third quarter of 2025.
The increased loss reflects the majority of costs associated with the Pan Operating Complex and
Illipah Project acquisition. Loss from operations was ($299,455) for the third quarter of 2025.
Nevada Assets Acquisition
On October 1, 2025, the Company announced the completion of the previously announced acquisition
(the "
Transaction
") of Equinox Gold Corp.'s ("
Equinox Gold
") Pan Gold Mine ("
Pan
"), Gold Rock
Project ("
Gold Rock
") and Illipah Project ("
Illipah
") located in White Pine County, Nevada, U.S.
(together, the "
Nevada Assets
").
As consideration for the Transaction, Minera Alamos paid a wholly owned subsidiary of Equinox Gold
US$88,372,424 in cash, subject to a customary post-closing working capital adjustment, and issued
96,802,816 common shares in the capital of Minera Alamos (each, a "
Common Share
"). Post-
Transaction, Equinox Gold owns a 9.15% of the issued and outstanding Common Shares.
The cash consideration for the Transaction was funded from the proceeds of the previously announced
"bought deal" private placement of subscription receipts, pursuant to which the Company issued an
aggregate of 380,282,535 Subscription Receipts at an issue price of $0.355 per Subscription Receipt,
for gross proceeds of approximately $135,000,300 (the "Offering"). Stifel Canada (the "Lead
Underwriter") acted as sole bookrunner for the Offering, which included a syndicate of underwriters
consisting of BMO Capital Markets, Desjardins Capital Markets and National Bank Financial Inc.
(collectively the "Underwriters").
On October 1, 2025, the escrow release conditions for the exchange of the Subscription Receipts were
satisfied and the Subscription Receipts were automatically exchanged for 380,282,535 Common
Shares and 380,282,535 Common Share purchase warrants (each, a "Warrant"). Each Warrant is
exercisable to purchase one Common Share (each, a "Warrant Share") at a price of $0.705 per Warrant
Share until September 17, 2028. The Common Shares and Warrants issued upon exchange of the
Subscription Receipts, and the Common Shares issuable upon exercise of the Warrants, are subject to
a regulatory hold period expiring on January 18, 2026 (See News releases issued on September 17 and
October 1, 2025).
Copperstone Project
The Copperstone Mine project continues to advance through permitting and engineering activities.
Current work includes refining the underground restart plan and schedule, as well as finalizing the
process plant reconstruction. Additional minor permit amendments were filed in Q3 2025 with all
required approvals to support the planned restart of operations and all required permits expected to be
in place towards the end of 2025. Preparations are also underway to transfer previously acquired
process plant equipment to site, enabling refurbishment to begin ahead of installation. The Company
continues discussions on project financing that will enable site development activities once a final
construction decision has been made.
Cerro de Oro
The project remains in the permitting process and the Company continues its constructive dialogue with
the federal environmental permitting agency in Mexico (SERMANAT). Increased visibility is expected in
the coming months with respect to the plans/timelines from the new government authorities in Mexico for
issuing permits relating to mining activities.
Engineering work continues to progress for Cerro de Oro in order to advance pre-development activities
to coincide with the ultimate receipt of permits and a construction decision for the project.
Included in
early 2026 will be further metallurgical optimization studies, detailed engineering design and the
initiation of additional exploration drilling aimed at filling-in and potentially expanding the areas of known
gold mineralization (as outlined in Cerro de Oro PEA report dated October 3rd, 2022).
Leadership Team Updates
The Company continues to strengthen its board and management team as it rapidly grows towards the
goal of becoming an intermediate gold producer. In addition to the previously announced appointments
of Jason Kosec as Chairman of the Board and Darren Blasutti as Executive Vice President, Corporate
Development, the Company has appointed David Stewart as Vice President, Capital Markets &
Strategy.
David Stewart, P.Eng. is a Mining Engineer with 15 years of progressive leadership in the mining sector
spanning mine development and operations, sell-side equity research, and corporate development &
investor relations.
David was most recently VP Corporate Development & Investor Relations at Omai Gold Mines Corp.,
where he led investor engagement, financing efforts, and corporate strategy initiatives through an
increase in market capitalization from C$130M to over C$550M. Previously, he was VP Corporate
Development and Shareholder Communications at a Canadian gold mine developer through the
permitting, construction, and initial production ramp-up stages. David was an equity research analyst at
Desjardins Securities and GMP Securities and has formally covered 23 companies ranging from small-
cap explorers to large-cap gold producers. David's mining career began with Redpath Mining
developing underground mine projects around the world, after which he worked at Barrick Gold's Hemlo
operation where he was responsible for mine design, capital projects, and expansion scoping study
development. David is a licenced Professional Engineer in the province of Ontario and holds a Bachelor
of Applied Science in Mining Engineering from Queen's University.
The Company also announces that Victoria Vargas de Szarzynski, former VP Investor Relations, has
chosen to move on from the Company. The Board is thankful for her seven years of hard work and
dedication in service to the shareholders of the Company and wishes her the very best in the future.
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 Q3 2025, available on
SEDAR+.
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
Mr. Darren Koningen, P.Eng., Minera Alamos' CEO, is the Qualified Person responsible for the technical
content of this press release under National Instrument 43-101.
About Minera Alamos
Minera Alamos is a North American gold production and development Company. As of October 1, 2025,
the Company owns the Pan Operating Complex near Ely, Nevada which operates the Pan heap leach
gold mine, the fully permitted Gold Rock development project and the past producing Ilipah mine all
within proximity of the Pan mine. The Company also owns the Copperstone mine and associated
infrastructure in La Paz Country, Arizona, an advanced development asset with a permitted mine plan of
operations (MPO) that can be developed in parallel with planned project advancements in Mexico. The
Company maintains a portfolio of high-quality Mexican assets, including the 100%-owned Santana
open-pit, heap-leach mine in Sonora. The 100%-owned Cerro de Oro oxide gold project in northern
Zacatecas has considerable past drilling and metallurgical work completed and the Company's
proposed mining project is currently being guided through the permitting process by the Company's
permitting consultants. The La Fortuna open pit gold project in Durango (100%-owned) has a positive,
robust PEA completed, and the main Federal permits are in place. Minera Alamos is built around its
operating team that together brought three open pit heap leach gold mines into successful production in
Mexico over the last 14 years.
The Company's strategy is to develop very low capex assets while
expanding the projects' resources and continuing to pursue complementary strategic acquisitions.
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. The information and timelines about the Company's share consolidation and its
potential graduation to the TSX contain forward-looking information. 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. Among other matters,
there can be no guarantees that the Company will be successful in its efforts to graduate to the TSX, nor
can be there be any guarantees that it will complete it share consolidation.
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/276374