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

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# 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

Source: https://miningamericas.gold/site/assets/files/4381/2026-05-25_mai_news_release_q1_2026_results_final.pdf
Fetched: 2026-09-12T07:06:29.495+00:00
Source artifact: b45168d8-3753-4851-bc84-9e84229a14cd
Normalizer input: text

## Content

# 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
FOR IMMEDIATE RELEASE TSXV: MAI; OTCQX: MAIFF
th
May 25 , 2026 www.mineraalamos.com
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 – May 25, 2026 – Minera Alamos Inc. (“Minera Alamos” or the “Company”) (TSXV:
MAI; OTCQX: MAIFF) 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 EBITDA1 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 costs1 of $1,659/oz gold sold and all-in sustaining costs1 (“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.”
1
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.
2
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.
3
Q1 2026 Financial Highlights
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.
4
Consolidated Highlights
1
Non-IFRS measure, for further information refer to the Non-IFRS Measures section in this release.
Pan Mine Operating Summary
Three months ended
March 31, December 31,
Mining 2026 2025
Ore Mined (t) 1,186,249 1,122,791
Waste Mined (t) 2,770,780 3,058,726
Total Mined (t) 3,957,029 4,181,517
Grade (g/t Au) 0.274 0.370
Gold Mined 10,432 13,338
Three months ended
March 31, December 31,
Processing 2026 2025
Ore Placed on Leach Pad (t) 1,181,579 1,119,567
Grade (g/t Au) 0.281 0.370
Contained Gold (oz) 10,688 13,257
Gold produced 8,734 9,165
Gold sold 9,134 7,922
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
5
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

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]