Minera Alamos (MAI) Corporate presentation summary

Strategic positioning and growth model

• Multi-mine strategy with current production at Santana and advanced-stage projects at Cerro de Oro, Copperstone, and La Fortuna, targeting low capital intensity and rapid development cycles.

• Proven management team with a track record of bringing four mines into production and expertise in heap leach and underground mining.

• Focus on maintaining a strong balance sheet, with funding secured for Cerro de Oro and risk mitigation through jurisdictional diversification.

• Growth potential through exploration, resource expansion, and a planned copper asset spinout.

Project portfolio and economics

• Santana Mine: In production, ~15,000 oz produced to date, with expansion underway and low cash costs ($1,180/oz in 2022).

• Cerro de Oro: Permitting stage, 8+ year mine life, ~60,000 oz/year, $873/oz AISC, $28M capex, funding package executed with Auramet.

• Copperstone: Awaiting construction decision, 6-year mine life, ~40,000 oz/year, $1,305/oz AISC, $36.3M pre-production capex, permitted for restart.

• La Fortuna: Fully permitted, 5-year mine life, ~50,000 oz AuEq/year, $440/oz AISC, $26.9M pre-production capex.

Recent and upcoming catalysts

• Sabre Gold acquisition to add Copperstone, increasing gold resource inventory by ~35% and providing a diversified North American platform.

• Permit amendments for Santana and Cerro de Oro anticipated in H1 2025, with construction decisions and ramp-up expected by year-end 2025.

• Copperstone restart and mill installation targeted for late 2025, with a forward run-rate of 40,000 oz/year.

• Minera Copper spinout and acquisition of a third copper project planned, with go-public preparations underway.