Minera Alamos (MAI) M&A presentation summary

Strategic growth and acquisition overview

• Pursuing measured growth to become a mid-tier gold producer through accretive M&A and operational optimization.

• Recent acquisition of Pan Gold Mine, Gold Rock Project, and Illipah Project in Nevada from Equinox Gold for $90M cash and $25M in shares.

• Immediate production and cash flow from Pan Mine, with Gold Rock offering near-term, low-risk production potential.

• Portfolio includes operating, development, and exploration assets in the Americas, with continuous evaluation for optimization.

Asset and operational highlights

• Pan Mine has produced over 335koz gold since 2017, with 2024 production at 41koz Au and AISC of $1,683/oz.

• Gold Rock Project PEA outlines 6.5-year mine life, 55koz Au annual production, and low initial capex.

• Significant resource replacement and expansion potential at Pan and Gold Rock, with permits in place for further development.

• Pro forma annual gold production potential exceeds 175koz from low-capital projects.

Financial and market positioning

• Acquisition valued at a P/NAV of ~0.4x, with pro forma market cap of C$351M post-financing.

• Pro forma consensus P/NAV of 0.22x, below peer average of 0.74x, indicating re-rating potential.

• Cash flow from Pan expected to fund development of Copperstone and Cerro de Oro projects.

• Recent peer M&A transactions have led to significant share price outperformance post-acquisition.