Minera Alamos (MAI) Precious Metals Summit Zurich conference 2025 summary

Strategic acquisitions, vision, and portfolio transformation

• Acquired Copperstone mine in Arizona and Pan, Gold Rock, and Illipah assets, shifting focus from Mexico to U.S.-based production and aiming to become a leading U.S.-focused junior gold producer.

• Significant board and management changes followed these acquisitions, with new institutional investors participating in a $135 million raise.

• Transitioned from a developer in Mexico to an operator of producing assets in the U.S., responding to permitting challenges in Mexico.

• Focus on accretive M&A, exploration, and optimizing portfolio for shareholder value.

• Management team has a proven track record in mine development, operations, and corporate growth.

Operational performance and production outlook

• Pan Mine produced 3,100 ounces in October, generating $6 million in free cash flow in its first month under new ownership, and is expected to produce 35,000–36,000 ounces in 2023 and 30–40koz in 2025 at AISC of $1,600–$1,700/oz.

• Pan is funding Copperstone's build, with Copperstone targeted for production by end of 2026, projected at 42,000–50,000 ounces annually and a capital build of $36 million, leveraging existing mill infrastructure.

• Gold Rock, near Pan, is fully permitted with a 6.5-year mine life and average annual production of 55koz gold at $1,008/oz AISC.

• Cerro de Oro, with 790,000 ounces at $1,600 gold, is awaiting a single federal permit and could see its resource increase to 1.3 million ounces at higher gold prices, with 8.2-year mine life and 58koz/year average production at $873/oz AISC.

• Combined, the portfolio could deliver 130,000–165,000 ounces annually, with a path to 150,000 ounces within 2–2.5 years.

Financial strategy and capital allocation

• Pan Mine's cash flow is expected to fund Copperstone's build, with an offtake loan planned for remaining capital, aiming to avoid equity dilution.

• Cerro de Oro requires $28 million to build, with $7 million in working capital, while Gold Rock's $64 million capital cost places it later in the development sequence.

• Capital structure includes $25M gold prepay agreement and $27.9M cash on hand.

• At $65 oil, all-in sustaining costs (AISC) for the three main projects are about $1,750/oz, rising to $2,100/oz at $100 oil, maintaining strong margins at high gold prices.

• Market capitalization as of November 2025 is $283M, with a strong institutional and insider ownership base.