Minera Alamos (MAI) Q4 2024 earnings summary

Executive summary

• Operational improvements at Santana mine in late 2024 led to increased gold production and leaching activity, with further gains expected in 2025 as new mining and stacking plans take effect.

• Acquisition of Copperstone mine in Arizona completed in early 2025, with engineering and permitting underway for a restart and significant production increase targeted for 2026.

• Cerro de Oro project achieved full ownership in August 2024 and continues to advance through permitting and engineering, with further exploration and optimization planned for 2025.

• Acquisition of Suaqui Verde copper project and consolidation of copper assets in Mexico positions the company for future regional copper development.

Financial highlights

• 2024 revenues totaled $8.92M, with $4.96M in Q4; gross mine profit was $1.70M for the year and $2.06M in Q4.

• Net income in Q4 2024 was $1.69M ($0.003/share); full-year net loss was $17.57M ($0.038/share), impacted by a $9.18M non-cash FX loss and lower production in early 2024.

• Cash and equivalents at year-end 2024 were $11.76M, down from $13.75M in 2023; working capital stood at $15.51M.

• Deferred revenue of $1.86M on 500 oz gold to be recognized in Q1 2025.

Outlook and guidance

• Santana mine expected to increase gold production in 2025 as new operating plan matures.

• Copperstone mine restart targeted for late 2025/early 2026, pending finalization of project financing and permitting.

• Cerro de Oro project awaiting permit clarity from new Mexican authorities, with engineering and exploration ongoing.