Minera Alamos Reports Fourth Quarter and Full Year 2025 Results; Record Quarterly Revenue of C$43.6 Million and Record Earnings from Mine Operations of C$20.1 Million

Minera Alamos reported Fourth Quarter and Full Year 2025 results on April 30, 2026, marking its first full financial reporting period following the October 1, 2025 acquisition of the Pan Operating Complex from Equinox Gold. The company announced record quarterly revenue of C$43.6 million and record earnings from mine operations of C$20.1 million. Q4 2025 gold production reached 9,165 ounces, exceeding prior guidance ranges, with an average realized price of US$3,871/oz. Cash flow from operations was strong at $41.3 million, supporting a cash balance of $60.3 million as of December 31, 2025. The company provided 2026 production guidance of 32,000–38,000 ounces for the Pan mine with All-in Sustaining Costs (AISC) expected between US$1,850–2,000/oz. Additionally, management confirmed a term sheet for a US$75 million Revolving Credit Facility (RCF) executed in March 2026 to refinance existing gold prepayment obligations and fund growth projects without equity dilution.

This news is rated Material - Positive as it validates the company's transformation from a development-stage junior into a cash-flowing intermediate producer. While the Q1 2026 production update (April 13) signaled operational momentum, this earnings release confirms the financial profitability of the Pan asset under new ownership for the first time. The record earnings ($20.1 million mine operations) and strong operating cash flow ($41.3 million) materially reduce execution risk associated with the acquisition. However, the realized gold price of US$3,871/oz is significantly higher than the conservative reserve case of $2,600/oz used in technical reports, creating a sensitivity to gold price corrections. The confirmation of the RCF term sheet mitigates near-term liquidity risk regarding the repayment of the US$25 million Gold Prepay facility due starting April 2026.

Minera Alamos is transitioning into a U.S.-focused intermediate gold producer. Its flagship asset is the Pan Operating Complex in Nevada, acquired from Equinox Gold in October 2025. The complex includes the Pan mine (producing since 2017), Gold Rock project, and Illipah project. - Pan Mine: Open-pit heap-leach operation. 2026 guidance of 32k–38k oz Au. Reserves: 222 koz Au @ 0.32 g/t. - Copperstone Project (Arizona): Underground development project. PFS expected May 2026. High-grade resource (300k oz M&I @ 7.7 g/t). - Gold Rock Project (Nevada): Adjacent to Pan mine. Indicated resource 403 koz Au @ 0.66 g/t. Potential for integration into Pan operations. - Cerro de Oro (Mexico): Development stage, permitting pending.