Mining Americas Provides Updates on Growth Portfolio of Gold Projects
Minera Alamos advances its pipeline projects, with the next major catalyst being the release of third-quarter hard numbers.
Minera Alamos Inc. (MAI) released a non-earnings project-progress update covering its Copperstone, Gold Rock, Cerro de Oro, and Santana assets. The release contains no new production, cost, revenue, reserve, or study-economic figures.
At Copperstone, underground contractor SMD has mobilized, completing the first new development rounds of blasting and mining. Rehabilitation of the grinding mill is finished, and a new variable-frequency drive and motor have been secured. Civil and concrete work has commenced, and four surface exploration holes were completed in Q3 2026. The company plans a Q4 2026 mineral resource estimate for the open-pit potential based on existing models. A Copperstone spending update is scheduled to be included with Q3 results on November 16, 2026.
At Gold Rock, road upgrades from Pan are largely complete, and the heap-leach pad and pond liner have been ordered. Security fencing is finished, and the company-owned crusher is being refurbished for early 2027. 100-ton haul trucks have been ordered to move historic pad material to Pan for residual gold recovery. An updated resource estimate is planned for Q4 2026 and will be incorporated into the Pan Operating Complex. Starter-pit planning is focused on minimizing capitalized pre-stripping before stacking and leaching later in 2027.
At Cerro de Oro, the company recapped the September 3, 2026 SEMARNAT approvals for the land-use change and environmental impact assessment. The prior estimate stands at 67 Mt at 0.37 g/t Au for 790,000 oz inferred at $1,700/oz. The company has surveyed 1990s historic drill-hole locations to support the conversion of inferred material to indicated. An updated MRE is planned for H1 2027 using higher gold prices and a lower cut-off grade, with a PFS planned for H2 2027.
At Santana, permitting discussions with SEMARNAT continue, and new water rights were granted. Sulphide leachability tests are encouraging, and re-leaching tests on the existing pad began in Q3 2026. Metallurgical results are expected in H1 2027.
The release provides no assay tables, true widths, cut-off grades for the new drilling, or QA/QC detail. The four Copperstone surface holes represent progress rather than a resource-defining result.
Minera Alamos Inc. (MAI) released an incremental project-progress update focused on timing and early-works details. The company outlined that the Copperstone open-pit mineral resource estimate (MRE) is scheduled for the fourth quarter of 2026, with an updated MRE for Gold Rock also expected in Q4 2026. Additionally, an updated MRE for Cerro de Oro is targeted for the first half of 2027, followed by a pre-feasibility study (PFS) in the second half of 2027. The release also addressed Santana water rights.
Near-term production estimates remain anchored to prior-period data. The company reported third-quarter production of 7,915 ounces and a second-quarter all-in sustaining cost (AISC) of $2,054 per ounce. The full-year 2026 guidance remains unchanged, projecting output of 32,000–38,000 ounces at an AISC of $1,850–$2,000 per ounce.
The most tangible de-risking items identified in the update are the start of Copperstone underground development and the Santana water rights. Neither of these developments carries a quantified capital or production impact in this release. The next hard data points are expected on November 16 with the third-quarter report, which will include Copperstone spending, Q3 costs and cash, as well as the Q4 2026 Gold Rock and Copperstone resource updates.
Mining Americas Inc. is a TSX-listed gold producer and developer focused on Nevada, Arizona and Mexico. It owns the Pan Operating Complex in White Pine County, Nevada, comprising the producing Pan heap-leach mine and the adjacent permitted Gold Rock project.
Copperstone in La Paz County, Arizona is an underground gold project in construction, with a 2026 PFS and board construction decision. First gold is targeted for mid-2027.
Cerro de Oro in Zacatecas, Mexico is a permitted open-pit heap-leach development project. Santana in Sonora, Mexico is a 100%-owned open-pit heap-leach mine that was put on hold in 2025 pending expanded permits.
The presentation also lists La Fortuna and Los Verdes as earlier-stage Mexican assets. The stated strategy is to become a U.S.-focused intermediate gold producer by growing Pan and developing permitted, low-capital projects.