Minera Alamos Reports First Quarter 2026 Results, Setting Quarterly Records for Revenue of US$39.2 Million, Earnings of US$10.9 Million, and EBITDA of US$15.3 Million

Minera Alamos reported record Q1 2026 financial and operating results for the three months ended March 31, 2026. Highlights include: - Gold production: 8,734 oz (Pan mine, Nevada) - Gold sales: 9,134 oz at an average realized price of US$4,287/oz - Revenue: US$39.2 million - Earnings from mine operations: US$19.5 million - Net earnings: US$10.9 million (US$0.10 per share) - EBITDA: US$15.3 million - Cash costs: US$1,659/oz (below the low end of 2026 guidance of US$1,750–1,900/oz) - All‑in sustaining costs (AISC): US$1,818/oz (below the low end of guidance of US$1,850–2,000/oz) - Cash and equivalents: US$45.5 million (Mar 31, 2026); working capital US$88.9 million - The company expects to close its US$75 million revolving credit facility (RCF) with Scotiabank and National Bank by the end of May 2026. - Final Copperstone pre‑feasibility study (PFS) results are due in May 2026; a maiden open‑pit resource estimate is targeted for Q3 2026. - Management also reiterated plans to rename the company to “Mining Americas Inc.” and to graduate from the TSX Venture Exchange to the Toronto Stock Exchange in Q2 2026.

The release quotes CEO Darren Blasutti (note: previously Koningen was CEO, Blasutti now in transition) as highlighting the strong start, record financials, and cost discipline.

The Q1 2026 results publication is a routine quarterly earnings release that confirms the Pan mine is performing as expected and slightly better than guided on costs. All key operating metrics were pre‑disclosed: - Production of 8,734 oz was already reported on 13 April 2026, along with the updated cash balance of $46 million. - Sales of 9,134 oz and the realized gold price were not given earlier, but the financial figures derive directly from those sales and the gold price, which has been elevated and widely known. - Cost metrics (cash costs $1,659/oz, AISC $1,818/oz) represent a modest beat versus the lower end of 2026 guidance but are consistent with the trend: Q4 2025 saw cash costs of $1,658/oz and AISC of $1,716/oz. The small increase in AISC is attributable to planned waste stripping and higher royalty rates. - Revenue and earnings records are a direct consequence of the high gold price (realized $4,287/oz vs. $3,871/oz in Q4 2025) and consistent production, not a fundamental operational breakthrough.

The incremental new information—net earnings of $10.9 million and EBITDA of $15.3 million—fills in the picture, but these numbers were largely anticipated by the market given the production pre‑release and the prevailing gold price. The RCF closing update is a timing confirmation, not a new deal; the term sheet was announced on 31 March 2026. The Copperstone PFS and name‑change timeline are reiterations of previously communicated catalysts.

Therefore, while the news is unequivocally positive, it does not introduce genuinely new, unexpected, market‑moving information. It fits squarely into the “routine” category for a producer delivering on its stated plan. The slight cost beat and record financials are incremental positives that reinforce confidence but are unlikely to cause a material re‑rating on their own.

Minera Alamos is a Canadian junior gold producer that transformed in October 2025 through the acquisition of the Pan Operating Complex in Nevada from Equinox Gold for US$88.4 million in cash and shares. The acquisition gave the company immediate production (~35 koz/year), cash flow, and a pipeline of fully permitted development assets.

Flagship asset – Pan Mine (Pan Operating Complex): 100%‑owned open‑pit heap‑leach mine in east‑central Nevada. Operating since 2017, with >335 koz produced. 2025 production totalled 35,303 oz at AISC of ~US$1,657/oz. 2026 guidance: 32,000–38,000 oz at cash costs US$1,750–1,900/oz and AISC US$1,850–2,000/oz, driven by higher waste stripping and royalty costs. Proven & probable reserves total 222 koz Au (21.6 Mt @ 0.32 g/t) plus a 33 koz leach‑pad inventory, supporting mining through 2029 and residual leaching to ~2031. Adjacent Gold Rock deposit (403 koz indicated) could extend mine life materially; a study is underway for integration.

Other key projects: - Copperstone (Arizona): Underground project with a 2025 PEA showing 42 koz/year for ~6 years, after‑tax NPV $425M at US$4,500/oz gold. A PFS and maiden open‑pit resource are imminent. - Gold Rock (Nevada): Open‑pit heap‑leach deposit 7 miles SE of Pan; indicated resources of 403 koz @ 0.66 g/t. PFS expected in 2026; synergies with Pan could allow production as early as 2027. - Cerro de Oro (Mexico): Large, low‑grade open‑pit heap‑leach (58 koz/year for 8.2 years; capex ~US$28M; NPV $836M at US$4,500/oz). Permitting is pending; the company recently repurchased a 0.75% NSR to facilitate project financing.

Corporate milestones: Name change to “Mining Americas Inc.” and TSX graduation are intended to reflect the U.S. focus and broaden institutional appeal.