Minera Alamos Announces Positive Pre-Feasibility Study for the Copperstone Gold Project in Arizona

Minera Alamos released the results of a pre-feasibility study (PFS) for its 100%-owned Copperstone gold project in Arizona. The study confirms robust economics and the Board has formally approved construction, targeting initial production by mid-2027. Key highlights include: - Life-of-mine (LOM) production of 291 koz over 6.3 years, averaging 46 koz/year (peak 53.9 koz), more than doubling the company’s current Pan mine output. - After‑tax NPV5% of US$374 M at US$3,500/oz gold and US$537 M at spot US$4,500/oz; IRR 108%–154%, payback 0.8–1.2 years. - Total cash costs of US$1,070/oz and AISC of US$1,314/oz, positioning Copperstone as a low‑cost underground mine. - Initial capex of US$58 M, to be financed from cash on hand (US$46 M at Q1 2026), the undrawn portion of a closed US$75 M revolving credit facility, and ongoing Pan mine cash flow. - Updated mineral resources expanded Measured & Indicated ounces by 110% to 630 koz (4.05 Mt @ 4.83 g/t Au) and maiden Proven & Probable reserves of 303 koz (1.93 Mt @ 4.87 g/t Au). - Construction to start immediately; underground contractor mobilization expected in June 2026, with first gold pour in mid‑2027.

The news is the culmination of a multi‑quarter permitting and engineering effort, and marks a formal investment decision that transforms the company’s growth profile.

The Copperstone PFS is a game‑changer for Minera Alamos. It does not simply validate the asset; it dramatically exceeds earlier estimates. The prior PEA (Nov 2025) showed an after‑tax NPV of US$66 M at US$1,800/oz and US$200 M at US$2,800/oz. The PFS, using updated resources and a US$3,500/oz base case, delivers an NPV that rivals the company’s entire market capitalization. At spot gold, the project alone is worth approximately 73% of the current enterprise value. Combined with existing Pan mine cash flow, the company stands to generate over US$500 M in cumulative net cashflow, funding further growth without additional equity dilution.

Crucially, financing is de‑risked. The US$58 M capex is fully covered by existing liquidity and the recently closed US$75 M revolving credit facility with Scotiabank and National Bank. The project’s low costs (AISC US$1,314/oz) ensure wide margins even if gold corrects. The Board’s formal decision to proceed eliminates a key uncertainty and accelerates the timeline from study to production. The doubling of annual gold output to ~100 koz positions Minera Alamos as a credible US‑focused intermediate producer—a status that historically attracts a re‑rating.

All prior news items (closing of the RCF, record Q1 earnings, integration of Pan, management refresh, share purchases by strategic investors) were positive but largely expected. This announcement is genuinely new, market‑moving information that materially alters the company’s value and risk profile. Hence the Material – Game Changer rating.

Minera Alamos Inc. is a junior gold producer transitioning to a U.S.‑focused intermediate gold producer. Following the acquisition of the Pan Operating Complex from Equinox Gold in October 2025, the company’s flagship asset is the Pan mine in Nevada – an open‑pit, heap‑leach operation that has produced over 330 koz since 2017 and currently delivers 32‑38 koz/year at an AISC of ~US$1,850/oz. The newly approved Copperstone project in Arizona is an underground high‑grade gold deposit (M&I 630 koz, P&P 303 koz) that will add ~46 koz/year from mid‑2027. Additional pipeline assets include the Gold Rock project (indicated 403 koz, adjacent to Pan) and the Cerro de Oro project in Mexico (inferred 790 koz). The company aims to reach ~150 koz/year in combined production from multiple US‑based assets, funded organically without further equity dilution. The headquarters is moving to the U.S. and a name change to “Mining Americas Inc.” is proposed.