Minera Alamos Reports Fourth Quarter Gold Production of 9,165 Ounces from the Pan Operating Complex; Cash Balance Increased to US$34 Million

The news on January 15, 2026, reports preliminary Q4 2025 operational results from the recently acquired Pan Operating Complex in Nevada. Minera Alamos produced 9,165 ounces of gold, exceeding its own guidance of 8,500–9,000 ounces. This was the company’s first full quarter as the operator of the asset following the October 1, 2025, closing. All-In Sustaining Costs (AISC) were reported at US$1,604 per ounce. Crucially, the company’s unrestricted cash balance increased significantly to US$34 million (USD) as of December 31, 2025.

• Operational De-risking: Exceeding guidance in the first quarter of ownership is a significant positive indicator of management’s ability to integrate new assets without operational hiccups.
• Cash Flow Strength: The jump to a US$34 million cash position (up from roughly C$7.3 million in early 2025) suggests the Pan Mine is functioning as a "cash flow engine" to fund the development of Copperstone and Cerro de Oro.
• Cost Profile: While production was strong, AISC at US$1,604/oz is relatively high for a heap-leach operation. While profitable at current gold prices, this leaves the company sensitive to gold price pullbacks.
• Guidance Achievement: The company achieved its full-year 2025 production goal of 35,303 ounces (guidance was 30k–40k), proving reliability in forecasting.

Minera Alamos is a gold producer and developer transitioning from Mexico-centric operations to a North American intermediate profile. - Flagship Project: Pan Gold Mine (Nevada). A 100%-owned, open-pit, heap-leach operation acquired from Equinox Gold in late 2025. It currently produces approximately 35,000–40,000 oz per year. - Secondary Growth: Copperstone (Arizona), an underground project with a PEA suggesting 40,000 oz per year, and Cerro de Oro (Mexico), a permitted-pending project with 60,000 oz per year potential.