Northwire Canada EditionThursday, November 12, 2026
Sign inSubscribe
Northwire
⌕
Gold 3,886.10 −2.9% Silver 50.16 −3.5% Copper 6.20 −1.4% Oil 88.25 +2.0% Palladium 994.00 −5.0% PRU 6.08 −3.5% NGEX 21.26 −4.1% TWO 0.370 +0.0% BIG 0.960 +1.1% VCG 1.10 +0.0% SCD 0.145 +0.0% GAL 0.372 +0.0% SAG 0.630 −4.5% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% PDN 8.41 +0.0% FL 0.350 −2.8% RIO 2.65 −0.8% Gold 3,886.10 −2.9% Silver 50.16 −3.5% Copper 6.20 −1.4% Oil 88.25 +2.0% Palladium 994.00 −5.0% PRU 6.08 −3.5% NGEX 21.26 −4.1% TWO 0.370 +0.0% BIG 0.960 +1.1% VCG 1.10 +0.0% SCD 0.145 +0.0% GAL 0.372 +0.0% SAG 0.630 −4.5% VIZ 0.195 +0.0% SAGA 0.375 −6.2% ZEN 0.530 −3.6% TDG 0.490 +0.0% PDN 8.41 +0.0% FL 0.350 −2.8% RIO 2.65 −0.8%
Production / Operations

Minera Alamos pegs Q4 Pan production at 9,165 oz Au

By The Northwire Desk — AI Analysis Jan 15, 2026 · 12:11 MAI · 6.18 Minera Alamos Inc.
MAI · Price

Executive Summary

  • Minera Alamos reported preliminary Q4 2025 gold production of 9,165 ounces from its Pan operating complex, exceeding the previously forecasted range of 8,500 to 9,000 ounces.
  • Full-year 2025 gold production totaled 35,303 ounces, meeting the annual guidance range of 30,000 to 40,000 ounces.
  • The company reported preliminary Q4 2025 cash costs of $1,549 per ounce and All-In Sustaining Costs (AISC) of $1,604 per ounce, with an unrestricted cash balance increasing to $34 million as of December 31, 2025.

Key Details

  • Q4 2025 Gold Production: 9,165 ounces from the Pan operating complex.
  • Q4 2025 Gold Sales: 8,492 ounces sold in Q4; the remaining 673 produced ounces were sold at the beginning of 2026.
  • Full Year 2025 Production: 35,303 ounces, achieving the annual guidance of 30,000 to 40,000 ounces.
  • Q4 2025 Cost Metrics:
    • Preliminary Cash Costs: $1,549 per ounce.
    • Preliminary All-In Sustaining Costs (AISC): $1,604 per ounce.
    • Note: Final reconciled cash costs and AISC will be reported in the full quarterly report.
  • Cash Position: Unrestricted cash balance increased to $34 million (unaudited) as of December 31, 2025.
  • Acquisition Context: The Pan operating complex was acquired on October 1, 2025, making Q4 2025 the inaugural quarter of production under Minera Alamos ownership.
  • Future Guidance: The company anticipates announcing 2026 guidance for the Pan mine in the coming weeks.

Notable Quotes

  • Darren Koningen, CEO: "Having closed the acquisition of the Pan operating complex on Oct. 1, 2025, Q4 was our inaugural quarter as a gold producer in Nevada, USA. Our strong operating team at Pan showed a seamless transition under Minera Alamos ownership, resulting in gold production of 9,165 ounces at AISC of $1,604 (U.S.) per ounce. Combined with continued operating cost discipline and strong gold prices in Q4, we ended the year with a record cash balance of $34-million (U.S.)."
  • Darren Koningen, CEO: "With the Pan mine as our cash flow engine, Minera Alamos is well positioned to execute on our strategy to become a leading, Americas-focused intermediate gold producer by growing production and developing our pipeline of high-quality, low-capital projects while expanding gold resources across our portfolio."
Read the original news release →

More from Minera Alamos Inc.

Nov 09, 2026 · 16:31

Minera Alamos advances its pipeline projects, with the next major catalyst being the release of third-quarter hard numbers.

Production / Operations Oct 13, 2026 · 06:31

Minera Alamos reported a third consecutive quarterly production decline, undermining its promised second-half output ramp.

Production / Operations Sep 03, 2026 · 06:31

Minera Alamos cleared Cerro de Oro permits, anchoring near-term cash flow to the Pan mine ramp-up.

Other Aug 17, 2026 · 06:57

Minera Alamos produced 8.2 koz of gold at a $2,054/oz all-in sustaining cost, with the H2 ramp serving as the critical next phase for the project.

Earnings Jul 14, 2026 · 07:01

Minera Alamos increased its Pan mine mining rate to 80,000 tonnes per day in the second quarter, though cash costs dipped by $2 million due to growth spending.

Production / Operations Jun 30, 2026 · 16:31

Minera Alamos TSX graduation clears the path for index inclusion, but Copperstone execution remains the true valuation inflection point.

Regulatory