Minera Alamos Reports Third Quarter Results, Provides Corporate Updates, and Further Strengthens Management Team

Executive Summary

• Minera Alamos reported unaudited financial results for Q3 2025, recording a net loss of $7,057,841 ($0.012/share), primarily driven by acquisition costs for the Pan Operating Complex and Illipah Project.
• The company completed the acquisition of Equinox Gold’s Nevada assets (Pan Gold Mine, Gold Rock Project, and Illipah Project) on October 1, 2025, funded by a private placement raising ~$135M and the issuance of shares to Equinox.
• Operational highlights include the first gold pour from the Pan Operating Complex under new ownership in October 2025 (3,093 oz) and the announcement of a 10:1 share consolidation and intent to graduate to the TSX.

Key Details

• Financial Results (Q3 2025):
  • Net Loss: ($7,057,841) or ($0.012)/share.
  • Loss from Operations: ($299,455).
  • The increased loss reflects costs associated with the Pan Operating Complex and Illipah Project acquisition.
• Nevada Assets Acquisition (Completed Oct 1, 2025):
  • Assets Acquired: Pan Gold Mine, Gold Rock Project, and Illipah Project from Equinox Gold Corp.
  • Consideration:
    • Cash: US$88,372,424 paid to a wholly owned subsidiary of Equinox Gold (subject to working capital adjustment).
    • Shares: 96,802,816 common shares issued to Equinox, resulting in Equinox owning 9.15% of issued and outstanding shares post-transaction.
  • Funding: The cash consideration was funded by a "bought deal" private placement of subscription receipts.
• Financing Details (Private Placement):
  • Structure: Issuance of 380,282,535 Subscription Receipts at $0.355 per receipt.
  • Gross Proceeds: Approximately $135,000,300.
  • Underwriters: Stifel Canada (Lead Underwriter), BMO Capital Markets, Desjardins Capital Markets, and National Bank Financial Inc.
  • Warrants: Upon exchange, 380,282,535 common share purchase warrants were issued.
    • Exercise Price: $0.705 per share.
    • Expiry: September 17, 2028.
  • Hold Period: Regulatory hold expires January 18, 2026.
• Operational Updates:
  • Pan Operating Complex: First gold pour occurred October 7, 2025, with 3,093 ounces produced in October.
  • Guidance: Reiterated Equinox’s 2025 guidance for Pan Mine: 30,000–40,000 gold ounces at an all-in sustaining cost (AISC) of US$1,600–$1,700 per ounce.
  • Copperstone Project: Final amendments to Mine Plan of Operations (MPO) submitted July 2025; approvals expected year-end. Updated technical study underway to support a Board decision for full restart. Permitting and engineering activities ongoing.
  • Cerro de Oro Project: In permitting process with SERMANAT in Mexico. Metallurgical optimization and detailed engineering design expected in early 2026, along with additional exploration drilling.
• Corporate Actions & Governance:
  • Share Consolidation: Intends to complete a 10:1 share consolidation; articles of amendment to be filed in coming weeks.
  • TSX Graduation: Applying to graduate from TSX Venture Exchange to Toronto Stock Exchange (TSX), anticipated in Q1 2026.
  • Management Appointments:
    • David Stewart appointed Vice President, Capital Markets & Strategy.
    • Jason Kosec appointed Chairman of the Board.
    • Darren Blasutti appointed Executive Vice President, Corporate Development.
    • Victoria Vargas de Szarzynski departed as VP Investor Relations.
  • Stock Options: Granted 48,300,000 pre-consolidation stock options to officers and directors.
    • Exercise Price: $0.425 per share.
    • Vesting: Over three years.

Notable Quotes

• Darren Koningen, CEO: "The combination of our recently closed Nevada assets acquisition with the current strong gold price environment is transformative for Minera Alamos. With the transitional third quarter in the rear view, we look forward to leveraging profitable, cash-flowing gold production from the Pan Operating Complex as we execute on our growth portfolio that is focused on high-quality, low-capital intensity gold projects."
• Darren Koningen, CEO: "We are also moving quickly to bolster our corporate profile by continuing to strengthen our management team, and are applying to graduate to a TSX listing, as well as completing a share consolidation. These changes will enhance our capital markets presence and grow investor awareness in our rapidly changing company."