Minera Alamos working on updated Copperstone study

Executive Summary

• Minera Alamos Inc. provided a significant update on the development and planned restart of its 100%-owned Copperstone gold project in Arizona, highlighting robust economics driven by current gold prices and new geological insights suggesting substantial resource upside.
• The company has submitted final amendments to its Mine Plan of Operations (MPO) and expects approvals before year-end 2025, with a full restart of mining operations targeted for 2026.
• An updated technical study is being prepared to quantify the impact of new geological interpretations (IOCG deposit model) and engineering optimizations, aiming to support a positive board decision for production.

Key Details

• Project Economics (PEA): The current National Instrument 43-101-compliant Preliminary Economic Assessment (PEA) shows an after-tax Net Present Value (NPV) of $66 million (U.S.) at a gold price of $1,800/oz, rising to over $200 million at $2,800/oz. The after-tax Internal Rate of Return (IRR) ranges from 53.6% to 152.7% across these scenarios.
• Resource Estimates: The underground mining resource estimate (at $1,800/oz gold) includes:
  • 300,000 ounces of measured and indicated resources (1.2 million tonnes at 7.7 g/t).
  • 197,000 ounces of inferred resources (970,000 tonnes at 6.3 g/t).
• Permitting Status:
  • Final MPO amendment submitted in July 2025; approval expected before year-end 2025.
  • Additional minor permit amendments (aquifer protection, air quality, reclamation) are being prepared or finalized, with final closure plan approval expected by end of 2025.
  • All required permits are expected to be secured by end of 2025 to support a 2026 restart.
• Engineering and Development:
  • Site development activities are proceeding in parallel with pending MPO amendments to fast-track the restart.
  • Transfer of existing process plant equipment to the Copperstone site is underway, expected to be largely complete prior to year-end 2025 for refurbishment and installation.
  • Engineering efforts focus on optimizing mine design (access points, ventilation, stope dimensions) and ensuring excess capacity in the process plant for future throughput increases.
  • Use of used/owned equipment is being prioritized to reduce capital costs and lead times.
• Geological Insights:
  • New interpretation identifies the deposit as an Iron Oxide Copper-Gold (IOCG) type hosted by a shallow-dipping thrust fault zone, rather than the previously assumed epithermal model.
  • This implies mineralization may extend significantly deeper and along strike than previously mined.
  • Potential for shallow, open-pit accessible gold mineralization exists adjacent to historic open-pit operations (which produced >500,000 oz from the late 1980s-early 1990s).
• Exploration Plans:
  • Phase 1 drill program expected to begin in Q1 2026.
  • Focus will be on shallow mineralization adjacent to the historic open pit and areas along strike/at depth of current underground resources.
  • Evaluation of new mineralized structures outside current areas is also underway.

Notable Quotes

• "The impact of current gold prices on the overall economics of the Copperstone mine cannot be overstated. While the company awaits the receipt of the final approvals for the Copperstone project, our technical teams have been extremely busy planning for the fast-track restart of operations while gaining a better understanding of the significant resource upside potential for the entire project area." — Darren Koningen, CEO