Minera Alamos reaffirms 2025 production guidance

Executive Summary

• Minera Alamos Inc. has completed the acquisition of the Pan mine complex from Equinox Gold/Calibre Mining as of October 1, 2025, and successfully produced its first gold pour under new ownership on October 7, 2025.
• The company reaffirms its 2025 production guidance for the Pan mine, targeting 30,000 to 40,000 gold ounces at an all-in sustaining cost (AISC) of $1,600 to $1,700 per ounce.
• Q3 2025 year-to-date production for the Pan mine was approximately 26,100 ounces at an AISC of $1,675 per ounce, with Q4 forecast remaining on track to meet or exceed 8,500 to 9,000 ounces.

Key Details

• Acquisition Completion: Minera Alamos completed the acquisition of the Pan mine complex on October 1, 2025.
• First Production Milestone: The first gold pour under Minera Alamos ownership occurred on October 7, 2025.
• 2025 Production Guidance: Reaffirmed target of 30,000 to 40,000 gold ounces for the Pan mine.
• 2025 Cost Guidance: Reaffirmed AISC target of $1,600 (U.S.) to $1,700 (U.S.) per ounce.
• Q3 2025 Performance: Year-to-date gold production was approximately 26,100 ounces at an AISC of approximately $1,675 (U.S.) per ounce sold.
• Q4 2025 Forecast: Expected to meet or exceed planned production of 8,500 to 9,000 ounces of gold.
• Ownership Interest: All gold ounces poured in Q4 2025 are 100% attributable to Minera Alamos.
• Operational Updates: Mine plans are being updated to incorporate current gold prices, which is expected to increase gold production and expand site mining and crushing capabilities.
• Pan Mine History: Located in east-central Nevada, the Pan mine has been in continuous production since 2017, producing over 335,000 ounces to date. In 2024, it sold 35,228 ounces of gold at a cash cost of $1,473 per ounce.
• Asset Portfolio: Minera Alamos also owns the Copperstone mine in Arizona, the Santana mine in Sonora, Mexico, the Cerro de Oro project in Zacatecas, Mexico, and the La Fortuna project in Durango, Mexico.

Notable Quotes

• "I am pleased to announce this important milestone -- the first gold pour under Minera Alamos ownership. This marks a major step forward in our transformation into a growing United States gold producer," commented Darren Koenigen, chief executive officer of Minera Alamos.
• "We are not only excited that the Pan mine will deliver significant free cash flow in Q4 2025, but after spending time with our new employees I was thoroughly impressed by the quality and enthusiasm of the team. We are optimistic of our ability to profitably grow our gold production from the Pan mine complex in 2026 and beyond."