Mining Americas Reports Q2 2026 Financial and Operating Results

Minera Alamos Inc. released its full second-quarter 2026 earnings on July 14, 2026, following a preliminary production update for the Pan mine. The company reported Q2 revenue of $32.6 million and earnings from mine operations of $13.2 million. Adjusted net income for the quarter was $6.5 million, or $0.06 per share, while adjusted EBITDA stood at $9.3 million. The company also reported a Q2 net loss of $15.7 million.

Gold production in the second quarter totaled 8,217 ounces, with sales reaching 8,329 ounces. The average realized gold price was $3,920 per ounce, reduced by the settlement of 1,500 ounces of call options at $2,096 per ounce. Cash costs were $1,831 per ounce sold, and all-in sustaining costs (AISC) were $2,054 per ounce sold. Year-to-date production reached 16,951 ounces with sales of 17,463 ounces. YTD cash costs were $1,740 per ounce sold, and YTD AISC was $1,930 per ounce sold.

The reported net loss was primarily driven by legacy gold-linked obligations, including a $4.5 million Cerro de Oro royalty buy-back, a $10.6 million gold loan loss, and a $7.1 million call option settlement. These items were excluded from the adjusted net income calculation.

Minera Alamos reaffirmed its 2026 guidance, targeting 32,000–38,000 ounces in production, cash costs of $1,750–1,900 per ounce, and AISC of $1,850–2,000 per ounce. The company reported cash and equivalents of $43.5 million and working capital of $106.3 million. Total available liquidity was $73.5 million, which includes $30 million undrawn on the revolving credit facility. The company stated it has no debt payments due until 2029.

Mining rates at the Pan mine have been ramping from 51,800 tonnes per day (tpd) at the start of 2026 to over 70,000 tpd in June, with a target of nearly 100,000 tpd in the second half of 2026.

Minera Alamos Inc. released its quarterly results, providing financial details that confirm the company’s operating story without altering the narrative previously established. On July 14, 2026, the market was informed that Q2 production reached 8,137 ounces, meeting budget expectations, with full-year guidance remaining unchanged.

The release includes Q2 financial statements and adjusted earnings. The company reported a net loss of $15.7 million, a figure significantly lower than the adjusted net income of $6.5 million. This discrepancy is attributed to one-time gold loan and option settlement items, which had been largely disclosed in prior releases.

Operationally, the most notable deviation was a Q2 All-In Sustaining Costs (AISC) of $2,054/oz, which exceeded the guided range of $1,850–2,000/oz. However, year-to-date AISC stood at $1,930/oz, remaining within guidance.

Market reaction to the company’s performance had already occurred prior to this release. The stock declined from over $7 in May to under $5 in late June and July, before recovering to $5.94 by August 14. This price action suggests the market had already de-risked ahead of the earnings print and began pricing in a more constructive second-half ramp-up.

Minera Alamos Inc. (MAI) is a North American gold producer and developer. The company’s core assets include the Pan Operating Complex in Nevada, which comprises the producing Pan gold mine and the adjacent Gold Rock project. In Arizona, the company holds the Copperstone project, a past-producing underground gold site for which construction was approved following the May 2026 Preliminary Feasibility Study. In Zacatecas, Mexico, the company is advancing the Cerro de Oro open-pit heap leach development project, with permits currently pending. Earlier-stage assets include Santana, La Fortuna, and Los Verdes in Mexico and Arizona.

The company’s strategy is to become a U.S.-focused intermediate gold producer, utilizing cash flow from Pan to fund growth projects without equity dilution. Management is led by CEO Darren Blasutti, President and COO Darren Koningen, EVP Operations Kevin Small, and VP Corporate Development and Capital Markets David Stewart. The board is chaired by Darren M. Pylot, with independent directors Jason Kosec, Bruce Durham, and Ruben Padilla.