Minera Alamos Provides Update on Development Plans for Copperstone Gold Mine

The most recent news release from Minera Alamos Inc. on November 6, 2025, provides an update on the development plans for its 100% owned Copperstone Gold Mine in Arizona, USA. Key points include: - Submission of the Mine Plan of Operations (MPO) amendment, a significant step towards meeting the timelines for operations restart. - Planning for a fast-track restart of operations is underway, with engineering activities ramped up for optimization of mine restart and process plant installation. - An updated technical study for Copperstone is planned for release in Q4 2025, which is expected to demonstrate the positive impact of optimization efforts. - A new geological interpretation identifies Iron-Oxide-Copper-Gold (IOCG) deposit potential within the project area, suggesting significant resource upside. - The company reiterates robust economics from the February 2025 Preliminary Economic Assessment (PEA), with an After-tax Net Present Value (NPV) of US$66 million at US$1,800/oz gold and US$200 million at US$2,800/oz gold, and an After-tax Internal Rate of Return (IRR) ranging from 53.6% to 152.7%. - CEO Darren Koningen highlights the positive impact of current gold prices on the mine's economics and the ongoing work to understand resource upside.

This news is a routine positive update. It confirms Minera Alamos is progressing according to its previously communicated timelines for the Copperstone project. The submission of the MPO amendment was expected by year-end 2025, as indicated in the June 4, 2025, and May 1, 2025, news releases. Similarly, the planned Q4 2025 updated technical study was also previously announced. This consistency in execution is positive and reflects management's ability to deliver on stated objectives.

The re-statement of the robust PEA economics at various gold prices (from the February 2025 PEA, reissued March 12, 2025) serves as a reminder of Copperstone's potential, especially in a high gold price environment. The novel aspect of this release is the identification of IOCG deposit potential. While preliminary and requiring further exploration, this geological interpretation suggests significant long-term resource upside beyond the currently defined gold resources, which could materially enhance the project's value over time. However, it is an early-stage exploration insight and not an immediate catalyst for production or cash flow.

In the broader context, Minera Alamos has recently completed the material acquisition of the producing Pan Gold Complex (announced August 7, 2025, closed October 1, 2025), and successfully re-affirmed 2025 production and cost guidance for Pan on October 28, 2025. This means the company is transforming into a gold producer with existing cash flow, while simultaneously advancing Copperstone towards a restart. The current update indicates steady progress on the development front, aligning with the company's stated strategy to leverage internal cash flow for growth. The key outstanding item remains the securing of project financing for Copperstone's initial capital expenditures (estimated at US$36.2 million in the PEA), which was previously expected in H2 2025 and is still under discussion. The current news does not provide an update on this critical financing.

Overall, the news is positive for confirming development progress and hinting at future exploration potential, but it doesn't introduce new, unexpected material information that would significantly alter the company's valuation or risk profile in the short term, beyond what was already anticipated.

Minera Alamos Inc. (MAI) is a Canadian gold production and development company with a portfolio of assets in Mexico and the United States. The company is actively transforming from a developer to a growing precious metals producer.

Flagship Projects: 1. Pan Gold Mine Complex (Nevada, USA): Acquired from Equinox Gold Corp. on October 1, 2025, this is Minera Alamos's primary producing asset. It is a heap-leach gold operation. The company re-affirmed 2025 production guidance of 30,000-40,000 ounces at an All-In Sustaining Cost (AISC) of $1,600-$1,700/ounce. This acquisition is a significant step in establishing MAI as a cash-flowing producer. 2. Copperstone Gold Mine (Arizona, USA): Acquired through the Sabre Gold Mines Corp. transaction completed in February 2025. Copperstone is a past-producing, fully permitted brownfield project with significant existing infrastructure and advanced-stage permitting. It is slated for a fast-track restart targeting 2026 production. A reissued Preliminary Economic Assessment (PEA) in February 2025 highlighted robust economics with low initial capital requirements (US$36.2 million) and an After-tax NPV of US$66 million at US$1,800/oz gold. The company is currently optimizing engineering plans and progressing with a Mine Plan of Operations (MPO) amendment, alongside evaluating new exploration potential (IOCG). This project is critical for MAI's near-term production growth profile. 3. Santana Gold Mine (Sonora, Mexico): Minera Alamos's original producing asset, also a heap-leach operation. The company has been focused on improving mining and stacking rates at the Nicho Main deposit and expanding leach pad capacity. 4. Cerro de Oro Gold Project (Zacatecas, Mexico): A 100% owned, royalty-free heap-leach development project, currently undergoing permitting. 5. Gold Rock Project & Illipah Project (Nevada, USA): Exploration and development projects acquired as part of the Pan Mine Complex transaction. 6. Suaqui Verde Copper Project (Sonora, Mexico): A copper porphyry deposit where Minera Alamos retains a 50% interest.