Minera Alamos Inc.

Minera Alamos has significant insider conviction at the executive level. EVP Corporate Development Darren Blasutti purchased 517,242 post-consolidation shares for C$3.0 million at C$5.80/share in January 2026 — demonstrating personal alignment at essentially current market price. Concurrently, a group of strategic investors purchased the entire 9,680,281-share block previously held by Equinox Gold at C$5.80/share (C$56.1M aggregate), replacing a passive seller with aligned strategic capital. CEO Darren Koningen leads operations alongside EVP Mining Kevin Small (35 years of industry experience) and the newly appointed Blasutti in corporate development.

Execution track record is strong: the Pan Operating Complex acquisition from Equinox Gold closed October 1, 2025, with first gold pour occurring within seven days — ahead of integration schedule. The Q1 2026 production release confirmed cash increased from C$34M to C$46M in one quarter, indicating the Pan operations are cash-generative at current gold prices. SEDAR+ filings under MAI (profile at sedarplus.ca) include the Q3 2025 MD&A and Management Information Circular, which are the primary sources for ownership and compensation data.

Some management transition risk remains: the current executive team was largely assembled around and after the October 2025 Pan acquisition, and the company's strategic pivot from Mexican/Sonoran developer to U.S.-focused multi-asset producer is recent. The near-term test is whether management can advance the Copperstone Mine Plan of Operations to approval while maintaining Pan production.

Minera Alamos holds Proven & Probable reserves of 222,000 oz Au (21.6 Mt @ 0.32 g/t) at the Pan Gold Mine in White Pine County, Nevada, plus approximately 33,000 oz recoverable gold remaining on the active heap leach pad — totalling approximately 255,000 oz in-place reserve equivalent. This is the highest possible classification (P&P reserves), supported by a Life of Mine Plan and NI 43-101 technical report filed on SEDAR+ with an effective date of September 1, 2025, subsequently updated March 5, 2026. The Pan mine is an operating, permitted heap leach facility in Tier-1 U.S. jurisdiction.

The company also operates the Santana open-pit heap leach mine in Sonora, Mexico (startup underway at the new Nicho Main deposit, per Q3 2025 disclosures; NI 43-101 technical report effective October 2023), and controls the permitted but idle Copperstone Gold Mine in La Paz County, Arizona. The 2025 Copperstone PEA was re-issued February 2025 and shows an after-tax NPV of US$66M at US$1,800/oz gold and US$200M at US$2,800/oz (IRR: 53.6–152.7%). Copperstone has no reserve statement — it remains PEA-stage. The Mine Plan of Operations amendment was submitted to U.S. BLM in July 2025 with approval anticipated in 2026.

The critical limitation is Pan's thin reserve life: the current LoMP supports mining through approximately 2029 (four years of stacking) followed by residual leaching. Reserve replacement at Pan or reserve conversion at Copperstone is essential for long-term value. The geology score reflects the premium of having P&P reserves at a producing operation offset by the limited scale (255 koz total company-wide) and the PEA-level status of the next-largest asset.

The Q1 2026 production report (March 31, 2026) disclosed unrestricted cash of C$46 million, up from C$34 million at December 31, 2025. With 108,043,726 common shares outstanding following the 10-for-1 consolidation effective January 5, 2026, the share structure is notably clean for a multi-asset producing gold company. The post-consolidation share count reflects the company's commitment to reducing the number of shares in market hands and improving per-share metrics.

The Pan acquisition was funded with US$88.4 million cash plus 96.8 million pre-consolidation shares (9.68 million post-consolidation) issued to Equinox Gold — a vendor-take-back that was subsequently sold to the strategic investor group, removing Equinox as an overhang. No public debt has been disclosed. The Q3 2025 net loss of C$7.1 million was primarily acquisition-related one-time costs; at current gold prices and 35,000 oz/year production, Pan should generate positive operating cash flow in 2026. SEDAR+ MD&A filings for the nine months ended September 30, 2025 provide capital structure detail.

The primary capital risk is Copperstone development: a mine restart would require meaningful capex (not fully disclosed post-MPO approval) at a time when the company is still integrating Pan. Option and warrant schedules are not fully disclosed in publicly available press release data; the full picture requires review of the Management Information Circular on SEDAR+.

Near-term catalysts are operational: quarterly production and cash flow updates from the Pan mine serve as recurring catalysts, and 2026 guidance of 32,000–38,000 oz Au gives investors a clear benchmark. Q1 2026 production of 8,734 oz tracks the low end of annual guidance (annualised ~35,000 oz). At current gold prices (US$3,200+/oz) and AISC guidance of US$1,850–2,000/oz, the operating margin per ounce is significant, and free cash flow generation should grow.

The key development catalyst is Copperstone: a positive Mine Plan of Operations decision from the U.S. Bureau of Land Management (BLM) would trigger a board development decision for the mine restart. At current gold pricing, the Copperstone PEA IRR exceeds 100%, making a positive development decision financially compelling. The company is also preparing an updated technical study for Copperstone to support the development decision. Additional Nevada assets (Gold Rock and Illipah) are earlier stage and represent longer-term exploration upside.

The catalyst score is moderated because the company is now in production — the stock's primary re-rating lever has shifted from discovery/development upside to execution and Copperstone advancement. The binary exploration-type catalyst is absent; investors are largely pricing in steady-state production plus the Copperstone option. No reserve replacement drilling was announced alongside the March 2026 Pan reserve update, which is a mild negative for long-term catalysts.

Minera Alamos is valued using a blended sum-of-parts approach. The Pan mine is a producing asset valued on an EBITDA basis: 35,000 oz/year at (US$3,200 gold – US$1,900 AISC) margin × 0.80 after-tax factor = ~US$36.4M annual EBITDA; at a 5x producing-mine multiple = ~US$182M (C$247M). Copperstone at current gold (US$3,200+/oz, versus the PEA base case of US$1,800/oz) likely produces a NAV of US$230–250M before discount; applying a 50% PEA discount = US$115–125M (C$160M). Santana (Mexico, operating) and the Gold Rock/Illipah Nevada assets are conservatively estimated at US$45M combined (C$61M). Adding C$46M cash yields total discounted NAV of approximately C$514M, or C$4.97/share on 108M shares.

The strategic investor purchase at C$5.80/share (January 2026) and the current market price of approximately C$5.73/share imply a P/NAV of approximately 1.15x on this blended discounted NAV. Comparable Nevada heap leach gold producers typically trade at 1.0–1.5x NAV given the jurisdiction premium and operating certainty, so the current valuation is in the low-to-mid range of the peer set. The key downside is that if Copperstone stalls, the Pan mine alone (4-year life) supports a much lower per-share value.

A strategic acquirer would need to pay a premium to C$5.73 to effect a transaction, meaning there is limited immediate M&A upside at current prices. The Copperstone development decision and subsequent reserve life extension are the primary value-creation events that could move this above the current NAV.