Mining Americas Inc. · TSX:MAI
Mining Americas — Minera Alamos — Investor Presentation (May 2026)
27 slides from Mining Americas's investor presentation, May 2026
Slide 1: Building a U.S. Focused Intermediate Gold Producer
Building a U.S. Focused is becoming Intermediate Gold Producer is rebranding to TSX.V: MAI | OTCQX: MAIFF May 2026 Presentation Proposed Name Change to Mining Americas Inc. Minera Alamos Inc. announced a proposed change of the Company’s name to Mining Americas Inc., subject to the approval of its sh
Slide 2: Forward Looking Statement & Cautionary Note
is becoming Forward Looking Statement & Cautionary Note Cautionary Statement Regarding Forward Looking Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information includes statements that use forward-looki
Slide 3: Minera Alamos Overview
is becoming Minera Alamos Overview Rapidly Growing Gold Production in the Americas Investment Highlights North American Portfolio Junior Gold Producer with Peer-Leading Production Growth • Cash flowing gold production with significant margins at spot prices • 32-38 koz gold in 2026 growing to +150 k
Slide 4: Achievements & Upcoming Milestones
is becoming Achievements & Upcoming Milestones Executed term sheet for US$75M revolver with Scotiabank and National Bank Issued 2026 guidance: 32–38koz, US$1,850–2,000/oz AISC Copperstone Cerro de Oro PFS results federal permit Completed 10:1 share consolidation Announced rebranding Copperstone Copp
Slide 5: Cornerstone Assets
is becoming Cornerstone Assets Most Projects are Permitted, Past-Producing, and Low Capital Intensity Gold Pan Copperstone Cerro de Oro Rock Mine Project Project Project Location Nevada Arizona Nevada Zacatecas Status Producing Construction Development Development (internal trade-off studies) (await
Slide 6: Project Sequencing & Milestones
is becoming Project Sequencing & Milestones Peer-leading, organically funded growth 2026-2028 2025 2026 2027 2028 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Acquisition Close Pan Operating Complex Pan Production & Cashflow Cash flow from Updated Pan Pan, growth from Technical Report Gold Rock Gold
Slide 7: Emerging Intermediate Gold Producer
is becoming Emerging Intermediate Gold Producer Opportunity to increase Portfolio Highlights MAI Production Potential (koz Au)4 production through exploration success 170-185 Asset Pan Mine Copperstone Gold Rock Cerro de Oro 55-60 PFS, Construction PEA PEA Stage Operating (permitted) (permitted) (pe
Slide 8: Pan Operating Complex
is becoming Pan Operating Complex Open-pit, conventional heap-leach assets Pan Mine Highlights Pan Mine Historical Results • Located East Central Nevada along Battle Mountain trend 2022 2023 2024 2025 • Open-pit, Carlin-style gold deposit using conventional mining and heap leach Ore on Pad processin
Slide 9: Pan Operating Complex: Gold Rock Opportunities
is becoming Pan Operating Complex Gold Rock Opportunities INFRASTRUCTURE MAP Claim boundary Access roads Gold Rock Project Highlights Gold Rock Project1 Pan Resources Open pits Leach pads • Located in Nevada, ~8 km SE of Pan Mine, along Battle Mountain trend; Economics 100% owned by Minera Alamos In
Slide 10: Copperstone Project: 2026 Pre-Feasibility Study Highlights
is becoming Copperstone Project 2026 Pre-Feasibility Study Highlights Base Case $3,500/oz gold price Initial 6.3-Year Mine Life $374M after-tax NPV5% ▪ 291 koz gold produced ▪ $58M low initial capital 108% after-tax IRR ▪ 46 koz/yr average annual ▪ 54 koz/yr peak annual 1.2 years payback period gold
Slide 11: Copperstone Project Gold Production
is becoming Copperstone Project 2026 Pre-Feasibility Study Highlights PROJECT HIGHLIGHTS Total ore mined (k tonnes) 1,934 Average grade (g/t Au) 4.87 Tonnes Processed Head Grade Gold ounces mined (koz Au) 303 400 7.00 350 6.50 Tonnes Processed (kt) Mine life (years) 6.3 300 6.00 Head Grade (g/t) Mil
Slide 12: Copperstone Project: Resource Conversion and Exploration
is becoming Copperstone Project Resource Conversion and Exploration Resource Conversion Open Pit Potential • There are 328 koz gold M&I and 52 koz gold Inferred not included in Reserves • Two initial zones of interest – West OP and East OP zones • Some resources were excluded from mine plan and not
Slide 13: Copperstone Project: Current Status and Next Steps
is becoming Copperstone Project Current Status and Next Steps Board Approved for Construction • Given compelling base case project economics, and with spot gold prices further enhancing projected returns, MAI Board of Directors has made a positive construction decision for the Copperstone project Ta
Slide 14: Cerro de Oro Asset Overview
is becoming Cerro de Oro Asset Overview Location Map Project Highlights – Zacatecas, Mexico Location & Property: – 5 mining concessions covering 6,500 ha – 3km from town of Melchor Ocampo – Discovered in the 1500’s Milestones: – Acquired by Minera Alamos in 2020 – Conventional Open Pit – ROM heap le
Slide 15: Competitive Positioning
is becoming Competitive Positioning Poised for re-rating to Junior/Intermediate Producer Peer valuation multiples Market Capitalization (US$B) 2026E Au Production (koz)1,2 Consensus P/NAV (ratio)3 Wesdome $2.8 Orezone 196 Wesdome 1.07x Alkane Resources $1.4 Galiano Gold 175 Alkane Resources 0.79x He
Slide 16: Competitive Positioning
is becoming Competitive Positioning Peer Group Leading Gold Production Growth Consensus 2026–2028 Gold Production CAGR1 Consensus 2026–2029 Gold Production CAGR1 i-80 Gold 87% MAI 68% MAI 78% i-80 Gold 67% Amaroq 47% Amaroq 40% New Found Gold 40% Heliostar 36% Integra Resources 28% Rio2 29% Jaguar M
Slide 17: Capital Structure & Ownership
is becoming Capital Structure & Ownership Board & Management High Share Price (May 21, 2026) C$/sh C$6.22 Net worth Share Price (May 21, 2026) US$/sh US$4.53 Research Coverage 3% 10% Common Shares O/S million 109.9 Allison Carson Options million 6.4 Retail Investors Warrants (strike @ C$7.05/sh) mil
Slide 18: Key Management & Board
is becoming Key Management & Board Experienced Management Team – Mine and Company Builders Management Team Board of Directors Darren Koningen, P.Eng. Jason Kosec, BSc. Meerl President & COO, Director Chairman, Director 15 years experience in mineral resources, former executive and geologist at 30 ye
Slide 19: Appendix
is becoming Appendix TSX.V: MAI | OTCQX: MAIFF
Slide 20: Key Executive Biography
is becoming Key Executive Biography Mr. Blasutti Has a Depth and Breadth of Corporate Leadership Executive President & CEO – Americas Gold & Silver Corporation (2012–2024) – Reverse takeover of US Silver in 2012 to acquire the Galena Mining Complex in Wallace Idaho. Restructured the mine and Darren
Slide 21: Key Executive Biography
is becoming Key Executive Biography Executive Mr. Koningen Has Depth of Experience in Development & Operations Chief Executive Officer – Minera Alamos Inc., Toronto, ON (2015 - 2026) Darren Koningen, P.Eng. President & COO, Director – Darren and the Castle Gold technical team took over management co
Slide 22: Key Executive Biography
is becoming Key Executive Biography Executive Mr. Small Has a Track Record of Turnarounds & Value Creation Vice President & General Manager – Jerritt Canyon Gold (Sprott Group of Companies) (May 2019 - August 2022) Kevin Small, P.Eng. EVP Operations – Before Kevin Small assumed leadership, the opera
Slide 23: Copperstone Exploration Upside
is becoming Copperstone Exploration Upside Underground and Open Pit Targets South-West Target | target historic cluster of high-grade Copperstone Zone | target downdip extension to confirm intercepts for accretion of additional resource mineralization extends to depth for accretion of resources. Alo
Slide 24: Cerro de Oro Asset Overview: Exploration Overview
is becoming Cerro de Oro Asset Overview Exploration Overview • Gold only porphyry system with associated skarn zones - At least two mineralized porphyry phases. • Mineralization associated with porphyry type A/B quartz veinlets, potassic, and skarn alteration with magnetite, pyrite, and only traces
Slide 25: Reserves & Resources
Reserves & Resources is becoming Tonnes Grade Contained Mt Au (g/t) Ag (g/t) Cu (%) Au (koz) Ag (koz) Cu (kt) Copperstone Measured 2.2 5.08 - - 359 - - Indicated 1.9 4.54 - - 271 - - Total Measured & Indicated 4.1 4.83 - - 630 - - Inferred 0.4 4.04 - - 52 - - Proven 1.1 5.06 - - 172 - - Probable 0.9
Slide 26: Reserves & Resources
Reserves & Resources is becoming Tonnes Grade Contained Mt Au (g/t) Au (koz) Pan Mine Measured 7.8 0.35 86 Indicated 14.5 0.33 154 Measured & Indicated 22.3 0.33 240 Inferred 0.9 0.32 9 Proven 7.5 0.33 80 Probable 14.1 0.31 142 Total Proven & Probable 21.6 0.32 222 Leach Pad Inventory - - 33 Gold Ro
Slide 27: Reserves & Resources
Reserves & Resources is becoming Pan Mine Notes to Mineral Resource estimate: 1. CIM (2014. 2019) guidelines, standards and definitions were followed for estimation and classification of mineral resources. 2. The estimate of mineral resources may be materially affected by environmental, permitting,