Mining Americas Inc. · TSX:MAI
Mining Americas — Minera Alamos — Merger or Acquisition (August 2025)
28 slides from Mining Americas's merger presentation, Aug 20, 2025
Slide 1: Acquisition of Gold Producing Nevada Complex
Acquisition of Gold Producing Nevada Complex TSX.V: MAI | OTCQX: MAIFF August 2025
Slide 2: Forward Looking Statement & Cautionary Note
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-looking terminolo
Slide 3: Minera Alamos Strategy
Minera Alamos Strategy Measured Growth to Mid-tier Producer Accretive M&A Portfolio Execute on operating / Optimization New leadership to build capital markets strategy to Continuous evaluation & garner multiple to execute rationalization of asset the next growth M&A strategy portfolio focused mid-t
Slide 4: Minera Alamos Overview
Minera Alamos Overview Acquisition of Equinox’s Pan Mine and Gold Rock Project Transaction & Pro Forma Highlights Americas-Focused Portfolio Production Potential4 Immediate Production and Cash Flow Potential Pan Mine 4 7 Gold Rock – Immediate transition into multi-asset junior gold producer Pan Gold
Slide 5: Nevada Complex Purchase Agreement
Nevada Complex Purchase Agreement Transaction Terms Pro Forma Basic Market Capitalization (C$M)1 At financing price of C$0.355 per share Acquiror: Minera Alamos Inc. (“Minera Alamos”) $351 $110 Pan Gold Mine, Gold Rock Project, Illipah Project and $206 $34 Asset: associated properties Vendor: Equino
Slide 6: Nevada Assets Overview
Nevada Assets Overview Open-pit, conventional heap-leach assets Pan Mine Highlights Property Pan Mine Historical Results Nevada, USA – Located East Central Nevada, ~28 km SE of Eureka, along Battle 2021 2022 2023 2024 Mountain trend; 100% owned by Equinox Ore on Pad 2,900 3,030 4,593 4,333 – Open-pi
Slide 7: Pan and Gold Rock Opportunities
Pan and Gold Rock Opportunities Stable Operation with Exploration Upside Reserves, Resource Replacement (kt of material) P&P M&I – Mine restarted in 2017 (Fiore) 33,924 – 8 years of continuous production (35-40,000 oz/year) 27,275 14,381 – Proven history of resource conversion and replacement 8,270
Slide 8: Pan & Gold Rock Geology & Exploration Upside
Pan & Gold Rock Geology & Exploration Upside Highlights North and South high walls of EZ Junior Pit (Gold Rock Proj.) 2018 Fiore Gold drillhole locations (Gold Rock Proj.) – Gold Rock hosts Carlin-type mineralization in folded and faulted Paleozoic carbonate rocks, similar to major Nevada gold belts
Slide 9: Pro Forma Jr. Precious Metals Producer
Pro Forma Jr. Precious Metals Producer Pro Forma Portfolio Highlights Pro Forma Production Potential (koz Au)5 Opportunity to increase production through exploration success Asset Pan Mine Copperstone Cerro de Oro Gold Rock 190 PEA PEA PEA Stage Operating (permitted) (permits pending) (permitted) 55
Slide 10: Project Sequencing & Major Milestones
Project Sequencing & Major Milestones Catalyst rich pipeline funded by cash flow from Pan Mine 2025 2026 2027 2028 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Targeted Acquisition Close Pan / Gold Production & Cashflow Rock Cash flow 43-101 Tech generating Report Gold Rock Development Early Develop
Slide 11: Primary Gold Portfolio in the Americas
Primary Gold Portfolio in the Americas Cornerstone Assets: Reinvesting Cashflows in Low-Capital, High Return Projects Pan Mine Copperstone Cerro De Oro Gold Rock Au | Operating Au | PEA |Permitted Au | PEA Au | PEA | Permitted Nevada, USA Arizona, USA Zacatecas, MX Nevada, USA • Carlin-style, open-p
Slide 12: Copperstone Asset Overview
Copperstone Asset Overview Acquired in 2025 – near-term development with low capex, quick build-period Project Highlights Exploration Overview – Gold mineralization is associated with iron oxides and carbonates, with dominant chlorite and sericite alteration – Main mineral zones are controlled by lo
Slide 13: Copperstone Gold Deposit Upside and Work Plan
Copperstone Gold Deposit Upside and Work Plan Potential to significantly expand defined resource of 300koz indicated and 197koz inferred Upside Exploration Potential Open Pit: – First order priority is the projection to surface of the lower mineral zone, with good chances to be mined in an open pit;
Slide 14: Copperstone Exploration
Copperstone Exploration Copperstone Zone South-West Target | target historic cluster of high-grade Copperstone Zone | target downdip extension to intercepts for accretion of additional resource confirm mineralization extends to depth for accretion of resources. Along strike holes can convert resourc
Slide 15: Cerro de Oro Asset Overview
Cerro de Oro Asset Overview Project Highlights 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
Slide 16: Competitive Positioning
Competitive Positioning Poised for re-rating to Junior Producer Peer valuation multiples upon Acquisition + Execution Market Capitalization (US$B)1 2026E Au Production (koz)2,3 Consensus P/NAV (ratio)4 Orla Mining $4.3 SSR Mining 450 Orla Mining 1.27x SSR Mining $3.2 Aris Mining 410 Andean Precious
Slide 17: Recent Asset Acquisitions
Recent Asset Acquisitions Orla, Integra, Discovery & Andean have Performed Well post-M&A Transaction Share Price Performance Since Announcement Reference Price (C$) 350% Orla Performance (%) GDXJ $14.36 250% 259% Musselwhite 150% 161% $5.55 US$850M Announced 18-Nov-24 50% 15-Nov-24 15-Jan-25 15-Mar-
Slide 18: Execute, Explore, Grow
Execute, Explore, Grow Re-invest in Asset Pipeline, Optimize Portfolio for Growth Intermediate Producer Accretive M&A Maximize Shareholder Value through Executing Growth Strategy Exploration & Discoveries Potential to Improve Grade, Shareholder Extend Mine Life Value & Market Mid-tier Producer Devel
Slide 19: Key Management & Board
Key Management & Board Experienced Management Team – Mine and Company Builders Management Team Board of Directors Jason Kosec, B.Geo Doug Ramshaw, B.Sc. Mining Geology Incoming Chairman, Director President, Director 15 years experience in mineral resources, former executive and 30 years in mineral r
Slide 20: Key Executive Biography
Key Executive Biography Executive Mr. Koningen Has Depth of Experience in Development & Operations Chief Executive Officer – Minera Alamos Inc., Toronto, ON (2016 - Present) Darren Koningen, P.Eng. CEO – Darren and the Castle Gold technical team took over management control of Minera Alamos in 2016
Slide 21: Key Executive Biography
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 operation faced f
Slide 22: Appendix
Appendix TSX.V: MAI | OTCQX: MAIFF
Slide 23: La Fortuna Asset Overview
La Fortuna Asset Overview Project Highlights Exploration Overview – Multiple zones of “La Fortuna- style” mineralization have been A’ identified – Some alteration zones (e.g. PN Prospects area) are significantly greater in scale than those present at La Fortuna – No systematic exploration since 2008
Slide 24: Reserves & Resources – Minera Alamos
Reserves & Resources – Minera Alamos Tonnes Grade Contained Mt Au (g/t) Ag (g/t) Cu (%) Au (koz) Ag (koz) Cu (kt) Copperstone Measured 0.8 8.12 - - 196 - - Indicated 0.5 7.09 - - 104 - - Total M&I 1.2 7.74 - - 300 - - Inferred 1.0 6.30 - - 197 - - Santana Measured 6.5 0.65 - - 136 - - Indicated 3.1
Slide 25: Reserves & Resources – Pan Mine and Gold Rock
Reserves & Resources – Pan Mine and Gold Rock Tonnes Grade Contained Mt Au (g/t) Au (koz) Pan Mine Measured 0.1 0.47 1 Indicated 22.6 0.35 257 Total Resources 22.7 0.35 258 Inferred 1.1 0.34 12 Leach Pad Inventory - - 30 Gold Rock Project Measured - - - Indicated 19.0 0.66 403 Total Resources 19.0 0
Slide 26: Reserves & Resources (Cont’d)
Reserves & Resources (Cont’d) Copperstone Mineral Resources have an effective date of February 15, 2023. The Qualified Person responsible for the Mineral Resource estimate is Mr. Richard A. Schwering, P.G., SME-RM, an employee of Hard Rock Consulting, LLC. Mineral Resources that are not Mineral Rese
Slide 27: Reserves & Resources (Cont’d)
Reserves & Resources (Cont’d) Gold Rock Project *Indicated and Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above a
Slide 28: Non-IFRS Financial Measures
Non-IFRS Financial Measures All-in Sustaining Cost per Gold Equivalent Payable Ounce All‐In Sustaining Cost (“AISC”) is a non‐IFRS measure and is calculated based on guidance provided by the World Gold Council (“WGC”). WGC is not a regulatory industry organization and does not have the authority to