Mining Americas Inc. · TSX:MAI
Mining Americas — Investor Presentation (September 2026)
29 slides from Mining Americas's investor presentation, September 2026
Slide 1: Building a U.S. Focused Intermediate Gold Producer
Building a U.S. Focused Intermediate Gold Producer TSX: MAI | OTCQX: MAIFF September 2026 Presentation
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: Mining Americas Overview
Mining Americas Overview Building a Leading, U.S. Focused Intermediate Gold Producer Investment Highlights Junior Gold Producer with Peer-Leading Production Growth • Cash flowing gold production with significant margins at spot prices • ~35 koz gold in 2026 ramping towards+150 koz by 2028 • Peer-lea
Slide 4: Emerging Intermediate Gold Producer
Emerging Intermediate Gold Producer Peer-leading, organically funded growth 2026-2028 Further Upside Across Portfolio 170-185 Average Annual Production • Copperstone open pit potential Capacity for MAI Projects • Santana restart/expansion potential (koz Au/yr) 55-60 • Exploration upside along strike
Slide 5: Project Sequencing & Milestones
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 Rock Gold R
Slide 6: Recent Achievements & Upcoming Milestones
Recent 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 UG PFS results permit approvals Completed 10:1 share consolidation Copperstone Gold Rock MRE Copperstone
Slide 7: Cornerstone Assets
Cornerstone Assets One Producing Mine, Three Permitted Growth Projects Copperstone Gold Pan Cerro de Oro Underground Rock Mine Project Project Project Location Nevada Arizona Nevada Zacatecas Status Producing Construction Development Development (internal trade-off studies) (progressing to construct
Slide 8: Q2 2026 Results
Q2 2026 Results Financial Highlights ▪ $32.6 M revenue ▪ $13.2 M earnings from mine operations Other Highlights • Board and Management updates including appointment of Darren M. Pylot as Chairman ▪ $6.5 M adjusted net income ▪ $0.06/sh adjusted net income • Closed the $75 million RCF with Scotiabank
Slide 9: Pan Operating Complex
Pan Operating Complex Pan Mine Historical Results Open-pit, conventional heap-leach operation 2022 2023 2024 2025 Pan Mine Highlights Ore on Pad (kt) 3,030 4,593 4,333 4,649 • Open-pit, Carlin-style gold deposit using conventional mining and heap leach processing, restarted in 2017 with continuous p
Slide 10: Pan Operating Complex
Pan Operating Complex Gold Rock Opportunities INFRASTRUCTURE MAP Claim boundary Access roads Pan Resources Gold Rock Project Highlights Heap Leach Project Scenario Open pits Leach pads • Located in Nevada, ~12 km SE of Pan Mine, along Battle Mountain • Fully permitted and bonded trend; 100% owned by
Slide 11: Copperstone Project
Copperstone Project 2026 Pre-Feasibility Study Highlights Base Case $3,500/oz gold price Initial 6.3-Year Mine Life $341M after-tax NPV5% ▪ 291 koz gold produced ▪ $57M low initial capital 111% after-tax IRR ▪ 46 koz/yr average annual ▪ 54 koz/yr peak annual 1.1 years payback period gold production
Slide 12: Copperstone Project
Copperstone Project 2026 Pre-Feasibility Study Highlights PFS LOM Tonnes and Grade PFS LOM Annual Production Tonnes Processed Head Grade Gold Production 400 7.00 80 350 6.50 70 Gold Production (koz) Tonnes Processed (kt) 60 54 Head Grade (g/t) 300 6.00 50 49 250 5.50 50 43 43 39 200 5.00 40 150 4.50
Slide 13: Copperstone Project
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 converted to
Slide 14: Copperstone Project Update
Copperstone Project Update During Q2 2026 and recently, project activities at Copperstone include: • Finalizing detailed engineering for construction and new equipment purchases; • Coordinating with the mining contractor to plan workforce and equipment mobilization, early mine rehabilitation and dev
Slide 15: Cerro de Oro Overview
Cerro de Oro Overview Federal Permit Approvals Received Location Map Initial 8.2-year Mine Life ▪ 477 koz gold produced ▪ $28M low initial capital ▪ 58 koz/yr average annual ▪ 65 koz/yr average annual gold production gold production years 1-4 ▪ $842/oz LOM average total ▪ $873/oz LOM average AISC ca
Slide 16: Competitive Positioning
Competitive Positioning Poised for re-rating to Junior/Intermediate Producer Peer valuation multiples Market Capitalization (US$B) 2026E Au Production (koz)1,2 Consensus P/NAV (ratio)3 Wesdome $3.7 Orezone 215 Wesdome 1.28x Alkane Resources $1.9 Wesdome 193 Alkane Resources 1.17x Hemlo $1.8 Alkane R
Slide 17: Competitive Positioning
Competitive Positioning Peer Group Leading Gold Production Growth (Consensus Estimates) Consensus 2026–2028 Gold Production CAGR1 Consensus 2026–2029 Gold Production CAGR1 i-80 Gold 97% Mining Americas 72% Mining Americas 87% i-80 Gold 71% Amaroq 47% Heliostar 46% Rio2 33% Amaroq 40% Jaguar Mining 2
Slide 18: Transformational Free Cash Flow Generation
Transformational Free Cash Flow Generation Supporting Rapid Production Growth (Consensus Estimates) Analyst Consensus FCF vs MAI Market Cap • Q2 2026 available liquidity of $43M cash + $30M undrawn RCF Investment phase Cashflow phase TSX: MAI | OTCQX: MAIFF | miningamericas.gold 1. Consensus broker
Slide 19: Capital Structure & Ownership
Capital Structure & Ownership Board & Share Price (September 9, 2026) C$/sh C$6.31 Management High Net worth Share Price (September 9, 2026) US$/sh US$4.57 3% Research Coverage Target (C$)2 Common Shares O/S million 110.0 10% Bryce Adams C$9.00 Options million 7.3 Retail Warrants (strike C$7.05/~US$
Slide 20: Key Management & Board
Key Management & Board Experienced Management Team – Mine and Company Builders Management Team Board of Directors Darren Blasutti, CA, CPA CEO Darren M. Pylot 30 years of mining finance and senior executive experience, focusing on identifying, Chairman, Director acquiring and advancing mining projec
Slide 21: Contact Us
Contact Us Website: www.miningamericas.gold General Inquiries: info@miningamericas.gold Head Office: 70 York Street, Suite 1220 Toronto, ON, M5J 1S9, Canada Investor Relations: David Stewart, VP Corporate Development & Capital Markets dstewart@miningamericas.gold TSX: MAI | OTCQX: MAIFF +1 (647) 294
Slide 22: Key Executive Biography
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 Blasutti, CA
Slide 23: Key Executive Biography
Key Executive Biography Executive Mr. Koningen Has Depth of Experience in Development & Operations Chief Executive Officer – Mining Americas Inc., Toronto, ON (2015 - 2026) Darren Koningen, P.Eng. President & COO, Director – Darren and the Castle Gold technical team took over management control of M
Slide 24: 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 25: Copperstone Exploration Upside
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. Along strike ho
Slide 26: Cerro de Oro Asset Overview
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 of chalcopyr
Slide 27: Reserves & Resources
Reserves & Resources 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 4.61 - - 13
Slide 28: Reserves & Resources
Reserves & Resources 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 Rock Project M
Slide 29: Reserves & Resources
Reserves & Resources 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, legal, marke
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