Mining Americas Inc. · TSX:MAI
Mining Americas — Minera Alamos — BMO 34th Global Metals, Mining & Critical Minerals Conference 2025
35 slides from Mining Americas's conference presentation, February 2025
Slide 1: Advancing Low Capital Gold Mine Development
Advancing Low Capital Gold Mine Development TSX.V: MAI | OTCQX: MAIFF February 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking information” within discussion and analysis dated December 31, 2023 (the “MD&A”) 2018; (ii) NI 43-101 Technical Report titled “Preliminary Economic Corporation believes that its market, industry and economic the meaning of applic
Slide 3: Why Invest in Minera Alamos?
Why Invest in Minera Alamos? 1 – Heap leach and Underground mining expertise We are proven builders – Extensive Mineral Processing experience – Ability to expedite projects & minimize initial CAPEX – Same team that placed 4 mines into production 2 We are gold producers – 1 mining operation in produc
Slide 4: What is changing in Mexico?
What is changing in Mexico? 1 2025-30 National Development Plan Released – Reduction in investment red tape to speed up approvals – Mining designated a Strategic Sector – International Roadshow to attract Foreign Investment to the mining sector Sentiment. – Sonora, Durango and Zacatecas identified a
Slide 5: Growth Model
Growth Model Pushing Growth Along the Mineral Santana Mine Development Lifecycle – In production – Growth Potential High value Copperstone – 6-year initial mine life – Largely Permitted – Exploration Upside Cerro De Oro – 8-year initial mine life – In permitting – Funding secured – Upside Case La Fo
Slide 6: Minera Alamos Snapshot
Minera Alamos Snapshot Capital Structure1,4 Shareholder Distribution 5% 2% $C 190M $C 184M 6% Market Capitalization Enterprise Value 6% Retail & Other 49% High Net Worth Individuals Other Institutions 9% Aegis Financial Donald Smith Family Trust Common Shares Outstanding 576.5 M Management Star Roya
Slide 7: Board of Directors / Operating Team
Board of Directors / Operating Team Rich Diversity of Technical Expertise Darren Koningen Doug Ramshaw Kevin Small Ruben Padilla Bruce Durham P.Eng. B.Sc. Mining Geology P.Eng. P.Geo. P.Geo. CEO, Director President, Director Independent Director Independent Director Independent Director 30 years of
Slide 8: Golden Foundations
Golden Foundations Unveiling Strong Economics in Gold Mining1 Santana ~18 Koz ~200 Koz 10 M ~$1400/oz (mine) Produced to Date Indicated Low Capex Cash Costs in H2 2024 Cerro ~58 Koz ~790 Koz 28 M $873/oz de Oro Annual Production Inferred Low Capex AISC per 2022 PEA ($1600 gold) (permitting) Copperst
Slide 9: Low-Cost, Low Capital Intensity
Low-Cost, Low Capital Intensity Path to Intermediate Production Capital Intensity (US$/OZ)1,2 In addition to Santana, Minera Alamos holds three attractive development projects with comparably low capital intensity – (Copperstone subject to completion of Arrangement Agreement with Sabre Gold Mines Co
Slide 10: Jurisdictional Diversification
Jurisdictional Diversification Asset NPV by Geography1 M&I Resources by Geography 19% 37% 63% 81% United States Mexico United States Mexico 1 Copperstone Project after-tax NPV (5%) at $2,000/oz Au based on Copperstone 2023 PEA. Minera Alamos NPVs based on select analyst reports. TSX.V: MAI | OTCQX:
Slide 11: Copperstone Mine
13.8 square miles of surface area Held by Sabre Gold Copperstone Mine 546 unpatented mining claims California Arizona, U.S. Lake Havasu City 1987-1993 Open pit mining with 2,500 tpd of combined whole ore and heap leaching resulted in total production of 514,000 oz of gold from 5,600,000 Copperstone
Slide 12: Copperstone Mine Overview
Copperstone Mine Overview PEA – The recent 2023 Preliminary Economic Assessment (PEA) provides a revised start-up mine plan (initial 6 years of production) for the Copperstone project, including revised resource estimates, mining methods, mining dilution and recovery assumptions. – 160,000 m of dril
Slide 13: Copperstone 2023 PEA Summary
Copperstone 2023 PEA Summary After-Tax $1800/oz Au $2000/oz Au 71% NPV (5%) US$61.8 million US$89.3 million IRR 50.5% 71.1% Payback Period 1.8 years 1.3 years Strong IRR After-Tax @ $2,000/oz Au Summary Ave. Annual Production 40,000 oz gold 40,000 oz gold US $36M Pre-Production Capital US$36.3 milli
Slide 14: Copperstone Mine Overview
Copperstone Mine Overview Permitting – Permitting for the restart of mining operations is in place in addition to required water and surface rights. All facilities envisioned in the current PEA are located in “brownfields” locations such that no new surface disturbances are expected. Modifications r
Slide 15: Copperstone Mine Overview
Copperstone Mine Overview Utilization of existing Minera owned Mill – Relocation of a portion of the grinding and flotation equipment already owned by Minera Alamos to be utilized at the Copperstone project. This includes the major equipment items required for reactivation of the crushing, grinding,
Slide 16: Copperstone Resource Statement
Copperstone Resource Statement Mineral Resource Estimate Resource Category Cut-Off Grade Tonnes Average Grade Contained Au (All Zones) Au (g/t) (t) Au (g/t) (oz) Measured 3.15 750,000 8.12 196,000 Indicated 3.15 457,000 7.09 104,000 Total Measured and 3.15 1,207,000 7.74 300,000 Indicated Inferred 3
Slide 17: Santana Project
~ 15,000 oz gold produced ~6,000 oz of recoverable inventory on pad Sonora State +30,000 m of drilling to date v Grid power nearby and access road available Hermosillo Santana Project La Colorada (Argonaut Gold) San Antonio 100% Owned, Sonora State de La Huerta June 2021 Mining operations commenced
Slide 18: Santana Mine Operations
Santana Mine Operations Outlook – Preliminary numbers indicate that Santana mine operations returned to delivering quarterly mine operating profit in Q4 of 2024 – The quarterly performance was largely a result of higher gold production (while still modest during ramp up from the new pit) achievable
Slide 19: Santana Mineral Resource Estimate
Santana Mineral Resource Estimate Resource Category Cut-Off Grade Tonnes Average Grade Contained Au (All Zones) Au (g/t) (t) Au (g/t) (oz) Measured 0.15 6,540,000 0.65 136,000 Indicated 0.15 3,070,000 0.64 62,000 Total Measured and 0.15 9,610,000 0.65 198,000 Indicated Inferred 0.15 5,510,000 0.58 1
Slide 20: Cerro De Oro
Cerro De Oro 100% Owned (No Royalties), Zacatecas State 70+ holes, 2 gold zones, 1 potential large pit 2020 Open in multiple Project Acquisition directions and at depth 2022 Cerro de Oro Surface rights in place Highway access and Aranzazu Mine 2022 grid power nearby [Aura Minerals] PEA release Noche
Slide 21: Cerro de Oro – Minera's Next Mine
Cerro de Oro – Minera’s Next Mine Economic Key Highlights Production – 8+ year initial mine life – Average annual gold production of ~60,000oz – Life of Mine AISC of $873/oz – 0.3:1 Strip ratio – US$28 M Capex including 30% contingency Low Capital Intensity – Recent Santana build informs capital cos
Slide 22: Cerro de Oro PEA Summary
Cerro de Oro PEA Summary After-Tax NPV (5%) US$150.5 million IRR Payback Period 111% 11 months 111% Strong IRR After-Tax at $1600/oz Au Summary Ave. Annual Production 58,400 oz gold US $28M Pre-Production Capital US$28 million (including 30% contingency) Sustaining Capital US$14.7 million LOM Averag
Slide 23: Cerro De Oro Mineral Resource Estimate
Cerro De Oro Mineral Resource Estimate Resource Category Cut-Off Grade Tonnes Average Grade Contained Au (Oxide Zone) Au (g/t) (t) Au (g/t) (oz) Inferred 0.15 67,000,000 0.37 790,000 Notes: – The independent and QP for the mineral resource estimates, as defined by NI 43 101, is Scott Zelligan, P.Geo
Slide 24: Cerro de Oro Funding Package Executed With Auramet
Cerro de Oro Funding Package Executed With Auramet Highlights $15M $10M Of Definitive Documentation* Loan Facility Royalty Package – US$25 Million single source solution – 3-year term (PEA payback of less – 2.75% NSR for initial construction capex than 1 yr at $1600 gold) – Available on receipt of p
Slide 25: La Fortuna Project
La Fortuna Project Durango State 100% owned, Durango State 2016 Project Acquisition 2018 Positive PEA Announced 2020 Federal Permits Received TSX.V: MAI | OTCQX: MAIFF | mineraalamos.com 25
Slide 26: La Fortuna PEA Economic Summary
La Fortuna PEA Economic Summary After-Tax NPV (7.5%) US$69.8M IRR Payback Period 93% 11 months 93% Strong IRR After-Tax Summary Average Annual Production 43k oz Au, 220K oz Ag 1,000 t Cu (50k oz AuEq) Pre-Production Capital US$26.9M LOM Average AISC Mine US$440/oz 5 years $1,250/oz Mill Throughput (
Slide 27: La Fortuna Mineral Resource Estimate
La Fortuna Mineral Resource Estimate Resource Cut-Off Tonnes Average Grade Contained Metal Category Grade Au (g/t) (t) Au (g/t) Ag (g/t) Cu (%) Au (oz) Ag (oz) Cu (t) Measured 1.0 1,755,400 2.96 17.5 0.23 167,100 987,800 4,000 Indicated 1.0 1,714,300 2.59 15.5 0.21 142,800 854,400 3,600 Total M&I 1.
Slide 28: La Fortuna Exploration Potential
La Fortuna Exploration Potential PN Prospects Ramada 1 Multiple zones of “La Fortuna-style” mineralization identified Fortuna and Extensions 2 Some alteration zones (e.g. PN Prospects area) are significantly greater in scale than those present at La Fortuna 3 No systematic exploration since 2008/09
Slide 29: Our Copper Assets
Sonora State v Grid power nearby and access road available Hermosillo Our Copper Assets La Colorada (Argonaut Gold) 100% Owned, Sonora State San Antonio Los Verdes de La Huerta Suaqui Verde Promontorios Guaymas Ciudad Obregón TSX.V: MAI | OTCQX: MAIFF | mineraalamos.com Navojoa
Slide 30: Minera Copper
“Minera Copper” Copper Capex Doesn’t Have to Start With a “B” Highlights – Just north of the Santana gold project in Sonora, Mexico Potreritos Deposit – Adjacent to a major state highway leading to mineral concentrate ocean port facilities at Guaymas, Sonora – 8-10 million tonnes of open pittable ox
Slide 31: Minera Copper – Suaqui Verde
“Minera Copper” Newly Acquired Suaqui Verde oxide copper project Highlights 50km west of Los Verdes in Sonora, Mexico with excellent infrastructure 50-60 million tonnes grading 0.3% copper in various historical reports Over 100 historic drill holes Historical metallurgical work and engineering studi
Slide 32: Minera Copper
“Minera Copper” Copper Capex Doesn’t Have to Start With a “B” Discussions – The Company is continuing discussions both internally and with interested parties to surface value for shareholders from existing copper assets within the Company’s mineral property portfolio. – Several complementary assets
Slide 33: 2024 Catalysts - Executing In Areas of Self-Control
2024 Catalysts - Executing In Areas of Self-Control Santana Expansion ✓ Expansion of Operations ✓ Potential Pipeline Copperstone, AZ - Permit Amendment (Now Anticipated 2025) ✓ Minera Copper Cerro de Oro - Permit Receipt (Now Anticipated 2025) - Construction Decision (Upon Permit Receipt) TSX.V: MAI
Slide 34: 2025 Outlook
2025 Outlook Flexible Sequencing – Preparing for dual track development H1 2025 Current Expectations / Assumptions – Cerro De Oro Permits (mid year) – Copperstone - submit final documents for addition of leaching facilities to existing processing at site – Rehabilitate and installation of larger mil
Slide 35: Thank you
Thank you For more information contact us: info@mineraalamos.com /MineraAlamos /MineraAlamos @MineraAlamos @MineraAlamos mineraalamos.com
Minera Alamos — BMO 34th Global Metals, Mining & Critical Minerals Conference 2025 on 6ix