Mining Americas Inc. · TSX:MAI
Mining Americas — Investor Presentation (July 2026)
29 slides from Mining Americas's investor presentation, July 2026
Slide 1: Building a U.S. Focused Intermediate Gold Producer
Building a U.S. Focused Intermediate Gold Producer TSX: MAI | OTCQX: MAIFF July 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 growing to +150 koz by 2028 • Peer-leading
Slide 4: Emerging Intermediate Gold Producer
Emerging Intermediate Gold Producer Peer-leading, organically funded growth 2026-2028 Further Upside Across Portfolio 170-185 • Copperstone open pit potential • Santana restart/expansion potential 55-60 • Exploration upside along strike at Gold Rock 115-125 • Illipah exploration potential 35-45 46 3
Slide 5: 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 federal permit Completed 10:1 share consolidation Copperstone Gold Rock updated Coppersto
Slide 6: Cornerstone Assets
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) (awaiting permits)
Slide 7: 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 8: 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 • Located East Central Nevada along Battle Mountain trend Head grade (g/t) 0.34 0.36 0.40 0.35 • Open-pit, Carlin-style gold d
Slide 9: Pan Operating Complex: Gold Rock Opportunities
Pan Operating Complex Gold Rock Opportunities INFRASTRUCTURE MAP Claim boundary Access roads Pan Resources Gold Rock Project Highlights Simple Heap Leach Project Scenario Open pits Leach pads • Located in Nevada, ~8 km SE of Pan Mine, along Battle Mountain trend; • Fully permitted and bonded 100% ow
Slide 10: Copperstone Project: 2026 Pre-Feasibility Study Highlights
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 production
Slide 11: Copperstone Project: PFS Production and Tonnes
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 12: Copperstone Project: Resource Conversion and Exploration
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 13: Copperstone Project: Current Status and Next Steps
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 Targeting Prod
Slide 14: Cerro de Oro Asset Overview
Cerro de Oro Asset Overview 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 cash costs ▪ $151M NPV5% at $1
Slide 15: Competitive Positioning: Peer Valuation Multiples
Competitive Positioning Poised for re-rating to Junior/Intermediate Producer Peer valuation multiples Market Capitalization (US$B) 2026E Au Production (koz)1,2 Consensus P/NAV (ratio)3 Wesdome $2.7 Orezone 222 Wesdome 1.00x Alkane Resources $1.2 Wesdome 196 Alkane Resources 0.69x Hemlo Mining $1.2 A
Slide 16: Competitive Positioning: Peer Group Leading Gold Production Growth
Competitive Positioning Peer Group Leading Gold Production Growth Consensus 2026–2028 Gold Production CAGR1 Consensus 2026–2029 Gold Production CAGR1 i-80 Gold 91% Mining Americas 71% Mining Americas 87% i-80 Gold 69% Amaroq 47% Heliostar 46% Heliostar 32% Amaroq 40% Rio2 31% Mako Mining 38% Jaguar
Slide 17: Competitive Positioning: Rapid Free Cash Flow Growth
Competitive Positioning Rapid Free Cash Flow Growth Analyst Consensus FCF vs MAI Market Cap1 $600 $500 $400 US$ millions $300 $547 $200 $340 $319 $100 $213 $37 $0 -$22 -$100 Market Cap 2026 2027 2028 2029 2026-2029 • Q2 2026 available liquidity of $44M cash + $30M undrawn RCF Investment phase Cashfl
Slide 18: Capital Structure & Ownership
Capital Structure & Ownership Board & Share Price (July 17, 2026) C$/sh C$4.33 Management High Net worth Share Price (July 17, 2026) US$/sh US$3.09 3% Research Coverage Target (C$)2 10% Common Shares O/S million 109.9 Allison Carson C$9.00 Options million 7.4 Retail Warrants (strike C$7.05/~US$5, ex
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: Copperstone Project: 2026 Pre-Feasibility Study Highlights
Copperstone Project 2026 Pre-Feasibility Study Highlights PROJECT HIGHLIGHTS Operating Costs $/oz Au $/tonne ore Total Total Mining $654 $98.39 Capital Costs ($millions) Initial Sustaining LOM Total ore mined (k tonnes) 1,934 Underground Mine - Infrastructure $9.2 $50.1 $59.3 Total Processing $158 $
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: Exploration 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: Pan Mine Notes
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