Mining Americas Inc. · TSX:MAI
Mining Americas — Minera Alamos — Investor Presentation (April 2026)
28 slides from Mining Americas's investor presentation, April 2026
Slide 1: Building a U.S. Focused Intermediate Gold Producer
Building a U.S. Focused Intermediate Gold Producer TSX.V: MAI | OTCQX: MAIFF April 2026
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 Overview
Minera Alamos Overview Rapidly Growing Gold Production in the Americas Americas-Focused Portfolio Investment Highlights Pan Mine Gold Rock Junior Gold Producer with Peer-Leading Production Growth – Cash flowing gold production with significant margins at spot prices Copperstone – 32-38 koz gold in 2
Slide 4: Recent Achievements
Recent Achievements Executing on strategy by delivering operational and corporate milestones Closed Pan Operating Complex acquisition → October 1, 2025 Secured US$25 million Auramet gold prepayment facility → October 1, 2025 Appointed Darren Blasutti & David Stewart to management team → Oct & Nov 20
Slide 5: Upcoming Milestones
Upcoming Milestones Advancing our pipeline to become a leading intermediate gold producer ▪ Copperstone prefeasibility study results, construction decision → April 2026 ▪ Announce proposed name change and rebranding → April 2026 ▪ Close revolving credit facility and debt refinancing → April-May 2026
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 Pre-Construction Development Development (internal trade-off studies) (awaiting perm
Slide 7: Project Sequencing & Major Milestones
Project Sequencing & Major 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
Slide 8: Emerging Intermediate Gold Producer
Emerging Intermediate Gold Producer Portfolio Highlights Production Potential (koz Au)4 Opportunity to increase production through exploration success Asset Pan Mine Copperstone Gold Rock Cerro de Oro 130-180 PEA PEA PEA Stage Operating (permitted) (permitted) (permits pending) 55-60 Pan Operating P
Slide 9: Pan Operating Complex - Nevada Overview
Pan Operating Complex - Nevada Overview Open-pit, conventional heap-leach assets Pan Mine Highlights Pan Mine Historical Results • Located East Central Nevada, ~28 km SE of Eureka, along Battle Mountain 2022 2023 2024 2025 trend; 100% owned by Minera Alamos Ore on Pad 3,030 4,593 4,333 4,649 • Open-
Slide 10: Pan Operating Complex Opportunities
Pan Operating Complex Opportunities INFRASTRUCTURE MAP Claim boundary Access roads Stable Operation with Exploration Upside Pan Resources Open pits • Mine restarted in mid-2017 by Fiore Gold, over 8 years of continuous production Leach pads (35-42 koz/year) • Successful track record of resource conv
Slide 11: Gold Rock Geology & Exploration Upside
Gold Rock Geology & Exploration Upside Highlights • Gold Rock hosts Carlin-type mineralization in folded and faulted North high walls of EZ Junior Pit 2018 Fiore Gold drillhole locations (Gold Rock Proj.) Paleozoic carbonate rocks, similar to major Nevada gold belts • Gold is structurally controlled
Slide 12: Copperstone Asset Overview
Copperstone Asset Overview Acquired in 2025 – near-term development with low capex, quick build-period Location Map Project Highlights – Arizona, USA Location & Property: – 13.8 sq mile package (surface + mineral rights) – 19 miles north of town of Quartzite – Discovered in 1968; Acq. by MAI in Feb.
Slide 13: Copperstone Exploration Upside
Copperstone Exploration Upside 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 potential to be an open pit; Followed by a pit extensio
Slide 14: 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 intercepts for accretion of additional resource confirm mineralization extends to depth for accretion of resources. Along strike ho
Slide 15: Cerro de Oro Asset Overview
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 leach – Mine L
Slide 16: 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 17: 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 $2.9 Wesdome 196 Wesdome 1.09x Alkane Resources $1.4 Galiano Gold 185 Hemlo Mining 0.79x i-80 Gold $1.4 Alk
Slide 18: Competitive Positioning
Competitive Positioning Peer Group Leading Gold Production Growth Consensus 2026–2028 Gold Production CAGR1 Consensus 2026–2029 Gold Production CAGR1 i-80 Gold 86% Minera Alamos 68% Minera Alamos 78% i-80 Gold 66% Amaroq 47% New Found Gold 40% Amaroq 40% Heliostar 36% Integra Resources 28% Rio2 29%
Slide 19: Capital Structure & Ownership
Capital Structure & Ownership Board & Management High Share Price (Apr 6, 2026) C$/sh C$6.15 Net worth Share Price (Apr 6, 2026) US$/sh US$4.41 3% Research Coverage 10% Common Shares O/S million 109.0 Allison Carson Options million 7.2 Retail Investors Warrants (strike @ C$7.05/sh) million 38.9 Rabi
Slide 20: Key Management & Board
Key Management & Board Experienced Management Team – Mine and Company Builders Management Team Board of Directors Darren Koningen, P.Eng. Jason Kosec, BSc. Meerl CEO, Director Chairman, Director 30 years of engineering/ metallurgical experience, led El Castillo project at 15 years experience in mine
Slide 21: Execute, Explore, Grow
Execute, Explore, Grow Re-invest in Asset Pipeline, Optimize Portfolio for Growth Mid-Tier Producer Accretive M&A Maximize Shareholder Value through Executing Growth Strategy Exploration & Discoveries Potential to Improve Grade, Shareholder Extend Mine Life Value & Market Intermediate Producer Devel
Slide 22: Appendix
Appendix TSX.V: MAI | OTCQX: MAIFF
Slide 23: 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, Director – Darren and the Castle Gold technical team took over management control of Minera Alamo
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: 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 Darren Blasutti, CA, CPA min
Slide 26: 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 27: 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 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 Proven & Probable 21.6 0.32 222 Leach Pad Inventory - - 33
Slide 28: 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