Mining Americas Inc. · TSX:MAI
Mining Americas — Minera Alamos — Investor Presentation (November 2025)
21 slides from Mining Americas's investor presentation, November 2025
Slide 1: The Creation of an Emerging U.S. Focused Gold Producer
The Creation of an Emerging U.S. Focused Gold Producer TSX.V: MAI | OTCQX: MAIFF November 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 Overview
Minera Alamos Overview The Creation of an Emerging U.S. Focused Gold Producer Investment Highlights Americas-Focused Portfolio Pan Mine Immediate Production and Cash Flow Potential Gold Rock – Immediate transition into multi-asset junior gold producer Copperstone – Pan production (~40koz Au per year
Slide 4: 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 | New Technical Study in-progress Au | PEA Au | PEA | Permitted Nevada, USA |Permitted Arizona, USA Zacatecas, MX Nevada
Slide 5: Emerging Jr. Precious Metals Producer
Emerging Jr. Precious Metals Producer Portfolio Highlights Production Potential (koz Au)4 Opportunity to increase production through exploration success Asset Pan Mine Copperstone Cerro de Oro Gold Rock 130-165 Updated study in- PEA PEA Stage Operating progress (permits pending) (permitted) (permitt
Slide 6: Pan Operating Complex - Nevada Overview
Pan Operating Complex - Nevada 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 4,59
Slide 7: Pan Operating Complex Opportunities
Pan Operating Complex Opportunities Stable Operation with Exploration Upside Pan Mine 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 8,2
Slide 8: Pan Operating Complex Geology & Exploration Upside
Pan Operating Complex 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
Slide 9: 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 10: 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 potential to be an open pit; Followed by
Slide 11: 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 12: 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 13: 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 14: 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 SSR Mining $5.0 SSR Mining 444 Wesdome 1.02x DPM Metals $4.9 Aris Mining 396 Discovery 1.00x G Min
Slide 15: Cap Structure & Ownership
Cap Structure & Ownership Capitalization (C$) Ownership Summary (% Basic S/O) Mgmt & High Share Price US$/sh. $0.26 Insiders Net worth Equinox Share Price C$/sh. $0.37 3% 2% FDITM Shares Msh. 1,078 Retail 9% Investors FDITM Market Capitalization US$M $283.1 42% (-) Cash US$M $27.9 (-) ITM Proceeds U
Slide 16: 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 17: Key Management & Board
Key Management & Board Experienced Management Team – Mine and Company Builders Management Team Board of Directors Darren Koningen, P.Eng. Jason Kosec, B.Geo CEO Incoming Chairman, Director 30 years of engineering/ metallurgical experience, led El Castillo 15 years experience in mineral resources, fo
Slide 18: Appendix
Appendix TSX.V: MAI | OTCQX: MAIFF
Slide 19: 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 20: 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 21: 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
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