Minera Alamos Marks Major Milestone: Nevada Acquisition Complete, Pan Mine Now Operational

Game-Changing Quarter Sets Stage for Intermediate Gold Producer Ambitions

Minera Alamos Inc. (TSXV: MAI) has entered a transformational phase following the completion of its Nevada Assets acquisition and the launch of gold production under its ownership. In its Q3 2025 results announced today, the company revealed significant operational and strategic progress that positions it for accelerated growth in the coming quarters.

The headline achievement came on October 1, 2025, when Minera Alamos closed its acquisition of Equinox Gold’s Pan Gold Mine, Gold Rock Project, and Illipah Project in White Pine County, Nevada. The transaction valued at approximately US$88.4 million in cash plus 96.8 million common shares represents the company’s boldest expansion move to date. Equinox Gold retained a 9.15% stake in the combined entity, signaling continued confidence in the venture.

CEO Darren Koningen emphasized the significance: “The combination of our recently closed Nevada assets acquisition with the current strong gold price environment is transformative for Minera Alamos. With the transitional third quarter in the rear view, we look forward to capitalizing on profitable, cash-flowing gold production from the Pan Operating Complex as we execute on our growth portfolio focused on high-quality, low-capital intensity gold projects.”

Production Kicks Off at Pan Operating Complex

The Pan mine wasted no time proving its value. First gold pour under Minera Alamos ownership occurred on October 7, 2025, with October production reaching 3,093 ounces. The company reaffirmed Equinox’s 2025 Pan Mine operating guidance of 30,000–40,000 gold ounces at an all-in sustaining cost of US$1,600–$1,700 per ounce, providing clear near-term cash generation expectations.

This operational asset represents a critical shift for the company, moving it from pure exploration and development mode into cash-producing operations. The immediate gold revenue from the Pan Operating Complex creates financial flexibility to advance the broader portfolio while reducing dependence on capital markets for near-term funding.

Capital Structure and Market Elevation

To fund the Nevada Assets acquisition, Minera Alamos completed a bought deal private placement that raised approximately $135 million through the issuance of 380.3 million subscription receipts at $0.355 per receipt. Upon closing conditions being satisfied on October 1, these receipts automatically converted into common shares and accompanying warrants (exercisable at $0.705 per share through September 2028).

The company announced plans to graduate from TSX Venture Exchange to the Toronto Stock Exchange, with the application anticipated to complete in Q1 2026. Alongside the TSX listing application, Minera Alamos will execute a 10:1 share consolidation and has granted 48.3 million pre-consolidation stock options to officers and directors at $0.425 per share, vesting over three years. These moves reflect management’s confidence and signal efforts to elevate the company’s profile in capital markets.

Leadership Reinforcement

Minera Alamos continues building institutional depth by appointing David Stewart as Vice President, Capital Markets & Strategy. Stewart brings 15 years of mining sector experience spanning mine development and operations, sell-side equity research, and corporate development. Previously VP of Corporate Development and Investor Relations at Omai Gold Mines, Stewart demonstrated his value by helping drive that company’s market capitalization from C$130 million to over C$550 million. His background includes roles at Barrick Gold, Redpath Mining, and as equity research analyst at Desjardins Securities and GMP Securities covering 23 companies.

This appointment joins previously announced leadership additions: Jason Kosec as Chairman of the Board and Darren Blasutti as Executive Vice President, Corporate Development. The company also bid farewell to Victoria Vargas de Szarzynski, former VP Investor Relations, after seven years of service.

Development Pipeline Advances

The Copperstone project in Arizona continues progressing through final permitting phases. Amendments to the Mine Plan of Operations were submitted in final form during July 2025, with all required approvals expected by year-end. The company is simultaneously preparing an updated technical study aimed at securing board approval for full operational restart. Equipment transfers are underway to enable process plant refurbishment ahead of installation, with project financing discussions ongoing.

In Mexico, the Cerro de Oro oxide gold project remains in federal environmental permitting with constructive dialogue continuing with SERMANAT. Early 2026 activities will include additional metallurgical optimization studies, detailed engineering design, and exploration drilling to expand known mineralization areas.

Financial Results Context

Minera Alamos recorded a net loss of $7.06 million or $0.012 per share in Q3 2025, primarily reflecting costs associated with the Nevada Assets acquisition. Operating loss totaled $299,455 for the quarter—a modest figure considering the scale of transaction activity underway.

The combination of productive Pan gold operations, advanced-stage development assets in Arizona and Mexico, and a newly professionalized management team positions Minera Alamos for a new chapter as a mid-tier gold producer in the making.