Minera Alamos Inc. (TSX-V: MAI) (OTCQX: MAIFF) is pleased to announce audited financial and operating results for the three months and year ended December 31, 2025. Results are presented in Canadian dollars unless otherwise stated. For details of the consolidated Financial Statements and Management’s Discussion and Analysis, please see the Company’s filings at www.mineraalamos.com or on SEDAR+ at www.sedarplus.ca.

Fourth Quarter 2025 Highlights

• Record quarterly earnings from mine operations of $20.1 million and record quarterly adjusted earnings¹ of $11.6 million ($0.11 per share).
• Cash flow from operating activities after changes in working capital in the quarter was $41.3 million ($0.39 per share), cash used in investing activities of $4.9 million, and net cash provided from financing activities of $22.0 million.
• Ended Q4 2025 with cash and cash equivalents of $60.3 million ($46.5 million unrestricted) and working capital of $112.0 million.
• Record quarterly gold production of 9,165 ounces, gold sales of 8,068 ounces at average realized price of US$3,871/oz, and revenue of $43.6 million.
• Q4 2025 total cash costs¹ of US$1,658/oz gold sold and all-in sustaining costs¹ of US$1,716/oz gold sold at the Pan mine. See “Non-IFRS Measures” below for explanation of total cash costs and AISC.

¹ Refer to the “Non-IFRS Measures” in this release and associated MD&A for a description of these measures.

Minera Alamos CEO, Darren Koningen, commented, “With quarterly records across the board for gold production, revenue, earnings from mine operations and adjusted earnings, the fourth quarter solidifies our transformation into a growing, U.S. focused gold producer. We anticipate continued strong momentum in our financial results with current gold prices higher than those realized in the fourth quarter, and significantly improved liquidity from the recently announced US$75 million revolving credit facility, allowing us to organically fund our upcoming growth projects including the Copperstone Project in Arizona.

In May 2026, we look forward to closing the revolving credit facility, releasing the results of a pre-feasibility study on the Copperstone project, and announcing a proposed name change and rebranding reflective of our newly transformed Company.”

Recent Highlights

• On October 1, 2025, Company completed the acquisition of the Pan Operating Complex from Equinox Gold Corp., including the producing Pan mine, the Gold Rock project and the Illipah project located in White Pine County, Nevada, USA. First gold production from the Pan mine under the Company’s ownership occurred on October 7, 2025.
• The Company continued to strengthen its management team in Q4 2025 with the appointment of Darren Blasutti as Executive Vice President Corporate Development in October 2025 and David Stewart as Vice President, Capital Markets & Strategy in November 2025.
• On January 5, 2026, the Company completed a share consolidation at a ratio of ten pre-consolidation shares to one post-consolidation share.
• On January 28, 2026, the Company announced a C$56 million secondary market purchase of approximately 9% of the Company’s issued common shares by a group of strategic investors from a subsidiary of Equinox Gold Corp., including C$3 million from the Company’s Executive Vice President Corporate Development, Darren Blasutti. The shares were originally issued to Equinox Gold Corp. as partial consideration for Pan Acquisition.
• On February 4, 2026, the Company announced 2026 production and cost guidance for the Pan mine, including gold production of 32,000–38,000 ounces, total cash costs of US$1,750–1,900 per ounce, and AISC of US$1,850–2,000 per ounce. In addition, the Company announced it had substantially integrated the Pan mine into its corporate and operating structures approximately three months ahead of the original schedule.
• On March 5, 2026, the Company announced updated Mineral Resource and Mineral Reserve estimates for the Pan mine with a technical report having an effective date of September 1, 2025. Highlights from the technical report include Proven and Probable Reserves of 222 thousand ounces gold (21.6 million tonnes grading 0.32 g/t) based on a conservative gold price of US$2,600 per ounce and an additional 33,000 ounces of recoverable gold leach pad inventory.
• On March 25, 2026, the Company executed a term sheet for a US$75 million, three-year revolving credit facility with The Bank of Nova Scotia and National Bank of Canada. The term sheet was approved by both banks’ credit committees with closing and initial funding of the Revolver subject to negotiation and execution of definitive loan, guarantee and security agreements and satisfaction of certain customary closing conditions.
• On April 13, 2026, the Company reported first quarter 2026 gold production of 8,734 ounces and gold sales of 9,134 ounces from the Pan mine.

2026 Outlook

The Company’s strategy is to become a leading, U.S. focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio. For 2026, the Company has the following goals pursuant to its strategy:

• Achieving 2026 guidance at the Pan mine – gold production of 32,000–38,000 ounces, total cash costs of US$1,750–1,900 per ounce, and AISC of US$1,850–2,000 per ounce
• Announcing a proposed name change and rebranding in May 2026
• Releasing the results of the Copperstone pre-feasibility study in May 2026, followed by a construction decision and mine development throughout 2026
• Closing the Revolving Credit Facility with Scotiabank and National Bank and debt refinancing in May 2026
• Graduation from TSX Venture Exchange to Toronto Stock Exchange in Q2 2026²
• Starting the Company’s inaugural drilling program at the Copperstone project testing near-surface, open pit gold mineralization in Q2 2026
• Releasing a maiden open pit mineral resource estimate at the Copperstone project in mid-2026
• Releasing an updated technical report on the Gold Rock project in Q4 2026
• Continuing to strengthen the Company’s Board and Management Team to raise its corporate profile and improve the operation and development of its property portfolio

² The Company has applied to have its securities listed on Toronto Stock Exchange. Listing is subject to the approval of the Exchange in accordance with its original listing requirements. Toronto Stock Exchange has not conditionally approved the issuer’s listing application and there is no assurance that the Exchange will approve the listing application.

Q4 2025 Financial Highlights

¹ Basic (loss) income per share is presented on a post share consolidation basis. Weighted average shares for the quarter and year ended December 31, 2025 are 105,994,157 and 69,282,251, respectively (December 31, 2024 – 47,089,101 and 46,819,194, respectively).

On October 1, 2025, the Company completed the acquisition of the Pan Operating Complex from Equinox Gold Corp.  The transaction included the Pan mine, together with the adjacent permitted Gold Rock project, as well as the nearby past-producing Illipah project. The transaction consisted of cash consideration of US$88.4 million, subject to post-closing working capital adjustments, and the issuance of 9,680,300 common shares of the Company.

Gold production of 9,165 ounces was produced from the Pan mine during the fourth quarter of 2025.

Gold revenues of $43.1 million were realized from the sale of 7,922 gold ounces from the Pan mine and revenues of $0.5 million were realized from the sale of 146 gold ounces from the Santana operation, for gross proceeds of $43.6 million with an average realized gold price of $5,399 (US$3,871) per ounce.

Total cash costs and all-in sustaining costs were $2,313 per ounce (US$1,658) and $2,393 per ounce (US$1,716), respectively from the operations at the Pan mine.

Cash flow from operating activities after changes in working capital in the quarter was $41.3 million, cash used in investing activities was $4.9 million, with net cash provided from financing activities during Q4 2025 of $22.0 million.

The Company recorded earnings from mine operations of $20.1 million and a net loss of $0.9 million in Q4 2025. Adjusting for one-time items including expensing of the Copperstone project exploration expenses and costs associated with the acquisitions and settlements during the 2025 year the adjusted net income in Q4, 2025 is $11.6 million.

Cash and Cash Equivalents of $60.3 million as at December 31, 2025. The cash and cash equivalents include $13.8 million to complete the working capital payment for the Pan Acquisition. The payment for this amount was made on January 20, 2026.

The Company closed on a $3.5 million private placement by issuing 875,000 common shares at a price of $4.00 per share and 875,000 common share purchase warrants at a price of $7.05 per warrant share with a term of 3 years.

Consolidated Highlights

¹ Consolidated financial and operational results for 2025 include the Pan Mining Complex since its acquisition, from October 1, 2025 to December 31, 2025.
² Total cash costs and AISC reflects costs associated with the Pan operation only as total cash costs and AISC were not recognized on the Santana operations.
³ Non-IFRS measure, for further information refer to the Non-IFRS Measures section in this MD&A. 
⁴ Basic (loss) income per share is presented on a post share consolidation basis. Weighted average shares for the quarter and year ended December 31, 2025 are 105,994,157 and 69,282,251, respectively (December 31, 2024 – 47,089,101 and 46,819,194, respectively)

Liquidity

Summary of Cash Flow

Pan Mine Operating Summary

Adjusted Net Income

Total cash costs.  The Company uses total cash costs per gold ounce sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying total cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Total cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company’s reporting of these non-GAAP financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Total cash costs include production costs, refinery and transportation costs, royalties and production taxes. Total cash costs exclude non-cash depreciation and depletion and site share-based compensation. Production costs include mining, crushing, processing, and direct overhead at the operation sites.

AISC.  AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations. AISC per ounce includes mining, processing, direct overhead, reclamation and sustaining capital.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Mr. Darren Koningen, P.Eng., Minera Alamos’ CEO, who is the Company’s Qualified Person under National Instrument 43-101.

About Minera Alamos

Minera Alamos is a growing North American gold production and development company with projects in Nevada, Arizona, and Mexico. The Company owns the Pan Operating Complex in White Pine County, Nevada, comprised of the producing Pan mine and the adjacent permitted Gold Rock project, as well as the nearby past-producing Illipah project. The Company also owns the Copperstone project in La Paz County, Arizona, a permitted, advanced underground gold project. The Company maintains a portfolio of high-quality Mexican assets, including the Cerro de Oro project, an open pit heap leach gold development project in northern Zacatecas. The Company’s strategy is to become a leading, U.S. focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio.

For Further Information Please Contact:  

Darren Blasutti, EVP Corporate Development
416-306-0990 ext 208
dblasutti@mineraalamos.com

David Stewart, VP Capital Markets & Strategy
647-294-8361
dstewart@mineraalamos.com
Website: www.mineraalamos.com