Core Insights - Minera Alamos Inc. reported strong preliminary operational results for Q4 2025, marking its first quarter as a gold producer following the acquisition of the Pan Operating Complex [2][3] - The company produced 9,165 ounces of gold in Q4 2025, exceeding its forecast of 8,500-9,000 ounces, and achieved a full-year production of 35,303 ounces, meeting its annual guidance of 30,000-40,000 ounces [3][7] - The all-in sustaining cost (AISC) for Q4 2025 was reported at US$1,604 per ounce, with preliminary cash costs at US$1,549 per ounce [3][7] - The company's unrestricted cash balance increased to US$34 million as of December 31, 2025, positioning it well for future growth [4][7] Production and Financial Performance - The Pan mine produced 9,165 ounces of gold in Q4 2025 and sold 8,492 ounces, with the remaining 673 ounces sold at the beginning of 2026 [3][7] - The company ended the year with a record cash balance of US$34 million, reflecting strong operational performance and cost discipline [3][4] - Full-year gold production of 35,303 ounces was achieved, aligning with the company's annual guidance [3][7] Strategic Positioning - Minera Alamos aims to become a leading intermediate gold producer focused on the Americas by leveraging the Pan mine as a cash flow engine and developing a pipeline of high-quality, low-capital projects [3][11] - The company is positioned to expand its gold resources across its portfolio, which includes several projects in North America [11]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported record revenue of $70.7 million, with operating cash flow of $35.6 million generated from Florida Canyon [9][36] - Adjusted earnings for the quarter were $16.3 million, or $0.10 per share, marking a total year-to-date adjusted earnings of $32.5 million, or $0.19 per share [10][36] - The cash balance at the end of the quarter was $81.2 million, the strongest financial position in the company's history [10][36] Business Line Data and Key Metrics Changes - Florida Canyon produced 20,653 ounces of gold in Q3 2025, with a cash cost of $1,876 per ounce and all-in sustaining cost (AISC) of $2,647 per ounce [9][14] - Year-to-date production from Florida Canyon reached 58,063 ounces, aligning with the annual guidance of 70,000-75,000 ounces [14] - The average realized gold price during the quarter was $3,464 per ounce, demonstrating significant cash flow leverage [9][36] Market Data and Key Metrics Changes - The company noted that elevated gold prices are adding cost pressure, with a $100 per ounce change in gold price resulting in an estimated $7 change to both cash costs and mine site AISC [15] - The average gold price realized year-to-date was $3,228 per ounce [36] Company Strategy and Development Direction - The acquisition of Florida Canyon has transformed the company from a gold developer to a gold producer, providing a reliable cash flow source to advance other projects [5][7] - Major investments are underway at Florida Canyon, including heap leach pad expansion and process optimization, aimed at sustaining and growing the operation [6][17] - The company aims to become a U.S.-focused intermediate gold producer, with ongoing work at Florida Canyon supporting the advancement of the Delamar and Nevada North projects [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Florida Canyon's ability to generate cash flow, which supports the development of other projects [5][10] - The company expects to publish an updated life of mine plan for Florida Canyon in the first half of 2026, highlighting its future potential [6][10] - The permitting process for the Delamar Project is progressing, with clarity expected in early 2026 [28][29] Other Important Information - A historic relationship agreement was signed with the Shoshone-Paiute Tribe for the development of the Delamar Project, emphasizing collaboration and sustainable economic development [31][32] - The company is focused on disciplined capital allocation and evaluating strategic M&A opportunities to support its growth objectives [41] Q&A Session Summary Question: How should we think about residual ounces boosting production going forward? - Management indicated that roughly half of the production is from residual ounces, which is expected to continue for some time but will taper off gradually [44][47] Question: Has the U.S. government shutdown affected permitting? - Management confirmed that there was no delay in permitting timelines due to the government shutdown, as they had a cost recovery program in place with the Bureau of Land Management [48] Question: What gold price will be used for future studies? - The company is monitoring consensus prices and has not finalized a price yet, but it is expected to be in the range of $2,500 to $3,000 [50][51] Question: When will major capital investments at Florida Canyon be behind? - Management indicated that capital expenditures are expected to taper off by the end of 2026, but future expansions may require additional capital [56][58] Question: Is all drilling material within permitted areas? - Management confirmed that all drilling for the north dumps and interpit areas is within the mine plan of operations, requiring no new permitting [77]

Core Viewpoint - Minera Alamos re-affirms its 2025 production and cost guidance for the Pan mine, highlighting its transition into a growing U.S. gold producer with significant cash flow expected in Q4 2025 [1][3][6] Group 1: Production and Financial Guidance - The Pan Mine is projected to produce between 30,000 to 40,000 ounces of gold in 2025 at an all-in sustaining cost (AISC) of $1,600 to $1,700 per ounce [6] - The forecast for Q4 2025 is to meet or exceed planned production of 8,500 to 9,000 ounces of gold, with all ounces produced being attributed to Minera Alamos [6] - Year-to-date gold production for Q3 2025 was approximately 26,100 ounces at an AISC of about $1,675 per ounce sold [6] Group 2: Operational Updates - The first gold pour under Minera Alamos ownership occurred on October 7, 2025, marking a significant milestone for the company [3][6] - The Pan Mine has been in continuous production since 2017, producing over 335,000 ounces to date, with 35,228 ounces sold in 2024 at a cash cost of $1,473 per ounce [4][6] - Recent expansions of leach pads have increased stacking capacity, supporting ongoing production and future growth [4] Group 3: Company Overview - Minera Alamos operates the Pan Mining Complex in Nevada, which includes the Pan heap leach gold mine and two other development projects [8] - The company also owns the Copperstone mine in Arizona and maintains a portfolio of high-quality assets in Mexico, including the Santana and Cerro de Oro projects [8] - The strategy of Minera Alamos focuses on developing low capital expenditure assets while expanding resources and pursuing strategic acquisitions [8]