Mining Americas Inc.

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Coming along next is a contact that I had for well over a decade here when he was with the exploration group in a small mine in Montana called RX Exploration, but, now he's a VP of corporate development for the TSX listed Mexico, small scale heap bleach, developer, Mira Alamos. Darren Blisutti, thanks Paul and congratulations again on your retirement in a few months. so this is the new Mera Alamos, I like to call it. Meera Alamos, traditionally was a, developer in Mexico, that was a very difficult process during AMLO's campaign of, no open pit mines. And so the company before I got there made, made, made a major change, to change itself into, not only a Mexican potential developer, but to buy mines in the United States. And so talking this about building a US focused intermediate gold producer. I'll be making some forward-looking statements. I wish I could, always forecast the future, appropriately, but, we'll do our best. We'll talk quite a bit about some forward-looking buildings, some minds. So just some cautionaries, please read this commentary. Rapidly growing gold production in the Americas. We're currently producing. Around 35,000 ounces a year from our newly acquired Pan mine from, Equinox caliber, at the beginning of October this year or 2025. We produced 18,000 ounces roughly since, we've bought the mine, and we've generated, just over $30 million in free cash flow from those, from that mine in the last six months. Our production at the Pan Mine, guidance is between $32,000 and 36,000 ounces this year at sub $2000 ASIC, probably around $1850 at the midpoint of that range, and we expect to grow to 150,000 ounces by 2028. and you'll see in the chart later, peer-leading growth production consensus of 78%, Kager in, in those three years and 68%. In the four years to 2029. and we'll talk a little bit about how we, we grow that even, even bigger as we go forward. we've got a strong balance sheet. We ended the quarter with $46 million. We recently announced a $75 million revolving credit facility from Scotiabank and National Bank, which, for Scotiabank was the, was the smallest company they've ever done a revolving credit, facility for that they led. so proud to have, to, to be that, that, and, it's really based on the back of the acquisition of Pan. back in, in, in, in October of 2025, but also by some strategic foresight of the, of the company and the guys who ran it then to buy an asset called Copperstone, which is in Arizona and I'll talk about. So we've got the balance sheet and the cash flow to fund Copperstone, Gold Rock, and Cerra de Oro. we'll be able to do that once again, like Rick said, without equity dilution from the cash flow that we're building at mines. And that's because we have permitted brownfield projects that are amongst the lowest in the industry for low capacity, low capital intensity. And so we're going to build out roughly 150,000 ounces of production for $130 million US in capital. And we'll talk about how because we get a lot of questions about how we're going to do that. And finally, a management team, there was proven, mine builders in the company. There wasn't a proven corporate side of the company. myself, Dave, David Stewart has come in, as well as we'll bring in some new chairmen and new management over the next couple of weeks that you'll be announced. And that team has bought $5.4 million worth of stock in the company since we bought this in October 2025. Basically, Dave and I, because we're the new guys, so we've bought a bunch of stock. and again, we have a successful track record of delivering low-cost projects in the Americas. If you look at the screen, you can see the Pan and Gold Rock mines are near Ely, Nevada, Copperstone near Quartzite, Arizona and the Cerradoro Project in northern Zacatecas, just 25 miles north of of Penasquito. So what have we done since we closed the acquisition? on October 1st, we we secured $25 million Orome prepayment facility. the company, although had enough money to acquire the asset, it didn't have enough money to have working capital. So we took about $8 million of debt and put in $17 million of cash from Ome and basically structured a prepayment facility, on October 1st to give the company some working capital. Dave and I, Dave and I came on in October, November 2025. We replaced the, the mining contractor, which was Lead Core, in, at the end of the year with a new contractor called Turner Mining. They came in and in a month, they were able to get up to speed and integrate into full capacity and meet their KPIs by the end of January, thanks to a lot of new equipment and the people that had stayed behind from Lead Core at at, at Turner. We also completed a 10 to 1 share consolidation. To effectively get the stock to a number of 110 million shares outstanding. And then, in mid-January, we basically had the four-month hold come off all the stock that was, that was, That was, that was used or exercised to investors came off their hold period and right after that, Dave and I executed a secondary market purchase of Mra Alamo shares from Equinox by, by, by ourselves and some, some large institutions on January 28th, removing the overhang of the Eququinox stock. We then issued guidance for Pan, the first one for the full year guidance. we're on plan as of the first quarter producing 8740 ounces. we then updated the Pan M Life reserves and resources, showing offsetting three years of mining depletion. in March, as of September 30th, And again, I think it's a story of Pan was expected to be out of ore by when it first ran in 2017 by now, and we have another 5 or 6 years remaining on that asset. And then finally we executed the term sheet for $75 million of Scotiabank in Nashville. So that's what we've done since the beginning of October. What are we going to do for the rest of the year? Important milestones, we're going to announce in the early May the Copperstone pre-feasibility study results and a construction decision. This will add 55,000 ounces of gold production at sub $1500 ASIC. To the, to the M plan. the capital on that is, is, is going to be reasonable, and I can't tell you the capital because the study is not out, but I can tell you that in 5 months, we'll repay the, The capital of the project within the 1st 5 months of, of, of, of production. We're going to name, change the name, not that we don't love Beer Alamos, but the company's no longer, a, a Mexican developer. It's a US producer with a, with a a really great Mexican asset called Cerra Doro, and we're gonna rebrand the company. We'll close the revolver facility that we've announced. We're gonna graduate from the TSXV to the TSX in May, We're going to announce the Copperstone open pit drilling program and a maiden open pit mineral resource. Why is that important? Because we're talking about in this presentation about the underground mine at Copperstone, which is fully permitted. This is the open pit which was mined in 1988 to 1993 at 2.7 g per ton oxide, and there's probably 5000 to 700,000 ounces, we believe, still sitting in that pit plus a gram. So that's all oxide and that will, will, that is not in our plan so far because we've got to get it permitted and we'll work on that. We're expecting in Q3 a Cerra Doro permit. the Gold Rock technical report, which is the satellite pit from Pan, we're gonna start, make a construction decision and start building in Q4 2026. We're gonna then update the Cerra Doro technical report in Q1 2027. Copperstone production will start in Q1 2027, and finally listing on the NYSE American in Q1 2027. So many milestones. These are important. We think you should look back 1 month from now, 2 months from now, 3 months from now, and ensure that we've done this. If not, call and give us hell. That's our job. These are our milestones. These are what we expect to, to accomplish and do. and, and again, I think it's going to drive substantial share price appreciation for the company. To put in perspective here, our assets just slightly differently. We've got the Pan Mine producing in Nevada. It's got its permit. It's protruded since 2017. We've got the Copperstone underground mine is in pre-construction. We've got eight people on site doing pre-construction work for the decision later at the end of the month. you can see that it was brownfield open pit from 1987 to 1983 and underground 2012 to 2013. That PEA will become a PFS in two weeks. The Gold Rock project, also 8 miles away from, Pan, also in development. We're doing some trade-off studies right now. that is fully permitted. Brownfield mine site from 89 to 94. Why does the brownfield matter? Because it's, it's recovered gold and we know the recoveries. It's not going to be a mystery when we get out and build it. There was a PEA done in 2021. At much lower gold prices, $1400 we'll be updating that Pan Gold Rock project at $3500 and we'll create a much more valuable mine. And finally, in Zacatecas, a development project where a permit has been waiting for quite a period of time. We're excited to announce that we think we'll be permitted in Q3 this year. As a result, As a result of the Zacatecas. Semmernat people telling us we expect a federal inspection in the next couple of months, so that will allow us to get that permitted. That's a greenfield site, but a very, very, simple open-pit heat bleach. So, here's the production profile as we come through out of the pan operating complex, which is Pan and Gold Rock. We expect to do 300,000 to 75,000 ounces over the next 3 years. The original copperstone PEA was 40 to 45. We expect to mine 50% more than the current PEA, when we come out with our new study. as far as total ounces produced, which will materially increase the, the, the, the production profile, and then you see Cerra Doro again run at $1600 gold producing $55,000 to 60,000 ounces. So we've got a target here of $130 to 180. but the three of them, gold rock, Copperstone, and Cerra Doro will produce more than 150,000 ounces at current gold prices. Pan operating opportunities. You can see again here on the right pan and Gold Rock, how close they are to each other. So when we build Gold Rock, it's literally just building a heap bleach pad. The gold plant will stay at Pan, and, and we're building a heap bleach pad. And, but the story on the bottom is the pan reserve replacement. After 8.5 years of mining, it was supposed to be mined out in 2022. It's still going at September 1st, 2025 with 22 million tons, which is more tons than it started with in 2017. So again, we've got 5 to 7 years of operations and residual leaching here. It is the engine that provides the capital for all everything we have. Won't talk too much about geology here, but, gold rock, has, is structurally, contained along a fault. We're talking about the 450,000 ounces that are in, MNI effectively being along a fault that has had not much exploration. So we think it'll be not only with the pit be bigger, but we'll find a lot more gold north and south of that, on that structural trend. Finally, copperstone, the underground mine here, you can see the blue arrow pointing down to the south, I guess southeast. That's the down-dip extension of the current 500,000 ounce underground resource. we expect that there's been no drilling down there, that our 12-year mine life that we'll come out with will be extended quite materially beyond the 12 years and the production increase. but what we're actually focused on this year is spending $1.6 million to drill the open pit and put a new resource out. Why are we doing that why we're building the building the underground? Because we want to drill the underground from the underground because it's cheaper, but from the open pit, we've got a permit it. It's about an 18 month process. We want to know how big the open pit is. Before we, we go and permit, so we're going to drill it this year so we can get into permitting next year on the asset on the open pit. That is not in our production profile yet. And finally, Cerra Doro, you see it at the top just above Penasquito, and, Camino Rojo and Fresnio's assets, very safe jurisdiction in Zacatecas. You can see it's a valley heat bleach, in the original PEA had an 8-year mine life producing 58,000 ounces at $870 ASIC. This will be much bigger. It is a sea of low grade mineralization. As gold prices go up, the strip ratio will effectively be zero for the 1st 4 years. Everything will go on the waste, and we're talking about building this mine for less than $35 million in capital, and we believe it will be well above 70,000 ounces a year of production. This is very exciting for us again. All three of these two of the three assets are permitted. the third one, we're expecting the permit. So in front of us, there's a lot of companies that have hockey stick growth in our space. there's very few that have as many assets permitted and going to be permitted in the very near future. That allows us to grow. So where do we competitively positioned? Our market cap is just about $450 million US. We're going to produce $32,000 to 38,000 ounces this year, but by 2028, we expect to be greater than 150,000 ounces. Based on analyst consensus P to NEV, we trade more like a developer than a producer at 0.3 times, and to put the 0.3 times into perspective, that's using $3600 gold as the consensus goal price. if you use our internal models for copperstone, for, Gold Rock and for Cerra Dora, we're trading at 0.12 times NAV. So we've got, we're not planning to do any equity issues. We're not gonna buy any companies, head down, focus on building these mines and getting value for our shareholders. This is an interesting s, consensus gold production Kager. I mentioned this. If you look over 2026 to 2028, you see that we're second only to I-80, and if you look at 3, a 4-year total, we're number one. That does not include the Copperstone open pit, and these are all based on our lower PEA numbers, not on the, on the numbers coming out as we issue these studies, much like we'll, as we talked about copperstone being 50% more ounces mined. than, than the current PA that is not put into these numbers. So we're going to have record-leading gold industry growth. maybe Rick has something to say about that, but we're pretty close from 26 to 29. capital structure, 109 million shares outstanding, 38.9 million warrants. So the stock today is at about 650 Canadian. So we basically have 280 million Canadian or $200 million US already diluted in our portfolio that will come in as we build these mines and get value for them. That there'll be an extra $200 million of cash to build mines or to pay back the shareholders or to buy back stock as we move forward. You see the cash amount and the debt. but again, and we've just, we've got an undrawn revolving credit facility that will be announced very shortly. You can see that, prior to the recent, deal to buy Pen, this company was 85% retail and high net worth. We've now added a substantial investor, institutional investor component. and, not that the retail investors aren't important, but we, we've added some institutional money, and you can see high net worths at about 10% and management of boards at 3%. And the bottom chart is us buying the $5.4 million the insiders buying $5.4 million worth of stock. We're covered by Dejardin, National Bank Stiefel, and in May, we will be covered by Scotiabank. And so again, we're, we're moving forward, on the capital structure. We don't have to issue a single share. To increase 150,000 ounces of gold production and the total capital for those three assets based on our estimates is about $130 million US. And to put it in perspective, we're gonna, we're gonna, we're gonna produce operating cash flow at Pan this year at about 85 million. So once we bring on Copperstone next year, and we go to basically 80,000 plus ounces of production in 2027, and then we go to about 140,000 ounces in 2028. So we've got lots of production increases. Lots of all coming out of cash flow. Significant free cash flow coming. and, really low costs assets to build. Sorry, that's the last one. So, with that, Paul, I don't know if there's any questions, but, I, I just, fundamentally, say that we feel, every guy up here says we're undervalued and we feel undervalued. I've got $4 million in the last 5 months that says, I think it's undervalued. That's what I bought in the market and I will continue to buy. We're blacked out right now because of a credit facility in a year-end. I've never seen a setup of an asset of a company that has as many assets ready to be built at such low cost. The per don't underestimate the permits. As Rick said, there's 2.5 years of Trump left, who knows what'll happen after that. But right now, we've got assets in front of us that we can build out to make a, a, a, a very strong junior gold producer with a lot of free cash flow. and, I think a lot of companies are going to be in that boat at current share prices. So creating internal growth, one of the things that we haven't done very well is explore. We've got a very small budget for exploration. This company came from not a single dollar on the balance sheet in October to a $75 million revolver from Scotia with $50 million of cash and growing. We will start to increase that and do some drilling to increase the reserve life of our assets. So that'll be the next phase, I would say later in the year, this year, but right now we're heads down, focused on. building our minds out and focused on not issuing any dilution to our shareholders. With that Paul. Any questions for me before? Question for me, of the projects that you now have, which has the most, remaining upside you would say? Well, Cerra Doro, just because of its very disseminated nature, if you take the ore body from, say, 0.37 g, which is really obviously sounds very low, to 0.3, you probably double the number of ounces by lowering that cutoff grade because it's just a massive disseminated sea of mineralization. So I think from that asset, you know, we were talking about. You know, 58,000 ounces, you're probably talking about 80,000 ounces for 14 or 15 years. So to us, and again, you're talking about 35 million, people say, how can it be 35 million? Well, we, we have no strips, so we don't, we don't have a strip. We don't have a waste pile for the 1st 4 years, so everything's going on, the heap bleach. So all you're building is basically a heap bleach and some roads. Contract minor, so no, not, not very much capital. So to me, that's the project that everybody knew that they were waiting for Mira Alamos to deliver, and they wanted to deliver it, but they couldn't. So in the interim, if we don't get the permit in Q3, which I think is highly unlikely, we have two other mines to build while we wait for that to go. So, but that's the one that I think is the most value. And I think nobody understands yet the copperstone open pit value because we haven't put any information out about it. It will rival both pan and gold rock as an asset because it's got 3 times the grade of pan and twice the grade of gold rock. So in the same number of ounces. So that will also be exciting. Any other question? That will do. Thank you very much. Thanks. I retirement.