Mining Americas Inc.

As our title says, we're building a US-focused intermediate gold producer. I will be making some forward-looking statements, so cautionary notice, please read this document. We try and obviously predict the future, but not always the easiest thing in the world to do. So please read this on our website for more information.

A little bit of an overview of Mining Americas Inc. We're a 35,000-ounce gold producer in Nevada. This year we expect to produce that gold at less than $2,000 AISC. Despite some higher diesel costs, we're still seeing that we'll be able to do it under $2,000 an ounce for the whole year. We took over the Pan Mine in October of 2025. We've made quite a few changes to it, but the most important thing about the company is that the Pan Mine is our cash engine to build out our current production profile from 35,000 ounces a year in 2026 to over 180,000 ounces a year of gold in 2029.

And we're gonna do that by building three fully permitted mines, two in the United States, one in Mexico. Very unusual pipeline in the perspective that it's gonna cost us $115 to $125 million US to build out these three mines in total. So it's a very high return, low capital intensity project, projects that we have in front of us, and again, I'll just note that they're all currently permitted. The company's gonna do this with the $43 million in cash it has on the balance sheet, an excess capacity on our Scotiabank and National Bank revolver of $30 million, and we're generating about $12 million a quarter from Pan in free cash flow. So all of that will allow us to build these exceptionally high return, low capital projects.

None of them on their own, outside of the Cerro Doro asset, are really big, but that's a result of the fact that they're brownfields and have very little drilling. We're taking the existing reserves and resources. We're getting those mines built as cheaply and as efficiently as we can, and then we'll begin the drilling process after that, given all of our mines are, as I said, permitted.

The management team, the new management team after the deal started in October, November last year, we brought a new chairman in, Darren Pilot, who's the ex-founder of Capstone, in May of this year. The three of us have basically bought about $9.5 million worth of this stock in the market 'cause we believe the story is so compelling. The risk is low on building these mines, and the CapEx, as I said, the NPV to CapEx for all of these assets are incredibly high, and I'll go through each one of them.

So here's the chart and where we are now and where we're going. You can see the Pan Mine again this year, sub $2,000 AISC. Copperstone is in construction right now. We expect to be putting ore through the flotation mill at the end of Q3 next year. It will produce around 50,000 ounces a year over the PFS, which is six years, but there's another six years of M&I resource there at the same grades, which we'll get into the mine quite quickly as we move forward, do some drilling.

The Gold Rock Mine, which is basically 11 miles by road from Pan, we will announce the construction of that in the mid fourth quarter. We expect that to also be putting ore on the pad in the fourth quarter next year for some gold production at the end of the year and potentially, and for sure for 2028. So you can see that our growth profile on those two assets, again, permitted in the United States, one in Arizona, one in Nevada, will get us to the 120,000-ounce range, and the total capital on those two assets is $80 million to get them into production.

And then finally, we have a Mexican asset in northern Zacatecas. It's just north of the Penasquito Mine, which Newmont owns. For $35 million, we believe we can bring in this mine, which will produce more than 70,000 ounces a year and have a billion-dollar NPV for $35 million. So we think, again, a very low-grade heap leach, but a big system, 0.37 grams. It's the most exciting deposit we have, again, permitted and very low capital to get out that kind of money. We're talking about $35 million of initial capital. So we have a story where we're gonna get to 2029 guidance of 180,000 ounces at sub $1,500 AISC, which will produce more free cash flow than our current market cap. And again, I'm just gonna stress funded and permitted.

When we started with the company, we put out these milestones. I think we've done all of them. We closed the Pan acquisition. We rolled back the stock ten to one. I led a $56 million block of shares that were held by Equinox from the original deal with our institutional investors to buy back that block. We executed a term sheet and then closed that term sheet with Scotiabank and National Bank, so don't take my word for the profile. Take the word of two tier one banks in Canada that looked at our profile and thought that we could absolutely build these assets, and they gave us $75 million to a company they had never gone that far down the food chain to do. So we were excited to do that, and we actually used forty-five—$42 million of that to get rid of the hedge position and the prepayment position that was on the books, that was done by previous management, in order to have working capital to start moving forward with working and building these mines.

We also rebranded the company from Minera Alamos to Mining Americas Inc. to reflect the fact that 65% of our production will be in the United States. And we also uplisted to the TSX. And then finally at the last week of August, we've got our Cerro de Oro permit. It is the first greenfield permitted open-pit mine in Mexico as a result of its very low water usage. We were the first to get a new permit, not an extension or a brownfield mine. This is a greenfield mine permit.

We've got some catalysts coming up. We're gonna put out a new Gold Rock MRE, again, mid-fourth quarter, and then start construction on the mine, and we're gonna put an initial Copperstone open pit. So our Copperstone underground mine is permitted, but we also have an open pit, and I'll talk a little bit about that. And we expect to build Cerro de Oro once we complete the Copperstone mine in Q3 next year. So start building that in Q4 of 2027 for production in Q3 2028. We're also planning by mid-next year to go to the Nasdaq.

Let's talk quickly about Pan. Low-grade open-pit conventional heap leach operation. You could see that in 2017 when it started at 19 million tons of reserves. After eight years, we still have 22 million tons. The grade's gone from about 0.55 to about 0.34. We're mining a little bit lower grades this year, 0.3, just because the gold price is higher. We're finding a lot of material on the edges of the pit that are now economic.

We started by taking this mine over in October, and the first thing we did was change out the mining contractor. It's doing about 45,000 to 47,000 tons of moving waste in ore a day. We're now well over 75,000 tons, going towards 80,000 tons as available equipment has allowed us to move the new plan at $2,600 gold to extend this mine life through 2030 with a couple of years of residual leaching. If we did the reserves at a higher gold price, we think there'd be another two years here.

But this Pan mine operating complex, which will run to at least 2032, will produce gold to build the rest of the mines, and we expect that the Copperstone open pit, which is not yet in our production profile because it isn't permitted. We try not to talk about things that aren't permitted because there's a lot of risk involved around that. So we'll get that into permitting at the end of 2027. We expect the open pit to come in by 2030 and replace Pan as it draws off. So we think we can maintain this 180,000, 200,000 ounces for the next ten years at sub $1,500 AISC.

The Pan mine is basically the mothership for Gold Rock, which is, again, I talked about the mine that we will announce construction on. The mine actually operated from 1988 to 1993, so this is a brownfield mine. We have very good visibility into what the recoveries are, between 68% and 70%. It's twice the grade of Pan, so Pan is 0.33, 0.34. This is 0.67 grams per ton. We think we can get this mine into production next year for $25 million in capital. That includes a leach pad. That includes a waste dump, some pre-stripping on the south end of the pit, but we're lucky to have some material that can be just stripped normally on the north end to get started early.

And then we will build of the ADR plant, we'll build the absorption side, collect the cyanide and carbon, and truck that carbon to Pan and basically recover that gold. So again, we think the total capital of this project will be about 32 million over '27 and '28, but we think we can get into production for 20 to 25 and then pay for the rest out of cash flow. There's lots of exploration upside on this asset. There's an 11-kilometre trend of good hits along mineralization. But given the low gold price, this has never quite been put together. And again, we will produce about 40,000 to 45,000 ounces for the next nine to ten years at around $1,500 AISC on this mine. So this would be a 22 to 1 NPV to CapEx.

So these are why all of these assets maybe individually aren't exciting, but in a company of four or five assets getting up to that 200,000 ounces of production, given these low capital, it's really an interesting story of free cash flow, which I'll show you at the end.

Our Copperstone project, we started construction beginning of June. It's a bit of a misnomer to say we started construction. The mine's 70% built. It was last an underground mine in 2013. But we took the first six years of the 12-year resource life, put it into a study for $57 million. If you see below, whether you wanna use $3,500 or $4,500, at, say, $4,300, it has a 150% IRR. It generates around $500 million of NPV on, again, a $57 million build. And again, it's not because we're really smart, it's because somebody already built the mine for us, and we're just going back in and rebuilding it again or putting more value into it.

So on the bottom left here, you could see all of these buildings. So normally, if we were starting construction in June, we'd be building all these things. What we're actually doing right now is we're changing a 600-ton-a-day mill to a 1,000-ton-a-day mill. We're taking the flotation plant because there's a little bit of copper in it, and we're putting in a leach circuit to capture the rest of the gold so we can get to 96% recoveries on this gold. And the other big advantage we have is we have four kilometres of underground development in the mine already. So when we say we're gonna start the mill up at the end of Q3 next year, we're gonna have three months of stockpiled ore and six operating phases that will allow us to keep that mine going.

One of the biggest risks in underground mining is that the mill gets in and the mine's trying to ramp up to the level that mill already starts at. We're in the opposite situation. We'll have three months of stockpiled ore. So our capital of $57 million includes $15 million of working capital to basically build out that stockpile. So we're blessed. This would have been well over a $200 million build if we were doing it from scratch, and we're able to do it for $57 million.

The other thing I would just let you know as you go through the profile on the bottom right, we have proven and probable reserves of 303,000 ounces, but we have measured and indicated of 630. So there's another 327,000 ounces at the same grade. We just need to convert that into reserves. And some of it actually is above the open pit opening in the bottom. So we're waiting until we have the open pit permitted. We may take it through the pit because it'll be a lot cheaper. So working around with that. You can see the line going down from, it says dip of ore control to the top of plunge of ore chute. There's not really been any drilling at depth here below 300 meters. It's not a very deep mine. There's lots of material that can go below.

So that's the project. It's, as I said, six years reserves, 12 years in M&I, reserves in M&I. But the really interesting story is this was the highest grade open pit in the United States from 1988 to 1993. It produced 550,000 ounces at 2.76 grams oxide. And so we think not only is there another open pit available here, and we're starting to drill that out right now for our permitting process, to the west side where you see no subhorizontal purple area. And you can see on the top right, 70 meters grading 4.3 grams, 35 meters grading 3.1 grams. Those are all in that purple area. That's where we'll push back the pit. But the other interesting thing is there's 100,000 ounces likely in the old heap leach pad at 0.6 grams that we could actually process.

So it's a very interesting story. The project was bought at the end of 2024 for $19 million. And we think it's going to be 100,000 ounce producer by 2030, 50 from the underground, 50 from the open pit. And we think it's going to be a cornerstone asset for the company.

Next one, Serradoro, the permit we just received. It's actually the biggest asset of the portfolio. It was in a 2022 PEA at $1,600 gold. It had 800,000 ounces in it. It's a sea of low-grade material, so four football fields wide, seven football fields long, mineralization on all sides and slightly higher grade in the middle. The plan is that we're going to upgrade this study to a PFS. We're going to increase the gold price. We're going to take that 800,000 ounce resource to take it to 1.2 to 1.4. And what's interesting is we're going to take the mining rate of 20,000 tons per day, and we're going to increase that because gold price has gone up because we'll be mining lower grade material than 0.37 grams, probably 0.28, 29. And we'll be able to get about 75,000 ounces a year out of this mine at sub $1,000 ASIC for $35 million in initial capital.

So the strip ratio in the old study was 0.3 to 1 with no strip ratio the first four years. The mine basically goes no strip at all and everything goes to the leach pad. So the interesting thing about Mexico permitting, it's not about how many tons you do per day. It's about your total disturbance area. So we could make this mine, which was 20,000 tons permitted when we were permitting it, we can make it 30 to 35 to 40 without having to do any additional permitting. So this mine, although it's our best mine, we just got the permit. We won't start this one until 2027, late 2027 build for a late 2028 production. But we're talking about investing $35 million to get more than a billion dollars out. We want to be a US company. I have lots of experience in Mexico. I don't want to put $200 to $300 million to get a billion out. I want to put $35 to get a billion dollars out. That's the right risk for us as we go forward in that jurisdiction.

Where do we trade? Trade slightly at the higher end of the development multiple, as you would expect. We have all of our permits. There's nobody below us that has their permits or are fully funded at this time. So we believe that we should trade at a multiple. We believe we will re-rate faster. We expect 180,000 ounces of production by 2029. And so we expect a re-rate that's significant. And that's why the board, sorry, me, the new CEO, the new chairman, and Dave Stewart and I have bought about $9.5 million of the stock in the markets since we started in October last year.

Here's our growth CAGR. Again, I would just state that nobody has this kind of growth from 2026 to 2028 or 2026 to 2029, either permitted or funded. So we think we're a very exciting story. This is the page I think is most relevant. This was done before Beaver Creek. Our market cap's gone down to about $450 million US. So we did this chart. But this is the four analysts that cover the story, looking at our free cash flow as we move forward. They are in a different sequence than us. We're building two mines at the same time in 2027 and then building another mine in 2028. They have the mines coming in sequentially. So Copperstone first, then Gold Rock, and then Serradoro. And most don't have Serradoro, our biggest mine, coming in until 2030. So in our numbers in 2029, our cash flow is higher than our current market cap. Our after-tax free cash flow is higher than our current market cap. So this is a very transformational slide for us to tell you why we've supported and why we're so interested in buying stock in the company.

The bottom chart is our stock performance with our insider buying. And we have 110 million shares outstanding. The other interesting thing about the company is there's 39 million warrants from the Pan deal that were at 705. Prior to the Trump-Iran war, we were over the 705 mark. So that's another $200 million in cash that will come into the company. Fortunately, it's not timed properly for when we need to build. It's timed for when we already have all the cash flow. And you can see that we're now 53% institutional, 34% retail. A year ago, we were 85% retail. So we've got Desjardins, National Bank, Stifel, Scotiabank, all between 8.50 and 9.50 as a share price target for us. Our biggest shareholder is Fidelity.

And I think the biggest question we have to answer is when we get all of this stuff built, what do we wanna be? And the answer is we wanna use our free cash flow to build out other great projects that would need our cash flow. And the other thing I would say is that we own a lot of stocks, so we're stockholders. I'm not here to be the CEO of the next company. I'm here to make a heck of a lot of money on the five million bucks I put into the company. So with that, Brian, I'll turn it over.

We have one minute for a question. If there's any questions from the audience, please raise your hand. Maybe just very quickly to wrap it all up here. Pretty exciting news. You've got your permit in Mexico.

Yeah.

A lot of people have been waiting for that. You mentioned it was due to the low water consumption. What would you imagine the cadence... Is this the beginning of an avalanche of permits, or are you unique and—

No, I don't think we're unique. I think the question about everything you gotta ask when you're looking at permitting in Mexico is how much water does that... Is it a plant or is it a heap leach? Heap leaches use a lot less water, so I think they're gonna be easier to get permitted. Bigger assets that use a lot of water are gonna be more problematic. So Canagua used to be SEMARNAT was the top. Now there's a water ministry on top of the SEMARNAT. And so your permit is dependent on whether you have water or not and how much water you're gonna use.

Well, that does take us completely to the end of time. Please join me in thanking Darren for his time.

Thanks, Brian.