My fair value of CA$8.10 is based on an earnings-multiple approach. MAI reported about US$0.10 in EPS in Q1 2026. If that level of profitability is roughly repeatable, it implies about US$0.40 in annual EPS. Converting that to Canadian dollars gives approximately CA$0.54 in annual EPS. I then apply a 15x earnings multiple, which gives a fair value of about CA$8.10 per share. This is a bullish valuation because it assumes Q1 was not just a one-off quarter, but I think it is reasonable if gold prices remain strong, Pan continues producing near guidance, and the market begins valuing MAI as a profitable gold producer rather than only a junior development story.
US$0.10 quarterly EPS × 4 = US$0.40 annual EPS
US$0.40 × 1.35 CAD/USD = CA$0.54 EPS
CA$0.54 × 15 P/E = CA$8.10 fair value
Minera Alamos Inc. engages in the acquisition, exploration, development, and operation of mineral properties in Mexico. The company explores for gold, silver, molybdenum, and copper deposits. 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. The Company also owns the copperstone project in La Paz County, Arizona. The company was formerly known as Virgin Metals Inc. and changed its name to Minera Alamos Inc. in April 2014. Minera Alamos Inc. was incorporated in 1934 and is headquartered in Toronto, Canada.