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
Mining Americas Inc. engages in the acquisition, exploration, development, and operation of gold mining properties in North America. The company owns the Pan Operating Complex in White Pine County, Nevada, comprising the producing Pan Mine and the adjacent permitted Gold Rock project. It also owns the Copperstone Project, a permitted underground gold project located in La Paz County, Arizona. In addition, the company maintains a portfolio of mineral assets in Mexico, including the Cerro de Oro gold development project in Zacatecas. The company was formerly known as Minera Alamos Inc. and changed its name to Mining Americas Inc. in June 2026. Mining Americas Inc. was incorporated in 1934 and is headquartered in Toronto, Canada.