Board Change • Jun 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Ruben Padilla was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 29
Chief Executive Officer recently bought CA$101k worth of stock On the 23rd of June, Darren Blasutti bought around 20k shares on-market at roughly CA$4.93 per share. This transaction amounted to 2.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth CA$101k. Darren has been a buyer over the last 12 months, purchasing a net total of CA$440k worth in shares. Recent Insider Transactions • Jun 03
Insider recently bought CA$101k worth of stock On the 2nd of June, David Stewart bought around 16k shares on-market at roughly CA$6.50 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$658k more in shares than they have sold in the last 12 months. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings have declined by 77% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 77% per year over the past 5 years. Shareholders have been substantially diluted in the past year (88% increase in shares outstanding). Announcement • Apr 14
Minera Alamos Inc., Annual General Meeting, Jun 25, 2026 Minera Alamos Inc., Annual General Meeting, Jun 25, 2026. Recent Insider Transactions • Mar 16
Insider recently bought CA$93k worth of stock On the 13th of March, Darren Blasutti bought around 15k shares on-market at roughly CA$6.21 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$101k. Insiders have collectively bought CA$399k more in shares than they have sold in the last 12 months. Price Target Changed • Feb 04
Price target increased by 21% to CA$8.75 Up from CA$7.25, the current price target is an average from 2 analysts. New target price is 55% above last closing price of CA$5.63. Stock is up 71% over the past year. The company is forecast to post earnings per share of CA$0.20 next year compared to a net loss per share of CA$0.38 last year. New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings have declined by 77% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 77% per year over the past 5 years. Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Announcement • Dec 10
Minera Alamos Inc. announced that it has received CAD 3.5 million in funding On December 9, 2025, Minera Alamos Inc. closed the transaction. New Risk • Dec 03
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -CA$146m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (125% increase in shares outstanding). Minor Risk Less than 1 year of cash runway based on current free cash flow (-CA$146m). Announcement • Oct 23
Minera Alamos Inc. Announces Management Changes Minera Alamos Inc. announced that Mr. Darren Blasutti has joined the Company as Executive Vice President, Corporate Development. Mr. Blasutti is a mining executive and professional Chartered Accountant with more than 25 years of mining finance and senior executive experience, focusing on identifying, acquiring and advancing mining projects and operations in the resource sector. His extensive experience includes Senior Vice President, Corporate and Business Development with Barrick Gold Corporation over an eleven-year period, where Mr. Blasutti led and executed the acquisitions of Homestake Mining and Placer Dome, the asset consolidations of the Cortez, Hemlo, and Porgera mines and the sale of 50% of South Deep mine. Mr. Blasutti has been a senior executive and board member of several mining companies, playing an instrumental role in a variety of transactions, including hostile acquisitions, project consolidations, material equity and debt financings, international bilateral tax agreements, reverse take overs, and the management of recently merged entities. Mr. Blasutti was previously the President and CEO of Americas Gold and Silver Inc., and a member of the Board of Directors and Chair of the audit committee at Noront Resources Ltd. He is currently Chairman of the Board of Directors at Barksdale Resources Corp. The Company is also announcing that Mr. Doug Ramshaw has resigned as a member of the Company's Board and as the President of Minera Alamos. Mr. Ramshaw has served as a member of the executive team at Minera Alamos for 7.5 years and has been instrumental in the Company's growth and development including meeting its capital markets milestones while making a significant contribution to the Company's recent strategic transformation. New Risk • Oct 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 125% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Oct 02
Minera Alamos Inc. Announces the Resignation of Kevin Small as A Director Minera Alamos Inc. announced the resignation of Mr. Kevin Small as a director. Mr. Small will remain active with the Company in a critical senior management role as Executive Vice President of Mining Operations. Announcement • Sep 18
Minera Alamos Inc. announced that it has received CAD 110.0003 million in funding On September 17, 2025, Minera Alamos Inc. closed the transaction. The company issued 309,860,000 subscription receipts at an issue price of CAD 0.355 for gross proceeds of CAD 110,000,300. The company also issued additional 70,422,535 subscription receipts at an issue price of CAD 0.355 for gross proceeds of CAD 24,999,999.925 pursuant to the full exercise of the over-allotment option granted to the underwriters. All securities issued under the offering will be subject to a hold period expiring four months and one day from the date hereof. The offering is subject to final acceptance of the TSX Venture Exchange. Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.003 loss per share (vs CA$0.015 loss in 2Q 2024) Second quarter 2025 results: CA$0.003 loss per share (improved from CA$0.015 loss in 2Q 2024). Revenue: CA$3.15m (up 110% from 2Q 2024). Net loss: CA$1.63m (loss narrowed 77% from 2Q 2024). Revenue is forecast to grow 81% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Announcement • Aug 07
Minera Alamos Inc. announced that it expects to receive CAD 110.0003 million in funding Minera Alamos Inc. announced that it has entered into an agreement with Stifel Nicolaus Canada Inc. acted as a lead underwriter and sole bookrunner on behalf of a syndicate of underwriters in connection with a bought deal private placement to issue 309,860,000 subscription receipts at an issue price of CAD 0.355 per subscription receipt for gross proceeds of CAD 110,000,300 on August 7, 2025. The size of the offering may be increased in certain circumstances by up to an additional CAD 25,000,000. Each subscription receipt will entitle the holder to receive, upon satisfaction or waiver of certain release conditions, without payment of additional consideration or further action on the part of the holder, one unit consisting of one common share and one warrant, with each warrant exercisable to purchase one common share at a price of CAD 0.705 for a period of 36 months following the completion of the offering. The company will pay the underwriters a cash commission equal to 6% of the gross proceeds raised, of which 25% will be paid from the proceeds of the offering upon closing of the offering and 75% will be paid upon the closing of the transaction, as well as the expenses of the underwriters incurred in connection with the offering. The offering is expected to close on or about September 17, 2025 and is subject to TSXV and other necessary regulatory approvals. The subscription receipts will be offered by way of private placement in each of the provinces of Canada pursuant to applicable prospectus exemptions under applicable Canadian securities laws; to investors in the United States pursuant to available exemptions from the registration requirements of the United States securities act of 1933, as amended; in jurisdictions outside of Canada and the United States as are agreed to by the company and the Underwriters on a private placement equivalent basis. Announcement • Jul 21
Minera Alamos Inc. Appoints Bruce Durham as Lead Director Minera Alamos Inc. subsequent to the meeting on July 16, 2025, the board of directors appointed Bruce Durham as Lead Director. Announcement • Jun 05
Minera Alamos Inc. Provides Update on Development Plans for Copperstone Mine Minera Alamos Inc. announced that the Mine Plan of Operations amendment for the Copperstone Mine gold project has been submitted in final form to satisfy the requirements of the United States Code of Federal Regulations Title 43 Subpart 3809 ("Code of Federal Regulations"), administered by the U.S. Bureau of Land Management ("BLM"). All key permits have been received with exception of minor amendments which are due to a slight change in processing technology. Under the authorization from the existing site permits, site development activities can be initiated in parallel with the pending MPO amendment in order to "fast-track" the project restart. A reissued Preliminary Economic Assessment (PEA) in February 2025 demonstrates robust project economics, with an after-tax Net Present Value (NPV) of USD 66 million at a gold price of USD 1,800/oz and USD 200 million at USD 2,800/oz. The after-tax Internal Rate of Return (IRR) ranges from 53.6% to 152.7% across these scenarios. Final decisions on the scheduling of exploration efforts will be made to best coincide with production restart activities at the site. Engineering activities have been ramped up to optimize plans for the mine restart and process plant installation. An updated technical study for the project will be released in Fourth Quarter 2025 to demonstrate the positive impact of these efforts. Project finance discussions continue with a number of interested parties that have provided indicative term sheets. The decision to amend the existing Plan of Operations was taken as a result of extensive engineering evaluations demonstrating that the use of a combination of previous processing paths provided a superior economic return for the mine while maximizing operating flexibility for the future. While focusing on optimizing mine plans for greater efficiency and ensuring that process plant can accommodate future growth, the company is also excited to start working to expand the overall resource potential through targeted drilling. By leveraging used equipment and re-evaluating marginal material under current economics, the company will continue to work to reduce costs and enhance long-term value for the project. Management has identified several opportunities to enhance the value of the Copperstone Project that will be evaluated during the current development phase. Drill hole assay intervals are downhole intervals and are not 'true widths' as there is insufficient data to determine true widths at this time. An initial four opportunities have already been identified to enhance the value of the copperstone Project via exploration and will be further evaluated during the construction phase. Drill test for the presence of the footwall zone gold mineralization at depth and under the D zone. Drilling is planned for the area proximal to historic drill hole 06CS-20 which intersected gold mineralization (20.5 grams/tonne over 1.5 metres), approximately 900m southwest of the Copperstone pit and has been neither been followed up on nor has there been any drilling within 150m of the drill hole. There is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves. The 100%-owned Cerro de Oro oxide gold project in northern Zacatecas has considerable past drilling and metallurgical work completed and the proposed mining project is currently being guided through the permitting process by the Company's permitting consultants. Minera Alamos also wholly- owns the Copperstone gold mine and associated infrastructure in La Paz Country, Arizona, an advanced development asset with a permitted plan of operations that can be developed in parallel with planned project advancements in Mexico. New Risk • Jun 02
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -CA$13m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$13m). Shareholders have been diluted in the past year (25% increase in shares outstanding). Reported Earnings • Jun 02
First quarter 2025 earnings released: CA$0.065 loss per share (vs CA$0.001 profit in 1Q 2024) First quarter 2025 results: CA$0.065 loss per share (down from CA$0.001 profit in 1Q 2024). Revenue: CA$3.47m (up 41% from 1Q 2024). Net loss: CA$33.0m (down CA$33.5m from profit in 1Q 2024). Revenue is forecast to grow 76% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
Minera Alamos Inc. Announces the Reissuance of the Preliminary Economic Assessment on the 100% Owned Copperstone Mine in Arizona, Usa Minera Alamos Inc. announced the reissuance of the Preliminary Economic Assessment on the 100% owned Copperstone Mine in Arizona, USA. The study demonstrates potentially robust post-tax economics which, due to pre-existing infrastructure on surface and underground, result in both low initial capital and an overall low capital intensity ratio on a per gold ounce basis. The project now also benefits from its significant tax assets and recently reduced royalty encumbrance while also having potential for resource expansion and further exploration success. The PEA supports the construction and development of a high-grade gold underground mining operation at Copperstone producing an average of 40,765 payable oz gold per year over its an initial approximate 6 year mine life. This newly prepared PEA does not address or incorporate ongoing work and trade-off studies currently being evaluated by the Minera Alamos team but does reflect a reduction in the Net Smelter Royalty burden on the project as an existing 1.5% NSR was extinguished since the first publication of the PEA by Sabre Gold Mines in 2023. Furthermore, in light of the significant move in gold prices in the last 18 months, the study includes a sensitivity analysis that takes into account gold prices ranging from $1,000/oz to $3,000/oz compared to the original study that had a gold price sensitivity range of $1,600/oz to $2,000/oz. Minera Alamos Inc., the Issuer of this report, retained Hard Rock Consulting, LLC to prepare a restated version of the 2023 Preliminary Economic Assessment for the Copperstone Project that HRC completed previously for Sabre Gold Mines Corp. ("SGLD"). The report titled " National Instrument 43-101 Technical Report: Preliminary Economic Assessment for the copperstone Project, La Paz County, Arizona, USA" with an effective date of June 26, 2023 has been modified by HRC to change the issuer name from Sabre Gold Mines Corporation to Minera Alamos Inc, address changes to the royalty and streaming structures post-business combination, and reflects the current property holdings. This report presents the mineral resource statement and documents the results of the PEA in fulfillment of the Standards of Disclosure for Mineral Projects according to Canadian National Instrument 43-101 ("NI 43-101"). This report was prepared in accordance with the requirements and guidelines set forth in NI 43-101 Companion Policy 43-101CP and Form 43-101F1 (June 2011), and the mineral resources presented herein are classified according to Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards - For Mineral Resources and Mineral Reserves, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on November 19, 2019. Major supply centres and ample skilled and unskilled labour are available locally, in Phoenix and in Yuma. Access to the Sante Fe rail line is available nearby, and international air service and railway access are both available in Phoenix. Property, History, Geology, Mineralization. (Kerr Mines Inc., 2017. 2017 QA/QC Procedures and Results, Copperstone Mine; internal report prepared for Kerr Mines Inc.). The original PEA in the name of Sabre provided a revised mine plan from the previously completed studies, including revised resource estimates, mining methods, mining dilution and recovery assumptions. Minera Alamos is required by the Aggregate Mine Land Reclamation Act to obtain an Inspector's approval of the MPO amendment addressing new infrastructure and disposal facilities and plans for post-mining reclamation of those facilities. The Project Management team has significant construction and operating experience in underground mines within the Americas. Opportunities to Enhance Value. Management has identified several opportunities to enhance value for the Copperstone Project that will be further evaluated during the development phase. Several identified opportunities remain to enhance the value of the Copperstone Project and will be further evaluated during the construction phase. Several identified opportunities remain To enhance value for the Copperstone project that will be further evaluated during The development phase. Several identified opportunities remains to enhance the development phase. Several identified opportunity remain to enhance the value of The Copperstone Project and will be Further evaluated during the development phase. New Risk • Mar 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (CA$5.7m revenue, or US$4.0m). Announcement • Jan 08
Minera Alamos Inc., Annual General Meeting, Feb 28, 2025 Minera Alamos Inc., Annual General Meeting, Feb 28, 2025. New Risk • Dec 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Revenue is less than US$5m (CA$5.7m revenue, or US$4.0m). Market cap is less than US$100m (CA$139.7m market cap, or US$98.5m). Reported Earnings • Dec 01
Third quarter 2024 earnings released: CA$0.027 loss per share (vs CA$0.011 loss in 3Q 2023) Third quarter 2024 results: CA$0.027 loss per share (further deteriorated from CA$0.011 loss in 3Q 2023). Net loss: CA$12.8m (loss widened 157% from 3Q 2023). Revenue is forecast to grow 64% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. New Risk • Nov 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$137.8m (US$98.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$137.8m market cap, or US$98.5m). Price Target Changed • Nov 20
Price target increased by 13% to CA$0.85 Up from CA$0.75, the current price target is provided by 1 analyst. New target price is 183% above last closing price of CA$0.30. Stock is up 5.3% over the past year. The company posted a net loss per share of CA$0.0062 last year. Announcement • Nov 19
Minera Alamos Inc., Annual General Meeting, Jan 14, 2025 Minera Alamos Inc., Annual General Meeting, Jan 14, 2025. Announcement • Oct 30
Minera Alamos Inc. (TSXV:MAI) entered into a definitive agreement to acquire Sabre Gold Mines Corp. (TSX:SGLD) for CAD 22 million. Minera Alamos Inc. (TSXV:MAI) entered into a definitive agreement to acquire Sabre Gold Mines Corp. (TSX:SGLD) for CAD 22 million on October 27, 2024. Pursuant to the Transaction, all shares in Sabre Gold will be acquired and exchanged for 0.693 Minera Alamos common shares ("Minera Alamos Shares") resulting in the issuance of approximately 76.5 million Minera Alamos Shares after taking into account the Settlement Agreements. Prior to the closing of the Transaction, certain related party creditors of Sabre Gold (the "Creditors") have agreed to enter into a series of debt settlement agreements (the "Settlement Agreements") whereby the Creditors will receive Sabre Gold Shares at a discount (15%) to the face value of the debt. Upon completion of the arms length Transaction and taking into account the Settlement Agreements, existing Minera Alamos and Sabre Gold shareholders will own approximately 86% and 14% of Minera Alamos, respectively.
The Transaction will be completed pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act. The consummation of the Transaction is subject to a number of conditions customary to transactions of this nature, including, among others, the adoption of a resolution approving the Transaction at a special meeting of Sabre Gold shareholders (the "Meeting") by: (i) at least 66 2/3 % of votes cast by Sabre Gold shareholders present in person or represented by proxy at the Meeting; and (ii) a majority of the votes cast by Sabre Gold shareholders present in person or represented by proxy at the Meeting, excluding votes attached to Sabre Gold Shares held by TOMC, Braydon and their respective affiliates (see Debt Settlement Agreements) and any other person as required under Multilateral Instrument 61-101 - Protection of Minority security Holders in Special Transactions ("MI 61-101"). In addition to shareholder and court approvals, the Transaction is also subject to, among other things, obtaining customary regulatory approvals including applicable court and stock exchange approvals, completion of the Debt Settlements and certain amendments to Sabre's existing gold purchase and sale agreement with Star Royalties. The Transaction has been unanimously approved by the boards of directors of Minera Alamos and Sabre Gold including, in the case of Sabre Gold, following the recommendation of the independent member of the special committee (the "Sabre Gold Special Committee"). The Sabre Gold board of directors is unanimously recommending that Sabre Gold shareholders vote in favour of the Transaction. All Sabre Gold directors, executive officers and certain shareholders (the "Supporting Shareholders"), collectively representing 29.6% of the Sabre Gold Shares have entered into voting support agreements with Minera Alamos, agreeing to, among other things, vote their Sabre Gold Shares in favour of the Transaction.
Gowling WLG (Canada) LLP is acting as Minera Alamos' legal advisor. Maxit Capital is acting as financial advisor to Sabre Gold and has provided a verbal opinion to the Sabre Gold board of directors; and Evans & Evans has been retained as an independent valuator. Evans & Evans delivered an oral opinion to the Sabre Gold Special Committee of Sabre Gold. Peterson McVicar LLP is acting as Sabre Gold's legal advisor. Price Target Changed • Oct 18
Price target increased by 14% to CA$0.83 Up from CA$0.73, the current price target is an average from 3 analysts. New target price is 111% above last closing price of CA$0.40. Stock is up 23% over the past year. The company posted a net loss per share of CA$0.0062 last year. New Risk • Sep 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Significant insider selling over the past 3 months (CA$243k sold). Market cap is less than US$100m (CA$115.3m market cap, or US$85.0m). New Risk • Sep 01
New major risk - Revenue and earnings growth Earnings have declined by 1.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.7% per year over the past 5 years. Minor Risks Significant insider selling over the past 3 months (CA$243k sold). Market cap is less than US$100m (CA$114.3m market cap, or US$84.8m). Recent Insider Transactions Derivative • Aug 01
President & Director exercised options to buy CA$641k worth of stock. On the 30th of July, Douglas Ramshaw exercised options to buy 2m shares at a strike price of around CA$0.16, costing a total of CA$360k. This transaction amounted to 26% of their direct individual holding at the time of the trade. Since December 2023, Douglas' direct individual holding has increased from 9.19m shares to 9.40m. Company insiders have collectively bought CA$442k more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Jun 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$136.6m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: CA$0.001 (vs CA$0.003 in 1Q 2023) First quarter 2024 results: EPS: CA$0.001 (down from CA$0.003 in 1Q 2023). Revenue: CA$2.46m (down 64% from 1Q 2023). Net income: CA$528.4k (down 64% from 1Q 2023). Profit margin: 22% (in line with 1Q 2023). Revenue is forecast to grow 46% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • May 01
Full year 2023 earnings released: CA$0.006 loss per share (vs CA$0.012 profit in FY 2022) Full year 2023 results: CA$0.006 loss per share (down from CA$0.012 profit in FY 2022). Revenue: CA$13.4m (down 38% from FY 2022). Net loss: CA$2.86m (down 151% from profit in FY 2022). Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 21% per year. Announcement • Apr 17
Minera Alamos Inc. Provides Santana Operations Update Minera Alamos Inc. reported that further to its Santana operations update the Company's contractor mobilized at the Santana mine site at the beginning of April with mining activity at the Nicho Main zone to commence shortly. This followed the conclusion of discussions regarding the additional equipment and personnel required as operations begin to ramp up again at the mine. The focus of contractor activities since the beginning of the month has been equipment maintenance and the preparation of additional haulage roads to maximize operational flexibility for the current mine plans. While the re-start of mining activities has been aided by the pre-stripping of the new deposit area in the past year, new operations will have a staggered start as access to multiple working areas increases and as the new pit opens up over time. The Company is also implementing new sampling procedures and controls in order to optimize conditions for the Nicho Main zone which exhibits somewhat different mineralogy than that at the Nicho Norte starter pit. This will include optimizations to blasting patterns to maximize fragmentation and gold recoveries, as well as crushing and in-pit sampling and sorting to ensure the best economic outcome. In addition, the Company is testing a new dust suppressant system to improve the overall air quality in active work areas while minimizing water consumption. Overall, mining plans at the Nicho Main zone are aided by reduced hauling distances to the Santana leach pad compared to the Nicho Norte pit, and it is expected that this will allow for increases in both mining and stacking activities as the second quarter of 2024 progresses, the initial benefits of the which will be felt in third quarter and then continue throughout the next year. The Company made its production decision at the Santana gold mine without having completed a feasibility study demonstrating economic and technical viability. As such, there may be increased uncertainty of achieving planned production levels, estimated recovery of gold, the costs associated with such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. New Risk • Feb 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$133.2m (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Price Target Changed • Jan 31
Price target decreased by 18% to CA$0.75 Down from CA$0.92, the current price target is an average from 3 analysts. New target price is 131% above last closing price of CA$0.33. Stock is down 17% over the past year. The company posted earnings per share of CA$0.012 last year. Reported Earnings • Dec 01
Third quarter 2023 earnings released: CA$0.011 loss per share (vs CA$0.007 profit in 3Q 2022) Third quarter 2023 results: CA$0.011 loss per share (down from CA$0.007 profit in 3Q 2022). Revenue: CA$1.79m (down 80% from 3Q 2022). Net loss: CA$4.97m (down 264% from profit in 3Q 2022). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 19% per year. Announcement • Nov 13
Minera Alamos Inc., Annual General Meeting, Dec 14, 2023 Minera Alamos Inc., Annual General Meeting, Dec 14, 2023, at 10:00 US Eastern Standard Time. Location: 55 York Street, Suite 402, Toronto Ontario Canada Agenda: To receive the audited financial statements (the "Audited Financial Statements') and the management discussion & analysis ("MD&A") of the Company for the financial year ended December 31, 2022; to elect directors of the Company for the upcoming year; to appoint McGovern Hurley LLP as the auditors of the Company for the upcoming year and to authorize the board of directors (the "Board") to fix their remuneration; to approve the continuation of the Company's stock option plan; to approve the continuation of the Company's restricted share unit plan; and to transact such further or other business as may properly come before the Meeting or any adjournment or postponement thereof. Price Target Changed • Oct 26
Price target increased by 7.8% to CA$0.92 Up from CA$0.85, the current price target is an average from 3 analysts. New target price is 206% above last closing price of CA$0.30. Stock is down 30% over the past year. The company posted earnings per share of CA$0.012 last year. Price Target Changed • Oct 05
Price target decreased by 9.3% to CA$0.85 Down from CA$0.94, the current price target is an average from 3 analysts. New target price is 193% above last closing price of CA$0.29. Stock is down 42% over the past year. The company posted earnings per share of CA$0.012 last year. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: CA$0.002 (vs CA$0.006 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.002 (down from CA$0.006 in 2Q 2022). Revenue: CA$3.08m (down 58% from 2Q 2022). Net income: CA$1.13m (down 59% from 2Q 2022). Profit margin: 37% (down from 38% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 43% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Metals and Mining industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • Aug 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$133.1m (US$98.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (CA$133.1m market cap, or US$98.3m). Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Kevin Small was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Feb 14
Price target decreased by 7.1% to CA$0.97 Down from CA$1.05, the current price target is an average from 4 analysts. New target price is 153% above last closing price of CA$0.39. Stock is down 27% over the past year. The company is forecast to post earnings per share of CA$0.02 next year compared to a net loss per share of CA$0.0046 last year. Recent Insider Transactions • Feb 02
President & Director recently bought CA$96k worth of stock On the 31st of January, Douglas Ramshaw bought around 235k shares on-market at roughly CA$0.41 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$404k worth in shares. Recent Insider Transactions Derivative • Dec 13
CEO & Director exercised options to buy CA$374k worth of stock. On the 6th of December, Darren Koningen exercised options to buy 900k shares at a strike price of around CA$0.17, costing a total of CA$153k. This transaction amounted to 12% of their direct individual holding at the time of the trade. Darren currently holds 7.39m shares (0.016142299868289214 of the company). Company insiders have collectively bought CA$548k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Dec 03
Minera Alamos Inc., Annual General Meeting, Feb 16, 2023 Minera Alamos Inc., Annual General Meeting, Feb 16, 2023. Announcement • Oct 04
Minera Alamos Inc. Announces Positive Results of an Independent Preliminary Economic Assessment for Its Cerro De Oro Project in Zacatecas, Mexico Continued The Cerro de Oro Project is planned as a conventional open pit operation that will utilize 100-t haul tucks and front-end loaders. Material will be drilled and blasted, before being loaded and hauled to a waste dump, crusher, or direct to the heap leach pad. Mining activities will be completed by a contractor who will supply all of the required mine equipment and personnel working under the supervision of the Company's technical staff. Using a nested pit shell that is based on a gold price of $1,500/oz and the economic parameters applied to the resource estimate as a guide, a full open pit mine plan was completed. Upon completion of the ultimate pit designs a check was completed that considered both revisions to the Company's gold price forecast and its operating cost estimates for the Project. A LOM gold price of $1,600/oz was selected for use in the final mine planning economics. Based on available metallurgical data for the project and an evaluation of the host rock lithologies it was assumed that the majority of mineralization mined will be placed directly on the heap leach as run-of-mine ("ROM") with approximately 30% of the mineralization reporting to the crusher for size reduction (equivalent to crushing cut-off grade of approximately 0.40- 0.45 g/t Au). The mine production schedule anticipates that mining starts at the beginning of year 1 following the completion of all required earthworks activities such as road, dump and starter leach pad construction. Due to the low LOM strip ratio (0.30:1) and the size of the mineralization the PEA did not adjust the planned mining physicals to account for mining losses or dilution (magnitude of losses likely similar to dilution). Mine planning efforts going forward will be aimed at cut-off grades and the smoothing of the mining activities later in the mine life that may provide additional economic upside for the project. Over the life of mine of 8.2 years a total of 59Mt of mineralization grading 0.37 g/t gold (700koz of contained gold) are anticipated to be mined. Pit bench heights were selected at 5m intervals in order to provide good ore/waste selectivity although use of larger bench heights in zones of primarily waste and on final open pit walls should be considered as part of future optimization studies. Overall average pit slopes with the benches/ramps in place range between approximately 30-43 degrees in the north pit and 34 - 38 degrees in the south pit. It is assumed that all drilling/blasting/loading/hauling operations at the Project are planned to be completed via an open pit mining contractor. Mining costs were developed for the project utilizing recent Mexican cost information for similar heap leach operations and as part of the Company's recent work at its Santana mine. Contractor availability in northern Mexico is currently high and rates are competitive. An additional cost was applied to the mineralized material to account on average for longer hauls to the heap leach pads over the mine life. Mine planning and supervision activities will be performed by Company personnel and these costs are excluded from contractor rates. The process flowsheet for the Cerro de Oro project is similar to that utilized by the Company at their recently constructed Santana gold heap leach project. Metallurgical testwork completed to date on samples from the Cerro de Oro deposit indicate that the gold mineralization is well disseminated throughout the host rock and that the oxide mineralization responds positively to cyanidation. Residual gold contents following leaching in multiple series of bottle roll tests (conventional and coarse particle) appear to trend towards a typical range of ultimate values near 0.10 g/t Au. Leach kinetics were generally rapid in nature with low to moderate reagent consumptions (lime and cyanide). A limitednumber of column tests have been completed resulting in leach extractions consistent with those observed from bottle roll studies. Additional studies have been recommended to better define leaching parameters and any variability that may exist between the different mineralized zones and lithologies. The process design for the Cerro de Oro gold project includes crushing of high grade material to less than 3/4-7/8" (30-35% of total with remaining low grade sent to leach pad as run-of-mine), a heap leaching pad, solution ponds and carbon column recovery of gold from pregnant leach solutions. The current design excludes carbon desorption and gold refining facilities as gold-loaded carbon will be shipped off-site for final dore production. The overall plant design was based on a nominal rate of 7,000,000 tonnes per year of mineralized material stacked to the leach pad at an average grade of 0.4 g/t Au. Sufficient excess capacity is included in the design to allow for expected annual variations in mine production around these nominal values. Base case leach solution flow rate to the carbon column recovery area was set at 800 m3/h with allowances to expand to 1,200 m3/h to accommodate increases in annual production rates and/or an expansion in the overall project resources. The overall Cerro de Oro gold recovery facilities consist of the following unit operations and support facilities:Low grade run-of-mine material leach pad loading via direct truck dump; Two stage crushing (jaw and cone) and screening operations for higher grade mine material with conveyor/stacker transport to leach pad; Lined heap leach pad area sufficient to handle current life-of-mine resource (40-50% constructed initially as Phase 1 with subsequent expansions); Lined leach solution ponds adjacent to the leach pad - barren, pregnant and emergency overflow solution capacity; Four trains of 4 stage carbon in columns with area to expand to six trains; All required process pumping and loaded and barren carbon handling; Reagent preparation and storage facilities; Metallurgical laboratory (necessary production samples only); and Utilities including water supply system (surface wells) and diesel power generation. Price Target Changed • Jul 26
Price target decreased to CA$0.97 Down from CA$1.09, the current price target is an average from 2 analysts. New target price is 103% above last closing price of CA$0.48. Stock is down 17% over the past year. The company is forecast to post earnings per share of CA$0.02 next year compared to a net loss per share of CA$0.0046 last year. Price Target Changed • Jul 22
Price target decreased to CA$1.01 Down from CA$1.11, the current price target is an average from 2 analysts. New target price is 102% above last closing price of CA$0.50. Stock is down 17% over the past year. The company is forecast to post earnings per share of CA$0.02 next year compared to a net loss per share of CA$0.0046 last year. Announcement • Jul 19
Minera Alamos Inc. announced that it has received CAD 4.3725 million in funding On July 18, 2022, Minera Alamos Inc. closed the transaction. The transaction included participation from Doug Ramshaw, President and Director of the company subscribed for 950,000 common shares for proceeds of CAD 552,500. No finders fees were paid. Announcement • Jun 24
Minera Alamos Inc. announced that it expects to receive CAD 4.3725 million in funding Minera Alamos Inc. announced a non-brokered private placement of 7,950,000 common shares at a price of CAD 0.55 per share for gross proceeds of CAD 4,372,500 on June 23, 2022. The transaction will include participation from Doug Ramshaw for 950,000 shares. No finder's fees will be paid in the transaction. The shares will have a hold period of four months from closing of the transaction. The transaction is expected to close on or about July 15, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. Announcement • Jun 01
Minera Alamos Inc. Provides an Update on the Continuing Progress At the Company's Santana Gold Mine Minera Alamos Inc. provide an update on the continuing progress at the Company's Santana gold mine. The development of the Nicho Main Zone ("NMZ") is now underway with haulage and access roads largely completed along with the removal of limited vegetation and surface cover. Following the initiation of mining activities and as the pit working areas opens up, the much larger scale of the NMZ compared to the current starter pit at Nicho Norte will help drive project mining rates to planned levels for the overall commercial operation. First mineralized material from the NMZ should be stacked on the Santana leach pad as operations move into the second half of the year and will help drive gold production rates higher. The Company has agreed to basic terms for a modest US$3 million unsecured working capital facility with Ocean Partners USA Inc. and definitive documentation is in the process of being finalized. The facility will bolster the Company's existing working capital and provide added financial flexibility to assist with short-term demands related to the expansion of site mining activities to incorporate production from both the Nicho Norte and NMZ open pits (cover lags between mining and the receipt of proceeds from ultimate gold recovery). Company management have an existing relationship with OP and anticipate that the new facility will serve as a starting point that can grow in scale as the Santana project operations expand. Gold mined and stacked on the leach pad to date totals approximately 18,000 oz with roughly 7,000 oz of gold recovered in concentrate. Operations in May have been seasonally impacted from the severe and ongoing drought that has affected Sonora for much of the last two years. Typical rainfall in the region from January to June is in the range of 120-150 mm. However, in 2021 this totalled 45 mm and in the current year less than 2 mm has accumulated to date forcing the Company to locate additional local sources of water to support operations. The upcoming rainy season (late June-September) is expected to recharge water reservoirs and allow for an acceleration of the recovery of gold stacked on the leach pads in Q3. Following receipt of its explosives storage permit, the Company has now fully transitioned all production drilling and blasting activities "in-house". The added flexibility this has provided has been significant in terms of explosive purchase options as well as better utilization of existing mine contractor personnel for drilling and blasting operations. Overall, the changes implemented to date have allowed for a greater than 80% reduction in overall blasting costs while allowing the Company increased efficiency in scheduling the sequences between blasting and mining operations. Efforts continue to further optimize blasting activities. The implementation of these improvements were critical prior to decisions related to the initiation of mining activities at the Nicho Main Zone. The Company's on-site lab should be complete and operational in the coming weeks in anticipation of first blasting at the NMZ. The faster sample assay turnaround provided by these facilities is also a critical pre-requisite to maintaining effective mine and plant production controls as site mining activities continue to increase. Recent Insider Transactions • Mar 24
President & Director recently bought CA$57k worth of stock On the 16th of March, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.57 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$736k worth in shares. Recent Insider Transactions • Mar 23
President & Director recently bought CA$57k worth of stock On the 16th of March, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.57 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$736k worth in shares. Recent Insider Transactions • Mar 22
President & Director recently bought CA$57k worth of stock On the 16th of March, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.57 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$736k worth in shares. Recent Insider Transactions • Mar 22
President & Director recently bought CA$57k worth of stock On the 16th of March, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.57 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$736k worth in shares. Recent Insider Transactions • Mar 21
President & Director recently bought CA$57k worth of stock On the 16th of March, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.57 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$736k worth in shares. Recent Insider Transactions • Mar 18
President & Director recently bought CA$57k worth of stock On the 16th of March, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.57 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$736k worth in shares. Announcement • Feb 11
Minera Alamos Announces Santana Mine Operations Update and Optimization Progress Minera Alamos Inc. provided a 2021 year- end summary of the ramp-up of mining activities at the Santana gold mine in Sonora, Mexico. Through the end of 2021 approximately 9,100 ounces of gold were mined and stacked on the leach pad during the first phase of the project mining activities. The total exceeded the Company's initial mine opening projections and provides a sufficient amount of mining, crushing and leaching data to allow for final optimization of the operation through the last stages of ramp-up. Operational highlights through the end of 2021: Gold inventory moved to the leach pad - 9,100 oz; Mine production rates approaching the 100,000 tonnes of mineralized material per month initial target for the project ramp-up; Cumulative gold recovery from mineralization under leach for more than 30 days exceeds 70% with additional recovery ongoing; Total area of stacked mineralization under finished/active leaching remains in excess of 50% and continues to expand; Low reagent consumptions in line with previous test pad results (~0.2 kg/t NaCN and <2 kg/t lime). Recent Insider Transactions • Dec 12
President & Director recently bought CA$53k worth of stock On the 9th of December, Douglas Ramshaw bought around 100k shares on-market at roughly CA$0.53 per share. This was the largest purchase by an insider in the last 3 months. Douglas has been a buyer over the last 12 months, purchasing a net total of CA$429k worth in shares. Major Estimate Revision • Dec 09
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from CA$16.7m to CA$6.50m. EPS estimate unchanged from -CA$0.01 per share at last update. Metals and Mining industry in Canada expected to see average net income growth of 7.8% next year. Consensus price target of CA$1.05 unchanged from last update. Share price was steady at CA$0.52 over the past week. Announcement • Sep 09
Minera Alamos Inc. Announces Santana Project Operations Minera Alamos Inc. provided an update on the ongoing ramp-up of mining operations at the Santana gold mine, Sonora, Mexico. During the month of August, the Company continued to expand blasting and mining activities aimed at removing the upper portion of the Nicho Norte mineralized "pipe" which outcrops as a modest
topographic high at surface. Following the recent extraction of bench 895, the available working area has increased significantly to allow higher daily mining rates at the starter pit. Mining activities commenced in June 2021 but were constrained initially due to access limitations based on the topography of the Nicho Norte starter pit location. These limitations continue to decrease as additional benches are extracted and mining production levels expand accordingly. Mineralized material
from the early phases (June/July) was placed on the leach pad and utilized as test material for the final commissioning/optimization of the project processing equipment. Subsequently, the quantities of mineral stacked on the leach pad and available for gold extraction have grown in parallel with expanding mining
operations. Plans for the current ramp-up of mining operations underway at Nicho Norte were prepared with the goal of minimizing additional capital requirements conventionally utilized to remove significant amounts of "pre-stripping" material prior to the initiation of subsequent mining operations. Starter pit areas were instead selected which contained readily accessible quantities of mineralized material. Waste mined during this period (costs already accounted for in open pit mine plans) is being subjected to crushing (as required) and screening to extract overliner material to be placed on the leach pad (as a drainage layer)
in advance of stacking of mineral for gold extraction. Overliner and mineral placement will continue in parallel until such time as additional overliner is no longer required. The primary focus of the early ramp-up operations at Nicho Norte is to move the mine into commercial production while efficiently minimizing the upfront capital requirements. The scale of mining operations will continue to increase as the available working area for equipment in the starter pit expands with
depth. In addition, the amount of mineralized material available for gold extraction (as a % of the total material stacked on the leach pad) will also continue to increase. Currently a significant portion of this material (and the contained gold) is unavailable for recovery as it is located in areas being utilized as working surfaces for equipment to stack new material on the leach pad. This situation will continue to improve as the ramp-up continues. As the largest full bench extracted to date from the Nicho Norte starter pit, a basic review was performed for the 895m bench to understand gold distributions (location and concentration) contained in material mined. The company's practice is to take samples from every blasthole drilled in the pit which are then sent for gold analysis by an independent third-party laboratory. In total, the 895m bench contained 98,200 tonnes of material which included 62,800 tonnes of
mineralized material with gold contents in excess of the 0.15 g/t Au cut-off currently being used for mining operations. Executive Departure • Aug 03
Chief Financial Officer Christopher Chadder has left the company During their tenure, the company went from making losses to turning a profit. On the 24th of July, Christopher Chadder left the company after 4.0 in the role. We don't have any record of a personal shareholding under Christopher's name. Christopher is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.88 years, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Jul 23
Minera Alamos Inc. Provides an Operational Update for the Santana Gold Mine, Sonora, Mexico Minera Alamos Inc. provided an operational update for the Santana gold mine, Sonora, Mexico. The commissioning work at the Santana mine continues to proceed according to schedule with the gold recovery plant tested thoroughly and operational. This has occurred despite the significant rain fall covering southern Sonora in the first half of July. Given the vulnerable nature of the site at initial startup (large exposed leach pad areas and newly constructed excavations), Minera reported that overall the project proved extremely resilient to an exceptional rainfall event. The mine site saw in excess of an entire month of normal precipitation (200mm) over a two-week period and often in very concentrated windows. Some minor delays occurred with items such as final electrical hookups but the Company can report that all required plant electrical infrastructure is now in place and operational. In addition, improvements to areas of critical site drainage have been implemented which will be positive for future operations. Recent Insider Transactions Derivative • Jul 22
CEO & Director exercised options and sold CA$279k worth of stock On the 16th of July, Darren Koningen exercised 650k options at a strike price of around CA$0.19 and sold these shares for an average price of CA$0.62 per share. This trade did not impact their existing holding. Since December 2020, Darren has owned 7.29m shares directly. Company insiders have collectively bought CA$7.6k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Jun 24
Consensus EPS estimates fall to -CA$0.01 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from CA$27.0m to CA$24.8m. Now expected to report a loss of -CA$0.01 instead of CA$0.01 per share profit previously forecast. Metals and Mining industry in Canada expected to see average net income growth of 20% next year. Consensus price target of CA$1.08 unchanged from last update. Share price was steady at CA$0.69 over the past week. Announcement • Jun 22
Minera Alamos Inc. Provides an Update on the Start-Up of Mining Operations At the Santana Gold Mine, Sonora, Mexico Minera Alamos Inc. provided an update on the start-up of mining operations at the Santana gold mine, Sonora, Mexico. All construction has now been completed with the full leach pad now lined and available for stacking. First loading of mined material from the Nicho Norte pit commenced earlier this month in preparation for the commissioning of leach operations around the end of the June. Current planning is focused on the optimization of key parameters for full scale operations at the Santana project. This includes: blast designs suitable for efficient fragmentation of mined material; crushing circuit optimization to provide throughput maximization for material from the Nicho Norte pit; leach pad stacking plans; open pit haulage optimization and construction of roads for future pit development phases; and leach plant testing and reagent preparation. Initial blasting activities at the Nicho Norte pit have demonstrated the ability to achieve a high level of fragmentation allowing for a majority of mined material to bypass further crushing and be sent directly to the leach pad for gold recovery. It is currently expected that additional crushing requirements will be limited to zones of higher-grade material only. This will be handled by the mining contractor using portable crushing equipment. Announcement • May 21
Minera Alamos Inc. Executes the First Planned Production Blasts at the Nicho Norte Pit at the Santana Gold Mine in Sonora, Mexico Minera Alamos Inc. announced that this week, the Company successfully executed the first planned production blasts at the Nicho Norte pit at the Santana gold mine in Sonora, Mexico. With this inaugural blast successfully completed drilling has already begun on subsequent blasting as the Nicho Norte pit is opened up. The initial blasting at Nicho Norte provided excellent fragmentation and further optimization is planned as blasting operations continue. Stockpiling of the mineralized material is ongoing in advance of the initiation of screening and crushing activities. This first material will be used to test the leaching circuit and commission the carbon plant prior to continuous loading of the heap leach pad as the Company takes a prudent approach to ramping up operations at Santana throughout the remainder of 2021 ahead of more steady state operation in 2022 and beyond. The Company and Osisko Gold Royalties ("Osisko") have mutually agreed to extend the option period of the La Fortuna royalty agreement until May 15th 2022. The extension provides additional time for the Company to evaluate project development sequencing following the start up of operations at the Santana gold mine and to maintain financing flexibility for the construction capital required for the building of a gold operation at the La Fortuna project. The Company does not have a feasibility study of mineral reserves, demonstrating economic and technical viability for the Santana project, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Price Target Changed • May 20
Price target increased to CA$1.06 Up from CA$0.96, the current price target is an average from 2 analysts. New target price is 58% above last closing price of CA$0.67. Stock is up 58% over the past year. Price Target Changed • Apr 14
Price target decreased to CA$0.91 Down from CA$0.99, the current price target is an average from 2 analysts. New target price is 38% above last closing price of CA$0.66. Stock is up 116% over the past year. Is New 90 Day High Low • Feb 19
New 90-day low: CA$0.54 The company is down 22% from its price of CA$0.69 on 20 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 3.0% over the same period. Is New 90 Day High Low • Feb 03
New 90-day low: CA$0.58 The company is down 15% from its price of CA$0.68 on 04 November 2020. The Canadian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 2.0% over the same period. Announcement • Jan 29
Minera Alamos Inc. Provides Santana Mine Construction Update Minera Alamos Inc. provided a construction update detailing progress at the Santana gold project, Sonora, Mexico, as the Company advances towards the commencement of mining. Leach solution ponds (barren and pregnant) are now fully lined and ready for operations. The plant foundations have been completed and all previously fabricated plant structures (including carbon columns for gold recovery) have been delivered to site in preparation for final installation that is now underway. The majority of the civil works for the heap leach pad area have been completed and the installation of the pad liner has commenced this week. Foundations for additional site infrastructure items including the warehouse and fuel storage areas are also complete. The crushing system previously acquired for potential future expansions at Santana or at the Company's Cerro de Oro project is in transit from the U.S. to the Company's staging facilities in Obregon, Sonora The Company is well funded to complete construction of Santana while advancing development activities across its pipeline of projects. With the vast amount of construction activity in 2020 revolving around earthworks for the plant, ponds and pad the final installation of liners and plant process equipment is moving forward quite rapidly as can be seen in the transition from unlined to fully lined ponds in just a few weeks. The main pad liner is expected to be installed over the coming weeks in parallel with the final installation and connection of equipment related to the gold recovery plant. Announcement • Jan 28
Minera Alamos Inc.(TSXV:MAI) dropped from S&P/TSX Venture Composite Index Minera Alamos Inc.(TSXV:MAI) dropped from S&P/TSX Venture Composite Index Is New 90 Day High Low • Jan 18
New 90-day low: CA$0.63 The company is down 11% from its price of CA$0.71 on 20 October 2020. The Canadian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 4.0% over the same period. Price Target Changed • Nov 18
Price target raised to CA$1.00 Up from CA$0.90, the current price target is an average from 3 analysts. The new target price is 43% above the current share price of CA$0.70. As of last close, the stock is up 226% over the past year. Announcement • Nov 18
Minera Alamos Inc. Reports Mineral Resource Estimate of 630,000 Ounces Contained Gold Minera Alamos Inc. announced the positive results of an independent estimate of the Mineral Resources at the Cerro de Oro Project (the "Project") in Zacatecas, Mexico. The Resource Estimate was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") by Talisker Exploration Services Inc. Inferred Mineral Resource estimate containing 630,000 ounces of oxide gold mineralization (48 million tonnes at 0.41 g/t gold). The resource estimate was prepared using an economic pit shell at a gold price of $1,450 per ounce resulting in a total enclosed pit volume containing 59 million tonnes. The Company has identified a number of high priority target areas for future drill programs aimed at expanding the known mineralized areas. A limited number of diamond drill holes have demonstrated the potential for sulphide mineralization to extend to depth below the current estimate area. Talisker Exploration Services Inc. of Toronto, Ontario estimates the Cerro de Oro Project, using a gold price of USD 1,450/oz and a cut-off grade of 0.18 g/t, has an Inferred Mineral Resource of 48 million tonnes grading 0.41 g/t gold or 630,000 ounces of contained gold. The Cerro de Oro Project is a porphyry gold system with associated skarn halos and disseminated and veinlet-controlled gold mineralization characterized by the development of magnetite and quartz veins (A and B veins). These veins developed during an early potassic alteration phase and were later overprinted by silica and sericite (phyllic overprinting) within the inter-mineral porphyritic intrusive phases that form part of a larger intrusive complex. The inaugural resource estimate incorporates a total of 84 reverse circulation (RC) drill holes (7,112 metres) and twelve diamond drill holes (3,786 metres) including 50 RC holes (4,272 metres) drilled by Minera Mexico Pacific S.A. de C.V in 2017 and 2018 and 34 RC holes (2,840 metres) drilled by Noranda. All of the diamond drill holes were completed by Noranda from 1996 through 1998. Drilling to date has focused on the oxide zone with the majority of oxide holes drilled to depths of 60 to 160 metres. The diamond drill holes were drilled to depths of 80m to 645m to identify mineralization at depth. Future Plans With the completion of this inaugural resource estimate, the Company will continue to advance engineering studies that are already underway and which will serve as the basis for permit application submittals in the coming months. Additional activities are to include: ��Mastercard Advances Multi-Rail Strategy to Modernize Business Payments Business WireThe preparation of a detailed geological model covering the entire land package controlled by the Company and incorporating all currently available data combined with additional surface mapping, and ground mag studies; Initiation of a new drill program aimed at expanding the known zones of mineralization both laterally and at depth; Further metallurgical testing to optimize size/recovery relationships for the oxide mineralization as well as to determine the amenability of the sulphide zone for heap leach gold recovery; Completion of surface rights agreements to allow for permitting and development of a gold heap leach production operation; A hydrogeological study for the property to locate high priority targets for water sources suitable for a heap leach gold operation. Is New 90 Day High Low • Nov 07
New 90-day high: CA$0.78 The company is up 16% from its price of CA$0.67 on 07 August 2020. The Canadian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Announcement • Oct 20
Minera Alamos Inc. Updates on Fast-Track Development Activities for the Newly Acquired Cerro De Oro Gold Project in Zacatecas, Mexico Minera Alamos Inc. announced an update on fast-track development activities for the newly acquired Cerro de Oro gold project in Zacatecas, Mexico. The majority of the metallurgical testwork completed on samples from the Cerro de Oro project was performed during the 2017 to 2019 period. Data from this preliminary work is being utilized as a starting basis for engineering designs that are currently underway. Minera Alamos has initiated a new program of metallurgical studies to provide additional details prior to the completion of final engineering designs. The testwork completed to date consists predominantly of standard bottle roll cyanidation studies on reverse circulation exploration chips (<2mm particle size) although a few coarse rock bottle and column tests were also completed on samples of surface material. Samples were taken from both of the main mineralized lithological units (endoskarns and hornfels). Although largely oxide samples there were a limited number of mixed sulphide transition zone samples also tested. The highlights from the metallurgical studies completed to date are as follows: Gold mineralization appears to be well disseminated through the host rock with little correlation to rock particle size distributions; Oxide gold mineralization responds positively to gold cyanidation with residual gold contents (unrecovered gold) typically in the range of 0.1 g/t Au or lower regardless of variations in sample head grades; Bottle roll test samples had an average head grade of 0.42 g/t Au (similar for oxide and mixed sulphide transition material) corresponding to a metallurgical recovery of in excess of 75%; Leach recovery kinetics were generally rapid (majority of gold extracted from RC chips in less than 24 hours); Bottle roll tests using coarse particle sizes produced gold recoveries similar to those observed with RC chip samples; Three column samples resulted in leach extractions consistent with those performed using coarse bottle roll methods; and Reagent consumptions were consistently in the low to moderate range expected for heap leach gold projects. Although the majority of the metallurgical work completed to date has focussed on the oxide mineralization in the Cerro de Oro deposit the results from a limited number of mixed oxide/sulphide transition samples did not appear significantly different than what was observed with the oxide material. A single sulphide sample of RC chip material was recently tested by Minera Alamos using bottle roll cyanidation. The samples available for this round of testing had a head grade that was lower than typical values (0.16 g/t Au), however gold recoveries were approaching 70% at the end of the test (72 hours) and appeared to still be increasing. Although additional work will be required the limited results available to date on sulphide (and mixed oxide/sulphide) mineralization from the project appear to indicate that these deeper extensions of gold mineralization (largely undrilled) may also be suitable for heap leach gold extraction. The upcoming metallurgical program planned for the project aims to confirm the results from previous studies and to further optimize the parameters to be utilized for construction of a heap leach gold facility at the project. This will include: Coarse bottle (and possibly column) leach optimization studies to evaluate crush size/gold recovery relationships; Leach studies to specifically examine areas of mineralization associated with reduced host rock permeability and elevated copper contents; Sulphide mineralization leach studies; Hardness/abrasivity studies for major rock lithologies; and Rock density determinations for different lithologies within the deposit. Announcement • Sep 05
Minera Alamos Inc. announced that it has received CAD 15.0003 million in funding On September 3, 2020, Minera Alamos Inc. (TSXV:MAI) closed the transaction. The company issued an aggregate of 23,810,000 common shares for aggregate gross proceeds of approximately CAD 15,000,300 in the transaction. The securities issued are subject to a four month hold period expiring January 4, 2021, in accordance with applicable securities laws in Canada. As consideration for their services in connection with the transaction, the underwriter, its affiliates and selling group members received a cash commission equal to 6% of the gross proceeds which is CAD 900,000 and 714,300 broker warrants, with each broker warrant exercisable to acquire one common share until September 3, 2021. Announcement • Aug 19
Minera Alamos Inc. announced that it expects to receive CAD 10.00062 million in funding Minera Alamos Inc. (TSXV:MAI) announced that it has entered into an agreement for a bought deal private placement of 15,874,000 common shares at a price of CAD 0.63 per share for gross proceeds of CAD 10,000,620 on August 18, 2020. The company has also granted the agent an option exercisable at any time prior to the closing of the transaction, to purchase for placement up to an additional 2,381,100 common shares for additional gross proceeds of up to CAD 1,500,093. The shares will have a hold period of four months and one day from closing of the transaction. The transaction is expected to close on or about September 3, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange. Announcement • Jul 31
An undisclosed buyer acquired 5.1% stake in Prime Mining Corp. (TSXV:PRYM) from Minera Alamos Inc. (TSXV:MAI) for CAD 1.5 million. An undisclosed buyer acquired 5.1% stake in Prime Mining Corp. (TSXV:PRYM) from Minera Alamos Inc. (TSXV:MAI) for CAD 1.5 million on April 30, 2020. Under the transaction, Minera Alamos Inc. sold 3 million common shares in the capital of Prime Mining Corp. for CAD 1.5 million and 3.35 million warrants to purchase common shares of Prime Mining Corp. for CAD 0.17 million. Upon completion, Minera Alamos Inc. retains ownership of 3.09 million common shares, representing 5.2% stake in Prime Mining Corp. and has disposed of all warrants of Prime Mining Corp. that it previously owned.
An undisclosed buyer completed the acquisition of 5.1% stake in Prime Mining Corp. (TSXV:PRYM) from Minera Alamos Inc. (TSXV:MAI) on April 30, 2020. 