Mining Americas (MAI) investor relations material

Strategic growth and production outlook

• Gold production is projected to rise from 35,000 ounces in 2026 to over 180,000 ounces by 2029, driven by the development of three fully permitted mines in the U.S. and Mexico.

• Total capital required for all three mines is estimated at $115–$125 million, with funding supported by $43 million in cash, $30 million in credit revolvers, and $12 million quarterly free cash flow.

• The growth plan leverages brownfield sites with existing reserves, aiming for efficient, low-cost builds before expanding through drilling.

• Management and board members have invested $9.5 million in stock, reflecting strong internal confidence in the low-risk, high-return strategy.

• A rebranding to Mining Americas Inc. and TSX uplisting reflect a focus on U.S. production, now representing 65% of output.

Project pipeline and operational milestones

• Pan mine is operating with sub-$2,000 AISC, with life extended to at least 2032 and potential for further extension at higher gold prices.

• Copperstone mine is 70% built, with mill start-up expected at the end of Q3 2027; projected to produce 50,000 ounces annually for six years, with another six years of M&I resources.

• Gold Rock mine, located near Pan, will begin construction in mid-Q4 2026, targeting ore placement and initial production by late 2027.

• Cerro de Oro in Mexico, recently permitted as a greenfield open-pit mine, will start construction in Q4 2027 for Q3 2028 production, targeting 75,000 ounces per year at sub-$1,000 AISC.

• All projects are fully permitted, with construction and production timelines staggered to optimize capital deployment and cash flow.

Financial performance and capital strategy

• High NPV-to-CapEx ratios across all assets, with Copperstone showing a 150% IRR and $500 million NPV on a $57 million build.

• Cerro de Oro is expected to deliver over $1 billion NPV for $35 million in initial capital, with the ability to increase mining rates without additional permitting.

• After-tax free cash flow in 2029 is projected to exceed the current market cap of $450 million.

• Institutional ownership has grown to 53%, with major shareholders including Fidelity and price targets from analysts ranging $8.50–$9.50 per share.

• Additional $200 million in cash could be realized from warrants, further supporting growth and expansion.