Minera Alamos (MAI) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of $39.2 million, net earnings of $10.9 million, and EBITDA of $15.3 million, reflecting a strong operational start to the year.

• Gold production reached 8,734 ounces, with gold sales of 9,134 ounces at an average realized price of $4,287 per ounce.

• Ended the quarter with $45.5 million in cash and $88.9 million in working capital.

Financial highlights

• Revenue increased to $39.2 million from $2.4 million year-over-year; net income improved to $10.9 million from a loss of $23.0 million.

• Earnings from mine operations were $19.5 million, up from $0.6 million in Q1 2025.

• EBITDA reached $15.3 million, compared to a loss of $22.9 million in the prior year.

• Cash flow from operating activities was $2.6 million; capital expenditures totaled $4.8 million.

Outlook and guidance

• 2026 guidance for Pan mine: gold production of 32,000–38,000 ounces, total cash costs of $1,750–1,900/oz, and AISC of $1,850–2,000/oz.

• Plans to release Copperstone pre-feasibility study and make a construction decision in 2026.

• Targeting TSX graduation and launching drilling at Copperstone in Q2 2026.