Mining Americas (MAI) Investor presentation summary

Strategic growth and production outlook

• Targeting transformation into a leading U.S.-focused intermediate gold producer with peer-leading production growth, ramping from ~35 koz in 2026 to over 150 koz by 2028, representing an 87% CAGR from 2026-2028 and 72% CAGR from 2026-2029.

• Growth is organically funded, leveraging strong cash flow from the Pan mine and a robust balance sheet, including $43M cash and $30M undrawn revolving credit facility as of Q2 2026.

• All major growth projects (Copperstone, Gold Rock, Cerro de Oro) are permitted and positioned for low-capital, high-return development.

• Management and insiders have demonstrated commitment with over C$9 million in insider buying since the Nevada assets acquisition.

Asset portfolio and project milestones

• Pan mine is a producing, open-pit, heap-leach operation in Nevada with 2026 guidance of 32-38 koz gold at AISC of $1,850-2,000/oz; reserve replacement has offset three years of mining depletion.

• Gold Rock, adjacent to Pan, is fully permitted with a 6.5-year mine life and average annual production of ~55 koz Au; a simplified heap leach scenario is expected to lower capex.

• Copperstone (Arizona) PFS outlines a 6.3-year mine life, 291 koz total gold, $1,064/oz LOM cash costs, and $57M low initial capex, with significant existing infrastructure and open pit expansion potential.

• Cerro de Oro (Mexico) is a permitted, simple open-pit heap leach project with an 8.2-year mine life, 477 koz gold, $842/oz LOM cash costs, and $28M initial capex; significant exploration upside remains.

Financial performance and capital structure

• Q2 2026 financials: $32.6M revenue, $13.2M mine earnings, $6.5M adjusted net income, $9.3M adjusted EBITDA, $43.5M cash, and $106.3M working capital.

• Closed a $75M revolving credit facility and completed a 10:1 share consolidation; graduated to TSX and rebranded.

• Basic market capitalization of $503M (US) as of September 2026, with 110M shares outstanding and 157M fully diluted.

• Analyst target prices range from C$8.50 to C$9.50 per share.