Mining Americas (MAI) Q2 2026 earnings summary

Executive summary

• Q2 2026 marked the third full quarter with the Pan Mine, showing significant operational and corporate progress, including ramped mining rates and a new Chairman.

• Settled gold loan and call option obligations, giving full exposure to higher gold prices.

• Strong liquidity position with $73.5 million available, $43.5 million in cash, and no debt payments until 2029.

• Major corporate developments include TSX graduation, rebranding to Mining Americas Inc., and winning the Nevada Mining Association's Operator Safety Award for 2025.

• Ended Q2 with $106.3 million in working capital, supporting a robust growth project pipeline.

Financial highlights

• Gold production: 8,217 ounces; gold sales: 8,329 ounces at $3,920/oz average realized price.

• Quarterly revenue: $32.6 million; earnings from mine operations: $13.2 million.

• Net loss: $15.7 million ($0.14/share), mainly due to non-recurring items; adjusted net income: $6.5 million ($0.06/share); adjusted EBITDA: $9.3 million.

• Q2 finance expense included a $9.6 million loss on gold loan settlement and $7.1 million for call option settlement.

• Operating cash flow for Q2 was $3.3 million; investing outflows were $7.4 million; financing inflows were $2.0 million.

Outlook and guidance

• On track to achieve 2026 Pan Mine guidance: gold production of 32,000–38,000 ounces, cash costs of $1,750–$1,900/oz, and AISC of $1,850–$2,000/oz.

• Q3 expected similar to Q2; Q4 anticipated as the strongest quarter.

• Copperstone project construction underway, with a maiden open pit resource estimate expected in H2 2026.

• Updated technical report for Gold Rock project planned for Q4 2026.

• Targeting a fivefold increase in gold production over the next 27 months.