Mining Americas (MAI) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of C$43.6 million and record earnings from mine operations of C$20.1 million in Q4 2025.

• Completed the acquisition of the Pan Operating Complex, including the Pan mine, Gold Rock, and Illipah projects in Nevada.

• Integrated the Pan mine into operations ahead of schedule and strengthened the management team with key appointments.

• Announced a C$56 million secondary market share purchase by strategic investors, including management participation.

Financial highlights

• Q4 2025 revenue was C$43.6 million, up from C$4.96 million in Q4 2024; full-year revenue reached C$51.2 million.

• Earnings from mine operations in Q4 2025 were C$20.1 million, compared to C$2.9 million in Q4 2024.

• Adjusted net income for Q4 2025 was C$11.6 million (C$0.11 per share), excluding one-time items.

• Cash flow from operating activities in Q4 2025 was C$41.3 million; year-end cash and equivalents stood at C$60.3 million.

• Working capital at year-end was C$112.0 million.

Outlook and guidance

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

• Plans to release Copperstone pre-feasibility study and rebrand in May 2026.

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

• Closing a US$75 million revolving credit facility and refinancing debt in May 2026.