Mining Americas Reports Q2 2026 Financial and Operating Results
Rhea-AI Summary
Mining Americas (TSX: MAI, OTCQX: MAIFF) reported Q2 2026 revenue of $32.6 million, earnings from mine operations of $13.2 million, adjusted net income of $6.5 million ($0.06/share) and adjusted EBITDA of $9.3 million, driven by Pan mine gold sales.
Pan produced 8,217 oz and sold 8,329 oz at an average realized price of $3,920/oz, with cash costs of $1,831/oz and AISC of $2,054/oz. The company ended Q2 with $43.5 million in cash, working capital of $106.3 million and total liquidity of $73.5 million, including $30 million undrawn on a new $75 million revolving credit facility.
Despite strong mine-level performance, Mining Americas recorded a net loss of $15.7 million, mainly due to $17.7 million in finance expense and non-recurring items. The company advanced construction activities at the Copperstone project, repurchased a 0.75% NSR on Cerro de Oro via share issuance, and graduated to the TSX.
Positive
- Revenue $32.6m in Q2 2026, up from $2.3m in Q2 2025
- Earnings from mine operations $13.2m vs a loss of $0.3m in Q2 2025
- Adjusted net income $6.5m or $0.06 per share in Q2 2026
- Pan H1 2026 production 16,951 oz at cash costs of $1,740/oz, below guided range
- Total liquidity $73.5m including $43.5m cash and $30m undrawn revolving credit
- $75m revolving credit facility closed, with $45m used to refinance Auramet obligations
Negative
- Net loss $15.7m in Q2 2026 despite positive mine operating earnings
- Finance expense $17.7m including $9.6m gold loan loss and $7.1m call option settlement
- Exploration expense $6.5m in Q2 2026, including a $4.5m non-cash Cerro de Oro royalty buyback
- General and administrative expense $1.6m in Q2 2026, up from $0.9m in Q2 2025
- Operating cash flow $5.8m in H1 2026 vs investing cash outflows of $12.7m
News Explained
By June 30, $45 million drawn under the new facility supported operations and Copperstone while retiring prior obligations, increasing debt financing without disclosed new dilution.
On
The disclosed financing action was borrowing rather than an equity issuance: the facility had closed, and the company drew
The company expects Copperstone drilling to finish in the second half of
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - August 17, 2026) - Mining Americas Inc. (TSX: MAI) (OTCQX: MAIFF) ("Mining Americas" or the "Company") is pleased to announce unaudited financial and operating results for the three and six months ended June 30, 2026 ("second quarter" or "Q2 2026"). Results are presented in U.S. dollars unless otherwise stated. For details of the consolidated Financial Statements and Management's Discussion and Analysis, please see the Company's filings at www.miningamericas.gold or on SEDAR+ at www.sedarplus.ca.
Second Quarter 2026 Highlights
Quarterly revenue of
$32.6 million , earnings from mine operations of$13.2 million , adjusted net income of$6.5 million (or$0.06 per share), and adjusted EBITDA1 of$9.3 million .Ended Q2 2026 with cash and cash equivalents of
$43.5 million and working capital of$106.3 million . Total available liquidity of$73.5 million including$30 million undrawn on the Company's revolving credit facility.Q2 2026 gold production of 8,217 ounces, gold sales of 8,329 ounces at average realized price of
$3,920 per ounce2. Year-to-date ("YTD") gold production was 16,951 ounces and sales were 17,463 ounces.Cash costs1 of
$1,831 per ounce ("/oz") gold sold and all-in sustaining costs1 ("AISC") of$2,054 /oz gold sold. YTD cash costs and AISC were$1,740 /oz gold sold and$1,930 /oz gold sold, respectively.On track to achieve 2026 guidance at the Pan mine: gold production of 32,000-38,000 ounces, cash costs of
$1,750 -1,900 per ounce, and AISC of$1,850 -2,000 per ounce.During the quarter the Pan mine ramped up mined tonnage from 51,800 tonnes per day at the start of the year to a June average of over 70,000 tonnes per day on track to achieve nearly 100,000 tonnes per day in the second half of the year.
1 Refer to the "Non-IFRS Measures" in this release and associated MD&A for a description of these measures.
2 The average realized gold price in Q2 2026 was impacted by settling 1,500 ounces of the Company's outstanding call options with Auramet at an average selling price of
Mining Americas CEO, Darren Blasutti, commented, "The Pan mine delivered another solid quarter of gold production. At the midpoint of the year, we are comfortably positioned approximately halfway through our annual production guidance of 32,000-38,000 ounces, below our guided cash cost range, and at the midpoint of guided AISC range. Quarterly earnings from mine operations
We would also like to congratulate our Pan mine operating team for winning the Nevada Mining Association's Operator Safety Award for 2025 - an award the Pan mine has now won seven out of the past ten years."
Q2 2026 Results Conference Call and Webcast
The Company's management team will host a conference call and webcast today at 11:00 AM Eastern Time to discuss the quarterly results and project activities, followed by a question-and-answer session.
Dial-In Numbers / Webcast:
Date: Monday, August 17, 2026
Time: 11:00 AM Eastern Time
North American callers please dial: +1-800-715-9871
International callers please dial: +1-647-932-3411
Webcast: https://www.gowebcasting.com/14771
Recent Highlights
On May 11, 2026, the Company announced a series of Board and Management changes to support the Company's strategy of becoming a leading, U.S. focused intermediate gold producer.
On May 19, 2025, the Company announced its intention to exercise its option to repurchase a
0.75% net smelter return royalty on the Cerro de Oro project from Auramet Capital Partners, L.P. ("Auramet") for$4.5 million . The Company entered into an agreement with Auramet to satisfy the purchase price through the issuance of 895,572 common shares at C$6.91 per share. The repurchase was completed on May 22, 2026, upon issuance of the shares.On May 26, 2026, the Company closed a
$75 million revolving credit facility ("RCF") with The Bank of Nova Scotia and National Bank of Canada, as previously disclosed in its March 31, 2026 news release. The Company made an initial$45 million drawdown under the RCF, primarily to repay existing debt and commitments with Auramet, including the 7,830-ounce gold-prepayment facility and the remaining 3,000 ounces of forward-gold sales priced at approximately$2,100 per ounce.On May 27, 2026, the Company announced the results of a pre-feasibility study (the "PFS") on its
100% -owned, past-producing Copperstone project ("Copperstone" or the "Project") located in La Paz County, Arizona, USA.On June 15, 2026, the Company announced it had received conditional approval to graduate to the Toronto Stock Exchange ("TSX"). The conditions were subsequently satisfied, and the Company's shares began trading on the TSX on Friday July 3, 2026.
On June 25, 2026, the Company's shareholders and the TSX Venture Exchange ("TSXV") approved the Company's name change to "Mining Americas Inc.".
Copperstone Project Update
Copperstone project engineering work continued in Q2 2026 as restart plans for the underground mine advanced. On May 27, 2026, the Company announced the results of a pre-feasibility study ("PFS") on the underground Copperstone project, with a concurrent positive construction decision by the Company's board of directors. During Q2 2026 and recently, project activities at Copperstone include:
Finalizing detailed engineering for construction and new equipment purchases;
Coordinating with the mining contractor to plan workforce and equipment mobilization, early mine rehabilitation and development;
Creating a west portal laydown area for equipment and consumables staging;
Renovation of office administration buildings and construction of workforce accommodations;
Transportation of existing mill equipment to nearby facilities for cleaning, inspection, and rehabilitation;
Demolition and modification of one side of the existing process plant to prepare for new equipment and process layout;
Purchase and delivery of new surface and process plant equipment to site;
Testing and commissioning of the existing assay lab on site.
Figure 1. Historic ball mill being removed from the process plant
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The Company initiated an exploration drilling program in Q2 2026 and anticipates the completion of the drilling during the second half of 2026. The Company is examining the potential for a near-surface open-pit resource for the Copperstone project. There was a history of open pit gold production when the Copperstone deposit was initially developed in the 1980s.
2026 Outlook
The Company's strategy is to become a leading, U.S. focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio. For 2026, the Company has the following goals pursuant to its strategy:
As of January 1, 2026, the Company changed its reporting currency from the Canadian dollar to the US dollar.
Released the results of the Copperstone project PFS in May 2026, followed by a construction decision and project construction throughout 2026
Graduated from the TSX Venture Exchange to the Toronto Stock Exchange in Q2 2026
Started the Company's inaugural drilling program at the Copperstone project testing near-surface, open pit gold mineralization in Q2 2026
Achieving 2026 guidance at the Pan mine - gold production of 32,000-38,000 ounces, total cash costs of
$1,750 -1,900 per ounce, and AISC of$1,850 -2,000 per ounceThrough the first half of 2026, the Pan mine has produced 16,951 ounces at total cash costs of
$1,740 /oz and AISC of$1,930 /oz gold sold.Releasing a maiden open pit mineral resource estimate at the Copperstone project in the second half of 2026
Releasing an updated technical report on the Gold Rock project in Q4 2026
Q1 2026 Financial Highlights
| Three months ended | Six months ended | |||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||
| in $ thousands USD except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||||||
| Revenue | 32,648 | 2,278 | 71,840 | 4,698 | ||||||||
| Cost of Sales | ||||||||||||
| Production costs | 16,675 | 2,510 | 33,319 | 4,307 | ||||||||
| Royalty and production taxes | 1,708 | 0 | 3,554 | 0 | ||||||||
| Depreciation and amortization | 1,072 | 53 | 2,310 | 114 | ||||||||
| Total Cost of Sales | 19,455 | 2,563 | 39,183 | 4,421 | ||||||||
| Earnings from mine operations | 13,193 | (285 | ) | 32,657 | 277 | |||||||
| Expenses, Taxes and Other Items | ||||||||||||
| General and administrative | (1,551 | ) | (899 | ) | (2,744 | ) | (1,956 | ) | ||||
| Exploration | (6,530 | ) | (858 | ) | (8,376 | ) | (22,804 | ) | ||||
| Share-based compensation | (1,569 | ) | (18 | ) | (2,700 | ) | (968 | ) | ||||
| Foreign exchange gain | 286 | 1,360 | 423 | 2,637 | ||||||||
| Other expenses | (28 | ) | (10 | ) | (54 | ) | (534 | ) | ||||
| Finance expense | (17,694 | ) | (875 | ) | (18,979 | ) | (1,231 | ) | ||||
| Change in fair value of investments | (101 | ) | - | 40 | - | |||||||
| Current and deferred income tax expense | (1,729 | ) | - | (5,130 | ) | - | ||||||
| Net loss | (15,723 | ) | (1,585 | ) | (4,863 | ) | (24,579 | ) | ||||
| Loss per share - basic and diluted | (0.14 | ) | (0.02 | ) | (0.04 | ) | (0.44 | ) | ||||
| Adjusting for: | ||||||||||||
| Cerro de Oro royalty buy-back | 4,500 | |||||||||||
| Gold loan loss on repayment | 10,556 | |||||||||||
| Call option settlement in gold ozs | 7,121 | |||||||||||
| Subt non-recurring items | 22,177 | |||||||||||
| Adjusted net income | 6,454 | |||||||||||
| Adjusted net income per share (diluted) | 0.06 | |||||||||||
In Q2 2026, the Company sold 8,329 ounces of gold, at an average realized price of
Cost of sales for Q2 2026 was
Total cash costs and AISC for Q2 2026 are
General and administrative expenses in Q2 2026 were
Exploration expenses in Q2 2026 were
The Company recorded share-based compensation expense of
The finance expense of
The current tax expense of
As a result of the above, the Company's operations during Q2 2026 resulted in net loss of
Consolidated Highlights
| Three months ended | Six months ended | ||||||||||||
| Restated | Restated | ||||||||||||
| June 30, | June 30, | June 30, | June 30, | ||||||||||
| in $ thousands USD except per share amounts | 2026 | 2025 | 2026 | 2025 | |||||||||
| Financial Results | |||||||||||||
| Revenue2 | 32,648 | 2,278 | 71,840 | 4,698 | |||||||||
| Cost of sales, incl. royalties and depreciation and amortization | 19,455 | 2,563 | 39,183 | 4,421 | |||||||||
| Earnings from mine operations | 13,193 | (285 | ) | 32,657 | 277 | ||||||||
| (Loss) income before income taxes | (13,994 | ) | (1,585 | ) | 267 | 24,579 | |||||||
| Net (loss) income | (15,723 | ) | (1,585 | ) | (4,863 | ) | (24,579 | ) | |||||
| Basic (loss) per share | (0.144 | ) | (0.020 | ) | (0.044 | ) | (0.440 | ) | |||||
| Cash flow from (used in) operating activities: | |||||||||||||
| Capital expenditures (sustaining) | 2,616 | 5 | 3,351 | 116 | |||||||||
| Capital expenditures (growth) | 2,615 | - | 6,695 | - | |||||||||
| Operating Results | |||||||||||||
| Gold produced (oz) | 8,217 | 898 | 16,951 | 1,912 | |||||||||
| Gold sold (oz) | 8,329 | 898 | 17,463 | 1,912 | |||||||||
| Per Ounce Results | |||||||||||||
| Average realized price ($/oz sold) | $ | 3,920 | $ | 3,503 | $ | 4,114 | $ | 3,462 | |||||
| Operating cash costs per ounce sold1($/oz sold): | |||||||||||||
| Cash cost per ounce sold1 ($/oz sold) | $ | 1,831 | - | $ | 1,740 | - | |||||||
| AISC per ounce sold1 ($/oz sold) | $ | 2,054 | - | $ | 1,930 | - | |||||||
| 1 Non-IFRS measure, for further information refer to the Non-IFRS Measures section in this release. 2 Gold ounces sold include 80 ozs produced from restripped carbon from Santana, with associated revenues of | |||||||||||||
Cash Flow
| Six months ended | Year ended | ||||||
| in $ thousands USD | June 30, 2026 | December 31, 2025 | |||||
| Net Cash Provided Operating Activities | 5,847 | 22,634 | |||||
| Net Cash Used in Investing Activities | - 12,658 | - 101,912 | |||||
| Net Cash Provided by Financing Activities | 6,242 | 114,470 | |||||
| Effect of Exchange Rate Changes on Cash | 58 | 185 | |||||
| Change in Cash and Cash Equivalents | - 511 | 35,377 | |||||
| Cash and Cash Equivalents, Beginning of Period | 43,962 | 8,585 | |||||
| Cash and Cash Equivalents, End of Period | 43,451 | 43,962 |
June 30, 2026, cash and cash equivalents balance of
During the second quarter of 2026, the Company realized operating cash flow of
| Cash and equivalents at April 1, 2026 | $ | 45,587 | ||||
| Operating Cashflow Pan mine | 11,690 | |||||
| Working capital net outflow | (8,474 | ) | ||||
| Investing outflows | (7,370 | ) | ||||
| Draw on Revolving Credit Facility | 45,000 | |||||
| Settlement of gold call options | (7,121 | ) | ||||
| Repayment of gold loan | (35,861 | ) | ||||
| Cash and equivalents at June 30, 2026 | $ | 43,451 | ||||
Pan Mine Operating Summary
| Three months ended | Six months ended | ||||||
| June 30, | June 30, | ||||||
| Mining | 2026 | 2026 | |||||
| Ore Mined (t) | 1,492,346 | 2,678,595 | |||||
| Waste Mined (t) | 3,920,590 | 6,691,369 | |||||
| Total Mined (t) | 5,412,936 | 9,369,964 | |||||
| Grade (g/t Au) | 0.257 | 0.264 | |||||
| Gold Mined (oz) | 12,315 | 22,747 |
Mining operations at the Pan mine during Q2 2026 averaged over 58,800 tonnes per day, with total material moved of 5.4 million tonnes. Material moved included 1.5 million ore tonnes at a grade of 0.257 g/t, with 1.5 million tonnes placed on the heap leach pad, containing 12,438 ounces of gold. Operations during the first six months of 2026 averaged over 51,700 tonnes per day, with total material moved of 9.4 million tonnes. Material moved included 2.7 million tonnes placed on the heap leach pad, containing 23,126 ounces of gold. Over the first half of 2026, the mining rates at Pan have steadily increased, reflecting the productivity and efficiency of the mining contractor that was appointed in January of 2026.
| Three months ended | Six months ended | ||||||
| June 30, | June 30, | ||||||
| Processing | 2026 | 2026 | |||||
| Ore Placed on Leach Pad (t) | 1,509,508 | 2,691,087 | |||||
| Grade (g/t Au) | 0.256 | 0.267 | |||||
| Contained Gold (oz) | 12,438 | 23,126 | |||||
| Gold produced (oz) | 8,137 | 16,871 | |||||
| Gold sold (oz) | 8,249 | 17,383 |
During Q2 2026, 8,137 ounces of gold were produced by the Pan mine at total cash costs and AISC of
The Pan mine recently achieved exemplary safety milestones. The operation won the 2025 Nevada Mining Association's Operator Safety Award for small mines, having also previously won the award in 2016-2020 and in 2024. The Pan mine has not had a medical treatment injury since 2023 and recently surpassed 5 years with no lost time injuries.
Non-IFRS Measures
This news release refers to certain financial measures, such as all-in-sustaining costs, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and, accordingly, may not be comparable to such measures as reported by other companies. These measures have been derived from the Company's financial statements because the Company believes that they are of assistance in understanding the results of operations and its financial position. Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the Company's MD&A for Q4 2025, available on SEDAR+.
Total cash costs. The Company uses total cash costs per gold ounce sold to monitor its operating performance internally. The most directly comparable measure prepared in accordance with IFRS is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying total cash costs of operations. The Company also believes it is a relevant metric used to understand its operating profitability and ability to generate cash flow. Total cash costs are measures developed by metals companies in an effort to provide a comparable standard; however, there can be no assurance that the Company's reporting of these non-GAAP financial measures are similar to those reported by other mining companies. They are widely reported in the metals mining industry as a benchmark for performance, but do not have a standardized meaning and are disclosed in addition to IFRS measures. Total cash costs include production costs, refinery and transportation costs, royalties and production taxes. Total cash costs exclude non-cash depreciation and depletion and site share-based compensation. Production costs include mining, crushing, processing, and direct overhead at the operation sites.
AISC. AISC more fully defines the total costs associated with producing precious metals. The AISC is calculated based on guidelines published by the World Gold Council (WGC), which were first issued in 2013. In light of new accounting standards and to support further consistency of application, the WGC published an updated Guidance Note in 2018. Other companies may calculate this measure differently because of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus growth capital. Note that in respect of AISC metrics within the technical reports, because such economics are disclosed at the project level, corporate general and administrative expenses were not included in the AISC calculations. AISC per ounce includes mining, processing, direct overhead, reclamation and sustaining capital.
EBITDA. EBITDA is defined as earnings from continuing operations before net financial expenses (income), income taxes, depreciation, depletion and amortization. As such, this financial measure allows comparability of operating results from one period to another by excluding the effects of items that are usually associated with investing and financing activities.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Mr. Darren Koningen, P.Eng., the Company's President & COO, who is the Qualified Person under National Instrument 43-101.
About Mining Americas
Mining Americas Inc. (formerly Minera Alamos Inc.) is a growing North American gold production and development company with projects in Nevada, Arizona, and Mexico. The Company owns the Pan Operating Complex in White Pine County, Nevada, comprised of the producing Pan mine and the adjacent permitted Gold Rock project.
The Company also owns the Copperstone project in La Paz County, Arizona, a permitted, advanced underground gold project. The Company maintains a portfolio of high-quality Mexican assets, including the Cerro de Oro project, an open pit heap leach gold development project in northern Zacatecas.
The Company's strategy is to become a leading, U.S.-focused intermediate gold producer by growing production at its Pan Operating Complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio.
For Further Information Please Contact:
Darren Blasutti, CEO
416-306-0990 ext 208
dblasutti@miningamericas.gold
David Stewart, VP Corporate Development & Capital Markets
+1-647-294-8361
dstewart@miningamericas.gold
Website: www.miningamericas.gold
Caution Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information herein, other than information of historical fact, constitutes forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements contained in this press release include statements regarding: the items set out in the Company's 2026 Outlook, production and cost guidance for 2026, project studies and development milestones at the Copperstone project, Gold Rock project, and Cerro de Oro project. This information is based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations.
The forward-looking information is based on assumptions and addresses future events and conditions that, by their very nature involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in forward-looking information for many reasons. The Company's financial condition and prospects could differ materially from those currently anticipated in forward-looking information for many reasons such as: an inability to receive requisite permits for mine operation, exploration or expansion; an inability to finance and/or complete updated resource and reserve estimates and technical reports which support the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the Company's activities; and other matters discussed in this press release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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