Minera Alamos (TSXV: MAI) put up a clean sheet of quarterly records in its first three months of 2026, with the gold producer posting fresh records across several metrics.
Revenue came in at US$39.2 million, edging out the roughly US$31 million equivalent of the C$43.6 million reported in Q4 2025. Net earnings of US$10.9 million, or $0.10 per share, marked a clean improvement over the US$0.6 million net loss booked in the fourth quarter. EBITDA of US$15.3 million was a quarterly high.
Cash and equivalents finished the quarter at $45.5 million against working capital of $88.9 million, modestly higher than the $44.0 million cash position at year end despite a $10 million final working capital payment to Equinox Gold to wrap up the Pan acquisition.
On the production side, the Pan mine in Nevada turned out 8,734 ounces of gold during the quarter, down slightly from Q4 2025’s record 9,165 ounces. Gold sales of 9,134 ounces hit a record at an average realized price of $4,287 per ounce, a jump from the US$3,871 per ounce realized in the prior quarter, even after the company settled 1,500 ounces of outstanding call options with Auramet at $2,113.
Total cash costs came in at $1,659 per ounce and AISC at $1,818, both undershooting the bottom end of 2026 annual guidance ranges of $1,750–$1,900 and $1,850–$2,000, respectively. That was achieved while transitioning to a new mining contractor and absorbing higher diesel prices later in the quarter.
Looking forward, management expects Q2 production to dip modestly before recovering, owing to additional pushbacks under the new mine plan that resulted in slightly lower mined grades of 0.274 g/t. Full year guidance of 32,000 to 38,000 ounces remains intact, with production weighted to the back half of the year.
Minera Alamos last traded at $6.24 on the TSX Venture.
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