North American Gold Producer, But Can They Execute on Growth? | Mining Americas CEO Interview

**Antonio** (0:00)
This video is sponsored by Terrahutton, who makes the invisible, investible. Today, we're going to see your barbecue gold production in Nevada, as well as some optionality in Arizona and Mexico, together with Mining Americas. But if you're short on time, subscribe to our free newsletter, and once a week, we'll send you a five-minute summary of all interviews we put out, resourcetalks.com for a free weekly newsletter. Now, although this company has not paid us for the production of this video, you should still understand that we are not financial advisors, and this is not intended as financial advice. It is a broad, general, and impersonal piece of information intended only for those who know and understand the risks of junior mining, of which there are many. Before moving on, read the company's official filings on Sitterplus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases, and do not consume this content if you don't agree with everything said therein. Moving on, Mining Americas transformed itself in late 2025 by acquiring the Pan Mine Complex, which is in Nevada, specifically White Pine County. That's roughly 28 kilometers southeast of Eureka, and that's now the company's main engine, if you want to call it that. Pan is a Carlin-style oxide deposit mined by Open Pit currently in process through conventional heap leaching with a 2026 Ni43.101 on it, showing 222,000 ounces of proven and probable reserves at about 0.3 grams per ton gold with measured and indicated resources of 240,000 ounces at the same 0.3 grams per ton, technically 0.33. But there's another 33,000 ounces sitting on the existing leach pads, as far as I understand it. Current mine plan goes through 2029, followed by a couple of years of residual leaching, or maybe there's some other stuff in between that can happen to change those dates, which is of course something that I do intend on asking about later on in the conversation. There were about 8,700 or 8,734 ounces to be specific, that came out of the mine in the first quarter of 2026
In the second quarter, 8,137 ounces, putting them on track for up to 38,000 ounces this year. That's what their guidance is at all in sustaining cost of up to $2,000 per ounce, and that is US dollars.
This is not the only asset though, as I hinted to you at the beginning, there's a couple of more. There's one called Adjacent Gold Rock, and this asset is the most probable route to extending the mine life if that happens. Of course, we'll talk about that. Then there's also Copperstone in Arizona. It's a yet another asset. It's an underground development, relatively small size that again, I'll touch upon. But they're now moving that forward toward a pre-feasibility study, and I'll be asking about both of those. Exploration around the existing pan pits, so back to Nevada, is also underway, by the way, to test whether the reserve base can be meaningfully replenished before the current pits are exhausted. We might touch upon that as well. Other than that, as I mentioned in the beginning as well, Mexico, they still have their assets. In Mexico, there's two. There's a small scale Santana operation in Sonora, and then there's the PEA stage Cerro de Oro project in Zacatecas. As far as I could tell, though, those are now treated as secondary or optionality rather than the core drivers, and there's some permitting challenges as well from the past that need to be fixed here. Hopefully, an update, though probably a brief one later on in the conversation. Now, for some of the numbers and more details, Mining Americas is listed as MAI, so that's M-A-I on the TSX main board, where the average daily volume of the last three months has been about 270,000 units. 52-week high, $7.50, 52-week low, $3.20.
With a little under 110 million shares outstanding and a $497 million market cap today, this is a $4.52 stock with a 50 and a 200-day moving average at 569 and 542 respectively, so the stock is not trading below those two. There are close to 40 million warrants outstanding, that's at $7.05, and there are about 6.5 million options together representing about 30% of the fully diluted 155 million shares. The most recent financing they closed was actually all the way back in December of 2024, it was actually under a completely different set up, different management of the company at the time as well.
They also have a $75 million, and that's a $75 million US dollar revolving credit facility with Scotiabank and National Bank that closed just recently. But can they keep it up without going back to the market? If there's capex needed, can they finance that? What would the financial situation look like at the end of this quarter, at the end of this year as well as what could it look like at the end of 2027? Those are all questions that I plan on asking later on in the conversation.