Mining Americas’ (formerly Minera Alamos Inc.) main asset is the Pan gold mine in White Pine County, Nevada, currently in production, alongside the adjacent, permitted Gold Rock project (also Nevada), the permitted Copperstone underground project in Arizona, and two smaller Mexican assets, including Cerro de Oro in Zacatecas. The conversation covers the company’s growth plan, financing and cash flow, management ownership, permitting status, and operational risk.

TL;DR

CEO Blasutti told me the plan is to grow gold production roughly 5x, from about 35,000 to 38,000 ounces this year to a targeted 180,000 ounces by the end of 2028, by bringing Copperstone (Arizona) and Gold Rock (Nevada) into production over the next 27 months, followed by Cerro de Oro in Mexico. They hope the growth can be funded from the Pan mine’s cash flow and existing credit facility, with no planned equity dilution unless gold falls below $3,000 an ounce. The CEO said he personally holds about $5.3 million of stock, roughly 20% of his net wealth, bought entirely on the open market since October 2025.

What have they done for shareholders lately?

Since Blasutti joined as CEO in October 2025, the company acquired the Pan Operating Complex, cleaned up the balance sheet (he said the company had owed roughly 12,000 ounces in prior gold delivery obligations that have now been eliminated), completed a secondary purchase of Equinox Gold’s remaining stake, brought in Darren Pylot (founder of Capstone Mining) as new Chairman, and up-listed from the TSX Venture Exchange to the TSX main board. He said the company published a positive feasibility study on Copperstone at the end of May and started underground construction there. Pan produced 8,734 ounces in Q1 2026 and 8,137 ounces in Q2 2026, tracking toward guidance of up to 38,000 ounces for the year.

How much money do they have and what are they spending it on?

Blasutti said the company has about $76 million in available liquidity. Roughly $45 million in cash plus a $30 million drawn portion of a $75 million US revolving credit facility with Scotiabank and National Bank. He said Pan is generating about $15 million per quarter in free cash flow and, at $4,000 gold, the mine should produce roughly $60 million a year overall. Over the next 12 months he said about $55 million will go into building Copperstone and about $25 million into Gold Rock, with the combined build cost of both mines under $100 million and Cerro de Oro (referred to as “Seridoro”) estimated at $30 to $35 million when construction eventually starts. He said the company expects to be cash flow negative by about $22 million in 2026 (consensus estimate, due to the two builds) before turning positive by roughly $37 million in 2027, $240 million in 2028, and $320 million in 2029. He reiterated no equity raise is planned at current gold prices, and that a roughly $10 million raise would only be needed if gold dropped below $3,000.

Upcoming catalysts

Technical/Operational: an updated Pan Operating Complex technical report including Gold Rock and a construction decision on Gold Rock, expected in Q4 2026; a preliminary open pit mineral resource estimate for Copperstone, expected before the end of Q3 2026; continued construction updates on the Copperstone underground project.

Corporate: the technical and water permits for Cerro de Oro (Zacatecas, Mexico) from the Mexican federal government and the new water ministry, which Blasutti said the company expects by the end of 2026, with construction not needed to start until roughly mid-Q3 2027; a planned NASDAQ listing, targeted for mid-2027 with an attempt to move it up if possible; warrants (roughly 40 million, struck at $7.50) expiring September 2028, which if exercised would bring in about $200 million.

Risks

CEO Darren Blasutti named gold price volatility as a key risk given the company has no control over the commodity and is mid-construction on two mines. He also flagged labor availability in Nevada and Arizona as a concern, along with normal execution risk on a compressed multi-mine build schedule. Permitting timing in Mexico, specifically the water ministry approval needed for Cerro de Oro, was raised as a risk, though he said it is not needed until mid-2027. He also noted a general industry risk that mine reserve/strip assumptions can change with gold price assumptions, and referenced past metallurgical blending issues at Pan under a prior operator (2012-2013) as historical context, saying current management has not seen similar issues recur.

Mining Americas CEO Interview

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