Minera Alamos Inc. (TSXV: MAI) (OTCQX: MAIFF) is moving forward with its plans to restart the Copperstone Mine gold project in Arizona, targeting a production ramp-up by 2026. The company has submitted the final amendment to the Mine Plan of Operations (MPO) to the U.S. Bureau of Land Management, marking a key regulatory milestone needed to fully resume mining activities at the site.
The MPO amendment aligns with U.S. Code of Federal Regulations Title 43 Subpart 3809 and is expected to be approved before the end of 2025. This approval will enable Minera Alamos to restart operations at Copperstone on a full scale. Meanwhile, the company is already initiating site development activities under existing permits to accelerate the project timeline.
Copperstone is an advanced gold project with existing infrastructure and permitting, acquired by Minera Alamos through its purchase of Sabre Gold Mines Corp. earlier this year. The acquisition included mineral property costs of approximately $19.7 million. The company is now focused on refurbishing and installing process plant equipment it already owns, which will help reduce capital expenditures and speed up the restart.
A reissued Preliminary Economic Assessment (PEA) published in February 2025 highlights the project’s strong economics. At a gold price of US$1,800 per ounce, the after-tax net present value (NPV) is estimated at US$66 million, rising to US$200 million at US$2,800 per ounce. The internal rate of return (IRR) ranges from 53.6% to 152.7% depending on the gold price scenario, underscoring the project’s potential profitability.
Minera Alamos is also advancing engineering work to optimize mine design and process plant capacity. Efforts are underway to ensure the plant can handle future throughput increases as resource expansions are realized. The company is reviewing exploration programs, including up to 15,000 meters of drilling across eight targets, to extend the resource base and enhance the mine’s long-term value.
Exploration targets include zones along the Copperstone shear and footwall areas, with historic drill results showing promising gold grades. For example, one drill hole intersected 32.3 grams per tonne over 10.5 feet, while others returned intervals above 10 grams per tonne, indicating significant upside potential near existing resources.
Permitting efforts continue beyond the MPO amendment, with updates planned for the Aquifer Protection Permit and Air Quality Control Permit, as well as minor revisions to the reclamation plan. These are expected to be completed by the third quarter of 2025 to support the mine’s restart schedule.
On the operational front, Minera Alamos has strengthened its leadership team with the appointment of Kevin Small, P.Eng, as Executive Vice President of Operations for Copperstone. This move reflects the company’s commitment to advancing engineering and construction activities efficiently.
The Copperstone restart complements Minera Alamos’ broader portfolio, which includes the Santana open-pit heap-leach mine in Sonora, Mexico, currently ramping up production at the Nicho Main deposit, as well as the Cerro de Oro and La Fortuna projects. The company’s strategy focuses on developing low-capital-cost assets while expanding resources and pursuing strategic acquisitions.
Minera Alamos is actively engaged in project financing discussions for Copperstone, reviewing multiple indicative term sheets to secure the necessary funding for development. The company aims to finalize financing in the coming months to support the restart and growth plans.
