# Minera Alamos Announces Positive Pre-Feasibility Study for the Copperstone Gold Project in Arizona Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742 Original source: https://money.tmx.com/en/quote/MAI/news/7839448542604975/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold- Publisher: tmx Original announcement: 2026-05-27T21:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Minera Alamos Inc. - Ticker: MAI - Exchange: TSX - Region: Arizona - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-08-21 22:39:51 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Minera Alamos announced positive results from a Pre-Feasibility Study for its Copperstone Gold Project in Arizona, revealing robust economics with an after-tax NPV5% of $374 million and an IRR of 108% at a base case gold price of $3,500/oz. The study outlines a 6.3-year mine life producing 291 koz gold at an AISC of $1,314/oz, supported by a 110% increase in Measured & Indicated Resources to 630 koz gold and maiden Proven & Probable Reserves of 303 koz gold. The company's board has approved fast-track construction, with initial gold production anticipated by mid-2027. Reasoning: The Pre-Feasibility Study for the Copperstone Gold Project demonstrates robust economics and a clear path to production, supported by a high-confidence resource with 91% Measured & Indicated categories and maiden Proven & Probable Reserves. The project benefits from exceptional gold recovery and is fully permitted, leading to a board-approved construction decision, despite the contained gold ounces being relatively small. - Positive factor: Strong project economics - Positive factor: Maiden Proven & Probable Reserves - Positive factor: Exceptional M&I confidence \(91%\) - Positive factor: Exceptional gold recovery \(96%\) - Positive factor: Fully permitted for construction - Positive factor: Board approved construction decision - Positive factor: Significant increase in M&I resources \(110% contained gold growth\) - Negative factor: Relatively small contained gold ounces \(all categories below 500 koz threshold\) Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 8 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports 'Increased Measured & Indicated Resources to 4,054 kt grading 4.83 grams per tonne gold \("g/t"\) and containing 630 koz gold, representing a 110% increase in contained gold ounces compared to the previous mineral resource estimate.' Evidence · text > Increased Measured & Indicated \("M&I"\) Resources to 4,054 kt grading 4.83 grams per tonne gold \("g/t"\) and containing 630 koz gold, representing a 110% increase in contained gold ounces compared to the previous mineral resource estimate. **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The document states a '110% increase in contained gold ounces compared to the previous mineral resource estimate.' Evidence · text > 110% increase in contained gold ounces compared to the previous mineral resource estimate. **Maiden Reserve** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The document announces 'Maiden Proven & Probable Reserves are 1,934 kt grading 4.87 g/t and containing 303 koz gold.' Evidence · text > Maiden Proven & Probable Reserves are 1,934 kt grading 4.87 g/t and containing 303 koz gold. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Scott Zelligan, P. Geo. and Peter Szkilnyk, P.Eng. are named as Qualified Persons responsible for the MRE and Reserve estimates, respectively. Evidence · text > Scott Zelligan, P. Geo. is responsible for reviewing and approving the Copperstone mine underground Mineral Resource Estimate. Mr. Zelligan is a Qualified Person \("QP"\) as set out in NI 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PFS and associated technical report are explicitly stated to be prepared in accordance with National Instrument 43-101. Evidence · text > A technical report for the Copperstone PFS is being prepared in accordance with National Instrument 43-101 \("NI 43-101"\) **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The mineral resource and reserve estimates are reported with a clear cut-off grade of '0.064 oz/ton gold \(2.2 g/t Au\)'. Evidence · text > The MRE is reported at an underground mining cut-off of 0.064 oz/ton gold \(2.2 g/t Au\). **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is an announcement of the results of a Pre-Feasibility Study \(PFS\). Evidence · text > results of a pre-feasibility study \(the "PFS"\) **High Recovery** Polarity: positive Story-specific tag Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The projected overall gold recovery of 96% is above the exceptional band \(95%\) for a mill processing route. Evidence · text > projected overall gold recovery of approximately 96%. **Mill Route** Polarity: neutral Story-specific tag Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The process plant design incorporates 'crushing, grinding, flotation, and cyanide leaching circuits'. Evidence · text > The proposed flowsheet will incorporate crushing, grinding, flotation, and cyanide leaching circuits **Underground Mining** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project is described as an 'underground gold mining project' and 'underground accessible Resources were considered'. Evidence · text > underground gold mining project ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-0) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: measured - Tonnes: 2198000 - Grade: 5.08 - Grade Unit: g/t - Contained Metal: 359000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The Measured resource shows a strong gold grade for an underground project, contributing to the overall positive PFS economics, but the total contained gold ounces are relatively small. - Positive factor: High grade for underground mining - Positive factor: Part of a high-confidence resource estimate - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale Evidence · table > 5.08 Context: 2,198 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-1) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: indicated - Tonnes: 1856000 - Grade: 4.54 - Grade Unit: g/t - Contained Metal: 271000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The Indicated resource shows a strong gold grade for an underground project, contributing to the overall positive PFS economics, but the total contained gold ounces are relatively small. - Positive factor: High grade for underground mining - Positive factor: Part of a high-confidence resource estimate - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale Evidence · table > 4.54 Context: 1,856 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-2) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: indicated - Tonnes: 4054000 - Grade: 4.83 - Grade Unit: g/t - Contained Metal: 630000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The total Measured & Indicated resource shows a strong gold grade for an underground project and represents exceptional confidence, but the total contained gold ounces are relatively small. - Positive factor: High grade for underground mining - Positive factor: Part of a high-confidence resource estimate - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Positive factor: Exceptional M&I confidence \(91%\) - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale Evidence · table > 4.83 Context: 4,054 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-3) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: inferred - Tonnes: 401000 - Grade: 4.04 - Grade Unit: g/t - Contained Metal: 52000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The Inferred resource shows a strong gold grade for an underground project, but its contained gold ounces are very small and it represents a lower confidence category. - Positive factor: High grade for underground mining - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale - Negative factor: Inferred category has lower geological confidence Evidence · table > 4.04 Context: 401 ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-4) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: proven - Tonnes: 1052000 - Grade: 5.06 - Grade Unit: g/t - Contained Metal: 172000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The Proven reserve shows a strong gold grade for an underground project and is part of the maiden reserve estimate, but the total contained gold ounces are relatively small. - Positive factor: High grade for underground mining - Positive factor: Maiden reserve estimate - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale Evidence · table > 5.06 Context: 1,052 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-5) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: probable - Tonnes: 882000 - Grade: 4.61 - Grade Unit: g/t - Contained Metal: 131000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The Probable reserve shows a strong gold grade for an underground project and is part of the maiden reserve estimate, but the total contained gold ounces are relatively small. - Positive factor: High grade for underground mining - Positive factor: Maiden reserve estimate - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale Evidence · table > 4.61 Context: 882 ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-6) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Resource Data - Category: probable - Tonnes: 1934000 - Grade: 4.87 - Grade Unit: g/t - Contained Metal: 303000 - Contained Unit: oz - Cutoff Grade: 2.2 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The maiden Proven & Probable reserve estimate shows a strong gold grade for an underground project, representing a significant de-risking step, but the total contained gold ounces are relatively small. - Positive factor: High grade for underground mining - Positive factor: Maiden Proven & Probable Reserves - Positive factor: NI 43-101 compliant - Positive factor: QP signed - Negative factor: Contained gold ounces are below the weak threshold for contained metal scale Evidence · table > 4.87 Context: 1,934 ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/minera-alamos-announces-positive-pre-feasibility-study-for-the-copperstone-gold--aeaa90bd-34f2-4682-a8d9-b0d66ae9c742#fact-resource-facts-7) Copperstone · gold #### Identity - Project: Copperstone - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: MAI #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-05-27T00:00:00.000Z Reasoning: The projected 96% gold recovery for the mill processing route is exceptional and significantly de-risks the project's metallurgical performance. - Positive factor: Exceptional gold recovery for a mill processing route Evidence · text > projected overall gold recovery of approximately 96%. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.