National Bank of Canada Raises Minera Alamos' Price Target to C$9.50 from C$8.50; Outperform Rating Kept

03:44 PM EDT, 05/29/2026 (MT Newswires) -- National Bank of Canada on Friday raised its price target on the shares of Minera Alamos (MAIFF) to C$9.50 from C$8.50 per share while maintaining its outperform rating.

The analysts said the company has completed a major restructuring with a clean capital structure and a clear multi-year growth plan. The start of construction at Copperstone marks a key step toward restarting mine development.

The analysts expect production to scale from 35 thousand ounces (koz) in 2026 to over 150 koz per year, driven by a series of low-cost projects, starting with Copperstone at 46 koz per year ramping in mid-2027, Goldrock at 40 koz around 2028, and Cerro de Oro adding roughly 55 to 60 koz.

"We have updated our model following several recent developments from Minera Alamos (MAIFF) over the past week, including: the Copperstone pre-feasibility study and construction decision, US$45 million credit facility drawdown and restructuring of gold prepays and call options, repurchase of a net smelter return on Cerro De Oro, release of Q1 financial statements, and adoption of a USD financial reporting standard," the analysts said.

The analysts said they have adopted the Copperstone PFS mine plan, with first production now expected in Q3 2027 instead of Q1 2027. The project is expected to produce 42 koz per year at a life-of-mine AISC of US$1,430 per ounce. The model also includes an added US$80 million NAV benefit tied to about 300 koz additional resources that could support future open-pit mining upside.

Following model updates, the analysts said their net asset value per share increased 6% to C$13.59 from C$12.78.

Price: 7.09, Change: +0.16, Percent Change: +2.31

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