AMAPÁ MINERALS REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS AS RAMP-UP ADVANCES

Quarter-end cash of US$91.5 million supports continued ramp-up; open-pit mining begins, key processing systems come online, and September 2026 throughput and gold production more than double July 2026 levels

TORONTO, Nov. 10, 2026 /CNW/ -- Amapá Minerals Holdings Inc. ("Amapá Minerals" or the "Company") (TSX: AMAP) today reported its third-quarter 2026 financial results, marking a transition from initial plant start-up on historical stockpiles toward integrated mine-to-mill operations at the Amapá Project. Open-pit mining began, the ball mill and all seven carbon-in-leach ("CIL") tanks came online, and throughput and gold production increased each month, with September 2026 levels more than double those achieved in July 2026. The quarter was the Company's first full quarter of gold sales following its first gold pour on May 4, 2026, and its first quarter as a public company following its initial public offering ("IPO") on the Toronto Stock Exchange.

All amounts are in United States dollars unless otherwise indicated. Commercial production had not been declared as of September 30, 2026. Operating and financial results therefore reflect commissioning and early ramp-up conditions and do not indicate steady-state performance. The Company's unaudited condensed consolidated interim financial statements and management's discussion and analysis ("MD&A") for the three and nine months ended September 30, 2026 are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.amapaminerals.com.

THIRD QUARTER 2026 HIGHLIGHTS

• Safety performance: No fatalities or lost-time injuries recorded in the three and nine months ended September 30, 2026, with approximately 1.05 million hours worked year-to-date.
• Production ramp-up: Produced 3,276 ounces of gold, compared with approximately 500 ounces in Q2, and processed 307,306 tonnes at an average plant feed grade of 0.58 g/t gold and average CIL recovery of 75.3%. Throughput and gold production increased each month, with September 2026 levels more than double July 2026 levels.
• Mining and plant milestones: Open-pit mining began at TAP AB and Urucum North, with run-of-mine ore delivery to the plant achieved. The ball mill came online in August 2026, all seven CIL tanks entered service, and grid power and leased on-site generation began operating in parallel.
• Gold sales and revenue: Sold 3,211 ounces of gold at an average realized gold price⁽¹⁾ of approximately US$4,357 per ounce, generating US$14.0 million in revenue and US$2.2 million in gross profit.
• IPO and equity funding: Completed the IPO with a solid base of long-only and resource investors, including the partial exercise of the underwriters' over-allotment option, for gross proceeds of US$108.0 million (C$152.1 million). In addition, a principal shareholder of the Company exercised common share purchase warrants providing an additional US$22.3 million (C$31.5 million) in equity capital during Q3.
• Financial position: Ended the quarter with US$91.5 million in cash and cash equivalents and US$92.3 million in net working capital. Financial and debt-like obligations totaled US$66.4 million and were largely long-term, with BRL-denominated bank debt carrying comparatively low contractual interest rates.
• Growth and infrastructure: Received Preliminary and Installation Licenses for the Urucum North underground project, with its feasibility study expected in 1H 2027. Grid power expansion studies and tailings infrastructure planning advanced.
• Strengthened exploration team: Added senior professionals experienced in exploration, resource development and Brazilian gold operations, including some with prior experience at the deposit and in the surrounding district. The team has begun reinterpreting the extensive historical drilling and geological database to develop a systematic in-mine, near-mine and regional exploration plan.
• Resolution of legacy legal matter: Reached an agreement resolving the public civil action filed in 2018 concerning the use of cyanide in its gold recovery process. The agreement includes commitments on cyanide best practices, workforce health monitoring and reduced cyanide consumption. The Company intends to work toward alignment with the International Cyanide Management Code.

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⁽¹⁾ Supplementary financial measure within the meaning of National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure, calculated as revenue from gold sales divided by ounces of gold sold in the period.

Ivan Truzzi, Chief Executive Officer of Amapá Minerals, said "The third quarter marked meaningful progress in the ramp-up of operations. We brought the ball mill and all seven CIL tanks online, and increased throughput and gold production in each month, with no lost-time injuries. These achievements give us confidence as we continue the ramp-up, with our fourth-quarter efforts focused on improving plant availability, throughput and recovery. Following our IPO and our principal shareholder's additional US$22.3 million investment through warrant exercises, we ended the quarter with US$91.5 million in cash. This financial position supports our operational priorities and our focus on advancing the Urucum North Underground feasibility study, while we lay the groundwork for our exploration program, supported by recent hires to strengthen the team."

RAMP-UP PROGRESS – Q3 2026 OPERATING SUMMARY

Operating metric	Unit	Q3 2026
Material processed	Tonnes	307,306
Average plant feed grade	g/t Au	0.58
Metallurgical recovery	%	75.3
Gold produced	Ounces	3,276
Gold sold	Ounces	3,211
Revenue	US$000	13,990

FINANCIAL RESULTS

	Three months ended September 30		Nine months ended September 30
US$000	2026	2025	2026	2025^(2)
Revenue	13,990	–	15,169	–
Cost of sales	(11,754)	–	(12,751)	–
Gross profit	2,236	–	2,418	–
General and administrative expenses	(14,074)	(2,741)	(23,020)	(3,200)
Other expenses	(38)	–	(714)	–
Finance income (expenses), net	273	(73)	(2,005)	(78)
Loss before income taxes	(11,603)	(2,814)	(23,321)	(3,278)
Deferred income tax recovery	1,953	–	6,261	–
Net loss	(9,650)	(2,814)	(17,060)	(3,278)

Notes: ⁽²⁾ Represents the period from incorporation on April 15, 2025, to September 30, 2025.

SCIENTIFIC AND TECHNICAL INFORMATION

The scientific and technical information in this news release has been reviewed and approved by Wagner Palheiros, P.Eng., Rodrigo Cordova, B.Sc. Mining Engineer, and Gabriel Freire, B.Sc. Geology, each an independent "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), and Juliano Lima, B.Sc. Geological Engineer, who, as an employee of the Company, is not independent of the Company but is a "qualified person" within the meaning of NI 43-101.

ABOUT AMAPÁ MINERALS

Amapá Minerals is a Canadian gold mining company whose principal asset is the Amapá Project, located in the State of Amapá in northern Brazil, within the Guiana Shield and along the Vila Nova Greenstone Belt. The Amapá Project is a gold mining operation with historical production of approximately 1.59 million ounces of gold between 2005 and 2022 and benefits from robust existing infrastructure, including a recently refurbished 10,000-tonne-per-day carbon-in-leach processing plant. The Amapá Project is currently in ramp-up and positioned for sustainable growth.

Website: www.amapaminerals.com 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation.

Forward-looking information included in this news release includes, but is not limited to, statements regarding: the operational ramp-up and stabilization of the Amapá Project, including efforts to improve plant availability, throughput and recovery; the execution and delivery of the phased ramp-up and growth strategy of the Company; the advancement of the Urucum North feasibility study, including expected timing thereof; efforts to align with the International Cyanide Management Code; and the Company's expectations regarding sustainable growth.

Forward-looking information is based on management's current expectations, estimates, assumptions and projections, including assumptions regarding plant and equipment performance; the availability of personnel, contractors and supplies; mine plans and ore availability; metallurgical performance; permits and regulatory approvals; access to capital and prevailing gold prices. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied, including operating and commissioning risks; delays in ramp-up; variations in grade and recovery; equipment availability; cost inflation; liquidity and financing risks; regulatory and environmental risks; and the other risks described under "Risks and Uncertainties" in the MD&A, available under the Company's profile on SEDAR+ at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking information. Actual results could differ materially from those projected herein. The forward-looking information contained in this news release is provided as of the date of this news release. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise such forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE Amapá Minerals Holdings Inc.

FOR FURTHER INFORMATION: Renato Corvello, Chief Strategy Officer, Email: [email protected]