Alamos Gold (AGI) investor relations material

Strategic growth and industry context

• Company evolved from a CND 400,000 market cap to about $15 billion, driven by belief in gold and strategic acquisitions.

• Focused on acquiring undervalued assets during market downturns, leading to significant value creation.

• Gold viewed as money and a store of value, with current market conditions supporting a major bull market.

• Industry remains undervalued, with gold sector trading at lower multiples compared to other sectors.

• Institutional investment in gold remains low, suggesting further upside potential.

Operational achievements and financial performance

• Production increased from 427,000 oz to 600,000 oz annually, with a path to over 1 million oz as new projects come online.

• Costs expected to decline from CND 1,400/oz to CND 1,100/oz, supporting strong margins and cash flow.

• Outperformed gold price, sector indices, and S&P 500 since December 2021, with a 350% increase.

• Created nearly CND 10 billion in value through disciplined M&A, with Mulatos, Lynn Lake, and Island Gold as key contributors.

• Cash flow projected to exceed CND 500 million annually at CND 3,000 gold, fully funding expansion.

Asset development and M&A strategy

• Mulatos acquired for CND 10 million, now valued at CND 1.1 billion, generating CND 790 million in free cash flow.

• Lynn Lake acquired for CND 35 million, now fully permitted and valued at CND 1.3 billion.

• Island Gold expanded from 750,000 oz reserves to over 6 million oz, with Manitou adding another 4 million oz.

• Integration of Island Gold and Manitou to boost production to 550,000 oz/year by 2028.

• Mineral reserves increased from 1.8 million oz in 2015 to over 16 million oz, net of depletion.