Alamos Gold (AGI) investor relations material

Strategy and outlook

• Production of just over 500,000 oz this year is targeted to reach ~1 million oz annually by 2030, led by Island Gold District and Lynn Lake.

• Costs are forecast to decline from ~$1,825/oz this year toward ~$1,250/oz by 2028; 90% of NAV and reserves are in Canada, with 16 million oz of reserves.

• Island Gold, Young-Davidson and Lynn Lake have average mine lives just under 20 years; reserves grew 64% over seven years to 16 million oz, net of 4.1 million oz depletion.

• Assets have generated $18 billion in value since acquisition; Island Gold District and Magino were acquired for $1.4 billion and are now valued at $11 billion on analyst consensus estimates.

Growth project execution

• Island Gold District expansion is expected to double production to 534,000 oz/yr on average at just over $1,025/oz site AISC over the initial 10 years; shaft completion is targeted for 2027 and the 20,000-tpd mill for 2028.

• Island Gold underground mining is targeted to reach 2,400 tpd after shaft commissioning and 3,000 tpd by 2029; the larger mill is expected to process 3,000 tpd of underground ore and 17,000 tpd from Magino.

• Lynn Lake construction is ramping up, with heavier activity in 2027-2028 and first production targeted for 2029; it is expected to add ~186,000 oz/yr over its initial 10 years at AISC below $1,000/oz.

• PDA's 2,000-tpd mill is under construction for completion in mid-2027; the high-grade underground project is expected to extend the Mulatos district mine life and enable processing of additional sulfide deposits.

• Growth projects are fully funded and staged; Island Gold shaft work and PDA construction are expected to wind down as Lynn Lake activity ramps up.

Operating updates and cost drivers

• A June seismic event damaged access to Young-Davidson's 9410 level, reducing mining rates from over 7,500 to 5,000 tpd in H2 2026; reserves were not sterilized and rates are expected to improve in 2027.

• Young-Davidson is undertaking rehabilitation, enhanced ground support and mine-plan changes; a measured ramp-up is planned, with rates not expected above 7,000 tpd in early 2027.

• Magino mill issues were largely resolved; throughput reached design capacity of 10,000 tpd in late Q2 and averaged that rate through Q3.

• Island Gold underground rates rose from over 1,400 tpd in Q1 to over 1,500 tpd in Q2, with 2,000 tpd targeted at year-end; shaft commissioning is targeted for late Q1 2027.

• Island Gold cost reductions are expected from higher throughput, shaft haulage, grid power and processing high-grade ore at the expanded Magino mill; grid connection is expected to save ~$5/ton in processing costs.