Alamos Gold (AGI) 28th Annual CIBC Western Institutional Investor Conference summary

Gold market outlook and industry trends

• Gold price strength over the past three years has been driven by central bank buying, especially in Asia and Russia, rather than traditional North American investor activity.

• Current gold market is less volatile and not tied to US dollar weakness; both gold and the US dollar are strengthening.

• Political risk is increasingly important for investors, favoring companies with assets in stable jurisdictions like Canada, the US, and Mexico.

• The sector has a history of value destruction through M&A, but countercyclical acquisitions and organic growth are now prioritized.

Growth strategy and operational performance

• Production is expected to double by the end of the 2020s, reaching close to one million ounces annually, with 2024 run rate at 600,000 ounces.

• Growth is driven by organic expansion, reserve increases, and accretive acquisitions, with a focus on North American assets.

• Recent acquisitions, such as Young-Davidson and Island Gold, have delivered significant free cash flow and long mine lives.

• The company’s approach is to acquire assets at market lows, invest in expansion, and ensure assets pay for their own growth.

• Reserve base has grown from under 2 million ounces in 2014 to 25 million ounces in 2024, supporting long-term sustainability.

Integration, culture, and sustainability

• Integration success is attributed to direct engagement with mine staff and building a unified culture across all sites.

• Core values were developed with input from all employees and are actively maintained.

• Sustainability is defined by maintaining long reserve lives (15–20 years) and investing in exploration to support expansion.

• Island Gold’s expansion was justified by aggressive drilling and conviction in ore body growth, resulting in a tenfold increase in asset value.

• Shareholder trust in management’s acquisition strategy has grown, reducing negative reactions to new deals.