Alamos Gold (AGI) 29th Annual CIBC Western Institutional Investor Conference summary

Strategic growth and production outlook

• Targeting an increase in annual gold production from 550,000 ounces to 1 million ounces by the end of the decade, leveraging current assets without requiring new permits or acquisitions.

• Expansion projects, especially at Island Gold, are expected to lower costs and boost output, with a major mill upgrade and power line improvements scheduled for completion by year-end.

• Lynn Lake and further drilling at Young-Davidson are key contributors to future growth, with ongoing exploration expected to add reserves.

• The company has a 20-year production track record and has shifted its asset base to Canada, now representing 90% of NAV.

• M&A has historically driven value, but current focus is on organic growth from existing assets.

Operational challenges and responses

• 2025 was marked by significant operational disruptions, including weather-related road closures, supply chain issues, and a seismic event impacting high-grade ore access.

• Despite missing production guidance, strong cash generation continued, ending the year with over $600 million in cash after major investments and buybacks.

• Key learnings include the need for increased on-site inventory and hiring more engineering talent to match operational growth.

• Interim fixes and major expansion at Island Gold are expected to resolve recent bottlenecks and improve reliability in 2026.

• The company is confident that 2026 will see a return to operational stability and improved performance.

Exploration, reserves, and market positioning

• Added 8 million ounces to reserves in six years at a low finding cost of $30/oz, bucking industry trends of resource depletion.

• Reserves at core underground operations are not highly sensitive to gold price fluctuations; open pit Magino is more affected.

• High gold prices are expected to increase investor focus on reserves, with significant in-situ value at Island Gold.

• The company maintains a disciplined approach to reserve valuation and does not plan to alter mining economics due to price spikes.

• Opportunistic M&A remains possible, but organic growth is prioritized given the strong internal pipeline.