Alamos Gold (AGI) Corporate presentation summary

Strategic growth and operational highlights

• Forecasts gold production of 610k oz in 2026, growing to ~1M oz by 2030, with declining all-in sustaining costs (AISC) from ~$1,550/oz in 2026 to ~$1,250/oz in 2028.

• 90% of net asset value is from Canadian assets, with an average mine life of 19 years for these operations.

• Maintains a strong balance sheet with $1.2B in liquidity and $623M in cash, supporting fully funded organic growth and ongoing shareholder returns.

• Returned $463M to shareholders since 2010 through dividends and buybacks, with a 60% dividend increase announced in Q1 2026.

• Eliminated 70% of inherited Argonaut Gold hedge book, increasing exposure to higher gold prices.

Financial performance and outlook

• Achieved record free cash flow of $352M in 2025, with consolidated free cash flow expected to reach ~$1.3B by 2028 at $4,500/oz gold price.

• EBITDA projected to rise to $2,060M in 2026 and $2,617M in 2027, with an EV/EBITDA multiple of 7.3x for 2027E.

• Q4 2025 saw record quarterly and annual free cash flow, with adjusted net earnings per share of $0.54 and a growing cash position despite funding growth and debt repayment.

• All-in sustaining costs increased YoY in 2025 but are expected to decline by 18% by 2028, driven by low-cost growth from the Island Gold District.

Asset base and project pipeline

• Operates high-quality, long-life mines in Canada and Mexico, including Island Gold District, Young-Davidson, and Mulatos District.

• Island Gold District Expansion will double production to 534k oz/year at $1,025/oz AISC over the initial 10 years, with a 19-year mine life and significant exploration upside.

• Lynn Lake project to deliver 186k oz/year over 10 years at $829/oz AISC, with a 25-year mine life and $1,233M total capital.

• Puerto Del Aire project in Mulatos District targets 127k oz/year for the first 4 years at $1,003/oz AISC, with a 46% after-tax IRR at $1,950/oz gold.

• Closed sale of Turkish development projects for $470M, crystallizing significant value.