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, driven by expansion projects and operational improvements.

• Over 90% of net asset value is in Canadian assets with an average mine life of 19 years, emphasizing a low-risk jurisdiction profile.

• $17B in value created through M&A, organic growth, and exploration, with 9M oz of new mineral resources delineated at a discovery cost of ~$33/oz over the past seven years.

• Free cash flow expected to reach ~$1.3B by 2028 (at $4,500/oz gold), nearly 300% growth from 2025, supporting fully funded organic growth and increased shareholder returns.

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

Financial performance and outlook

• Record quarterly and annual free cash flow in Q4 2025, with consolidated free cash flow of $157M, up 193% year-over-year.

• Cash position at $623M as of year-end 2025, while reducing debt to $200M and funding growth projects.

• 2026 guidance: gold production of 570–650k oz, AISC of $1,500–1,600/oz, and total capital expenditures of $910–1,000M.

• Significant free cash flow growth projected from 2026 onward, driven by completion of Phase 3+ Expansion, PDA, IGD Expansion, and Lynn Lake projects.

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

Asset and project development

• Island Gold District Expansion to deliver 534k oz/year at $1,025/oz AISC over the initial 10 years post-2028, with a 19-year mine life and $8.2B after-tax NPV at $3,200/oz gold.

• Young-Davidson mine maintains a 14-year reserve life, producing 155–175k oz in 2026 at $1,730–1,830/oz AISC, with ongoing exploration upside.

• Mulatos District to produce 125–145k oz in 2026 at $1,000–1,100/oz AISC, with the Puerto Del Aire project adding 127k oz/year over the first four years at $1,003/oz AISC and a 46% after-tax IRR at $1,950/oz gold.

• Lynn Lake project to average 186k oz/year over the first 10 years at $829/oz AISC, with a 25-year mine life and $871M initial capital.

• Closed sale of Turkish development projects for $470M, crystallizing significant value and focusing on core assets.