Alamos Gold (AGI) Corporate presentation summary

Strategic positioning and growth outlook

• Forecasts gold production to rise from 610k oz in 2026 to ~1M oz by 2030, with an 18% decrease in all-in sustaining costs (AISC) by 2028, driven by expansion projects and declining cost profile.

• 90% of net asset value is in Canadian assets, with an average mine life of 19 years for these operations, emphasizing low geopolitical risk.

• Fully funded organic growth supported by a strong balance sheet, $1.2B liquidity, and $660M cash, with $352M free cash flow generated in 2025.

• Ongoing value creation through M&A, exploration, and asset optimization, with $19B value created and $463M returned to shareholders since 2010.

• ESG leadership demonstrated by lower GHG emissions, improved safety metrics, and multiple industry awards.

Operational and financial performance

• Q1 2026 production was in line with guidance, with 21% production growth expected in Q2 and further increases in H2, supporting full-year targets.

• AISC margin improved 160% year-over-year in Q1 2026, with consolidated free cash flow of $102M and cash flow from operations up 157%.

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

• EBITDA projected to reach $2,632M in 2027, with an attractive EV/EBITDA multiple compared to industry peers.

• Majority of legacy gold hedges eliminated, increasing exposure to higher gold prices.

Asset and project highlights

• Island Gold District Expansion to double production to 534k oz/year at $1,025/oz AISC over 10 years, with a 69% after-tax IRR at $4,500/oz gold.

• Young-Davidson mine maintains a 14-year reserve life, consistent production, and strong free cash flow.

• Mulatos District continues to generate low-cost production and free cash flow, with the Puerto Del Aire (PDA) project adding high-grade underground output from 2027.

• Lynn Lake project to deliver 186k oz/year over 10 years at $829/oz AISC, with a 25-year mine life and significant exploration upside.

• Exploration spending increased to a record $97M in 2026, supporting ongoing reserve and resource growth across all assets.