Alamos Gold (AGI) Corporate presentation summary

Strategic positioning and growth outlook

• Forecasts gold production to grow from 535k oz in 2026 to ~1M oz by 2030, with declining all-in sustaining costs (AISC) from $1,825/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 for these operations, emphasizing a low-risk jurisdiction profile.

• Maintains a strong balance sheet with $437M net cash and $1.2B in available liquidity as of June 2026, supporting fully funded organic growth.

• Significant free cash flow growth expected from 2027 onward, driven by completion of major projects such as the Island Gold District Expansion, PDA, and Lynn Lake.

• Production guidance for 2026 was revised downward due to a seismic event at Young-Davidson and delayed leach pad recoveries at La Yaqui Grande, but long-term growth outlook remains intact.

Operational and financial performance

• Q2 2026 gold production was 130.6k oz, a 5% increase from Q1, with strong free cash flow of $144M and $67M returned to shareholders via dividends and buybacks.

• 2026 guidance revised: gold production lowered to 510-560k oz, AISC increased to $1,775-$1,875/oz, and capital expenditures raised to $945-$1,035M, mainly due to operational disruptions and inflation.

• Record exploration budget of $97M for 2026, up 37% from 2025, supporting ongoing reserve and resource growth.

• Over $1B in free cash flow expected by 2028 at $4,000/oz gold price, with >200% growth from 2025 levels.

• $106M returned to shareholders in dividends and buybacks year-to-date 2026, with a 60% dividend increase announced in Q1 2026.

Asset and project highlights

• Island Gold District Expansion will more than double production to 534k oz/year at $1,025/oz mine-site AISC over the initial 10 years post-2028, with a 53-69% after-tax IRR depending on gold price.

• Young-Davidson remains a consistent free cash flow generator with a 14-year reserve life, despite recent seismic impacts; rehabilitation and enhanced ground support are underway.

• Mulatos District continues to deliver low-cost production and strong free cash flow, with the PDA project on track for completion in mid-2027 and significant exploration upside.

• Lynn Lake project construction is ramping up, targeting initial production in H1 2029, with a 25-year mine life and first quartile cost profile.

• Sale of Turkish development projects in October 2025 for $470M crystallized significant value and reduced geopolitical risk.