Alamos Gold (AGI) Corporate presentation summary

Growth strategy and portfolio

• 2026E gold production of 535k oz is targeted to grow to ~1M oz in 2030+, with AISC declining from $1,825/oz to ~ $1,250/oz.

• 90% of net asset value is attributed to Canadian assets; Canadian assets have a 19-year average Mineral Reserve life.

• 2025–2030E production growth, low projected AISC and Canadian reserve exposure underpin the stated growth and low political-risk positioning.

Q3 2026 performance and guidance

• Q3 production was 119.0k oz, down 16% YoY; 9M production was 373.5k oz, down 8% YoY, against revised FY guidance of 510–560k oz.

• Q3 AISC was $1,956/oz, up 42% YoY; 9M AISC was $1,845/oz, up 23% YoY, with FY guidance of $1,775–1,875/oz.

• Consolidated FCF was $76M in Q3, down 42% YoY, and $321M for 9M, up 65% YoY; 9M capital expenditures were $591M, up 69% YoY.

• Q4 production of 140–160k oz is expected, with lower costs; revised full-year production and cost guidance remained on track.

Organic growth projects

• Island Gold District expansion targets 534k oz/year at $1,025/oz mine-site AISC over the first 10 years from 2028; after-tax IRR is 53% at $3,200/oz gold.

• Island Gold District mill expansion is on track for Q1 2028 completion; Phase 3+ shaft commissioning is delayed about one quarter to mid-2027, and growth capital is expected ~5% above the $835M estimate.

• Puerto Del Aire targets 104k oz/year over an 8-year Mineral Reserve life at $1,003/oz mine-site AISC; initial capital is $165M, with mill completion targeted for mid-2027.

• Lynn Lake targets 186k oz/year over the first 10 years at $829/oz mine-site AISC; initial production is expected in H1 2029, with a 25-year Mineral Reserve life.