Alamos Gold (AGI) Investor Day 2026 summary

Strategic growth and production outlook

• Targeting annual gold production of 1 million ounces before 2030, an 83% increase from 2025, driven by expansions at Island Gold, Lynn Lake, and Mulatos District projects, with a clear, staged path supported by mine plans and secured permits.

• Production is expected to rise from 600,000 ounces in 2026 to 800,000 ounces in 2028, reaching 1 million ounces with Lynn Lake coming online in 2029.

• All-in sustaining costs (AISC) are expected to decline 18% by 2028 to $1,250/oz, with further reductions anticipated through 2030, supporting margin expansion.

• Canadian operations will account for nearly 90% of production and 89% of net asset value, with an average mine life of 19 years for these assets.

• Reserve base has grown to over 16 million ounces, with 8 million ounces of Mineral Resources delineated over the past seven years at a discovery cost of $31/oz.

Financial guidance and capital allocation

• 2026 production guidance is 570,000–650,000 ounces, a 12% increase over 2025, with AISC of $1,500–1,600/oz, higher than previous guidance due to inflation, labor, and conservative ramp-up assumptions.

• Capital spending will peak at $900 million in 2026, mainly for Island Gold expansion, Lynn Lake construction, and PDA development, with total 2026 capex forecast at $850–940 million.

• Free cash flow is projected to rise from $350 million in 2025 to $1.3 billion in 2028 at a $4,500 gold price, with long-term sustainability at $2 billion annually.

• Strong balance sheet with $623 million in cash at year-end 2025, reduced debt to $200 million, and $81 million returned to shareholders in 2025.

• Capital allocation prioritizes high-return growth projects, balance sheet strength, and shareholder returns via dividends and opportunistic buybacks, with a sustainable dividend policy.

Expansion projects and operational improvements

• Island Gold District expansion will increase underground mining rates to 3,000 tpd and Magino mill capacity to 20,000 tpd, supported by a 30% reserve increase to 8.3 million ounces.

• Expansion will deliver average annual production of 534,000 ounces at $1,025/oz AISC over the first 10 years, with a 19-year reserve life and significant exploration upside.

• Magino mill expansion and shaft completion at Island Gold are on track for late 2026, enabling higher underground mining rates and lower costs.

• Puerto Del Aire (PDA) project in Mulatos District to start up in mid-2027, replacing La Yaqui Grande and delivering 127,000 ounces/year at $1,003/oz AISC over the first four years.

• Lynn Lake project updated to 9,000 tpd throughput, 186,000 ounces/year average production over 10 years, and $829/oz AISC, with initial production expected in 2029.