Alamos Gold (AGI) Investor Day 2026 summary

Strategic growth and production outlook

• Targeting annual gold production of 1 million ounces before 2030, with a clear, staged path supported by detailed mine plans and secured permits for throughput and tailings.

• Production is set to increase from 600,000 ounces in 2026 to 800,000 ounces in 2028, reaching 1 million ounces with Lynn Lake in 2029, representing an 83% increase from 2025.

• Expansion at Island Gold and Magino, along with Lynn Lake and Mulatos District projects, will drive production increases and cost reductions.

• 89% of net asset value is supported by Canadian assets, with an average mine life of 19 years for these operations.

• Long reserve lives at all operations ensure sustainability of production levels well into the 2030s.

Financial guidance and capital allocation

• 2026 production guidance is 570,000–650,000 ounces, up 12% from 2025, with all-in sustaining costs (AISC) of $1,500–1,600/oz, higher than prior guidance due to inflation, royalties, and labor ramp-up.

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

• Free cash flow is projected to rise from $350 million in 2025 to $1.3 billion in 2028 at $4,500 gold, with long-term annual free cash flow of ~$2 billion.

• 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, with a history of dividends and opportunistic share buybacks.

Major project updates and operational improvements

• Island Gold District expansion increases reserves by 30% to 8.3 million ounces, with production averaging 534,000 ounces/year at $1,025 AISC over the first 10 years and a 19-year mine life.

• Magino mill expansion to 20,000 tpd and shaft completion at Island Gold are on track for late 2026, enabling higher underground mining rates and lower costs.

• Lynn Lake mill throughput increased to 9,000 tpd, with a 25-year reserve life and first gold pour targeted for Q2 2029; average production is 186,000 oz/year over 10 years at $829/oz AISC.

• PDA underground project at Mulatos starts production in mid-2027, averaging 127,000 ounces/year at $1,000–1,003 AISC for the first four years.

• Young-Davidson mine maintains stable production (165,000 oz/year) and costs, with a 14-year reserve life and ongoing exploration for higher-grade zones.