Alamos Gold (AGI) Jefferies Global Industrial Conference summary

Strategic growth and operational performance

• Annual gold production currently exceeds 500,000 ounces, with a target of 900,000 ounces before decade's end, driven by internal growth and new projects.

• Over 90% of net asset value is in Canada, emphasizing a focus on low-risk, politically stable jurisdictions.

• Operations feature long mine lives averaging 18 years, with consistent reserve replacement and expansion.

• Outperformed gold indices and S&P 500 over the past three years, maintaining strong free cash flow and a solid dividend.

• Consistently met or exceeded guidance for 14 consecutive quarters, building investor trust and attracting new shareholders.

M&A strategy and value creation

• Adopted a disciplined, countercyclical M&A approach, acquiring undervalued assets during market downturns.

• Key acquisitions include Young-Davidson, Lynn Lake, and Island Gold, all of which have delivered significant value and margin expansion.

• Island Gold's value increased from a $600 million purchase to a $3.6 billion consensus, with major expansion underway.

• Recent Magino acquisition brings immediate synergies, including mill and tailings capacity, with over $500 million in long-term synergies identified.

• Expansion plans aim to grow combined production to over 500,000 ounces annually from the Island Gold and Magino operations.

Project pipeline and exploration

• Puerto Del Aire (PDA) in Mexico transitions operations to underground mining, with a $165 million CapEx and IRR exceeding 70% at spot gold prices.

• Lynn Lake project in Manitoba is permitted and advancing toward a production decision, expected to add 200,000 ounces annually.

• Ongoing exploration in the Cape Smith Belt (Qiqavik/Orford) in northern Canada, with high-grade gold potential and extensive mapping underway.

• Reserve replacement and expansion achieved for six consecutive years at an average finding cost of $15/oz.

• Additional $3 million allocated to Magino exploration, targeting further pit expansion.