Alamos Gold (AGI) John Tumazos Very Independent Research Virtual Conference summary

Strategy and portfolio

• Production of ~500,000 oz this year, with a plan to reach ~1 million oz annually by 2030; projected consolidated costs decline from $1,825/oz this year toward $1,250/oz by 2028.

• 90% of net asset value and reserves are in Canada; reserves total 16 million oz, and three key Canadian assets have average mine lives just under 20 years.

• Assets generated $18 billion in value since acquisition; Island Gold District and Magino cost $1.4 billion combined and carry $11 billion in current analyst consensus value.

• Reserves grew 64% over seven years to 16 million oz, net of 4.1 million oz depletion; 9 million oz of resources were discovered at $33/oz.

Growth projects and milestones

• Island Gold shaft completion is targeted for early 2027, raising underground mining capacity toward 2,400 t/d; the larger Magino mill expansion to 20,000 t/d is targeted for 2028.

• The expanded Island Gold District is expected to average 534,000 oz/year at slightly over $1,025/oz AISC over its first 10 years, with annual free cash flow above $1 billion at current gold prices.

• Lynn Lake construction began in 2026; heavier work is planned for 2027–2028, with initial production in 2029 and ~186,000 oz/year on average over its first 10 years.

• PDA construction is underway, with mill completion targeted for mid-2027; the project includes a 2,000 t/d mill and close to 1 million oz of higher-grade reserves.

• Growth projects are being sequenced to manage capital and execution; free cash flow is expected to exceed $1.5 billion/year at current gold prices once Lynn Lake is online.

Exploration and district opportunities

• Island Gold has grown from under 2 million oz of reserves and resources in 2017 to just under 7 million oz; reserve grades rose to ~10.5 g/t, and drilling has encountered high-grade mineralization to ~1,600 m depth.

• Island Gold targets include Island West Up Plunge, Island West extension, North Shear, and Cline Pick & Edwards; additional high-grade feed could lift production sustainably above 500,000 oz/year.

• Cline Pick & Edwards drilling returned intercepts of 178 g/t over 3.5 m and 68 g/t over 3 m; 7 km between the deposits has seen little historical drilling.

• PDA's mill may enable future sulfide feed from Cerro Pelon, La Yaqui Grande and Halcón; additional drilling at La Yaqui Grande is planned after open-pit depletion in late 2026 or early 2027.

• Lynn Lake covers more than 80 km of strike; Maynard and Tulune drilling has intersected gold mineralization, with further targets and higher-grade zones under evaluation.