Alamos Gold (AGI) Small-Cap Growth Virtual Investor Conference summary

Operational and financial performance

• Achieved record operational and financial results in 2023, with expectations for new records in 2024 and beyond driven by high gold prices and organic growth projects.

• Current annual gold production exceeds 500,000 ounces, with plans to reach 800,000 ounces through two pipeline projects.

• All-in sustaining costs are around $1,150/oz, well below the industry average, with further reductions expected as new low-cost production comes online.

• Nearly 90% of assets are in Canada, providing a low political risk profile and long-life operations.

• Outperformed gold price, gold ETFs, and S&P 500 since 2022, with share price up approximately 100%.

Growth strategy and acquisitions

• Acquiring Magino Mine, adjacent to Island Gold, with expected closure in July, to generate over $500 million in synergies and increase near-term production above 600,000 ounces.

• Integration of Island Gold and Magino will create one of Canada’s largest, lowest-cost, and most profitable gold mines.

• Consolidation allows for significant capital and operational savings, including $140 million in capital and $25 million annually in processing and G&A costs.

• Inheriting $1 billion in tax pools from Magino, sheltering cash taxes in Canada until 2028.

• Long-term production could reach 900,000 ounces by 2027/2028 with the addition of Lynn Lake and PDA projects.

Value creation and exploration

• Consistent value creation through disciplined M&A, exploration, and asset optimization, exemplified by Mulatos, Island Gold, and Magino.

• Island Gold’s value grew from $600 million in 2017 to $3.4 billion post-Magino integration, driven by exploration and expansion.

• PDA deposit at Mulatos grew to 1.2 million ounces in four years, with ongoing exploration and a new development plan expected soon.

• Lynn Lake’s reserve base increased 44% since last feasibility, now projected to produce 180,000 ounces/year at $700/oz AISC, with an after-tax IRR near 25%.

• Exploration budget of $62 million in 2024, targeting further resource growth across all major assets.