Alamos Gold (AGI) Corporate presentation summary

Strategic growth and production outlook

• Forecasts gold production to rise from 545k oz in 2025 to ~1M oz by 2030, with declining all-in sustaining costs (AISC) from $1,524/oz in 2025 to ~$1,250/oz in 2028, driven by expansion projects and operational efficiencies.

• Canadian assets represent 90% of net asset value, with an average mine life of 19 years, highlighting asset longevity and jurisdictional safety.

• Free cash flow is expected to grow nearly 300% by 2028, reaching ~$1.3B at $4,500/oz gold, supporting increased shareholder returns.

• The Island Gold District Expansion will more than double production to 534k oz/year over the first 10 years post-expansion, with mine-site AISC averaging $1,025/oz.

• The company has a strong track record of value creation through M&A, exploration, and organic growth, with $19B in value generated since acquisition of key assets.

Project development and operational improvements

• The Island Gold District Expansion includes a shaft and mill expansion to 20,000 tpd, with commissioning targeted for early 2028.

• Key infrastructure, including shaft sinking, paste plant, and mill upgrades, is substantially complete or on track, de-risking the expansion timeline.

• Magino open pit mining rates and grades are consistent with plan, with ore mining rates set to increase to ~17,000 tpd and total mining rates peaking at ~100,000 tpd.

• Underground mining rates at Island Gold are ramping up to 3,000 tpd by end of 2028, supported by new equipment and accelerated development.

• Transition to grid power in Q1 2027 is expected to reduce processing costs by ~C$5/t and lower GHG emissions by 56%.

Financial and economic highlights

• Total capital for the IGD Expansion is $3.05B, with $704M in growth capital and $2.34B in sustaining capital, resulting in a low capital intensity of $393/oz.

• After-tax NPV (5%) is $8.2B at $3,200/oz gold and $12.2B at $4,500/oz, with IRRs of 53% and 69% respectively.

• Average annual after-tax free cash flow post-expansion is projected at $821M at $3,200/oz and $1.3B at $4,500/oz.

• The project demonstrates significant leverage to gold prices, with robust returns across a range of scenarios and less than a two-year payback.