Alamos Gold (AGI) Corporate presentation summary

Strategic positioning and growth outlook

• Forecasts gold production of 535k oz in 2026, growing to ~1M oz by 2030, with declining all-in sustaining costs (AISC) from $1,825/oz in 2026 to ~$1,250/oz in 2028, driven by expansion projects and operational improvements.

• Over 90% of net asset value is in Canadian assets, with an average mine life of 19 years for these operations, emphasizing a low-risk jurisdiction profile.

• Long-term value creation of $18B through M&A, organic growth, and exploration, with 9M oz of new mineral resources delineated at a low discovery cost.

• Free cash flow expected to exceed $1B by 2028 at $4,000/oz gold, with strong shareholder returns including $530M returned since 2010.

• Company maintains a strong balance sheet with $437M net cash and $1.2B in available liquidity, supporting fully funded growth initiatives.

Operational and financial performance

• Q2 2026 gold production was 130.6k oz, a 5% decrease YoY, with AISC rising 17% to $1,728/oz due to a seismic event at Young-Davidson and delayed recoveries at La Yaqui Grande.

• Free cash flow in Q2 2026 was $144M, up 70% YoY, with $67M returned to shareholders via dividends and buybacks.

• 2026 production guidance was revised down by 12% to 510-560k oz, while AISC guidance increased by 18% to $1,775-$1,875/oz, reflecting operational challenges and inflation.

• Capital expenditures for 2026 are guided at $945-$1,035M, up 4% from previous guidance, mainly for sustaining capital at Young-Davidson.

• Despite near-term cost pressures, a significant decrease in AISC is expected from 2027 onward as expansion projects ramp up.

Asset and project highlights

• Island Gold District is the flagship asset, with a 10-year average production target of 534k oz/year at $1,025/oz AISC post-expansion, and a 53-69% after-tax IRR depending on gold price.

• Young-Davidson remains a consistent free cash flow generator with a 14-year reserve life, though 2026 production is impacted by a seismic event.

• Mulatos District continues to deliver low-cost production and is advancing the Puerto Del Aire (PDA) underground project, targeting 127k oz/year at $1,003/oz AISC with a 46-73% IRR.

• Lynn Lake project is ramping up construction, targeting 186k oz/year at $829/oz AISC over an initial 10 years, with a 25-year mine life.

• Major growth projects (Island Gold Expansion, PDA, Lynn Lake) are fully funded and expected to drive production growth and margin expansion from 2027 onward.