Alamos Gold Inc. · TSX:AGI
Alamos Gold — Investor Presentation (February 2025)
59 slides from Alamos Gold's investor presentation, February 2025
Slide 1: Corporate Presentation February 2025
Corporate Presentation February 2025
Slide 2: Cautionary notes
Cautionary notes This presentation, the information contained herein, any other materials provided in connection with this presentation and any oral remarks accompanying this presentation (collectively, the “Presentation”), has been prepared by Alamos Gold Inc. (“Alamos” or the “Company”) solely for
Slide 3: Growing, diversified, intermediate gold producer
Growing, diversified, intermediate gold producer Fully funded Declining cost High quality, organic growth profile long-life assets in safe jurisdictions 2025E GOLD 2025E NET ASSET VALUE Qiqavik, Canada PRODUCTION1 A I S C / O Z 1,2,3 CANADIAN ASSETS4 Lynn Lake, Canada ~605k oz ~$1,275 89% Island Gol
Slide 4: Growing intermediate gold producer in low-risk jurisdictions
Growing intermediate gold producer in low-risk jurisdictions Uniquely positioned AGI - NYSE GDX GDXJ Gold (US$/oz) S&P 500 200% High-quality, long-life operations 180% 160% Low-risk jurisdictions 140% 120% Fully funded, high-return growth 100% 80% Expanding margins & profitability 60% 40% Strong ong
Slide 5: Strong financial track record & outlook – with an attractive valuation
Strong financial track record & outlook – with an attractive valuation … in a supportive Growth company … with an attractive valuation environment for gold EBITDA (US$M)1,2 EV/EBITDA 2026E1,2 $1,200 $1,116 19.0x Growing global debt; ongoing $1,060 18.4x 17.9x deficits; rising debt service costs $1,0
Slide 6: Long-term track record of creating value
Long-term track record of creating value Island Gold + Magino (US$M) Young-Davidson (US$M) $131 $507 $6.3B combined value created $4,220 since acquisition through1,2: $1,622 $1,367 $950 ✓ ongoing exploration success Acquisition Cost Island Gold (2017) & Magino Consensus NPV & Cumulative FCF Acquisit
Slide 7: Long-term track record of creating value through exploration
Long-term track record of creating value through exploration Significant ongoing potential + 44% + 8M oz $30/oz $72M increase in Mineral Reserves1, over past Mineral Reserves & Resources1 average discovery cost record exploration budget for six years, net of 3.5M oz of depletion delineated over past
Slide 8: Track record of adding value on aggregate & per share basis
Track record of adding value on aggregate & per share basis Gold Production4 Mineral Reserves Cash Flow from Operations2 (k oz Au) (M oz Au) (before changes in WC) (US$M) $920 605 567 529 14.0 $726 457 460 427 10.5 10.7 $519 9.9 10.3 $383 $411 $362 1 3 2020A 2021A 2022A 2023A 2024A 2025E 2020A 2021A
Slide 9: Growing production; expanding margins; record financial performance
Growing production; expanding margins; record financial performance Production growth & margin expansion driving strong ongoing free cash flow generation while funding high-return growth Growing production Expanding margins Increasing profitability Strong free cash flow1 while funding (000 oz) (AISC
Slide 10: Q4 & full-year 2024 highlights - record performance
Q4 & full-year 2024 highlights - record performance Production growth (000 oz) Cash flow from operations, Free cash flow (US$M)1 before working capital (US$M)1 Record annual production, 7% growth YoY; met 2024 production & cost 7% 40% $726 120% guidance 567 $272 529 $519 $124 Record cash flow from o
Slide 11: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1,000 $1,400 900 $1,281 $1,275 24% $1,200 $1,175 800 $1,200 production growth expected by 2027 Production (000 oz Au) 700 600 $1,000 ~900k oz 500 longer-term production rate, ~59% growth from 2024 400 $800 300 200 $600 8%
Slide 12: Fully funded growth with strong ongoing free cash flow
Fully funded growth with strong ongoing free cash flow Consolidated free cash flow outlook (US$M)1,2 Strong ongoing free cash flow $500 while funding high-return growth $400 $300 Significant free cash flow growth 2026 onward driven by $200 completion of growth projects $100 Phase 3+ Expansion (2026)
Slide 13: Producing mines: High quality, long-life production base
Producing mines: High quality, long-life production base; low geopolitical risk profile Island Gold District, Ontario, Canada Young-Davidson, Ontario, Canada Mulatos District, Sonora, Mexico Underground & open pit Underground Open pit, heap leach 2025E Au production: 275-300k oz 2025E Au production:
Slide 14: Development projects: High-return organic growth in low-risk jurisdictions
Development projects: High-return organic growth in low-risk jurisdictions Island Gold Phase 3+ Expansion Puerto Del Aire (Mulatos) Lynn Lake H1 2026 completion Initial production mid-2027 Initial production 2028 Expansion to create one of lowest cost & Higher-grade, underground deposit adjacent to
Slide 15: Island Gold + Magino
Island Gold + Magino Creation of one of Canada’s largest & lowest cost gold mines >400k oz 11.8M oz ~$515M Significant upside per year at first quartile costs, total Mineral Reserves & Resources1 synergies3 expected to be created potential through expansion of single post Phase 3+ Expansion supporti
Slide 16: Island Gold District: Magino mill expansion
Island Gold District Magino mill expansion – significant long-term upside potential Magino Mine Magino Mill Island Gold Mine Open pit mill feed (tpd) Total milling rate (tpd) Underground mining rate (tpd) 2024 10,000 10,000 IG mill 1,200 2025 10,000 11,200 1,200 2026+ 10,000 12,400 2,400 15,000 – 20
Slide 17: Island Gold Phase 3+ Expansion
Island Gold Phase 3+ Expansion On track to be completed H1 2026 72% of total Phase 3+ growth Shaft sink at 1,000 m; 73% of Headframe capital spent & committed to date2 ultimate planned depth Bin House Warehouse (in US$M) As of December 31, 2024 Hoist house Growth Capital P3+ 2400 Spent to Committed
Slide 18: Island Gold 2024 Mineral Reserve & Resource additions
Island Gold 2024 Mineral Reserve & Resource additions Ongoing growth at substantially higher-grades 9% increase in Mineral Reserves & Resources Significantly higher-grades in Island East driving growth to 6.7m oz2, at higher-grades 32% increase in Mineral Reserves to 2.3M oz; 11% increase in grades
Slide 19: Island Gold: Growth & increase in grades
Island Gold Growth & increase in grades supporting larger, more valuable operation Mineral Reserve & Resource growth Consensus NPV growth (US$M)4 +31% 7,500 Mineral Reserves 18 M&I Mineral Resources $4,220 $4,079 Increase in total Mineral 6,500 Inferred Mineral Resources 16 Reserves & Resources sinc
Slide 20: Puerto Del Aire Project – Mulatos District
Puerto Del Aire Project – Mulatos District Growing, higher-grade underground deposit Attractive high-return project1 Significant exploration upside Cerro Pelon – initial M&I Mineral 127k oz $1,003/oz PDA - significant growth potential; Resource of 104K oz grading 4.5 g/t3; deposit open in multiple d
Slide 21: Lynn Lake Project + Burnt Timber & Linkwood
Lynn Lake Project + Burnt Timber & Linkwood Attractive economics with significant exploration upside 2023 Lynn Lake Feasibility Study (Maclellan + Gordon) $699/oz + 2025 Burnt Timber & Linkwood Study 176k oz $874M $177M 54% ~40% average annual production average mine-site AISC1 after-tax NPV2 at $2,
Slide 22: ESG – leading on key metrics
ESG – leading on key metrics Environment Social Governance Lower GHG emissions per oz gold produced Lost time injury frequency rate 63% 89% 38% per 200,000 hours 0.9 0.83 44% 0.25 0.20 worked 0.8 0.2 0.16 tCO2e/oz Au 0.7 0.14 0.6 0.15 lower than 0.5 reduction in director of independent board 0.4 0.3
Slide 23: ESG – focused on continuous improvement
ESG – focused on continuous improvement Improving ESG disclosure Strong relative performance1 in support of the following frameworks: Current Agency Rating A A- • 2023 ESG report 2 B- • RGMP Report • Conflict Free Gold Report 35.1 • Modern Slavery Report • ESTMA Report 543 1 Scores/ratings are as of
Slide 24: Strong balance sheet & free cash flow generation to support growth
Strong balance sheet & free cash flow generation to support growth Strong balance sheet & Long-term track record of Fully funded organic growth financial flexibility returning capital to shareholders >$800M available liquidity1,3 $272M free cash flow4 $365M generated FY2024 while funding returned to
Slide 25: Alamos Gold – value creation opportunities
Alamos Gold – value creation opportunities Growing, diversified, Expanding margins Conservative, Sustainable business intermediate gold & profitability low-risk strategy model supporting growing producer returns over the long-term 2025 Catalysts Lynn Lake Burnt Timber & 31% increase in YE2024 Island
Slide 26: Appendices
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Slide 27: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. Prichard John A. McCluskey Elaine Ellingham David Fleck David Gower Tony Giardini Claire M. C. Kennedy Monique Mercier Shaun Usmar Chairman Director Director Director Director Director Director Director Director Execut
Slide 28: 2025 guidance
2025 guidance 2025 Guidance 2024A Island Young- Mulatos District Lynn Lake Total Total Gold District Davidson Gold production (000 oz) 275 - 300 175 - 190 130 - 140 - 580 - 630 567 Total cash costs1 ($/oz) $725 - 775 $1,075 - 1,125 $925 - 975 - $875 - 925 $927 All-in sustaining costs1 ($/oz) $1,250
Slide 29: 2025 guidance: Growing production at slightly lower costs
2025 guidance Growing production at slightly lower costs 2025E 2025E H1 2025E H2 2025E 2024A (previous) (current) (current) (current) Gold production (000 oz) 567 575-625 580-630 280-305 300-325 Cost of sales (US$/oz, including amortization)1 $1,341 - $1,330 - - Total cash costs (US$/oz)2 $927 $775-
Slide 30: 2025 - 2027 guidance
2025 - 2027 guidance1 2025 2026 2027 Current Previous1 Current Previous1 Current Gold Production (000 oz) Island Gold District 275 - 300 275 - 300 330 - 355 330 - 355 375 - 400 Young-Davidson 175 - 190 180 - 195 180 - 195 180 - 195 180 - 195 Mulatos District 130 - 140 120 - 130 120 - 130 120 - 130 1
Slide 31: Eliminated majority of Argonaut Gold hedge book
Eliminated majority of Argonaut Gold hedge book Significant increase in exposure to higher gold prices Argonaut Gold Forward Alamos Gold Forward Sales Contracts Sales Contracts Gold prepayment utilized to eliminate forward contracts (Pre-Transaction) (Post-transaction) inherited from Argonaut Gold a
Slide 32: Consistent execution: Declining cost profile
Consistent execution Declining cost profile driven by low-cost production growth 2022 - 2027 AISC1,2 guidance $1,600 $1,500 Low-cost structure $1,400 FY: $1,281/oz Low-cost production growth $1,300 $1,200 FY:$1,204/oz FY: $1,160/oz Weaker Canadian dollar $1,100 $1,000 Lower exposure to diesel 2022A
Slide 33: Island Gold District – growing, low-cost production
Island Gold District – growing, low-cost production Location: Ontario, Canada Island Gold – one of the highest-grade gold mines in the world1 Ownership: 100% interest Phase 3+ Shaft Expansion to 2,400 tpd expected to be completed in H1 2026 Stage: Producing Combined operation expected to production
Slide 34: Evolution of Island Gold
Evolution of Island Gold One of Canada’s highest-grade & fastest growing underground gold mines 18 Eagle River Total Mineral Reserves & 4M 7M 1M Resources (million oz Au) oz oz oz 16 Proven and Probable Reserve Grade (g/t) 14 12 Island Gold (2024) 10 Island Gold (2023) Island Gold (2016) Macassa Bru
Slide 35: Magino overview
Magino overview Location: Ontario, Canada Initial production June 2023, commercial production November 2023 Stage: Producing 19-year mine life based on December 2024 Mineral Reserves Operation: Open pit & CIP mill Large Mineral Resource base to support mine life extension Q4/24A H2/24A1 Gold Product
Slide 36: Island Gold + Magino: Synergies through shared infrastructure
Island Gold + Magino Synergies through shared infrastructure ~$515M1 of synergies expected to be created through integration of adjacent Magino & Island Gold mines Capital savings: ~$140M • through use of central mill & tailings facility at Magino • Island Gold mill & ongoing tailings expansions no
Slide 37: Island Gold + Magino: Consolidation of Michipicoten Greenstone Belt
Island Gold + Magino Consolidation of Michipicoten Greenstone Belt Growing land package, with significant near mine & regional exploration potential across underexplored Michipicoten Greenstone Belt • 2017: Richmont Mines acquisition • 9,500 ha total • 2020: Trillium Mining acquisition • +5,400 ha (
Slide 38: Island Gold hanging wall & footwall
Island Gold hanging wall & footwall Significant growth in proximity to existing infrastructure High-grade growth within newly defined HW & FW zones • >700k oz high-grade Mineral Reserves & Resources added in 2023 & 2024 • Low-cost to develop: 10-150m from main structure Unknown Zones • ~2,000 inters
Slide 39: Longitudinal of Canadian underground gold deposits
Longitudinal of Canadian underground gold deposits Island Gold Mine Red Lake - Campbell La Ronde • Commercial Production 1949 • Commercial Production 1988 • Commercial Production 2007 • Historical Production 20 Moz Au • Historical Production 6 Moz Au • Historical Production 1.5 Moz Au • Reserves 2.7
Slide 40: Island Gold – historical operational results
Island Gold – historical operational results Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Gold production (oz) 38,800 19,400 39,600 41,200 42,200 33,200 28,000 37,500 24,500 37,300 31,400 40,500 32,900 30,500 36,400 31,600 33
Slide 41: Young-Davidson – long-life, low-cost production
Young-Davidson – long-life, low-cost production Location: Ontario, Canada One of Canada’s largest underground gold mines Ownership: 100% interest 14-year mine life based on YE 2024 Mineral Reserves Stage: Producing Large resource base & exploration potential to support mine life extension Operation:
Slide 42: Young-Davidson longitudinal – significant exploration potential
Young-Davidson longitudinal – significant exploration potential West Historic Northgate MCM Historic East YD Mine Shaft Shaft MCM Mine 10100 Legend 3.0M oz Mineral Reserves, L 2025 Exploration supporting a 14-year Reserve life1 9710 to 9500 Drill Targets Hanging Wall Sediments YE 2023 Mineralization
Slide 43: Young-Davidson 2024 exploration highlights
Young-Davidson 2024 exploration highlights High-grade mineralization intersected near existing infrastructure New style of higher-grade mineralization outside of the syenite that hosts majority of Reserves & Resources at YD Zones located 10 - 200 m south of existing infrastructure Potential to provi
Slide 44: Young-Davidson – historical operational results
Young-Davidson – historical operational results Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Gold production (oz) 28,700 23,100 36,400 48,000 48,000 45,100 50,000 51,900 51,900 46,400 49,300 44,600 45,000 45,200 45,100 49,800
Slide 45: Mulatos District – our founding operation
Mulatos District – our founding operation Location: Sonora, Mexico Initial production 2005; >2M oz produced & $734M FCF2 generated to date Ownership: 100% interest Low-cost production from La Yaqui Grande driving strong ongoing FCF2 Stage: Producing Large underexplored land package (34,364 ha) Opera
Slide 46: Puerto Del Aire (PDA) – 2024 development plan
Puerto Del Aire (PDA) – 2024 development plan Puerto Del Aire Project Highlights Life of Mine1 Base Case Economic Analysis1 Production IRR (after-tax) 46% Mine life (years) 8 Total gold production (000 ounces) 848 NPV @ 0% discount rate (millions, after-tax) $383 Total payable gold production (000 o
Slide 47: Puerto Del Aire (PDA) – detailed mine plan
Puerto Del Aire (PDA) – detailed mine plan LOM 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Mining Tonnes mined (000 tonnes) 5,375 434 723 719 721 730 730 730 588 - Mined Grade (g/t Au) 5.61 6.94 7.54 7.47 6.35 4.74 4.38 3.85 3.85 - Processing Tonnes milled (000 tonnes)1 5,872 516 730 730
Slide 48: Mulatos District – strong track record of exploration success
Mulatos District – our founding operation Strong track record of exploration success District potential large underexplored land package totaling 34,364 ha >70% of past drilling focused near Mulatos mine 1.4M oz combined Mineral Reserves1,2 at the La Yaqui Grande & Puerto Del Aire higher grade disco
Slide 49: Mulatos District 2024 exploration highlights
Mulatos District 2024 exploration highlights Significant upside potential within PDA project Cerro Pelon – potential source of higher-grade mill feed PDA – growing Mineral Reserve & Resource base • high-grade mineralization expanded across multiple zones below open pit • high-grade mineralization ex
Slide 50: Lynn Lake Project – 2023 Feasibility Study
Lynn Lake Project – 2023 Feasibility Study 2023 Feasibility Study Highlights Production Base Case Economic Analysis: $1,675 per ounce Gold Price Mine life (years) 16.5 (USD/CAD foreign exchange rate of $0.75:1) Total gold production (000 ounces) 2,185 IRR (after-tax) 17% Total silver production (000
Slide 51: Burnt Timber & Linkwood Project – 2025 Study
Burnt Timber & Linkwood Project – 2025 Study Burnt Timber & Linkwood Project Highlights Production Base Case Economic Analysis at $2,200 per ounce Gold Price Mine life – starting year 12 of the Lynn Lake mine plan (years) 10.5 IRR (after-tax) 54% Total gold production (000 ounces) 871 NPV @ 0% disco
Slide 52: Turkish Development Projects
Turkish Development Projects • $1B investment treaty claim filed against Republic of Türkiye for expropriation & unfair & inequitable treatment of its Turkish gold projects 1 • Construction of Kirazlı project suspended in October 2019 after government failed to grant routine renewal of the Company’s
Slide 53: Top Shareholders and Analyst Coverage
Top 10 Shareholders and Analyst Coverage Top 10 Shareholders1,2 Analyst Coverage Van Eck Associates Corporation Bank of America - Lawson Winder BMO Capital Markets - Brian Quast BlackRock Investment Management Canaccord Genuity - Carey MacRury The Vanguard Group CIBC World Markets - Cosmos Chiu RBC
Slide 54: Total Proven & Probable Mineral Reserves
Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD RESERVES (as at December 31, 2024) Proven Reserves Probable Reserves Total Proven and Probable Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) Isla
Slide 55: Total Measured & Indicated Mineral Resources
Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2024) Measured Resources Indicated Resources Total Measured and Indicated Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000'
Slide 56: Total Inferred Mineral Resources
Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2024) Tonnes Grade Ounces (000's) (g/t Au) (000's) Island Gold 7,106 16.52 3,774 Magino 40,383 0.91 1,177 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground 1,880 3.25 197 Total Young-Davidson 1,911 3.2
Slide 57: Notes to Mineral Reserve and Resource estimates
Notes to Mineral Reserve and Resource estimates Qualified Persons Chris Bostwick, FAusIMM, Alamos Gold’s Senior Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meani
Slide 58: Cautionary Note to U.S. Investors
Cautionary Note to U.S. Investors All Resource and Reserve estimates included in this Presentation have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (th
Slide 59: Investor Relations contacts
SCOTT K. PARSONS, CFA SVP, Corporate Development & Investor Relations 416.368.9932 x 5439 ir@alamosgold.com KHALID ELHAJ, P.ENG., CFA VP, Business Development & Investor Relations 416.368.9932 x 5427 ir@alamosgold.com