Alamos Gold Inc. · TSX:AGI
Alamos Gold — Q4 2025 Earnings Presentation
30 slides from Alamos Gold's earnings presentation, Feb 19, 2026
Slide 1: Fourth Quarter 2025 Results Presentation
Fourth Quarter 2025 Results Presentation February 19, 2026
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”), have been prepared by Alamos Gold Inc. (“Alamos” or the “Company”) solely fo
Slide 3: Q4 2025 highlights
Q4 2025 highlights Expanding margins drive record financial performance Production (000 oz) Adjusted net earnings, per share1 Consolidated free cash flow (US$M)1 Q4 production consistent with $0.54 $157 Q3; below guidance due to 140.2 141.7 141.5 $130 137.2 weather & other operational 125.0 $0.37 $0
Slide 4: Q4 2025 highlights & upcoming catalysts
Q4 2025 highlights & upcoming catalysts Recent Highlights ✓ January 2026 – global exploration updates ✓ February 2026 – announced Island Gold District Expansion to 20,000 tpd, creating one of Canada’s largest and lowest cost gold mines with attractive economics ✓ February 2026 - provided three-year
Slide 5: Island Gold District Expansion Study Overview
Island Gold District Expansion Study Overview 534k oz $1,025/oz $821M $8.2B average annual production over average mine-site AISC over initial average annual mine-site free cash after tax NPV5% ($3,200/oz)1; $12.2B initial 10 years2; more than 10 years2,3,4; among Canada’s flow1 at $3,200/oz over in
Slide 6: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1,100 $1,524 $1,550 $1,375 $1,600 ~1M oz 1,000 $1,400 $1,250 longer-term production rate including Lynn 900 Lake & larger expansion of Island Gold $1,200 District, ~83% growth from 2025 800 Production (000 oz Au)2 $1,000 7
Slide 7: Financial highlights
Financial highlights YoY % YoY % Q4 2025A Q4 2024A Change 2025A 2024A4 Change Cash flow from operations, before working capital (US$M)1,4 Realized gold price (US$/oz) $3,998 $2,632 52% $3,372 $2,379 42% $924 Operating revenues (US$M) $575 $376 53% $1,809 $1,347 34% $726 Cash flow from operations (US
Slide 8: Operational highlights – Island Gold District
Operational highlights – Island Gold District Q4 Q4 2025 2026 2025A 2024A 2025A 2024A4 Guidance7 Guidance Production & mine-site AISC1 Gold production (000 oz) 60.0 55.6 250.4 188.0 260-270 290-330 70 $1,800 Total cash costs, per ounce of gold sold1,7 $1,164 $911 $1,044 $804 $875-925 $875-975 60 $1,
Slide 9: Island Gold District improvement initiatives
Island Gold District Improvement initiatives to drive stronger 2026 Addition of supplementary crusher in Q1 to ensure more consistent Improvement initiatives to drive stronger performance flow of crushed ore into the Magino mill Rehabilitation work required for ramp up of underground mining rates th
Slide 10: Island Gold Phase 3+ Expansion – on track for completion Q4 2026
Island Gold Phase 3+ Expansion – on track for completion Q4 2026 91% of total Phase 3+ growth capital $141M remaining initial capital spend to spent & committed to date2 completion (in US$M) As of December 31, 2025 Growth Capital P3+ Estimate Spent to Committed to % Spent & (including indirects & co
Slide 11: Island Gold District Expansion – production & cost profile
Island Gold District Expansion – production & cost profile 15-yr average production1: 490k oz; Mine-site AISC: $1,032/oz 534k oz 10-yr average production1: 534k oz; Mine-site AISC: $1,025/oz 700 $1,600 average annual production over (post expansion) initial 10 years1; more than double 2025 productio
Slide 12: IGD Mill Expansion to 20,000 tpd – progress to date
IGD Mill Expansion to 20,000 tpd – progress to date New mill building – February 2026 New truck shop Construction of larger expansion significantly de-risked with earthworks & – February 2026 concrete foundations complete & structural steel erected TSX:AGI | NYSE:AGI 12
Slide 13: Operational highlights – Young-Davidson
Operational highlights – Young-Davidson Q4 Q4 2025 2026 Production & mine-site AISC1 2025A 2024A 2025A 2024A Guidance3 Guidance 50 $1,900 Gold production (000 oz) 41.4 45.7 153.4 174.0 160-165 155-175 $1,700 40 Total cash costs, per ounce of gold sold1,3 $1,234 $955 $1,244 $1,047 $1,150-1,200 $1,350
Slide 14: Operational highlights – Mulatos District
Operational highlights – Mulatos District Mulatos District Q4 Q4 2025A 2024A 2025 2026 Production & mine-site AISC1 2025A 2024A Guidance3 Guidance 50 Gold production (000 oz) – Mulatos District 40.1 38.9 141.6 205.0 140-145 125-145 $1,400 40 $1,200 Total cash costs, per ounce of gold sold1,3 $885 $1
Slide 15: 2025 Mineral Reserves & Resources
2025 Mineral Reserves & Resources Mineral Reserves increase 32%; seventh consecutive year of growth Mineral Reserves growing in size & quality1,2 20,000 1.87 2.00 Mineral Reserves increased 32% to 15.9M oz 1.78 1.63 1.65 1.80 1.58 • Island Gold more than doubled and Magino increased > 50% YoY, refle
Slide 16: Island Gold underground Mineral Reserves up 125%
Island Gold underground Mineral Reserves up 125% 13 Mineral Reserve & Resource growth Mineral Reserves (k oz) 12 M&I Mineral Resources (k oz) Consecutive years Mineral Reserves 6,300 Inferred Mineral Resources (k oz) 1,061 have increased to 5.1Moz2 Mineral Reserve grade 11 590 5,300 Cumulative oz pr
Slide 17: Island Gold underground reserve additions
Island Gold underground High-grade Mineral Reserve additions in Island East driving growth C/E1E Zones Island Gold Mine East (within outlined area) Mineral Reserves as of December 31, 2025 Category Tonnes Grade (g/t Au) Ounces Au Proven & Probable: 3,313,997 15.31 1,631,589 Continuing to extend high
Slide 18: Island Gold District – significant regional exploration upside
Island Gold District – significant regional exploration upside High-grade mineralization Potential source of additional extended at past producing- high-grade mill feed – 7km Cline-Pick & Edwards mines1 from Magino mill 178.07 g/t Au over 3.54 m (25IGX128) incl; • 219.00 g/t Au over 0.70 m; • 301.00
Slide 19: Significant near mine & regional exploration upside
Island Gold District Significant near mine & regional exploration upside A A’ Magino Island Gold Edwards Cline-Pick A - 500 m 178.07 g/t Au over 3.54 m - 1000 m (25IGX128) - 1500 m Legend 51.80 g/t Au over 7.10 m Magino Mineral (MH14-02) 20.67 g/t Au over 13.50 m -2000 m Reserve Pit (MH27-06) Minera
Slide 20: 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 2026 catalysts Global exploration Island Gold District Three-year 32%
Slide 21: Appendices
Appendices
Slide 22: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. John A. Alexander Elaine David Tony Claire M. C. Chana Monique Richard Shaun Prichard McCluskey Christopher Ellingham Fleck Giardini Kennedy Martineau Mercier McCreary Usmar Chairman Director Director Director Director
Slide 23: 2026 guidance
2026 guidance 2026 Guidance Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production (000 oz) 290 - 330 155 - 175 125 - 145 570 - 650 Total cash costs1 ($/oz) $875 - 975 $1,350 - 1,450 $930 - 1,030 - $1,020 - 1,120 All-in sustaining costs1,2 ($/oz) $1,340 - 1,440 $1,730 -
Slide 24: 2026 - 2028 guidance
2026 - 2028 guidance 2026 2027 2028 Current Previous Current Previous Current Gold Production (000 oz) Island Gold District 290 - 330 330 - 355 380 – 420 375 - 400 470 – 510 Young-Davidson 155 - 175 180 - 195 155 – 175 180 - 195 155 – 175 Mulatos District 125 - 145 120 - 130 115 – 135 125 - 135 130
Slide 25: Total Proven & Probable Mineral Reserves
Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD RESERVES (as at December 31, 2025) 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 26: Total Measured & Indicated Mineral Resources
Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2025) 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 27: Total Inferred Mineral Resources
Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2025) Tonnes Grade Ounces (000's) (g/t Au) (000's) Island Gold 2,867 11.51 1,061 Magino 14,045 0.75 338 Total Island Gold District 16,912 2.57 1,398 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground 1,
Slide 28: 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 29: Cautionary Note to U.S. Investors
Cautionary Note to U.S. Investors Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this news release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Insti
Slide 30: Contact
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