Alamos Gold Inc. · TSX:AGI
Alamos Gold — Investor Day (February 2026)
163 slides from Alamos Gold's investor day presentation, Feb 4, 2026
Slide 1: Alamos Gold 2026 Investor Day
Alamos Gold 2026 Investor Day February 4, 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”), has been prepared by Alamos Gold Inc. (“Alamos” or the “Company”) solely for
Slide 3: Our Team
Our Team Toronto Island Gold District John A. McCluskey Greg Fisher Luc Guimond Chris Bostwick Austin Hemphill Nathan Bourgeault President and CEO Chief Financial Officer Chief Operating Officer SVP, Technical Services Technical Services General Manager Manager, Engineering Tyler Poulin John Fitzger
Slide 4: Agenda
Agenda Time EST Session Speakers 8:30 AM (10 mins) Welcome & Introduction John McCluskey 8:40AM (20 mins) Overview of Three-Year Guidance Greg Fisher Asset-Level Outlook • Island Gold District 9:00 AM (45 mins) • Young-Davidson Luc Guimond • Mulatos District • Lynn Lake project 9:45 AM (15 mins) Q&A
Slide 5: Introduction
Introduction John A. McCluskey President & CEO TSX:AGI | NYSE:AGI 5
Slide 6: Growing, diversified, intermediate gold producer
Growing, diversified, intermediate gold producer… Fully funded, organic growth 610k oz ~1M oz 2026E gold production1 2030E+ gold production Qiqavik, Canada Lynn Lake, Canada Declining costs driving margin expansion Island Gold District, Canada ~$1,550 ~$1,250 (Island Gold + Magino) 2026E AISC/oz1,2,
Slide 7: Long-term track record of value creation
…with a long-term track record of value creation Ongoing value creation AGI - NYSE GDX GDXJ Gold (US$/oz) S&P 500 $14B 8M oz 480% 440% Value created through M&A, Mineral Resources delineated over organic growth & exploration past seven years at cost of ~$31/oz 400% 360% Growing free cash flow1 320%
Slide 8: Long-term track record of creating value
Long-term track record of creating value Island Gold + Magino (US$M) Young-Davidson (US$M) $336 $757 $14B combined value created $8,065 since acquisition through1,2: $2,972 $1,367 $950 ✓ ongoing exploration success Acquisition Cost Island Consensus NPV & Acquisition Cost (2015) Consensus NPV & Gold
Slide 9: Long-term track record of creating value through exploration
Long-term track record of creating value through exploration Mineral Reserves growing in size & quality1 1.89 +65% +8M oz 21,000 2.00 1.80 1.63 1.65 1.58 1.51 1.49 1.50 1.60 increase in Mineral Reserves1, Mineral Resources1 delineated 1.45 16,000 over past seven years, net of over past seven years 1
Slide 10: Track record of adding value on aggregate & per share basis
Track record of adding value on aggregate & per share basis Gold Production Mineral Reserves Cash Flow from Operations4 (k oz Au) (M oz Au) (before changes in WC) (US$M) $1,736 16.0 610 567 545 14.0 529 457 460 10.5 10.7 $938 10.3 $726 $519 $411 $362 1 2 4 2021A 2022A 2023A 2024A 2025A 2026E 2021A 2
Slide 11: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1,100 ~$1,525 $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 $1,000
Slide 12: Uniquely positioned – leading, low-cost growth
Uniquely positioned – leading, low-cost growth Low political risk with long-life Reserve base concentrated in Canada 2025 - 2030E production growth1 2026E All-in sustaining costs (US$/oz)2,3 $2,000 90% 70% $1,500 50% 30% $1,000 10% -10% $500 -30% -50% $0 SSRM AGI ELD EQX EDV CG LUG TXG OGC BTO IMG N
Slide 13: Overview of three-year guidance
Overview of three-year guidance Greg Fisher Chief Financial Officer TSX:AGI | NYSE:AGI 13
Slide 14: Q4 & full-year 2025 production
Q4 & full-year 2025 production Record financial performance Production (000 oz) Record revenue (US$M) 2 Free cash flow (US$M)2 Q4 production consistent with Q3; below guidance due to weather & other 142 142 operational challenges 137 $1,809 ~$350 125 $1,347 $272 Record quarterly & annual free cash f
Slide 15: 2026 guidance
2026 guidance Growing production at similar costs 2025E1 2026E Production expected to increase 12% from 2025 at similar costs current current previous Gold production (000 oz)1 545 570-650 630-680 Production guidance down from previous Total cash costs (US$/oz)1,2 ~$1,080 $1,020-1,120 $800-900 guida
Slide 16: 2026 guidance
2026 guidance Higher production & lower costs expected in H2 2026 Higher production & lower costs expected in H2 2026 Ramp up of underground mining rates at Island Gold expected to drive higher production & 320 $2,000 lower costs in H2 2026 300 290 $1,800 $1,600 250 $1,675 $1,400 10% increase in pro
Slide 17: 2026 AISC guidance
2026 AISC guidance Accelerated sustaining capital in support of larger Increased investment in critical roles across Canadian expansion of Island Gold District operations to support higher operating efficiency Higher royalties with stronger gold price and Costs expected to decrease steadily starting
Slide 18: 2026 capital guidance
2026 capital guidance 2026 capital guidance increase1 (US$M) Sustaining capital guidance increase reflecting: $37 -$113 $32 • Accelerated tailings capital at Island Gold $34 $250 $850-940 District to support larger expansion • Higher underground development rates at Young-Davidson to increase mining
Slide 19: 2027 – 2028 guidance
2027 – 2028 guidance Significant growth at substantially lower costs 2027 2028 Current Previous Current Growing production: 30% increase by 2028, compared to 2026 driven by growing Total Gold Production (000 oz) 650 - 730 680 – 730 755 - 835 production from Island Gold District Total Cash Costs1 ($/
Slide 20: 2026 - 2028 guidance
2026 - 2028 guidance 2026 - 2028 Production and AISC Guidance1,2,3 1,200 $1,550 $1,700 46% $1,500 $1,375 1,000 increase in annual production expected by $1,250 $1,300 2028 from 2025 Production (000 oz Au) 800 $1,100 19% $900 600 $895 $845 $700 $645 decrease in AISC by 2028, relative to 2026 400 $500
Slide 21: Fully funded growth driving increasing free cash flow
Fully funded growth driving increasing free cash flow Consolidated free cash flow outlook (US$M)1,2 Strong ongoing free cash flow $1,800 while funding high-return $1,600 growth $1,400 $1,200 $1,000 Significant free cash flow growth 2026 onward driven by $800 completion of growth projects $600 $400 $
Slide 22: Balanced capital allocation approach
Balanced capital allocation approach 2025 capital allocation Reinvest in high- ✓ Advanced high-return organic growth projects return internal growth projects ✓ Invested ~$71M in exploration Strong ongoing ✓ Retired $50M debt & repurchased legacy hedges free cash flow Strengthen generation balance sh
Slide 23: Island Gold District
Island Gold District Luc Guimond Chief Operating Officer TSX:AGI | NYSE:AGI 23
Slide 24: Island Gold District Q4 2025 production; improvement initiatives
Island Gold District Q4 2025 production; improvement initiatives to drive stronger 2026 2025 quarterly production (000 oz) Improvement initiatives to drive stronger performance in 2026 64 67 59 60 Rehabilitation work required for ramp up of underground mining rates through 2026 substantially complet
Slide 25: Island Gold District Magino milling rate
Island Gold District Magino milling rate Magino Mill - Ore Milled (tpd) Milling rate ex. weather impact 10,000 • Milling rates continuing to improve & would have averaged 9,000 ~9,000 tpd in Q4, excluding 3 days of weather-related 8,000 downtime in December 7,000 • Restructuring of mill management t
Slide 26: Addition of supplementary crushed ore feed to support higher milling rates
Island Gold District Addition of supplementary crushed ore feed to support higher milling rates Existing New Crushed Secondary Ore Stockpile Crusher • Addition of temporary crusher will provide supplemental ore feed Existing Primary • Crushed ore will be fed via conveyor New Conveyor Feed Crusher af
Slide 27: Island Gold District – 3-year outlook
Island Gold District – 3-year outlook Growing production & declining costs Island Gold District 2026 – 2028 Production and AISC Guidance1,2,3 $1,800 500 ~$1,475 $1,600 ~100% increase in production $1,390 400 $1,400 2028 compared to 2025 driven by ramp up of $1,025 $1,200 underground mining rates 300
Slide 28: Young-Davidson
Young-Davidson TSX:AGI | NYSE:AGI 28
Slide 29: Young-Davidson Q4 2025 production; increased mining rates
Young-Davidson Q4 2025 production; increased mining rates to drive strong 2026 Quarterly production (000 oz) Improvement initiatives to drive stronger performance in 2026 41 39 38 35 Increased development rates with contractor support New ore pass to increase capacity with four passes available in Q
Slide 30: Increased ore pass capacity to support higher mining rates
Young-Davidson Increased ore pass capacity to support higher mining rates o Q4/25 impacted by premature wear in one of three ore passes, limiting underground ore flow in November & December ✓ Rehab of the ore pass to be completed early 2026 ✓ Fourth ore pass completed & will be in use early 2026, do
Slide 31: Young-Davidson – 3-year outlook
Young-Davidson – 3-year outlook Stable production & costs over next three years Young-Davidson 2026 - 2028 Production and AISC Guidance1,2,3 180 $1,780 $2,000 Consistent production ~$1,635 $1,800 160 over next 3 years with similar tonnage and grades $1,600 140 $1,400 120 100 $1,200 14-year Mineral R
Slide 32: Young-Davidson – upside potential
Young-Davidson – upside potential Opportunities Details • Permitted to 12,000 tpd Mill expansion • Modest capital for potential expansion to 10,000 tpd • Golden Arrow Sources of supplemental • YD open pit mill feed • Otisse East • Regional exploration targets • Deposit open at depth & to the west Si
Slide 33: Young-Davidson 2025 exploration highlights
Young-Davidson 2025 exploration highlights High-grade mineralization intersected near existing infrastructure Mid-mine hanging wall: high- grades extended within new style of mineralization in HW South syenite zone: high- grades intersected 285 m south of shaft in hanging wall Zones located ~10 - 30
Slide 34: Mulatos District
Mulatos District TSX:AGI | NYSE:AGI 34
Slide 35: Mulatos District – 3-year outlook
Mulatos District – 3-year outlook Mulatos District 2026 - 2028 Production and AISC Guidance1,2,3 Met 2025 guidance 160 $1,800 2025 production in-line with increased annual guidance, 140 $1,600 reflecting strong performance from La Yaqui Grande $1,400 Stable outlook 120 100 ~$1,020 $1,050 $1,200 $1,0
Slide 36: Puerto Del Aire Project – Growing, higher-grade underground deposit
Puerto Del Aire Project – Growing, higher-grade underground deposit Development Plan Outlines an Attractive, High-Return Project1 127k oz 150,000 $2,250 average annual production over first Upside potential through incorporation 4 years; 104k oz over current mine life of higher-grade ore from Cerro
Slide 37: Puerto Del Aire Project – development plan
Puerto Del Aire Project – development plan • Fully Permitted: approval of amendment to existing MIA granted by SEMARNAT Jan. 2025 • Bulk of initial capital to be spent in 2026: ~$140m capital; remaining $18m capital to be spent in 2027 • PDA to be access from open pit: via two portals on the east wa
Slide 38: Puerto Del Aire Project – crushing and processing
Puerto Del Aire Project – crushing and processing • Three-stage crushing with grinding circuit to include one primary ball mill • Flotation circuit includes rougher and cleaner flotation • Concentrate will be produced and then recovered off-site, no cyanide used for on-site processing • Tailings wil
Slide 39: PDA – Timeline to production
PDA – Timeline to production Q1/25 Q2/26 Q2/27 Permits granted, commencement of Portal construction completed, Process plant start up detailed engineering underground mine development starts 2025 2026 2027 Milestones Start Finish Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Permits Grant to EIA & Start Const
Slide 40: Mulatos District – significant exploration upside
Mulatos District – significant exploration upside ✓ Addition of PDA mill to process higher-grade sulphide ore opening up new opportunities across the District ✓ Exploration drilling successfully defining higher-grade sulphide mineralization across multiple targets PDA • 13.64 g/t Au over 8.97 m (24M
Slide 41: Lynn Lake Project update
Lynn Lake Project update TSX:AGI | NYSE:AGI 41
Slide 42: Lynn Lake District – updated project highlights
Lynn Lake District – updated project highlights 186k oz $829/oz $871M average annual production average mine-site AISC1,2 remaining initial capital 2026+; over initial 10 years over initial 10 years total $937M including 2025 spend Updated economics incorporating growth & scope changes • Larger Mine
Slide 43: Lynn Lake District – updated project highlights
Lynn Lake District – updated project highlights Mill throughput tpd 9,000 Total production (life of mine) 000 oz Au 3,087 Key Changes vs 2023 Feasibility Study Mine life Years 25 • 13% in mill throughput to 9,000 tpd Average production (10 yr avg starting 2030) 000 oz Au 186 • Incorporation of BT &
Slide 44: Lynn Lake District – scope changes within larger mill
Lynn Lake District – scope changes within larger mill Key component changes with 9,000 tpd mill • Larger mill building • Larger SAG and Ball mill • Larger thickener • One additional leach tank • Expansion of CIP and ADR TSX:AGI | NYSE:AGI 44
Slide 45: Lynn Lake initial capital update
Lynn Lake initial capital update 2023 Feasibility Study vs. Current1 (US$M) 1000 $34 $937 $50 $34 $16 $871 Remaining Capital of $871M 900 $51 $68 800 $120 Increase from the 2023 Feasibility Study, reflecting: 700 $632 • 3 years of industry-wide project 600 capital inflation > 5% per year 500 • Scope
Slide 46: Lynn Lake initial capital update – breakdown
Lynn Lake initial capital update – breakdown 2026 Update (including 2025 in US$M) Site Development & Infrastructure $213 Process Plant $200 Remaining Capital of $871M with Temporary Construction Facilities & Utilities $123 majority to be spent in 2027 & 2028 Owner’s Costs $117 • 2026E: $140-160M Cap
Slide 47: Lynn Lake – project timeline
Lynn Lake – project timeline Q2/26 H1/29 Ramp up of construction Initial production 2025 2026 2027 2028 2029 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Permit to Construct Early Works (Infrastructure) MacLellan Development TMF Earthworks Conversion to Owner Mining Process
Slide 48: Island Gold District - Overview
Island Gold District - Overview 01 Island Gold District overview 02 Island Gold District Expansion Study ▪ Overview & assumptions ▪ Mining & Processing ▪ Economics 03 Q&A Luc Guimond Chief Operating Officer TSX:AGI | NYSE:AGI 48
Slide 49: Island Gold District Expansion Study Overview
Island Gold District Expansion Study Overview 534k oz $1,025/oz $821M $8.2B average annual production average mine-site AISC over initial average annual mine-site free cash after tax NPV5% ($3,200/oz)1; $12.2B over initial 10 years2; 27% 10 years2,3,4; among Canada’s flow1 at $3,200/oz over initial
Slide 50: Key Changes vs Base Case LOM
Key Changes vs Base Case LOM Base Case LOM (June 2025) Expansion Study (Feb 2026) Increased mining & processing rates • Underground: 2,400 tpd • Underground: 3,000 tpd • Open pit ore: 10,000 tpd • Open pit ore: 17,000 tpd Magino mill expansion • 12,400 tpd • 20,000 tpd Larger Mineral Reserve • Under
Slide 51: Island Gold District Mineral Reserves and Resources
Island Gold District Mineral Reserves and Resources Island Gold Mine1 Island Gold District 1,2 Mineral Reserves (k oz) M&I Mineral Resources (k oz) 1,061 1,329 Inferred Mineral Resources (k oz) 590 1,049 Reserves: 1,398 5,141 4,107 +1Moz 2,520 30% increase in Mineral Reserves 2,029 driven by: June 2
Slide 52: Island Gold District Expansion
Island Gold District Expansion Larger, long-life, low-cost operation 534k oz $1,025/oz 19-year average annual production over initial Mine-site AISC over initial 10 years; first Maintained similar long mine life with higher 10 years1; +27% versus Base Case quartile & similar to Base Case LOM product
Slide 53: Island Gold underground
Island Gold underground Growth & increase in grades supporting larger, more valuable operation +284% Mineral Reserve & Resource growth Mineral Reserves (k oz) 12 M&I Mineral Resources (k oz) increase in Mineral Reserves since 6,300 Inferred Mineral Resources (k oz) 1,061 P3+ Study to 5.1M oz2 Minera
Slide 54: Island Gold underground
Island Gold underground Higher-grade Mineral Reserves in Island East driving growth TSX:AGI | NYSE:AGI 54
Slide 55: Island Gold – among largest, highest-grade underground gold mines in Canada
Island Gold - among largest, highest-grade & fastest growing underground gold mines in Canada 14.00 Higher Reserve Grade Eagle River Island Gold Island Gold Proven and Probable Reserves Grade (g/t) 12.00 Island Gold (2024) (Dec 2025) 2 (June 2025) Island Gold (2023) 10.00 Island Gold (2016) Macassa
Slide 56: Growing valuation
Growing valuation IGD Expansion unlocking further value Consensus NPV growth Expansion Study NPV (US$M)1 (US$M) $12,239 Significant exploration $8,160 upside +1,381% $6,618 • Island Gold open laterally & at depth • Regional targets as potential $4,079 additional source of higher- grade mill feed $2,
Slide 57: ESG – low GHG emissions intensity & decreasing
ESG – low GHG emission intensity & decreasing Low GHG emissions intensity1 • 30% below industry average currently • 56% decrease through completion of shaft & connection of Magino mill to grid power in late 2026 0.9 0.79 0.8 0.7 -56% tCO2e/oz produced 0.6 0.55 0.5 0.4 0.3 0.24 0.2 0.1 0 Sector Avera
Slide 58: Expansion Study - Overview
Expansion Study - Overview Chris Bostwick SVP, Technical Services TSX:AGI | NYSE:AGI 58
Slide 59: IGD Expansion Study – low-cost, long-life, significant upside
IGD Expansion Study – low-cost, long-life, significant upside Base Case LOM6 Expansion Study6 Mill throughput tpd 12,400 20,000 Total production (life of mine) 000 oz Au 5,836 7,963 Mine life Years 19 19 534k oz Average production (10-year avg) 2 000 oz Au 419 534 Average production (15-year avg) 1
Slide 60: IGD Expansion Case Life of Mine Plan – key assumptions
IGD Expansion Case Life of Mine Plan – key assumptions • Total Mineral Reserves: 8.3M oz2 • Island Gold: 5.1M oz3 • 25% increase from Base Case LOM • Magino: 3.1M oz4 • 40% increase from Base Case LOM • All Mineral Resources excluded • Long-term throughput rate: 20,000 tpd • Long-term gold price: US
Slide 61: Key changes within IGD Expansion Study
Key changes within IGD Expansion Study Base Case LOM (2025) Scope changes within Expansion Study Larger Mineral Reserve • 6.3M oz • 8.3M oz – 1.9m oz increase Underground mining rate (ore) • 2,400 tpd • 3,000 tpd Open pit mining rate (ore) • 14,000 tpd • 17,000 tpd Underground development • 129km (2
Slide 62: Key components of expansion already de-risked
IGD Expansion Study Key components of expansion already de-risked • Key permits in place • Mill permitted to operate at 35k tpd • Tailings facility permitted to contain 150M tonnes • Phase 3+ Expansion on track for completion Q4 2026 • Shaft sink at 98% of planned depth • Shaft infrastructure & past
Slide 63: Permitting – normal course permits required for IGD Expansion
Permitting – normal course permits required for IGD Expansion All permits required for current operation in place Magino Island Gold ✓ Closure Plan Amendment – approved October 2025 ✓ Closure Plan Amendment for P3+ Expansion to 2,400 ✓ Mill – Federal EIS approved to 35k tpd processing rate tpd – app
Slide 64: Progress to date – shaft site infrastructure substantially complete
Progress to date – shaft site infrastructure substantially complete Headframe ✓ Shaft sinking 98% complete Water handling Bin house ✓ E-house & 44kVsubstation - completed in facility Nov 2023 Propane Hoist house storage Admin building E-house Warehouse ✓ Hoist house - completed in Nov 2023 Substatio
Slide 65: Progress to date – paste plant to be completed Q2 2026
Progress to date – paste plant to be completed Q2 2026 Paste plant & paste backfill • Capacity 3,000 tpd • Increased mining recovery • Additional >230k oz gold recovered • Improvements in mining process • Faster stope cycling supporting higher mining rates • Increased geotechnical stability • Reduce
Slide 66: Shaft designed to accommodate >3,000 tpd & future exploration success
Shaft designed to accommodate >3,000 tpd & future exploration success • 5,500 tpd capacity (ore+waste) • at initial 1,379 m depth • Average ore & waste mining rate skipped of ~4,700 tpd • 2,000 m hoisting design depth • To accommodate future exploration success • Deposit open laterally & at depth TS
Slide 67: Island Gold District site power overview
Island Gold District site power overview Grid power to supply all site needs Current (2026) Future (20k tpd) Backup generator capacity Grid Power Grid Power Grid Power CNG Plant CNG Plant (44kV) (115kV) (44kV) 16.7 MW 19.5 MW 47 MW1 19.5 MW 16.7 MW (85MW ultimate capacity) Total Power Supply 36.2 MW
Slide 68: Island Gold District Tailings
Island Gold District Tailings Sufficient capacity for Expansion Plan Magino – Tailings Management Facility (TMF) • Location: west of the Magino open pit • Design: downstream • Capacity: 150Mt permitted under Federal EIS – sufficient for IGD Expansion requirements • Island Gold TMF to be decommission
Slide 69: Island Gold Phase 3+ Expansion – capital committed to date
Island Gold Phase 3+ Expansion – capital committed to date 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, 20253 Growth Capital P3+ Estimate Spent to Committed to % Spent & (including indirects & conting
Slide 70: Phase 3+ & IGD Expansion – project construction schedule
Phase 3+ & IGD Expansion – project construction schedule 2025 2026 2027 2028 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Shaft Sinking Loading Pocket & Shaft Equipping Shaft Operational Underground ore & waste handling system Power Upgrade Paste Plant Magino Mill Expansion to 20,000 t
Slide 71: IGD Expansion Increasing mining rates
IGD Expansion Increasing mining rates Austin Hemphill General Manager TSX:AGI | NYSE:AGI 71
Slide 72: Expansion Study – Magino open pit
Expansion Study Modest increase in mining rates to support higher milling rates Magino open pit • Ore mining rates to increase to ~17,000 tpd • Base Case LOM ore mining rate ~14,000 tpd • Total mining rate (ore + waste) to average ~80,000 tpd with a peak of ~100,000 tpd • Larger Mineral Reserve pit
Slide 73: Underground mining – longitudinal retreat stope sequence
IGD Expansion Underground mining – longitudinal retreat stope sequence Current mining practice – outside in As Mining Moves Deeper – Centre Out Stope Sequence • Currently, stopes mined longitudinally from sill extremities towards the centre • As the ore body grows & mining progresses deeper, a more
Slide 74: Growing ore body to support underground mining rates of 3,000 tpd
IGD Expansion Growing ore body to support underground mining rates of 3,000 tpd Island Gold underground • Mining rates to increase to 3,000 tpd • Shaft & ore/waste handling system designed to support > 3,000 tpd of ore • Key requirements vs Base Case LOM: • Additional mobile equipment (4 LHD’s, 3 bo
Slide 75: IGD Expansion LOM development
IGD Expansion LOM development Base Case LOM (2025): • 4.1M oz underground Mineral Reserve • 129km of underground development over LOM (2026+) IGD Expansion Study (2026) • 25% increase in Mineral Reserves to 5.1M oz Au • 40km of additional development to 169km (2026+) • $166M - accelerated developmen
Slide 76: Ramp up schedule of underground ore mined
Island Gold Ramp up schedule of underground ore mined Ore Mined (tpd) 3,000 2,400 1,800 1,200 600 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Total Ore Mined - Base Case LOM Total Ore Mined - Expansion Study • Shaft to be completed Q4-2026, supporting ramp up of mini
Slide 77: Mining ramp up schedule – ore & grades mined
Island Gold underground Mining ramp up schedule – ore & grades mined 3,000 16.0 14.0 2,400 Avg LOM grade: 10.61 g/t Au 12.0 Grade mined, g/t Au Ore mined, tpd 10.0 1,800 8.0 1,200 6.0 4.0 600 2.0 0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Ore mined, tpd Grade mi
Slide 78: Magino open pit ore & waste mined
Magino open pit ore & waste mined Ore & Waste Mined (tpd) 100,000 75,000 50,000 25,000 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Total Ore & Waste Mined - Base Case LOM Total Ore & Waste Mined - Expansion Study • Average mining rate (ore + waste) of
Slide 79: Magino open pit mining schedule – ore & grades mined
Magino open pit mining schedule – ore & grades mined 1.25 100,000 Avg LOM grade: 1.00 Ore and Waste mined (tpd) 80,000 0.87 g/t Au Grade mined (g/t Au) 0.75 60,000 0.50 40,000 20,000 0.25 0 0.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Waste mined, tp
Slide 80: Processing rate & blended grade profile
Island Gold District Processing rate & blended grade profile 20,000 3.50 17,500 3.00 15,000 2.50 Milled Grade (g/t Au) Ore milled (tpd) 12,500 2.00 10,000 1.50 7,500 1.00 5,000 2,500 0.50 0 0.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Magino ore
Slide 81: Island Gold District Expansion – production & cost profile
Island Gold District Expansion – production & cost profile 15-year average production1: 490k oz; Mine-site AISC: $1,032/oz 700 $1,600 10-year average production1: 534k oz; Mine-site AISC: $1,025/oz (post expansion) 600 $1,400 $1,200 Gold Production (000 oz Au) Mine-site AISC (US$/oz)2,3 500 $1,000 4
Slide 82: IGD Expansion Processing
IGD Expansion Processing TSX:AGI | NYSE:AGI 82
Slide 83: IGD Expansion – milling flowchart
IGD Expansion – milling flowchart Island Gold mill to operate until completion of expansion in 2028 2026 2027 2028 2029+ Island Gold Magino Island Gold Magino Island Gold Magino Island Gold Magino Underground Open pit Underground Open pit Underground Open pit Underground Open pit Mining rate 1,702 1
Slide 84: Operating costs
Operating costs Chris Bostwick SVP, Technical Services TSX:AGI | NYSE:AGI 84
Slide 85: Unit costs & currency sensitivities
Unit costs & currency sensitivities Expansion Base Case Island Gold Life of Mine Cost Structure Study Unit Costs per tonne1 2026E3 LOM % change LOM Lodging/Transportation Average 5% Average Mine & Surface MTC Open Pit Mining C$6.81 C$4.14 C$4.85 +17% 16% Mill Consumables Underground Mining C$191 C$1
Slide 86: Unit operating costs – underground mining
Unit operating costs – underground mining 200 Unit Mining Cost (C$/tonne) Avg Expansion 180 2026E Study LOM $191 $135 Underground mining costs 160 (C$/t mined) 140 120 100 80 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 • Completion of shaft to drive ~30% decrease in un
Slide 87: Unit operating costs – open pit mining
Unit operating costs – open pit mining 8.00 Unit Mining Cost (C$/tonne) Avg Expansion 2026E 7.00 Study LOM Open pit mining costs $6.81 $4.85 (C$/t mined) 6.00 5.00 4.00 3.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 • Completion of a new truck shop in 2026 & eliminat
Slide 88: Unit operating costs – processing
Unit operating costs – processing Unit Processing Cost (C$/tonne) 30.00 Avg Expansion 2026E Study LOM $30.60 $18.13 25.00 Processing costs (C$/t mined) 20.00 15.00 10.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 • Transition of Magino mill to grid
Slide 89: IGD Expansion Study Capital
IGD Expansion Study Capital Luc Guimond Chief Operating Officer TSX:AGI | NYSE:AGI 89
Slide 90: Island Gold District – site layout
Island Gold District – site layout TSX:AGI | NYSE:AGI 90
Slide 91: IGD Mill Expansion to 20,000 – site layout
IGD Mill Expansion to 20,000 – site layout New parallel circuit Existing mill New fine ore bins • Addition of parallel circuit to increase total capacity to 20,000 tpd • New circuit: • Capacity 10,000 tpd New truck Existing shop secondary • Will process blend of high-grade crusher underground ore &
Slide 92: IGD Mill Expansion to 20,000 tpd – progress to date
IGD Mill Expansion to 20,000 tpd – progress to date New mill building – January 2026 New truck shop – January 2026 • Construction of new mill building, leach tanks & truck shop advancing TSX:AGI | NYSE:AGI 92
Slide 93: IGD Mill Expansion – new (parallel) circuit
IGD Mill Expansion – new (parallel) circuit Twinning existing circuit with key changes to include: • Gyratory crusher • New secondary cone crusher • Fine ore bins • Additional leach tanks (8 tanks) • Additional CIP capacity • Elution circuit • Larger gold refinery TSX:AGI | NYSE:AGI 93
Slide 94: Improvements to existing circuit
IGD Expansion Study Improvements to existing circuit New ore bins Underground Open pit ore feed feed Gyratory crusher • Connection to grid power late 2026 • Addition of gyratory crusher to support >20,000 tpd • Truck dump with permanent rock breaker allowing for direct tipping of ore • New ore bins
Slide 95: IGD Expansion Schedule – summary
IGD Expansion Schedule – summary • Majority of foundation for superstructure & tank farm completed • Foundation work for reagent area and detox tank foundation ongoing • Six of eight leach tanks erected, welding ongoing 2025 2026 2027 2028 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 B
Slide 96: IGD Expansion Study – total capital summary
IGD Expansion Study – total capital summary Base Case LOM1,2 Expansion Study1,2 (in US$M) (as of Jan 1, 2026) (as of Jan 1, 2026) Additional capital to support a larger operation vs. the Base Case LOM Plan • 45% increase in Mineral Reserve tonnes Growth capital – Base Case LOM, including P3+ $151 $1
Slide 97: IGD Expansion Study – growth capital
IGD Expansion Study – growth capital Growth Capital Base Case LOM1,2 Expansion Study1,2 (in US$M) (as of Jan 1, 2026) (as of Jan 1, 2026) Base Case LOM (including P3+ capital) $151 $162 $542M growth capital for IGD Expansion IGD Expansion Mill Expansion to 20 ktpd - $199 Accelerated Underground Deve
Slide 98: IGD Expansion Study – sustaining capital
IGD Expansion Study – sustaining capital Sustaining Capital Base Case LOM1,2 Expansion Study1,2 (in US$M) (as of Jan 1, 2026) (as of Jan 1, 2026) Underground Capital Development Increased sustaining capital to support larger $664 $788 (incl. drifts) operation Open Pit Capitalized Stripping $224 $420
Slide 99: Economics
Economics Greg Fisher Chief Financial Officer TSX:AGI | NYSE:AGI 99
Slide 100: Expansion Study – low-cost, long-life, significant upside
Expansion Study – low-cost, long-life, significant upside Base Case LOM4 Expansion Study4 Total production (life of mine) 000 oz Au 5,836 7,963 $1.4B Mine life Years 19 19 Revenue US$M $19,245 $25,878 Combined acquisition cost for Island Gold (2017) & Magino (2024) Operating costs US$M $3,897 $5,914
Slide 101: Expansion to 20,000 tpd – cash flow profile at $3,200/oz
Expansion to 20,000 tpd – cash flow profile at $3,200/oz1 $1,000 $963 $921 $910 $878 $863 $867 $816 $738 $715 $750 $688 $642 $621 $563 $569 $821m avg. FCF ($3,200/oz)1,2 $500 $345 $325 $236 $250 $167 $22 $0 ($250) ($500) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
Slide 102: Expansion to 20,000 tpd – cash flow profile at $4,500/oz
Expansion to 20,000 tpd – cash flow profile at $4,500/oz1 $1,500 $1,500 $1,378 $1,353 $1,353 $1,304 $1,221 $1,202 $1,153 $1,099 $1,116 1,2 $1.3B avg. FCF ($4,500/oz) $932 $933 $969 $1,000 $777 $552 $508 $500 $341 $261 $71 $0 ($500) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 203
Slide 103: Expansion Study – significant leverage to the gold price
Expansion Study – significant leverage to the gold price After-tax NPV 5% (US$M)1 After-tax NPV Gold Price IRR (%)3 5% (US$M)1 $15,880 $2,800 $6,046 43% $14,060 $3,200 $12,239 After-tax NPV(5%) $8,160 53% (Base case2) $10,419 $3,600 $8,962 56% $8,962 $8,160 $4,000 $10,419 62% $6,046 $4,500 $12,239 6
Slide 104: One of largest, lowest-cost & longest-life gold mines in Canada
Island Gold District One of largest, lowest-cost, & longest-life gold mines in Canada Annual production – 3rd largest Top 3 lowest cost 2nd most profitable Annual Profitability 2026E Operation (US$M) (AISC3 Operation Owner Production1 2026E AISC1 Margin x annual Operation (koz) (US$/oz) production)
Slide 105: Island Gold District Growing Canadian production
Island Gold District Growing Canadian production 2026E Canadian Production1 Company (koz) Agnico Eagle 2,930 Alamos (post IGD Expansion & Lynn Lake)2 885 Alamos – 2nd largest Alamos (post IGD Expansion)2 699 gold producer in Canada Alamos 475 …. and growing Coeur (Pro Forma) 463 Equinox 450 IAMGOLD
Slide 106: Closing summary – Island Gold District Expansion
Closing summary – Island Gold District Expansion Attractive economics…with significant upside The new Island Gold District… … with further upside potential to come One of Canada’s largest, lowest-cost & most valuable gold mines: Significant exploration upside: • 534k oz average annual production ove
Slide 107: Exploration
Exploration Scott R.G. Parsons VP, Exploration TSX:AGI | NYSE:AGI 107
Slide 108: Exploration
01 Exploration Strategy 02 2026 Exploration Budget Exploration 03 Exploration Overview by Asset • Island Gold District • Mulatos District • Young Davidson • Lynn Lake Project • Qiqavik Gold Project TSX:AGI | NYSE:AGI 108
Slide 109: Exploration Strategy
Exploration Strategy The objective is to maintain and extend mine life by replacing depletion at our operations with similar, or preferably higher-quality ounces. Strong team ✓ Exploration is lead and executed by technically strong, motivated teams, with a focus on geology Disciplined, Success-Drive
Slide 110: 2026 guidance – exploration budget
2026 guidance – exploration budget Island Gold District (98,000 m Mine Exploration, 16,000 m Regional): (US$M) 2026 Guidance 2025 Guidance • Mineral Resource Expansion at Island Gold and advancing Cline-Pick towards MRE. In addition to exploration, 28,000 m of delineation drilling focused on Mineral
Slide 111: Island Gold underground
Island Gold underground Growth & increase in grades supporting larger, more valuable operation +284% Mineral Reserve & Resource growth Mineral Reserves (k oz) 12 M&I Mineral Resources (k oz) increase in Mineral Reserves since 6,300 Inferred Mineral Resources (k oz) 1,061 P3+ Study to 5.1M oz2 Minera
Slide 112: Evolution of Island Gold – year-end 2016
Evolution of Island Gold – year-end 2016 (acquired November 2017) ER Mineral Reserves & Resources as of Dec 31, 2016 Category Tonnage Grade Au g/t Ounces Au Proven & 2,527,299 9.26 752,209 Probable Measured & 478,811 5.94 91,426 Indicated: Inferred: 3,041,836 10.18 995,717 TSX:AGI | NYSE:AGI 112
Slide 113: Island Gold – Mineral Reserves & Resources as of December 31, 2019
Island Gold – Mineral Reserves & Resources as of December 31, 2019 ER Mineral Reserves & Resources as of Dec 31, 2019 Category Tonnage Grade Au g/t Ounces Au Proven & 3,642,900 10.37 1,215,100 Probable Measured & 878,600 6.51 184,000 Indicated: Inferred: 5,392,300 13.26 2,298,000 Initial P3 Study TS
Slide 114: Island Gold – Mineral Reserve & Resources as of December 31, 2022
Island Gold – Mineral Reserve & Resources as of December 31, 2022 ER P3+ Study TSX:AGI | NYSE:AGI 114
Slide 115: Island Gold – Mineral Reserves & Resources as of December 31, 2024
Island Gold – Mineral Reserves & Resources as of December 31, 2024 Base Case LOM Update TSX:AGI | NYSE:AGI 115
Slide 116: Island Gold – Mineral Reserves & Resources as of December 31, 2025
Island Gold – Mineral Reserves & Resources as of December 31, 2025 Island Gold District Expansion TSX:AGI | NYSE:AGI 116
Slide 117: Island Gold – All Drillhole Intersections (C/E1E Zone)
Island Gold – All Drillhole Intersections (C/E1E Zone) TSX:AGI | NYSE:AGI 117
Slide 118: Island Gold Mine – 2025 Mine Exploration Drilling HW/FW Zones
Island Gold Mine – 2025 Mine Exploration Drilling HW/FW Zones • 2,000 composite intervals in the hanging wall and footwall currently in “Unknown Zones”. • Will be a focus of drilling as underground platforms are established across the 2km strike-length of the deposit. • In proximity to existing infr
Slide 119: Island Gold Mine – Significant Exploration Potential
Island Gold Mine – Significant Exploration Potential C-Zone Potential Extension Island Gold Down-plunge Island Gold East/Down- South of Webb Lake Stock plunge TSX:AGI | NYSE:AGI 119
Slide 120: Island Gold Exploration Target – C-Zone South of Webb Lake Stock
Island Gold Exploration Target – C-Zone South of Webb Lake Stock Magino YE2025 Reserve Pit Webb Lake Stock TSX:AGI | NYSE:AGI 120 Oblique View, Looking NE
Slide 121: Island Gold Exploration Target – C-Zone South of Webb Lake Stock
Island Gold Exploration Target – C-Zone South of Webb Lake Stock Magino Reserve Pit Island Gold 1500 m Webb Lake Stock Cross section looking NE TSX:AGI | NYSE:AGI 121
Slide 122: Island Gold Exploration Target – C-Zone South of Webb Lake Stock
Island Gold Exploration Target – C-Zone South of Webb Lake Stock Magino Reserve Pit 1500 m Webb Lake Stock Cross section looking NE TSX:AGI | NYSE:AGI 122
Slide 123: Island Gold East Strike Extension Exploration Target
Island Gold East Strike Extension Exploration Target Island Gold Mine East (within outlined area) Mineral Reserves as of December 31, 2025 Grade (g/t Category Tonnes Ounces Au Au) Proven & 3,313,997 15.31 1,631,589 Probable: 51.80 g/t / 7.10 m 27.44 g/t / 3.00 m 8.79 g/t over 2.65 m 12.59 g/t / 6.00
Slide 124: Island Gold Regional – North Shear
Island Gold Regional – North Shear TSX:AGI | NYSE:AGI 124
Slide 125: Island Gold Regional – Cline, Edwards, and Pick Mines
Island Gold Regional – Cline, Edwards, and Pick Mines TSX:AGI | NYSE:AGI 125
Slide 126: Island Gold Regional – Cline, Edwards, and Pick Mines
Island Gold Regional – Cline, Edwards, and Pick Mines TSX:AGI | NYSE:AGI 126
Slide 127: Island Gold Regional – Cline, Edwards, and Pick Mines
Island Gold Regional – Cline, Edwards, and Pick Mines TSX:AGI | NYSE:AGI 127
Slide 128: Island Regional Exploration 2025 – Cline Pick DH 25IGX128
Island Regional Exploration 2025 – Cline Pick DH 25IGX128 TSX:AGI | NYSE:AGI 128
Slide 129: Island Gold Regional – Cline, Edwards, and Pick Mines
A’ Island Gold Regional – Cline, Edwards, and Pick Mines A A Magino Island Gold Edwards Cline-Pick A A’ 450m 178.07 g/t Au over 3.54 m (25IGX128) 9 km TSX:AGI | NYSE:AGI 129
Slide 130: Longitudinal of Canadian underground gold deposits
Longitudinal of Canadian underground gold deposits Island Gold Underground Red Lake - Campbell La Ronde • Commercial Production 2007 • Commercial Production 1949 • Commercial Production 1988 • Historical Production 1.7M oz Au • Historical Production 20M oz Au • Historical Production 6M oz Au • Reser
Slide 131: Consolidation of Michipicoten Greenstone Belt
Consolidation of Michipicoten Greenstone Belt • 60+ km strike along the most significant gold trend within the Michipicoten Greenstone Belt • 2017: Richmont Mines acquisition • 9,500 ha total • 2020: Trillium Mining acquisition • 5,400 ha (14,900 ha total) • 2023: Manitou Gold acquisition • 40,000 h
Slide 132: Island Gold 2026 – Underground Mine Exploration Program (50,000 m)
Island Gold 2026 – Underground Mine Exploration Program (50,000 m) 3,000m 6,000m 8,000m 5,000m 18,000m 10,000m TSX:AGI | NYSE:AGI 132
Slide 133: Island Gold 2026 - Surface Mine Exploration Program (48,000 m)
Island Gold 2026 - Surface Mine Exploration Program (48,000 m) 5,000m 4,000m 3,000m 36,000m TSX:AGI | NYSE:AGI 133
Slide 134: Mulatos – Exploration
Mulatos – Exploration TSX:AGI | NYSE:AGI 134
Slide 135: Mulatos – Puerto Del Aire (PDA)
Mulatos – Puerto Del Aire (PDA) TSX:AGI | NYSE:AGI 135
Slide 136: Mulatos – Cerro Pelon Plan Map
Mulatos – Cerro Pelon Plan Map TSX:AGI | NYSE:AGI 136
Slide 137: Mulatos – Cerro Pelon Cross Section
Mulatos – Cerro Pelon Cross Section TSX:AGI | NYSE:AGI 137
Slide 138: Mulatos – Halcon Sulphide Discovery (2025)
Mulatos – Halcon Sulphide Discovery (2025) TSX:AGI | NYSE:AGI 138
Slide 139: Young Davidson Exploration – Update YE2025
Young Davidson Exploration – Update YE2025 TSX:AGI | NYSE:AGI 139
Slide 140: Young Davidson Exploration – HW Zone
Young Davidson Exploration – HW Zone TSX:AGI | NYSE:AGI 140
Slide 141: Young Davidson Exploration – South Syenite Target
Young Davidson Exploration – South Syenite Target TSX:AGI | NYSE:AGI 141
Slide 142: Young Davidson – Otisse NE
Young Davidson – Otisse NE Otisse NE – 2024 Drilling 2.16 g/t Au over 27.0 m Otisse NE 2.66 g/t Au over 22.4 m 1.12 g/t Au over 18.0 m 0.93 g/t Au over 20.6 m Young Davidson TSX:AGI | NYSE:AGI 142
Slide 143: Lynn Lake Gold Project
Lynn Lake Gold Project A’ A A A’ Cross section, looking west, 1.5km window, all DDH TSX:AGI | NYSE:AGI 143
Slide 144: Lynn Lake Gold Project – BT and Linkwood
Lynn Lake Gold Project – BT and Linkwood A’ A A A’ Cross section, looking west, 1.5km window, all DDH TSX:AGI | NYSE:AGI 144
Slide 145: Lynn Lake Gold Project – Gordon
Lynn Lake Gold Project – Gordon A A’ 2026 Exploration Drilling • 14 holes, 6,750 m • Gordon long section with 2023 Reserve Pit and 0.5 gpt Au grade shell • Composites with 1 g/t Au cut off 200m (cut at 40 g/t Au) FL12-25 A’ 7.79 g/t Au/ 30.00m Incl. 9.88 g/t Au/ 6.40 m FL12-02 And 15.26 g/t Au/ 3.00
Slide 146: Lynn Lake Gold Project – MacLellan
Lynn Lake Gold Project – MacLellan GORDON – cross section A A’ A’ MU206 9.11 g/t Au/ 18.42 m Incl. 30.42 g/t Au/ 1.73 m MG11-43 6.33 g/t Au/ 17.00 m MG08-08 Incl. 12.35 g/t Au / 5.00 m 13.35 g/t Au (9.66 g/t Au cut)/ 11.00 m A Incl. 48.27 g/t Au (27.95 g/t Au cut)/ 2.00 m MG08-09 6.39 g/t Au/ 18.00
Slide 147: Qiqavik Gold Project
Qiqavik Gold Project A’ A A A’ Cross section, looking west, 1.5km window, all DDH TSX:AGI | NYSE:AGI 147
Slide 148: Qiqavik Gold Project - Avinngaq Target
Qiqavik Gold Project - Avinngaq Target A’ A 54.44 g/t Au over 2.44 m including 80.00 over 1.00 m (25QKX009) A A’ Cross section, looking west, 1.5km window, all DDH TSX:AGI | NYSE:AGI 148
Slide 149: Qiqavik Gold Project - Kuulti Target Boulder Dispersal
Qiqavik Gold Project - Kuulti Target Boulder Dispersal A’ A • Kuulti Boulder Trend is approximately 700 m long and 50 m wide • Many of these boulders contain visible gold >600 g/t Au • The up-ice termination of the boulder A dispersal trend coincides with the northern margin of the Mivviq deformatio
Slide 150: Exploration Budget - Continuous Mineral Reserve & Resource Growth
Exploration Budget - Continuous Mineral Reserve & Resource Growth Growing exploration spending based on success Mineral Reserves growing in size & quality1 across the assets $100 1.89 +8M oz $31/oz 21,000 2.00 $90 1.63 1.65 1.80 1.58 Mineral Resources1 Discovery cost 1.51 1.49 1.50 $80 1.60 16,000 1
Slide 151: Closing
Closing John A. McCluskey President & CEO TSX:AGI | NYSE:AGI 151
Slide 152: Alamos Gold – positioned for long-term success
Alamos Gold – positioned for long-term success Leading growth profile Sustained value creation $14B combined value created since ~1M oz annual production expected by 2030 acquisition of largest assets Declining cost profile Uniquely Ongoing exploration success positioned 18% decrease in AISC expecte
Slide 153: Appendix
Appendix TSX:AGI | NYSE:AGI 153
Slide 154: Island Gold District Expansion Study – Detailed life of mine plan
Island Gold District Expansion Study Detailed life of mine plan LOM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 avg Underground ore mined (tpd) 2,750 1,702 2,400 2,475 3,000 3,000 2,998 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 1,682 - - - - O
Slide 155: 2026 guidance
2026 guidance 2026 Guidance Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production (000 oz) 290 - 330 155 - 175 125 - 145 570 - 650 Total cash costs1 ($/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 156: 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 157: Island Gold District Expansion Study
Island Gold District Expansion Study Expansion Study6 Expansion Study6 (Feb 2026) (Feb 2026) Mine life (years) 19 Capital Costs (millions) Project completion date – Phase 3+ Expansion Growth capital expenditure – Base Case LOM (including Phase 3+) $162 Project completion date – IGD Expansion to 20,0
Slide 158: Total Proven & Probable Mineral Reserves
Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD RESERVES (as at December 31, 2024)1 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) Isl
Slide 159: Total Measured & Indicated Mineral Resources
Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2024)1 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 160: Total Inferred Mineral Resources
Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2024)1 Tonnes Grade Ounces (000's) (g/t Au) (000's) Island Gold1 2,867 11.51 1,061 Magino1 14,045 0.75 338 Total Island Gold District1 16,912 2.57 1,398 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Undergroun
Slide 161: 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 162: Cautionary Note to U.S. Investors Mineral Reserve and Resource Estimates
Cautionary Note to U.S. Investors Mineral Reserve and Resource Estimates 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 Projec
Slide 163: 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