Alamos Gold Inc. · TSX:AGI
Alamos Gold — Q1 2026 Earnings Presentation
34 slides from Alamos Gold's earnings presentation, Apr 30, 2026
Slide 1: Alamos Gold Reports First Quarter 2026 Results
TRADING SYMBOL: TSX:AGI NYSE:AGI Alamos Gold Inc. Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823 Toronto, Ontario M5J 2T3 Telephone: (416) 368-9932 or 1 (866) 788-8801 All amounts are in United States dollars, unless otherwise stated. Alamos Gold Reports First Quarter 2026 Results Stron
Slide 2: First Quarter 2026 Operational and Financial Highlights (continued)
TRADING SYMBOL: TSX:AGI NYSE:AGI • Repurchased and eliminated approximately one-third of legacy gold hedges from Argonaut Gold Inc. ("Argonaut") that were scheduled to mature in the second half of 2026, providing further upside to higher gold prices. These contracts totaled 15,000 ounces at an avera
Slide 3: Highlight Summary
TRADING SYMBOL: TSX:AGI NYSE:AGI Highlight Summary Three Months Ended March 31, 2026 2025 Financial Results (in millions) Operating revenues $596.7 $333.0 Cost of sales (1) $205.5 $195.2 Earnings from operations $344.8 $94.7 Earnings before income taxes $315.2 $25.7 Net earnings $191.4 $15.2 Adjuste
Slide 4: Results by Operating Site
TRADING SYMBOL: TSX:AGI NYSE:AGI Three Months Ended March 31, 2026 2025 Gold production (ounces) Island Gold District (7) 61,200 59,200 Young-Davidson 30,000 35,400 Mulatos District (8) 32,700 30,400 Gold sales (ounces) Island Gold District (7) 57,109 53,388 Young-Davidson 31,042 35,475 Mulatos Dist
Slide 5: Environment, Social and Governance Summary Performance
TRADING SYMBOL: TSX:AGI NYSE:AGI Environment, Social and Governance Summary Performance Health and Safety • Total Recordable Injury Frequency Rate1 of 1.47 in the first quarter, consistent with the fourth quarter of 2025 • Lost time injury frequency rate1 of nil in the first quarter, consistent with
Slide 6: Outlook and Strategy
TRADING SYMBOL: TSX:AGI NYSE:AGI Outlook and Strategy 2026 Guidance Island Gold Young- Mulatos District Davidson District Lynn Lake Total Gold production (000's ounces) 290 - 330 155 - 175 125 - 145 — 570 - 650 Cost of sales, including amortization (in millions) (2) $920 Cost of sales, including amo
Slide 7: Island Gold District Growth Outlook
TRADING SYMBOL: TSX:AGI NYSE:AGI The Island Gold District will be a key driver of this growth over the next several years. The Phase 3+ Shaft Expansion achieved a significant milestone during the first quarter with the completion of the shaft sink to its planned depth of 1,381 metres ("m"). Work on
Slide 8: Island Gold District Financial and Operational Review
TRADING SYMBOL: TSX:AGI NYSE:AGI First Quarter 2026 Results Island Gold District Financial and Operational Review Three Months Ended March 31 2026 2025 Gold production (ounces) 61,200 59,200 Gold sales (ounces) 57,109 53,388 Financial Review (in millions) Operating Revenues $279.3 $152.0 Cost of sal
Slide 9: Island Gold Operational Review
TRADING SYMBOL: TSX:AGI NYSE:AGI The Island Gold District produced 61,200 ounces in the first quarter of 2026, slightly higher than the fourth quarter of 2025 and prior year period. Island Gold Operational Review Underground mining rates increased to average a record 1,423 tpd in the first quarter,
Slide 10: Island Gold Capital Expenditures and Free Cash Flow
TRADING SYMBOL: TSX:AGI NYSE:AGI Capital expenditures totaled $123.0 million in the first quarter, including $27.9 million of sustaining capital, $3.8 million of sustaining lease payments, and $3.4 million of capitalized exploration. Growth capital spending of $87.9 million was primarily focused on
Slide 11: Young-Davidson Financial and Operational Review
TRADING SYMBOL: TSX:AGI NYSE:AGI Young-Davidson Financial and Operational Review Three Months Ended March 31 2026 2025 Gold production (ounces) 30,000 35,400 Gold sales (ounces) 31,042 35,475 Financial Review (in millions) Operating Revenues $153.6 $101.2 Cost of sales (1) $67.4 $65.1 Earnings from
Slide 12: Young-Davidson Operational and Financial Review
TRADING SYMBOL: TSX:AGI NYSE:AGI Milling rates averaged 6,786 tpd in the first quarter, below guidance reflecting longer than planned downtime for scheduled maintenance and an unscheduled repair to a transformer in the mill. Milling rates are expected to increase to average 8,000 tpd through the res
Slide 13: Mulatos District Financial and Operational Review
TRADING SYMBOL: TSX:AGI NYSE:AGI Mulatos District Financial and Operational Review Three Months Ended March 31, 2026 2025 Gold production (ounces) 32,700 30,400 Gold sales (ounces) 33,773 28,720 Financial Review (in millions) Operating Revenues $168.1 $84.0 Cost of sales (1) $50.1 $50.6 Earnings fro
Slide 14: Mulatos District Financial Review
TRADING SYMBOL: TSX:AGI NYSE:AGI Cost of sales of $50.1 million in the first quarter were consistent with the prior year period, reflecting a higher contribution of lower cost production from La Yaqui Grande. Total cash costs of $921 per ounce and mine-site AISC of $995 per ounce in the first quarte
Slide 15: Phase 3+ Shaft and IGD Expansion Growth Capital
TRADING SYMBOL: TSX:AGI NYSE:AGI Construction of shaft and surface infrastructure is expected to be substantially complete by the end of 2026, and commissioning of the shaft completed in early 2027. The IGD Expansion to 20,000 tpd remains on track to be completed in early 2028. (in US$M) P3+ Estimat
Slide 16: Island Gold paste plant and shaft photos
TRADING SYMBOL: TSX:AGI NYSE:AGI Island Gold paste plant - April 2026 Island Gold shaft sinking completed (depth of 1,381 m) - April 2026 16 | Alamos Gold Inc
Slide 17: Lynn Lake (Manitoba, Canada)
TRADING SYMBOL: TSX:AGI NYSE:AGI Magino mill expansion - April 2026 Lynn Lake (Manitoba, Canada) On January 13, 2025, the Company announced a positive construction decision on the Lynn Lake project. With the approval of the Closure Plan in January 2025, the required permitting and pre-construction c
Slide 18: Lynn Lake and PDA (Sonora, Mexico) Development
TRADING SYMBOL: TSX:AGI NYSE:AGI The majority of initial capital will be spent in 2027 and 2028, with first production expected in the first half of 2029. With attractive economics and significant exploration upside, the Lynn Lake project is a key component of the Company’s leading high-return organ
Slide 19: First Quarter 2026 Exploration Activities
TRADING SYMBOL: TSX:AGI NYSE:AGI PDA mill area - April 2026 First Quarter 2026 Exploration Activities Island Gold District (Ontario, Canada) A total of $43 million has been budgeted for exploration at the Island Gold District in 2026, up from $24 million spent in 2025. The exploration program will c
Slide 20: Island Gold and Young-Davidson Exploration
TRADING SYMBOL: TSX:AGI NYSE:AGI During the first quarter of 2026, 8,664 m of underground exploration drilling was completed in 34 holes, and 3,819 m of underground delineation drilling across 18 holes. Additionally, 3,359 m of surface exploration drilling was completed in six holes. As part of the
Slide 21: Qiqavik Exploration and Review of Financial Results
TRADING SYMBOL: TSX:AGI NYSE:AGI The 2026 exploration program will follow up on discoveries made across several target areas during the 2025 drill program, and test the next series of highest priority targets as outlined in a press release dated January 28, 2026. The success of this early-stage gree
Slide 22: Associated Documents
Associated Documents This press release should be read in conjunction with the Company’s consolidated financial statements for the three-month period ended March 31, 2026 and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company's website, www.alamosgold.com,
Slide 23: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This press release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact,
Slide 24: Forward-Looking Statements Risk Factors
property; inherent risks and hazards associated with mining and mineral processing including industrial hazards, industrial accidents, and environmental hazards including, without limitation, fires, floods, seismic activity and unusual or unexpected formations, pressures and cave-ins; changes in nat
Slide 25: Non-GAAP Measures and Additional GAAP Measures
Non-GAAP Measures and Additional GAAP Measures The Company has included certain non-GAAP financial measures to supplement its condensed interim consolidated financial statements for the three months ended March 31, 2026 and 2025, which are presented in accordance with IFRS, including the following:
Slide 26: Adjusted Net Earnings and Cash Flow Reconciliation
(in millions) Three Months Ended March 31, 2026 2025 Net earnings $191.4 $15.2 Adjustments: Foreign exchange loss (gain) 4.4 (0.4) Net loss on commodity derivatives, net of tax 20.2 46.3 Other loss 1.4 1.1 Unrealized foreign exchange loss (gain) recorded in deferred tax expense 14.9 (2.1) Other inco
Slide 27: Mine-Site Free Cash Flow Reconciliation
Consolidated Mine-Site Free Cash Flow Three Months Ended March 31, 2026 2025 (in millions) Cash flow from operating activities $242.5 $79.6 Add: operating cash flow used by non-mine site activity (1) 110.2 69.9 Cash flow from operating mine-sites $352.7 $149.5 Mineral property, plant and equipment e
Slide 28: All-in Sustaining Costs per ounce and Mine-site AISC
All-in Sustaining Costs per ounce and Mine-site All-in Sustaining Costs The Company adopted an “all-in sustaining costs per ounce” non-GAAP performance measure in accordance with the World Gold Council. The Company believes the measure more fully defines the total costs associated with producing gol
Slide 29: Sustaining Capital and Island Gold Cost Reconciliation
(3) Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at growth projects and certain expenditures at operating sites which are deemed expansionary in nature. Total sustaining capital expend
Slide 30: Young-Davidson and Mulatos Cost Reconciliation, Adjusted EBITDA
Young-Davidson Total Cash Costs and Mine-site AISC Reconciliation Three Months Ended March 31, 2026 2025 (in millions, except ounces and per ounce figures) Mining and processing $51.7 $47.0 Share-based compensation mark-to-market allocated to sites (included in mining and processing) (1) (1.2) (1.4)
Slide 31: Adjusted EBITDA and Additional GAAP Measures
(in millions) Three Months Ended March 31, 2026 2025 Net earnings $191.4 $15.2 Adjustments: Finance income (5.9) (0.1) Amortization 44.2 51.4 Net loss on commodity derivatives 29.7 68.4 Deferred income tax expense (recovery) 39.1 (2.8) Current income tax expense 84.7 13.3 Adjusted EBITDA $383.2 $145
Slide 32: Condensed Interim Consolidated Statements of Financial Position
Condensed Interim Consolidated Statements of Financial Position, Comprehensive Income, and Cash Flow ALAMOS GOLD INC. Condensed Interim Consolidated Statements of Financial Position (Unaudited - stated in millions of United States dollars) March 31, 2026 December 31, 2025 ASSETS Current Assets Cash
Slide 33: Condensed Interim Consolidated Statements of Comprehensive Income
ALAMOS GOLD INC. Condensed Interim Consolidated Statements of Comprehensive Income For the Three Months Ended March 31, 2026 and 2025 (Unaudited - stated in millions of United States dollars, except share and per share amounts) Three Months Ended March 31, 2026 2025 OPERATING REVENUES $596.7 $333.0
Slide 34: Condensed Interim Consolidated Statements of Cash Flows
ALAMOS GOLD INC. Condensed Interim Consolidated Statements of Cash Flows For the Three Months Ended March 31, 2026 and 2025 (Unaudited - stated in millions of United States dollars) Three Months Ended March 31, 2026 2025 CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES Net earnings $191.4 $15.2 Adju