Alamos Gold Inc. · TSX:AGI
Alamos Gold — Q2 2025 Earnings Presentation
28 slides from Alamos Gold's earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Results Presentation
Second Quarter 2025 Results Presentation July 31, 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: Q2 2025 highlights – on track to achieve full year production guidance
Q2 2025 highlights – on track to achieve full year production guidance Production (k oz) Adjusted net earnings, per share1,4 Consolidated free cash flow (US$M)1,4 Production up 10% QoQ & consistent with quarterly guidance; additional 10% 9% $107 $0.34 growth expected in H2 145-155 $88 $84 $85 137.2
Slide 4: Island Gold District – Base Case Life of Mine Plan
Island Gold District – Base Case Life of Mine Plan Growing, long-life, low-cost operation with significant upside 600 $1,600 Island Gold @ 2,400 tpd over first 12 years: Stockpile processing: Average production: 411k oz; Mine-site AISC1,2: $915/oz Avg production: 90k oz $1,400 500 Mine-site AISC1,2:
Slide 5: Island Gold District Attractive Base Case …. with significant upside
Island Gold District Attractive Base Case …. with significant upside Base Case LOM plan Expansion Study - Q4 2025 Longer-term growth potential Attractive long-life, low-cost operation Expected to outline significant upside Reflecting exploration upside • 411k oz average annual production1 Significan
Slide 6: Island Gold District Significant near-mine & regional exploration upside
Island Gold District Significant near-mine & regional exploration upside High-grade mineralization intersected near past-producing Cline-Pick & Edwards mines1 Potential source of additional high-grade mill feed – located 7 km from the Magino mill • 8.22 g/t Au over 21.13 m (24IGX087), including: 82.
Slide 7: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1,000 $1,425 ~1M oz 900 $1,400 $1,281 longer-term potential production rate 800 including Lynn Lake & further Expansion of $1,200 $1,175 Island Gold District, ~76% growth from 2024 $1,200 Production (000 oz Au) 700 600 8%
Slide 8: Fully funded growth with strong ongoing free cash flow
Fully funded growth with strong ongoing free cash flow Consolidated free cash flow outlook (US$M)1,2 Strong ongoing free cash flow $600 while funding high-return growth $500 $400 Significant free cash flow $300 growth 2026 onward driven by completion of growth projects $200 $100 $0 Phase 3+ Expansio
Slide 9: Financial highlights
Financial highlights Q2 Q2 Q2 Q2 YoY % YoY % 2025 Cash flow from operations, before 2025A 2024A 2025A 2024A4 Change Change Guidance YTD YTD4 working capital (US$M)1,4 $364 Realized gold price (US$/oz) $3,027 $2,207 37% $327 $3,223 $2,336 38% - $233 Operating revenues (US$M) $438 $333 32% $771 $610 2
Slide 10: 2025 guidance update
2025 guidance update Full year production guidance maintained Breakdown of AISC1 guidance changes (US$/oz) ~40% of increase driven by external factors AISC guidance increased ~12% $10 $1,400-1,450 $78 $20 $1,250-1,300 $42 ~40% of increase (~$62/oz) driven by external factors: o higher share-based co
Slide 11: Operational highlights – Island Gold District
Operational highlights – Island Gold District Q2 Q2 2025 Guidance Q2 Q2 2025A 2024A Production & mine-site AISC1 2025A 2024A4 Revised7 Previous YTD YTD4 70 $1,600 Gold production (000 oz) 64.4 41.7 123.6 75.1 275-300 60 $1,400 50 $1,200 Total cash costs, per ounce of gold sold1 $1,008 $493 $1,035 $5
Slide 12: Magino milling rates continuing to improve
Magino milling rates continuing to improve Ore Milled in Magino Mill (tpd) • Magino milling rates increased 18% from Q1 to 8,506 tpd 10,000 12% 9,000 18% • 12% increase to 9,500 tpd in second half of July following 8,000 installation of redesigned liner/bolt configuration in SAG mill 7,000 6,000 • S
Slide 13: Island Gold Phase 3+ Expansion – progress to date
Island Gold Phase 3+ Expansion – progress to date Shaft area – July 2025 Paste plant – July 2025 Construction Progress in Q2 ✓ Shaft sinking – advanced to a depth of 1,265 m by the end of Q2 ✓ New administrative complex – earthworks completed (ultimate planned depth 1,379 m) ✓ Advanced lateral devel
Slide 14: Expansion Study preview
Expansion Study preview Significant upside to June 2025 Base Case LOM plan Footprint of new mill building configured to allow for further potential expansion up to 20,000 tpd Earthworks for new mill building Magino truck shop bulk earthworks completed – July 2025 completed – July 2025 • Footprint of
Slide 15: Island Gold Phase 3+ Expansion – expected completion H2 2026
Island Gold Phase 3+ Expansion – expected completion H2 2026 79% of total Phase 3+ growth capital Shaft sink at 1,265 m by end of June; spent & committed to date2 ~92% of ultimate planned depth (in US$M) As of June 30, 2025 Growth Capital P3+ Estimate Spent to Committed to % Spent & (including indir
Slide 16: Operational highlights – Young-Davidson
Operational highlights – Young-Davidson Q2 Q2 2025 Guidance Q2 Q2 Production & mine-site AISC1 2025A 2024A 2025A 2024A Revised3 Previous YTD YTD 50 $1,700 Gold production (000 oz) 38.7 44.0 74.1 84.1 175-190 40 $1,500 Total cash costs, per ounce of gold sold1 $1,233 $1,030 $1,289 $1,104 $1,150-1,200
Slide 17: Operational highlights – Mulatos District
Operational highlights – Mulatos District Q2 Q2 Q2 2025A Q2 2024A 2025 Production & mine-site AISC1 Mulatos District 2025A 2024A YTD YTD Guidance 70 $1,400 Gold production (000 oz) – Mulatos District 34.1 53.4 64.5 115.6 130-140 60 $1,200 Total cash costs, per ounce of gold sold1 $1,017 $907 $1,117
Slide 18: Alamos Gold – value creation opportunities
Alamos Gold – value creation opportunities Growing, diversified, Expanding margins Conservative, Sustainable business intermediate gold & profitability low-risk strategy model supporting growing producer returns over the long-term 2025 Catalysts Lynn Lake Burnt Timber & 31% increase in YE2024 Island
Slide 19: Appendices
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Slide 20: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. John A. Alexander Elaine David Tony Claire M. C. Chana Monique Richard Shaun Prichard McCluskey Christopher Ellingham Fleck Giardini Kennedy Martineau Mercier McCreary Usmar Chairman Director Director Director Director
Slide 21: 2025 guidance
2025 guidance 2025 Guidance Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production (000 oz) 275 - 300 175 - 190 130 - 140 - 580 - 630 Revised total cash costs1,4 ($/oz) $875 - 925 $1,150 - 1,200 $925 - 975 - $975 - 1,025 Previous total cash costs1 ($/oz) $725 - 775 $1,0
Slide 22: 2025 - 2027 guidance
2025 - 2027 guidance 2025 2026 2027 Revised5 Previous2 Gold Production (000 oz) Island Gold District 275 - 300 330 - 355 375 - 400 Young-Davidson 175 - 190 180 - 195 180 - 195 Mulatos District 130 - 140 120 - 130 125 - 135 Total Gold Production (000 oz) 580 - 630 630 - 680 680 - 730 Total Cash Costs
Slide 23: 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 24: 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 25: 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 2,449 16.88 1,329 Magino 40,291 0.92 1,191 Total Island Gold District 42,740 1.83 2,520 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground
Slide 26: 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 27: Cautionary Note to U.S. Investors
Cautionary Note to U.S. Investors Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada. Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this Presentation have been prepared in accordance with National Ins
Slide 28: 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