Alamos Gold Inc. · TSX:AGI
Alamos Gold — Investor Presentation (July 2025)
60 slides from Alamos Gold's investor presentation, Jul 30, 2025
Slide 1: Corporate Presentation July 2025
Corporate Presentation July 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: Table of Contents
Table of Overview: leading growth; expanding margins; safe jurisdictions 4 Contents Long-term track record of value creation 5 Q2 2025 highlights – on track to achieve 2025 production guidance 10 Strong outlook: growing production & free cash flow 12 Asset overview: high-quality, long-life assets; l
Slide 4: Growing, diversified, intermediate gold producer
Growing, diversified, intermediate gold producer… Fully funded, organic growth ~605k oz ~900k oz 2025E gold production1 Longer-term production rate Qiqavik, Canada Lynn Lake, Canada Declining costs driving margin expansion Island Gold District, Canada ~$1,425 ~$1,175 (Island Gold + Magino) 2025E AIS
Slide 5: Long-term track record of value creation
…with a long-term track record of value creation Ongoing value creation AGI - NYSE GDX GDXJ Gold (US$/oz) S&P 500 $9.5B 8M oz 280% Value created through M&A, Mineral Resources delineated over organic growth & exploration past six years at cost of ~$30/oz 240% 200% Growing free cash flow1 160% >$600M
Slide 6: Strong financial track record & outlook – with an attractive valuation
Strong financial track record & outlook – with an attractive valuation … in a supportive Growth company … with an attractive valuation environment for gold EBITDA (US$M)1,2 EV/EBITDA 2026E1,2 $1,495 20.3x $1,500 Growing global debt; ongoing 18.5x deficits; rising debt service costs 18.1x $1,300 $1,1
Slide 7: Long-term track record of creating value
Long-term track record of creating value Island Gold + Magino (US$M) Young-Davidson (US$M) $202 $605 $9.5B combined value created $5,878 since acquisition through1,2: $2,001 $1,367 $950 ✓ ongoing exploration success Acquisition Cost Island Gold (2017) & Magino Consensus NPV & Cumulative FCF Acquisit
Slide 8: Long-term track record of creating value through exploration
Long-term track record of creating value through exploration Growing, long-life Mineral Reserve base1 13,954 16,008 +65% +8M oz Magino increase in Mineral Reserves1, Mineral Resources1 delineated over past six years, net of over past six years 10,257 10,455 10,688 3.5M oz of depletion 9,702 9,726 9,
Slide 9: Track record of adding value on aggregate & per share basis
Track record of adding value on aggregate & per share basis Gold Production4 Mineral Reserves Cash Flow from Operations2 (k oz Au) (M oz Au) (before changes in WC) (US$M) 605 567 16.0 $954 529 457 460 $726 427 10.3 10.5 10.7 $519 9.9 $411 $383 $362 3 2020A 2021A 2022A 2023A 2024A 2025E 2020A 2021A 2
Slide 10: Q2 2025 highlights – on track to achieve full year production guidance
Q2 2025 highlights – on track to achieve full year production guidance Production (k oz) Adjusted net earnings, per share1,4 Consolidated free cash flow (US$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 $85 137.2
Slide 11: 2025 guidance update
2025 guidance update Full year production guidance maintained Breakdown of AISC1 guidance changes (US$/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 12: Strong outlook: growing Canadian production; declining cost profile
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 $1,200 Production (000 oz Au) 700 600 8%
Slide 13: Fully funded growth with strong ongoing free cash flow
Fully funded growth with strong ongoing free cash flow Consolidated free cash flow outlook (US$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 14: 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 15: Development projects: High-return organic growth in low-risk jurisdictions
Development projects: High-return organic growth in low-risk jurisdictions 2025 2026 2027 2028 Longer-term Island Gold District Base Case LOM Plan P3+ Expansion to create one of lowest cost & Production at 2400 tpd P3+ Construction most profitable gold mines in Canada >400k oz/year from Island Gold
Slide 16: Island Gold District Base Case Life of Mine Plan
Island Gold District Base Case Life of Mine Plan Growing, long-life production Significant upside to be outlined in Expansion Study • 411k oz per year over initial 12 years2, 43% increase from in Q4 2025 2025 guidance • Significant portion of large Mineral Resource base expected Low-cost structure t
Slide 17: 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 $1,400 500 Mine-site AISC1,2:
Slide 18: Island Gold underground
Island Gold underground Growth & increase in grades supporting larger, more valuable operation Mineral Reserve & Resource growth Consensus NPV growth (US$M)4 +207% Mineral Reserves (k oz) M&I Mineral Resources (k oz) 18 $5,878 6,400 Inferred Mineral Resources (k oz) increase in Mineral Reserves Mine
Slide 19: 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 20: 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 NPV3 at aft
Slide 21: 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 $845M available liquidity1,3 $272M free cash flow4 $396M generated FY2024 while funding returned to
Slide 22: Alamos Gold – value creation opportunities
Alamos Gold – value creation opportunities Growing, diversified, Expanding margins Conservative, Sustainable business intermediate gold & profitability low-risk strategy model supporting growing producer returns over the long-term 2025 Catalysts Lynn Lake Burnt Timber & 31% increase in YE2024 Island
Slide 23: Appendices
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Slide 24: ESG – leading on key metrics with focus on continuous improvement
ESG – leading on key metrics with focus on continuous improvement Environment Social Governance Lower GHG emissions per oz gold produced Lost time injury frequency rate 59% 0.9 91% 40% per 200,000 hours 0.79 44% 0.25 0.20 worked 0.8 0.2 0.16 tCO2e/oz Au 0.7 0.14 0.6 0.15 lower than 0.5 reduction in
Slide 25: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. John A. Alexander Elaine David Tony Claire M. C. Chana Monique Richard Shaun Prichard McCluskey Christopher Ellingham Fleck Giardini Kennedy Martineau Mercier McCreary Usmar Chairman Director Director Director Director
Slide 26: 2025 guidance
2025 guidance 2025 Guidance Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production (000 oz) 275 - 300 175 - 190 130 - 140 - 580 - 630 Revised total cash costs1,4 ($/oz) $875 - 925 $1,150 - 1,200 $925 - 975 - $975 - 1,025 Previous total cash costs1 ($/oz) $725 - 775 $1,0
Slide 27: 2025 - 2027 guidance
2025 - 2027 guidance 2025 2026 2027 Revised5 Previous2 Gold Production (000 oz) Island Gold District 275 - 300 330 - 355 375 - 400 Young-Davidson 175 - 190 180 - 195 180 - 195 Mulatos District 130 - 140 120 - 130 125 - 135 Total Gold Production (000 oz) 580 - 630 630 - 680 680 - 730 Total Cash Costs
Slide 28: Growing production; expanding margins; record financial performance
Growing production; expanding margins; record financial performance Production growth & margin expansion driving strong ongoing free cash flow generation while funding high-return growth Growing production Expanding margins Increasing profitability Strong free cash flow1 while funding (000 oz) (AISC
Slide 29: Eliminated majority of Argonaut Gold hedge book
Eliminated majority of Argonaut Gold hedge book Significant increase in exposure to higher gold prices Argonaut Gold Forward Alamos Gold Forward Sales Contracts Sales Contracts Gold prepayment utilized to eliminate forward contracts (Pre-Transaction) (Post-transaction) inherited from Argonaut Gold a
Slide 30: Island Gold District – growing, low-cost production
Island Gold District – growing, low-cost production Location: Ontario, Canada Island Gold – one of the highest-grade gold mines in the world1 Ownership: 100% interest Phase 3+ Shaft Expansion to 2,400 tpd expected to be completed in H2 2026 Stage: Producing Combined operation expected to produce 411
Slide 31: Island Gold Phase 3+ Expansion – expected completion H2 2026
Island Gold Phase 3+ Expansion – expected completion H2 2026 79% of total Phase 3+ growth capital Shaft sink at 1,265 m by end of June; spent & committed to date2 ~92% of ultimate planned depth (in US$M) As of June 30, 2025 Growth Capital P3+ Estimate Spent to Committed to % Spent & (including indir
Slide 32: 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 18,000 – 20
Slide 33: 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 34: Island Gold underground 2025 exploration highlights
Island Gold underground 2025 exploration highlights C/E1E Zones Hanging Wall & Footwall Zones Continuing to extend high-grade mineralization beyond Mineral Reserves and Resources across main structure and within hanging wall & footwall TSX:AGI | NYSE:AGI 34
Slide 35: 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 36: 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 37: 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 1.5M oz Au • Historical Production 20M oz Au • Historical Production 6M oz Au • Reser
Slide 38: Island Gold District – historical operational results
Island Gold District – historical operational results 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 Q1/25 Q2/25 Gold production (oz) 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 33,400
Slide 39: Island Gold District Base Case LOM plan
Island Gold District Base Case LOM plan Base Case LOM Plan Highlights Capital Costs (millions) Production Mine life (years) 20 Growth capital expenditure $453 Phase 3+ Expansion completion date H2 2026 Sustaining capital expenditure5 $1,808 Total capital expenditure – life of mine $2,261 Total gold
Slide 40: Island Gold District Base Case LOM – growth capital summary
Island Gold District Base Case LOM – growth capital summary Island Gold District • Remaining Phase 3+ Expansion growth capital Growth Capital Base Case LOM (as of Jan 1, 2025) estimated to be $349M as of Jan 2025 • Total Phase 3+ growth capital estimate at completion Remaining P3+ Expansion Capital
Slide 41: Island Gold District Base Case LOM plan Detailed mine plan summary
Island Gold District Base Case LOM plan Detailed mine plan summary LOM 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 avg Underground ore mined (tpd) 2,148 1,319 1,914 2,405 2,399 2,400 2,400 2,400 2,399 2,400 2,400 2,400 2,353 2,304 1,713 1,018 -
Slide 42: 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 43: 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 44: 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 45: Young-Davidson – historical operational results
Young-Davidson – historical operational results 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 Q1/25 Q2/25 Gold production (oz) 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 40,100 44,000
Slide 46: Mulatos District – our founding operation
Mulatos District – our founding operation Location: Sonora, Mexico Initial production 2005; >3M oz produced & $790M 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 47: 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 48: 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 49: Mulatos District – our founding operation
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 50: 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 51: 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 52: 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 53: 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 54: Top Shareholders and Analyst Coverage
Top 10 Shareholders and Analyst Coverage Top 10 Shareholders1,2 Analyst Coverage Bank of America - Sathish Kasinathan Van Eck Associates Corporation BMO Capital Markets - Brian Quast BlackRock Investment Management Canaccord Genuity - Carey MacRury Fidelity Management & Research Company CIBC World M
Slide 55: 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 56: 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 57: 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 58: 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 59: 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 60: 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