Alamos Gold Inc. · TSX:AGI
Alamos Gold — Q2 2026 Earnings Presentation
32 slides from Alamos Gold's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Results Presentation
Second Quarter 2026 Results Presentation July 30, 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: Q2 2026 highlights
Q2 2026 highlights Production (000 oz) AISC margin (US$/oz)1,2,3 Consolidated free cash flow (US$M)1,4 141.7 141.5 $2,967 $157 130.6 $2,776 $144 123.9 $130 Q2 production in-line with revised $2,406 quarterly guidance; 5% increase $1,984 $102 from Q1 Q3/25 Q4/25 Q1/26 Q2/26 Q3/25 Q4/25 Q1/26 Q2/26 Q3
Slide 4: 2026 guidance update
2026 guidance update 2026 Guidance1 Production guidance decreased 12%, driven by Revised Previous • impact of seismic event at Young-Davidson Gold production (000 oz) 510-560 570-650 • delayed leach pad recoveries at La Yaqui Grande AISC guidance increased 18%, driven by Total cash costs (US$/oz)2 $
Slide 5: Q2 2026 highlights & upcoming catalysts
Q2 2026 highlights & upcoming catalysts Q2 highlights ✓ $50M of share repurchased under buyback; returned $84M to shareholders in H1 2026, including $34M in dividends ✓ Eliminated all remaining 2026 hedges using $92M of cash, providing further upside to higher gold prices ✓ Extended high-grade miner
Slide 6: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1100 1000 ~1M oz 900 longer-term production rate including Lynn Lake & expansion of Island Gold District, ~83% 800 growth from 2025 Production (000 oz Au)2 700 Declining costs 600 500 400 driven by low-cost growth from Isl
Slide 7: Financial highlights
Financial highlights Q2 2026A Q2 2025A YoY % H1 2026A H1 2025A YoY % Adjusted net earnings, per share1 Change Change $1.14 Realized gold price (US$/oz) $4,504 $3,223 40% $4,660 $3,027 54% Operating revenues (US$M) $594 $438 36% $1,191 $771 54% $0.59 $0.48 $0.34 Cash flow from operations (US$M) $232
Slide 8: 2026 revised AISC guidance
2026 revised AISC guidance 2026 AISC1,2,3 guidance changes (US$/oz) Key drivers of increased AISC guidance $30 $15 $1,775-1,875 $60 • Lower production at Young-Davidson $190 ($20) $1,500-1,600 • Contractor & labour inflation due to the competitive environment in Northern Ontario • ~$10M of capital f
Slide 9: Operational highlights – Island Gold District
Operational highlights – Island Gold District Q2 Q2 H1 H1 2026 Guidance9 Production & mine-site AISC1 2026A 2025A 2026A 2025A Revised Previous 70 $2,000 Gold production (000 oz) 67.5 64.4 128.7 123.6 290-310 290-330 60 Total cash costs (US$/oz)1 $1,304 $1,008 $1,250 $1,023 $1,025-1,125 $875-975 $1,6
Slide 10: Island Gold District operational highlights
Island Gold District operational highlights Record underground mining rates Island Gold underground mining rates (tpd) Record underground mining rates of 1,550 tpd in Q2/26 1,600 1,550 Mining rates expected to increase through H2, to 2,000 tpd by end of 2026 1,423 1,400 1,325 On track to reach 2,400
Slide 11: Island Gold District operational highlights
Island Gold District operational highlights Record Magino milling rates Magino milling rates (tpd) 12,000 Record quarterly milling rates with improving performance & reliability May average excluding maintenance downtime of circuit, & supplemental ore feed from the temporary crusher ~10,000 10,000 9
Slide 12: IGD Expansion – well underway; on track for completion in Q1 2028
IGD Expansion – well underway; on track for completion in Q1 2028 Phase 3+ Shaft Expansion IGD Expansion ✓ Shaft equipping commenced; shaft ✓ Mill expansion progressing well with cladding & commissioning expected to be completed Q1/27 roofing activities for new mill building completed ✓ Paste plant
Slide 13: Operational highlights – Young-Davidson
Operational highlights – Young-Davidson 2026 Guidance3 Production & mine-site AISC1 Q2 2026A Q2 2025A H1 2026A H1 2025A Revised Previous 45 $2,500 Gold production (000 oz) 33.0 38.7 63.0 74.1 100-115 155-175 40 35 $2,000 Total cash costs (US$/oz)1 $1,540 $1,233 $1,590 $1,270 $1,750-1,850 $1,350-1,45
Slide 14: Young-Davidson – June seismic event & impact
Young-Davidson – June seismic event & impact • Seismic event occurred in June impacting access to 9410 level • No injuries sustained • Drift access damaged limiting availability of higher- grade stopes which were supplying ~2,500 tpd Outlook: • Mining rates expected to average ~5,000 tpd in H2 2026
Slide 15: Operational highlights – Mulatos District
Operational highlights – Mulatos District Q2 Q2 H1 H1 2026 Guidance3 50 Production & mine-site AISC1 Mulatos District $1,400 2026A 2025A 2026A 2025A Revised Previous 40 $1,200 Gold production (000 oz) – Mulatos District 30.1 34.1 62.8 64.5 120-135 125-145 $1,000 Total cash costs (US$/oz)1 $1,061 $1,
Slide 16: PDA project – on track for completion mid-2027
PDA project – on track for completion mid-2027 Q2 progress: ✓ Process plant detailed engineering completed ✓ Crushing circuit concrete foundation completed ✓ Ball mill foundation construction advanced ✓ Major equipment purchase orders finalized PDA portals ✓ Portal ground support, platform earthwork
Slide 17: Lynn Lake project
Lynn Lake project Construction ramping up; initial production expected H1 2029 Q2 progress: ✓ Temporary camp expansion completed Permanent camp pad Process plant area ✓ Permanent camp construction advanced Starter pit ✓ Process plant & site-wide infrastructure advanced ✓ Starter pit at MacLellan - d
Slide 18: Island Gold District – upside opportunities
Island Gold District – upside opportunities Multiple potential sources of higher-grade ore in proximity to mill TSX:AGI | NYSE:AGI 18
Slide 19: Island Gold District – upside opportunities
Island Gold District – upside opportunities Island West up-plunge & Island West Extension Island West up-plunge area: • near surface & can be mined via the ramp • opportunity to increase combined underground mining rates beyond 3,000 tpd outlined in IGD Expansion Island Gold West Extension Zone: • h
Slide 20: Island Gold District – upside opportunities
Island Gold District – upside opportunities Significant regional exploration upside High-grade mineralization Potential source of additional extended at past producing- high-grade mill feed – 7km Cline-Pick & Edwards mines from Magino mill 178.07 g/t Au over 3.54 m (25IGX128) incl; • 219.00 g/t Au o
Slide 21: Island Gold District
Island Gold District Significant near mine & regional exploration upside 1 See press releases dated June 22, 2026 and February 2, 2026 for additional details TSX:AGI | NYSE:AGI 21
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 Near-term catalysts Island Gold District 32% increase in YE2025 Islan
Slide 23: Appendices
Appendices
Slide 24: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. Alexander Elaine David Tony Claire M. C. Chana Richard Monique Shaun John A. McCluskey Prichard Christopher Ellingham Fleck Giardini Kennedy Martineau McCreary Mercier Usmar Chairman Director Director Director Director
Slide 25: 2026 guidance
2026 guidance 2026 Guidance1 Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production (000 oz) 290 - 310 100 - 115 120 – 135 — 510 - 560 Previous gold production (000 oz) 290 - 330 155 - 175 125 – 145 - 570 - 650 Total cash costs2 ($/oz) $1,025 - 1,125 $1,750 - 1,850 $1,0
Slide 26: 2026 - 2028 guidance
2026 - 2028 guidance 20261 2027 2028 Revised Previous Gold Production (000 oz) Island Gold District 290 - 310 290 - 330 380 – 420 470 – 510 Young-Davidson 100 - 115 155 - 175 155 – 175 155 – 175 Mulatos District 120 - 135 125 – 145 115 – 135 130 -150 Total Gold Production (000 oz) 510 - 560 570 - 65
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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