Alamos Gold Inc. · TSX:AGI
Alamos Gold — Investor Presentation (June 2026)
58 slides from Alamos Gold's investor presentation, June 2026
Slide 1: Corporate Presentation June 2026
Corporate Presentation June 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: Table of Contents
Table of Overview: leading growth; expanding margins; safe jurisdictions 4 Contents Long-term track record of value creation 5 Q1 2026 results – significant growth expected through 2026 8 Strong outlook: growing production 9 Asset overview: high-quality, long-life assets; low-risk jurisdictions 10 S
Slide 4: Growing, diversified, intermediate gold producer
Growing, diversified, intermediate gold producer… Fully funded, organic growth 545k oz ~1M oz 2025 gold production 2030E+ gold production Qiqavik, Canada Lynn Lake, Canada Declining costs driving margin expansion Island Gold District, Canada $1,524 ~$1,250 (Island Gold + Magino) 2025 AISC/oz1,2 2028
Slide 5: Long-term track record of value creation
…with a long-term track record of value creation Ongoing value creation AGI - NYSE GDX GDXJ Gold (US$/oz) S&P 500 $19B 9M oz 600% 550% Value created through M&A, Mineral Resources delineated over 500% organic growth & exploration past seven years at cost of ~$33/oz 450% 400% Growing free cash flow1
Slide 6: Long-term track record of creating value
Long-term track record of creating value Island Gold District (US$M) Young-Davidson (US$M) $394 $828 $19B combined value created $11,706 since acquisition through1,2: $3,365 $1,367 $950 ✓ ongoing exploration success Acquisition Cost Island Consensus NPV & Acquisition Cost (2015) Consensus NPV & Gold
Slide 7: Long-term track record of creating value through exploration
Long-term track record of creating value through exploration Mineral Reserves growing in size & quality1 1.87 +64% +9M oz 21,000 2.00 1.80 1.63 1.65 1.58 1.51 1.49 1.50 1.60 increase in Mineral Reserves1, Mineral Resources1 delineated 1.45 16,000 over past seven years, net of over past seven years 1
Slide 8: Q1 2026 highlights – significant growth expected through 2026
Q1 2026 highlights – significant growth expected through 2026 Production (000 oz) AISC margin (US$/oz)1,2,3 Consolidated free cash flow (US$M)1,4 $2,967 Q1 production in-line with 125 124 $102 quarterly guidance $1,141 160% increase in AISC ($20) margin1,2,3 YoY Q1/25 Q1/26 Q1/25 Q1/26 Q1/25 Q1/26 Q
Slide 9: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1200 >$1,600 $1,700 1100 $1,524 $1,375 $1,500 ~1M oz 1000 $1,250 longer-term production rate including Lynn $1,300 900 Lake & larger expansion of Island Gold District, ~83% growth from 2025 Production (000 oz Au)2 800 $1,1
Slide 10: 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 2026E Au production: 290 - 330k oz 2026E Au productio
Slide 11: Development projects: High-return organic growth in low-risk jurisdictions
Development projects: High-return organic growth in low-risk jurisdictions 2026 2027 2028 2029+ Island Gold District Expansion One of largest, lowest cost & P3+ Shaft commissioning IGD Expansion Production: most profitable gold operations completed early 2027 completion Q1/28 534k oz/year (initial 1
Slide 12: Island Gold District Expansion Study Overview
Island Gold District Expansion Study Overview 534k oz $1,025/oz $821M $1.3B average annual production over average mine-site AISC over initial average annual mine-site free cash average annual mine-site free cash initial 10 years2; more than 10 years2,3,4; among Canada’s flow1 at $3,200/oz over init
Slide 13: Island Gold District Expansion – growing production & declining costs
Island Gold District Expansion – growing production & declining costs 15-year average production1: 490k oz; Mine-site AISC: $1,032/oz 700 10-year average production1: 534k oz; Mine-site AISC: $1,025/oz $1,600 (post expansion) 600 $1,400 $1,200 Gold Production (000 oz Au) Mine-site AISC (US$/oz)2,3 5
Slide 14: Island Gold underground
Island Gold underground Growing high-grade Reserves supporting larger, more valuable operation Mineral Reserve & Resource growth1 Consensus NPV growth (US$M)4 13 Mineral Reserves (k oz) $11,706 M&I Mineral Resources (k oz) Consecutive years of Mineral 12 Inferred Mineral Resources (k oz) Reserve gro
Slide 15: Puerto Del Aire Project – Mulatos District
Puerto Del Aire Project – Mulatos District Growing, higher-grade underground deposit Attractive high-return project1 Significant exploration upside3 127k oz $1,003/oz With multiple additional potential sources of higher-grade sulphide ore being defined in proximity to PDA mill average annual product
Slide 16: 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 17: Strong balance sheet & free cash flow generation to support growth
Strong balance sheet & free cash flow generation to support growth Balanced & disciplined approach to capital allocation Strong balance sheet & financial Fully funded organic growth Long-term track record of returning flexibility capital to shareholders $1.2B available liquidity1,3 $352M free cash f
Slide 18: Alamos Gold – value creation opportunities
Alamos Gold – value creation opportunities Growing, diversified, Expanding margins Conservative, Sustainable business intermediate gold & profitability low-risk strategy model supporting growing producer returns over the long-term 2026 catalysts Island Gold District 32% increase in YE2025 Island Gol
Slide 19: Appendices
Appendices
Slide 20: ESG – leading on key metrics with focus on continuous improvement
ESG – leading on key metrics with focus on continuous improvement Environment Social Governance Lower GHG emissions per oz gold produced Lost time injury frequency rate 43% 1 57% 91% 40% per 200,000 hours 0.25 0.21 0.79 0.2 worked 0.8 0.14 0.15 tCO2e/oz Au lower than0.6 0.45 reduction in director of
Slide 21: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. Alexander Elaine David Tony Claire M. C. Chana Richard Monique Shaun John A. McCluskey Prichard Christopher Ellingham Fleck Giardini Kennedy Martineau McCreary Mercier Usmar Chairman Director Director Director Director
Slide 22: 2026 guidance
2026 guidance 2026 Guidance1 Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production1 (000 oz) 290 - 330 < 155 125 - 145 < 570 Total cash costs1,2 ($/oz) $875 - 975 > $1,450 $930 - 1,030 - > $1,120 All-in sustaining costs1,2,3 ($/oz) $1,340 - 1,440 > $1,830 $1,000 - 1,10
Slide 23: 2026 - 2028 guidance
2026 - 2028 guidance 20261 2027 2028 Gold Production (000 oz) Island Gold District 290 - 330 380 – 420 470 – 510 Young-Davidson1 < 155 155 – 175 155 – 175 Mulatos District 125 – 145 115 – 135 130 -150 Total Gold Production (000 oz)1 < 570 650 - 730 755 - 835 Total Cash Costs1,2 ($/oz) > $1,120 $825
Slide 24: Strong financial track record & outlook – with an attractive valuation
Strong financial track record & outlook – with an attractive valuation … in a supportive Growth company … with an attractive valuation environment for gold EBITDA (US$M)1,2 20 EV/EBITDA 2027E1,2 18.4x $2,507 16.3x Growing global debt; ongoing 14.4x 15 14.2x deficits; rising debt service costs 13.3x
Slide 25: Growing exploration spending underpinned by ongoing success
Growing exploration spending underpinned by ongoing success Growing exploration spend; long-term track record of success • Island Gold underground open laterally & at depth $100 Island Gold District $90 +9M oz $33/oz • Significant regional potential including past producing Cline-Pick & Edwards mine
Slide 26: 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 (Pre-Transaction) Eliminated 85% of 329k oz forward contracts inherited Maturity Contract from Argonaut Gold across 2024, 2
Slide 27: Sale of Turkish Development projects crystalize significant value
Sale of Turkish Development projects crystalize significant value October 2025 ✓ Closed sale of Turkish Development Projects for total cash consideration of $470M • $160M cash received on closing (October 27, 2025)1 • $160M payable on one-year anniversary & $150M payable on two-year anniversary Q2 2
Slide 28: 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 commissioning expected to be completed early 2027 Stage: Producing IGD Expansion expected to drive production to 534k
Slide 29: IGD Expansion Study – low-cost, long-life, significant upside
IGD Expansion Study – low-cost, long-life, significant upside Expansion Study6 Mill throughput tpd 20,000 $1.4B Total production (life of mine) 000 oz Au 7,963 Combined acquisition cost for Island Gold Mine life Years 19 (2017) & Magino (2024) Average production (10-year avg) 2 000 oz Au 534 Average
Slide 30: Island Gold District milling
Island Gold District milling Improvement initiatives to drive stronger 2026 & long-term performance Short-term improvements to Magino mill Temporary crusher added in Q1 to provide supplemental ore feed TEMPORARY into the Magino mill CRUSHER Milling rates improved to average ~9,200 tpd over past six
Slide 31: Island Gold Phase 3+ Expansion
Island Gold Phase 3+ Expansion Shaft commissioning to be completed early 2027 ✓ Paste plant construction advancing; expected completion in Q2 ✓ Shaft sinking completed to planned depth of 1,381 m ✓ Shaft & paste plant commissioning expected to be completed early 2027 ✓ 100% of total growth capital s
Slide 32: IGD Expansion – well underway; on track for completion in early 2028
IGD Expansion – well underway; on track for completion in early 2028 ✓ Key elements of mill expansion de-risked with earthworks, concrete foundation & structural steel erected; roofing & cladding well underway ✓ All eight leach tanks erected ✓ IGD expansion to 20,000 tpd on track for completion in e
Slide 33: Island Gold underground High-grade Mineral Reserve additions in Island East
Island Gold underground High-grade Mineral Reserve additions in Island East driving growth C/E1E Zones Island Gold Mine East (within outlined area) Mineral Reserves as of December 31, 2025 Category Tonnes Grade (g/t Au) Ounces Au Proven & Probable: 3,313,997 15.31 1,631,589 Continuing to extend high
Slide 34: 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 34
Slide 35: Island West up-plunge & Island West Extension
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 36: Significant regional exploration upside
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 mines1 from Magino mill 178.07 g/t Au over 3.54 m (25IGX128) incl; • 219.00 g/t Au
Slide 37: Significant near mine & regional exploration upside
Island Gold District Significant near mine & regional exploration upside TSX:AGI | NYSE:AGI 37
Slide 38: 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 39: Consolidation of Michipicoten Greenstone Belt
Island Gold District Consolidation of Michipicoten Greenstone Belt Growing land package, with significant near mine & regional exploration potential across underexplored Michipicoten Greenstone Belt • 2017: Richmont Mines acquisition • 9,800 ha total • 2020: Trillium Mining acquisition • +5,700 ha (
Slide 40: 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 41: 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 42: Young-Davidson – consistent, long-life, free cash flow generator
Young-Davidson – consistent, long-life, free cash flow generator Location: Ontario, Canada One of Canada’s largest underground gold mines Ownership: 100% interest 14-year mine life based on YE 2025 Mineral Reserves Stage: Producing Large resource base & exploration potential to support mine life ext
Slide 43: Young-Davidson – June seismic events & impact
Young-Davidson – June seismic events & impact • Two seismic events 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 • Rehab work & enhanced ground support will be implemented be
Slide 44: Young-Davidson – outlook
Young-Davidson – outlook Near-term outlook (2026): • Mining rates expected to average ~5,000 tpd for the remainder of 2026 • 2026 guidance to be revised with Q2/26 results in late July Longer-term outlook (2027+): • H2/26 – optimization of mining sequence & implementation of additional ground suppor
Slide 45: Young-Davidson longitudinal – significant exploration potential
Young-Davidson longitudinal – significant exploration potential 3.0M oz Mineral Reserves, supporting a 14-year Reserve life1 Mineralization open at depth, & along strike to west High-grade mineralization intersected within multiple zones in Hanging Wall Significant exploration upside 1 Young-Davidso
Slide 46: Young-Davidson 2025 exploration highlights
Young-Davidson 2025 exploration highlights High-grade mineralization intersected near existing infrastructure South Syenite Zone High-grade gold mineralization intersected within a syenite intrusion in HW, 285m south of Northgate Shaft High-grade mineralization open to the east and up/down dip Hangi
Slide 47: Mulatos District – our founding operation
Mulatos District – our founding operation Location: Sonora, Mexico Initial production 2005; >3M oz produced & $1B FCF2 generated as of Q1/26 Ownership: 100% interest Low-cost production from La Yaqui Grande driving strong ongoing FCF2 Stage: Producing Large underexplored land package (34,364 ha) Ope
Slide 48: PDA project – on track for completion mid-2027
PDA project – on track for completion mid-2027 Q1 progress: ✓ Earthworks for key surface infrastructure, substantially complete ✓ Collared portals in April ✓ Underground development commenced in April ✓ Mill foundation work progressing; long lead- time items ordered • On budget & on schedule for com
Slide 49: Mulatos District – strong track record of exploration success
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 1.2M oz combined Mineral Reserves1,2 at the La Yaqui Grande & Puerto Del Aire higher grade disco
Slide 50: 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 51: 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 52: 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 CIBC World Markets - Cosmos Chiu The Vanguard Group
Slide 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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