Slide 1: Island Gold District Site Tour
Magino Open Pit Island Gold Mill Island Gold Portal Magino Mill Paste Plant Island Gold Shaft Area Island Gold District Site Tour June 23-24, 2026 1
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 Contents 01 Welcome & Introduction 02 Island Gold District Overview ▪ Overview ▪ Mining ▪ Processing 03 Island Gold District Expansion ▪ Overview ▪ Mining & Processing ▪ Capital & Economics 04 Exploration 05 Appendix TSX:AGI | NYSE:AGI 3
Slide 4: Introduction
Introduction John A. McCluskey President & CEO TSX:AGI | NYSE:AGI 4
Slide 5: 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 ~$1,250 (Island Gold + Magino) 2025 AISC/oz1,2 2028
Slide 6: Long-term track record of value creation
…with a long-term track record of value creation Ongoing value creation AGI - NYSE GDX GDXJ Gold (US$/oz) S&P 500 600% $19B 9M oz 550% 500% Value created through M&A, Mineral Resources delineated over organic growth & exploration past seven years at cost of ~$33/oz 450% 400% Growing free cash flow1
Slide 7: Long-term track record of creating value
Long-term track record of creating value Island Gold District (US$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 8: 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 9: 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 10: 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 11: Balanced capital allocation approach
Balanced capital allocation approach Capital allocation initiatives - 2026 Reinvest in high- ✓ Advancing high-return organic growth projects return internal growth projects ✓ $97M budgeted for exploration ✓ Repurchased 50k oz of legacy Argonaut hedges; no Strong ongoing remaining hedges maturing in
Slide 12: Young-Davidson update
Young-Davidson update Luc Guimond Chief Operating Officer TSX:AGI | NYSE:AGI 12
Slide 13: 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 14: 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 15: Island Gold District – overview
Island Gold District – overview 2022 2026 Austin Hemphill General Manager TSX:AGI | NYSE:AGI 15
Slide 16: Island Gold District – overview
Island Gold District – overview Location: Ontario, Canada - east of Dubreuilville, 83 km northeast of Wawa Ownership: 100% interest Land package: 58,900 hectares Island Gold Magino Operation: • Underground, mill • Open pit, mill • Commercial production Oct 2007 • Commercial production Nov 2023 Histo
Slide 17: Regional map - highly productive gold mining district
Regional map - highly productive gold mining district Detour Lake, Agnico Eagle Island Gold District: large 58,900 ha land package within Michipicoten Greenstone belt Hoyle Pond, Discovery Silver Understanding of gold Bell Creek, Pan American Silver endowment in belt rapidly Fox Complex, Hemlo, McEw
Slide 18: ESG – low GHG emission intensity & decreasing
ESG – low GHG emission intensity & decreasing Low GHG emissions intensity1 • 30% below industry average currently • 56% decrease through completion of shaft & connection of Magino mill to grid power in Q1 2027 0.9 0.79 0.8 0.7 -56% tCO2e/oz produced 0.6 0.55 0.5 0.4 0.3 0.24 0.2 0.1 0 Sector Average
Slide 19: ESG – Safety – strong trend & performance
ESG – Safety – strong trend & performance Safety Focus on proactive safety and wellness Safety initiatives Lost Time Injury Frequency Rate 0.17 o Home Safe Every Day leadership training program rollout 0.15 Employee wellness program Zero o Mental health, on-site physiotherapy, ergonomic assessments
Slide 20: ESG – Social – key focus on all stakeholders
ESG – Social – key focus on all stakeholders Social All employees as of December 31, 2025 >1,000 ~$53M 30% Local National 30% Alamos employees across spent with local of workforce local Island Gold District suppliers in 2025 (Dubreuilville, Wawa & White River) 70% Fostering positive relationships wi
Slide 21: Current operation – mining
Current operation – mining TSX:AGI | NYSE:AGI 21
Slide 22: Island Gold underground mining
Island Gold underground mining Mining method • Longitudinal retreat long-hole open stoping (modified Avoca) • Transverse mining in wider zones • Alimak mining in western block • Mining rate 1,400 – 2,000 tpd (2026) Production fleet • 17x u/g Haul Trucks (AD30 & MT42) • 14x u/g LHDs • 7x u/g Developm
Slide 23: Island Gold underground mining rate and grade
Island Gold underground mining Island Gold underground mining rate and grade 1,800 14.00 12.05 11.50 11.48 12.00 1,500 10.61 9.38 10.00 1,200 Mined grade (g/t) Ore mined (tpd) 8.00 900 6.00 600 4.00 300 2.00 0 0.00 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 QTD avg.1 • Underground mining rates incre
Slide 24: Magino open pit mining
Magino open pit mining Mining method • Conventional shovel-truck open pit mining • Drilling and blasting configured to support 10 metre benches Production fleet Shovels Haul Trucks • 2x PC3000 – 19-21 yd Shovels • 15x HD1500 – 139 tonne (wet) • 1x PC2000 – 16-18 yd Shovel Drills Loaders • 2x DR410i
Slide 25: Total mining rates & grades consistent with plan
Magino open pit mining Total mining rates & grades consistent with plan Magino material mined and grade 70,000 0.84 0.83 0.90 0.82 0.81 0.77 0.80 60,000 0.70 Ore & waste mined (tpd) 50,000 Mined grade (g/t) 0.60 40,000 0.50 30,000 0.40 0.30 20,000 0.20 10,000 0.10 0 0.00 1 Q1 2025 Q2 2025 Q3 2025 Q4
Slide 26: Current operation – processing
Current operation – processing TSX:AGI | NYSE:AGI 26
Slide 27: Magino mill - overview
Magino mill - overview Key improvements: Primary Crusher Secondary Crusher Temporary Crusher H2 2024: ✓ Primary and secondary crusher replaced ✓ Successful batch test of lower-grade Island Gold ore Q1 2025: ✓ Transfer chute & ore handling system optimized Q2 2025: ✓ Successful batch test of higher-g
Slide 28: Short term improvement initiatives driving increasing milling rates
Short term improvement initiatives driving increasing milling rates Temporary crusher added in Q1 to provide supplemental ore feed into the Magino mill Existing New Crushed Secondary Ore Stockpile Crusher Milling rates improved to average ~9,800 tpd in June MTD1 Existing Improved performance follows
Slide 29: Improvement initiatives driving higher milling rates
Magino mill Improvement initiatives driving higher milling rates Magino milling rate (tpd) May average excluding Magino mill recovery (%) maintenance downtime 10,000 9,790 ~9,800 96% 9,550 95% 94% 9,000 8,625 8,713 8,710 8,443 8,000 7,511 8,120 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1 Q3 2025 Q
Slide 30: Island Gold District – combined milling rates
Island Gold District – combined milling rates Ore milled (tpd) May average excluding 12,000 maintenance downtime • Combined milling rates between Island Gold & ~11,000 Magino mills increased to average ~11,000 tpd 9,550 in June MTD1 10,000 • Priority is to ensure higher-grade Island Gold 8,000 ore i
Slide 31: Island Gold District Expansion overview
Island Gold District Expansion overview Luc Guimond Chief Operating Officer TSX:AGI | NYSE:AGI 31
Slide 32: 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 33: IGD Expansion Study – attractive economics with significant upside
IGD Expansion Study – attractive economics with significant upside Expansion Study Mill throughput tpd 20,000 Total production (life of mine) Mine life 000 oz Au Years 7,963 19 $8.2B Average production (10-year avg) 1 000 oz Au 534 After-tax NPV5% at $3,200/oz4 Total cash costs (10-year avg) 1,2 US$
Slide 34: IGD Expansion – production & cost profile
Island Gold District Expansion – production & cost profile 15-year average production1: 490k oz; Mine-site AISC: $1,032/oz 700 $1,600 10-year average production1: 534k oz; Mine-site AISC: $1,025/oz (post expansion) 600 $1,400 $1,200 Gold Production (000 oz Au) Mine-site AISC (US$/oz)2,3 500 $1,000 4
Slide 35: Island Gold District Mineral Reserves and Resources
Island Gold District Mineral Reserves and Resources Island Gold Mine1 Island Gold District 1,2 Mineral Reserves (k oz) M&I Mineral Resources (k oz) 1,061 Inferred Mineral Resources (k oz) 590 3,774 Reserves: 1,398 601 5,141 +2.9Moz 93% increase in Mineral Reserves 2,285 4,950 2,029 driven by: Decemb
Slide 36: Island Gold underground
Island Gold underground Growth & increase in grades supporting larger, more valuable operation +284% Mineral Reserve & Resource growth Mineral Reserves (k oz) 12 M&I Mineral Resources (k oz) increase in Mineral Reserves since 6,300 Inferred Mineral Resources (k oz) 1,061 P3+ Study to 5.1M oz2 Minera
Slide 37: Proven and Probable Reserve Grade
Island Gold - among largest, highest-grade & fastest growing underground gold mines in Canada 14 Higher Reserve Grade Eagle River 12 Island Gold (2024) Island Gold (June 2025) Proven and Probable Reserve Grade (g/t) 2 Island Gold (Dec 2025) Island Gold (2023) 10 Kiena Island Gold (2016) Macassa 8 Is
Slide 38: Growing valuation
Growing valuation IGD Expansion unlocking further value Consensus NPV growth Expansion Study NPV (US$M)1 (US$M) $12,239 Significant exploration $8,160 upside +1,381% $6,618 • Island Gold open laterally & at depth • Regional targets as potential $4,079 additional source of higher- grade mill feed $2,
Slide 39: IGD Expansion Study Key components of expansion already de-risked
IGD Expansion Study Key components of expansion already de-risked • Key permits in place • Mill permitted to operate at 35k tpd • Tailings facility permitted to contain 150M tonnes • Phase 3+ Shaft Expansion to be completed early 2027 • Shaft sink completed to planned depth • Shaft infrastructure &
Slide 40: Permitting – normal course permits required for IGD Expansion
Permitting – normal course permits required for IGD Expansion All permits required for current operation in place Island Gold Magino ✓ Closure Plan Amendment for P3+ Expansion to 2,400 ✓ Closure Plan Amendment – approved October 2025 tpd – approved December 2023 ✓ Mill – Federal EIS approved to 35k
Slide 41: Progress to date – shaft site infrastructure substantially complete
Progress to date – shaft site infrastructure substantially complete ✓ E-house & 44kV substation - completed in Nov 2023 Headframe ✓ Hoist house - completed in Nov 2023 Water handling facility Bin house Propane ✓ Warehouse - completed in April 2024 storage Hoist house E-house ✓ Shaft sink – completed
Slide 42: Progress to date – paste plant to be completed Q2 2026
Progress to date – paste plant to be completed Q2 2026 Paste plant & paste backfill • Capacity 3,000 tpd • Increased mining recovery • Additional >230k oz gold recovered • Improvements in mining process • Faster stope cycling supporting higher mining rates • Increased geotechnical stability • Reduce
Slide 43: Shaft designed to accommodate >3,000 tpd & future exploration
Shaft designed to accommodate >3,000 tpd & future exploration success • 5,500 tpd capacity (ore+waste) • At initial 1,381 m depth • Average ore & waste mining rate skipped of ~4,700 tpd • 2,000 m hoisting design depth • To accommodate future exploration success • Deposit open laterally & at depth TS
Slide 44: Progress to date – mill expansion well underway
Progress to date – mill expansion well underway & significantly derisked • Earthworks & concrete foundation completed • Installation of structural steel for mill building completed, cladding and roofing activities well underway • All eight leach tanks erected Magino mill expansion New truck shop – M
Slide 45: Island Gold District Tailings
Island Gold District Tailings Sufficient capacity for Expansion Plan Magino – Tailings Management Facility (TMF) • Location: west of the Magino open pit • Design: downstream • Capacity: 150Mt permitted under Federal EIS – sufficient for IGD Expansion requirements • Island Gold TMF to be decommission
Slide 46: Island Gold District site power overview
Island Gold District site power overview Grid power to supply all site needs Current (2026) Future (20k tpd) Backup generator capacity Grid Power Grid Power Grid Power CNG Plant CNG Plant (44kV) (115kV) (44kV) 16.7 MW 21.5 MW 47 MW1 21.5 MW 16.7 MW (85MW ultimate capacity) Total Power Supply 38.2 MW
Slide 47: Phase 3+ & IGD Expansion – project construction schedule
Phase 3+ & IGD Expansion – project construction schedule 2025 2026 2027 2028 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Shaft Sinking Loading Pocket & Shaft Equipping Shaft Operational Underground Ore & Waste Handling System Power Upgrade Paste Plant Magino Mill Expansion to 20,000 t
Slide 48: IGD Expansion Increasing mining rates
IGD Expansion Increasing mining rates Austin Hemphill General Manager TSX:AGI | NYSE:AGI 48
Slide 49: Modest increase in open pit mining rates
IGD Expansion Modest increase in open pit mining rates to support higher milling rates Magino open pit • Ore mining rates to increase to ~17,000 tpd • Total mining rate (ore + waste) to average ~80,000 tpd with a peak of ~100,000 tpd • Larger Mineral Reserve pit supports higher mining rates • Key re
Slide 50: Underground mining – longitudinal retreat stope sequence
IGD Expansion Underground mining – longitudinal retreat stope sequence Current mining practice – outside in As mining moves deeper – centre out stope sequence • Currently, stopes mined longitudinally from sill extremities towards the centre • As the ore body grows & mining progresses deeper, a more
Slide 51: Growing ore body to support underground mining rates
IGD Expansion Growing ore body to support underground mining rates of 3,000 tpd Island Gold underground • Mining rates to increase to 3,000 tpd • Shaft & ore/waste handling system designed to support > 3,000 tpd of ore • Key requirements vs 2026: • Additional mobile equipment (5 LHDs, 3 bolters, 1 j
Slide 52: Mining ramp up schedule – ore & grades mined
Island Gold underground Mining ramp up schedule – ore & grades mined 3,000 16.0 14.0 2,400 Avg LOM grade: 10.61 g/t Au 12.0 Grade mined (g/t Au) Ore mined (tpd) 10.0 1,800 8.0 1,200 6.0 4.0 600 2.0 0 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Ore mined, tpd Grade
Slide 53: Magino open pit mining schedule – ore & grades mined
Magino open pit mining schedule – ore & grades mined 1.25 100,000 Avg LOM grade: 1.00 Ore and Waste mined (tpd) 80,000 0.87 g/t Au Grade mined (g/t Au) 0.75 60,000 0.50 40,000 20,000 0.25 0 0.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Waste mined, tp
Slide 54: IGD Expansion Processing
IGD Expansion Processing TSX:AGI | NYSE:AGI 54
Slide 55: Processing rate & blended grade profile
Island Gold District Processing rate & blended grade profile 20,000 3.50 17,500 3.00 15,000 2.50 Milled Grade (g/t Au) Ore milled (tpd) 12,500 2.00 10,000 1.50 7,500 1.00 5,000 2,500 0.50 0 0.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Magino ore
Slide 56: IGD Expansion – milling flowchart
IGD Expansion – milling flowchart Island Gold mill to operate until completion of expansion in 2028 2026 2027 2028 2029+ Island Gold Magino Island Gold Magino Island Gold Magino Island Gold Magino Underground Open Pit Underground Open Pit Underground Open Pit Underground Open Pit Mining rate 1,702 1
Slide 57: Operating costs
Operating costs Chris Bostwick SVP, Technical Services TSX:AGI | NYSE:AGI 57
Slide 58: Unit costs & currency sensitivities
Unit costs & currency sensitivities Expansion Study Island Gold District Life of Mine Cost Structure Unit Costs per tonne1 2026E3 LOM Average Lodging/Transportation 5% Mine & Surface MTC Open Pit Mining C$6.81 C$4.85 16% Mill Consumables 15% Underground Mining C$191 C$135 Fuel and gas 3% Mill Proces
Slide 59: Unit operating costs – underground mining
Unit operating costs – underground mining 200 Unit Mining Cost (C$/tonne) Avg Expansion 180 2026E Study LOM Underground mining costs $191 $135 160 (C$/t mined) 140 120 100 80 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 • Completion of shaft to drive ~30% decrease in un
Slide 60: Unit operating costs – open pit mining
Unit operating costs – open pit mining 8.00 Unit Mining Cost (C$/tonne) Avg Expansion 2026E 7.00 Study LOM Open pit mining costs $6.81 $4.85 (C$/t mined) 6.00 5.00 4.00 3.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 • Completion of a new truck shop in 2026 & eliminat
Slide 61: Unit operating costs – processing
Unit operating costs – processing Unit Processing Cost (C$/tonne) 30.00 Avg Expansion 2026E Study LOM $30.60 $18.13 25.00 Processing costs (C$/t milled) 20.00 15.00 10.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 • Transition of Magino mill to gri
Slide 62: IGD Expansion – site layout
IGD Expansion – site layout Luc Guimond Chief Operating Officer TSX:AGI | NYSE:AGI 62
Slide 63: IGD Mill Expansion – site layout
IGD Mill Expansion – site layout • Addition of parallel circuit to increase total capacity to 20,000 tpd • New circuit: • Capacity 10,000 tpd • Will process blend of high-grade underground ore & open pit ore • Existing circuit: • Capacity 10,000 tpd • Will continue to process open pit ore TSX:AGI |
Slide 64: IGD Mill Expansion – new circuit
IGD Mill Expansion – new (parallel) circuit Twinning existing circuit with key changes to include: • Gyratory crusher • New secondary cone crusher • Fine ore bins • Additional leach tanks (8 tanks) • Additional CIP capacity • Elution circuit • Larger gold refinery TSX:AGI | NYSE:AGI 64
Slide 65: IGD Expansion – near & longer-term optimization initiatives
IGD Expansion – near & longer-term optimization initiatives • Air strip on site to drive productivity improvements • Reduce transportation time to site by bus • Reduction in weather-related flight delays & cancellations with a more optimal location • Increase productivity & improve employee retentio
Slide 66: IGD Expansion Improvements to existing circuit
IGD Expansion Improvements to existing circuit New ore bins Underground Open pit ore feed feed Gyratory crusher • Connection to grid power Q1 2027 • Addition of gyratory crusher to support >20,000 tpd • Truck dump with permanent rock breaker allowing for direct tipping of ore • New ore bins to repla
Slide 67: IGD Mill Expansion Schedule – summary
IGD Mill Expansion Schedule – summary 2025 2026 2027 2028 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bulk Earthworks & Rock Removal Mill Building & Tank Farm Concrete & Steel Secondary Crusher and Bins Construction Gyratory Crusher Earthworks & Civil Gyratory Crusher Installation Gri
Slide 68: Capital & Economics
Capital & Economics Greg Fisher Chief Financial Officer TSX:AGI | NYSE:AGI 68
Slide 69: IGD Expansion Study – total capital summary
IGD Expansion Study – total capital summary Total capital Expansion Study1 (in US$M) (as of Jan 1, 2026) Additional capital to support a larger Growth capital – P3+ Shaft Expansion $162 operation • Doubling Magino mill capacity to 20,000 tpd Growth capital – IGD Expansion (20,000 tpd) $542 • Acceler
Slide 70: IGD Expansion Study – growth capital
IGD Expansion Study – growth capital Growth Capital Expansion Study1 (in US$M) (as of Jan 1, 2026) P3+ Shaft Expansion $162 $542M growth capital for IGD Expansion IGD Expansion Mill Expansion to 20 ktpd $199 Accelerated underground development $166 • ~70% related to mill expansion, Incremental o/p a
Slide 71: Expansion Study – low-cost, long-life, significant upside
Expansion Study – low-cost, long-life, significant upside Expansion Study Total production (life of mine) 000 oz Au 7,963 $1.4B Mine life Years 19 Revenue US$M $25,878 Combined acquisition cost for Island Gold (2017) & Magino (2024) Operating costs US$M $5,914 Total taxes paid US$M $4,984 $8.2B Grow
Slide 72: Expansion to 20,000 tpd – cash flow profile at $3,200/oz
Expansion to 20,000 tpd – cash flow profile at $3,200/oz $1,000 $963 $921 $910 $878 $863 $867 $816 $738 $715 $750 $688 $642 $621 $563 $569 $821m avg. FCF ($3,200/oz)1,2,3 $500 $345 $325 $236 $250 $167 $22 $0 ($250) ($500) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 204
Slide 73: Expansion to 20,000 tpd – cash flow profile at $4,500/oz
Expansion to 20,000 tpd – cash flow profile at $4,500/oz $1,500 $1,500 $1,378 $1,353 $1,353 $1,304 $1,221 $1,202 $1,153 $1,099 $1,116 $1.3B avg. FCF ($4,500/oz)1,2 $932 $933 $969 $1,000 $777 $552 $508 $500 $341 $261 $71 $0 ($500) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
Slide 74: Expansion Study – significant leverage to increasing gold prices
Expansion Study – significant leverage to increasing gold prices After-tax NPV 5% (US$M)1 After-tax NPV Gold Price IRR (%)3 5% (US$M)1 $15,880 $2,800 $6,046 43% $14,060 $3,200 $12,239 After-tax NPV(5%) $8,160 53% (Base case2) $10,419 $3,600 $8,962 56% $8,962 $8,160 $4,000 $10,419 62% $6,046 $4,500 $
Slide 75: One of largest, lowest-cost, & longest-life gold mines in Canada
Island Gold District One of largest, lowest-cost, & longest-life gold mines in Canada Annual production – 3rd largest Top 3 lowest cost 2nd most profitable Annual Profitability1 2026E (US$M) Operation Owner Production1 2026E AISC1 Operation (AISC Margin3 x Operation (koz) (US$/oz) annual production)
Slide 76: Growing Canadian production
Island Gold District Growing Canadian production 2026E Canadian Production1 Company (koz) Agnico Eagle 2,955 Alamos (post IGD Expansion & Lynn Lake) 2, 3 885 Alamos – 2nd largest Alamos (post IGD Expansion) 2, 3 699 gold producer in Canada Alamos 3 475 …. and growing Equinox 450 IAMGOLD 410 Coeur 32
Slide 77: Exploration
Exploration Scott R.G. Parsons SVP, Exploration TSX:AGI | NYSE:AGI 77
Slide 78: 2026 guidance – exploration budget
2026 guidance – exploration budget Island Gold District (98,000m mine exploration, 16,000m regional): (US$M) 2026 Guidance 2025 Guidance • Mineral Resource expansion at Island Gold and advancing Cline-Pick towards MRE. In addition to exploration, 28,000m of delineation drilling focused on Mineral Re
Slide 79: Island Gold underground
Island Gold underground Growth & increase in grades supporting larger, more valuable operation 13 Mineral Reserve & Resource growth Mineral Reserves (k oz) 12 M&I Mineral Resources (k oz) consecutive years of Mineral 6,300 Inferred Mineral Resources (k oz) 1,061 Reserve growth to 5.1M oz2 Mineral Re
Slide 80: Island Gold Mine – Mineral Reserves & Resources as of Dec 31, 2025
Island Gold Mine – Mineral Reserves & Resources as of Dec 31, 2025 TSX:AGI | NYSE:AGI 80
Slide 81: Island Gold Mine – all drillhole intersections
Island Gold Mine – all drillhole intersections (C/E1E Zone) Island West Extension TSX:AGI | NYSE:AGI 81
Slide 82: Island Gold East strike extension exploration target
Island Gold East strike extension exploration target Island Gold Mine East (within outlined area) Mineral Reserves as of December 31, 2025 Grade (g/t Category Tonnes Ounces Au Au) Proven & 3,313,997 15.31 1,631,589 Probable: 51.80 g/t / 7.10 m 27.44 g/t / 3.00 m 8.79 g/t over 2.65 m 12.59 g/t / 6.00
Slide 83: Island Gold Mine – 2025 mine exploration drilling
Island Gold Mine – 2025 mine exploration drilling HW/FW zones • 2,000 composite intervals >3 g/t Au in hanging wall & footwall currently in “Unknown Zones” • Will be a focus of drilling as underground platforms established across 2km strike- length of the deposit • In proximity to existing infrastru
Slide 84: Island Gold – 2026 underground mine exploration program
Island Gold – 2026 underground mine exploration program (50,000m) Shaft 3,000m 6,000m 8,000m 5,000m 18,000m 10,000m TSX:AGI | NYSE:AGI 84
Slide 85: Island Gold – 2026 surface mine exploration program
Island Gold – 2026 surface mine exploration program (48,000m) Shaft 5,000m 4,000m 3,000m 3,000m 33,000m TSX:AGI | NYSE:AGI 85
Slide 86: Island Gold Mine – significant exploration potential
Island Gold Mine – significant exploration potential Island West Extension C-Zone Potential Extension Island Gold Down-plunge Island Gold East/Down- South of Webb Lake Stock plunge TSX:AGI | NYSE:AGI 86
Slide 87: Upside opportunities
Upside opportunities Multiple potential sources of higher-grade ore in proximity to mill TSX:AGI | NYSE:AGI 87
Slide 88: Upside opportunities
Upside opportunities Island Gold West up plunge potential TSX:AGI | NYSE:AGI 88
Slide 89: Island Gold exploration target – C-Zone South of Webb Lake Stock
Upside opportunities Island Gold exploration target – C-Zone South of Webb Lake Stock Magino YE2025 Reserve Pit Webb Lake Stock TSX:AGI | NYSE:AGI 89 Oblique View, Looking NE
Slide 90: Island Gold exploration target – C-Zone South of Webb Lake Stock
Upside opportunities Island Gold exploration target – C-Zone South of Webb Lake Stock Magino Reserve Pit Island Gold 1500 m Webb Lake Stock Cross section looking NE TSX:AGI | NYSE:AGI 90
Slide 91: Island Gold exploration target – C-Zone South of Webb Lake Stock
Upside opportunities Island Gold exploration target – C-Zone South of Webb Lake Stock Magino Reserve Pit 1500 m Webb Lake Stock Cross section looking NE TSX:AGI | NYSE:AGI 91
Slide 92: Island West Extension C-Zone South of Webb Lake Stock
Upside opportunities Island West Extension C-Zone South of Webb Lake Stock TSX:AGI | NYSE:AGI 92
Slide 93: Island Gold Regional – North Shear
Upside opportunities Island Gold Regional – North Shear TSX:AGI | NYSE:AGI 93
Slide 94: Island Gold Regional – Cline, Edwards, and Pick mines
Upside opportunities Island Gold Regional – Cline, Edwards, and Pick mines TSX:AGI | NYSE:AGI 94
Slide 95: Island Gold Regional – Cline, Edwards, and Pick mines
Upside opportunities Island Gold Regional – Cline, Edwards, and Pick mines TSX:AGI | NYSE:AGI 95
Slide 96: Island Gold Regional – Cline, Edwards, and Pick mines
Upside opportunities Island Gold Regional – Cline, Edwards, and Pick mines TSX:AGI | NYSE:AGI 96
Slide 97: Island Gold Regional exploration 2025 – Cline-Pick DH 25IGX128
Upside opportunities Island Gold Regional exploration 2025 – Cline-Pick DH 25IGX128 TSX:AGI | NYSE:AGI 97
Slide 98: Island Gold Regional – Cline, Edwards, and Pick mines
Upside opportunities Island Gold Regional – Cline, Edwards, and Pick mines TSX:AGI | NYSE:AGI 98
Slide 99: 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 100: 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 101: Island Gold Regional – Michipicoten Greenstone Belt
Island Gold Regional – Michipicton Greenstone Belt • 60+ km strike along the most significant gold trend within the Michipicoten Greenstone Belt • Active exploration and drilling on several targets peripheral to Major 60+ km Island Gold Mine, including the Gold Trend high-grade Cline, Edwards, and P
Slide 102: Closing summary – Island Gold District Expansion
Closing summary – Island Gold District Expansion Attractive economics…with significant upside The new Island Gold District… … with further upside potential to come One of Canada’s largest, lowest-cost & most valuable gold mines: Significant exploration upside: • 534k oz average annual production ove
Slide 103: Appendix
Appendix TSX:AGI | NYSE:AGI 103
Slide 104: 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 $1,000 - 1,10
Slide 105: 2026 - 2028 guidance
2026 - 2028 guidance 20261 2027 2028 Gold Production (000 oz) Island Gold District 290 - 330 380 – 420 470 – 510 Young-Davidson1 < 155 155 – 175 155 – 175 Mulatos District 125 – 145 115 – 135 130 -150 Total Gold Production (000 oz)1 < 570 650 - 730 755 - 835 Total Cash Costs1,2 ($/oz) > $1,120 $825
Slide 106: Island Gold District – history
Island Gold District – history 2007 2017 2021 2025 Island Gold began • Phase I Expansion PEA to Jan - Construction June – Base Case LOM commercial production 1,100 tpd published of Magino begins plan released as a joint-venture • Alamos acquires Richmont between Richmont Mines Mines and Patricia Min
Slide 107: Gold production
Island Gold District Growing underground deposit supporting multi-phase expansion 300 250 $1,800 250 Gold production (000 oz Au) Mine-site AISC (US$/oz)1 $1,500 200 188 $1,473 $1,452 131 $1,200 $1,185 150 141 134 $1,199 150 $1,136 139 83 106 $1,017 $900 99 $918 $863 100 $745 $781 $600 $656 $660 55 $
Slide 108: 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 109: 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 – Phase 3+ Shaft Expansion $162 Project completion date – IGD Expansion to 20,000 tpd Q1
Slide 110: Island Gold Phase 3+ Expansion
Island Gold Phase 3+ Expansion Shaft commissioning expected to be completed early 2027 ✓ Shaft sinking completed to planned depth of 1,381m ✓ Shaft & paste plant commissioning expected to be completed early 2027 ✓ 100% of total growth capital spent & committed to date2 (in US$M) P3+ Estimate Spent t
Slide 111: IGD Expansion
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 ea
Slide 112: 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 113: 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 114: 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 115: 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 116: 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 117: 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