Slide 1: First Quarter 2026 Results Presentation
First Quarter 2026 Results Presentation April 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: 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 Q1 production in-line with quarterly 145-155 $2,967 guidance 125 124 $102 +21% $1,141 21% production growth expected in Q2, with further increase in H2; o
Slide 4: Q1 2026 highlights & upcoming catalysts
Q1 2026 highlights & upcoming catalysts Recent Highlights ✓ February 2026: announced Island Gold District Expansion to 20,000 tpd3, which is expected to create one of Canada’s largest & lowest cost gold mines ✓ February 2026: 32% increase in year-end Mineral Reserves to 15.9M oz1,2 ✓ February 2026:
Slide 5: Strong outlook
Strong outlook Growing, long-life Canadian production; declining cost profile 1,100 $1,524 $1,550 $1,375 $1,600 ~1M oz 1,000 $1,400 $1,250 longer-term production rate including Lynn 900 Lake & larger expansion of Island Gold $1,200 District, ~83% growth from 2025 800 Production (000 oz Au)2 $1,000 7
Slide 6: Financial highlights
Financial highlights Q1 2026A Q1 2025A YoY % Change Adjusted net earnings, per share1 $0.55 Realized gold price (US$/oz) $4,829 $2,802 72% Operating revenues (US$M) $597 $333 79% Cash flow from operations (US$M) $243 $80 205% $0.14 Cash flow from operations, before changes in working capital and cas
Slide 7: Operational highlights – Island Gold District
Operational highlights – Island Gold District Q1 2026A Q1 2025A 2026 Guidance Production & mine-site AISC1 Gold production (000 oz) 61.2 59.2 290-330 70 $1,800 Total cash costs, per ounce of gold sold1 $1,189 $1,040 $875-975 60 $1,500 Mine-site all-in sustaining costs, per oz of gold sold1 $1,760 $1
Slide 8: 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 9: 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 10: 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 11: Operational highlights – Young-Davidson
Operational highlights – Young-Davidson Production & mine-site AISC1 Q1 2026A Q1 2025A 2026 Guidance 45 $2,500 Gold production (000 oz) 30.0 35.4 155-175 40 35 $2,000 Total cash costs, per ounce of gold sold1 $1,643 $1,311 $1,350-1,450 30 Mine-site all-in sustaining costs, per ounce of gold sold1 $2
Slide 12: Operational highlights – Mulatos District
Operational highlights – Mulatos District Mulatos District Q1 2026A Q1 2025A 2026 Guidance Production & mine-site AISC1 50 Gold production (000 oz) – Mulatos District 32.7 30.4 125-145 $1,400 40 $1,200 Total cash costs, per ounce of gold sold1 $921 $1,191 $930-1,030 $1,000 30 Mine-site all-in sustai
Slide 13: PDA project – on track for completion mid-2027
PDA project – on track for completion mid-2027 Q1 progress: ✓ Earthworks for key surface infrastructure, substantially complete ✓ Collared portals in April ✓ Underground development commenced in April ✓ Mill foundation work progressing; long lead- time items ordered • On budget & on schedule for com
Slide 14: Alamos Gold – value creation opportunities
Alamos Gold – value creation opportunities Growing, diversified, Expanding margins Conservative, Sustainable business intermediate gold & profitability low-risk strategy model supporting growing producer returns over the long-term 2026 catalysts Global exploration Island Gold District 32% increase i
Slide 15: Appendices
Appendices
Slide 16: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. John A. Alexander Elaine David Tony Claire M. C. Chana Monique Richard Shaun Prichard McCluskey Christopher Ellingham Fleck Giardini Kennedy Martineau Mercier McCreary Usmar Chairman Director Director Director Director
Slide 17: 2026 guidance
2026 guidance 2026 Guidance Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production (000 oz) 290 - 330 155 - 175 125 - 145 570 - 650 Total cash costs1 ($/oz) $875 - 975 $1,350 - 1,450 $930 - 1,030 - $1,020 - 1,120 All-in sustaining costs1,2 ($/oz) $1,340 - 1,440 $1,730 -
Slide 18: 2026 - 2028 guidance
2026 - 2028 guidance 2026 2027 2028 Gold Production (000 oz) Island Gold District 290 - 330 380 – 420 470 – 510 Young-Davidson 155 - 175 155 – 175 155 – 175 Mulatos District 125 - 145 115 – 135 130 -150 Total Gold Production (000 oz) 570 - 650 650 - 730 755 - 835 Total Cash Costs1 ($/oz) $1,020 - 1,
Slide 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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