Alamos Gold Inc. · TSX:AGI
Alamos Gold — Q3 2025 Earnings Presentation
26 slides from Alamos Gold's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Results Presentation
Third Quarter 2025 Results Presentation October 30, 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: Q3 2025 highlights
Q3 2025 highlights Growing production & expanding margins drive new financial records Production (k oz) Adjusted net earnings, per share1,4 Consolidated free cash flow (US$M)1,4 157-177 $0.37 $130 Production up 3% QoQ; further 18% $0.34 141.7 increase expected in Q4 to 157-177k oz 137.2 125.0 $88 $8
Slide 4: Full year production guidance revised lower
Full year production guidance revised lower Long-term outlook intact with significant growth starting Q4 2025 guidance revised 6% lower to Substantial improvement expected in Q4: ~18% increase in production & 560–580k oz 5% decrease in costs QoQ ✓ Island Gold mill restarted providing 1,200 +18% o Ma
Slide 5: Strong outlook intact
Strong outlook intact 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 $1,200 Production (000 oz Au) 700
Slide 6: Q3 2025 highlights & upcoming catalysts
Q3 2025 highlights & upcoming catalysts Recent Highlights ✓ August - 2024 Annual ESG Report released ✓ September - recognized as a top performer over the past 3-years by the Toronto Stock Exchange with inclusion in the TSX30 for the second consecutive year ✓ October – closed the sale of non-core Qua
Slide 7: Financial highlights
Financial highlights Q3 Q3 2025 Q3 Q3 YoY % YoY % Cash flow from operations, before 2025A 2024A Revised 2025A 2024A4 Change Change YTD YTD4 Guidance6 working capital (US$M)1,4 Realized gold price (US$/oz) $3,359 $2,458 37% $3,144 $2,294 37% - $640 $518 Operating revenues (US$M) $462 $361 28% $1,234
Slide 8: Operational highlights – Island Gold District
Operational highlights – Island Gold District Q3 Q3 2025 Guidance Q3 Q3 2025A 2024A Production & mine-site AISC1 2025A 2024A4 Revised7 Previous7 YTD YTD4 70 $1,600 Gold production (000 oz) 66.8 57.3 190.4 132.4 260-270 275-300 60 $1,400 Total cash costs, per ounce of gold sold1,7 $964 $988 $1,002 $7
Slide 9: Magino milling rate
Magino milling rate Magino Mill - Ore Milled (tpd) Milling rate ex. unplanned downtime at end of September 10,000 • Magino milling rates impacted by one week of unplanned downtime late September 8,000 • Post SAG mill liner/bolt configuration change, milling rates 6,000 increased to average ~9,200 tp
Slide 10: Restart of Island Gold Mill to support higher production & profitability
Restart of Island Gold Mill to support higher production & profitability Milling rate (tpd) Island Gold mill restarted late September following downtime at Magino mill ✓ Increased mill capacity of 1,200 tpd & operational flexibility 12,000 ✓ Island Gold mill will focus on processing higher-grade und
Slide 11: Island Gold Phase 3+ Expansion – progress to date
Island Gold Phase 3+ Expansion – progress to date Shaft area – October 2025 Paste plant – October 2025 Construction Progress in Q3 ✓ Shaft sinking – advanced to a depth of 1,350 m (98% of planned ✓ New administrative complex – concrete foundation work ongoing depth); commenced work on 1350 level sha
Slide 12: Island Gold Phase 3+ Expansion – expected completion H2 2026
Island Gold Phase 3+ Expansion – expected completion H2 2026 84% of total Phase 3+ growth capital Shaft sink at 1,350 m; ~98% of ultimate spent & committed to date2 planned depth (in US$M) As of September 30, 2025 Growth Capital P3+ Estimate Spent to Committed to % Spent & (including indirects & con
Slide 13: Magino mill expansion to 12,400 tpd
Magino mill expansion to 12,400 tpd New building sized to accommodate potential further expansion Expansion Plan expected to include parallel circuit to process blend of Island Gold & Magino ore • Foundation work for new mill building for 12,400 tpd expansion advancing • Footprint configured to allo
Slide 14: Operational highlights – Young-Davidson
Operational highlights – Young-Davidson Q3 Q3 2025 Guidance Q3 Q3 Production & mine-site AISC1 2025A 2024A 2025A 2024A Revised3 Previous3 YTD YTD 50 $1,700 Gold production (000 oz) 37.9 44.2 112.0 128.3 160-165 175-190 40 $1,500 Total cash costs, per ounce of gold sold1,3 $1,200 $1,033 $1,248 $1,080
Slide 15: Operational highlights – Mulatos District
Operational highlights – Mulatos District Q3 Q3 Q3 Q3 2025 Guidance Production & mine-site AISC1 Mulatos District 2025A 2024A 2025A 2024A Revised3 Previous3 60 YTD YTD $1,400 Gold production (000 oz) – Mulatos District 37.0 50.5 101.5 166.1 140-145 130-140 50 $1,200 Total cash costs, per ounce of go
Slide 16: Alamos Gold – value creation opportunities
Alamos Gold – value creation opportunities Growing, diversified, Expanding margins Conservative, Sustainable business intermediate gold & profitability low-risk strategy model supporting growing producer returns over the long-term Upcoming catalysts Lynn Lake Burnt Timber & 31% increase in YE2024 Is
Slide 17: Appendices
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Slide 18: Board of Directors, Executive and Management Team
Board of Directors, Executive and Management Team Board of Directors J. Robert S. John A. Alexander Elaine David Tony Claire M. C. Chana Monique Richard Shaun Prichard McCluskey Christopher Ellingham Fleck Giardini Kennedy Martineau Mercier McCreary Usmar Chairman Director Director Director Director
Slide 19: 2025 guidance
2025 guidance 2025 Guidance Island Young-Davidson Mulatos District Lynn Lake Total Gold District Gold production4 (000 oz) 260 - 270 160 - 165 140 - 145 - 560 - 580 Previous gold production (000 oz) 275 - 300 175 - 190 130 - 140 - 580 - 630 Total cash costs1,4 ($/oz) $875 - 925 $1,150 - 1,200 $925 -
Slide 20: 2025 - 2027 guidance
2025 - 2027 guidance 2025 2026 2027 Revised4 Previous4 Gold Production (000 oz) Island Gold District 260 - 270 275 - 300 330 - 355 375 - 400 Young-Davidson 160 – 165 175 - 190 180 - 195 180 - 195 Mulatos District 140 – 145 130 - 140 120 - 130 125 - 135 Total Gold Production (000 oz) 560 - 580 580 -
Slide 21: 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 22: 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 23: 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 24: 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 25: Cautionary Note to U.S. Investors
Cautionary Note to U.S. Investors Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada. Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this Presentation have been prepared in accordance with National Ins
Slide 26: 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