Alamos Gold (AGI) Renmark Virtual Non-Deal Roadshow summary

Strategic growth outlook

• Production is set to nearly double to 1 million oz/year by the end of the decade, driven by fully funded, lower-cost expansions at Island Gold and Lynn Lake, with ongoing exploration supporting further upside.

• Cost profile is expected to improve, with all-in sustaining costs projected to fall from $1,300/oz to $1,100/oz by 2028, well below industry averages.

• Asset base is now 90% Canadian, anchored by long-life mines and a clean balance sheet, with net cash and strong free cash flow generation.

• Outperformance over the past 3.5 years is attributed to high-quality assets, low political risk, consistent execution, and ongoing value creation.

• Growth is supported by organic expansion, accretive M&A, and a record exploration budget of $72 million for 2025.

Financial performance and valuation

• EBITDA has increased 15x since 2004 and is expected to double again in the next few years, yet valuation remains attractive at 9x forward EBITDA.

• Free cash flow is projected to exceed $200 million in 2024, rising to $600 million in 2027 and approaching $1 billion annually by 2029 at current gold prices.

• Analyst target prices range from CAD 40s to over CAD 50 per share, with all analysts maintaining buy ratings.

• Dividend increases are anticipated as free cash flow grows, particularly from 2026 onward as major projects come online.

• Capital allocation prioritizes reinvestment in growth, balance sheet strength, and shareholder returns.

Project execution and operational updates

• Island Gold Phase 3+ expansion is on track and on budget for mid-2026 completion, doubling capacity and lowering costs.

• Magino integration has delivered significant synergies, with operational issues resolved and mill performance improving.

• PDA project in Mexico and Lynn Lake in Manitoba are advancing, with PDA construction starting in 2024 and Lynn Lake targeting initial production in 2028.

• Exploration success has driven a 44% increase in reserves over six years, with per-share production, reserves, and cash flow all rising significantly.

• Forest fires have temporarily impacted Lynn Lake, but no significant delays to the overall construction schedule are expected.