Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2025

The most recent news release dated February 17, 2026, reports a significant update to the company’s Mineral Reserves and Resources for the year ended 2025. Key highlights include a 32% increase in global Proven and Probable Mineral Reserves to 15.9 million ounces of gold. This growth was primarily driven by the Island Gold District in Ontario, following the successful integration and expansion study of the Magino and Island Gold mines. The company also announced a record exploration budget of $97 million for 2026 to continue this trajectory. This follows the February 4, 2026, guidance update where management outlined a 46% production growth target by 2028 (to ~800,000 oz) and a long-term goal of 1 million ounces per year by 2030.

The news is materially positive for several reasons: - Resource Quality and Grade: Reserve grades increased 24% over the last seven years. The growth at Island Gold serves as the technical foundation for the Island Gold District (IGD) Expansion, which is the primary driver of the company’s valuation. - De-risking the Growth Profile: By converting Measured and Indicated resources into Proven and Probable reserves at a massive scale (15.9 Moz total), Alamos has significantly de-risked its 2028 and 2030 production targets. - Financial Validation: The IGD Expansion study (released Feb 3, 2026) shows an after-tax NPV of $8.2 billion at $3,200/oz gold and a staggering $12.2 billion at $4,500/oz. The reserve growth confirms the scale required to achieve these economics. - Asset Monetization: The closing of the Turkish asset sale for $470 million cash provides a massive liquidity cushion, allowing the company to fund the $704 million IGD expansion capital internally while maintaining dividends and share buybacks.

Alamos Gold is a Canadian-based intermediate gold producer with a strong focus on safe jurisdictions (Canada and Mexico). - Flagship Project: The Island Gold District (Ontario, Canada). This is a combination of the high-grade Island Gold underground mine and the recently acquired Magino open-pit mine/mill. - Development Strategy: Alamos is integrating these two adjacent assets into a single complex. By processing high-grade underground ore through the larger, more efficient Magino mill (expanding to 20,000 tpd), they aim to achieve massive economies of scale and first-quartile costs. - Secondary Assets: Young-Davidson (Ontario) provides stable long-life production and significant free cash flow. Mulatos District (Mexico) is transitioning to higher-grade underground production via the PDA project.