Alamos Gold Provides Three-Year Operating Guidance Outlining 46% Production Growth by 2028 at Significantly Lower Costs

The February 4, 2026, news release provides updated three-year operating guidance (2026-2028) and a long-term production target of one million ounces per year by 2030. Key metrics include: - Production Growth: Expected to grow 46% to a range of 755,000–835,000 ounces by 2028. - Cost Reductions: All-in Sustaining Costs (AISC) are projected to drop from $1,500–$1,600/oz in 2026 to $1,200–$1,300/oz by 2028. - Capital Expenditure: Significant front-ended growth capital of $657M–$720M in 2026 to complete the Island Gold Phase 3+ expansion and Magino mill upgrades. - Long-term Vision: Reaffirmed path to 1 million ounces annually by 2030, driven by the Island Gold District and the start-up of the Lynn Lake project. - CEO Acknowledgement: Management admitted 2025 performance was "not up to our standards," citing a 6% production guidance miss due to mill downtime and seismic events.

This guidance is materially positive as it provides a concrete roadmap for recovery following a disappointing 2025. - Strategic Recovery: The 2025 production of 545,400 ounces fell below the original 580,000–630,000 ounce guidance. The new 2026 guidance (570k–650k oz) suggests a return to the original growth trajectory. - Economic Validation: The February 3rd Expansion Study for Island Gold outlined a massive NPV(5%) of $8.2 billion at $3,200 gold. The guidance formalizes how these economics will manifest in the company's consolidated cash flows. - Asset Integration: The successful integration of the Magino mill (acquired via Argonaut Gold) is now the centerpiece of the "Island Gold District." Moving processing to this 12,400 tpd (and eventually 20,000 tpd) facility is critical for the projected cost declines. - Funding: Despite heavy capital needs ($895M total in 2026), the company is in its best-ever financial position following the $470M sale of Turkish assets.

Alamos Gold is an intermediate gold producer with operations primarily in Canada and Mexico. - Flagship Project: The Island Gold District (Ontario). This includes the high-grade Island Gold underground mine and the Magino open pit/mill. The Phase 3+ Expansion is currently underway to create one of Canada’s largest and lowest-cost gold mines. - Secondary Assets: Young-Davidson (Ontario), a long-life underground mine; Mulatos District (Mexico), featuring the La Yaqui Grande mine and the PDA construction project. - Development Pipeline: Lynn Lake (Manitoba), expected to provide 176k oz/year starting in 2029.