Slides
Page 1
Alamos Gold 2026 Investor Day F e b r u a r y 4 , 2 0 2 6
Page 2
TSX:AGI | NYSE:AGI 2 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 information purposes. No stock exchange, securities commission or other regulatory authority has approved or disapproved the contained information. This Presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company’s continuous disclosure documents available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. Cautionary Notes This Presentation contains statements that constitute forward-looking information as defined under applicable Canadian and U.S. securities laws. All statements in this Presentation other than statements of historical fact, which address events, results, outcomes or developments that Alamos expects to occur are, or may be deemed to be, “forward-looking statements” and are based on expectations, estimates and projections as at the date of this Presentation. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", "estimate", “assume”, “anticipate”, “intend”, “potential”, “outlook”, “future”, “plan”, “target”, “opportunity”, “budget”, “ongoing”, “on track” or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may", "could”, “would", "might" or "will" be taken, occur or be achieved or the negative connotation of such terms. Such statements in this Presentation include (without limitation) information, assumptions, expectations and guidance as to strategy, plans, and future financial and operating performance, such as those regarding: free cash flow; costs (including cash costs, AISC, mine-site AISC, capital expenditures, growth and sustaining capital, capitalized exploration, exploration spending); cost structure and anticipated declining cost profile; budgets; NPV and IRR calculations; payment of taxes; net asset value; gold and other metal price assumptions; foreign exchange rates; mining methodologies; underground development rates; mining, milling and processing rates; total mill feed and throughput rates; expected average recoveries; anticipated gold production, production rates, timing of production, further production potential and growth; gold grades; mine life; Mineral Reserve life; Mineral Reserves and Resources, conversion rates and growth; planned exploration, exploration potential, strategy, focusses, targets, budget, discovery cost, upside and anticipated results; reduction in greenhouse gas emissions; project-related risks; improvement initiatives; project economics; value creation; size and profitability of operations; shareholder returns; outlooks for each of the Island Gold District (IGD), Young Davidson mine (YD), Mulatos District, the Lynn Lake project (LLP) and the Qiqavik Gold project, including (without limitation and in addition to the above): (i) at IGD, the Expansion Study, mine plan, project milestones and timing and effects of completion of the IGD Expansion and the Phase 3+ Expansion Project, mill expansion, paste plant completion and commissioning dates, tailings expansion and infrastructure upgrades, construction of a 115kV powerline and timing of the Magino mill’s connection to the electric grid and elimination of reliance on CNG; (ii) at YD, completion of a fourth ore pass, opportunity for mill expansion and sources of supplemental feed; (iii) at the Mulatos District, construction of, the development and mine plan for, and expected results from the Puerto Del Aire (PDA) project, ore from Cerro Pelon, and the Halcon target; (iv) at LLP, initial capital, project milestones, development of, mine plan for, and production projections and timing, and the Burnt Timber, Linkwood, Gordon and MacLellan deposits; and (v) at the Qiqavik Gold project, exploration potential; and any other statements that express management's expectations or estimates of future performance, operational, geological or financial results. Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. A Mineral Resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "Indicated Mineral Resource" or "Inferred Mineral Resource" will ever be upgraded to a higher category of Mineral Resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Proven and Probable Mineral Reserves. Alamos cautions that forward-looking statements are necessarily based upon several factors and assumptions that, while considered reasonable by Alamos at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors and assumptions include (without limitation): the actual results of current exploration activities; changes to current estimates of mineral reserves and mineral resources; conclusions of economic and geological evaluations; changes in project parameters as plans continue to be refined; operations may be exposed to illness, disease, epidemic or pandemic which may impact, among other things, the broader market; state and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico and other jurisdictions in which the Company does or may conduct business; the duration of regulatory responses to any illness, disease, epidemic or pandemic; changes in national and local government legislation, controls or regulations; failure to comply with environmental and health and safety laws and regulations; labour and contractor availability (and being able to secure the same on favourable terms); ability to sell or deliver gold doré bars; disruptions in the maintenance or provision of required infrastructure and information technology systems; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance); changes in foreign exchange rates (particularly the Canadian dollar, U.S. dollar, and Mexican peso); the impact of inflation; the potential impact of any tariffs, trade barriers and/or regulatory costs; employee and community relations; litigation and administrative proceedings; disruptions affecting operations; risks associated with the startup of new mines; availability of and increased costs associated with mining inputs and labour; delays in the development or updating of mine plans; delays in construction and improvement initiatives; inherent risks and hazards associated with mining and mineral processing including industrial accidents; environmental hazards including, without limitation, fires, floods, seismic activity, unusual or unexpected formations, pressures and cave-ins; the risk that the Company’s mines may not perform as planned; uncertainty with the Company's ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, risks in obtaining and maintaining necessary licenses, permits and authorizations, contests over title to properties; expropriation or nationalization of property; political or economic developments in Canada or Mexico and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; the costs and timing of exploration, construction and development of new deposits; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; and business opportunities that may be pursued by the Company. Additional risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this Presentation are set out in the Company’s latest 40F/Annual Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors” available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov, and should be reviewed in conjunction with the information, risk factors and assumptions found in this Presentation. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Market data and other statistical information used throughout this Presentation are based on internal company research, independent industry publications, government publications, reports by market research firms or their published independent sources. Industry publications, governmental publications, market research surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, however such content providers do not guarantee the accuracy, adequacy, completeness, timeliness or availability of such content and generally disclaim liability for any errors, omissions or losses of any kind suffered in connection with the use of such content. Although Alamos believes such information is accurate and reliable, it has not independently verified any of the data from third party sources cited or used for the Company’s management’s industry estimates, nor has Alamos ascertained the underlying economic assumptions relied upon therein. While Alamos believes internal company estimates are reliable, such estimates have not been verified by any independent sources, and Alamos makes no representations as to the accuracy of such estimates. Note to U.S. Investors All resource and reserve estimates included in this Presentation have been prepared in accordance with Canadian National Instrument 43-101 -Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) –CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. U.S. investors should review in detail the cautionary note set out on slide 164. Cautionary non-GAAP Measures and Additional GAAP Measures Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. “Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations and is calculated by adding back the change in non-cash working capital to “cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Cash flow per share” is calculated by dividing “cash flow from operations before changes in working capital” by the weighted average number of shares outstanding for the period. “Free cash flow” is a non-GAAP performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company’s consolidated statements of cash flows and that would provide an indication of the Company’s ability to generate cash flows from its mineral projects. “Mine site free cash flow” is a non-GAAP measure which includes cash flow from operating activities at, less capital expenditures at each mine site. “Return on equity” is defined as earnings from continuing operations divided by the average total equity for the current and previous year. “Mining cost per tonne of ore” and “cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. “Total capital expenditures per ounce produced” is a non-GAAP term used to assess the level of capital intensity of a project and is calculated by taking the total growth and sustaining capital of a project divided by ounces produced life of mine. “Growth capital” are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where the projects will materially benefit the mine site. “Sustaining capital” are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects. “Total cash costs per ounce”, “all-in sustaining costs per ounce”, “mine-site all-in sustaining costs”, and “all-in costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “total cash costs” reflects mining and processing costs allocated from in-process and doré inventory and associated royalties with ounces of gold sold in the period. Total cash costs per ounce are exclusive of exploration costs. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. “Mine-site all-in sustaining costs” include total cash costs, exploration, and sustaining capital costs for the mine-site, but exclude an allocation of corporate and administrative and share based compensation. “Capitalized exploration” are expenditures that meet the IFRS definition for capitalization and are incurred to further expand the known Mineral Reserve and Resource at existing operations or development projects. “Adjusted net earnings” and “adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS. “Adjusted net earnings” excludes the following from net earnings: foreign exchange gain (loss), items included in other loss, certain non-reoccurring items and foreign exchange gain (loss) recorded in deferred tax expense. “Adjusted earnings per share” is calculated by dividing “adjusted net earnings” by the weighted average number of shares outstanding for the period. Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS but rather should be evaluated in conjunction with such IFRS measures. This includes “Earnings from operations”, which is intended to provide an indication of the Company’s operating performance and represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. A reconciliation of historical non-GAAP and additional GAAP measures are detailed in the Company’s Management’s Discussion and Analysis available at www.alamosgold.com.
Page 3
TSX:AGI | NYSE:AGI 3 Our Team Toronto Island Gold District John A. McCluskey Greg Fisher Luc Guimond Chris Bostwick President and CEO Chief Financial Officer Chief Operating Officer SVP, Technical Services Austin Hemphill Nathan Bourgeault General Manager Technical Services Manager, Engineering John Fitzgerald Scott K. Parsons Khalid Elhaj Scott R.G. Parsons SVP, Projects SVP, Corporate Development & Investor Relations VP, Business Development & Investor Relations VP, Exploration Tyler Poulin Geology Superintendent
Page 4
TSX:AGI | NYSE:AGI 4 Agenda Time EST Session Speakers 8:30 AM (10 mins) Welcome & Introduction John McCluskey 8:40AM (20 mins) Overview of Three-Year Guidance Greg Fisher 9:00 AM (45 mins) Asset-Level Outlook • Island Gold District • Young-Davidson • Mulatos District • Lynn Lake project Luc Guimond 9:45 AM (15 mins) Q&A 10:00 AM (15 mins) Break 10:15 AM (60 mins) Island Gold District Expansion Study • Overview & assumptions • Mining & Processing • Economics Luc Guimond Chris Bostwick Austin Hemphill Greg Fisher 11:15 AM (30 mins) Global Exploration Update Scott R.G. Parsons 11:45 AM (30 mins) Closing Remarks & Q&A John McCluskey
Page 5
TSX:AGI | NYSE:AGI 5 John A. McCluskey President & CEO Introduction
Page 6
TSX:AGI | NYSE:AGI 6 Lynn Lake, Canada Island Gold District, Canada Young-Davidson, Canada Mulatos District, Mexico Producing Assets Exploration/ Development Assets Qiqavik, Canada Growing, diversified, intermediate gold producer… 1 Based on the mid-point of 2026 to 2028 guidance released on February 4, 2026 2 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 4 Based on consensus analyst net asset value (NAV) estimates for mining assets 5 Average mine life based on Mineral Reserves as of December 31, 2024 for Young-Davidson and Lynn Lake, and December 31, 2025 for Island Gold District; see Mineral Reserve & Resource estimates and associated footnotes in appendix (Island Gold + Magino) High quality, long-life assets in safe jurisdictions 89% Net asset value Canadian assets4 19 years Average mine life of Canadian assets5 Fully funded, organic growth 610k oz 2026E gold production1 ~1M oz 2030E+ gold production Declining costs driving margin expansion ~$1,550 2026E AISC/oz1,2,3 ~$1,250 2028E AISC/oz1,2,3
Page 7
TSX:AGI | NYSE:AGI 7 -40% 0% 40% 80% 120% 160% 200% 240% 280% 320% 360% 400% 440% 480% AGI - NYSE GDX GDXJ Gold (US$/oz) S&P 500 …with a long-term track record of value creation Strong shareholder returns $447M Returned to shareholders in dividends & buybacks since 2010 380% Share price increase since 2021; significant outperformer 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Stock chart source: Capital IQ Ongoing value creation $14B Value created through M&A, organic growth & exploration 8M oz Mineral Resources delineated over past seven years at cost of ~$31/oz Growing free cash flow1 ~$1.3B Free cash flow expected by 2028 (at $4,500/oz), more than 300% growth from 2025
Page 8
TSX:AGI | NYSE:AGI 8 $1,367 $8,065 $336 Acquisition Cost Island Gold (2017) & Magino (2024) Consensus NPV & Cumulative FCF Long-term track record of creating value $14B combined value created since acquisition through1,2: ✓ ongoing exploration success ✓ asset expansion & optimization ✓ margin expansion 1 Based on consensus analyst net present value (NPV) estimates 2 Cumulative free cash flow (FCF) generated since acquisition as of Q4 2025. 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 Acquisition cost of Island Gold based on the value of Richmont Mines on closing ($627M), net of $58M in cash on its balance sheet. Royalty & NPI repurchased in 2020 & 2021 for a total of $71M 4 Acquisition cost of Magino based on enterprise value for Argonaut Gold of $727M including equity value of $419M as of July 12, 2024 closing date and debt inherited from Argonaut of $308M 3,4 Island Gold + Magino (US$M) $10 $1,533 $954 Acquisition Cost (2003) Consensus NPV & Cumulative FCF Mulatos District (US$M) $950 $2,972 $757 Acquisition Cost (2015) Consensus NPV & Cumulative FCF Young-Davidson (US$M) $35 $1,841 $188 Acquisition Cost (2014 & 2016) & Capital Invested Consensus NPV Lynn Lake (US$M) Acquisition Cost Capital Invested Consensus NPV1 Cumulative FCF2
Page 9
TSX:AGI | NYSE:AGI 9 Long-term track record of creating value through exploration Mineral Resources1 delineated over past seven years +8M oz increase in Mineral Reserves1, over past seven years, net of 4.1M oz of depletion +65% average discovery cost $31/oz 1 Proven & Probable Mineral Reserves total 16.03M oz Au (263.7 mt at 1.89 g/t Au); M&I Mineral Resources 4.71M oz Au (107.1 mt at 1.37 g/t Au); Inferred Mineral Resources 1.92M oz Au (28.4 mt at 2.10 g/t Au) as of Dec. 31, 2024 (Island Gold District is updated as of Dec.31, 2025). See Mineral Reserve and Resource estimates and associated footnotes in appendix Mineral Reserves growing in size & quality1 record exploration budget for 2026, up 35% from 2025 $97M Significant ongoing potential across asset base 9,702 9,726 9,870 10,257 10,455 10,688 13,954 16,025 576 1,131 1,713 2,304 3,032 3,538 4,132 1.51 1.49 1.50 1.58 1.63 1.65 1.45 1.89 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 -4,000 1,000 6,000 11,000 16,000 21,000 2018 2019 2020 2021 2022 2023 2024 2025 P&P Mineral Reserve (000 oz) Cumulative Depletion (000 oz) P&P Mineral Reserve Grade (g/t)
Page 10
TSX:AGI | NYSE:AGI 10 26.12 26.66 27.02 34.19 38.11 2021A 2022A 2023A 2024A 2025E $411 $362 $519 $726 $938 $1,736 2021A 2022A 2023A 2024A 2025E 2026E $1.05 $0.92 $1.31 $1.78 $2.23 $4.14 2021A 2022A 2023A 2024A 2025E 2026E Track record of adding value on aggregate & per share basis 4 4 Gold Production (k oz Au) Gold Production per Share (oz x 1000) Mineral Reserves (M oz Au) Gold Reserves per Share (oz x 1000) Cash Flow from Operations4 (before changes in WC) (US$M) Cash Flow per Share4 (US$) 10.3 10.5 10.7 14.0 16.0 2021A 2022A 2023A 2024A 2025E 1.16 1.17 1.34 1.39 1.30 1.45 2021A 2022A 2023A 2024A 2025A 2026E 1 457 460 529 567 545 610 2021A 2022A 2023A 2024A 2025A 2026E 1 2026 gold production is based on the mid-point of 2026 guidance 2 2025 Mineral Reserves were only updated for the Island Gold District as of December 31, 2025 with rest of assets as of December 31, 2024. See Mineral Reserve and Resource estimates and associated footnotes in appendix 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 4 2025 and 2026 consensus analyst estimates from Capital IQ 1 2 2
Page 11
TSX:AGI | NYSE:AGI 11 ~$1,525 $1,550 $1,375 $1,250 -$200 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 0 100 200 300 400 500 600 700 800 900 1,000 1,100 2025A 2026E 2027E 2028E 2030+ Production (000 oz Au)2 All-in sustaining costs (US$/oz) Strong outlook Growing, long-life Canadian production; declining cost profile decrease in AISC expected by 2028 from 2025 driven by low-cost growth from Island Gold District 18% 17-year average mine life with significant exploration upside4 Long-life assets 1,2 Lynn Lake Young-Davidson Island Gold District Mulatos District 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses. Production and AISC based on mid-point of three-year guidance released on February 4, 2026 3 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 4 Average mine life based on Mineral Reserves as of December 31, 2024 (Island Gold District as of December 31, 2025); See Mineral Reserve & Resource estimates and associated footnotes in appendix longer-term production rate including Lynn Lake & larger expansion of Island Gold District, ~83% growth from 2025 ~1M oz 3
Page 12
TSX:AGI | NYSE:AGI 12 0% 20% 40% 60% 80% 100% NGD AGI CG IMG BTO EQX ELD SSRM EDV LUG OGC TXG % Reserves in Canada $0 $500 $1,000 $1,500 $2,000 LUG AGI NGD AGI EDV CG ELD TXG OGC EQX SSRM BTO IMG 2026E All-in sustaining costs (US$/oz)2,3 Uniquely positioned – leading, low-cost growth Low political risk with long-life Reserve base concentrated in Canada 1 Source: 2025 and 2030E production for peers based on consensus estimates from Visible Alpha 2 Source: 2026E All-in sustaining costs based on consensus estimates from Visible Alpha 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 4 Reserve life is calculated as Proven and Probable Mineral Reserves divided by 2026E annual production. 2026E production for peers based on consensus estimates from Visible Alpha. Mineral Reserves for peers sourced from Capital IQ Pro 5 Alamos’ Mineral Reserves were partially updated for the Island Gold District as of December 31, 2025. See Mineral Reserve and Resource estimates and associated footnotes in appendix 0 5 10 15 20 25 30 0 5,000 10,000 15,000 20,000 EQX AGI EDV ELD SSRM IMG BTO CG LUG OGC NGD TXG Reserve life (years) Mineral reserves (000 oz) Mineral Reserves & Reserve life4.5 Mineral Reserves (000 oz) Reserve life (years) -50% -30% -10% 10% 30% 50% 70% 90% SSRM AGI ELD EQX EDV CG LUG TXG OGC BTO IMG NGD 2025 - 2030E production growth1 (2028E)
Page 13
TSX:AGI | NYSE:AGI 13 Overview of three-year guidance Greg Fisher Chief Financial Officer
Page 14
TSX:AGI | NYSE:AGI 14 Q4 & full-year 2025 production Record financial performance Q3 YTD 2025A Q4 2025A2 2025A2 2025 Guidance5 Gold production (000 oz) 403.9 141.5 545.4 560 – 580 Gold sales (000 oz) 389.1 142.1 531.2 - Average realized gold price (US$/oz) $3,144 $3,998 $3,372 - Total cash costs (US$/oz)3 $1,065 ~$1,110 ~$1,080 $975-1,025 All-in sustaining costs (US$/oz)3,4 $1,499 ~$1,595 ~$1,525 $1,400-1,450 Operating revenue (US$M) $1,234 $575 $1,809 - Q4 production consistent with Q3; below guidance due to weather & other operational challenges Record quarterly & annual free cash flow driven by strong margin expansion Growing cash position of $623M1, while funding growth, increased shareholder returns & debt & hedge repurchases 1 Cash & cash equivalents as of December 31, 2025 2 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 4 Total consolidated all-in sustaining costs include corporate and administrative, and share-based compensation expenses 5 Previous guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025. Production guidance revised on October 29, 2025 Reduced debt outstanding to $200M, repaid $50M in Q4 $1,347 $1,809 2024A 2025A 125 137 142 142 Q1/25 Q2/25 Q3/25 Q4/25 Production (000 oz) Record revenue (US$M) 2 Free cash flow (US$M)2 $272 ~$350 2024A 2025A
Page 15
TSX:AGI | NYSE:AGI 15 2026 guidance Growing production at similar costs 2025E1 2026E current current previous Gold production (000 oz)1 545 570-650 630-680 Total cash costs (US$/oz)1,2 ~$1,080 $1,020-1,120 $800-900 All-in sustaining costs (US$/oz)1,2,3 ~$1,525 $1,500-1,600 $1,150-1,250 Sustaining and Growth Capital2,4(US$M) Operating mines ($ millions) $423-470 $333-375 $265-305 Island Gold District Expansion ($ millions) - $240-260 - Lynn Lake ($ millions) $60-70 $140-160 $250-275 PDA ($ millions) $17-20 $137-145 $105-110 Total capital expenditures (US$M)2,4 $500-560 $850-940 $620-690 1 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 Total consolidated all-in sustaining costs include corporate and administrative and share-based compensation expenses 4 Capital does not include capitalized exploration AISC guidance increased reflecting inflation, higher royalties & additional labour to support increased operating flexibility & larger IGD Expansion Production expected to increase 12% from 2025 at similar costs Increased capital driven by addition of IGD Expansion Production guidance down from previous guidance reflecting slightly lower output from Canadian operations
Page 16
TSX:AGI | NYSE:AGI 16 2026 guidance Higher production & lower costs expected in H2 2026 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative and share-based compensation expenses 3 Includes capitalized exploration 290 320 $1,675 $1,450 $525 $430 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 0 50 100 150 200 250 300 H1 2026 H2 2026 Gold production (000 oz) All-in sustaining costs ($/oz) Total capital (million) Higher production & lower costs expected in H2 2026 1,2 13% decrease in AISC expected in H2/26 Ramp up of underground mining rates at Island Gold expected to drive higher production & lower costs in H2 2026 Capital expected to be H1 weighted contributing to stronger FCF in H2 10% increase in production expected in H2/26 3
Page 17
TSX:AGI | NYSE:AGI 17 2026 AISC guidance 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses Increased investment in critical roles across Canadian operations to support higher operating efficiency Higher royalties with stronger gold price and ongoing inflation of ~5% Costs expected to decrease steadily starting in H2/2026 with the completion of the shaft expansion at Island Gold Accelerated sustaining capital in support of larger expansion of Island Gold District $1,150-1,250 $1,500-1,600 $80 $60 $40 $35 $25 $15 $95 Previous guidance Labour & contractors Inflation Lower Young- Davidson grades Sustaining capital to support IGD Expansion Higher royalties Island Gold mill Other Current guidance 2026 AISC guidance1,2,3 (US$M)
Page 18
TSX:AGI | NYSE:AGI 18 2026 capital guidance Sustaining capital guidance increase reflecting: • Accelerated tailings capital at Island Gold District to support larger expansion • Higher underground development rates at Young-Davidson to increase mining fronts • Increase in capital spares to reduce unplanned downtime • Ongoing inflation Growth capital guidance increase due to: • Inclusion of Island Gold District Expansion • Timing of PDA spend, offset by Lynn Lake $620-690 $850-940$250 $34 $32 $37 -$113 Previous guidance Island Gold District Expansion PDA development (timing of spend) Acceleration of certain capex at the Canadian mine-sites Inflation/other Lynn Lake (timing of spend) Current guidance 2026 capital guidance increase1 (US$M) 1 Total capital guidance excludes capitalized exploration
Page 19
TSX:AGI | NYSE:AGI 19 2027 – 2028 guidance Significant growth at substantially lower costs 2027 2028 Current Previous Current Total Gold Production (000 oz) 650 - 730 680 – 730 755 - 835 Total Cash Costs1 ($/oz) $825 - 925 $775 – 875 $775 - 875 All-in Sustaining Costs1,2 ($/oz) $1,325 - 1,425 $1,125 - 1,225 $1,200 - 1,300 Total Sustaining & growth capital1,3 Operating mines ($ millions) $275 - 315 $200 – 225 $240 - 280 Island Gold District Expansion ($ millions) $130 - 145 - $80 – 90 Lynn Lake ($ millions) $380 - 410 $235 – 260 $290 - 310 PDA ($ millions) $15 - 20 $15 – 20 - Total ($ millions) $800 - 890 $450 - 505 $610 - 680 Declining costs: 19% decrease in AISC expected by 2028, driven by low-cost growth from IGD & ramp up of low-cost PDA in Mexico Growing production: 30% increase by 2028, compared to 2026 driven by growing production from Island Gold District Capital expected to drop significantly into 2028 with completion of IGD Expansion & PDA; further decreases expected into 2029 & 2030 with completion of Lynn Lake 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses 3 Total capital does not include capitalized exploration
Page 20
TSX:AGI | NYSE:AGI 20 $1,550 $1,375 $1,250 $895 $845 $645 -$100 $100 $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 0 200 400 600 800 1,000 1,200 2026E 2027E 2028E 2030+ Production (000 oz Au) Island Gold District Young-Davidson Mulatos District Lynn Lake All-in sustaining costs (US$/oz) Total capital (US$M, ex. exploration) 2026 - 2028 guidance 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses. Based on mid-point of three-year guidance 3 All-in sustaining cost guidance for 2027 - 2028 includes similar assumptions for G&A and stock-based compensation as included in the 2026 guidance 4 Total capital guidance excludes capitalized exploration 2026 - 2028 Production and AISC Guidance1,2,3 increase in annual production expected by 2028 from 2025 46% decrease in AISC by 2028, relative to 2026 19% decrease in capital by 2028, relative to 2026 28% 41,2,3
Page 21
TSX:AGI | NYSE:AGI 21 Fully funded growth driving increasing free cash flow Strong ongoing free cash flow while funding high-return growth Significant free cash flow growth 2026 onward driven by completion of growth projects 2030+ 1 Free cash flow is pre-dividend and excludes interest and lease payments 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 2025E free cash flow is estimated and final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 Phase 3+ Expansion (2026); PDA (2027); IGD Expansion (2028); Lynn Lake (2029)3 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2025E 2026E 2027E 2028E Consolidated free cash flow outlook (US$M)1,2 US$4,000/oz Au US$4,500/oz Au US$5,000/oz Au
Page 22
TSX:AGI | NYSE:AGI 22 Balanced capital allocation approach Return capital to shareholders Strengthen balance sheet Strong ongoing free cash flow generation Reinvest in high- return internal growth projects ✓ Advanced high-return organic growth projects ✓ Returned $81M to shareholders via share buybacks & dividends ✓ Invested ~$71M in exploration ✓ Net cash position increased to $423M ✓ Retired $50M debt & repurchased legacy hedges ✓ 2025 capital allocation ✓ Growing free cash flow expected to support increasing shareholder returns 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
Page 23
TSX:AGI | NYSE:AGI 23 Island Gold District Luc Guimond Chief Operating Officer
Page 24
TSX:AGI | NYSE:AGI 24 59 64 67 60 Q1/25 Q2/25 Q3/25 Q4/25 2025 quarterly production (000 oz) Island Gold District Q4 2025 production; improvement initiatives to drive stronger 2026 Q4 underground mining rates impacted by: • Severe winter weather conditions late in December • Additional rehabilitation work related to seismic event in October Q4 milling rates impacted by: • Earlier than planned replacement of the liner within the discharge end of the SAG mill • Weather-related road closures impacted CNG deliveries, resulting in three days of mill downtime Rehabilitation work required for ramp up of underground mining rates through 2026 substantially complete Magino mill expected to connect to electric grid by end of 2026, eliminating reliance on CNG Improvement initiatives to drive stronger performance in 2026 Restructuring maintenance & mill management teams to ensure 24-7 senior level oversight Working with third-party specialists to implement additional modifications to improve reliability Addition of supplementary crushed ore feed capacity
Page 25
TSX:AGI | NYSE:AGI 25 Island Gold District Magino milling rate 6,686 7,235 8,411 8,443 8,625 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Magino Mill - Ore Milled (tpd) • Milling rates continuing to improve & would have averaged ~9,000 tpd in Q4, excluding 3 days of weather-related downtime in December • Restructuring of mill management teams & continued implementation of best practices with support of 3rd party specialists • Milling rates expected to increase to consistently average 10,000 tpd in Q2/26 • All higher-grade underground ore is being processed & is the driver of the operation • Secondary crusher replaced • Successful batch test of lower grade Island Gold ore • Primary crusher & grizzly panel replaced • Installation of redesigned liner/bolt configuration within the SAG mill • Transfer chutes & ore handling system optimized Q1 2025Q4 2024Q3 2024 Q3 2025 Q2 2025 • Implementation of redesigned crusher liners • Restructured maintenance & mill management team, added third- party specialists to improve reliability Q4 2025 Milling rate ex. weather impact
Page 26
TSX:AGI | NYSE:AGI 26 Island Gold District Addition of supplementary crushed ore feed to support higher milling rates Existing Primary Crusher Existing Secondary Crusher New Crushed Ore Stockpile New Conveyor Feed • Addition of temporary crusher will provide supplemental ore feed • Crushed ore will be fed via conveyor after secondary crusher • Will help ensure constant crushed ore feed to the mill of 10,000 tpd
Page 27
TSX:AGI | NYSE:AGI 27 250 310 400 490 534 ~$1,475 $1,390 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 0 100 200 300 400 500 2025A 2026E 2027E 2028E 2030E (long- term outlook) Island Gold District 2026 – 2028 Production and AISC Guidance1,2,3 Island Gold District Production (000 oz) Mine-site AISC (US$/oz) Island Gold District – 3-year outlook Growing production & declining costs ~100% increase in production 19-year Mineral Reserve life Significant exploration upside across 58,900 ha land package supporting strong, long-term free cash flow generation 2028 compared to 2025 driven by ramp up of underground mining rates 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense 3 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 $1,025
Page 28
TSX:AGI | NYSE:AGI 28 Young-Davidson
Page 29
TSX:AGI | NYSE:AGI 29 Young-Davidson Q4 2025 production; increased mining rates to drive strong 2026 Q4 mining rates impacted by: • Severe winter weather conditions late in December • Temporary downtime with one of three ore passes • Failure of a small portion of a paste plug underground 35 39 38 41 Q1/25 Q2/25 Q3/25 Q4/25 Quarterly production (000 oz) Increased development rates with contractor support New ore pass to increase capacity with four passes available in Q1 Increase in critical spares to reduce unplanned downtime Improvement initiatives to drive stronger performance in 2026
Page 30
TSX:AGI | NYSE:AGI 30 Young-Davidson Increased ore pass capacity to support higher mining rates o Q4/25 impacted by premature wear in one of three ore passes, limiting underground ore flow in November & December ✓ Rehab of the ore pass to be completed early 2026 ✓ Fourth ore pass completed & will be in use early 2026, doubling capacity from Q4/25 Additional capacity to support mining rates of ~8,000 tpd starting Q2 2026 & provide more consistency over long-term
Page 31
TSX:AGI | NYSE:AGI 31 Young-Davidson – 3-year outlook Stable production & costs over next three years 153 165 165 165 ~$1,635 $1,780 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 0 20 40 60 80 100 120 140 160 180 2025A 2026E 2027E 2028E Young-Davidson 2026 - 2028 Production and AISC Guidance1,2,3 Young-Davidson Production (000 oz) Mine-site AISC (US$/oz) Consistent production 14-year Mineral Reserve life Exploration upside Deposit open at depth and to the west; high- grade potential in hanging wall supporting stable, long-term free cash flow generation over next 3 years with similar tonnage and grades 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense 3 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026
Page 32
TSX:AGI | NYSE:AGI 32 Young-Davidson – upside potential Opportunities Details Mill expansion • Permitted to 12,000 tpd • Modest capital for potential expansion to 10,000 tpd Sources of supplemental mill feed • Golden Arrow • YD open pit • Otisse East • Regional exploration targets Significant exploration upside • Deposit open at depth & to the west • Higher-grade potential in hanging wall
Page 33
TSX:AGI | NYSE:AGI 33 Mid-mine hanging wall: high- grades extended within new style of mineralization in HW South syenite zone: high- grades intersected 285 m south of shaft in hanging wall Zones located ~10 - 300 m from of existing infrastructure Potential to provide meaningful production upside given higher grades near existing infrastructure Young-Davidson 2025 exploration highlights High-grade mineralization intersected near existing infrastructure 1 Please refer to the news release dated January 30, 2026 for more details
Page 34
TSX:AGI | NYSE:AGI 34 Mulatos District
Page 35
TSX:AGI | NYSE:AGI 35 142 135 125 140 ~$1,020 $1,050 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 0 20 40 60 80 100 120 140 160 2025A 2026E 2027E 2028E Mulatos District 2026 - 2028 Production and AISC Guidance1,2,3 Mulatos District Production (000 oz) Mine-site AISC (US$/oz) Mulatos District – 3-year outlook Stable outlook 9-year Mineral Reserve life Exploration upside Several higher-grade sulphide opportunities At PDA with addition of sulphide mill to open up new opportunities within Mulatos District Start up of PDA in mid-2027 expected to replace open pit production from La Yaqui Grande Met 2025 guidance 2025 production in-line with increased annual guidance, reflecting strong performance from La Yaqui Grande 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense 3 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026
Page 36
TSX:AGI | NYSE:AGI 36 $0 $750 $1,500 $2,250 0 50,000 100,000 150,000 2027 2028 2029 2030 2031 2032 2033 2034 2035 Mine-site AISC (US$/oz) Gold Production (oz Au) Gold Production Mine-site AISC Upside potential through incorporation of higher-grade ore from Cerro Pelon & other suphide targets Puerto Del Aire Project – Growing, higher-grade underground deposit 127k oz average annual production over first 4 years; 104k oz over current mine life $1,003/oz mine-site AISC2 Development Plan Outlines an Attractive, High-Return Project1 $165M initial capital; low capital intensity of $195/oz; to be funded by Mulatos District 46% after-tax IRR @ $1,950/oz Au & $269M NPV; 73% IRR & $492M NPV @ $2,500/oz Au 1 Please refer to the news release dated September 4, 2024 for more details 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2
Page 37
37 TSX:AGI | NYSE:AGI 37 Puerto Del Aire Project – development plan • Fully Permitted: approval of amendment to existing MIA granted by SEMARNAT Jan. 2025 • Bulk of initial capital to be spent in 2026: ~$140m capital; remaining $18m capital to be spent in 2027 • PDA to be access from open pit: via two portals on the east wall of the Mulatos pit • Mining method: drift & fill with cemented rock; evaluating addition of paste backfill
Page 38
TSX:AGI | NYSE:AGI 38 Puerto Del Aire Project – crushing and processing Process Plant • Three-stage crushing with grinding circuit to include one primary ball mill • Flotation circuit includes rougher and cleaner flotation • Concentrate will be produced and then recovered off-site, no cyanide used for on-site processing • Tailings will be dry stacked no tailings storage facility required Crushing Circuit
Page 39
TSX:AGI | NYSE:AGI 39 PDA – Timeline to production 2025 2026 2027 Milestones Start Finish Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Process Plant Permits Grant to EIA & Start Construction Q1-2025 Engineering for Process Plant Q1-2025 Q2-2026 Construction Start Earthworks Q3-2025 Q1-2026 Crushing Circuit Area Q4-2025 Q3-2026 Milling Area Q1-2026 Q1-2027 Flotation Area Q2-2026 Q1-2027 Concentrate Area Q3-2026 Q1-2027 Dewatering Area Q3-2026 Q1-2027 Commissioning and Start Up Q4-2026 Q2-2027 Fully Commissioned Q2-2027 UG Mine Full Ore Production from Mine Q1-2027 Starting Ore Production for Stocks Q4-2026 Q1-2027 Main Development and Infrastructure for UG Q2-2026 Q2-2027 Portals Construction Q4-2025 Q2-2026 Q1/25 Permits granted, commencement of detailed engineering Q2/26 Portal construction completed, underground mine development starts Q2/27 Process plant start up
Page 40
TSX:AGI | NYSE:AGI 40 Mulatos District – significant exploration upside ✓ Addition of PDA mill to process higher-grade sulphide ore opening up new opportunities across the District ✓ Exploration drilling successfully defining higher-grade sulphide mineralization across multiple targets Cerro Pelon • 5.60 g/t Au over 23.85 m (25PEL107) • 5.85 g/t Au over 17.35 m (5.93 m true width) (24PEL081) • 12.95 g/t Au over 4.25 m (25PEL142) PDA • 13.64 g/t Au over 8.97 m (24MUL397) • 3.72 g/t Au over 15.60 m (24MUL398) • 4.27 g/t Au over 15.61 m (25MUL422) Halcon Target 3.04 g/t Au over 47.60 m (25HAL017) including; o 7.78 g/t Au over 4.50 m 3.53 g/t Au over 37.35 m (25HAL025) including; o 8.13 g/t Au (7.82 g/t Au cut) over 10.20 m 3.46 g/t Au over 31.50 m (25HAL019) including; o 5.56 g/t Au over 6.00 m o 4.35 g/t Au over 21.00 m 1 Please refer to press release dated January 21, 2026
Page 41
TSX:AGI | NYSE:AGI 41 Lynn Lake Project update
Page 42
TSX:AGI | NYSE:AGI 42 Lynn Lake District – updated project highlights 186k oz average annual production over initial 10 years $829/oz average mine-site AISC1,2 over initial 10 years $871M remaining initial capital 2026+; total $937M including 2025 spend Updated economics incorporating growth & scope changes • Larger Mineral Reserve including BT & Linkwood supporting expansion to 9,000 tpd • 25-year Mineral Reserve life – long-life operation with attractive production profile & first quartile costs • Attractive economics with significant near-mine & regional exploration potential 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense 3 Economics from January 1, 2026
Page 43
TSX:AGI | NYSE:AGI 43 Lynn Lake District – updated project highlights Mill throughput tpd 9,000 Total production (life of mine) 000 oz Au 3,087 Mine life Years 25 Average production (10 yr avg starting 2030) 000 oz Au 186 Average production (life of mine) 000 oz Au 123 Mine-site AISC (10 yr avg starting 2030)1,2 US$/oz $829 Mine-site AISC (life of mine)1,2 US$/oz $1,039 Total all-in costs (life of mine)1,2,4 US$/oz $1,361 Initial capital2,3 US$M $871 BT & Linkwood growth capital2,3 US$M $71 Sustaining capital2,3 US$M $291 Total capital2,3 US$M $1,233 Total capital per ounce2,3 US$/oz $400 Permits Required for 9,000 tpd Expansion • Footprint is largely unchanged, limiting required permits • Notice of Change (Federal) • Notice of Alteration (Provincial) Key Changes vs 2023 Feasibility Study • 13% in mill throughput to 9,000 tpd • Incorporation of BT & Linkwood into mine plan • Impact of construction-related inflation over past 3+ years 1 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense; Lynn Lake mine-site AISC include royalties and silver as a by-product credit 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 Capital is from January 1, 2026 4 Total all-in costs include total cash costs, as well as sustaining and growth capital
Page 44
TSX:AGI | NYSE:AGI 44 Lynn Lake District – scope changes within larger mill Key component changes with 9,000 tpd mill • Larger mill building • Larger SAG and Ball mill • Larger thickener • One additional leach tank • Expansion of CIP and ADR
Page 45
TSX:AGI | NYSE:AGI 45 $632 $120 $68 $51 $34 $34 $937 $50 $16 $871 0 100 200 300 400 500 600 700 800 900 1000 2023 Feasibility Study vs. Current1 (US$M) Lynn Lake initial capital update Remaining Capital of $871M Increase from the 2023 Feasibility Study, reflecting: • 3 years of industry-wide project capital inflation > 5% per year • Scope changes including 13% larger mill to 9,000 tpd • Increase in costs associated with a longer construction timeline Attractive economics supported by higher rates of production & low-cost profile 1 2025 estimated spend is preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026
Page 46
TSX:AGI | NYSE:AGI 46 Lynn Lake initial capital update – breakdown Remaining Capital of $871M with majority to be spent in 2027 & 2028 • 2026E: $140-160M • 2027E: $380-410M • 2028E: $290-310M • Initial production expected 2029 2026 Update (including 2025 in US$M) Site Development & Infrastructure $213 Process Plant $200 Temporary Construction Facilities & Utilities $123 Owner’s Costs $117 Capitalized Operating Costs $56 On-Site Infrastructure $56 Off-Site Infrastructure $36 Tailings Management Facility $32 Mobile Equipment Leases $19 Contingency $86 Total Initial Capital (US$ million) $937
Page 47
TSX:AGI | NYSE:AGI 47 Lynn Lake – project timeline 2025 2026 2027 2028 2029 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Permit to Construct Early Works (Infrastructure) MacLellan Development TMF Earthworks Conversion to Owner Mining Process Plant Building Process Area MPEI Crushing and Conveying Truck Shop / Infrastructure Substation Gordon Mine Development First Gold Q2/26 Ramp up of construction H1/29 Initial production
Page 48
TSX:AGI | NYSE:AGI 48 a Q&A
Page 49
TSX:AGI | NYSE:AGI 49 Island Gold District - Overview 01 Island Gold District overview 02 Island Gold District Expansion Study ▪ Overview & assumptions ▪ Mining & Processing ▪ Economics 03 Q&A Luc Guimond Chief Operating Officer
Page 50
TSX:AGI | NYSE:AGI 50 Island Gold District Expansion Study Overview 1 The Expansion Study includes a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 2 10-year average post completion of the expansion in 2028 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 4 For the purposes of calculating all-in sustaining costs at individual mine sites, the Company does not include corporate and administrative expense, or corporate share based compensation expenses 534k oz average annual production over initial 10 years2; 27% increase from base case $1,025/oz average mine-site AISC over initial 10 years2,3,4; among Canada’s lowest cost gold mines $821M average annual mine-site free cash flow1 at $3,200/oz over initial 10 years2; $1.2 billion at $4,500/oz $8.2B after tax NPV5% ($3,200/oz)1; $12.2B after tax NPV5% ($4,500/oz)
Page 51
TSX:AGI | NYSE:AGI 51 Key Changes vs Base Case LOM Base Case LOM (June 2025) Expansion Study (Feb 2026) Increased mining & processing rates • Underground: 2,400 tpd • Open pit ore: 10,000 tpd • Underground: 3,000 tpd • Open pit ore: 17,000 tpd Magino mill expansion • 12,400 tpd • 20,000 tpd Larger Mineral Reserve • Underground: 4.1M oz1 • Open Pit: 2.2M oz1 • Total: 6.3M oz1 • Underground +25%: 5.1M oz2 • Open pit +40%: 3.1M oz2 • Total +30%: 8.3M oz2 1 Island Gold: Proven & Probable Mineral Reserves total 4.1M oz Au (11.8 mt at 10.85 g/t Au); Magino: Proven & Probable Mineral Reserves total 2.2M oz Au (76.9 mt at 0.91 g/t Au); Island Gold District: Proven & Probable Mineral Reserves total 6.3M oz Au (88.6 mt at 2.23 g/t Au); as of Dec. 31, 2024 (updated in June 2025) 2 Island Gold: Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); Magino: Proven & Probable Mineral Reserves total 3.1M oz Au (113.1 mt at 0.86 g/t Au); Island Gold District: Proven & Probable Mineral Reserves total 8.3M oz Au (128.2 mt at 2.01 g/t Au); as of Dec. 31, 2025 (updated in February 2026); See Mineral Reserve and Resource estimates and associated footnotes in the appendix
Page 52
TSX:AGI | NYSE:AGI 52 Island Gold District Mineral Reserves and Resources Magino Mine2 Island Gold Mine1 30% increase in Mineral Reserves driven by: • Successful Resource conversion • Ongoing exploration success expected to drive further growth • Record exploration budget in 2026 1 Island Gold: Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); M&I Mineral Resources 590k oz Au (2.1 mt at 8.77 g/t Au); Inferred Mineral Resources 1.1M oz Au (2.9 mt at 11.51 g/t Au) as of Dec. 31, 2025 (updated in February 2026); See Mineral Reserve and Resource estimates and associated footnotes in the appendix 2 Magino: Proven & Probable Mineral Reserves total 3.1M oz Au (113.1 mt at 0.86 g/t Au); M&I Mineral Resources 1.4M oz Au (56.8 mt at 0.79 g/t Au); Inferred Mineral Resources 0.3M oz Au (14.0 mt at 0.75 g/t Au) as of Dec. 31, 2025 (updated in February 2026); See Mineral Reserve and Resource estimates and associated footnotes in the appendix Mineral Reserves (k oz) M&I Mineral Resources (k oz) Inferred Mineral Resources (k oz) 4,107 5,141 1,049 5901,329 1,061 June 2025 December 2025 2,240 3,141 1,756 1,439 1,191 338 June 2025 December 2025 Reserves: +0.9Moz 6,347 8,282 2,805 2,029 2,520 1,398 June 2025 December 2025 Island Gold District 1,2 Reserves: +1Moz Reserves: +1.9Moz
Page 53
TSX:AGI | NYSE:AGI 53 Island Gold District Expansion Larger, long-life, low-cost operation 1 10-year average post completion of the expansion in 2028 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense 534k oz average annual production over initial 10 years1; +27% versus Base Case $1,025/oz Mine-site AISC over initial 10 years; first quartile & similar to Base Case LOM 19-year Maintained similar long mine life with higher production rates $0 $300 $600 $900 $1,200 $1,500 $1,800 $2,100 $2,400 0 100 200 300 400 500 600 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Mine-site AISC (US$/oz)2,3 Gold Production (000 oz Au) IGD - Base Case Production IGD - Expansion Study Production IGD Base Case - Mine Site AISC IGD Expansion Study - Mine Site AISC
Page 54
TSX:AGI | NYSE:AGI 54 752 887 1,007 1,215 1,310 1,338 1,464 1,725 2,285 5,141 91 111 196 184 166 286 291 716 601 590 996 908 1,573 2,298 3,208 3,454 3,529 3,682 3,774 1,061 457 556 662 812 951 1,092 1,226 1,357 1,512 1,675 4 5 6 7 8 9 10 11 12 (1,700) (700) 300 1,300 2,300 3,300 4,300 5,300 6,300 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Island Gold underground Growth & increase in grades supporting larger, more valuable operation Mineral Reserve & Resource growth conversion rate of Inferred Mineral Resources to Reserves3 >90% 1 See Mineral Reserve and Resource estimates and associated footnotes in appendix 2 Includes Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); M&I Mineral Resources 590k oz Au (2.1 mt at 8.77 g/t Au); Inferred Mineral Resources 1.1M oz Au (2.9 mt at 11.51 g/t Au) as of Dec. 31, 2025 3 Since completion of acquisition of Island Gold in November 2017 Grade (g/t Au) 2 increase in Mineral Reserves since P3+ Study to 5.1M oz2 +284% $14/oz discovery cost over past five years Mineral Reserve grade Mineral Reserves (k oz) M&I Mineral Resources (k oz) Inferred Mineral Resources (k oz) Cumulative oz produced (k oz)
Page 55
TSX:AGI | NYSE:AGI 55 Island Gold underground Higher-grade Mineral Reserves in Island East driving growth
Page 56
TSX:AGI | NYSE:AGI 56 Meliadine Macassa Laronde Island Gold (June 2025)Island Gold (2024) Brucejack Goldex Young-Davidson Island Gold (2023) Musselwhite Eleonore Island Gold (2016) Red lake Westwood Eagle River Seabee Island Gold (2014) Timmins 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 Proven and Probable Reserves Grade (g/t) Proven and Probable Mineral Reserves (Au ozs) Island Gold - among largest, highest-grade & fastest growing underground gold mines in Canada 1 Source: Company reports and Capital IQ 2 Island Gold: Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); M&I Mineral Resources 590k oz Au (2.1 mt at 8.77 g/t Au); Inferred Mineral Resources 1.1M oz Au (2.9 mt at 11.51 g/t Au) as of Dec. 31, 2025 (updated in February 2026); See Mineral Reserve and Resource estimates and associated footnotes in the appendix Higher Reserves (oz) Casa Berardi Higher Reserve Grade Island Gold (Dec 2025) 2
Page 57
TSX:AGI | NYSE:AGI 57 $551 $565 $710 $1,005 $1,346 $1,589 $2,121 $4,079 $6,618 2017 2018 2019 2020 2021 2022 2023 2024 2025 $8,160 $12,239 $3,200/oz $4,500/oz Significant exploration upside • Island Gold open laterally & at depth • Regional targets as potential additional source of higher- grade mill feed Growing valuation IGD Expansion unlocking further value 1 Based on consensus analyst net present value (NPV) estimates 2 The Expansion Study includes a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards Consensus NPV growth (US$M)1 Phase I Expansion to 1,100 tpd Phase II Expansion to 1,200 tpd permit received Phase III Expansion to 2,000 tpd announced Phase 3+ Expansion to 2,400 tpd announced Including Magino Ongoing R&R Growth + Incorporation of Regional Targets Expansion Study NPV (US$M) IGD Expansion Study +1,381% Base Case LOM 2
Page 58
58 TSX:AGI | NYSE:AGI 58 0.79 0.55 0.24 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 Sector Average Island Gold District (2025) Island Gold District (2028+) tCO2e/oz produced ESG – low GHG emission intensity & decreasing 1 Source: S&P Global – Primary Gold GHG Emissions Intensities Decline – December 10, 2024 1 -56% Low GHG emissions intensity1 • 30% below industry average currently • 56% decrease through completion of shaft & connection of Magino mill to grid power in late 2026
Page 59
TSX:AGI | NYSE:AGI 59 Chris Bostwick SVP, Technical Services Expansion Study - Overview
Page 60
TSX:AGI | NYSE:AGI 60 IGD Expansion Study – low-cost, long-life, significant upside Base Case LOM6 Expansion Study6 Mill throughput tpd 12,400 20,000 Total production (life of mine) 000 oz Au 5,836 7,963 Mine life Years 19 19 Average production (10-year avg) 2 000 oz Au 419 534 Average production (15-year avg) 1 000 oz Au 365 490 Total cash costs (10-year avg) 2,3 US$/oz $577 $682 Total cash costs (15-year avg) 1,3 US$/oz $628 $717 Mine-site AISC (10-year avg) 2,3 US$/oz $897 $1,025 Mine-site AISC (15-year avg) 1,3 US$/oz $937 $1,032 Growth capital US$M $151 $704 Sustaining capital 4 US$M $1,693 $2,342 Total capital US$M $1,844 $3,046 Total capital per ounce sold 3 US$/oz $324 $393 All-in cost per ounce sold (life of mine) 3 US$/oz $1,009 $1,155 After-tax free cash flow ($3,200/oz Au)5 US$M $9,840 $11,851 After-tax NPV 5% ($3,200/oz Au) 3,5 US$M $7,187 $8,160 After-tax NPV 5% ($4,500/oz Au) 3,5 US$M $10,184 $12,239 1 15-year average includes the period from 2026 to 2040 when both mines are operational 2 10-year average post completion of the expansion in 2028 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures $1,155/oz Average all-in cost including capital3 Average annual production over first 10 years2 534k oz Average mine-site AISC over first 10 years2,3 $1,025/oz 4 Sustaining capital includes capital leases and reclamation 5 The Base Case and Expansion Studies include a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 6 Economics for the Base Case and Expansion Studies are from 2026 onwards
Page 61
TSX:AGI | NYSE:AGI 61 IGD Expansion Case Life of Mine Plan – key assumptions • Total Mineral Reserves: 8.3M oz2 • Island Gold: 5.1M oz3 • 25% increase from Base Case LOM • Magino: 3.1M oz4 • 40% increase from Base Case LOM • All Mineral Resources excluded • Long-term throughput rate: 20,000 tpd • Long-term gold price: US$3,200/oz1 • Consistent with long-term consensus estimates • Conservative relative to current gold price • US$/C$: 0.74:11 • Life of mine plan & cash flows start Jan 1, 2026 1 The Expansion Study includes a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 2 Island Gold District: Proven & Probable Mineral Reserves total 8.3M oz Au (128.2 mt at 2.01 g/t Au); M&I Mineral Resources 2.0M oz Au (58.9 mt at 1.07 g/t Au); Inferred Mineral Resources 1.4M oz Au (16.9 mt at 2.57 g/t Au) as of December 31, 2025 3 Island Gold: Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); M&I Mineral Resources 0.6M oz Au (2.1 mt at 8.77 g/t Au); Inferred Mineral Resources 1.1M oz Au (2.9 mt at 11.51 g/t Au) as of Dec. 31, 2025 4 Magino: Proven & Probable Mineral Reserves total 3.1M oz Au (113.1 mt at 0.86 g/t Au); M&I Mineral Resources 1.4M oz Au (56.8 mt at 0.79 g/t Au); Inferred Mineral Resources 0.3M oz Au (14.0 mt at 0.75 g/t Au) as of Dec. 31, 2025
Page 62
TSX:AGI | NYSE:AGI 62 Key changes within IGD Expansion Study Base Case LOM (2025) Scope changes within Expansion Study Larger Mineral Reserve • 6.3M oz • 8.3M oz – 1.9m oz increase Underground mining rate (ore) • 2,400 tpd • 3,000 tpd Open pit mining rate (ore) • 14,000 tpd • 17,000 tpd Underground development • 129km (2026+) • 40km additional development – 30% larger Mineral Reserve Mill expansion • 12,400 tpd • 20,000 tpd – parallel circuit Underground mobile equipment • 10 u/g LHD’s, 8 bolters, 7 u/g haul trucks, 6 drills, 5 jumbos • +4 u/g LHD’s, +3 u/g bolters, +1 u/g haul truck, +1 jumbo, +1 drill Open pit mobile equipment • 18 haul trucks, 6 drills, 2 shovels • +8 haul trucks, +4 drills, +1 shovel Tailings expansion • Increase in lifts to support larger Mineable Reserve (45% increase in tonnes) Other infrastructure upgrades • Addition of airstrip near the mine • Addition of effluent treatment plant
Page 63
TSX:AGI | NYSE:AGI 63 IGD Expansion Study Key components of expansion already de-risked • Key permits in place • Mill permitted to operate at 35k tpd • Tailings facility permitted to contain 150M tonnes • Phase 3+ Expansion on track for completion Q4 2026 • Shaft sink at 98% of planned depth • Shaft infrastructure & paste plant to be commissioned Q4 2026 • Existing mill expansion underway designed for 20,000 tpd • Phase 3+ infrastructure designed for larger expansion • Shaft infrastructure & paste plant can support 3ktpd underground mining rates • 115kV power line project provides sufficient power for expansion to 20,000 tpd
Page 64
TSX:AGI | NYSE:AGI 64 Permitting – normal course permits required for IGD Expansion All permits required for current operation in place Island Gold ✓ Closure Plan Amendment for P3+ Expansion to 2,400 tpd – approved December 2023 ✓ ECA Air & Noise for P3+ - approved July 2024 o Amendments to Environmental Compliance Approvals (ECA) • Industrial Sewage Works – Magino Mine and Island Gold • Air & Noise – Magino Mine and Island Gold Mine o Closure Plan Amendments • Magino Mine and Island Gold Mine Normal course permits required for underground expansion to 3,000 tpd and mill expansion to 20,000 tpd Magino ✓ Closure Plan Amendment – approved October 2025 ✓ Mill – Federal EIS approved to 35k tpd processing rate ✓ TMF permitted under Federal EIS to 150 Mt; well beyond current Magino & Island Gold requirements
Page 65
TSX:AGI | NYSE:AGI 65 Progress to date – shaft site infrastructure substantially complete ✓ Shaft sinking 98% complete ✓ E-house & 44kVsubstation - completed in Nov 2023 ✓ Hoist house - completed in Nov 2023 ✓ Warehouse - completed in April 2024 ✓ Paste Plant – expected completion Q2 2026 ✓ Admin building & dry complex – expected completion Q3 2026 Headframe E-house Substation Propane storage Hoist house Bin house Warehouse Water handling facility Standby generator Admin building
Page 66
TSX:AGI | NYSE:AGI 66 Progress to date – paste plant to be completed Q2 2026 Paste plant & paste backfill • Capacity 3,000 tpd • Increased mining recovery • Additional >230k oz gold recovered • Improvements in mining process • Faster stope cycling supporting higher mining rates • Increased geotechnical stability • Reduced tailings capacity requirements • 65% of Island Gold tailings going back underground Paste Plant – January 2026 • Completion date: Q2 2026 • Commissioning: Q4 2026
Page 67
TSX:AGI | NYSE:AGI 67 Shaft designed to accommodate >3,000 tpd & future exploration success • 5,500 tpd capacity (ore+waste) • at initial 1,379 m depth • Average ore & waste mining rate skipped of ~4,700 tpd • 2,000 m hoisting design depth • To accommodate future exploration success • Deposit open laterally & at depth
Page 68
TSX:AGI | NYSE:AGI 68 Island Gold District site power overview Grid power to supply all site needs Current (2026) Future (20k tpd) CNG Plant Total Site Power Needs 36.2 MW Grid Power (44kV) 16.7 MW 19.5 MW 30.5 MW CNG Plant 66.5 MW Grid Power (44kV) 19.5 MW 16.7 MW 55 MW Grid Power (115kV) 47 MW1 (85MW ultimate capacity) Total Power Supply 83.8 MW Backup generator capacity • All power needs to be met with lower cost grid power post completion of 115 kV project late in 2026 • Magino mill expected to fully transition to grid power in late-2026 providing ~C$5/t processing cost savings • 115kV power line has additional capacity to support further growth & electrification of underground mobile fleet • CNG plant will transition to back up power for site 1 Line and substation to be built to 85 MW; Alamos currently approved for 47 MW
Page 69
TSX:AGI | NYSE:AGI 69 Island Gold District Tailings Sufficient capacity for Expansion Plan Magino – Tailings Management Facility (TMF) • Location: west of the Magino open pit • Design: downstream • Capacity: 150Mt permitted under Federal EIS – sufficient for IGD Expansion requirements • Island Gold TMF to be decommissioned late in 2026 • All tailings to be deposited within Magino TMF 2027+ • Magino TMF to be constructed in multiple stages using lifts • ~65% of Island Gold tailings to be utilized as paste underground
Page 70
TSX:AGI | NYSE:AGI 70 Island Gold Phase 3+ Expansion – capital committed to date (in US$M) As of December 31, 20253 Growth Capital (including indirects & contingency) P3+ Estimate as of June 20251 Spent to date1,2 Committed to date1 % Spent & Committed Shaft & Shaft Surface Complex 324 263 29 90% Mill Expansion4 67 64 29 139% Paste Plant 60 48 4 86% Power Upgrade5 38 46 3 128% General Indirect Costs 91 76 4 89% Total Growth Capital $580 $497 $69 98% Underground Equipment, Infrastructure & Accelerated Development 255 198 — 78% Total Growth Capital (including Accelerated Spend) $835 $695 $69 91% 1350L shaft station – January 2026 $141M remaining initial capital spend to completion 91% of total Phase 3+ growth capital spent & committed to date2 1 Reflects updated initial capital estimates released in June 2025 as part of the Base Case LOM Plan, based on USD/CAD exchange $0.73:1 in 2025 and $0.74:1 in 2026 and 2027. Spent to date based on average USD/CAD of $0.73:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at December 30, 2025 of $0.73:1 2 Amount spent to date accounted for on an accrual basis, including working capital movements; 3 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 4 Includes components for Magino mill expansion to 20,000 tpd 5 Power upgrade spent to-date is on a 100% basis and does not reflect partner’s contributions
Page 71
TSX:AGI | NYSE:AGI 71 Phase 3+ & IGD Expansion – project construction schedule 2025 2026 2027 2028 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Shaft Sinking Loading Pocket & Shaft Equipping Shaft Operational Underground ore & waste handling system Power Upgrade Paste Plant Magino Mill Expansion to 20,000 tpd • Shaft system expected to be completed & skipping ore in Q4 2026 • Underground ore & waste handling system to be completed in phases Q4 2026 (Loading pocket) to H1 2027 (Crusher) • Mill expansion to 20,000 tpd expected to be completed early 2028
Page 72
TSX:AGI | NYSE:AGI 72 IGD Expansion Increasing mining rates Austin Hemphill General Manager
Page 73
TSX:AGI | NYSE:AGI 73 Expansion Study Modest increase in mining rates to support higher milling rates Magino open pit • Ore mining rates to increase to ~17,000 tpd • Base Case LOM ore mining rate ~14,000 tpd • Total mining rate (ore + waste) to average ~80,000 tpd with a peak of ~100,000 tpd • Larger Mineral Reserve pit supports higher mining rates • Key requirements vs Base Case LOM: • Additional mobile equipment (8 haul trucks, 4 drills & 1 shovel) • Timeline: 2028
Page 74
74 TSX:AGI | NYSE:AGI 74 IGD Expansion Underground mining – longitudinal retreat stope sequence • Currently, stopes mined longitudinally from sill extremities towards the centre • As the ore body grows & mining progresses deeper, a more geotechnically sound approach will be employed • Stopes will be mined from the centre towards the sill extremities requiring increased underground development • Will support improved mining stress management & increased mining rates of 3,000 tpd Current mining practice – outside in As Mining Moves Deeper – Centre Out Stope Sequence
Page 75
TSX:AGI | NYSE:AGI 75 IGD Expansion Growing ore body to support underground mining rates of 3,000 tpd Island Gold underground • Mining rates to increase to 3,000 tpd • Shaft & ore/waste handling system designed to support > 3,000 tpd of ore • Key requirements vs Base Case LOM: • Additional mobile equipment (4 LHD’s, 3 bolters, 1 haul truck, 1 jumbo & 1 drill) • Accelerated underground development • Timeline: ramp up to 3,000 tpd expected end of 2028 • Paste plant to support increased mining rates
Page 76
TSX:AGI | NYSE:AGI 76 IGD Expansion LOM development IGD Expansion Study (2026) • 25% increase in Mineral Reserves to 5.1M oz Au • 40km of additional development to 169km (2026+) • $166M - accelerated development • $23M - underground equipment Base Case LOM (2025): • 4.1M oz underground Mineral Reserve • 129km of underground development over LOM (2026+)
Page 77
TSX:AGI | NYSE:AGI 77 Island Gold Ramp up schedule of underground ore mined • Shaft to be completed Q4-2026, supporting ramp up of mining rates 2,400 tpd in 2027 & 3,000 tpd by 2029 0 600 1,200 1,800 2,400 3,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Ore Mined (tpd) Total Ore Mined - Base Case LOM Total Ore Mined - Expansion Study
Page 78
TSX:AGI | NYSE:AGI 78 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 0 600 1,200 1,800 2,400 3,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Grade mined, g/t Au Ore mined, tpd Ore mined, tpd Grade mined, g/t Au Average grade, g/t Au Island Gold underground Mining ramp up schedule – ore & grades mined • Increasing mining rates & grades to support growing gold production • Higher grades mined earlier in the mine life optimizing profitability & economics Avg LOM grade: 10.61 g/t Au
Page 79
TSX:AGI | NYSE:AGI 79 Magino open pit ore & waste mined • Average mining rate (ore + waste) of ~80,000 tpd compared with ~67,000 tpd in Base Case LOM • Peak mining rate of just over 100,000 tpd compared with 74,000 tpd in Base Case 0 25,000 50,000 75,000 100,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Ore & Waste Mined (tpd) Total Ore & Waste Mined - Base Case LOM Total Ore & Waste Mined - Expansion Study
Page 80
TSX:AGI | NYSE:AGI 80 0.00 0.25 0.50 0.75 1.00 1.25 0 20,000 40,000 60,000 80,000 100,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Grade mined (g/t Au) Ore and Waste mined (tpd) Waste mined, tpd Ore mined, tpd Grade mined, g/t Au Average grade, g/t Au Magino open pit mining schedule – ore & grades mined • Mining rates of ore to average 17,200 tpd over the mine life, consistent processing rates of 17,000 tpd within expanded mill • Waste to ore ratio expected to average 3.6:1 Avg LOM grade: 0.87 g/t Au
Page 81
81 TSX:AGI | NYSE:AGI 81 Island Gold District Processing rate & blended grade profile • Underground mining rates expected to ramp up to 2,400 tpd by 2027 & 3,000 tpd by 2029 • Open pit processing rates to increase to ~17,000 tpd in 2028 with completion of mill expansion to 20,000 tpd 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 0 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Milled Grade (g/t Au) Ore milled (tpd) Magino ore milled (tpd) Island Gold ore milled (tpd) Milled gold grade (g/t Au)
Page 82
TSX:AGI | NYSE:AGI 82 10-year average production1: 534k oz; Mine-site AISC: $1,025/oz (post expansion) 15-year average production1: 490k oz; Mine-site AISC: $1,032/oz $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 0 100 200 300 400 500 600 700 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Mine-site AISC (US$/oz)2,3 Gold Production (000 oz Au) Production - Island Gold Production - Magino Mine Site AISC Island Gold District Expansion – production & cost profile 1 10-year period post Expansion completion from 2028 to 2037, 15-year average from 2026 to 2040 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense 2,3
Page 83
TSX:AGI | NYSE:AGI 83 IGD Expansion Processing
Page 84
TSX:AGI | NYSE:AGI 84 IGD Expansion – milling flowchart Island Gold mill to operate until completion of expansion in 2028 Total milling rate (tpd) Magino Open pit Island Gold Underground 1,702 2026 19,046 Magino millIsland Gold mill 10,674 1,265 447 8,969 Mining rate (tpd ore) 2029+ 20,000 Magino mill (post-expansion) 3,000 14,884 Magino Open pit Island Gold Underground 11,265 2027 Magino millIsland Gold mill 2,400 20,517 1,265 1,135 8,865 Magino Open pit Island Gold Underground 2028 2,475 16,859 Magino Open pit Island Gold Underground 19,409 2,475 16,934 17,0003,000 Magino mill (post-expansion)
Page 85
TSX:AGI | NYSE:AGI 85 Operating costs Chris Bostwick SVP, Technical Services
Page 86
TSX:AGI | NYSE:AGI 86 Mine & Surface MTC 16% Mine Consumables 15% Contractors 5%Labour 28% Misc G&A 10% Electricity 3% Fuel and gas 3% Mill Consumables 15% Lodging/Transportation 5% Island Gold Life of Mine Cost Structure Unit costs & currency sensitivities Unit Costs per tonne1 2026E3 Base Case LOM Average Expansion Study LOM Average % change Open Pit Mining C$6.81 C$4.14 C$4.85 +17% Underground Mining C$191 C$122 C$135 +11% Mill Processing C$30.60 C$16.38 C$18.13 +11% Administration C$23.72 C$13.43 C$12.41 -8% Total Cash Costs (US$/oz)2 $925 $685 $762 +11% Mine-site All-in Sustaining Costs (US$/oz) 2 $1,390 $983 $1,064 +8% 1 Per tonne mined for underground and open pit mining costs, and per tonne processed for mill and administration costs 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures; total cash cost and all-in sustaining costs per ounce over life of mine in IGD Expansion from 2026 to 2044 3 Total cash cost and all-in sustaining costs per ounce for 2026 are mid-point of 2026 guidance released on February 4, 2026 Significant Leverage to C$/US$ • >95% of all outflows C$ • $0.05 change in C$ impacts 2026 FCF2 by ~$40M • Costs to decrease substantially after 2026, driven by: • Connecting Magino mill to grid power by end of 2026 • 20,000 tpd mill expansion by early 2028 • Ramp up to 3,000 tpd underground by late 2028 • Mining & processing unit costs up from Base Case LOM reflecting inflation & increase in critical operating / maintenance roles
Page 87
TSX:AGI | NYSE:AGI 87 80 100 120 140 160 180 200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Underground mining costs (C$/t mined) Unit operating costs – underground mining • Completion of shaft to drive ~30% decrease in unit mining costs over LOM • Shaft will help maintain stable, lower unit costs as mining moves deeper vs truck haulage up a ramp Unit Mining Cost (C$/tonne) 2026E Avg Expansion Study LOM $191 $135
Page 88
TSX:AGI | NYSE:AGI 88 3.00 4.00 5.00 6.00 7.00 8.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Open pit mining costs (C$/t mined) Unit operating costs – open pit mining • Completion of a new truck shop in 2026 & elimination of most third-party maintenance to reduce unit costs in 2027 • Open pit mining unit costs to decrease further with Magino reaching a peak of ~100,000 tpd mined by 2032 Unit Mining Cost (C$/tonne) 2026E Avg Expansion Study LOM $6.81 $4.85
Page 89
TSX:AGI | NYSE:AGI 89 10.00 15.00 20.00 25.00 30.00 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Processing costs (C$/t mined) Unit operating costs – processing • Transition of Magino mill to grid power in late 2026 to drive ~C$5/t savings on total ore processed • Further reduction in processing costs in 2028 with completion mill expansion to 20,000 tpd & shutdown of Island Gold mill Unit Processing Cost (C$/tonne) 2026E Avg Expansion Study LOM $30.60 $18.13
Page 90
TSX:AGI | NYSE:AGI 90 IGD Expansion Study Capital Luc Guimond Chief Operating Officer
Page 91
TSX:AGI | NYSE:AGI 91 Island Gold District – site layout
Page 92
TSX:AGI | NYSE:AGI 92 IGD Mill Expansion to 20,000 – site layout New fine ore bins New truck shop New secondary crusher New gyratory crusher Existing mill New parallel circuit • Addition of parallel circuit to increase total capacity to 20,000 tpd • New circuit: • Capacity 10,000 tpd • Will process blend of high-grade underground ore & open pit ore • Existing circuit: • Capacity 10,000 tpd • Will continue to process open pit ore Existing secondary crusher Existing primary crusher
Page 93
TSX:AGI | NYSE:AGI 93 IGD Mill Expansion to 20,000 tpd – progress to date • Construction of new mill building, leach tanks & truck shop advancing New mill building – January 2026 New truck shop – January 2026
Page 94
TSX:AGI | NYSE:AGI 94 IGD Mill Expansion – new (parallel) circuit Twinning existing circuit with key changes to include: • Gyratory crusher • New secondary cone crusher • Fine ore bins • Additional leach tanks (8 tanks) • Additional CIP capacity • Elution circuit • Larger gold refinery
Page 95
TSX:AGI | NYSE:AGI 95 IGD Expansion Study Improvements to existing circuit • Connection to grid power late 2026 • Addition of gyratory crusher to support >20,000 tpd • Truck dump with permanent rock breaker allowing for direct tipping of ore • New ore bins to replace current tent configuration Gyratory crusher New ore bins Underground ore feed Open pit feed
Page 96
TSX:AGI | NYSE:AGI 96 IGD Expansion Schedule – summary • Majority of foundation for superstructure & tank farm completed • Foundation work for reagent area and detox tank foundation ongoing • Six of eight leach tanks erected, welding ongoing 2025 2026 2027 2028 Milestones Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Bulk Earthworks & Rock Removal Mill Building & Tank Farm Concrete & Steel Secondary Crusher and Bins Construction Gyratory Crusher Earthworks & Civil Gyratory Crusher Installation Grinding System Construction Thickening System Construction Mechanical, Electrical and Instrumentation Ramp up Mill to 20,000 tpd
Page 97
TSX:AGI | NYSE:AGI 97 IGD Expansion Study – total capital summary 1 Base Case LOM and Expansion Study capital from 2026 onwards 2 Please refer to Cautionary Notes on non -GAAP Measures and Additional GAAP Measures (in US$M) Base Case LOM1,2 (as of Jan 1, 2026) Expansion Study1,2 (as of Jan 1, 2026) Growth capital – Base Case LOM, including P3+ $151 $162 Growth capital – IGD Expansion (20,000 tpd) - $542 Total growth capital $151 $704 Sustaining capital $1,693 $2,342 Total capital $1,844 $3,046 Total production – life of mine (000 oz) 5,836 7,963 Total capital per ounce sold (US$/oz) $324 $393 Additional capital to support a larger operation vs. the Base Case LOM Plan • 45% increase in Mineral Reserve tonnes within the mine plan • Doubling Magino mill capacity to 20,000 tpd • Accelerated underground development • Addition to mobile equipment fleet in support of higher mining rates • Ongoing inflation $393/oz total capital – low capital intensity $1,155/oz low total all-in cost
Page 98
TSX:AGI | NYSE:AGI 98 IGD Expansion Study – growth capital Growth Capital (in US$M) Base Case LOM1,2 (as of Jan 1, 2026) Expansion Study1,2 (as of Jan 1, 2026) Base Case LOM (including P3+ capital) $151 $162 IGD Expansion Mill Expansion to 20 ktpd - $199 Accelerated Underground Development - $166 Incremental o/p and u/g mining equipment - $67 Water Treatment plant - $19 Expansion of open pit truck shop - $14 Camp expansion - $11 Other - $67 Total IGD Expansion (US$ million) - $542 Total Growth Capital (US$ million) $151 $704 Total Growth Capital per ounce sold ($/oz) $26 $91 $542M growth capital for IGD Expansion • ~70% related to mill expansion, additional mobile equipment & other infrastructure investments • ~30% accelerated development to support increase underground mining rates of 3,000 tpd $91/oz growth capital 1 Base Case LOM and Expansion Study capital from 2026 onwards 2 Please refer to Cautionary Notes on non -GAAP Measures and Additional GAAP Measures
Page 99
TSX:AGI | NYSE:AGI 99 IGD Expansion Study – sustaining capital Sustaining Capital (in US$M) Base Case LOM1,2 (as of Jan 1, 2026) Expansion Study1,2 (as of Jan 1, 2026) Underground Capital Development (incl. drifts) $664 $788 Open Pit Capitalized Stripping $224 $420 Open Pit Mobile Equipment and Maintenance $279 $373 Underground Mobile Equipment and Maintenance $290 $320 Tailings Facility $104 $261 Other $58 $78 Total Sustaining Capital ($ million) $1,619 $2,240 Reclamation $44 $74 Total Including Reclamation ($ million) $1,663 $2,314 Capital Leases $30 $28 Total Including Reclamation and Capital Leases ($ million) $1,693 $2,342 Total Sustaining Capital per ounce sold (US$/oz) $298 $302 Increased sustaining capital to support larger operation • Increased underground development with 25% larger Mineral Reserve • Increase in mobile equipment fleet to support higher mining rates • Additional tailings lifts with 45% increase in tonnes processed over mine life • Construction of near-mine airstrip to reduce transport times & increase productivity $302/oz consistent with Base Case LOM 1 Base Case LOM and Expansion Study capital from 2026 onwards 2 Please refer to Cautionary Notes on non -GAAP Measures and Additional GAAP Measures
Page 100
TSX:AGI | NYSE:AGI 100 Greg Fisher Chief Financial Officer Economics
Page 101
TSX:AGI | NYSE:AGI 101 Expansion Study – low-cost, long-life, significant upside Base Case LOM4 Expansion Study4 Total production (life of mine) 000 oz Au 5,836 7,963 Mine life Years 19 19 Revenue US$M $19,245 $25,878 Operating costs US$M $3,897 $5,914 Total taxes paid US$M $3,798 $4,984 Growth capital US$M $151 $704 Sustaining capital 1 US$M $1,693 $2,342 Total capital US$M $1,844 $3,046 Total capital per ounce sold 2 US$/oz $324 $393 All-in cost per ounce sold (life of mine) 2 US$/oz $1,009 $1,155 After-tax free cash flow ($3,200/oz Au)3 US$M $9,840 $11,851 After-tax NPV 5% ($3,200/oz Au) 2,3 US$M $7,187 $8,160 After-tax IRR ($3,200/oz Au) 5 % - 53% After-tax NPV 5% ($4,500/oz Au) 2,3 US$M $10,184 $12,239 After-tax IRR ($4,500/oz Au) 5 % - 69% 1 Sustaining capital includes capital leases and reclamation 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 The Baes Case and Expansion Studies include a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 53% After-tax IRR at $3,200/oz Au; 69% at $4,500/oz After-tax NPV 5% at $3,200/oz Au $8.2B After-tax NPV 5% at $4,500/oz Au $12.2B 4 Economics for the Base Case and Expansion Studies are from 2026 onwards 5 IRR is calculated on the differential after-tax cash flow between the IGD Expansion and running the operation at 12,400 tpd Combined acquisition cost for Island Gold (2017) & Magino (2024) $1.4B
Page 102
TSX:AGI | NYSE:AGI 102 $236 $642 $921 $910 $878 $738 $816 $863 $963 $867 $688 $563 $569 $715 $621 $345 $325 $167 $22 ($500) ($250) $0 $250 $500 $750 $1,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Total capital (US$M) Operating cash flow (US$M) After-tax mine site free cash flow (US$M) Expansion to 20,000 tpd – cash flow profile at $3,200/oz1 • Expansion fully funded by Island Gold District with significant FCF growth starting in 2027 • $821 million average annual after-tax FCF post expansion (2028-2037) $821m avg. FCF ($3,200/oz)1,2 1 The Expansion Study includes a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 2 10-year average post completion of the expansion in 2028 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3
Page 103
TSX:AGI | NYSE:AGI 103 $341 $777 $1,153 $1,221 $1,378 $1,202 $1,304 $1,353 $1,500 $1,353 $1,099 $932 $933 $1,116 $969 $552 $508 $261 $71 ($500) $0 $500 $1,000 $1,500 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Total capital (US$M) Operating cash flow (US$M) After-tax mine site free cash flow (US$M) Expansion to 20,000 tpd – cash flow profile at $4,500/oz1 • $1.3 billion average annual after-tax FCF post expansion (2028-2037) $1.3B avg. FCF ($4,500/oz) 2 1,2 1 The Expansion Study includes a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 2 10-year average post completion of the expansion in 2028 3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
Page 104
TSX:AGI | NYSE:AGI 104 • Attractive returns in any gold price environment with less than a 2-year payback • Mill expansion supported by a larger open pit alone Expansion Study – significant leverage to the gold price Gold Price After-tax NPV 5% (US$M)1 IRR (%)3 $2,800 $6,046 43% $3,200 (Base case2) $8,160 53% $3,600 $8,962 56% $4,000 $10,419 62% $4,500 $12,239 69% $5,000 $14,060 75% $5,500 $15,880 81% 1 NPV is calculated for life of mine starting January 1, 2026 2 The Expansion Study includes a gold price of $4,000/oz in 2026 & 2027, $3,800/oz in 2028, $3,600/oz in 2029, and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of 0.74:1 from 2026 onwards 3 IRR is calculated on the differential after-tax cash flow between the Expansion Study and running the operation at 12,400 tpd $6,046 $8,160 $8,962 $10,419 $12,239 $14,060 $15,880 $2,800 $3,200 $3,600 $4,000 $4,500 $5,000 $5,500 After-tax NPV(5%) Gold price (US$/oz) After-tax NPV 5% (US$M)1 2
Page 105
TSX:AGI | NYSE:AGI 105 Operation Annual Profitability (US$M) (AISC3 Margin x annual production) Detour 2,052 Island Gold District (post IGD Expansion) 1,589 Canadian Malartic 1,504 Meadowbank 1,217 Meliadine 1,148 Rainy River 956 Macassa 900 LaRonde Complex 873 Blackwater 839 Côté 822 Island Gold District (2026E) 809 Snow Lake 609 Greenstone 605 Brucejack 571 Lamaque Complex 498 Musselwhite 497 Porcupine 494 Valentine 481 Young-Davidson 427 Hemlo 340 Back River 333 Island Gold District One of largest, lowest-cost, & longest-life gold mines in Canada Annual production – 3rd largest Operation Owner 2026E Production1 (koz) Detour Agnico Eagle 735 Canadian Malartic Agnico Eagle 560 Island Gold District (post IGD Expansion) Alamos Gold 5342 Meadowbank Agnico Eagle 450 Côté IAMGOLD/Sumitomo 411 Meliadine Agnico Eagle 410 Rainy River Coeur (Pro Forma) 350 Macassa Agnico Eagle 325 LaRonde Complex Agnico Eagle 320 Island Gold District (2026E4) Alamos Gold 310 Blackwater Artemis Gold 278 Greenstone Equinox Gold 275 Brucejack Newmont 267 Porcupine Discovery Silver 260 Back River B2Gold 250 Musselwhite Orla 213 Snow Lake Hudbay 190 Lamaque Complex Eldorado 185 Valentine Equinox Gold 175 Young-Davidson Alamos Gold 163 Hemlo Hemlo Mining 138 1 Source: CIBC, company reports 2 10-year average post Expansion (2028+) 3 AISC Margin calculated as gold price less AISC with a $4,000/oz gold price assumed 4 2026E is mid-point of production and AISC guidance for Island Gold District Top 3 lowest cost Operation 2026E AISC1 (US$/oz) Snow Lake 795 Blackwater 975 Island Gold District (post IGD Expansion) 1,0252 Meliadine 1,199 Detour 1,209 Macassa 1,232 Valentine 1,250 Rainy River 1,268 LaRonde Complex 1,271 Meadowbank 1,294 Lamaque Complex 1,307 Canadian Malartic 1,315 Island Gold District (2026E4) 1,390 Hemlo 1,538 Musselwhite 1,665 Young-Davidson 1,760 Greenstone 1,800 Brucejack 1,858 Côté 1,997 Porcupine 2,101 Back River 2,666 2nd most profitable
Page 106
TSX:AGI | NYSE:AGI 106 Island Gold District Growing Canadian production 1 Source: CIBC, company reports and Capital IQ; Alamos production for 2026E based on mid-point of guidance 2 Includes Island Gold District 10-year average post Expansion (2028+) Alamos – 2nd largest gold producer in Canada …. and growing Company 2026E Canadian Production1 (koz) Agnico Eagle 2,930 Alamos (post IGD Expansion & Lynn Lake)2 885 Alamos (post IGD Expansion)2 699 Alamos 475 Coeur (Pro Forma) 463 Equinox 450 IAMGOLD 416 Newmont 318 Artemis 278 Discovery Silver 260 B2Gold 250 Hudbay 215 Orla 213 Wesdome 208 Eldorado 185 Centerra 142 Hemlo Mining 138 Evolution 138 Pan American 129 Further upside through significant exploration potential
Page 107
TSX:AGI | NYSE:AGI 107 Closing summary – Island Gold District Expansion Attractive economics…with significant upside The new Island Gold District… One of Canada’s largest, lowest-cost & most valuable gold mines: • 534k oz average annual production over initial 10 years1 • $1,025 oz mine-site AISC1,2,3 – first quartile costs • $12B after-tax NPV at $4,500/oz Au 1 10-year average post completion of the expansion in 2028 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 For the purposes of calculating all-in sustaining costs at individual mine sites, the Company does not include corporate administrative and corporate share based compensation expenses … with further upside potential to come Significant exploration upside: • Near mine potential at Island Gold & Magino • High-grade regional targets – additional potential sources of ore within larger mill
Page 108
TSX:AGI | NYSE:AGI 108 Scott R.G. Parsons VP, Exploration Exploration
Page 109
Exploration TSX:AGI | NYSE:AGI 109 01 Exploration Strategy 02 2026 Exploration Budget 03 Exploration Overview by Asset • Island Gold District • Young-Davidson • Mulatos District • Lynn Lake Project • Qiqavik Gold Project
Page 110
TSX:AGI | NYSE:AGI 110 Exploration Strategy Strong team ✓ Exploration is lead and executed by technically strong, motivated teams, with a focus on geology Disciplined, Success-Driven Capital Allocation Organic growth & high-quality pipeline ✓ Focus on near-mine exploration, expanding Mineral Reserves and Resources at existing operations ✓ Establish large land packages around existing operations with significant potential for additional regional discoveries ✓ Evaluation of highly-prospective, underexplored greenfields opportunities in favourable jurisdictions and geological settings ✓ Significant ongoing exploration potential across the asset base, at all stages of exploration ✓ +8Moz of Mineral Resources delineated over the past seven years at a cost of $31/oz ✓ Replaced >2x production over that period with higher- quality, higher-margin ounces supporting low-cost-organic growth initiatives across the business ✓ $97M record exploration budget in 2026 with a total of 238,000 m of drilling planned globally The objective is to maintain and extend mine life by replacing depletion at our operations with similar, or preferably higher-quality ounces.
Page 111
TSX:AGI | NYSE:AGI 111 752 887 1,007 1,215 1,310 1,338 1,464 1,725 2,285 5,141 91 111 196 184 166 286 291 716 601 590 996 908 1,573 2,298 3,208 3,454 3,529 3,682 3,774 1,061 457 556 662 812 951 1,092 1,226 1,357 1,512 1,675 4 5 6 7 8 9 10 11 12 (1,700) (700) 300 1,300 2,300 3,300 4,300 5,300 6,300 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Island Gold underground Growth & increase in grades supporting larger, more valuable operation Mineral Reserve & Resource growth conversion rate of Inferred Mineral Resources to Reserves3 >90% 1 See Mineral Reserve and Resource estimates and associated footnotes in appendix 2 Includes Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); M&I Mineral Resources 590k oz Au (2.1 mt at 8.77 g/t Au); Inferred Mineral Resources 1.1M oz Au (2.9 mt at 11.51 g/t Au) as of Dec. 31, 2025 3 Since completion of acquisition of Island Gold in November 2017 Grade (g/t Au) 2 increase in Mineral Reserves since P3+ Study to 5.1M oz2 +284% $14/oz discovery cost over past five years Mineral Reserve grade Mineral Reserves (k oz) M&I Mineral Resources (k oz) Inferred Mineral Resources (k oz) Cumulative oz produced (k oz)
Page 112
TSX:AGI | NYSE:AGI 112 2026 guidance – exploration budget (US$M) 2026 Guidance 2025 Guidance Island Gold District $43 $27 Young-Davidson $17 $11 Mulatos $21 $19 Lynn Lake $6 $4 Qiqavik $7 $7 Total Exploration $97 $72 Island Gold District (98,000 m Mine Exploration, 16,000 m Regional): • Mineral Resource Expansion at Island Gold and advancing Cline-Pick towards MRE. In addition to exploration, 28,000 m of delineation drilling focused on Mineral Resource to Mineral Reserve Conversion. Young-Davidson (48,000 m Mine Exploration, 10,000 m Regional): • Mine Exploration focused on defining higher-grade mineralization in proximity to infrastructure, and regional exploration is testing high- priority targets across the expanded land package. Mulatos (44,500 m Resource Expansion and Regional): • Continued expansion of Cerro Pelon, new Halcon sulphide discovery & advance targets across the Mulatos district. Lynn Lake (13,500 m, Resource Expansion): • Exploration below the Gordon and MacLellan planned open pits, testing the potential for underground mining opportunities. Qiqavik (8,000 m Regional Exploration): • Advancing the new discoveries from 2025 program, and testing other high priority targets in the pipeline.
Page 113
TSX:AGI | NYSE:AGI 113 Evolution of Island Gold – year-end 2016 (acquired November 2017) Mineral Reserves & Resources as of Dec 31, 2016 Category Tonnage Grade Au g/t Ounces Au Proven & Probable 2,527,299 9.26 752,209 Measured & Indicated: 478,811 5.94 91,426 Inferred: 3,041,836 10.18 995,717 ER
Page 114
TSX:AGI | NYSE:AGI 114 Island Gold – Mineral Reserves & Resources as of December 31, 2019 Mineral Reserves & Resources as of Dec 31, 2019 Category Tonnage Grade Au g/t Ounces Au Proven & Probable 3,642,900 10.37 1,215,100 Measured & Indicated: 878,600 6.51 184,000 Inferred: 5,392,300 13.26 2,298,000 ER Initial P3 Study
Page 115
TSX:AGI | NYSE:AGI 115 Island Gold – Mineral Reserve & Resources as of December 31, 2022 ER P3+ Study
Page 116
TSX:AGI | NYSE:AGI 116 Island Gold – Mineral Reserves & Resources as of December 31, 2024 Base Case LOM Update
Page 117
TSX:AGI | NYSE:AGI 117 Island Gold – Mineral Reserves & Resources as of December 31, 2025 Island Gold District Expansion
Page 118
TSX:AGI | NYSE:AGI 118 Island Gold – All Drillhole Intersections (C/E1E Zone)
Page 119
TSX:AGI | NYSE:AGI 119 Island Gold Mine – 2025 Mine Exploration Drilling HW/FW Zones • 2,000 composite intervals in the hanging wall and footwall currently in “Unknown Zones”. • Will be a focus of drilling as underground platforms are established across the 2km strike-length of the deposit. • In proximity to existing infrastructure and low cost to develop.
Page 120
TSX:AGI | NYSE:AGI 120 Island Gold Mine – Significant Exploration Potential C-Zone Potential Extension South of Webb Lake Stock Island Gold Down-plunge Island Gold East/Down- plunge
Page 121
TSX:AGI | NYSE:AGI 121 Island Gold Exploration Target – C-Zone South of Webb Lake Stock Webb Lake Stock Magino YE2025 Reserve Pit Oblique View, Looking NE
Page 122
TSX:AGI | NYSE:AGI 122 Island Gold Exploration Target – C-Zone South of Webb Lake Stock 1500 m Webb Lake Stock Island Gold Magino Reserve Pit Cross section looking NE
Page 123
TSX:AGI | NYSE:AGI 123 Island Gold Exploration Target – C-Zone South of Webb Lake Stock 1500 m Webb Lake Stock Magino Reserve Pit Cross section looking NE
Page 124
TSX:AGI | NYSE:AGI 124 Island Gold East Strike Extension Exploration Target 8.79 g/t over 2.65 m 4.17 g/t over 5.26 m Island Gold Mine East (within outlined area) Mineral Reserves as of December 31, 2025 Category Tonnes Grade (g/t Au) Ounces Au Proven & Probable: 3,313,997 15.31 1,631,589 20.67 g/t / 13.50 m 31.39 g/t / 2.45 m 23.21 g/t / 3.25 m 12.59 g/t / 6.00 m 51.80 g/t / 7.10 m 11.90 g/t / 5.45 m 27.44 g/t / 3.00 m
Page 125
TSX:AGI | NYSE:AGI 125 Island Gold Regional – North Shear
Page 126
TSX:AGI | NYSE:AGI 126 Island Gold Regional – Cline, Edwards, and Pick Mines
Page 127
TSX:AGI | NYSE:AGI 127 Island Gold Regional – Cline, Edwards, and Pick Mines
Page 128
TSX:AGI | NYSE:AGI 128 Island Gold Regional – Cline, Edwards, and Pick Mines
Page 129
TSX:AGI | NYSE:AGI 129 Island Regional Exploration 2025 – Cline Pick DH 25IGX128
Page 130
TSX:AGI | NYSE:AGI 130 Island Gold Regional – Cline, Edwards, and Pick Mines 450m 9 km A A’ A’ A Magino Island Gold Edwards Cline-Pick 178.07 g/t Au over 3.54 m (25IGX128) A
Page 131
TSX:AGI | NYSE:AGI 131 Longitudinal of Canadian underground gold deposits Red Lake - Campbell La Ronde • Commercial Production 1949 • Historical Production 20M oz Au • Reserves 2.7M oz 2 • M&I Resources 4.4M oz 2 • Inferred Resources 4.5M oz 2 • Commercial Production 1988 • Historical Production 6M oz Au • Reserves 2.7M oz 3 • M&I Resources 1.5M oz 3 • Inferred Resources 1.2M oz 3 Island Gold Underground • Commercial Production 2007 • Historical Production 1.6 M oz Au • Reserves 5.1M oz 1 • M&I Resources 590k oz1 • Inferred Resource 1.1M oz 1 1 Proven & Probable Mineral Reserves total 5.1M oz Au (15.1 mt at 10.61 g/t Au); M&I Mineral Resources 590k oz Au (2.1 mt at 8.77 g/t Au); Inferred Mineral Resources 1.1M oz Au (2.9 mt at 11.51 g/t Au) as of Dec. 31, 2025 2 Red Lake - Campbell: As of Year End 2023, Includes Proven & Probable Mineral Reserves of 2.7M oz (12.4 mt at 6.9 g/t Au), Measured and Indicated Mineral Resources of 4.4M oz (42.7 mt at 6.5 g/t Au) And Inferred Resources of 4.5M oz (22.7 mt at 6.1 g/t Au) 3 La Ronde: As of Year End 2024, Includes Proven & Probable Mineral Reserves of 2.7M oz (20.0 mt at 4.26 g/t Au), Measured and Indicated Mineral Resources of 1.5M oz (16.9 mt at 2.79 g/t Au) And Inferred Resources of 1.2M oz (8.8 mt at 4.4 g/t Au) • Underground gold deposits in Canadian shield can extend well below a depth of 3km • Island Gold has been drilled to a depth of 1.7km & remains open laterally & down plunge Island Gold Deposit Mined out, extent of gold mineralization
Page 132
TSX:AGI | NYSE:AGI 132 • 2017: Richmont Mines acquisition • 9,500 ha total • 2020: Trillium Mining acquisition • 5,400 ha (14,900 ha total) • 2023: Manitou Gold acquisition • 40,000 ha (54,900 ha total) • 2024: Magino acquisition • +5,000 ha (59,900 ha total) Consolidation of Michipicoten Greenstone Belt • 60+ km strike along the most significant gold trend within the Michipicoten Greenstone Belt • Systematic district-scale targeting and exploration approach to rapidly generate and test new exploration targets.
Page 133
TSX:AGI | NYSE:AGI 133 Island Gold 2026 – Underground Mine Exploration Program (50,000 m) 6,000m 5,000m 18,000m 10,000m 3,000m 8,000m
Page 134
TSX:AGI | NYSE:AGI 134 Island Gold 2026 - Surface Mine Exploration Program (48,000 m) 4,000m 5,000m 36,000m 3,000m
Page 135
TSX:AGI | NYSE:AGI 135 Mulatos – Exploration
Page 136
TSX:AGI | NYSE:AGI 136 Mulatos – Puerto Del Aire (PDA)
Page 137
TSX:AGI | NYSE:AGI 137 Mulatos – Cerro Pelon Plan Map
Page 138
TSX:AGI | NYSE:AGI 138 Mulatos – Cerro Pelon Cross Section
Page 139
TSX:AGI | NYSE:AGI 139 Mulatos – Halcon Sulphide Discovery (2025)
Page 140
TSX:AGI | NYSE:AGI 140 Young Davidson Exploration – Update YE2025
Page 141
TSX:AGI | NYSE:AGI 141 Young Davidson Exploration – HW Zone
Page 142
TSX:AGI | NYSE:AGI 142 Young Davidson Exploration – South Syenite Target
Page 143
TSX:AGI | NYSE:AGI 143 Young Davidson – Otisse NE Young Davidson Otisse NE – 2024 Drilling 2.16 g/t Au over 27.0 m 2.66 g/t Au over 22.4 m 1.12 g/t Au over 18.0 m 0.93 g/t Au over 20.6 m Otisse NE
Page 144
TSX:AGI | NYSE:AGI 144 A A’ AA’ Cross section, looking west, 1.5km window, all DDH Lynn Lake Gold Project
Page 145
TSX:AGI | NYSE:AGI 145 A A’ AA’ Cross section, looking west, 1.5km window, all DDH Lynn Lake Gold Project – BT and Linkwood
Page 146
TSX:AGI | NYSE:AGI 146 Lynn Lake Gold Project – Gordon 146 FL12-25 7.79 g/t Au/ 30.00m Incl. 9.88 g/t Au/ 6.40 m And 15.26 g/t Au/ 3.00 m 200m FL13-15 5.44 g/t Au/ 18.00 m Incl. 9.79 g/t Au/ 5.00 m FL12-02 5.88 g/t Au /10.0 m Incl. 13.52 g/t Au / 3.0 m A A’ A A’ 400m 654-342 4.85 g/t Au (4.28 g/t Au cut)/ 17.29 m Incl. 27.74 g/t Au (23.12 g/t Au cut)/ 2.13 m FL13-09 7.70 g/t Au/ 6.60 m Incl. 10.54 g/t Au over 4.60 m • Gordon long section with 2023 Reserve Pit and 0.5 gpt Au grade shell • Composites with 1 g/t Au cut off (cut at 40 g/t Au) 2026 Exploration Drilling • 14 holes, 6,750 m
Page 147
TSX:AGI | NYSE:AGI 147 Lynn Lake Gold Project – MacLellan 147 GORDON – cross section 10075-1 3.37 g/t Au/ 60.00 m Incl. 9.46 g/t Au/ 2.00 m Incl. 16.62 g/t Au/ 2.06 m MG08-09 6.39 g/t Au/ 18.00 m Incl. 24.70 g/t/ 1.40 m MG08-16A 9.45 g/t Au (9.29 g/t Au cut)/20.00 m Incl. 17.82 g/t Au (17.46 g/t Au cut)/ 9.00 m MG08-08 13.35 g/t Au (9.66 g/t Au cut)/ 11.00 m Incl. 48.27 g/t Au (27.95 g/t Au cut)/ 2.00 m MU242 10.13 g/t Au (9.69 g/t Au cut)/ 18.29 m Incl. 18.74 g/t Au (16.80 g/t Au cut)/ 4.13 m Incl. 30.70 g/t Au / 1.46 m MG08-17 4.55 g/t Au/31.00 m Incl. 13.19 g/t Au/3.00 m MU206 9.11 g/t Au/ 18.42 m Incl. 30.42 g/t Au/ 1.73 m MU249 6.28 g/t Au/ 19.07 m Incl. 11.01 g/t Au / 7.52 m MU236 9.13 g/t Au/ 14.22 m MG11-43 6.33 g/t Au/ 17.00 m Incl. 12.35 g/t Au / 5.00 m MG08-17 9.02 g/t Au/12.00 m Incl. 34.52 g/t Au 2.50 m A A’ A A’ • MacLellan long section with 2023 Reserve Pit and 2021 0.3 g/t isoshells. • Composites with 1 g/t Au cut off (cut at 45 g/t Au) 2026 Exploration Drilling • 9 holes, 6,750 m
Page 148
TSX:AGI | NYSE:AGI 148 A A’ AA’ Cross section, looking west, 1.5km window, all DDH Qiqavik Gold Project
Page 149
TSX:AGI | NYSE:AGI 149 A A’ AA’ Cross section, looking west, 1.5km window, all DDH Qiqavik Gold Project - Avinngaq Target 54.44 g/t Au over 2.44 m including 80.00 over 1.00 m (25QKX009)
Page 150
TSX:AGI | NYSE:AGI 150 A A’ AA’ Cross section, looking west, 1.5km window, all DDH Qiqavik Gold Project - Kuulti Target Boulder Dispersal • Kuulti Boulder Trend is approximately 700 m long and 50 m wide • Many of these boulders contain visible gold >600 g/t Au • The up-ice termination of the boulder dispersal trend coincides with the northern margin of the Mivviq deformation corridor • Five of six holes intersected gold mineralization, and two holes intersected milky-white quartz veins containing visible gold and arsenopyrite • 2.06 g/t Au over 14.95 m (25QKX020) including; • 11.35 g/t Au over 1.20 m; and • 2.11 g/t Au over 4.05 m (25QKX020) including; • 9.23 g/t Au over 0.30 m
Page 151
TSX:AGI | NYSE:AGI 151 Exploration Budget - Continuous Mineral Reserve & Resource Growth $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2020A 2021A 2022A 2023A 2024A 2025E 2026E Exploration Spending (US$M) Island Gold District Young-Davidson Mulatos Lynn Lake Other Growing exploration spending based on success across the assets 1 Proven & Probable Mineral Reserves total 16.03M oz Au (263.7 mt at 1.89 g/t Au); M&I Mineral Resources 4.71M oz Au (107.1 mt at 1.37 g/t Au); Inferred Mineral Resources 1.92M oz Au (28.4 mt at 2.10 g/t Au) as of Dec. 31, 2024 (Island Gold District is updated as of Dec.31, 2025). See Mineral Reserve and Resource estimates and associated footnotes in appendix Mineral Reserves growing in size & quality1 9,702 9,726 9,870 10,257 10,455 10,688 13,954 16,025 576 1,131 1,713 2,304 3,032 3,538 4,132 1.51 1.49 1.50 1.58 1.63 1.65 1.45 1.89 - 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 -4,000 1,000 6,000 11,000 16,000 21,000 2018 2019 2020 2021 2022 2023 2024 2025 P&P Mineral Reserve (000 oz) Cumulative Depletion (000 oz) P&P Mineral Reserve Grade (g/t) Mineral Resources1 delineated over past seven years +8M oz Discovery cost $31/oz
Page 152
TSX:AGI | NYSE:AGI 152 John A. McCluskey President & CEO Closing
Page 153
TSX:AGI | NYSE:AGI 153 Alamos Gold – positioned for long-term success Leading growth profile Declining cost profile Growing free cash flow Sustained value creation Ongoing exploration success Low-risk profile ~1M oz annual production expected by 2030 18% decrease in AISC expected by 2028 to ~$1,250/oz; further reductions through 2030 While funding high-return growth $14B combined value created since acquisition of largest assets 89% of net asset value supported by high- quality long-life Canadian assets1 Uniquely positioned 1 Average mine life based on Mineral Reserves as of December 31, 2024 for Young-Davidson and Lynn Lake, and December 31, 2025 for Island Gold District; see Mineral Reserve & Resource estimates and associated footnotes in appendix 8M oz Mineral Resources delineated over past six years at cost of ~$31/oz
Page 154
TSX:AGI | NYSE:AGI 154 a Q&A
Page 155
TSX:AGI | NYSE:AGI 155 Appendix
Page 156
TSX:AGI | NYSE:AGI 156 Island Gold District Expansion Study Detailed life of mine plan LOM avg 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Underground ore mined (tpd) 2,750 1,702 2,400 2,475 3,000 3,000 2,998 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 1,682 - - - - Open pit ore mined (tpd) 17,169 19,046 20,517 16,859 14,884 14,007 19,887 18,205 12,806 10,129 8,486 11,867 15,025 18,364 22,618 26,761 23,648 18,768 2,564 - Open pit total tonnes mined (tpd) 80,119 54,019 63,014 68,306 71,857 79,199 90,411 101,093 97,176 96,165 92,876 98,692 102,135 94,027 81,720 76,668 54,795 39,864 5,412 - Underground ore processed (tpd) 2,751 1,712 2,400 2,475 3,000 3,000 2,998 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 1,679 - - - - Open pit ore processed (tpd) 16,303 8,969 8,865 16,934 17,000 17,000 17,002 17,000 17,000 17,000 17,000 17,000 17,000 17,000 17,000 18,321 20,000 20,000 20,000 9,667 Total ore processed (tpd) 18,903 10,674 11,265 19,409 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 9,667 Underground grade processed (g/t Au) 10.61 10.56 10.95 11.74 10.42 12.73 10.14 11.17 12.24 14.37 13.00 9.84 7.94 6.98 7.71 8.81 - - - - Open pit grade processed (g/t Au) 0.86 1.10 1.03 0.87 0.86 0.75 1.00 0.94 0.78 0.67 0.61 0.74 0.83 0.98 1.06 1.14 1.08 0.96 0.53 0.46 Processed grade - combined (g/t Au) 2.01 2.60 3.15 2.26 2.29 2.55 2.37 2.48 2.49 2.72 2.47 2.10 1.90 1.88 2.06 1.79 1.08 0.96 0.53 0.46 Gold production (oz) 419,125 315,649 403,255 497,725 518,674 578,475 536,853 563,315 566,009 619,757 560,956 475,428 426,923 421,500 463,859 403,110 240,886 212,706 111,447 46,840 Gold sales (oz)1 408,275 306,179 394,303 486,496 505,405 563,629 522,913 549,366 551,113 603,596 546,248 463,164 415,873 410,709 452,081 392,626 233,659 206,325 108,104 45,435 Operating costs Underground mining costs (C$/tonne) $135 $191 $130 $131 $126 $126 $125 $125 $131 $138 $138 $144 $138 $134 $133 $133 - - - - Open pit mining costs (C$/tonne) $4.85 $6.81 $5.15 $4.96 $4.79 $4.68 $4.56 $4.32 $4.45 $4.50 $4.61 $4.40 $4.31 $4.41 $4.89 $4.94 $5.61 $5.87 $18.39 - Unit milling costs (C$/tonne) $18.13 $30.60 $23.73 $17.77 $17.84 $17.84 $17.84 $17.83 $17.84 $17.84 $17.84 $17.83 $17.84 $17.84 $17.84 $17.30 $16.64 $16.53 $16.53 $16.52 Unit G&A costs (C$/tonne) $12.41 $23.72 $21.36 $12.30 $12.02 $12.02 $12.17 $12.27 $12.78 $13.27 $13.24 $13.94 $13.59 $13.55 $14.22 $11.69 $9.34 $8.38 $5.38 $6.89 Total cash costs (US$/oz)2 $762 $896 $632 $648 $663 $600 $641 $612 $629 $606 $696 $867 $960 $946 $821 $763 $935 $1,035 $2,052 $2,746 Mine-site AISC (US$/oz)2,3 $1,064 $1,358 $1,101 $955 $1,043 $958 $1,059 $1,011 $970 $926 $999 $1,142 $1,269 $1,180 $877 $835 $1,037 $1,057 $2,097 $3,813 Capital expenditures Sustaining capex (US$M) $2,314 $129 $176 $146 $202 $219 $211 $217 $188 $193 $166 $127 $129 $96 $26 $28 $24 $5 $5 $48 Sustaining capital leases (US$M) $28 $13 $8 $3 - - - - - - - - - - - - - - - - Growth capex (US$M) $704 $392 $162 $87 $10 $13 $28 $13 - - - - - - - - - - - - Total capex (US$M) $3,046 $533 $347 $236 $202 $214 $247 $232 $188 $193 $166 $127 $129 $96 $26 $28 $24 $5 $5 $48 1 Sales are lower than production reflecting the delivery of in-kind royalties at Island Gold and Magino 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate administrative expense and corporate share-based compensation expense
Page 157
TSX:AGI | NYSE:AGI 157 2026 guidance 2026 Guidance Island Gold District Young- Davidson Mulatos District Lynn Lake Total Gold production4 (000 oz) 290 - 330 155 - 175 125 - 145 570 - 650 Total cash costs1,4 ($/oz) $875 - 975 $1,350 - 1,450 $930 - 1,030 - $1,020 - 1,120 All-in sustaining costs1,2,4 ($/oz) $1,340 - 1,440 $1,730 - 1,830 $1,000 - 1,100 - $1,500 - 1,600 Capital expenditures (US$M) Sustaining capital1,3 $135 - 150 $55 - 65 $3 - 5 - $193 - 220 Growth capital1,3.4 $355 - 385 $25 - 30 $137 – 145 $140 - 160 $657 - 720 Total Sustaining and Growth Capital1,3,4 (US$M) $490 - 535 $80 - 95 $140 - 150 $140 - 160 $850 - 940 Capitalized exploration (US$M) $33 $12 $9 $6 $60 Total capital expenditures & capitalized exploration (US$M)1,4 $523 - 568 $92 - 107 $149 - 159 $146 - 166 $910 – 1,000 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative expense, and share-based compensation expenses. Individual mine-site all-in sustaining costs do not include an allocation of corporate and administrative expense, or corporate share-based compensation expenses. 3 Sustaining and growth capital guidance excludes capitalized exploration 4 Previous guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025. Production and capital guidance were revised on October 29, 2025
Page 158
TSX:AGI | NYSE:AGI 158 2026 - 2028 guidance 2026 2027 2028 Current Previous Current Previous Current Gold Production (000 oz) Island Gold District 290 - 330 330 - 355 380 – 420 375 - 400 470 – 510 Young-Davidson 155 - 175 180 - 195 155 – 175 180 - 195 155 – 175 Mulatos District 125 - 145 120 - 130 115 – 135 125 - 135 130 -150 Total Gold Production (000 oz) 570 - 650 630 - 680 650 - 730 680 - 730 755 - 835 Total Cash Costs(1) ($/oz) $1,020 - 1,120 $800 - 900 $825 - 925 $775 - 875 $775 - 875 All-in Sustaining Costs(1),(2) ($/oz) $1,500 - 1,600 $1,150 - 1,250 $1,325 -1,425 $1,125 - 1,225 $1,200 - 1,300 Sustaining capital(1),(3) ($ millions) $193 - 220 $160 - 175 $235 - 255 $180 - 200 $210 - 235 Growth capital ex. Lynn Lake, PDA & Island Gold District Expansion(1),(3) ($ millions) $140 – 155 $105 - 130 $40 – 60 $20 – 25 $30 - 45 Total sustaining & growth capital(1),(3) ex. Lynn Lake & Island Gold District Expansion ($ millions) $333 - 375 $265 - 305 $275 – 315 $200 – 225 $240 - 280 Island Gold District Expansion ($ millions) $240 - 260 - $130 – 145 - $80 - 90 Lynn Lake ($ millions) $140 - 160 $250 - 275 $380 – 410 $235 – 260 $290 - 310 PDA ($ millions) $137 - 145 $105 - 110 $15 – 20 $15 – 20 - Total sustaining & growth capital(1),(3) inc. Lynn Lake ($ millions) $850 - 940 $620 - 690 $800 – 890 $450 - 505 $610 - 680 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Total consolidated all-in sustaining costs include corporate and administrative expense, and share-based compensation expenses. Individual mine-site all-in sustaining costs do not include an allocation of corporate and administrative expense, or corporate share-based compensation expenses. 3 Sustaining and growth capital guidance excludes capitalized exploration
Page 159
TSX:AGI | NYSE:AGI 159 Island Gold District Expansion Study 1 Total cash costs and mine-site all-in sustaining costs include royalties and silver as a by-product credit 2 Please refer to the Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 3 Total all-in cost per ounce sold is calculated as total cash cost per ounce plus total capital per ounce sold over the life of mine 4 IGD Expansion include a gold price of $4,000/oz in 2026 and 2027, $3,800/oz in 2028, $3,600/oz in 2029 and a long-term (2030+) gold price of $3,200/oz, as well as a USD/CAD foreign exchange rate of $0.74:1 5 Sustaining capital includes reclamation and capital leases 6 IGD Expansion summary and economics from 2026 onwards, using the same gold price and USD/CAD foreign exchange rate assumptions 7 IRR is calculated on the differential after-tax cash flow between the IGD Expansion and running the operation at 12,400 tpd over the life of mine Expansion Study6 (Feb 2026) Mine life (years) 19 Project completion date – Phase 3+ Expansion Project completion date – IGD Expansion to 20,000 tpd Q1 2028 Total gold production (000 ounces) 7,963 Average annual gold production – 10-year average, 2028+ (000 ounces) 534 Average annual gold production – 15-year average, 2026-2040 (000 ounces) 490 Total mill feed (000 tonnes) 128,210 Average mill throughput – 2028+ (tpd) 20,000 Average gold grade (g/t Au) 2.01 Average Island Gold ore throughput – 2029+ (tpd) 3,000 Average Island Gold ore grade milled (g/t Au) 10.61 Average Magino ore throughput – 2028+ (tpd) 17,000 Average Magino ore grade milled (g/t Au) 0.86 Average recovery (%) 96.2% Operating Costs Open pit mining cost (C$/tonne of total material mined) $4.85 Underground mining cost (C$/tonne of ore mined) $135 Processing cost (C$/tonne of ore milled) $18.13 G&A cost (C$/tonne of ore milled) $12.41 Total cash cost – 10-year average, 2028+ (per ounce sold)1,2 $682 Total cash cost – 15-year average, 2026-2040 (per ounce sold)1,2 $717 Mine-site all-in sustaining cost – 10-year average, 2028+ (per ounce sold)1,2 $1,025 Mine-site all-in sustaining cost – 15-year average, 2026-2040 (per ounce sold)1,2 $1,032 Expansion Study6 (Feb 2026) Capital Costs (millions) Growth capital expenditure – Base Case LOM (including Phase 3+) $162 Growth capital expenditure – IGD Expansion $542 Total growth capital expenditure $704 Sustaining capital expenditure5 $2,342 Total capital expenditure – life of mine $3,046 Total capital expenditure (per ounce sold) – life of mine2 $393 Total all-in cost (per ounce sold) – life of mine2,3 $1,155 Economic Analysis: $3,200/oz Gold Price (USD/CAD foreign exchange rate of $0.74:1) 4 IRR (after-tax)7 53% NPV @ 0% discount rate (millions, after-tax) $11,851 NPV @ 5% discount rate (millions, after-tax) $8,160 Economic Analysis at $4,500/oz Gold Price (USD/CAD foreign exchange rate of $0.74:1) IRR (after-tax)7 69% NPV @ 0% discount rate (millions, after-tax) $18,024 NPV @ 5% discount rate (millions, after-tax) $12,239
Page 160
TSX:AGI | NYSE:AGI 160 Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD RESERVES (as at December 31, 2024)1 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) Island Gold1 1,123 11.50 415 13,949 10.54 4,726 15,072 10.61 5,141 Magino1 42,437 0.80 1,097 70,704 0.90 2,044 113,141 0.86 3,141 Total Island Gold District1 43,559 1.08 1,512 84653 2.49 6,769 128,212 2.01 8,282 Young-Davidson 28,469 2.28 2,087 13,287 2.21 943 41,756 2.26 3,030 La Yaqui Grande 190 0. 90 5 7,520 1.35 326 7,710 1.34 331 Puerto Del Aire 946 4.78 145 5,104 5.57 914 6,050 5.45 1,060 Total Mulatos 1,136 4.13 151 12,624 3.06 1,240 13,760 3.14 1,391 MacLellan 16,395 1.67 881 22,985 1.12 830 39,738 1.35 1,711 Gordon 4,211 2.34 317 5,794 1.9 354 10,006 2.09 671 Burnt Timber 2,088 1.48 99 12,265 0.94 369 14,352 1.02 469 Linkwood 814 0.94 25 15,504 0.9 447 16,318 0.9 472 Total Lynn Lake 23,507 1.75 1,322 56,548 1.1 2,000 80,056 1.29 3,322 Alamos - Total 96,671 1.63 5,072 167,112 2.04 10,952 263,784 1.89 16,025 PROVEN AND PROBABLE SILVER MINERAL 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 Ag) (000's) (000's) (g/t Ag) (000's) (000's) (g/t Ag) (000's) La Yaqui Grande - - - 7,520 17.18 4,154 7,520 17.18 4,154 Puerto Del Aire 946 13.31 405 5,104 6.6 1,083 6,050 7.65 1,487 MacLellan 16,395 5.32 2,802 22,985 3.55 2,621 39,379 4.28 5,423 Alamos - Total 17,341 5.75 3,207 35,609 6.86 7,858 52,949 6.50 11,064 1 The Island Gold District Mineral Reserves and Mineral Resources (Island Gold and Magino) are as at December 31, 2025.
Page 161
TSX:AGI | NYSE:AGI 161 Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2024)1 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's) (g/t Au) (000's) Island Gold1 329 11.19 118 1,764 8.32 472 2,093 8.77 590 Magino1 6,714 0.70 151 50,084 0.80 1,288 56,798 0.79 1,439 Total Island Gold District1 7,042 1.19 270 51,848 1.056 1,760 58,891 1.07 2,029 Young-Davidson - Surface 496 1.13 18 1,242 1.28 51 1,739 1.24 69 Young-Davidson - Underground 7,130 3.33 762 3,984 2.77 355 11,114 3.13 1,117 Total Young-Davidson 7,627 3.18 780 5,226 2.41 406 12,825 2.87 1,186 Golden Arrow 3,626 1.26 147 2,816 1.09 99 6,442 1.19 246 Mulatos 700 1.01 23 6,072 0.98 191 6,772 0.98 214 La Yaqui Grande - - - 1,523 0.78 38 1,523 0.78 38 Puerto Del Aire 364 3.32 39 2,039 3.52 230 2,403 3.49 269 Cerro Pelon 180 5.08 29 540 4.29 74 720 4.49 104 Carricito 58 0.82 2 1,297 0.82 34 1,355 0.83 36 Total Mulatos 1,302 2.23 93 11,470 1.54 568 12,772 1.61 661 MacLellan 808 1.59 41 3,714 1.44 173 4,523 1.47 214 Gordon 194 2.62 16 900 2.41 70 1,093 2.45 86 Burnt Timber 107 3.27 11 6,183 0.84 166 6,290 0.88 178 Linkwood 7 1.12 - 4,276 0.79 109 4,283 0.8 110 Total Lynn Lake 1,116 1.93 69 15,073 1.07 518 16,189 1.13 587 Alamos - Total 20,713 2.04 1,359 86,433 1.21 3,351 107,119 1.37 4,709 MEASURED AND INDICATED SILVER 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 Ag) (000's) (000's) (g/t Ag) (000's) (000's) (g/t Ag) (000's) La Yaqui Grande - - - 1,523 10.09 494 1,523 10.09 494 Puerto Del Aire 364 14.69 172 2,039 9.16 601 2,403 10 772 Cerro Pelon 180 87.96 509 540 52.89 918 720 61.67 1,427 MacLellan 808 2.85 74 3,714 3.25 388 4,523 3.18 462 Alamos - Total 1,352 17.37 755 7,816 9.55 2,401 9,169 10.70 3,155 1 The Island Gold District Mineral Reserves and Mineral Resources (Island Gold and Magino) are as at December 31, 2025.
Page 162
TSX:AGI | NYSE:AGI 162 Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2024)1 Tonnes Grade Ounces (000's) (g/t Au) (000's) Island Gold1 2,867 11.51 1,061 Magino1 14,045 0.75 338 Total Island Gold District1 16,912 2.57 1,398 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground 1,880 3.25 197 Total Young-Davidson 1,911 3.22 198 Golden Arrow 2,028 1.07 70 Mulatos 641 0.91 19 La Yaqui Grande 74 1.74 4 Puerto Del Aire 281 4.07 37 Carricito 900 0.74 22 Total Mulatos 1,896 1.34 82 MacLellan 4,591 0.9 133 Gordon 166 1.39 7 Burnt Timber 548 1.04 18 Linkwood 378 1.04 13 Total Lynn Lake 5,682 0.94 171 Alamos - Total 28,429 2.10 1,919 INFERRED SILVER MINERAL RESOURCES (as at December 31, 2024) Tonnes Grade Ounces (000's) (g/t Ag) (000's) La Yaqui Grande 74 3.55 8 Puerto Del Aire 281 11.30 102 MacLellan 4,591 1.49 219 Alamos - Total 4,946 2.07 329 1 The Island Gold District Mineral Reserves and Mineral Resources (Island Gold and Magino) are as at December 31, 2025.
Page 163
TSX:AGI | NYSE:AGI 163 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 meaning of Canadian Securities Administrator’s National Instrument 43-101 (“NI 43-101”). The Qualified Persons for the National Instrument 43-101 compliant Mineral Reserve and Resource estimates are detailed in the following table. Mineral Resources QP Company Project Jeffrey Volk, CPG, FAusIMM Director - Reserves and Resources, Alamos Gold Inc. Young-Davidson, Lynn Lake, Golden Arrow, Magino Tyler Poulin, P.Geo Geology Superintendent, Alamos Gold Island Gold Marc Jutras, P.Eng Principal, Ginto Consulting Inc. Mulatos Pits, PDA, La Yaqui Grande, Cerro Peon, Carricito Mineral Reserves QP Company Project Chris Bostwick, FAusIMM SVP Technical Services, Alamos Gold Inc. Young-Davidson, Lynn Lake, PDA Francis McCann, P.Eng Director – Technical Services Magino Nathan Bourgeault, P.Eng Manager, Technical Services Manager – Island Gold District Island Gold Herb Welhener, SME-QP VP, Independent Mining Consultants Inc. La Yaqui Grande Notes to Mineral Reserve and Resource Tables: • The Company’s Mineral Reserves and Mineral Resources as at December 31, 2024 are classified in accordance with the Canadian I nstitute of Mining Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves, Definition and Guidelines” as per Canadian Securities Administrator’s NI 43 -101 requirements. • The Island Gold District Mineral Reserves and Mineral Resources (Island Gold and Magino) are as at December 31, 2025. • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. • Mineral Resources are exclusive of Mineral Reserves. • Mineral Reserve cut-off grade for the La Yaqui Pit is determined as a net of process value of $0.10 per tonne for each model block. • All Measured, Indicated and Inferred open pit Mineral Resources are pit constrained. • With the exceptions noted following, Mineral Reserve estimates assumed a gold price of $1,600 per ounce and Mineral Resource estimates assumed a gold price of $1,800 per ounce. • Metal prices, cut-off grades and metallurgical recoveries are set out in the table below. Mineral Resources Mineral Reserves Gold Price Cut-off Gold Price Cut-off Met Recovery Island Gold $2,000 3.36 $1,800 3.78 96.5% Magino $2,000 0.28 $1,800 0.30 96.5% Young-Davidson - Surface $1,400 0.5 n/a n/a n/a Young-Davidson - Underground $1,800 1.39 $1,600 1.53 92% Golden Arrow $1,600 0.64 n/a n/a 91% Mulatos: Mulatos Main Open Pit $1,800 0.5 n/a n/a n/a PDA Underground $1,800 2.5 $1,600 3.0 85% La Yaqui Grande $1,800 0.3 $1,600 see notes 75% Cerro Pelon $1,800 2.5 n/a n/a n/a Carricito $1,400 0.3 n/a n/a n/a Lynn Lake - MacLellan $1,800 0.32 $1,600 0.36 91-92% Lynn Lake - Gordon $1,800 0.44 $1,600 0.50 92.4% Lynn Lake – Burnt Timber $1,800 0.39 $1,600 0.44 91-92% Lynn Lake – Linkwood $1,800 0.2 $1,600 0.44 91-92%
Page 164
TSX:AGI | NYSE:AGI 164 Cautionary Note to U.S. Investors Mineral Reserve and Resource Estimates 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 Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The U.S. Securities and Exchange Commission (the “SEC”) has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards. Investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable.
Page 165
S C O T T K . P A R S O N S , C F A SVP, Corporate Development & Investor Relations 416.368.9932 x 5439 ir@alamosgold.com K H A L I D E L H A J , P . E N G . , C F A VP, Business Development & Investor Relations 416.368.9932 x 5427 ir@alamosgold.com