Slides
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Third Quarter 2026 Results Presentation October 29, 2026
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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”), have 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 information provided. 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 or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company 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", “assume”, "believe", "anticipate", "likely", "intend", "objective", "estimate", "budget", “potential”, "prospective", "opportunity", "forecast", “target”, "goal", "aim", “on track”, "on pace", “outlook”, “continue”, “ongoing”, "onwards", “plan”, "scheduled", 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; improvement initiatives; project economics; value creation; size and profitability of operations; shareholder returns; anticipated ongoing share buyback activity; the IGD Expansion, project milestones and timing and effects of completion of the IGD Expansion and the Phase 3+ Expansion Project, and other infrastructure upgrades; rehabilitation work at Young-Davidson; construction and development of, and expected results from, the Puerto Del Aire (PDA) project; construction of the Lynn Lake Project; 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; risks arising from holding derivative instruments; 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 its Management’s Discussion and Analysis for the year ended December 31, 2025, 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 24. 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 performance measure calculated as cash flow from operating mine-sites , 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.
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TSX:AGI | NYSE:AGI 3 On track to achieve revised full year production & cost guidance5 Q3 2026 highlights On track to achieve full year revised guidance Consolidated free cash flow (US$M)1,3Production (000 oz) Q3 2026A Q3 2025A YoY % Change Q3 2026A YTD Q3 2025A YTD YoY % Change 2026 Guidance5 Gold production (000 oz) 119.0 141.7 (16%) 373.5 403.9 (8%) 510-560 Gold sales (000 oz) 118.4 136.5 (13%) 371.1 389.1 (5%) - Total cash costs (US$/oz)1 $1,375 $973 41% $1,302 $1,065 22% $1,175-1,275 All-in sustaining costs (US$/oz)1,2 $1,956 $1,375 42% $1,845 $1,499 23% $1,775-1,875 Cash flow from operations, before changes in working capital and cash taxes (US$M)1 $235 $275 (15%) $860 $640 34% - Cash flow from operations (US$M) $216 $265 (18%) $691 $544 27% - Capital expenditures (US$M)4 $227 $135 68% $591 $350 69% $945-1,035 Consolidated free cash flow (US$M)1,3 $76 $130 (42%) $321 $195 65% - Cash flow from operations, before working capital (US$ per share)1 Q3 production in-line with quarterly guidance; record performance from Island Gold District Strong free cash flow of $76M while funding high return growth $130 $76 $195 $321 Q3/25 Q3/26 Q3 YTD/25 Q3 YTD/26 142 119 404 374 Q3/25 Q3/26 Q3 YTD/25 Q3 YTD/26 ~26% increase in production to 140- 160k oz at lower costs expected in Q4 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 Free cash flow does not include lease payments, which are classified as cash flow from financing activities 4 Includes capitalized exploration and excludes sustaining lease payments 5 2026 revised guidance issued on July 29, 2026 $0.65 $0.56 $1.52 $2.05 Q3/25 Q3/26 Q3 YTD/25 Q3 YTD/26
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TSX:AGI | NYSE:AGI 4 Q3 2026 highlights & upcoming catalysts Q3 highlights ✓ $22M returned to shareholders in Q3 through dividends & buybacks; additional $17M of shares repurchased in October to date ✓ Eliminated majority of remaining legacy gold hedges since Q2, providing further upside to higher gold prices ✓ $160M received in October for the one-year anniversary payment related to the sale of the Turkish projects in 2025 ✓ Advanced construction of growth projects, including Phase 3+ shaft, IGD Expansion, Lynn Lake & PDA Near-term catalysts Exploration updates across assets Mid-2027 Island Gold Phase 3+ shaft commissioning completed OngoingQ1 2026 Island Gold shaft sinking completed June 2026 Island Gold District exploration update Mid-2027 PDA mill construction completed Year-end 2026 Island Gold underground mining rates reach 2,000 tpd
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TSX:AGI | NYSE:AGI 5 0 100 200 300 400 500 600 700 800 900 1,000 1,100 2026E 2030+ Production (000 oz Au)1 Strong outlook Growing, long-life Canadian production; declining cost profile driven by low-cost growth from Island Gold District Declining costs 17-year average mine life with significant exploration upside2 Long-life assets Lynn LakeYoung-Davidson Island Gold District Mulatos District 1 Previous 2026 annual guidance was issued on February 4, 2026 and was revised on July 29, 2026 2 Average mine life based on Mineral Reserves as of December 31, 2025; See Mineral Reserve & Resource estimates and associated footnotes in appendix longer-term production rate including Lynn Lake & expansion of Island Gold District, ~87% growth from 2026 ~1M oz +87%
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TSX:AGI | NYSE:AGI 6 $130 $76 $195 $321 Q3/25 Q3/26 Q3 YTD/25 Q3 YTD/26 Financial highlights 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Includes capitalized exploration and excludes sustaining lease payments 3 Cash and cash equivalents in the comparative period reflect the balance as at December 31, 2025 4 Free cash flow does not include lease payments, which are classified as cash flow from financing activities Q3 2026A Q3 2025A YoY % Change Q3 2026A YTD Q3 2025A YTD YoY % Change Realized gold price (US$/oz) $4,258 $3,359 27% $4,532 $3,144 44% Operating revenues (US$M) $510 $462 10% $1,701 $1,234 38% Cash flow from operations (US$M) $216 $265 (18%) $691 $544 27% Cash flow from operations, before changes in working capital and cash taxes1 (US$M) $235 $275 (15%) $860 $640 34% Cash flow from operations, before changes in working capital and cash taxes, per share1 $0.56 $0.65 (14%) $2.05 $1.52 35% Net earnings (US$M) $166 $276 (40%) $627 $451 39% Net earnings, per share $0.40 $0.66 (39%) $1.50 $1.07 40% Adjusted net earnings (US$M)1 $184 $156 18% $664 $360 84% Adjusted net earnings, per share1 $0.44 $0.37 19% $1.58 $0.86 84% Adjusted EBITDA (US$M)1 $312 $284 10% $1,119 $689 62% Capital expenditures (US$M)2 $227 $135 68% $591 $350 69% Consolidated free cash flow (US$M) 1,4 $76 $130 (42%) $321 $195 65% Cash and cash equivalents (US$M)3 $597 $623 (4%) • Strong ongoing free cash flow1,4 of $76M in Q3 & $321M YTD, while continuing to invest in high-return growth & exploration • Eliminated 36k oz of remaining 50k oz of legacy Argonaut hedges since Q2 at a cost of $93M • $39M of shareholder returns since Q2, including $17M of share buybacks October to date; expect to continue to be active on buyback given strong financial position & outlook • Strong cash position of $597M with ~$1.1B liquidity, well-positioned to internally fund all growth initiatives & increase shareholder returns Cash flow from operations, before working capital, per share1 Adjusted net earnings, per share1 Free cash flow (US$M)1,4 $0.37 $0.44 $0.86 $1.58 Q3/25 Q3/26 Q3 YTD/25 Q3 YTD/26 $0.65 $0.56 $1.52 $2.05 Q3/25 Q3/26 Q3 YTD/25 Q3 YTD/26
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TSX:AGI | NYSE:AGI 7 Operational highlights – Island Gold District Production & mine-site AISC1 Mine-site free cash flow (US$M)1,4 Q3 2026A Q3 2025A Q3 2026A YTD Q3 2025A YTD 2026 Guidance9 Gold production (000 oz) 68.7 66.8 197.4 190.4 290-310 Total cash costs (US$/oz)1 $1,242 $964 $1,247 $1,002 $1,025-1,125 Mine-site all-in sustaining costs (US$/oz)1 $1,782 $1,432 $1,752 $1,420 $1,550-1,650 Capital expenditures (US$M) (sustaining + growth) 1,2 $124 $83 $329 $213 $490-535 Exploration spending (US$M)1,3 $9 $6 $23 $18 $43 Mine-site free cash flow (US$M)1,4 $72 $72 $230 $144 - Tonnes of ore mined - underground (tpd)5 1,790 1,325 1,589 1,265 - Average grade mined - underground (g/t Au)5 8.69 12.05 9.04 11.69 - Tonnes of ore mined – open pit (tpd)6 19,644 17,638 14,883 14,427 - Average grade mined - open pit (g/t Au) 0.65 0.84 0.73 0.81 - Tonnes of ore processed per day 7 – combined 11,590 8,703 10,161 8,956 - Average grade of gold processed 8 – combined 2.07 2.61 2.27 2.44 - Average recovery rate – combined 96% 97% 96% 97% - 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Excludes sustaining lease payments 3 Exploration spending (expensed & capitalized) in Q3/26 totaled $9.1M, of which $7.1M was capitalized; Q3/25 totaled $6.1M, of which $5.1M was capitalized. 2026 exploration spending guidance is $43M, of which $33M is expected to be capitalized 4 Mine-site free cash flow does not include lease payments, which are classified as cash flow from financing activities • Record production driven by record underground mining rates & Magino mill throughput in Q3 • Higher underground mining rates & grades expected to increase production & lower costs in Q4; on track to achieve full year revised guidance • Solid ongoing mine-site FCF of $72M net of significant investment in Phase 3+ Shaft & IGD Expansions 5 Excludes 13,541 tonnes of stockpiled ore grading 2.98 g/t Au that was recovered from the ore pad and processed during the three-month period ended June 30, 2026 6 Includes ore stockpiled during the periods 7 Combined milling rates include both Island Gold mill and Magino mill 8 Combined grade processed includes open pit ore from Magino and underground ore from Island Gold 9 Previous annual guidance was issued on February 4, 2026 and was revised on July 29, 2026 $0 $400 $800 $1,200 $1,600 $2,000 0 10 20 30 40 50 60 70 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Gold Production (000 oz), LHS Mine-site AISC (US$/oz), RHS $0 $20 $40 $60 $80 $100 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
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TSX:AGI | NYSE:AGI 8 1,157 1,423 1,550 1,790 0 400 800 1,200 1,600 2,000 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Island Gold underground mining rates (tpd) 1 Excludes 13,541 tonnes of stockpiled ore grading 2.98 g/t Au that was recovered from the ore pad and processed during the three-month period ended June 30, 2026 Island Gold District operational highlights Record underground mining rates Record underground mining rates of 1,790 tpd in Q3, up 15% from Q2 1 Ramp up on track to reach 2,000 tpd by end of 2026 Further increase to 2,400 tpd expected in H2/27 following commissioning of the shaft +55% P3+ shaft area – October 2026
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TSX:AGI | NYSE:AGI 9 Island Gold District operational highlights Record Magino milling rates Record milling rates of 10,313 tpd in Q3, up 16% from Q2 TEMPORARY CRUSHER Existing circuit 8,625 7,511 8,862 10,313 0 2,000 4,000 6,000 8,000 10,000 12,000 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Magino milling rates (tpd) +20% Steady-state milling rates of ~10,000 tpd expected through 2027 Increase driven by improving performance & reliability of overall circuit, enhanced maintenance program & supplemental crushed ore feed
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TSX:AGI | NYSE:AGI 10 1 Reflects updated capital estimates released in February 2026 as part of the IGD Expansion, based on USD/CAD exchange $0.74:1. 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 September 30, 2026 of $0.70:1 2 Amount spent to date accounted for on an accrual basis, including working capital movements Phase 3+ shaft & IGD Expansions advancing (in US$M) February 20261 Spent to date1,2 Committed to date1 % of Spent & Committed Total Phase 3+ Shaft Expansion Growth Capital $835 $815 $27 101% Mill Expansion 199 71 56 64% Accelerated Underground Development 166 24 — 14% Mining Equipment 81 16 25 51% Site Infrastructure and Other 96 27 23 52% Total IGD Expansion Growth Capital $542 $138 $104 45% Magino mill expansion – September 2026 • New mill building largely completed, leach tanks erected • Advancing excavation & concrete works for crushers & fine ore bins • Mill expansion on track for completion Q1/28 1350L Shaft Station – October 2026 • Shaft equipping & lateral development advancing • Shaft commissioning delayed approximately one quarter to mid-2027 due to additional time required to enhance ground support across loading pocket & ore & waste handling system • Total growth capital expected to be ~5% higher than $835M estimate; $815M spent to date Phase 3+ Shaft Expansion IGD Expansion
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TSX:AGI | NYSE:AGI 11 Operational highlights – Young-Davidson Q3 2026A Q3 2025A Q3 2026A YTD Q3 2025A YTD 2026 Guidance3 Gold production (000 oz) 22.7 37.9 85.7 112.0 100-115 Total cash costs (US$/oz)1 $2,041 $1,200 $1,712 $1,248 $1,750-1,850 Mine-site all-in sustaining costs (US$/oz)1 $2,764 $1,476 $2,240 $1,555 $2,500-2,600 Capital expenditures (US$M) (sustaining + growth) 1 $22 $16 $62 $51 $115-130 Exploration spending (US$M)1,2 $4 $4 $12 $11 $17 Mine-site free cash flow (US$M)1 $30 $62 $169 $160 - Tonnes of ore mined (tpd) 5,135 7,259 6,483 7,072 - Average grade mined (g/t Au) 1.60 1.92 1.71 1.98 - Tonnes of ore processed (tpd) 7,067 7,836 7,090 7,178 - Average grade processed (g/t Au) 1.20 1.79 1.55 1.94 - Average recovery rate (%) 90% 91% 89% 91% - • Mining rates of 5,135 tpd consistent with revised guidance for H2/26; milling rates higher than mining rates as lower-grade surface stockpiles were processed • On track to meet revised full year production guidance with similar production expected in Q4 • Costs increased QoQ & YoY reflecting lower production rates, rehabilitation work & enhanced ground support • $30M of mine-site free cash flow generated despite lower production rates Production & mine-site AISC1 Mine-site free cash flow (US$M)1 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Exploration spending (expensed & capitalized) in Q3/26 was $3.6M, of which $2.8M was capitalized; Q3/25 was $4.4M, of which $4.2M was capitalized. 2026 exploration spending guidance is $17M, of which $12M is expected to be capitalized 3 Previous annual guidance was issued on February 4, 2026 and was revised on July 29, 2026 $500 $1,000 $1,500 $2,000 $2,500 $3,000 0 10 20 30 40 50 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Gold Production (000 oz), LHS Mine-site AISC (US$/oz), RHS $0 $20 $40 $60 $80 $100 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
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TSX:AGI | NYSE:AGI 12 Young-Davidson – Q3 initiatives to support a gradual increase in mining rates through 2027 & 2028 • Similar mining rates expected in Q4/26 • Gradual increase in mining rates expected through 2027 & 2028 • 2027+ outlook to be provided with 3-year guidance ✓ Advancing rehabilitation work on the 9410 level ✓ Enhancing ground support throughout lower portion of the mine ✓ Updating mine plan with optimized ore extraction sequence designed to minimize stress ✓ Q3 mining rates consistent with H2/26 guidance of ~5,000 tpd Q3 operational initiatives: Outlook:
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TSX:AGI | NYSE:AGI 13 Operational highlights – Mulatos District • Production down slightly QoQ reflecting lower stacking rates & grades; mining & stacking rates impacted by rainy season & decreasing pit-bottom operating area • Higher grades & stacking rates expected to drive stronger production in Q4; on track to achieve revised full year production guidance • Strong mine-site free cash flow1 of $39M in Q3 & $161M YTD while funding development of PDA & significant exploration program 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures 2 Exploration spending (expensed & capitalized) in Q3/26 was $5.6M, of which $2.4M was capitalized; Q3/25 was $7.6M, all of which was capitalized. 2026 exploration spending guidance is $21M, of which $9M is expected to be capitalized 3 Previous annual guidance was issued on February 4, 2026 and was revised on July 29, 2026 Mulatos District Q3 2026A Q3 2025A Q3 2026A YTD Q3 2025A YTD 2026 Guidance3 Gold production (000 oz) – Mulatos District 27.6 37.0 90.4 101.5 120-135 Total cash costs (US$/oz)1 $1,122 $761 $1,028 $971 $1,050-1,150 Mine-site all-in sustaining costs (US$/oz)1 $1,209 $831 $1,105 $1,045 $1,125-1,225 Capital expenditures (US$M) (sustaining + growth) 1 $25 $4 $62 $9 $140-150 Exploration spending (US$M)1,2 $6 $8 $17 $17 $21 Mine-site free cash flow (US$M)1 $39 $73 $161 $129 - La Yaqui Grande Mine Gold production (000 oz) 23.4 29.3 75.0 76.1 - Tonnes of ore stacked (tpd) 5,900 11,000 8,600 11,200 - Average grade processed (g/t Au) 0.94 1.48 1.17 1.25 - Average recovery rate (%) 143% 61% 85% 62% - Mine-site free cash flow (US$M)1 Production & mine-site AISC1 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 0 10 20 30 40 50 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Gold production (000 oz), LHS Mine-site AISC (US$/oz), RHS $0 $20 $40 $60 $80 $100 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26
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TSX:AGI | NYSE:AGI 14 PDA project – PDA mill on track for completion mid-2027 Q3 progress: ✓ Finalized all major equipment purchase orders; most deliveries expected in Q4 ✓ Underground mine development advanced with 573 m completed in Q3 ✓ Primary crusher & fine crushing construction advanced ✓ Mill structural works ~75% completed ✓ $73M of initial capital estimate of $165M spent to date • Slower pace of underground development expected to result in lower mining rates in H2/27 • Construction of PDA mill on track for completion mid-2027 • Addition of mill to open up significant exploration upside opportunities within Mulatos District PDA mill area – October 2026 PDA underground development – October 2026
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TSX:AGI | NYSE:AGI 15 Lynn Lake project – construction ramping up Initial production expected H1 2029 Process plant area – October 2026 Q3 progress ✓ Permanent camp commissioned ✓ Advanced process plant site preparation & foundation work ✓ Site-wide infrastructure construction continued ✓ Drilling & blasting activities for starter pit at MacLellan advanced Permanent camp – October 2026 Lynn Lake Project Initial Capital (in US$M) February 20261 Spent to date1,2 Committed to date1 % of Spent & Committed Mine Development and Site Preparation 146 56 69 86% Process Plant, Utilities and Equipment 334 45 65 33% Site Infrastructure and Other 121 25 22 39% General Indirect Costs 262 58 — 22% Capitalized Operating Costs 74 1 — 1% Total Initial Capital $937 $185 $156 36% 1 Reflects updated capital estimates released in February 2026, based on USD/CAD exchange $0.74:1. Spent to date based on average USD/CAD of $0.72:1 since the start of 2025. Committed to date based on the spot USD/CAD rate as at September 30, 2026 of $0.70:1. 2 Amount spent to date accounted for on an accrual basis, including working capital movements
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TSX:AGI | NYSE:AGI 16 Alamos Gold – value creation opportunities Growing, diversified, intermediate gold producer Expanding margins & profitability Sustainable business model supporting growing returns over the long-term Conservative, low-risk strategy Near-term catalysts Exploration updates across assets Mid 2027 Island Gold Phase 3+ shaft commissioning completed OngoingQ1 2026 Island Gold shaft sinking completed June 2026 Island Gold District exploration update Mid 2027 PDA mill construction completed Year-end 2026 Island Gold underground mining rates reach 2,000 tpd
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Appendices
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TSX:AGI | NYSE:AGI 18 Board of Directors, Executive and Management Team Board of Directors Executive and Management Team J. Robert S. Prichard John A. McCluskey Alexander Christopher Elaine Ellingham David Fleck Tony Giardini Chana Martineau Richard McCreary Monique Mercier Shaun Usmar Chairman Director Director Director Director Director Director Director Director Director John A. McCluskey Greg Fisher Luc Guimond Chris Bostwick Luis Chavez John Fitzgerald Scott K. Parsons Scott R.G. Parsons Adrian Paulse President and CEO Chief Financial Officer Chief Operating Officer SVP, Technical Services SVP, Mexico SVP, Projects SVP, Corporate Development & Investor Relations SVP, Exploration SVP, Information Technology David Barrett Dave Bucar James Clark Khalid Elhaj Marcelo Martinez Ward Sellers Lynsey Sherry Grace Tang Rebecca Thompson VP, Sustainability VP, Environment & Permitting VP, Canadian Operations VP, Business Development & Investor Relations VP, Mexico Operations VP, General Counsel VP, Finance VP, Treasurer VP, Public Affairs
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TSX:AGI | NYSE:AGI 19 2026 guidance 2026 Guidance1 Island Gold District Young-Davidson Mulatos District Lynn Lake Total Gold production (000 oz) 290 - 310 100 - 115 120 – 135 — 510 - 560 Total cash costs2 ($/oz) $1,025 - 1,125 $1,750 - 1,850 $1,050 - 1,150 — $1,175 - 1,275 All-in sustaining costs2,3 ($/oz) $1,550 - 1,650 $2,500 - 2,600 $1,125 - 1,225 — $1,775 - 1,875 Capital expenditures (US$M) Sustaining capital2,4 $135 - 150 $90 - 100 $3 - 5 — $228 - 255 Growth capital2,4 $355 - 385 $25 - 30 $137 - 145 $140 - 160 $657 - 720 Total Sustaining and Growth Capital2,4 (US$M) $490 - 535 $115 - 130 $140 - 150 $140 - 160 $885 - 975 Capitalized exploration2 (US$M) $33 $12 $9 $6 $60 Total capital expenditures & capitalized exploration2 (US$M) $523 - 568 $127 - 142 $149 - 159 $146 - 166 $945 - 1,035 1 Previous annual guidance was issued on February 4, 2026 and was revised on July 29, 2026 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 at individual mine sites the Company allocates a portion of share based compensation to the mine sites, but does not include an allocation of corporate and administrative expenses to the mine sites 4 Sustaining and growth capital guidance excludes capitalized exploration
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TSX:AGI | NYSE:AGI 20 Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD RESERVES (as at December 31, 2025) 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 Gold 1,123 11.50 415 13,949 10.54 4,726 15,072 10.61 5,141 Magino 42,437 0.80 1,097 70,704 0.90 2,044 113,141 0.86 3,141 Total Island Gold District 43,559 1.08 1,512 84,653 2.49 6,769 128,212 2.01 8,282 Young-Davidson 12,457 2.18 873 29,727 2.21 2,109 42,184 2.20 2,983 La Yaqui Grande 127 0.90 4 3,166 1.37 139 3,293 1.35 143 Puerto Del Aire 946 4.78 145 5,104 5.57 914 6,050 5.45 1,060 Total Mulatos 1,073 4.32 149 8,270 3.96 1,054 9,343 4.00 1,203 MacLellan 16,840 1.64 886 24,318 1.08 846 41,158 1.31 1,732 Gordon 4,347 2.29 320 6,093 1.83 359 10,440 2.02 679 Burnt Timber 4,201 1.26 170 9,733 0.89 278 13,934 1.00 449 Linkwood 1,779 0.90 51 18,127 0.90 525 19,906 0.90 576 Total Lynn Lake 27,167 1.64 1,428 58,271 1.07 2,008 85,438 1.25 3,436 Alamos - Total 84,256 1.46 3,963 180,920 2.05 11,940 265,176 1.87 15,903 PROVEN AND PROBABLE SILVER MINERAL RESERVES (as at December 31, 2025) 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 - - - 3,166 14.77 1,503 3,166 14.77 1,503 Puerto Del Aire 946 13.31 405 5,104 6.60 1,083 6,050 7.65 1,487 MacLellan 16,840 5.25 2,840 24,318 3.48 2,719 41,158 4.20 5,559 Alamos - Total 17,786 5.67 3,245 32,587 5.06 5,304 50,373 5.28 8,549
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TSX:AGI | NYSE:AGI 21 Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2025) 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 Gold 329 11.19 118 1,764 8.32 472 2,093 8.77 590 Magino 6,714 0.70 151 50,084 0.80 1,288 56,798 0.79 1,439 Total Island Gold District 7,042 1.19 270 51,848 1.06 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 5,417 2.65 461 7,553 3.95 959 12,970 3.40 1,420 Total Young-Davidson 5,913 2.52 479 8,795 3.57 1,010 14,708 3.15 1,489 Golden Arrow 3,626 1.26 147 2,816 1.09 99 6,442 1.19 246 Mulatos 864 0.97 27 7,326 0.96 225 8,190 0.96 252 La Yaqui Grande - - - 1,462 0.80 38 1,462 0.81 38 Puerto Del Aire 364 3.32 39 2,039 3.52 230 2,403 3.49 269 Cerro Pelon 238 4.91 38 1,153 0.00 154 1,391 4.28 192 Carricito - - - 3,356 0.75 80 3,356 0.74 80 Total Mulatos 1,466 2.20 103 15,336 1.48 727 16,802 1.54 831 MacLellan 892 2.87 82 7,331 1.43 337 8,223 1.59 419 Gordon 104 5.55 19 1,148 2.36 87 1,252 2.63 106 Burnt Timber 531 1.62 28 6,497 0.87 181 7,028 0.92 208 Linkwood 208 1.00 7 5,024 0.90 145 5,232 0.90 152 Total Lynn Lake 1,735 2.42 135 20,000 1.17 750 21,735 1.27 885 Alamos - Total 19,782 1.78 1,135 98,795 1.37 4,346 118,578 1.44 5,480 MEASURED AND INDICATED SILVER MINERAL RESOURCES (as at December 31, 2025) 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 - - - 1,462 9.93 467 1,462 9.93 467 Puerto Del Aire 364 14.69 172 2,039 9.16 601 2,403 10.00 772 Cerro Pelon 238 75.25 577 1,153 43.93 1,628 1,391 49.29 2,205 Carricito - - - 3,356 0.61 66 3,356 0.61 66 MacLellan 892 10.53 302 7,331 4.00 942 8,223 4.71 1,244 Alamos - Total 1,494 21.87 1,050 15,340 7.51 3,704 16,834 8.78 4,754
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TSX:AGI | NYSE:AGI 22 Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2025) Tonnes Grade Ounces (000's) (g/t Au) (000's) Island Gold 2,867 11.51 1,061 Magino 14,045 0.75 338 Total Island Gold District 16,912 2.57 1,398 Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground 1,382 3.73 166 Total Young-Davidson 1,413 3.67 167 Golden Arrow 2,028 1.07 70 Mulatos 761 0.91 22 La Yaqui Grande 41 2.17 3 Puerto Del Aire 281 4.07 37 Cerro Pelon 83 3.99 11 Carricito 1,499 0.60 29 Total Mulatos 2,665 1.18 101 MacLellan 9,085 0.77 225 Gordon 222 1.23 9 Burnt Timber 1,379 0.81 36 Linkwood 1,253 0.93 37 Total Lynn Lake 11,939 0.80 308 Alamos - Total 34,958 1.82 2,044 INFERRED SILVER MINERAL RESOURCES (as at December 31, 2025) Tonnes Grade Ounces (000's) (g/t Ag) (000's) La Yaqui Grande 41 3.69 5 Puerto Del Aire 281 11.30 102 Cerro Pelon 83 20.86 55 Carricito 1,499 0.53 26 MacLellan 9,085 1.60 466 Alamos - Total 10,989 1.85 655
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TSX:AGI | NYSE:AGI 23 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 an d 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, Alamos Gold Inc. Island Gold Marc Jutras, P.Eng Principal, Ginto Consulting Inc. Mulatos Pits, PDA, La Yaqui Grande, Cerro Pelon, Carricito Mineral Reserves QP Company Project Chris Bostwick, FAusIMM SVP Technical Services, Alamos Gold Inc. Young-Davidson, PDA Francis McCann, P.Eng Director – Technical Services, Alamos Gold Inc. Magino, Lynn Lake Nathan Bourgeault, P.Eng Technical Services Superintendent – Island Gold, Alamos Gold Inc. 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, 2025 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. • 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 below, Mineral Reserve estimates assumed a gold price of $1,800 per ounce and Mineral Resource esti mates assumed a gold price of $2,000 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 3.75 $1,800 3.78 97% Magino $2,000 0.28 $1,800 0.30 90-93% Young-Davidson - Surface $1,400 0.5 n/a n/a n/a Young-Davidson - Underground $2,000 1.39 $1,800 1.57 92% Golden Arrow $1,600 0.64 n/a n/a 91% Mulatos: Mulatos Main Open Pit $2,000 0.5 n/a n/a n/a PDA Underground $1,800 2.5 $1,600 3.0 85% La Yaqui Grande $2,000 0.3 $1,800 see notes 75% Cerro Pelon $2,000 2.5 n/a n/a n/a Carricito $2,000 0.3 n/a n/a n/a Lynn Lake - MacLellan $2,000 0.30 $1,800 0.33 91-92% Lynn Lake - Gordon $2,000 0.41 $1,800 0.45 92.4% Lynn Lake – Burnt Timber $2,000 0.36 $1,800 0.40 91-92% Lynn Lake – Linkwood $2,000 0.36 $1,800 0.40 91-92%
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TSX:AGI | NYSE:AGI 24 Cautionary Note to U.S. Investors 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.
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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