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ALAMOS GOLD INC. Management's Discussion and Analysis (in United States dollars, unless otherwise stated) For the Three and Six Months ended June 30, 2024 ALAMOS GOLD INC. For the Three and Six months ended June 30, 2024 Table of Contents | Overview of the Business | 3 | | --- | --- | | Highlight Summary | 4 | | Second Quarter 2024 Highlights | 6 | | Environment, Social and Governance Summary Performance | 7 | | Business Developments | 7 | | Outlook and Strategy | 9 | | Young-Davidson Mine ("Young-Davidson" ...

Core Viewpoint - Alamos Gold Inc. reported record production and free cash flow in Q2 2024, driven by strong operational performance and lower costs, positioning the company for significant growth and value creation through ongoing exploration and expansion initiatives [2][18][19]. Financial Performance - The company produced a record 139,100 ounces of gold, exceeding guidance of 123,000 to 133,000 ounces, resulting in record quarterly revenue of $332.6 million, a 27% increase from Q2 2023 [3][5]. - Free cash flow reached $106.9 million, reflecting a more than 300% increase from Q1 2024, supported by strong mine-site cash flow from all operations [3][18]. - Adjusted net earnings for Q2 were $96.9 million, or $0.24 per share, while reported net earnings were $70.1 million, or $0.18 per share [3][5]. Operational Highlights - The company sold 140,923 ounces of gold at an average realized price of $2,336 per ounce, marking the second consecutive quarter of record revenue [3][5]. - Cash and cash equivalents increased by 31% to $313.6 million, with the company remaining debt-free at the end of Q2 [3][22]. - The integration of the recently acquired Magino mine is expected to create significant synergies and enhance production capabilities [19][20]. Cost Management - Cost of sales was $172.6 million, or $1,225 per ounce, in line with full-year guidance, while total cash costs decreased to $830 per ounce, a 9% reduction from Q1 2024 [3][5]. - All-in sustaining costs (AISC) were reported at $1,096 per ounce, down 13% from Q1 2024, driven by higher grades at Island Gold and Young-Davidson [3][5]. Growth Initiatives - The Phase 3+ Expansion at Island Gold is progressing well, expected to be completed in the first half of 2026, which will significantly enhance free cash flow growth [18][19]. - Exploration success at Young-Davidson and Island Gold is anticipated to drive further increases in high-grade Mineral Reserves and Resources [21][22]. ESG and Community Engagement - The company published its 2023 ESG Report, highlighting progress in environmental, social, and governance performance [12]. - Alamos continues to engage with local communities through various support initiatives, including infrastructure investments and health care [11][12].

Historically, the dollar index level drives many trends in the United States' gross domestic product (GDP). After reporting a better-than-expected 2.8% growth for the past quarter, GDP is now accredited to the strength of consumer discretionary stocks and behaviors. It's never good to be too concentrated in one area as an investor and a country.A market rotation has begun, with bonds as one area of interest. Stanley Druckenmiller has made a rotation of his own by selling out of NVIDIA Co. NASDAQ: NVDA and b ...

Core Viewpoint - Meta is positioned to become a leader in AI through its open-source strategy, which is expected to enhance its long-term growth and competitive edge in the market [2][10]. Group 1: Open-Source AI Strategy - Meta has prioritized AI for 2024, acquiring compute power equivalent to 600,000 Nvidia H100 GPUs to support its AI development [3]. - Mark Zuckerberg advocates for open-source AI, suggesting it fosters collaboration among tech companies and enhances the West's leadership in AI [3][4]. - Open-source AI is believed to offer benefits such as model personalization, independent control, better data protection, and cost efficiency, being 50% cheaper than closed models like GPT-4 [3][4]. Group 2: Competitive Landscape - The shift to open-source AI is seen as a strategic advantage for Meta over competitors like OpenAI and Alphabet, which rely on closed models [5][10]. - Meta's approach allows it to focus on the quality and power of AI rather than direct monetization, potentially leading to the development of artificial general intelligence (AGI) [5][10]. - The company is not dependent on selling access to its AI models, which differentiates it from other AI firms and positions it favorably for future growth [5]. Group 3: Financial Implications - The financial impact of Meta's open-source strategy is expected to be significant in the long term, with potential reputational benefits outweighing immediate profit gains [5]. - The company could achieve a price-to-earnings (PE) ratio of 30 by 2029, with an estimated stock value of approximately $1,600, indicating a potential 29% compound annual growth rate (CAGR) [7]. - Despite current high valuations, historical ratios suggest that Meta is not excessively overpriced, and there may be short-term volatility in stock sentiment [5]. Group 4: Risks and Considerations - There are concerns that open-source AI could reduce the competitive moat of the West while ensuring it retains leadership in AI development [8]. - The potential for negative use cases of AI necessitates careful monitoring and the development of protective systems to mitigate risks associated with open-source access [9]. - Meta's strategy should be executed with caution to align intent and outcomes, particularly in light of past issues related to user engagement and addiction [9].

All amounts are in United States dollars, unless otherwise stated TORONTO, July 23, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported new results from underground and surface drilling at the Island Gold Mine. Exploration drilling continues to extend high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures. Delineation and definition drilling has defined wide, higher-grade zones within ...

All amounts are in United States dollars, unless otherwise stated. TORONTO, July 19, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) ("Alamos" or the "Company") has released its annual Environmental, Social, and Governance (ESG) Report ("ESG Report"), which outlines the Company's progress on its ESG performance in 2023 across its operations, projects and offices. "During 2023 our Alamos Gold team had the opportunity to reflect on two decades as a Company, and I am proud to say that our dedicat ...

All amounts are in United States dollars, unless otherwise stated. TORONTO, July 19, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) has released its annual Environmental, Social, and Governance (ESG) Report (“ESG Report”), which outlines the Company’s progress on its ESG performance in 2023 across its operations, projects and offices. “During 2023 our Alamos Gold team had the opportunity to reflect on two decades as a Company, and I am proud to say that our dedicat ...

All amounts are in United States dollars, unless otherwise stated. TORONTO, July 15, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI, NYSE:AGI) ("Alamos" or the "Company") today announced that it has entered into a gold sale prepayment agreement ("gold prepayment") for total consideration of $116 million in exchange for the delivery of 49,384 ounces in 2025. The proceeds of the gold prepayment were used to eliminate gold forward purchase contracts, previously entered into by Argonaut Gold ("Argonaut"), t ...

All amounts are in United States dollars, unless otherwise stated TORONTO, July 12, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI, NYSE:AGI) ("Alamos" or the "Company") is pleased to announce the completion of the previously announced acquisition (the "Transaction") of all the issued and outstanding common shares of Argonaut Gold Inc. (TSX:AR) ("Argonaut") not already held by Alamos. A Final Order was granted by the Ontario Superior Court of Justice on July 5, 2024 approving the Plan of Arrangement pu ...