Core Points - Alamos Gold Inc. has filed a new base shelf prospectus and corresponding registration statement to maintain financial flexibility, allowing for the issuance of up to US$500,000,000 in various securities [1][2] - The new base shelf prospectus replaces the previous one that expired in June 2025, and it is effective for 25 months [2] - The company currently has no intention to offer securities under this prospectus, and there is no certainty that any securities will be sold during the effective period [2] Company Overview - Alamos Gold Inc. is a Canadian-based intermediate gold producer with operations in North America, including the Island Gold District and the Young-Davidson mine in Ontario, and the Mulatos District in Mexico [4] - The company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold and the Lynn Lake project in Manitoba [4] - Alamos employs over 2,400 people and is committed to sustainable development [4]

Core Points - Alamos Gold Inc. has filed a technical report for the Base Case Life of Mine Plan for the Island Gold District operation in Ontario, Canada [1][2] - The report complies with National Instrument 43-101 and supports previous disclosures made by the company [2] - Alamos Gold operates three production sites in North America and has a portfolio of growth projects [3] Company Overview - Alamos Gold is a Canadian-based intermediate gold producer with operations in Ontario, Canada, and Sonora State, Mexico [3] - The company employs over 2,400 people and is committed to sustainable development [3] - Alamos Gold's shares are traded on the TSX and NYSE under the symbol "AGI" [3]

[Overview of the Business](index=5&type=section&id=Overview%20of%20the%20Business) This section provides a comprehensive overview of the company's Q2 2025 financial and operational performance, strategic developments, and future outlook, including ESG initiatives [Highlight Summary](index=6&type=section&id=Highlight%20Summary) The company reported record quarterly revenues of $438.2 million in Q2 2025, a significant increase from $332.6 million in Q2 2024, driven by a higher average realized gold price. Net earnings for the quarter more than doubled to $159.4 million. However, gold production slightly decreased year-over-year for both the three and six-month periods. All-in sustaining costs (AISC) per ounce increased significantly to $1,475 in Q2 2025 from $1,096 in Q2 2024 Financial and Operating Highlights (Q2 & H1 2025 vs 2024) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues (in millions)** | $438.2 | $332.6 | $771.2 | $610.2 | | **Net Earnings (in millions)** | $159.4 | $70.1 | $174.6 | $112.2 | | **Adjusted Net Earnings (in millions)** | $144.1 | $96.9 | $203.9 | $148.1 | | **Gold Production (ounces)** | 137,200 | 139,100 | 262,200 | 274,800 | | **Average Realized Gold Price ($/oz)** | $3,223 | $2,336 | $3,027 | $2,207 | | **Total Cash Costs ($/oz)** | $1,075 | $830 | $1,130 | $869 | | **All-in Sustaining Costs ($/oz)** | $1,475 | $1,096 | $1,629 | $1,178 | | **Free Cash Flow (in millions)** | $84.6 | $107.4 | $64.5 | $132.3 | Production and Costs by Mine (Q2 2025) | Mine District | Gold Production (oz) | Total Cash Costs ($/oz) | Mine-site AISC ($/oz) | | :--- | :--- | :--- | :--- | | **Island Gold District** | 64,400 | $1,008 | $1,410 | | **Young-Davidson** | 38,700 | $1,233 | $1,575 | | **Mulatos District** | 34,100 | $1,017 | $1,084 | [Second Quarter 2025 Highlights](index=8&type=section&id=Second%20Quarter%202025%20Highlights) In Q2 2025, Alamos Gold achieved record revenues and operating cash flow, driven by strong gold prices. The company produced 137,200 ounces of gold, in line with guidance, and generated $84.6 million in free cash flow while advancing key growth projects. However, due to higher share-based compensation and royalty expenses, the company increased its full-year 2025 cost guidance. Significant progress was made on the Island Gold Phase 3+ Expansion, with the shaft sink reaching 92% completion - Generated record quarterly revenues of **$438.2 million** and record cash flow from operating activities of **$199.5 million**[14](index=14&type=chunk) - Produced **137,200 ounces of gold**, consistent with quarterly guidance, and remains on track for full-year guidance[14](index=14&type=chunk) - Increased 2025 cost guidance: total cash costs are now expected to be **$975-$1,025/oz** and AISC **$1,400-$1,450/oz**, a **12% increase** in AISC guidance[14](index=14&type=chunk) - Advanced the Island Gold Phase 3+ Expansion, with the shaft reaching **1,265 meters**, **92%** of its planned depth[15](index=15&type=chunk) - Announced a Base Case Life of Mine Plan for the Island Gold District, projecting average annual production of **411,000 ounces** starting in 2026 at an average mine-site AISC of **$915 per ounce** for the initial 12 years[14](index=14&type=chunk) [Environment, Social and Governance Summary Performance](index=10&type=section&id=Environment,%20Social%20and%20Governance%20Summary%20Performance) The company reported a significant improvement in safety metrics for Q2 2025, with a 56% decrease in the Total Recordable Injury Frequency Rate (TRIFR) to 0.65. Environmentally, six minor, remediated spills occurred. Socially, Alamos contributed CAD$1.25 million to wildfire relief in Manitoba and established a $250,000 support fund for the Lynn Lake community. The company also published several governance reports, including on Responsible Gold Mining Principles and Modern Slavery - Health & Safety: Total recordable injury frequency rate (TRIFR) was **0.65** in Q2, a **56% decrease** from Q1 2025[20](index=20&type=chunk) - Environment: Six minor reportable spills occurred, all promptly remediated without lasting environmental impact[17](index=17&type=chunk)[20](index=20&type=chunk) - Community: Contributed **CAD$1.25 million** to Canadian Red Cross for Manitoba wildfire relief and established a **$250,000** Wildfire Support Fund for the Lynn Lake community[21](index=21&type=chunk) - Governance: Published 2024 reports on Conformance to Responsible Gold Mining Principles, Modern Slavery, and the Extractive Sector Transparency Measures Act[21](index=21&type=chunk) [Business Developments](index=11&type=section&id=Business%20Developments) The company announced a Base Case Life of Mine (LOM) Plan for the integrated Island Gold District, projecting it to be one of Canada's largest and lowest-cost gold mines. The plan outlines average annual production of 411,000 ounces starting in 2026 at a low mine-site AISC of $915/oz for the first 12 years, with an after-tax NPV (5%) of $4.5 billion at $2,400/oz gold. Additionally, Alamos agreed to sell its non-core Quartz Mountain project for up to $21 million plus a 9.9% equity stake in Q-Gold - The Island Gold District Base Case LOM Plan projects average annual gold production of **411,000 ounces** from 2026 over 12 years[23](index=23&type=chunk) - Projected average mine-site AISC for the Island Gold District is **$915 per ounce** over the initial 12 years, a **19% decrease** from 2025 guidance[23](index=23&type=chunk) - The project has an after-tax NPV (5%) of **$4.5 billion** assuming a **$2,400/oz gold price**, with significant upside potential to be detailed in an Expansion Study in Q4 2025[23](index=23&type=chunk) - Agreed to sell the non-core Quartz Mountain project to Q-Gold for up to **$21 million** and a **9.9% equity interest**, aligning with the strategy to monetize non-core assets[24](index=24&type=chunk) [Outlook and Strategy](index=13&type=section&id=Outlook%20and%20Strategy) Alamos Gold has increased its 2025 cost guidance due to higher-than-budgeted share-based compensation, increased royalty expenses, and a slower start at Magino and Young-Davidson. Full-year AISC is now projected at $1,400-$1,450 per ounce, a 12% increase. Production guidance of 580,000-630,000 ounces remains unchanged, with output expected to ramp up in the second half of the year. The company's long-term strategy focuses on growing production to approximately 900,000 ounces per year with the completion of the Lynn Lake project, which has been delayed by about six months to H2 2028 due to wildfires Revised 2025 Cost Guidance vs. Previous | Metric ($ per ounce) | Revised 2025 Guidance | Previous 2025 Guidance | | :--- | :--- | :--- | | **Total Cash Costs** | $975 - $1,025 | $875 - $925 | | **All-in Sustaining Costs** | $1,400 - $1,450 | $1,250 - $1,300 | - Full-year 2025 production guidance remains unchanged at **580,000 to 630,000 ounces**[26](index=26&type=chunk) - The completion of the Lynn Lake project is now expected in **H2 2028**, an approximate six-month delay due to wildfires in Manitoba[34](index=34&type=chunk) - Long-term, the company aims to increase consolidated production to **~900,000 ounces per year** post-Lynn Lake start-up, with potential to reach **one million ounces per year** through further expansion of the Island Gold District[33](index=33&type=chunk)[35](index=35&type=chunk) [Mine Operations and Projects](index=15&type=section&id=Mine%20Operations%20and%20Projects) This section details the operational performance of key mine districts and provides updates on major development and exploration projects, including the Island Gold Phase 3+ Expansion and Lynn Lake [Island Gold District](index=15&type=section&id=Island%20Gold%20District) The Island Gold District produced 64,400 ounces in Q2 2025, a 54% year-over-year increase, primarily due to the inclusion of the Magino mine. Production is expected to rise further in H2 2025. Mine-site AISC was $1,410 per ounce, and full-year cost guidance for the district has been increased to $1,225-$1,275 per ounce due to higher costs at Magino in H1. The district generated $52.3 million in mine-site free cash flow while continuing to invest in the Phase 3+ Expansion Island Gold District Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Gold Production (oz)** | 64,400 | 41,700 | | **Total Cash Costs ($/oz)** | $1,008 | $493 | | **Mine-site AISC ($/oz)** | $1,410 | $805 | | **Mine-site Free Cash Flow (M)** | $52.3 | $14.7 | - Production increased **54% YoY**, driven by the inclusion of the Magino mine. Production is expected to increase through the remainder of the year[43](index=43&type=chunk) - Full-year mine-site AISC guidance for the district was increased to **$1,225-$1,275 per ounce** due to higher costs at Magino in the first half of the year[52](index=52&type=chunk) - Total capital expenditures were **$74.4 million** in Q2, primarily focused on the Phase 3+ Expansion[53](index=53&type=chunk) [Young-Davidson Mine](index=17&type=section&id=Young-Davidson%20Mine) Young-Davidson produced 38,700 ounces in Q2 2025, a 12% decrease from the prior year period, due to lower mining rates and grades. Mining rates were impacted by increased groundwater inflow and power outages. Consequently, mine-site AISC rose to $1,575 per ounce, and full-year cost guidance was increased to $1,550-$1,600 per ounce. Despite operational challenges, the mine generated a record $58.7 million in mine-site free cash flow, benefiting from higher gold prices Young-Davidson Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Gold Production (oz)** | 38,700 | 44,000 | | **Total Cash Costs ($/oz)** | $1,233 | $1,030 | | **Mine-site AISC ($/oz)** | $1,575 | $1,203 | | **Mine-site Free Cash Flow (M)** | $58.7 | $40.1 | - Production decreased **12% YoY** due to lower mining rates (**7,190 tpd vs. 7,885 tpd**) and grades, impacted by high groundwater inflow and power outages[57](index=57&type=chunk)[58](index=58&type=chunk) - Full-year mine-site AISC guidance was increased to **$1,550-$1,600 per ounce** due to higher unit costs in H1[63](index=63&type=chunk) - Generated record mine-site free cash flow of **$58.7 million** in Q2, driven by higher realized gold prices[65](index=65&type=chunk) [Mulatos District](index=19&type=section&id=Mulatos%20District) The Mulatos District produced 34,100 ounces in Q2 2025, a 36% decrease from the prior year, mainly due to the timing of gold recovery from the La Yaqui Grande leach pad. Production is expected to increase in the second half of the year as higher-grade ore stacked in Q2 is recovered. Mine-site AISC was $1,084 per ounce. The district generated $55.2 million in mine-site free cash flow, net of $15.4 million in cash tax payments Mulatos District Q2 2025 Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Gold Production (oz)** | 34,100 | 53,400 | | **Total Cash Costs ($/oz)** | $1,017 | $907 | | **Mine-site AISC ($/oz)** | $1,084 | $963 | | **Mine-site Free Cash Flow (M)** | $55.2 | $69.9 | - Production decreased **36% YoY** due to the timing of recovery of ounces stacked at La Yaqui Grande. A significant portion of ounces stacked in Q2 will be recovered in Q3 and Q4[68](index=68&type=chunk)[71](index=71&type=chunk) - Costs are expected to decrease through the remainder of the year, bringing full-year costs in line with guidance[75](index=75&type=chunk) - Growth capital spending of **$1.4 million** was primarily related to procurement and engineering for the PDA project[76](index=76&type=chunk) [Second Quarter 2025 Development Activities](index=21&type=section&id=Second%20Quarter%202025%20Development%20Activities) The company advanced its key development projects in Q2 2025. At Island Gold, the Phase 3+ Expansion is on schedule for H2 2026 completion, with 79% of total initial capital spent or committed. The Lynn Lake project's construction ramp-up was paused due to wildfires, delaying its expected completion by six months to H2 2028. At the Mulatos District, the PDA project received its environmental permit amendment, with construction expected to ramp up in Q3 2025 for a mid-2027 production start. The Kirazlı project in Türkiye remains suspended, with the company pursuing an investment treaty claim [Island Gold Phase 3+ Expansion](index=21&type=section&id=Island%20Gold%20Phase%203%2B%20Expansion) Progress on the Phase 3+ Expansion at Island Gold continued on schedule for completion in H2 2026. In Q2 2025, the shaft sink advanced to 1,265 meters (92% complete), and bulk earthworks for the Magino mill expansion were finished. The total growth capital estimate was revised to $835 million, a 10% increase from the 2022 estimate, with 79% of this capital now spent and committed as of June 30, 2025 - The project is on schedule for completion in the second half of 2026[82](index=82&type=chunk) - As of June 30, 2025, **79%** of the total **$835 million** initial growth capital has been spent and committed[80](index=80&type=chunk)[83](index=83&type=chunk) - Key Q2 progress includes advancing the shaft sink to **1,265 meters** and completing bulk earthworks for the Magino mill expansion[85](index=85&type=chunk) [Lynn Lake (Manitoba, Canada)](index=24&type=section&id=Lynn%20Lake) The ramp-up of construction at the Lynn Lake project has been temporarily paused due to ongoing wildfires in northern Manitoba. This has resulted in an approximate six-month delay to the project schedule, with completion now anticipated in the second half of 2028. The initial growth capital estimate of $632 million (from the 2023 study) is expected to increase by approximately 10% due to inflation, with further potential impacts from the fire-related delays being evaluated - Construction activities have been temporarily paused due to wildfires, delaying expected project completion by about **six months** to **H2 2028**[91](index=91&type=chunk) - Initial growth capital is expected to increase by approximately **10%** from the **$632 million** 2023 Feasibility Study estimate due to industry-wide inflation[92](index=92&type=chunk) - Development spending was **$18.8 million** in Q2 2025, focused on pre-construction activities like camp installation and engineering[96](index=96&type=chunk) [PDA (Sonora, Mexico)](index=25&type=section&id=PDA) The PDA project in Mexico received approval for its environmental impact assessment amendment, allowing construction to begin. Activities are set to ramp up in Q3 2025, with first production anticipated in mid-2027. Capital spending for 2025 is budgeted at $37-$40 million, part of a total initial capital of $165 million. The project is expected to be high-return, with an after-tax IRR of 46% at a $1,950/oz gold price - Construction activities are expected to ramp up in **Q3 2025**, with first production anticipated in **mid-2027**[98](index=98&type=chunk) - Total initial capital is estimated at **$165 million**, with **$37-$40 million** to be spent in 2025[98](index=98&type=chunk) - PDA is projected to produce an average of **127,000 ounces per year** over the first four years at a mine-site AISC of **$1,003 per ounce**[99](index=99&type=chunk) [Kirazlı (Çanakkale, Türkiye)](index=25&type=section&id=Kirazl%C4%B1) All construction activities at the Kirazlı project in Türkiye remain suspended since October 2019 due to the government's failure to renew mining licenses. The company is pursuing an investment treaty claim against the Republic of Türkiye for expropriation and unfair treatment, which was filed in 2021. In Q2 2025, the company expensed $1.4 million for ongoing care, maintenance, and arbitration costs related to the claim - The project remains suspended, and the company is pursuing an investment treaty claim against the Republic of Türkiye, filed in 2021[102](index=102&type=chunk)[103](index=103&type=chunk) - Incurred and expensed **$1.4 million** in Q2 2025 for care, maintenance, and arbitration costs[105](index=105&type=chunk) [Second Quarter 2025 Exploration Activities](index=26&type=section&id=Second%20Quarter%202025%20Exploration%20Activities) The company is conducting its largest-ever exploration program in 2025 with a global budget of $72 million. In Q2, significant drilling occurred at the Island Gold District, focusing on resource-to-reserve conversion and regional targets like Cline-Pick and Edwards. At Young-Davidson, drilling targeted extensions of mineralization. In the Mulatos District, work focused on the PDA and Cerro Pelon targets. The Lynn Lake exploration program was completed in Q1, and at Qiqavik, the summer drill program commenced at the end of Q2 [Island Gold District (Ontario, Canada)](index=26&type=section&id=Island%20Gold%20District%20Exploration) The 2025 exploration budget for the Island Gold District is $27 million. A key development was the 138% increase in underground Mineral Reserves to 4.1 million ounces, driven by Mineral Resource conversion using an updated classification methodology. Q2 drilling focused on defining new reserves near existing infrastructure and regional targets. Total exploration expenditures in Q2 were $6.8 million, with $5.1 million capitalized - A total of **$27 million** is budgeted for exploration in 2025[106](index=106&type=chunk) - Underground Mineral Reserves increased **138%** to **4.1 million ounces** at **10.85 g/t Au**, driven by successful Mineral Resource conversion[107](index=107&type=chunk) - Q2 exploration expenditures totaled **$6.8 million**, of which **$5.1 million** was capitalized[116](index=116&type=chunk) [Young-Davidson (Ontario, Canada)](index=27&type=section&id=Young-Davidson%20Exploration) The 2025 exploration budget for Young-Davidson is $11 million, an increase from $9 million in 2024. The program focuses on extending mineralization in the main syenite body and expanding newly defined hanging wall zones. During Q2, two underground drills completed 5,009 meters in nine holes. Total exploration expenditures for the quarter were $3.8 million, with $2.9 million capitalized - The 2025 exploration budget is **$11 million**, focused on underground drilling to extend mineralization[117](index=117&type=chunk) - In Q2, **5,009 meters** were drilled in nine holes from underground[120](index=120&type=chunk) - Q2 exploration expenditures were **$3.8 million**, with **$2.9 million** capitalized[121](index=121&type=chunk) [Mulatos District (Sonora, Mexico)](index=27&type=section&id=Mulatos%20District%20Exploration) The 2025 exploration budget for the Mulatos District is $19 million, with a planned 45,000 meters of drilling. The focus is on near-mine targets at PDA and Cerro Pelon, which represents a significant growth opportunity with its high-grade sulphide potential. In Q2, drilling continued at PDA (7,791 m) and Cerro Pelon (6,744 m). Quarterly exploration expenditures were $6.0 million, with $1.8 million capitalized - A total of **$19 million** is budgeted for exploration in 2025, with **45,000 meters** of drilling planned[122](index=122&type=chunk) - Q2 drilling focused on PDA (**7,791 m**) and Cerro Pelon (**6,744 m**)[125](index=125&type=chunk)[126](index=126&type=chunk) - Q2 exploration expenditures totaled **$6.0 million**, of which **$1.8 million** was capitalized[127](index=127&type=chunk) [Lynn Lake (Manitoba, Canada)](index=27&type=section&id=Lynn%20Lake%20Exploration) The 2025 exploration budget for Lynn Lake is $4 million, reduced from 2024 as the project transitions to construction. The exploration program, which was completed in Q1, focused on expanding Mineral Resources at the Burnt Timber and Linkwood satellite deposits. These deposits are expected to extend the project's mine life to 27 years. Exploration spending in Q2 was $0.7 million, all capitalized - The 2025 exploration budget is **$4 million**, with the drilling program completed in Q1[128](index=128&type=chunk)[131](index=131&type=chunk) - The Burnt Timber and Linkwood satellite deposits are expected to extend the combined Lynn Lake project mine life to **27 years**[130](index=130&type=chunk) - Exploration spending was **$0.7 million** in Q2, all of which was capitalized[131](index=131&type=chunk) [Qiqavik (Quebec, Canada)](index=28&type=section&id=Qiqavik) A $7 million exploration budget is planned for the Qiqavik project in 2025, up from $4 million in 2024. The program includes 7,000 meters of helicopter-supported surface drilling to test high-priority targets. In Q2, activities focused on data interpretation and camp mobilization ahead of the summer drill program. Exploration spending for the quarter was $1.4 million, all of which was expensed - The 2025 exploration budget is **$7 million**, including **7,000 meters** of surface drilling[132](index=132&type=chunk)[134](index=134&type=chunk) - The summer drill program was mobilized at the end of Q2[135](index=135&type=chunk) - Exploration spending totaled **$1.4 million** in Q2, all expensed[135](index=135&type=chunk) [Financial Performance and Condition](index=28&type=section&id=Financial%20Performance%20and%20Condition) This section analyzes the company's Q2 and H1 2025 financial results, including revenue, earnings, costs, tax, balance sheet, liquidity, and financial instruments, highlighting key performance drivers [Key External Performance Drivers](index=28&type=section&id=Key%20External%20Performance%20Drivers) The company's financial performance in Q2 2025 was heavily influenced by a 38% year-over-year increase in the average realized gold price to $3,223 per ounce. Foreign exchange rates also played a role, with a significant portion of costs denominated in Canadian dollars and Mexican pesos. The strengthening of both the CAD and MXN against the USD during the quarter resulted in a reported foreign exchange loss of $6.6 million and a non-cash foreign exchange gain of $43.0 million on deferred tax balances - The average realized gold price in Q2 2025 was **$3,223 per ounce**, a **38% increase** from Q2 2024[136](index=136&type=chunk) - The company has outstanding gold forward sale contracts for **150,000 ounces** for 2026 and 2027, inherited from the Argonaut acquisition[137](index=137&type=chunk) - Strengthening of the Canadian dollar and Mexican peso in Q2 resulted in a foreign exchange loss of **$6.6 million** on monetary assets/liabilities and a non-cash gain of **$43.0 million** on deferred tax balances[139](index=139&type=chunk)[140](index=140&type=chunk) [Summarized Financial and Operating Results](index=29&type=section&id=Summarized%20Financial%20and%20Operating%20Results) This section provides a consolidated table of key financial and operational metrics for the three and six months ended June 30, 2025, compared to the same periods in 2024. It highlights the significant year-over-year growth in revenues, earnings, and realized gold price, alongside an increase in operating costs per ounce Summarized Financial and Operating Results | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Gold Production (oz)** | 137,200 | 139,100 | 262,200 | 274,800 | | **Operating Revenues ($M)** | $438.2 | $332.6 | $771.2 | $610.2 | | **Net Earnings ($M)** | $159.4 | $70.1 | $174.6 | $112.2 | | **EPS, basic ($)** | $0.38 | $0.18 | $0.42 | $0.28 | | **Cash Flow from Ops ($M)** | $199.5 | $195.0 | $279.1 | $304.4 | | **AISC ($/oz)** | $1,475 | $1,096 | $1,629 | $1,178 | [Review of Second Quarter Financial Results](index=30&type=section&id=Review%20of%20Second%20Quarter%20Financial%20Results) In Q2 2025, record operating revenues of $438.2 million were driven by a 38% higher realized gold price, despite slightly lower sales volumes. Cost of sales increased 16% to $200.7 million, mainly due to the inclusion of the higher-cost Magino mine. Earnings from operations grew 56% to $216.2 million. Net earnings were $159.4 million, while adjusted net earnings were $144.1 million after accounting for unrealized losses on derivative contracts and foreign exchange impacts - Record operating revenues of **$438.2 million**, a **32% increase** from Q2 2024, were driven by a higher realized gold price of **$3,223/oz**[143](index=143&type=chunk)[144](index=144&type=chunk) - Cost of sales rose **16%** to **$200.7 million**, primarily due to the inclusion of the Magino mine[145](index=145&type=chunk) - Earnings from operations increased **56%** to **$216.2 million**[149](index=149&type=chunk) - Reported net earnings of **$159.4 million**; adjusted net earnings were **$144.1 million** (**$0.34 per share**)[151](index=151&type=chunk) [Review of Six Months Financial Results](index=31&type=section&id=Review%20of%20Six%20Months%20Financial%20Results) For the first half of 2025, operating revenues increased 26% to $771.2 million, benefiting from higher gold prices and the inclusion of the Magino mine. Cost of sales rose 14% to $395.9 million. All-in sustaining costs (AISC) were significantly higher at $1,629 per ounce, impacted by lower production rates at Young-Davidson, higher costs at Magino, and a substantial increase in share-based compensation. Earnings from operations grew 41% to $310.9 million, with net earnings of $174.6 million - H1 2025 operating revenues were **$771.2 million**, up **26%** from H1 2024[152](index=152&type=chunk) - H1 2025 AISC of **$1,629/oz** was significantly higher than the prior year, partly due to an **$85/oz** impact from the revaluation of share-based compensation[154](index=154&type=chunk) - Earnings from operations increased **41%** to **$310.9 million**[157](index=157&type=chunk) - Reported net earnings of **$174.6 million**; adjusted earnings were **$203.9 million** (**$0.48 per share**)[159](index=159&type=chunk) [Consolidated Expenses and Other](index=32&type=section&id=Consolidated%20Expenses%20and%20Other) In Q2 2025, key expenses included $8.8 million for exploration and $10.0 million for corporate and administrative costs. Share-based compensation was $2.5 million, lower than the prior year due to share price movement. A significant unrealized loss of $25.8 million was recorded on commodity derivatives related to legacy Argonaut hedges. For the first half of the year, share-based compensation was notably higher at $30.4 million due to a 37% increase in the company's share price Consolidated Expenses (Q2 & H1 2025 vs 2024) | Expense (in millions) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | **Exploration expense** | ($8.8) | ($7.6) | ($14.0) | ($12.4) | | **Corporate and administrative** | (10.0) | (7.4) | (20.0) | (15.3) | | **Share-based compensation** | (2.5) | (6.2) | (30.4) | (16.1) | | **Unrealized loss on commodity derivatives** | (25.8) | (0.4) | (94.2) | (1.9) | - The significant increase in H1 share-based compensation expense was due to the **37% rise** in the company's share price during the period[163](index=163&type=chunk) - Unrealized losses on commodity derivatives relate to the mark-to-market revaluation of legacy Argonaut gold hedges for 2026 and 2027[166](index=166&type=chunk) [Consolidated Income Tax Expense](index=33&type=section&id=Consolidated%20Income%20Tax%20Expense) For Q2 2025, the company recognized a current tax expense of $32.8 million and a deferred tax recovery of $10.6 million. For the first half of the year, current tax expense was $46.1 million with a deferred tax recovery of $13.4 million. The company paid $72.5 million in cash taxes during H1 2025, primarily related to 2024 taxes in Mexico and 2025 installments. Future quarterly cash tax payments are expected to be between $15 million and $20 million - Q2 2025 tax breakdown: **$32.8 million** current tax expense and a **$10.6 million** deferred tax recovery[169](index=169&type=chunk) - Paid **$72.5 million** in cash taxes in H1 2025, mainly for 2024 Mexican taxes and 2025 installments[171](index=171&type=chunk) - Recognized a foreign exchange gain of **$40.9 million** within the tax line for Q2 2025 due to the strengthening of the CAD and MXN[172](index=172&type=chunk) [Financial Condition](index=33&type=section&id=Financial%20Condition) As of June 30, 2025, the company's total assets stood at $5.54 billion, an increase from $5.34 billion at year-end 2024, primarily due to long-term construction activities like the Phase 3+ Expansion. Total liabilities were stable at $1.79 billion. The increase in current liabilities was driven by the revaluation of derivative liabilities and accrued liabilities, partially offset by a reduction in the gold prepayment liability. Shareholders' equity increased to $3.75 billion from $3.58 billion Balance Sheet Summary | (in millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $5,538.4 | $5,336.1 | | **Total Liabilities** | $1,785.4 | $1,751.9 | | **Shareholders' Equity** | $3,753.0 | $3,584.2 | - Long-term assets increased due to construction activities, primarily the Phase 3+ Expansion project[173](index=173&type=chunk) - Current liabilities increased mainly due to the revaluation of the derivative liability for legacy gold forward contracts and higher accrued liabilities[173](index=173&type=chunk) [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Alamos had a strong liquidity position with $344.9 million in cash and cash equivalents and an amended, upsized $750.0 million credit facility, of which $250.0 million was drawn. Total liquidity stood at $844.9 million. The company believes this is sufficient to internally fund all operating requirements and organic growth initiatives, including the Phase 3+ Expansion, PDA, and Lynn Lake projects. During the quarter, the company paid a dividend of $0.025 per share and repurchased $10.0 million of its shares - Cash and cash equivalents were **$344.9 million** at June 30, 2025[175](index=175&type=chunk) - The company amended and upsized its credit facility to **$750.0 million**, with an additional **$250.0 million** accordion feature. **$250.0 million** remains drawn[176](index=176&type=chunk) - Total liquidity is strong at **$844.9 million**, positioning the company to internally fund its growth projects[38](index=38&type=chunk)[179](index=179&type=chunk) - In Q2, the company repurchased **398,200 shares** for **$10.0 million** and paid dividends totaling **$10.6 million**[14](index=14&type=chunk)[186](index=186&type=chunk) [Financial Instruments](index=35&type=section&id=Financial%20Instruments) The company manages exposure to commodity, currency, and fuel price fluctuations through derivatives. As of June 30, 2025, it held legacy Argonaut gold forward contracts for 150,000 ounces for 2026-2027 at an average price of $1,821/oz, which had a fair value liability of $234.2 million. The company also held foreign currency collar contracts to hedge against CAD and MXN strength, and fuel collar contracts to manage fuel price risk. An unrealized loss of $25.8 million was recorded on commodity derivatives in Q2 - Held legacy Argonaut gold forward contracts for **150,000 ounces** for 2026-2027 at an average price of **$1,821/oz**. The fair value of these contracts was a liability of **$234.2 million** at quarter-end[191](index=191&type=chunk) - Recorded an unrealized loss of **$25.8 million** on commodity derivatives in Q2 2025, fully attributable to the legacy Argonaut hedges[192](index=192&type=chunk) - Utilizes foreign currency option and forward contracts to hedge against CAD and MXN appreciation versus the USD[193](index=193&type=chunk) [Summary of Quarterly Financial and Operating Results](index=37&type=section&id=Summary%20of%20Quarterly%20Financial%20and%20Operating%20Results) The company achieved record revenues and operating cash flow in Q2 2025, driven by higher realized gold prices. This performance followed a trend of increasing revenues and cash flows over the past year. However, net earnings in Q1 and Q2 2025 were negatively impacted by significant non-cash unrealized losses on legacy commodity derivatives. Q1 2025 earnings were also affected by high share-based compensation expense due to a sharp increase in the company's share price Quarterly Performance Trend | Metric (in millions, except price) | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues** | $438.2 | $333.0 | $375.8 | $360.9 | | **Net Earnings** | $159.4 | $15.2 | $87.6 | $84.5 | | **Cash from Operating Activities** | $199.5 | $79.6 | $192.2 | $165.5 | | **Average Realized Gold Price ($/oz)** | $3,223 | $2,802 | $2,632 | $2,458 | - Net earnings in Q1 and Q2 2025 were negatively impacted by unrealized non-cash commodity derivative losses from Argonaut legacy hedges[200](index=200&type=chunk) [Non-GAAP Measures and Other Disclosures](index=37&type=section&id=Non-GAAP%20Measures%20and%20Other%20Disclosures) This section clarifies the company's use of non-GAAP financial measures, discusses internal control over financial reporting, and provides essential cautionary notes for investors [Non-GAAP Measures and Additional GAAP Measures](index=37&type=section&id=Non-GAAP%20Measures%20and%20Additional%20GAAP%20Measures) This section details the non-GAAP financial measures used by the company to supplement its IFRS financial statements, including adjusted net earnings, free cash flow, total cash costs, and all-in sustaining costs (AISC). The company believes these measures provide investors with a better understanding of its underlying performance. Detailed reconciliations of these non-GAAP measures to their most directly comparable IFRS figures are provided for the company as a whole and for each individual mine site - The company uses non-GAAP measures such as adjusted net earnings, free cash flow, total cash costs, and AISC to evaluate underlying performance[201](index=201&type=chunk)[202](index=202&type=chunk) Reconciliation of Net Earnings to Adjusted Net Earnings (Q2 2025) | (in millions) | Amount | | :--- | :--- | | **Net earnings** | **$159.4** | | Foreign exchange loss | 6.6 | | Unrealized loss on commodity derivatives, net of tax | 17.1 | | Other loss | 2.1 | | Unrealized foreign exchange gain in deferred tax | (40.9) | | Other tax adjustments | (0.2) | | **Adjusted net earnings** | **$144.1** | Company-wide AISC Reconciliation (Q2 2025) | (in millions, except per ounce) | Amount | | :--- | :--- | | **Total cash costs** | **$145.1** | | Corporate and administrative | 10.0 | | Sustaining capital expenditures | 33.5 | | Sustaining finance leases & interest | 5.3 | | Share-based compensation | 2.5 | | Sustaining exploration & other | 2.7 | | **Total all-in sustaining costs** | **$199.1** | | **Gold ounces sold** | **135,027** | | **AISC per ounce** | **$1,475** | [Internal Control over Financial Reporting](index=45&type=section&id=Internal%20Control%20over%20Financial%20Reporting) Management has concluded that the company's internal controls over financial reporting and disclosure controls were appropriately designed as of June 30, 2025. However, the scope of this evaluation excluded the business acquired from Argonaut Gold on July 12, 2024, as permitted for up to one year post-acquisition. There were no material changes to internal controls during the quarter - Management determined that internal control over financial reporting was appropriately designed as of June 30, 2025[230](index=230&type=chunk) - The scope of the internal control evaluation excluded the business acquired from Argonaut on July 12, 2024, as permitted by regulations[230](index=230&type=chunk)[234](index=234&type=chunk) - No material changes in internal control over financial reporting occurred during the period[231](index=231&type=chunk) [Cautionary Notes](index=46&type=section&id=Cautionary%20Notes) This section provides important disclaimers. It cautions U.S. investors that mineral reserve and resource estimates are prepared under Canadian NI 43-101 standards, which differ from SEC Regulation S-K 1300, and that IFRS accounting principles differ from U.S. GAAP. It also contains a detailed cautionary note regarding forward-looking statements, outlining numerous risks and uncertainties—such as gold price volatility, operational risks, and political risks in jurisdictions like Türkiye—that could cause actual results to differ materially from projections - Warns U.S. investors that resource and reserve estimates are based on Canadian NI 43-101 standards, which differ from SEC rules, and not to assume resources will be converted to reserves[235](index=235&type=chunk)[236](index=236&type=chunk) - Highlights that the document contains forward-looking statements subject to significant business, economic, and political risks and uncertainties[239](index=239&type=chunk)[241](index=241&type=chunk) - Lists key risk factors including gold price fluctuations, operational disruptions, inflation, foreign exchange rates, and litigation risks, particularly the investment treaty claim against Türkiye[242](index=242&type=chunk)[243](index=243&type=chunk)

Financial Data and Key Metrics Changes - Second quarter production totaled 137,000 ounces, up 10% from the first quarter, in line with quarterly guidance [3] - All-in sustaining costs decreased by 18% compared to the first quarter, with further declines expected in the second half of the year [4][14] - Record revenues of $438 million were achieved, with an average realized price of $3,223 per ounce [13] - Free cash flow for the quarter totaled $85 million, a significant increase from the first quarter [16] - Adjusted net earnings were $144 million or $0.34 per share [15] Business Line Data and Key Metrics Changes - Island Gold District produced 64,400 ounces, a 9% increase over the first quarter [19] - Young Davidson produced 38,700 ounces, also a 9% increase from the first quarter [25] - Mulatos District production totaled 34,100 ounces, a 12% increase over the first quarter [28] Market Data and Key Metrics Changes - The average realized price for gold was below the London PM fixed price due to deliveries into a gold prepayment facility [13] - Total cash costs were $10.75 per ounce, and all-in sustaining costs were $14.75 per ounce, both decreased by 10-18% from the first quarter [13][14] Company Strategy and Development Direction - The company is focused on expanding the Island Gold District, with a life of mine plan projecting average annual production of 411,000 ounces at all-in sustaining costs of $915 per ounce [8] - An expansion study is underway, expected to outline a larger and more profitable operation [9] - The transition of processing higher-grade underground ore at the Magino mill is expected to realize significant cost synergies [4][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production guidance despite a slow start to the year due to difficult conditions [36] - A significant improvement in both production and costs is expected in the second half of the year [18][32] - The company anticipates strong ongoing free cash flow while funding growth projects [12] Other Important Information - The company revised its full-year cost guidance, expecting all-in sustaining costs to be 12% higher than originally planned [17] - The cash balance at the end of the second quarter grew to $345 million, with total liquidity at $845 million [16] Q&A Session Summary Question: Confidence in meeting production guidance - Management expressed strong confidence in meeting production guidance, citing a long track record of accurate forecasting [35][37] Question: Exploration potential near Magino Mill - Management highlighted exciting exploration results and ongoing efforts to convert resources to reserves for the upcoming expansion study [42][44] Question: Groundwater issues at Young Davidson - Management confirmed that groundwater issues have been resolved and additional pumping capacity has been added to prevent recurrence [52][53] Question: Throughput expectations at Magino Mill - Management indicated a gradual ramp-up in throughput, expecting to reach 11,200 tonnes per day by Q4 [66][67] Question: Contribution of Island underground ore to Magino Mill - Management confirmed that contributions from Island underground ore will increase, targeting about 1,400 tonnes per day in Q4 [69]

Financial Data and Key Metrics Changes - Second quarter production totaled 137,000 ounces, up 10% from the first quarter, in line with quarterly guidance [3] - All-in sustaining costs decreased by 18% compared to the first quarter, with further declines expected in the second half of the year [4] - Record revenues of $438 million were achieved, with free cash flow of $85 million [5][13] - Adjusted net earnings were $144 million or $0.34 per share, while operating cash flow before changes in non-cash working capital was a record $233 million [14] Business Line Data and Key Metrics Changes - Island Gold District production totaled 64,400 ounces, a 9% increase over the first quarter [19] - Young Davidson produced 38,700 ounces, also a 9% increase from the first quarter [26] - Mulatos District production totaled 34,100 ounces, a 12% increase over the first quarter [29] - Mine site free cash flow increased significantly across all operations, with Young Davidson generating a record $59 million [30] Market Data and Key Metrics Changes - Average realized gold price was $3,223 per ounce, with total cash costs of $10.75 per ounce and all-in sustaining costs of $14.75 per ounce [13] - Full year total cash costs are now expected to be between $975 and $1,025 per ounce, and all-in sustaining costs between $1,400 and $1,450 per ounce, reflecting a 12% increase in guidance [17] Company Strategy and Development Direction - The company is focused on expanding the Island Gold District, with a base case life of mine plan projecting average annual production of 411,000 ounces at mine site all-in sustaining costs of $915 per ounce [7] - An expansion study is underway, expected to outline a larger and more profitable operation, with potential milling rates evaluated at 20,000 tons per day [8][9] - The company anticipates strong ongoing free cash flow while funding growth projects, with expectations to exceed $1 billion in annual free cash flow at current gold prices [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production guidance despite a slow start to the year, citing strong operational performance expected in the second half [36][38] - The transition of processing high-grade ore within the Magino mill is seen as a key step towards realizing significant cost synergies [32] - Management highlighted the potential for significant increases in production and declining costs over the next several years, driven by the completion of expansion projects [11] Other Important Information - The company has a cash balance of $345 million and total liquidity of $845 million, positioning it well to internally fund growth plans [15] - The Phase three plus expansion is progressing well, with significant capital already committed [25] Q&A Session Summary Question: Confidence in meeting production guidance - Management expressed strong confidence in meeting production guidance, citing a long track record of accurate forecasting and operational performance [36][38] Question: Exploration potential near Magino Mill - Management highlighted exciting exploration results and ongoing efforts to convert resources to reserves, with plans to incorporate findings into the upcoming expansion study [42][44] Question: Groundwater issues at Young Davidson - Management confirmed that groundwater issues have been resolved and additional pumping capacity has been added to prevent recurrence [53][54] Question: Throughput expectations at Magino Mill - Management indicated a gradual ramp-up in throughput, expecting to reach 11,200 tonnes per day by the end of the quarter [68][69] Question: Contribution from Island underground ore - Management confirmed that contributions from Island underground ore will increase in the second half of the year, targeting approximately 1,400 tonnes per day by Q4 [71]

Second Quarter 2025 Results Presentation July 31, 2025 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 Pre ...

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Group 1 - Alamos Gold is identified as a high-quality mid-cap gold mining company primarily operating in Canada, with some production in Mexico's Mulatos District [1] - The company focuses on value investments in the natural resource sector, which provides downside protection while allowing for significant upside potential [2] - Over the past six years, the portfolio associated with the company has achieved a compounded annual growth rate of 29% [2]

Core Viewpoint - Alamos Gold Inc. reported strong operational and financial performance for Q2 2025, with a 10% increase in gold production and a significant reduction in costs, leading to record cash flow from operations and free cash flow of $85 million while continuing to invest in growth initiatives [2][31][34]. Financial Performance - Produced 137,200 ounces of gold, a 10% increase from Q1 2025, meeting quarterly guidance [4][48]. - Sold 135,027 ounces of gold at an average realized price of $3,223 per ounce, generating record quarterly revenues of $438.2 million [4][55]. - Record cash flow from operating activities totaled $199.5 million, a 151% increase from Q1 2025 [4][31]. - Generated strong free cash flow of $84.6 million, a significant increase from negative free cash flow of $20.1 million in Q1 2025 [4][31]. - Total cash costs decreased to $1,075 per ounce and all-in sustaining costs (AISC) decreased to $1,475 per ounce, reflecting a 10% and 18% reduction respectively from Q1 2025 [4][34]. Production and Cost Guidance - Increased annual cost guidance due to higher share-based compensation and royalty expenses, with total cash costs now expected between $975 and $1,025 per ounce and AISC between $1,400 and $1,450 per ounce [34][35]. - Anticipates further production growth in H2 2025 driven by higher grades and milling rates, remaining on track to achieve full-year production guidance [2][33]. Growth Initiatives - The Island Gold District is expected to be a key contributor to production growth and cost reduction, with plans to expand production to approximately one million ounces per year [3][40]. - The Base Case Life of Mine Plan outlines average annual gold production of 411,000 ounces starting in 2026 at an average mine-site AISC of $915 per ounce [7][38]. - Capital expenditures for growth projects, including the Phase 3+ Expansion and Lynn Lake, are expected to increase, with a total capital spending forecast of $599 to $699 million for 2025 [27][41]. Community and Environmental Initiatives - Alamos Gold partnered with other mining companies to donate CAD$1.25 million to support emergency relief for communities affected by wildfires in Northern Manitoba [7][26]. - Established a $250,000 Wildfire Support Fund to aid community rebuilding efforts in Lynn Lake [7][26]. - The company maintains a commitment to environmental sustainability and community engagement through various initiatives [21][22].

Core Viewpoint - Nvidia stock has the potential to reach $300 within the next two years, driven by strong revenue growth and a favorable position in the AI market [1][9]. Financial Performance - Nvidia's stock price has increased from approximately $95 to around $174 in just three months, reflecting a nearly 4x increase over the past two years [1]. - The company's revenues grew almost 2x over the last 12 months, with an average annual growth rate of about 69% over the past three years [4]. - Projected revenues could rise from around $131 billion in FY'25 to approximately $334 billion by FY'27, representing over 2.5x growth [4]. Market Trends - The demand for high-performance computing is expected to soar, particularly with the evolution of AI towards Artificial General Intelligence (AGI), which requires significant computational resources [6]. - Nvidia's GPUs are currently the industry standard for powering workloads associated with AGI, positioning the company to benefit from this technological shift [6]. Competitive Landscape - Nvidia has received assurances from the Trump administration to resume sales of its H20 AI chip to China, preserving access to a major AI market [5]. - The company is facing competition in the lower-end market from AMD, which could impact margins [8]. Profitability and Valuation - Nvidia's net margins have improved from about 25% in FY'19 to over 51% in FY'25, driven by better economies of scale and a favorable product mix [8]. - If earnings grow 2.5x, the price-to-earnings (PE) multiple could stabilize around 28x, suggesting a potential stock price of over $300 [9].