Summary of Alamos Gold's 2026 Investor Day Company Overview - **Company**: Alamos Gold - **Event**: 2026 Investor Day - **Key Presenters**: John McCluskey (President and CEO), Greg Fisher (CFO), Luc Guimond (COO), among others [1][6] Industry Context - **Sector**: Gold Mining - **Focus**: Exploration success, production growth, and cost management in the gold mining industry Key Points and Arguments Exploration and Growth Potential - **Island Gold District**: High-grade intercepts from recent drilling, particularly from the Cline-Pick target, indicate strong exploration success and potential for district expansion [2][3] - **Production Goals**: A pathway to achieving 1 million ounces of annual production is outlined, with detailed mine plans and exploration strategies [9][10] - **Resource Growth**: The company has added 8 million ounces of resources in the last six years at an average finding cost of $31 per ounce, indicating effective exploration strategies [12] Financial Performance and Projections - **2025 Production**: Finished with 545,000 ounces, lower than expected due to operational challenges [24] - **Free Cash Flow**: Generated $350 million in free cash flow in 2025, with expectations to increase to $600 million in 2026 and over $1.3 billion by 2028 [42] - **Capital Expenditure**: Planned capital investment of approximately $900 million in 2026 to support growth initiatives, including the expansion of Island Gold [30][36] Cost Management - **All-in Sustaining Costs**: Expected to be $1,550 per ounce in 2026, influenced by inflation and operational adjustments [34][35] - **Cost Reduction Strategy**: Anticipated decrease in costs to $1,375 in 2027 and $1,250 in 2028 as production ramps up and efficiencies are realized [38][41] Operational Updates - **Island Gold Production**: Expected production increase to between 570,000 and 650,000 ounces in 2026, with a focus on ramping up underground mining rates [29][32] - **Young-Davidson Performance**: Consistent production expected, averaging about 165,000 ounces per year over the next three years, with a focus on improving mining rates and operational efficiency [61][62] Strategic Initiatives - **M&A and Synergies**: The acquisition of Richmont Mines and integration of Magino has created significant synergies, with nearly $500 million in potential savings [7][8] - **Shareholder Returns**: The company has a history of returning capital to shareholders, with $450 million in dividends and buybacks, and plans to continue this trend as cash flow increases [14][45] Future Outlook - **Long-term Production Goals**: Aiming for sustainable production of 1 million ounces annually by the end of the decade, supported by long mine lives and ongoing exploration [40][41] - **Exploration Upside**: Significant exploration potential remains in the Island Gold District and other projects, which could further enhance production and resource estimates [57][66] Additional Important Information - **Operational Challenges**: Weather conditions and seismic events have impacted production rates, but recovery plans are in place to address these issues [47][48] - **Infrastructure Improvements**: Plans to enhance mill management and operational efficiency at the Magino site, including transitioning to grid power for cost savings [51][53] This summary encapsulates the critical insights and projections discussed during Alamos Gold's 2026 Investor Day, highlighting the company's strategic focus on growth, cost management, and shareholder value.

Core Viewpoint - Orezone Gold Corporation is set to announce its third quarter 2025 results on November 12, 2025, followed by a conference call to discuss these results [1][2]. Company Overview - Orezone Gold Corporation is a West African gold producer focused on mining, developing, and exploring the Bomboré Gold Mine in Burkina Faso [2]. - The construction of the stage 1 hard rock expansion is nearly complete, with first gold production expected in Q4-2025 [2]. - Combined production from oxide and stage 1 hard rock operations is projected to be between 170,000 and 185,000 ounces in 2026 [2]. - The company is also advancing stage 2 of the hard rock expansion, which is anticipated to increase annual production to between 220,000 and 250,000 ounces [2]. Conference Call Details - The conference call and audio webcast will take place on November 12, 2025, at 2:00 pm Pacific Time / 5:00 pm Eastern Time [2]. - A link to the conference call webcast is provided, along with contact numbers for U.S. and international callers [2].

Financial Data and Key Metrics Changes - The company aims for over 500,000 ounces of gold in annual production by the early 2030s, with total resources of approximately 14 million ounces, including 6.5 million in measured and indicated categories [1][2] - The net present value (NPV) of projects at a gold price of $2,175 is $1.6 billion, which increases to $4.5 billion at a price of $2,900, indicating significant leverage to gold prices [5] Business Line Data and Key Metrics Changes - The company operates three high-grade underground operations with about 3.5 million ounces at an average grade of 8.5 grams per ton, and two open pit operations with significant resources at Granite Creek and Ruby Hill [2][3] - Phase one production is expected to yield 150,000 to 200,000 ounces annually from Granite Creek and Archimedes, while phase two will increase production to 300,000 to 400,000 ounces with the addition of Cove and Granite Creek open pit [4][5] Market Data and Key Metrics Changes - The company is positioned in a Tier 1 mining jurisdiction in Northern Nevada, being the fourth largest mineral resource holder in the state [1] - The focus on high-grade operations and a scalable multi-asset model positions the company favorably in the competitive gold mining market [4] Company Strategy and Development Direction - The company is establishing a phased approach to production, with a central processing facility at Lone Tree and plans for refurbishing an autoclave to enhance processing capabilities [2][18] - Future projects include significant drilling and feasibility studies, with a focus on optimizing resource extraction and expanding existing deposits [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of their projects, citing the need for additional drilling to improve project economics ahead of feasibility studies [6][10] - The company anticipates production starting in the second half of 2026 for the Archimedes project, with ongoing construction and exploration efforts [9][10] Other Important Information - The company has completed over 40,000 meters of infill drilling at Cove, with expectations of upgrading resources and further exploration [17] - The autoclave refurbishment is crucial for reducing reliance on third-party toll milling, significantly increasing payability from 55%-60% to around 92% [18] Q&A Session Summary Question: What is the timeline for production at the Archimedes project? - Production is expected to start in the second half of 2026, with construction currently underway [9] Question: How does the company plan to enhance its processing capabilities? - The refurbishment of the autoclave will allow the company to control its processing and increase payability significantly [18] Question: What are the expectations for resource upgrades at Cove? - The company anticipates successful upgrades from ongoing infill drilling and further exploration in the future [17]

Core Viewpoint - The receipt of environmental permits for the Archimedes underground mining project marks a significant milestone for i-80 Gold, enabling the company to advance its growth strategy in Nevada, with expectations to increase annual gold output significantly by 2028 [2][4]. Permitting - The current permitting phase allows mining activities above the 5100-foot elevation, consistent with previously approved permits, and is expected to facilitate development and production into the first half of 2028. Permitting activities below this elevation are underway, with completion anticipated in the first half of 2027 [4]. Development Work - Construction of surface infrastructure to support the Archimedes underground portal is complete, with utilities in place. Small Mine Development, L.L.C. has been contracted for further development, expected to be completed by mid-2027 [5]. Economic Assessment - The Preliminary Economic Assessment (PEA) estimates Archimedes will have an after-tax net present value of $644 million at a 5% discount rate, with an internal rate of return of 81% at a gold price of $3,000 per ounce. The initial mine life is projected at approximately 10 years, with an average annual gold output of around 100,000 ounces at an all-in sustaining cost of $1,877 per ounce [6][20]. Production Timeline - Material mined at Archimedes is expected to be processed at a third-party facility starting in Q4 2026, transitioning to the Lone Tree facility in early 2028. Initial operations will also include on-site heap leaching [7]. Resource Estimates - Archimedes hosts 436,000 ounces of gold in the Indicated category and 988,000 ounces in the Inferred category. Planned infill drilling aims to upgrade and expand these resources, potentially extending the mine life [8]. Feasibility Study - The feasibility study for Archimedes has been accelerated by approximately 12 months, with an increased drilling cost estimated between $10 million to $25 million due to longer drill holes from higher elevations. Infill drilling is scheduled to begin in Q4 2025 [9][10]. Next Steps - Future efforts will focus on resource drilling, permitting for mining below the 5100-foot elevation, and metallurgical testing to confirm recoveries under anticipated processing conditions [11].

Company Overview - Aris Mining Corporation was founded in September 2022 with a focus on becoming a leading gold mining company in Latin America, emphasizing production, cash flow generation, and transformational growth through asset expansions and exploration projects [3] - The company operates two underground gold mines in Colombia: Segovia Operations and Marmato Complex, which produced a total of 210,955 ounces of gold in 2024 [4] Recent Developments - The successful commissioning of a second mill at Segovia Operations in June 2025 has increased processing capacity by 50%, from 2,000 tonnes per day (tpd) to 3,000 tpd [7] - Milling rates have significantly increased, averaging 2,415 tpd in July and August 2025, compared to 1,971 tpd in the first half of 2025 [7] - Year-to-date gold production at Segovia as of August 31, 2025, totals 141,893 ounces, with 42,817 ounces produced in July and August [7] Production Goals - Aris Mining is on track to meet its full-year 2025 production guidance of 230,000 to 275,000 ounces of gold [2] - The company aims for an annual production rate exceeding 500,000 ounces of gold following the ramp-up of the second mill and the construction of the Bulk Mining Zone at the Marmato Complex, expected to start production in H2 2026 [4] Strategic Initiatives - Aris Mining is actively pursuing partnerships with Colombia's small-scale mining sector to promote safe, legal, and environmentally responsible operations that benefit local communities [5] - The company operates a 51% owned joint venture at Soto Norte, which has completed a Preliminary Feasibility Study (PFS) confirming it as a high-quality, long-life project with strong economics [4]

Core Insights - Aris Mining Corporation (ARMN) has commissioned a second processing mill at its Segovia Operations in Colombia, increasing processing capacity by 50% to 3,000 tons per day, positioning the company to meet its 2025 production target of 230,000-275,000 ounces [1][7] Production Performance - Segovia Operations experienced a 12% year-over-year increase in production, reaching 99,076 ounces in the first half of 2025, contributing to a total gold production of 113,415 ounces for ARMN, which is a 13% increase year-over-year [2][7] - The production for 2025 is expected to be weighted towards the second half, reflecting the ramp-up of the expanded Segovia mill [3] Industry Comparison - B2Gold Corp. (BTG) reported a consolidated gold production of 192,752 ounces for the first quarter of 2025, down approximately 10% year-over-year, while AngloGold Ashanti plc (AU) saw a 22% year-over-year increase in gold production to 720,000 ounces [4][5] Stock Performance and Valuation - ARMN's shares have surged 110.3% year-to-date, outperforming the Zacks Mining – Gold industry's rise of 57.3% [6][7] - The forward 12-month earnings multiple for ARMN is 4.2, which is about a 66.7% discount to the industry average of 12.63X, indicating strong valuation potential [10] Earnings Estimates - The Zacks Consensus Estimate for ARMN's earnings in 2025 and 2026 suggests a year-over-year increase of 264.7% and 73.8%, respectively, with EPS estimates trending higher over the past 60 days [9]