Alamos Gold, Inc. Q1 FY2025 earnings call

• Production: 125,000 ounces produced in Q1, with Island Gold performing well, Magino and Young-Davidson improving, and Mulatos district grades to improve. - Projects: Lynn Lake construction ramping up, Phase 3+ Expansion on track for completion in H1 2026, PDA project construction ramping up. - Reserves: Global mineral reserves increased 31% to 14 million ounces, with significant increases at Island Gold. - Outlook: Strong growth profile with production expected to increase to 900,000 ounces per year by 2028, all-in sustaining costs trending lower.

Production: In the first quarter, Alamos produced 125,000 ounces of gold, consistent with the lower end of quarterly guidance. Island Gold District totaled 59,200 ounces, with strong performance from Island Gold (1,200 tonnes per day processed at 11.36 grams per tonne grade). Magino produced 35,400 ounces, with lower production initially due to mill issues but improving milling rates. Young-Davidson produced 35,400 ounces, lower due to equipment and mining sequence issues but improving. Mulatos district totaled 30,400 ounces, with La Yaqui Grande grades low in Q1 but expected to improve. Revenue contribution: Island Gold contributed significantly, offsetting slower starts from Young-Davidson and Magino.

• Production: Expect 600,000 ounces in 2025, 700,000 ounces by 2027, and 900,000 ounces by 2028. - Costs: All-in sustaining costs expected to decrease 20% in Q2 and further in H2, with a 20% decrease in Q2. - Free Cash Flow: Stronger free cash flow expected in remainder of 2025, with considerably higher free cash flow in H2 2026 and beyond. - Long-term: Potential to reach 1 million ounces per year with Island Gold District expansion.

• Operational: Potential issues with mill operations at Magino and equipment at Young-Davidson. - Market: Gold price volatility impacting royalties and share price impact on share-based compensation. - Project: Delays in construction projects like Lynn Lake or Phase 3+ Expansion.

Q: On the Magino mill, is the aim still to reach 11,200 tons per day before integrating Island Gold and shutting down Island Gold mill?

A: Yes, the transition to Magino mill is expected at the end of May, with continuous improvements and successful batch testing of blended ore.

Q: What caused lower production at Young-Davidson in Q1?

A: It was mining sequence related, with unscheduled downtime of drills and scoops affecting performance.

Q: What gold price assumption is factored into cost guidance?

A: The gold price assumption is $2,400.

Q: Any color on Island Gold exploration?

A: Drilling is ongoing in the western part of Island Gold from underground and surface, following up on ore chute extensions.