Alamos Gold Reports First Quarter 2026 Results Strong margin expansion drives record cash flow from operations and solid ongoing free cash flow of $102 million
TRADING SYMBOL: TSX:AGI NYSE:AGI
1 | Alamos Gold Inc
Alamos Gold Inc.
Brookfield Place, 181 Bay Street, Suite 3910, P .O. Box #823
Toronto, Ontario M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
Alamos Gold Reports First Quarter 2026 Results
Strong margin expansion drives record cash flow from operations and solid ongoing free cash
flow of $102 million
Toronto, Ontario (April 29, 2026) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended March 31, 2026.
“Our first quarter production was in line with guidance driven by a solid performance from the Island Gold District.
Underground mining rates at Island Gold increased to a new record, and milling rates at Magino increased
significantly over the past six weeks following the implementation of additional improvements. We expect all three of
our operations to contribute to a 20% increase in production in the second quarter, with further growth into the
second half of the year at substantially lower costs driven by the ongoing ramp up of mining rates at Island Gold.
We expect this trend of growing production and declining costs to continue through the end of the decade as we
advance our portfolio of high -return growth projects, underpinning one of the strongest outlooks in the sector,” said
John A. McCluskey, President and Chief Executive Officer.
First Quarter 2026 Operational and Financial Highlights
• Produced 123,900 ounces of gold in the first quarter of 2026, in-line with quarterly guidance with strong results
from the Island Gold District offsetting lower than planned production at Young -Davidson. Production is
expected to increase in the second quarter with further growth in the second half of the year, putting the
Company on track to achieve full year production guidance
• Sold 121,924 ounces of gold at an average realized price of $4,829 per ounce, generating record quarterly
revenues of $596.7 million, including silver sales. This represented a 79% increase from the first quarter of 2025
and marked the fourth consecutive quarter of record revenues
• Cost of sales were $205.5 million, or $1,685 per ounce in the first quarter. Total cash costs1 of $1,230 per ounce
and all -in sustaining costs ("AISC" 1) of $1,862 per ounce for the first quarter were above the top end of
guidance for the first half of 2026, as previously guided. Total cash costs and AISC are expected to decrease in
the second quarter and further into the second half of the year, driven by low -cost growth from the Island Gold
District, and lower costs from Young-Davidson
• First quarter cash flow from operating activities was $242.5 million (including a record $338.0 million before
changes in working capital and taxes paid1, or $0.80 per share)
• Generated strong free cash flow 1 of $101.7 million in the first quarter, while continuing to invest in high return
growth projects, and net of $82.0 million paid in cash taxes
• Reported net earnings were $191.4 million for the first quarter, or $0.46 per share. Adjusted net earnings 1 were
$232.0 million, or $0.55 per share1. Adjusted earnings include after-tax adjustment for net loss es on commodity
hedge derivatives of $ 20.2 million, adjustments for net unrealized foreign exchange losses recorded within
deferred taxes and foreign exchange totaling $19.3 million, and other adjustments of $1.1 million
• Cash and cash equivalents increased to $659.5 million at March 31, 2026, up from $623.1 million at the end of
2025. This reflected strong ongoing free cash flow while funding high -return growth, increased shareholder
returns, and $42.7 million used to retire additional legacy gold hedges. The Company remains well -positioned to
internally fund all of its growth initiatives with strong ongoing free cash flow, net cash of $459.5 million, and
approximately $1.2 billion of total liquidity
• Announced a 60% increase in the quarterly dividend rate to $0.04 per share, with $16.6 million paid in the first
quarter
TRADING SYMBOL: TSX:AGI NYSE:AGI
2 | Alamos Gold Inc
• Repurchased and eliminated approximately one -third of legacy gold hedges from Argonaut Gold Inc.
("Argonaut") that were scheduled to mature in the second half of 2026, providing further upside to higher gold
prices. These contracts totaled 15,000 ounces at an average price of $1,821 per ounce. The Company utilized
existing cash to eliminate the hedges at a cost of $42.7 million for an effective price of approximately $4,667 per
ounce
• Announced the IGD Expansion Study on February 3, 2026, outlining a long -life operation that is expected to
become one of the largest, lowest -cost, and most profitable gold mines in Canada with annual production
expected to increase to average 534,000 ounces over the initial 10 years (starting in 2028) at average mine -site
AISC of $1,025 per ounce. At a gold price of $4,500 per ounce and USD/CAD foreign exchange rate of $0.74:1,
the Island Gold District has an estimated after -tax net present value ("NPV") (5%) of $12.2 billion, making it one
of the most valuable gold mines in Canada. The IGD Expansion is progressing well and remains on track for
completion in 2028
• Advanced the Phase 3+ Shaft Expansion at the Island Gold District. This included completing the shaft sink and
advancing construction of the paste plant and administrative complex. Construction of the shaft and surface
infrastructure is expected to be substantially complete by the end of 2026, and commissioning of the shaft
completed in early 2027
• Reported year-end 2025 Mineral Reserves of 15.9 million ounces (265 million tonnes ("mt")), a 32% increase
from the end of 2024, with grades also increasing 5% to 1.87 grams per tonne (“g/t Au”). This marked the
seventh consecutive year Mineral Reserves have increased for a cumulative increase of 64%, with grades also
increasing 24% over that time frame
(1) Refer to the “Non -GAAP Measures and Additional GAAP Measures” section at the end of this press release and associated MD&A for a description and
calculation of these measures.
TRADING SYMBOL: TSX:AGI NYSE:AGI
3 | Alamos Gold Inc
Highlight Summary
Three Months Ended March 31,
2026 2025
Financial Results (in millions)
Operating revenues $596.7 $333.0
Cost of sales (1) $205.5 $195.2
Earnings from operations $344.8 $94.7
Earnings before income taxes $315.2 $25.7
Net earnings $191.4 $15.2
Adjusted net earnings (2) $232.0 $59.8
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $383.2 $145.4
Cash provided by operating activities $242.5 $79.6
Cash provided by operating activities before changes in working capital and taxes paid (2) $338.0 $131.4
Capital expenditures (sustaining) (2) $45.2 $26.8
Sustaining finance leases (2)(3) $3.8 $4.3
Capital expenditures (growth) (2) $127.2 $66.3
Capital expenditures (capitalized exploration) $11.1 $6.6
Free cash flow (2)(3) $101.7 ($20.1)
Operating Results
Gold production (ounces) 123,900 125,000
Gold sales (ounces) 121,924 117,583
Per Ounce Data
Average realized gold price (5) $4,829 $2,802
Average spot gold price (London PM Fix) $4,873 $2,859
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,685 $1,660
Total cash costs per ounce of gold sold (2) $1,230 $1,158
All-in sustaining costs per ounce of gold sold (2) $1,862 $1,661
Share Data
Earnings per share, basic $0.46 $0.04
Earnings per share, diluted $0.45 $0.04
Adjusted earnings per share, basic (2) $0.55 $0.14
Weighted average common shares outstanding (basic) (000’s) 419,899 420,415
Financial Position (in millions)
Cash and cash equivalents (4) $659.5 $623.1
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” section at the end of this press release and associated MD&A for a description and
calculation of these measures.
(3) Sustaining finance leases at the Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing
activities.
(4) Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2025.
(5) Average realized gold price for the three months ended March 31, 2026 included the delivery of ounces into the gold prepayment facility based on the prepay price
of $4,166 ($2,524 per ounce for the three months ended March 31, 2025).
TRADING SYMBOL: TSX:AGI NYSE:AGI
4 | Alamos Gold Inc
Three Months Ended March 31,
2026 2025
Gold production (ounces)
Island Gold District (7) 61,200 59,200
Young-Davidson 30,000 35,400
Mulatos District (8) 32,700 30,400
Gold sales (ounces)
Island Gold District (7) 57,109 53,388
Young-Davidson 31,042 35,475
Mulatos District (8) 33,773 28,720
Cost of sales (in millions) (1)
Island Gold District (7) $87.8 $79.5
Young-Davidson $67.4 $65.1
Mulatos District (8) $50.1 $50.6
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,537 $1,489
Young-Davidson $2,171 $1,835
Mulatos District (8) $1,483 $1,762
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,189 $1,040
Young-Davidson $1,643 $1,311
Mulatos District (8) $921 $1,191
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,760 $1,418
Young-Davidson $2,181 $1,615
Mulatos District (8) $995 $1,278
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7) $123.0 $72.3
Young-Davidson (5) $25.9 $18.8
Mulatos District (6)(8) $17.3 $4.0
Other $21.1 $8.9
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” section at the end of this press release and associated MD&A for a description and
calculation of these measures.
(3) For the purposes of calculating mine -site all -in sustaining costs, the Company does not include an allocation of corporate and administrative expense and
corporate share-based compensation expense.
(4) Includes capitalized exploration at Island Gold District of $3.4 million for the three months ended March 31, 2026 ($3.9 million for the three months March 31,
2025).
(5) Includes capitalized exploration at Young -Davidson $3.4 million for the three months ended March 31, 2026 ($2.0 million for the three months ended March 31,
2025).
(6) Includes capitalized exploration at Mulatos District $2.2 million for the three months ended March 31, 2026 ($0.7 million for the three months ended March 31,
2025).
(7) The Island Gold District includes Island Gold and Magino mines.
(8) The Mulatos District includes Mulatos and La Yaqui Grande mines.
TRADING SYMBOL: TSX:AGI NYSE:AGI
5 | Alamos Gold Inc
Environment, Social and Governance Summary Performance
Health and Safety
• Total Recordable Injury Frequency Rate 1 of 1.47 in the first quarter, consistent with the fourth quarter of
2025
• Lost time injury frequency rate1 of nil in the first quarter, consistent with the fourth quarter of 2025
• During the first quarter, Alamos had 20 recordable injuries across its sites and no lost time injuries
The Company’s Home Safe Every Day safety leadership training program, and newly introduced Home Safe Eight
safety initiative, continue to be delivered across the workforce. Alamos’ Home Safe Eight is a new initiative
consisting of eight non -negotiable safety rules targeting high -risk activities. These enhanced initiatives focus on
areas such as energy isolation, working at heights, and safe vehicle operation, and are designed to significantly
reduce the potential for injury through consistent and disciplined application.
Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone
is continually reminded of the importance of keeping themselves and their colleagues healthy and injury -free. The
Company’s overarching commitment is to have all employees and contractors return Home Safe Every Day.
Environment
• Continued reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District,
with work expected to be completed in the second quarter of 2026
• Zero significant environmental incidents
There were four reportable spills in the first quarter. At the Young-Davidson mine, two reportable spills occurred: one
involving a sodium sulfide container, and another resulting from a natural gas line leak. At the Island Gold District,
one spill occurred involving an engine oil container. At the Mulatos District, a small amount of heap leach material
spilled beyond the leach pad and was quickly remediated.
All spills were promptly addressed by site teams at the time of occurrence and are not expected to have any lasting
impact on the natural environment. The Company remains committed to preserving the long -term health and
viability of the natural environment surrounding its operations and projects. This includes investing in new initiatives
to reduce the Company's environmental footprint, with the goal of minimizing the impacts of its activities.
Community
Alamos continued to provide charitable donations, sponsorships, medical support and infrastructure investments
within its local communities, including:
• Ongoing financial support for various institutions in Kirkland Lake to support their services and continued
operations
• Sponsorship of various events and teams, including the Canadian Mining Games, Junior Explorers
Challenge, Temagami First Nation Ice Road Challenge, Larder Lake Fishing Derby, and a local team
participating in the Youth Bowl Canada Championship
• Cash donations to various health, education, and food programs in the communities in which Alamos
operates
The Company believes that excellence in sustainability provides a net benefit to all stakeholders and continues to
engage with local communities to better understand local challenges and priorities. Ongoing investments in local
infrastructure, health care, education, cultural and community programs remain a focus of the Company.
Governance and Disclosure
• Completed annual fieldwork and assurance of Alamos’ compliance with the World Gold Council’s
Responsible Gold Mining Principles (“RGMPs”). Alamos expects to publish its 2025 RGMP Report in the
second quarter of 2026
The Company maintains the highest standards of corporate governance to ensure that corporate decision -making
reflects its values, including the Company’s commitment to sustainable development.
(1) Frequency rate is calculated as incidents per 200,000 hours worked.
TRADING SYMBOL: TSX:AGI NYSE:AGI
6 | Alamos Gold Inc
Outlook and Strategy
2026 Guidance
Island Gold
District
Young-
Davidson
Mulatos
District Lynn Lake Total
Gold production (000's ounces) 290 - 330 155 - 175 125 - 145 — 570 - 650
Cost of sales, including amortization (in millions) (2) $920
Cost of sales, including amortization ($ per ounce) (2) $1,450 - $1,550
Total cash costs ($ per ounce) (1) $875 - $975 $1,350 - $1,450 $930 - $1,030 — $1,020 - $1,120
All-in sustaining costs ($ per ounce) (1) $1,500 - $1,600
Mine-site all-in sustaining costs ($ per ounce) (1)(3) $1,340 - $1,440 $1,730 - $1,830 $1,000 - $1,100 —
Capital expenditures ($ millions)
Sustaining capital (1)(4) $135 - $150 $55 - $65 $3 - $5 — $193 - $220
Growth capital (1)(4) $355 - $385 $25 - $30 $137 - $145 $140 - $160 $657 - $720
Total sustaining and growth capital (1)(4) $490 - $535 $80 - $95 $140 - $150 $140 - $160 $850 - $940
Capitalized exploration (1) $33 $12 $9 $6 $60
Total capital expenditures and capitalized exploration (1) $523 - $568 $92 - $107 $149 - $159 $146 - $166 $910 - $1,000
(1) Refer to the "Non-GAAP Measures and Additional GAAP" section at the end of this press release and associated MD&A for a description of these measures.
(2) Cost of sales includes mining and processing costs, royalties, and amortization expense but excludes silver credit, and is ca lculated based on the mid-point of total
cash cost guidance.
(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.
The Company’s objective is to operate a sustainable business model that supports growing returns to all
stakeholders over the long -term, through growing production, expanding margins, and increasing profitability. This
includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re -
investing in high-return internal growth opportunities, and supporting higher returns to shareholders.
During the first quarter, the Company delivered on these objectives across multiple fronts, including meeting
quarterly guidance while continuing to advance its high -return growth projects. First quarter production of 123,900
ounces was in line with guidance with a strong performance from the Island Gold District more than offsetting lower
production from Young-Davidson. As previously guided, total cash costs and AISC were above first half guidance,
with both expected to decrease in the second quarter and more significantly in the second half of the year.
Reflecting strong ongoing margins, the Company generated $101.7 million of free cash flow in the first quarter while
funding its peer leading pipeline of growth projects, and net of $82.0 million of cash taxes paid. Higher production,
lower costs and lower cash taxes are expected to drive stronger free cash flow through the remainder of year.
Underground mining rates at Island Gold increased to average a new record of over 1,400 tpd during the first
quarter, while the addition of the supplementary crushed ore feed in the second half of February and other
operational improvements supported the ramp up of processing rates in the Magino mill to average 9, 200 tpd over
the past six weeks. The ramp up of underground mining rates is expected to continue through the year supporting
growing production from the Island Gold District.
All three operations are expected to contribute to a substantial growth in the second quarter with production
expected to increase to between 145,000 and 155,000 ounces. With stronger production expected into the second
half of the year, the Company remains on track to achieve full year guidance. Reflecting the stronger production,
AISC are expected to decrease approximately 5% in the second quarter with a more significant improvement into
the second half of the year. The Company continues to monitor the impact of ongoing inflationary pressures across
its cost structure. This includes higher labour, contractor, diesel, electricity and natural gas costs, and the
downstream impact of higher energy prices on other consumables. The Company expects to manage these cost
pressures with productivity improvements through the year driving costs lower and significant margin expansion at
current gold prices.
This trend of growing production and declining costs is expected to continue through the end of the decade driven
by the Company's portfolio of high -return and low -cost growth projects. This includes the Island Gold District shaft
and mill expansion, PDA and Lynn Lake, all of which continued to advance during the first quarter. These projects
are expected to nearly double gold production to approximately one million ounces annually by 2030, underpinning
one of the strongest outlooks in the sector.
TRADING SYMBOL: TSX:AGI NYSE:AGI
7 | Alamos Gold Inc
The Island Gold District will be a key driver of this growth over the next several years. The Phase 3+ Shaft
Expansion achieved a significant milestone during the first quarter with the completion of the shaft sink to its
planned depth of 1,381 metres ("m"). Work on the shaft bottom infrastructure will continue through 2026 with
commissioning of the shaft expected to be completed early in 2027. This is expected to drive consolidated gold
production to a range of between 650,000 and 730,000 ounces in 2027, a 13% increase from 2026.
In parallel, work on the Magino mill expansion to 20,000 tpd continues to progress with construction and exterior
cladding of the new mill building well underway. The completion of the IGD Expansion in 2028 is expected to
support a further increase in production to a range of 755,000 to 835,000 ounces, representing a 15% increase from
2027 and cumulative 46% increase from 2025.
Further growth is expected into 2029 with initial production from Lynn Lake, and the ramp up of underground mining
rates at Island Gold to 3,000 tpd, as outlined in the IGD Expansion Study. By 2030, production is expected to
increase to a rate of approximately one million ounces annually.
Total cash costs and AISC in 2027 are expected to decrease 19% and 10%, respectively, from 2025 driven by low -
cost growth from the Island Gold District with the completion of the shaft and connecting the Magino mill to low -cost
grid power. A further decrease in costs is expected into 2028 with AISC expected to be between $1,200 and $1,300
per ounce, representing an 18% decrease from 2025. This is expected to be driven by the first full year of
production from PDA in Mexico and a further increase in low -cost production from the Island Gold District with the
completion of the IGD Expansion. Costs are expected to continue decreasing into 2029 and 2030 with the ramp up
of underground mining rates at Island Gold to 3,000 tpd, and the start of production from the low -cost Lynn Lake
project.
Capital spending in 2026 is expected to range between $850 and $940 million, excluding capitalized exploration of
$60 million. The largest portion of this budget will be focused on the completion of the shaft expansion and larger
mill expansion within the Island Gold District. Capital spending is expected to decline slightly in 2027 with increased
spending at Lynn Lake offset by lower spending on PDA and the Island Gold District. In 2028, capital spending is
expected to decrease approximately 24% compared to 2027 as the IGD Expansion is completed. A more significant
decrease is expected into 2029 and 2030 with the completion of construction at Lynn Lake.
A record $97 million has been budgeted globally for exploration in 2026, a 37% increase from the $71 million spent
in 2025. The increase reflects significant ongoing exploration success, including a 32% increase in Global Mineral
Reserves to 15.9 million ounces in 2025, with grades also increasing 5% to 1.87 g/t Au (265 mt). This includes
expanded budgets at each of the Island Gold District, Young -Davidson and Lynn Lake. The Island Gold District
remains the largest portion of the budget with $43 million planned for 2026, following up on another year of
substantial Mineral Reserve growth.
The Company remains well positioned to fund its high -return growth projects internally with strong ongoing free
cash flow, $659.5 million of cash and cash equivalents at the end of the first quarter of 2026, and approximately
$1.2 billion of total liquidity. At current gold prices, the Company expects to continue generating strong free cash
flow while funding its growth projects, with significant increases starting in 2027 with the completion of the Phase 3+
Shaft Expansion. The Company also remains focused on shareholder returns. Given the strong ongoing free cash
flow, and significant growth expected over the next several years, the Company increased its quarterly dividend rate
by 60% to $0.04 per share in the first quarter, and will continue to assess opportunities to be active on its share
buyback.
TRADING SYMBOL: TSX:AGI NYSE:AGI
8 | Alamos Gold Inc
First Quarter 2026 Results
Island Gold District Financial and Operational Review
Three Months Ended March 31
2026 2025
Gold production (ounces) 61,200 59,200
Gold sales (ounces) 57,109 53,388
Financial Review (in millions)
Operating Revenues $279.3 $152.0
Cost of sales (1) $87.8 $79.5
Earnings from operations $189.7 $71.4
Cash provided by operating activities $177.2 $86.9
Capital expenditures (sustaining) (2) $27.9 $15.5
Lease payments (sustaining) (2),(5) $3.8 $4.3
Capital expenditures (growth) (2) $87.9 $48.6
Capital expenditures (capitalized exploration) (2) $3.4 $3.9
Mine-site free cash flow (2),(5) $58.0 $18.9
Cost of sales, including amortization per ounce of gold sold (1) $1,537 $1,489
Total cash costs per ounce of gold sold (2) $1,189 $1,040
Mine-site all-in sustaining costs per ounce of gold sold (2),(3) $1,760 $1,418
Island Gold Mine
Underground Operations
Tonnes of ore mined 128,113 110,226
Tonnes of ore mined per day 1,423 1,225
Average grade of gold (4) 9.38 11.50
Metres developed 1,756 2,157
Island Gold Mill Operations (8)
Tonnes of ore processed 113,164 109,067
Tonnes of ore processed per day 1,257 1,212
Average grade of gold (4) 9.95 11.36
Contained ounces milled 36,188 39,838
Average recovery rate 97% 98%
Magino Mine
Open Pit Operations
Tonnes of ore mined - open pit (6) 1,073,079 1,064,870
Tonnes of ore mined per day 11,923 11,832
Total waste mined - open pit (7) 3,418,216 3,446,128
Total tonnes mined - open pit 4,491,294 4,510,998
Waste-to-ore ratio (7) 3.19 3.24
Average grade of gold (4) 0.81 0.77
Magino Mill Operations (8)
Tonnes of ore processed 675,984 651,153
Tonnes of ore processed per day 7,511 7,235
Average grade of gold processed (4) 1.18 0.86
Contained ounces milled 25,539 17,920
Average recovery rate 94% 92%
Island Gold District Mill Operations
Tonnes of ore processed per day 8,768 8,447
Average grade of gold processed (4) 2.43 2.36
Average recovery rate 96% 97%
(1) Cost of sales includes mining and processing costs, royalties, and amortization.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” section at the end of this press release and associated MD&A for a description and
calculation of these measures.
(3) For the purposes of calculating mine -site all -in sustaining costs, the Company does not include an allocation of corporate and administrative expense and
corporate share-based compensation expense.
(4) Grams per tonne of gold.
(5) Mine-site free cash flow does not include lease payments which are classified as cash flows used in financing activities on the co nsolidated financial statements.
(6) Includes ore stockpiled during the periods.
(7) Total waste mined includes operating waste and capitalized stripping.
(8) Magino mill results include the processing of open pit ore from Magino and excess underground ore not processed within the Is land Gold mill for the three months
ended March 31, 2026. Grades of gold processed from the Magino mine averaged 1.07 g/t Au.