Alamos Gold Reports Fourth Quarter and Year-End 2025 Results Record free cash flow generation supports growing shareholder returns with 60% increase in dividend
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 Fourth Quarter and Year-End 2025 Results
Record free cash flow generation supports growing shareholder returns
with 60% increase in dividend
Toronto, Ontario ( February 18, 202 6) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”)
today reported its financial results for the quarter and year ended December 31, 2025.
“Our full year production was lower than planned and costs higher due to a challenging year at our Canadian
operations. Despite these challenges, we established a number of new financial records including record free cash
flow of $352 million while investing in our high-return growth initiatives. This included advancing the Phase 3+ Shaft
Expansion, delivering a 32% increase in Mineral Reserves, and incorporating that growth into a larger expansion of
the Island Gold District,” said John A. McCluskey, President and Chief Executive Officer.
“Collectively, we expect these growth projects to drive a significant improvement into 2026, and sustained low -cost
growth over the next five years to approximately one million ounces annually by 2030. All of this growth is in
Canada, and we expect to fund it all internally while generating increasing free cash flow. Reflecting this strong
outlook and growing free cash flow, we are pleased to announce a 60% increase in our dividend,” Mr. McCluskey
added.
Fourth Quarter and Full Year 2025 Highlights
Operational and Financial Highlights
• Produced 545,400 ounces of gold in 2025, below revised annual guidance and a 4% decrease from 2024.
Lower mining and processing rates at the Canadian operations as a result of severe winter weather, as well as
other operational challenges, impacted production late in the year. Fourth quarter production of 141,500 ounces
was consistent with the third quarter but below quarterly guidance
• The Island Gold District produced 250,400 ounces of gold in 2025 and generated record annual mine-site free
cash flow1 of $205.0 million after funding all Phase 3+ Shaft Expansion capital and exploration initiatives
• Young-Davidson produced 153,400 ounces of gold in 2025 and generated record mine-site free cash flow of
$249.9 million, including a record $89.7 million in the fourth quarter
• The Mulatos District produced 141,600 ounces of gold in 2025 and generated strong mine-site free cash flow of
$221.5 million, including a record $92.3 million in the fourth quarter
• Cost of sales were $809.5 million or $1,524 per ounce in 2025, and $219.5 million, or $1,544 per ounce in the
fourth quarter
• Total cash costs1 of $1,077 per ounce and all-in sustaining costs ("AISC"1) of $1,524 per ounce for the full year
were above revised annual guidance. Total cash costs of $1,111 per ounce and AISC of $1,592 per ounce for
the fourth quarter were higher than the third quarter and quarterly guidance , driven by lower than planned
production from the Island Gold District and Young-Davidson
• Full year sales totaled 531,230 ounces of gold at an average realized price of $3,372 per ounce, generating
record annual revenues of approximately $1.8 billion, including silver sales, representing a 34% increase from
2024. This included fourth quarter sales of 142,147 ounces of gold at an average realized price of $3,998 per
ounce, generating record quarterly revenues of $575.3 million. This represented a 53% increase from the fourth
quarter of 2024 and marked the third consecutive quarter of record revenues
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2 | Alamos Gold Inc
• Generated record annual cash flow from operating activities of $795.3 million (including $924.3 million before
changes in working capital and taxes paid 1, or $2.20 per share 1), a 20% increase from 2024. Fourth quarter
cash flow from operating activities was $250.9 million (including $284.7 million before changes in working
capital and taxes paid, or $0.68 per share)
• Generated record annual free cash flow 1 of $351.7 million, including a record $156.9 million in the fourth
quarter, while continuing to reinvest in high-return growth projects including the Phase 3+ Shaft Expansion, IGD
Expansion to 20,000 tonnes per day ("tpd"), Lynn Lake, PDA, and a record exploration program
• Reported net earnings were $885.8 million in 2025, or $2.11 per share. Adjusted net earnings 1 were $587.1
million in 2025, or $1.40 per share1. Adjusted earnings include after-tax adjustments for an impairment reversal
and gain on sale of assets of $419.6 million, loss on commodity hedge derivatives of $ 152.1 million, as well as
adjustments for net unrealized foreign exchange gain recorded within deferred taxes and foreign exchange
totaling $27.4 million, and other adjustments of $3.8 million
• Reported net earnings were $434.9 million for the fourth quarter, or $1.03 per share. Adjusted net earnings for
the fourth quarter were $227.6 million, or $0.54 per share. Adjusted net earnings include after-tax adjustments
for a gain on sale of assets of $226.7 million, loss on commodity hedge derivatives of $ 34.9 million, as well as
adjustments for unrealized foreign exchange gain recorded within deferred taxes and foreign exchange totaling
$6.0 million, and other adjustments of $9.5 million
• Cash and cash equivalents were $623.1 million at December 31, 2025, up from $463.1 million at the end of the
third quarter, and $327.2 million at the end of 2024. This reflects record free cash flow generation, while
continuing to reinvest in high -return growth, supporting increased shareholder returns, debt reduction, and the
repurchase of hedges. The Company remains well -positioned to internally fund all of its growth initiatives with
strong ongoing free cash flow, net cash of $423.1 million, and approximately $1.2 billion of total liquidity
• Returned $80.9 million to shareholders in 2025 , nearly double the $41.0 million returned in 2024 . This included
the repurchase of 1.3 million shares at a cost of $38.8 million, and dividend payments totall ing $42.1 million. In
addition, the Company announced a 60% increase in the quarterly dividend to $0.04 per share , starting in the
first quarter of 2026
• Repaid $50 million of debt during the fourth quarter, leaving $200 million drawn on the credit facility at the end
of 2025
• Eliminated half of the 2026 legacy gold hedges from Argonaut Gold Inc. ("Argonaut") in the fourth quarter with
the repurchase and elimination of all forward sale contracts that were scheduled to mature in the first half of
2026. These contracts totaled 50,000 ounces at an average price of $1,821 per ounce. The cost to eliminate the
hedges was $113.5 million, at an effective price of approximately $4, 091 per ounce, providing further upside to
current gold prices. This was funded by $6 3.5 million in cash and a gold sale prepayment for $50.0 million in
exchange for the delivery of 12,255 ounces in the first half of 2026 at a prepay price of $4,166 per ounce
Mineral Reserves and Resources, Growth Projects and Other Highlights
• Announced the Island Gold District Expansion Study ("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. Compared to the Base Case Life of Mine Plan (the "Base Case LOM Plan") released in June 2025, the
IGD Expansion incorporates a 30% increase in Mineral Reserves and an expansion of the Magino mill to
20,000 tpd, driving increased annual production of 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
• Issued three-year guidance on February 4, 2026, with production expected to increase 12% in 2026 to between
570,000 and 650,000 ounces, and 46% by 2028 to between 755,000 and 835,000 ounces. AISC are expected
to decrease 18% by 2028 relative to 2025, driven by low -cost growth from the Island Gold District following the
completion of the Phase 3+ Shaft Expansion late in 2026 and the IGD Expansion in 2028. Further growth in
production and reduction in costs is expected after the completion of the Lynn Lake project in 2029
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3 | Alamos Gold Inc
• 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”). The growth was driven
by the successful conversion of a large portion of Mineral Resources to Reserves at the Island Gold District.
Measured and Indicated Mineral Resources also increased 6% to 5.5 million ounces (119 mt grading 1.44 g/t
Au) driven by additions at Young -Davidson, Lynn Lake and Mulatos. Inferred Mineral Resources decreased
63% to 2.0 million ounces (35 mt grading 1.82 g/t Au) reflecting the successful conversion of Mineral Resources
at the Island Gold District to Reserves
• Advanced the Phase 3+ Shaft Expansion at the Island Gold District. This included shaft sink progressing to a
depth of 1,350 metres ("m"), or 98% of the ultimate depth, and advancing the paste plant construction. The
Phase 3+ Shaft Expansion completion is expected in the fourth quarter of 2026
• Announced an updated development plan for the Lynn Lake project incorporating the BT and Linkwood
deposits, and several scope changes including a 13% increase in mill capacity to 9,000 tpd, driving production
higher and stronger economics. Lynn Lake is expected to average 186,000 ounces over its initial 10 -years at
first quartile mine-site AISC of $829 per ounce. Construction activities are expected to ramp up in the spring of
2026, with initial production expected in the first half of 2029
• Received approval of an amendment to the existing environmental impact assessment (Manifestación de
Impacto Ambiental) by Mexico’s Secretariat of Environment and Natural Resources in January 2025, allowing
for the start of construction on the PDA project within the Mulatos District . PDA remains on budget and on
schedule for initial production by mid-2027
• Closed the sale of the Company's Turkish development projects, which consist of Kirazlı, Ağı Dağı and
Çamyurt, to Tümad Madencilik Sanayi ve Ticaret A.Ş (“Tümad”) for total cash consideration of $470 million in
October 2025. Upon closing, Alamos received the first payment of $160 million. The remaining cash payments,
totaling $310 million , are expected to be received on the first and second anniversaries of the closing of the
transaction
• Closed the sale of the option to earn 100% interest in the non -core Quartz Mountain Gold Project (“Quartz
Mountain”), located in Oregon, to Q -Gold Resources Ltd. (TSXV:QGR) (“Q -Gold”) in October 2025. Quartz
Mountain was sold for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold
• Alamos was recognized for the second consecutive year as a TSX30 TM 2025 winner by the Toronto Stock
Exchange in September 2025. The annual ranking recognizes the 30 top performing stocks over a three -year
period. Alamos’ share price increased 310% over the trailing three-year period
(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.
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4 | Alamos Gold Inc
Highlight Summary
Three Months Ended December 31, Years Ended December 31,
2025 2024 2025 2024
Financial Results (in millions)
Operating revenues $575.3 $375.8 $1,808.8 $1,346.9
Cost of sales (1) $219.5 $200.9 $809.5 $751.1
Earnings from operations $330.9 $158.4 $1,097.5 $561.9
Earnings before income taxes $510.9 $157.2 $1,089.7 $502.2
Net earnings $434.9 $87.6 $885.8 $284.3
Adjusted net earnings (2) $227.6 $103.2 $587.1 $328.9
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $384.6 $207.2 $1,073.7 $691.5
Cash provided by operating activities $250.9 $192.2 $795.3 $661.1
Cash provided by operating activities before changes in
working capital and taxes paid (2) $284.7 $207.9 $924.3 $726.2
Capital expenditures (sustaining) (2) $49.5 $30.0 $144.6 $110.1
Sustaining finance leases (2)(3) $3.9 $5.2 $16.5 $10.6
Capital expenditures (growth) (2) $97.0 $101.2 $318.2 $279.5
Capital expenditures (capitalized exploration) $11.0 $7.5 $44.3 $28.0
Free cash flow (2)(3) $156.9 $53.5 $351.7 $272.3
Operating Results
Gold production (ounces) 141,500 140,200 545,400 567,000
Gold sales (ounces) 142,147 141,258 531,230 560,234
Per Ounce Data
Average realized gold price (5) $3,998 $2,632 $3,372 $2,379
Average spot gold price (London PM Fix) $4,135 $2,663 $3,432 $2,386
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,544 $1,422 $1,524 $1,341
Total cash costs per ounce of gold sold (2) $1,111 $981 $1,077 $927
All-in sustaining costs per ounce of gold sold (2) $1,592 $1,327 $1,524 $1,252
Share Data
Earnings per share, basic $1.03 $0.21 $2.11 $0.70
Earnings per share, diluted $1.03 $0.21 $2.10 $0.69
Adjusted earnings per share, basic (2) $0.54 $0.25 $1.40 $0.81
Weighted average common shares outstanding (basic) (000’s) 420,386 420,192 420,444 408,165
Financial Position (in millions)
Cash and cash equivalents (4) $623.1 $327.2
(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, 2024.
(5) Average realized gold price for the three months and year ended December 31, 2025 included the delivery of ounces into the gold prepayment facility based on
the prepaid price of $2,524 per ounce.
(6) Comparative figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024.
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5 | Alamos Gold Inc
Three Months Ended December 31, Years Ended December 31,
2025 2024 2025 2024
Gold production (ounces)
Island Gold District (7) 60,000 55,600 250,400 188,000
Young-Davidson 41,400 45,700 153,400 174,000
Mulatos District (8) 40,100 38,900 141,600 205,000
Gold sales (ounces)
Island Gold District (7) 62,002 56,100 241,359 183,441
Young-Davidson 42,287 45,441 153,382 173,274
Mulatos District (8) 37,858 39,717 136,489 203,519
Cost of sales (in millions) (1)
Island Gold District (7) $93.0 $70.1 $344.2 $206.1
Young-Davidson $74.6 $65.9 $270.1 $261.9
Mulatos District (8) $51.4 $64.9 $194.7 $283.1
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,500 $1,250 $1,426 $1,124
Young-Davidson $1,764 $1,450 $1,761 $1,511
Mulatos District (8) $1,358 $1,634 $1,426 $1,391
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,164 $911 $1,044 $804
Young-Davidson $1,234 $955 $1,244 $1,047
Mulatos District (8) $885 $1,113 $947 $935
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,626 $1,342 $1,473 $1,199
Young-Davidson $1,835 $1,191 $1,633 $1,314
Mulatos District (8) $946 $1,198 $1,018 $1,001
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7)(9) $107.0 $108.4 $346.5 $295.6
Young-Davidson (5) $33.2 $21.3 $93.6 $86.1
Mulatos District (6)(8) $11.2 $5.3 $30.1 $20.1
Other $10.0 $8.9 $53.4 $26.4
(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 $4.4 million and $18.5 million for the three months and year ended December 31, 2025 ($3.9 million and
$14.6 million for the three months and year ended December 31, 2024 ).
(5) Includes capitalized exploration at Young-Davidson of $0.6 million and $9.7 million for the three months and year ended December 31, 2025 ($2.0 million and $5.9
million for the three months and year ended December 31, 2024).
(6) Includes capitalized exploration at Mulatos District of $2.6 million and $12.7 million for the three months and year ended December 31, 2025 ($1.6 million and $7.5
million for the three months and year ended December 31, 2024).
(7) The Island Gold District includes Island Gold and Magino mines for the three months and year ended December 31, 2025. Comparative figures reflect the inclusion
of the Magino Mine as of its acquisition on July 12, 2024.
(8) The Mulatos District includes Mulatos and La Yaqui Grande mines.
(9) Sustaining capital expenditures for Island Gold District include certain finance leases classified as sustaining.
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6 | Alamos Gold Inc
Environment, Social and Governance Summary Performance
Health and Safety
• Total Recordable Injury Frequency Rate1 ("TRIFR") of 1.47 in the fourth quarter
• Lost time injury frequency rate1 ("LTIFR") of nil in the fourth quarter
• Alamos had 19 recordable injuries across its sites and no lost time injuries in the fourth quarter. For the full
year, Alamos had 56 recordable injuries across its sites including 3 LTIs
• For the full year, TRIFR was 1.14 and LTIFR was 0.06, down 35% and 42%, respectively, from the prior
year
Alamos had a strong safety performance in 2025, achieving its lowest TRIFR on record, while recognizing that
continued effort is required to achieve our ultimate goal of zero harm. 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.
In 2026, the Company plans to roll out safety leadership training across all sites in connection with the launch of
Alamos’ Home Safe Eight, a new initiative consisting of eight non ‑negotiable safety rules targeting high ‑risk
activities. These rules, which focus on areas such as energy isolation, working at heights, and safe vehicle
operation, are designed to significantly reduce the potential for injury through consistent and disciplined application.
Environment
• Zero significant environmental incidents for the fourth quarter and full year, and one reportable spill in the
fourth quarter
• Continued reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District
The one reportable spill occurred at the Island Gold District, where approximately 40 cubic metres of tailings slurry
was released due to a pipeline decoupling at the Magino mill. This was promptly addressed at the time of
occurrence and is not expected to have any lasting impact on the natural environment. The Company is committed
to preserving the long-term health and viability of the natural environment that surrounds 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:
• Provision of free internet access to the village of Matarachi in Senora, Mexico to create social, educational
and economic development opportunities in the region
• Distribution of holiday vouchers and hampers to community members in Matachewan, Lynn Lake, and
Marcel Colomb First Nation
• Cash donations to Dubreuilville Food Bank, Lady Dunn Health Center Foundation, as well as several other
health, education, and food programs in the communities in which Alamos operates
• Purchase of a heating unit for the Matachewan Fire Department
• Delivered Mining Showcase to more than 250 students from five high schools near the Island Gold District,
as well as a community open house for approximately 300 local residents
The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company
continues to engage with local communities to understand local challenges and priorities. Ongoing investments in
local infrastructure, health care, education, cultural and community programs remain a focus of the Company.
TRADING SYMBOL: TSX:AGI NYSE:AGI
7 | Alamos Gold Inc
Governance and Disclosure
• The Mulatos District received the Exceptional Companies Award by the Business Coordinating Council for
its contributions to the UN Sustainable Development Goals. The Mulatos District also received the Sonora
Philanthropy Prize, awarded by the Esposos Rodríguez Foundation, Maldonado Foundation, Educativa y
Cultural Don José S. Healy Foundation, and the University of Sonora
• Achieved its highest -ever CDP Climate Change score in December, receiving a “B” for its disclosure.
Alamos also achieved a score of 56 on S&P Global’s annual Corporate Sustainability Assessment, its
highest score to date
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.
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8 | 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 calculated 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.
2025 Year in Review
From an operational perspective, the past year was not reflective of the Company's long track record of execution.
Full year production of 545,000 ounces was lower than planned, down 4% from 2024, and at higher costs. Despite
the operational challenges, the Company delivered a record financial performance in 2025 and made strong
progress on its growth initiatives.
Revenues increased 34% from 2024 to a record $1.8 billion. Through higher gold prices and increasing margins, the
Company generated record free cash flow of $351.7 million while continuing to fund its high-return growth initiatives,
and a record exploration program. All three operations generated strong mine -site free cash flow, including $221.5
million from the Mulatos District, a record $249.9 million from Young-Davidson, and a record $205.0 million from the
Island Gold District while funding the Phase 3+ Shaft Expansion.
Additionally, the Company made strong progress on its growth initiatives, which are expected to nearly double gold
production to approximately one million ounces annually by 2030, underpinning one of the strongest outlooks in the
sector. The Phase 3+ Expansion continues to advance with the shaft on track to begin skipping ore by the end of
2026. Work on the expansion of the Magino mill began during 2025, while the Company completed an evaluation of
the optimal size of a larger expansion of the Island Gold District given the significant ongoing growth in Mineral
Reserves and Resources.
The study was completed earlier this month, with the announcement of the IGD Expansion to 20,000 tpd which is
expected to create one of the largest, lowest -cost, and most profitable gold mines in Canada. Following the
expected completion of the expansion in 2028, annual production is expected to average 534,000 ounces over the
initial 10 years, a 27% increase from the Base Case LOM announced in June 2025, and a 113% increase from
2025, at low mine-site AISC of $1,025 per ounce. The Expansion Study also incorporated a 30% increase in Mineral
Reserves to eight million ounces compared to the Base Case LOM Plan, supporting a 19 year mine life.