Alamos Gold Reports Second Quarter 2025 Results Stronger production and lower costs drive record cash flow from operations and solid free cash flow of $85 million while funding growth
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 Second Quarter 2025 Results
Stronger production and lower costs drive record cash flow from operations and solid free cash
flow of $85 million while funding growth
Toronto, Ontario (July 30, 2025) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended June 30, 2025.
“Production increased 10% from the first quarter, meeting our quarterly guidance, while all -in sustaining costs
decreased 18%, reflecting stronger performances across all of our operations. This contributed to record cash flow
from operations and a substantial increase in free cash flow to $85 million while continuing to reinvest in growth. We
expect further production growth into the second half of the year driven by a combination of higher grades and
milling rates, and remain on track to achieve full year production guidance. Given external factors related to our
higher share price and gold price, as well as the slower start to the year at Magino and Young -Davidson, we have
increased our annual cost guidance. This is not reflective of our long-term outlook with costs expected to continue to
improve into the second half of the year, and a more substantial decrease expected over the next several years,”
said John A. McCluskey, President and Chief Executive Officer.
“A key contributor to this improvement will be the Island Gold District where we successfully completed the transition
to processing Island Gold ore through the larger and more productive Magino mill mid -July. As outlined in the Base
Case Life of Mine plan issued last month, the Island Gold District will be a driver of our growing production and
declining costs over the next several years. We also believe there is further upside to come. Through a larger
expansion of the district, we see excellent potential to grow our consolidated production to approximately one
million ounces per year, underpinning one of the strongest growth profiles in the sector,” Mr. McCluskey added.
Second Quarter 2025 Operational and Financial Highlights
• Produced 137,200 ounces of gold, consistent with quarterly guidance and a 10% increase from the first
quarter of 2025 reflecting stronger performances from all three operations. With further increases expected
in the third and fourth quarter, the Company remains on track to achieve full year production guidance
• Sold 135,027 ounces of gold at an average realized price of $3,223 per ounce, generating record quarterly
revenues of $438.2 million. The average realized gold price was below the London PM Fix price, reflecting
the delivery of 12,346 ounces into the gold prepayment facility executed in July 2024 based on the prepaid
price of $2,524 per ounce
• Record cash flow from operating activities totaled $199.5 million (including $232.9 million before changes in
working capital and taxes paid 1, or $0.55 per share), a 151% increase from the first quarter of 2025
reflecting the strong operating performance and margin expansion through higher gold prices and lower
costs
• Generated strong free cash flow 1 of $84.6 million, while continuing to reinvest in high -return growth projects
including the Phase 3+ Expansion, Lynn Lake, and PDA. This was a significant increase from negative free
cash flow of $20.1 million in the first quarter of 2025, reflecting a solid contribution from all three operations.
The Company expects strong ongoing free cash flow at current gold prices through the remainder of 2025
with significant growth starting in 2026 reflecting higher production and lower costs
• Total cash costs1 of $1,075 per ounce and all -in sustaining costs ("AISC") 1 of $1,475 per ounce decreased
10% and 18%, respectively, from the first quarter of 2025, driven by stronger production and lower share -
based compensation expense. Costs are expected to decrease further through the second half of the year
TRADING SYMBOL: TSX:AGI NYSE:AGI
2 | Alamos Gold Inc
• Reflecting the higher than budgeted share -based compensation expense through the first half of the year ,
higher royalty expense, and slower start to the year at Magino and Young -Davidson, the Company has
increased its 2025 cost guidance. Full year total cash costs are now expected to be between $9 75 and
$1,025 per ounce, and AISC between $1,400 and $1,4 50 per ounce. This represents a 1 2% increase in
AISC guidance with approximately 40% of the increase attributable to external factors including the
revaluation of previously issued share -based compensation with the higher share price, and higher royalty
expenses given the increased gold price
• Cost of sales of $200.7 million, or $1,486 per ounce, decreased 10% from the first quarter of 2025 on a per-
ounce basis
• Reported net earnings for the quarter were $159.4 million, or $0.38 per share
• Adjusted net earnings1 were $144.1 million, or $0.34 per share. Adjusted net earnings includes adjustments
for unrealized losses on commodity hedge derivatives, net of tax, of $ 17.1 million, adjustments for
unrealized foreign exchange gains recorded within deferred taxes and foreign exchange loss totaling $34.3
million, and other adjustments of $1.9 million
• Cash and cash equivalents increased 19% from the first quarter of 2025 to $344.9 million at June 30, 2025.
The Company remains in a strong net cash position and is well -positioned to internally fund all of its growth
initiatives with strong ongoing free cash flow and $844.9 million of total liquidity
• Returned $21 million to shareholders. This included the repurchase of 0.4 million shares at a cost of $10.0
million ($25.11 per share), and payment of the $10.6 million quarterly dividend ($0.025 per share)
• In response to the devastating wildfires impacting communities across northern Manitoba, Alamos partnered
with two other mining companies, collectively donating CAD$1.25 million to the Canadian Red Cross to
support emergency relief and rebuilding efforts. This contribution will help the residents and Indigenous
communities in which the three companies operate that have been affected by the wildfires. In addition,
Alamos Gold is establishing a $250,000 Wildfire Support Fund, administered by the Dreamcatchers
Committee which will support community rebuilding efforts in the community of Lynn Lake
• Announced the Base Case Life of Mine Plan ("Base Case LOM Plan") completed on the Island Gold
District, outlining a long -life operation that is expected to become one of the largest, lowest -cost, and most
profitable gold mines in Canada. The Base Case LOM Plan outlines average annual gold production of
411,000 ounces starting in 2026, at average mine-site AISC of $915 per ounce over the initial 12 years. The
Company expects to outline significant upside potential to the Base Case LOM within an expansion study
("Expansion Study"), which is expected to be completed in the fourth quarter of 2025
• Provided an exploration update at Island Gold where drilling continues to extend high -grade gold
mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures,
highlighting the significant near -mine upside potential. Additionally, the regional exploration program has
been successful in intersecting high -grade gold mineralization at the past -producing Cline -Pick and
Edwards mines, located seven kilometres from the Magino Mill, highlighting longer -term opportunities for
further growth
• Shaft sinking at Island Gold reached 1,265 metres ("m") in the second quarter, or 92% of the planned depth.
In addition, a groundbreaking ceremony was held for the 115 kV power line project in partnership with
Batchewana First Nation. When completed in 2026, it will connect the entire site to grid power, providing
clean energy and further reducing the Island Gold District Greenhouse Gas (“GHG”) emissions intensity to
well below the industry average
• Announced a binding agreement to sell 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”) for
total consideration of up to $21 million and a 9.9% equity interest in Q -Gold. The transaction is expected to
close in the second half of 2025
(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
Financial Results (in millions)
Operating revenues $438.2 $332.6 $771.2 $610.2
Cost of sales (1) $200.7 $172.6 $395.9 $346.2
Earnings from operations $216.2 $138.8 $310.9 $220.2
Earnings before income taxes $181.6 $128.2 $207.3 $203.8
Net earnings $159.4 $70.1 $174.6 $112.2
Adjusted net earnings (2) $144.1 $96.9 $203.9 $148.1
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $260.2 $180.9 $405.6 $308.1
Cash provided by operating activities before changes in working
capital and taxes paid (2) $232.9 $191.1 $364.3 $326.5
Cash provided by operating activities $199.5 $195.0 $279.1 $304.4
Capital expenditures (sustaining) (2) $33.5 $20.9 $60.3 $47.4
Sustaining finance leases (3) $4.0 $— $8.3 $—
Capital expenditures (growth) (2) $71.6 $58.8 $137.9 $110.4
Capital expenditures (capitalized exploration) $9.8 $7.9 $16.4 $14.3
Free cash flow (2)(3) $84.6 $107.4 $64.5 $132.3
Operating Results
Gold production (ounces) 137,200 139,100 262,200 274,800
Gold sales (ounces) 135,027 140,923 252,610 273,772
Per Ounce Data
Average realized gold price (5) $3,223 $2,336 $3,027 $2,207
Average spot gold price (London PM Fix) $3,280 $2,338 $3,067 $2,208
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,486 $1,225 $1,567 $1,265
Total cash costs per ounce of gold sold (2) $1,075 $830 $1,130 $869
All-in sustaining costs per ounce of gold sold (2) $1,475 $1,096 $1,629 $1,178
Share Data
Earnings per share, basic $0.38 $0.18 $0.42 $0.28
Earnings per share, diluted $0.38 $0.17 $0.41 $0.28
Adjusted earnings per share, basic (2) $0.34 $0.24 $0.48 $0.37
Weighted average common shares outstanding (basic) (000’s) 420,474 398,275 420,445 397,546
Financial Position (in millions)
Cash and cash equivalents (4) $344.9 $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 of this press release and associated MD&A for a description and calculation of these
measures.
(3) Sustaining finance leases at Island Gold District are not included as additions to mineral property, plant and equipment in c ash 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 and six months ended June 30, 2025 included the delivery of ounces into the gold prepayment facility based on the
prepaid price of $2,524 per ounce.
(6) Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.
TRADING SYMBOL: TSX:AGI NYSE:AGI
4 | Alamos Gold Inc
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Gold production (ounces)
Island Gold District (7) 64,400 41,700 123,600 75,100
Young-Davidson 38,700 44,000 74,100 84,100
Mulatos District (8) 34,100 53,400 64,500 115,600
Gold sales (ounces)
Island Gold District (7) 63,958 39,766 117,346 73,896
Young-Davidson 38,214 45,057 73,689 84,867
Mulatos District (8) 32,855 56,100 61,575 115,009
Cost of sales (in millions) (1)
Island Gold District (7) $88.3 $30.7 $167.8 $64.1
Young-Davidson $65.2 $66.7 $130.3 $132.1
Mulatos District (8) $47.2 $75.2 $97.8 $150.0
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,381 $772 $1,430 $867
Young-Davidson $1,706 $1,480 $1,768 $1,557
Mulatos District (8) $1,437 $1,340 $1,588 $1,304
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,008 $493 $1,035 $591
Young-Davidson $1,233 $1,030 $1,289 $1,104
Mulatos District (8) $1,017 $907 $1,117 $873
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,410 $805 $1,427 $943
Young-Davidson $1,575 $1,203 $1,614 $1,334
Mulatos District (8) $1,084 $963 $1,194 $933
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7)(9) $74.4 $56.1 $146.7 $110.7
Young-Davidson (5) $21.4 $19.0 $40.2 $39.2
Mulatos District (6)(8) $3.7 $7.8 $7.7 $11.7
Other $19.4 $4.7 $28.3 $10.5
(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 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 $ 5.1 million and $ 9.0 million for the three and six months ended June 30, 2025 ($3.4 million and $6.9
million for the three and six months ended June 30, 2024 ).
(5) Includes capitalized exploration at Young-Davidson of $2.9 million and $4.9 million for the three and six months ended June 30, 2025 ($1.4 million and $2.4 million
for the three and six months ended June 30, 2024).
(6) Includes capitalized exploration at Mulatos District of $1.8 million and $2.5 million for the three and six months ended June 30, 2025 ($3.1 million and $5.0 million
for the three and six months ended June 30, 2024).
(7) The Island Gold District includes Island Gold and Magino mines for the three and six months ended June 30, 2025 . Comparative prior year period figures do not
include the Magino mine, as the acquisition of the Magino mine was completed 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.
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 ("TRIFR") of 0.65 in the second quarter, a 56% decrease from 1.49
in the first quarter of 2025
• Lost time injury frequency rate1 ("LTIFR") of 0.08 in the second quarter
• Alamos had eight recordable injuries across its sites and one lost time injury
• Year-to-date TRIFR of 1.01 is a significant improvement from the prior year and LTIFR of 0.08
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
• Six minor reportable spills occurred in the second quarter
• Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits
All six reportable spills were minor, promptly remediated at the time of occurrence, and are 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
Ongoing charitable donations, sponsorships, medical support and infrastructure investments were provided to local
communities, including:
• Alamos, Vale Base Metals, and Hudbay Minerals collectively contributed CAD$1.25 million to the Canadian
Red Cross to support emergency relief and rebuilding efforts for those impacted by the wildfires in Northern
Manitoba
• Committed $250,000 to a Wildfire Support Fund, administered by the Dreamcatchers Committee which will
support community rebuilding efforts in the community of Lynn Lake, Manitoba
• Provided local community support near the Mulatos District including medical services, road maintenance,
water distribution and student scholarships
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.
Governance and Disclosure
• Mulatos was awarded the Empresa Socialmente Responsable award for the 17 th consecutive year in
recognition of the mine’s ethical and sustainable practices
• Published Alamos’ 2024 Report on Conformance to the Responsible Gold Mining Principles ("RGMP") in
accordance with the World Gold Council’s RGMP framework
• Published Alamos’ 2024 Report on Modern Slavery in accordance with Canada’s Fighting Against Forced
Labour and Child Labour in Supply Chains Act
• Published Alamos’ Extractive Sector Transparency Measures Act 2024 Annual Report, outlining payments
made to governments in Canada and abroad related to our activities on a country and project basis
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
2025 Guidance (4)
Island Gold
District
Young-
Davidson
Mulatos
District Lynn Lake Total
Gold production (000's ounces) 275 - 300 175 - 190 130 - 140 — 580-630
Cost of sales, including amortization (in millions) (3) $865
Previous cost of sales, including amortization (in millions) (3) $805
Total cash costs ($ per ounce) (1) $875 - $925 $1,150 - $1,200 $925 - $975 — $975 - $1,025
Previous total cash costs ($ per ounce) (1) $725 - $775 $1,075 - $1,125 $925 - $975 — $875 - $925
All-in sustaining costs ($ per ounce) (1)(2) $1,225 - $1,275 $1,550 - $1,600 $1,025 - $1,075 — $1,400 - $1,450
Previous all-in sustaining costs ($ per ounce) (1)(2) $1,100 - $1,150 $1,390 - $1,440 $1,025 - $1,075 — $1,250 - $1,300
Capital expenditures (in millions)
Sustaining capital (1) $80 - $85 $55 - $60 $3 - $5 — $138 - $150
Growth capital (1) $270 - $300 $15 - $20 $37 - $40 $100 - $120 $422 - $480
Total sustaining and growth capital (1) $350 - $385 $70 - $80 $40 - $45 $100 - $120 $560 - $630
Capitalized exploration (1) $20 $9 $6 $4 $39
Total capital expenditures and capitalized exploration (1) $370 - $405 $79 - $89 $46 - $51 $104 - $124 $599 - $699
(1) Refer to the "Non-GAAP Measures and Additional GAAP" section of this press release and associated MD&A for a description of these measures.
(2) Total consolidated all -in sustaining costs include corporate and administrative , and share based compensation expenses. Individual mine -site all -in sustaining
costs do not include an allocation of corporate and administrative expense , and corporate share-based compensation expenses.
(3) Cost of sales includes mining and processing costs, royalties, and amortization expense, and sliver by-product credits, and is calculated based on the mid -point of
total cash costs guidance.
(4) Previous guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025. Production and capital guidance remain unchanged.
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 second quarter, the Company continued to execute on this strategy across a number of fronts.
Production increased 10% to 137,200 ounces, while AISC decreased 18% from the first quarter, reflecting stronger
performances from all three operations. Through higher production, lower costs and the higher realized gold price,
the Company generated record quarterly revenues, cash flow from operations, and a substantial increase in free
cash flow to $84.6 million while continuing to reinvest in high-return growth.
A further increase in production is expected in the third quarter to between 145,000 and 155,000 ounces, with total
cash costs expected to decrease 5% and a slight decrease in AISC from the second quarter, reflecting the timing of
sustaining capital. This is expected to be driven by higher milling rates at Young -Davidson, and the Island Gold
District, and the recovery of higher -grade ore stacked in the latter part of the second quarter at La Yaqui Grande.
Milling rates within the Magino mill continue to improve following the installation of the redesigned liner and bolt
configuration within the SAG mill. Reflecting the improved milling rates, the Island Gold mill was shut down mid -July
with higher-grade underground ore now being processed within the larger and more productive Magino mill.
A more significant increase in production and decrease in costs is expected in the fourth quarter driven by higher
underground mining rates at Island Gold, as well as higher grades at Young -Davidson and La Yaqui Grande. Given
the strong growth expected into the second half of the year, the Company remains on track to achieve full year
production guidance.
Reflecting the higher than budgeted share -based compensation expense through the first half of the year, higher
royalty expenses, and slower start to the year at Magino and Young -Davidson, the Company has increased its 2025
cost guidance. Full year total cash costs are now expected to be between $975 and $1,025 per ounce, and AISC
between $1,400 and $1,450 per ounce. This represents a 1 2% increase in AISC guidance with approximately 40%
of the increase attributable to external factors. This included the revaluation of previously issued share -based
compensation given the significant increase in the share price during the first quarter, and higher royalty expenses
reflecting the higher gold price.
Consistent with the updated cost guidance, the Company expects a substantial decrease in costs into the second
half of the year, driven by significant production growth. This strong trend of growing production and declining costs
is expected to continue over the next several years driven by low -cost growth from the Company's pipeline of high -
return development projects.
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7 | Alamos Gold Inc
The Phase 3+ Expansion at Island Gold is expected to be a significant driver of near term production growth and
further decrease in costs in 2026. As outlined in the Base Case LOM Plan for the Island Gold District, the expansion
is expected to transform the operation into one of the largest, lowest -cost, and most profitable gold mines in Canada
with significant upside potential. The shaft sink has advanced to a depth of 1,265 m, 92% of its ultimate planned
depth. The mill expansion, paste plant and powerline project are all advancing well with the overall expansion
expected to be completed in the second half of 2026.
Post completion of the Phase 3+ Expansion, production from the Island Gold District is expected to increase to
average 411,000 ounces per year at mine -site AISC of $915 per ounce over the initial 12 years (refer to the press
release dated June 23, 2025 for more details). This is expected to drive consolidated production to a range of
680,000 to 730,000 ounces in 2027, a 1 7% increase from the mid -point of 2025 guidance, at 18% lower AISC. A
further increase in production and decrease in costs is expected with the startup of production from Lynn Lake. With
average annual production of 176,000 ounces over its first 10 years at first quartile mine -site AISC, Lynn Lake is
expected to increase consolidated production to approximately 900,000 ounces per year.
Given ongoing wildfires that continue to impact communities across northern Manitoba, the ramp up of construction
activities on the Lynn Lake project has been temporarily paused. Assuming the resumption of construction activities
during the third quarter of 2025, the Company expects the completion of the Lynn Lake project in the second half of
2028. This represents an approximate six -month delay from the previous schedule given the loss of the majority of
the summer construction season.
Longer-term, there is excellent potential to increase consolidated production to approximately one million ounces
per year through a further expansion of the Island Gold District. The Expansion Study for the Island Gold District
remains on track to be released in the fourth quarter of 2025 and is expected to demonstrate the significant upside
potential to the Base Case LOM Plan. The Expansion Study is expected to include a larger Mineral Reserve,
through ongoing Mineral Resource conversion, and will evaluate a potential expansion of the mill to between 18,000
and 20,000 tpd, supporting higher underground mining rates from Island Gold, and open pit mining and processing
rates from Magino.
Capital spending in 2025 will be focused on the ramp up of construction activities at Lynn Lake and PDA, as well as
the final full year of spending on the Phase 3+ Expansion. Capital spending is expected to increase modestly into
2026 with lower capital at the Island Gold District offset by the ramp up in spending on Lynn Lake and PDA. In
2027, capital spending is expected to decrease relative to 2026 driven by significantly lower capital at the Island
Gold District, and the completion of construction of PDA. A further decrease in capital is expected after the
completion of construction of Lynn Lake.
The global exploration budget for 2025 is $72 million, a 16% increase from $62 million spent in 2024, and the
largest in the Company's history reflecting broad based exploration success across its assets. The Company
continues to demonstrate its long-term track record of value creation through exploration with 2024 year -end Global
Mineral Reserves (as updated in June 2025) increasing 50% to 16.0 million ounces (312 mt grading 1.59 g/t Au)
compared to the end of 2023. This reflected an initial Mineral Reserve at Burnt Timber and Linkwood, ongoing
exploration success and Mineral Resource conversion at Island Gold, as well as the addition of Magino. Mineral
Reserves have now increased for six consecutive years for a cumulative increase of 65% over that time frame.
The Company remains well positioned to fund its high -return growth projects internally with strong ongoing free
cash flow, $344.9 million of cash and cash equivalents at the end of the second quarter of 2025, and $844.9 million
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 following the completion of the Phase 3+ Expansion in 2026,
PDA in 2027, and Lynn Lake in 2028.
TRADING SYMBOL: TSX:AGI NYSE:AGI
8 | Alamos Gold Inc
Second Quarter 2025 Results
Island Gold District Financial and Operational Review
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Gold production (ounces) 64,400 41,700 123,600 75,100
Gold sales (ounces) 63,958 39,766 117,346 73,896
Financial Review (in millions)
Operating Revenues $210.8 $93.1 $362.8 $164.1
Cost of sales (1) $88.3 $30.7 $167.8 $64.1
Earnings from operations $120.8 $60.4 $192.2 $97.3
Cash provided by operating activities $122.7 $70.8 $209.6 $111.7
Capital expenditures (sustaining) (2) $20.1 $12.2 $35.6 $25.7
Lease payments (sustaining) (2),(5) $4.0 $— $8.3 $—
Capital expenditures (growth) (2) $45.2 $40.5 $93.8 $78.1
Capital expenditures (capitalized exploration) (2) $5.1 $3.4 $9.0 $6.9
Mine-site free cash flow (2),(5) $52.3 $14.7 $71.2 $1.0
Cost of sales, including amortization per ounce of gold sold (1) $1,381 $772 $1,430 $867
Total cash costs per ounce of gold sold (2) $1,008 $493 $1,035 $591
Mine-site all-in sustaining costs per ounce of gold sold (2),(3) $1,410 $805 $1,427 $943
Island Gold Mine
Underground Operations
Tonnes of ore mined 113,182 94,837 223,408 201,574
Tonnes of ore mined per day 1,244 1,042 1,234 1,108
Average grade of gold (4) 11.48 14.14 11.49 12.23
Metres developed 2,122 1,598 4,280 3,375
Mill Operations
Tonnes of ore processed 118,738 92,703 227,804 199,918
Tonnes of ore processed per day 1,305 1,019 1,259 1,098
Average grade of gold (4) 11.44 14.39 11.40 12.38
Contained ounces milled 43,666 42,895 83,504 79,546
Average recovery rate 98% 98% 98% 98%
Magino Mine
Open Pit Operations
Tonnes of ore mined - open pit (7) 1,251,029 — 2,315,899 —
Tonnes of ore mined per day 13,748 — 12,795 —
Total waste mined - open pit (8) 3,893,410 — 7,339,538 —
Total tonnes mined - open pit 5,144,439 — 9,655,437 —
Waste-to-ore ratio (8) 3.11 — 3.17 —
Average grade of gold (4) 0.82 — 0.79 —
Mill Operations
Tonnes of ore processed 765,423 — 1,416,576 —
Tonnes of ore processed per day 8,411 — 7,826 —
Average grade of gold processed (4) 0.94 — 0.90 —
Contained ounces milled 23,082 — 41,002 —
Average recovery rate 95% — 94% —
(1) Cost of sales includes mining and processing costs, royalties, and amortization.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” section 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 ndensed interim consolidated
financial statements.
(6) Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.
(7) Includes ore stockpiled during the periods.
(8) Total waste mined includes operating waste and capitalized stripping.