Alamos Gold Reports Second Quarter 2026 Results
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 2026 Results
Toronto, Ontario ( July 29, 202 6) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended June 30, 2026.
“We produced 130,600 ounces in the second quarter, meeting our revised quarterly guidance, and up 5% from the
first quarter. The Island Gold District had a solid quarter from multiple perspectives, including delivering record
underground mining rates, milling rates and production. This offset lower than expected production from Mulatos
and Young -Davidson. As previously disclosed, we are expecting lower mining rates at Young -Davidson in the
second half of 2026 resulting in a temporary reduction in production and increase in costs. We have revised our full
year consolidated production and cost guidance with lower production from Young -Davidson the primary driver,”
said John A. McCluskey, President and Chief Executive Officer.
“We expect stronger production and significantly lower costs in 2027 driven by improved results from Young -
Davidson, as well as low -cost growth from the Island Gold District. In addition to performing well operationally, work
on the shaft and mill expansion at the Island Gold District is progressing well with both expected to be key drivers of
growing production and declining costs over the next several years,” Mr. McCluskey added.
Second Quarter 2026 Operational and Financial Highlights
• Produced 130,600 ounces of gold in the second quarter of 2026, in-line with the revised quarterly guidance
of 130,000 to 135,000 ounces, and a 5% increase from the first quarter. The increase was driven by a
strong performance from the Island Gold District, offsetting lower than expected production from the
Mulatos District, as well as Young -Davidson which was impacted by a seismic event in June, as previously
disclosed
• Island Gold District continues to perform well, with underground mining rates increasing to average a record
1,550 tonnes per day ("tpd"). Magino milling rates also increased to average a new record of nearly 8,900
tpd for the quarter, including 9,800 tpd in June. The higher underground mining rates and milling rates drove
record quarterly production of 67,500 ounces. The operation remains on track to achieve its original full year
production guidance with a further increase in underground mining rates and grades expected to drive
growing production through the rest of 2026
• Consolidated production is expected to increase in the second half of 2026; however, given lower expected
mining rates and grades at Young -Davidson, due to the impact of the seismic event, as well as timing of
recovery of ounces at La Yaqui Grande, full year production guidance has been lowered to a range of
510,000 to 560,000 ounces
• Given the lower production, higher costs at Young -Davidson to complete rehabilitation work and enhanced
ground support in the second half of 2026, as well as increased labour inflation and contractor costs in
Canada, full year total cash cost 1 guidance has been increased to a range of $1,175 to $1,275 per ounce,
and all-in sustaining costs ("AISC"1) to between $1,775 and $1,875 per ounce
• Second quarter gold sales totaled 130,834 ounces at an average realized price of $4,504 per ounce,
generating quarterly revenues of $594.1 million, including silver sales. This represented a 36% increase
from the second quarter of 2025
• Cash flow from operating activities in the second quarter was $231.8 million (including $286.9 million before
changes in working capital and taxes paid1, or $0.68 per share)
• Generated strong free cash flow 1 of $143.5 million in the second quarter, while continuing to invest in high -
return growth
• Cost of sales were $231.9 million, or $1,772 per ounce in the second quarter. Total cash costs of $1,303 per
ounce were 6% higher than the first quarter, and AISC of $1,728 per ounce were 7% lower than the first
quarter, largely driven by timing of sustaining capital spend
TRADING SYMBOL: TSX:AGI NYSE:AGI
2 | Alamos Gold Inc
• Reported net earnings were $270.4 million for the second quarter, or $0.64 per share. Adjusted net
earnings1 were $247.6 million, or $0.59 per share1. Adjusted net earnings include an after-tax adjustment for
net gain on commodity hedge derivatives of $ 27.4 million, an inventory net realizable value adjustment of
$7.0 million, net of tax, adjustments for net unrealized foreign exchange gains recorded within deferred
taxes and foreign exchange totaling $3.6 million, and other adjustments of $1.2 million
• Cash and cash equivalents totaled $636.9 million at June 30, 2026 , down slightly from the first quarter
reflecting increased share repurchases and the elimination of the remaining 2026 legacy gold hedges
inherited from Argonaut Gold ("Argonaut"). The Company remains well -positioned to internally fund all of its
growth initiatives and increased shareholder returns with strong ongoing free cash flow
• Returned $67 million to shareholders during the second quarter. This included the repurchase of 1,401,100
shares at a cost of $50 million ($35.70 per share), and a dividend payment of $17 million (quarterly $0.04
per share)
• Repurchased and eliminated all remaining 2026 legacy gold hedges from Argonaut that were scheduled to
mature in the second half of 2026, providing further upside to higher gold prices. These contracts totaled
35,000 ounces at an average price of $1,821 per ounce. The Company utilized existing cash to eliminate
the hedges at a cost of $92.3 million for an effective price of approximately $4,458 per ounce. The
Company has now retired 279,000 ounces, or 85%, of the 329,000 ounces of forward contracts inherited
from Argonaut, prior to maturity
• Advanced construction of the Company's key growth projects including Lynn Lake, PDA and the expansion
at the Island Gold District. The Phase 3+ Shaft and IGD Expansions are both progressing well with the shaft
expected to be commissioned in the first quarter of 2027, and the Magino mill expansion on track for
completion in the first quarter of 2028
• Provided an exploration update at the Island Gold District with high -grade mineralization extended across
multiple areas which are being targeted as sources of additional higher -grade mill feed within the expanded
Magino mill. This includes defining a new zone of high -grade mineralization 250 metres (“m”) west of
underground Mineral Reserves and Mineral Resources (Island Gold West Extension), as well as continuing
to extend high -grade mineralization within the Island West up -plunge area and the past producing Cline -
Pick and Edwards mines. These targets represent opportunities for further production growth by increasing
the proportion of higher-grade ore to be fed within the expanded Magino mill
(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,
2026 2025 2026 2025
Financial Results (in millions)
Operating revenues $594.1 $438.2 $1,190.8 $771.2
Cost of sales (1) $231.9 $200.7 $437.4 $395.9
Earnings from operations $357.3 $216.2 $702.1 $310.9
Earnings before income taxes $410.0 $181.6 $725.2 $207.3
Net earnings $270.4 $159.4 $461.8 $174.6
Adjusted net earnings (2) $247.6 $144.1 $479.6 $203.9
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $423.8 $260.2 $807.0 $405.6
Cash provided by operating activities $231.8 $199.5 $474.3 $279.1
Cash provided by operating activities before changes in
working capital and taxes paid (2) $286.9 $232.9 $624.9 $364.3
Capital expenditures (sustaining) (2) $35.6 $33.5 $80.8 $60.3
Sustaining finance leases (2)(3) $3.4 $4.0 $7.2 $8.3
Capital expenditures (growth) (2) $130.0 $71.6 $257.2 $137.9
Capital expenditures (capitalized exploration) $15.0 $9.8 $26.1 $16.4
Free cash flow (2)(3) $143.5 $84.6 $245.2 $64.5
Operating Results
Gold production (ounces) 130,600 137,200 254,500 262,200
Gold sales (ounces) 130,834 135,027 252,757 252,610
Per Ounce Data
Average realized gold price (5) $4,504 $3,223 $4,660 $3,027
Average spot gold price (London PM Fix) $4,506 $3,280 $4,693 $3,067
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,772 $1,486 $1,731 $1,567
Total cash costs per ounce of gold sold (2) $1,303 $1,075 $1,268 $1,114
All-in sustaining costs per ounce of gold sold (2) $1,728 $1,481 $1,793 $1,565
Share Data
Earnings per share, basic $0.64 $0.38 $1.10 $0.42
Earnings per share, diluted $0.64 $0.38 $1.10 $0.41
Adjusted earnings per share, basic (2) $0.59 $0.34 $1.14 $0.48
Weighted average common shares outstanding (basic) (000’s) 419,694 420,474 419,796 420,445
Financial Position (in millions)
Cash and cash equivalents (4) $636.9 $623.1
(1) Cost of sales includes mining and processing costs, inventory net realizable value adjustment, royalties, and amortization ex pense.
(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 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 and six months ended June 30, 2026 included the delivery of ounces into the gold prepayment facility based on the
prepay price of $4,166 per ounce ($2,524 per ounce for the three and six months ended June 30, 2025).
TRADING SYMBOL: TSX:AGI NYSE:AGI
4 | Alamos Gold Inc
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Gold production (ounces)
Island Gold District (7) 67,500 64,400 128,700 123,600
Young-Davidson 33,000 38,700 63,000 74,100
Mulatos District (8) 30,100 34,100 62,800 64,500
Gold sales (ounces)
Island Gold District (7) 65,726 63,958 122,835 117,346
Young-Davidson 32,860 38,214 63,901 73,689
Mulatos District (8) 32,248 32,855 66,021 61,575
Cost of sales (in millions) (1)
Island Gold District (7) $106.7 $88.3 $194.5 $167.8
Young-Davidson $65.6 $65.2 $133.0 $130.3
Mulatos District (8) $59.5 $47.2 $109.6 $97.8
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,623 $1,381 $1,583 $1,430
Young-Davidson $1,996 $1,706 $2,081 $1,768
Mulatos District (8) $1,845 $1,437 $1,660 $1,588
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $1,304 $1,008 $1,250 $1,023
Young-Davidson $1,540 $1,233 $1,590 $1,270
Mulatos District (8) $1,061 $1,017 $989 $1,098
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,715 $1,410 $1,736 $1,414
Young-Davidson $1,917 $1,575 $2,045 $1,595
Mulatos District (8) $1,132 $1,084 $1,062 $1,174
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7) $98.7 $74.4 $221.7 $146.7
Young-Davidson (5) $20.2 $21.4 $46.1 $40.2
Mulatos District (6)(8) $24.7 $3.7 $42.0 $7.7
Other $40.4 $19.4 $61.5 $28.3
(1) Cost of sales includes mining and processing costs, inventory net realizable value adjustment, royalties, and amortization ex pense.
(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.
(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) Includes capitalized exploration at Island Gold District of $6.8 million and $10.2 million for the three and six months ended June 30, 2026, respectively ($5.1 million
and $9.0 million for the three and six months ended June 30, 2025, respectively).
(5) Includes capitalized exploration at Young -Davidson $2.7 million and $6.1 million for the three and six months ended June 30, 2026, respectively ($2.9 million and
$4.9 million for the three and six months ended June 30, 2025, respectively).
(6) Includes capitalized exploration at Mulatos District $3.1 million and $5.3 million for the three and six months ended June 30 , 2026, respectively ($1.8 million and
$2.5 million for the three and six months ended June 30, 2025, respectively).
(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 (“TRIFR”) of 1.33 in the second quarter, a 13% improvement from
the first quarter
• Lost Time Injury Frequency Rate 1 (“LTIFR”) of 0.07 in the second quarter, compared with nil in the first
quarter
• Alamos had 20 recordable injuries across its sites, including one lost time injury in the second quarter
• Year-to-date TRIFR of 1.42 and LTIFR of 0.03
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
• Reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District were
substantially complete by the end of the second quarter of 2026
• Zero significant environmental incidents
There was one minor reportable incident in the second quarter. At the Young -Davidson mine, a power outage
caused a minor sulphur dioxide gas release at the mill, which was promptly detected and remediated with no
impact.
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 impact of its activities.
Community
Alamos continued to provide charitable donations, sponsorships, medical support and infrastructure investments
within its local communities, including:
• Providing flights for locum healthcare professionals travelling to Wawa to support healthcare access in the
Algoma region
• Sponsorship of various events and teams, including the Manitoba Mine Rescue Competition, Marcel
Colomb First Nation Fishing Derby, and the Lynn Lake Wildfire Strong Run/Walk
• 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
• Published Alamos’ 2025 Report on Conformance to the Responsible Gold Mining Principles ("RGMP") in
accordance with the World Gold Council’s RGMP framework, including its supporting independent
assurance report
• Published Alamos’ 2025 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 2025 Annual Report on payments to
governments in Canada and abroad
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 (5)
Island Gold
District
Young-
Davidson
Mulatos
District Lynn Lake Total
Gold production (000's ounces) 290 - 310 100 - 115 120 - 135 — 510 - 560
Previous gold production (000's ounces) 290 - 330 155 - 175 125 - 145 — 570 - 650
Cost of sales, including amortization (in millions) (2) $890
Previous cost of sales, including amortization (in millions) (2) $920
Total cash costs ($ per ounce) (1) $1,025 - $1,125 $1,750 - $1,850 $1,050 - $1,150 — $1,175 - $1,275
Previous total cash costs ($ per ounce) (1) $875 - $975 $1,350 - $1,450 $930 - $1,030 — $1,020 - $1,120
All-in sustaining costs ($ per ounce) (1)(3) $1,550-$1,650 $2,500-$2,600 $1,125 - $1,225 — $1,775 - $1,875
Previous all-in sustaining costs ($ per ounce) (1)(3) $1,340-$1,440 $1,730-$1,830 $1,000 - $1,100 — $1,500 - $1,600
Capital expenditures ($ millions)
Sustaining capital (1)(4) $135 - $150 $90 - $100 $3 - $5 — $228 - $255
Previous 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 $115 - $130 $140 - $150 $140 - $160 $885 - $975
Previous 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 $127 - $142 $149 - $159 $146 - $166 $945 - $1,035
Previous 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 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 invent ory net realizable value adjustment,
and is calculated based on the mid-point of total cash cost guidance.
(3) Total consolidated all-in sustaining costs include corporate and administrative, and share based compensation expenses. 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, b ut does not include an allocation of
corporate and administrative expenses to the mine sites.
(4) Sustaining and growth capital guidance excludes capitalized exploration.
(5) Previous annual guidance was issued on February 4, 2026 and was revised on July 29, 2026.
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.
Second quarter production of 130,600 ounces increased 5% from the first quarter, and was in line with revised
quarterly guidance with a strong performance from the Island Gold District offsetting lower production from Young -
Davidson and the Mulatos District. Production guidance for the second quarter was revised in June reflecting the
impact of a seismic event at Young-Davidson, and delayed recovery of ounces stacked on the leach pad at La Yaqui
Grande. The seismic event at Young -Davidson impacted access to the 9410 level and higher -grade stopes that
were supplying approximately 2,500 tpd of ore. As previously disclosed, this is expected to limit mining rates to an
average of approximately 5,000 tpd in the second half of 2026. Reflecting the lower expected mining rates and
grades at Young -Davidson in the second half of 2026, and longer leach cycle at La Yaqui Grande, full year
production guidance has been lowered to between 510,000 and 560,000 ounces.
Given the lower production, higher costs at Young -Davidson to complete rehabilitation work and enhanced ground
support in the second half of 2026, as well as increased labour inflation and contractor costs in Canada, full year
total cash cost guidance has been increased to a range of $1,175 to $1,275 per ounce, and AISC to between
$1,775 and $1,875 per ounce.
The Company expects stronger production into the second half of the year driven by the ongoing ramp up of
production from the Island Gold District. Production in the third quarter is expected to be between 1 15,000 and
140,000 ounces . AISC are expected to increase in the third quarter reflecting lower production and timing of
sustaining capital. Production is expected to increase in the fourth quarter contributing to lower AISC.
The Island Gold District continues to perform well with a record operational performance from a number of
perspectives in the second quarter. This included underground mining rates of 1,550 tpd and Magino milling rates
increasing to a new high of nearly 8,900 tpd, including averaging approximately 9,800 tpd in June. This drove record
quarterly production of 67,500 ounces. A further increase in underground mining and milling rates, as well as higher
underground grades is expected to drive additional production growth through the second half of the year.
TRADING SYMBOL: TSX:AGI NYSE:AGI
7 | Alamos Gold Inc
The Company continues to generate strong ongoing free cash flow while advancing its portfolio of high -return
growth projects which are expected to support further production growth and lower costs over the next several
years. Free cash flow totaled $143.5 million in the second quarter, net of a significant reinvestment in growth and
exploration, and supporting the Company's other capital allocation priorities. This included repurchasing $50 million
of shares during the second quarter, and eliminating all remaining legacy Argonaut hedges that were maturing in the
second half of 2026 at a cost of $92.3 million.
Each of the Company's key growth projects are progressing well including the Island Gold District shaft and mill
expansion, PDA and Lynn Lake. These projects are expected to double gold production to approximately one million
ounces annually by 2030, underpinning one of the strongest outlooks in the sector.
The Island Gold District will be a key driver of this growth over the next several years. Following the completion of
the shaft sinking to its planned depth of 1,381 m in the first quarter, shaft equipping and work on the shaft bottom
infrastructure is well underway and expected to continue through 2026. The commissioning of the shaft in the first
quarter of 2027 is expected to support a further increase in underground mining rates. This is expected to drive
consolidated gold production higher and costs lower in 2027.
In parallel, work on the Magino mill expansion to 20,000 tpd continues to progress with all exterior cladding and
roofing on the new mill building complete, and all eight leach tanks erected. The completion of the IGD Expansion in
2028 is expected to drive a further increase in production and decrease in costs.
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.
Capital spending in 2026 is expected to range between $885 and $975 million, excluding capitalized exploration of
$60 million. The largest portion of this budget will be focused on the completion of the shaft expansion and Magino
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. A further decrease is expected
in 2028 with the completion of the IGD Expansion. A more significant decrease is expected into 2029 and 2030 with
the completion of construction at Lynn Lake.
The Company remains well positioned to fund its high -return growth projects internally with strong ongoing free
cash flow, $636.9 million of cash and cash equivalents at the end of the second quarter of 2026, and approximately
$1.2 billion of total liquidity. At current gold prices, the Company expects significant free cash flow growth starting in
2027 with the completion of the Phase 3+ Shaft Expansion. The Company remains focused on delivering increasing
shareholder returns with $83.6 million distributed thus far in 2026 through dividends and share buybacks. This
included a 60% increase in the quarterly dividend rate in the first quarter, and the repurchase of $50 million of
shares during the second quarter.
Given the Company's strong outlook with significant free cash flow growth expected over the next several years, the
Company will continue to evaluate opportunities to be active on its share buyback while balancing its other capital
allocation priorities, including the repurchase of the remaining 50,000 ounces of legacy Argonaut hedges set to
mature in 2027.
TRADING SYMBOL: TSX:AGI NYSE:AGI
8 | Alamos Gold Inc
Second Quarter 2026 Results
Island Gold District Financial and Operational Review
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026 2025
Gold production (ounces) 67,500 64,400 128,700 123,600
Gold sales (ounces) 65,726 63,958 122,835 117,346
Financial Review (in millions)
Operating Revenues $296.8 $210.8 $576.1 $362.8
Cost of sales (1) $106.7 $88.3 $194.5 $167.8
Earnings from operations $188.5 $120.8 $378.2 $192.2
Cash provided by operating activities $195.2 $122.7 $372.4 $209.6
Capital expenditures (sustaining) (2) $22.8 $20.1 $50.7 $35.6
Lease payments (sustaining) (2),(5) $3.4 $4.0 $7.2 $8.3
Capital expenditures (growth) (2) $65.7 $45.2 $153.6 $93.8
Capital expenditures (capitalized exploration) (2) $6.8 $5.1 $10.2 $9.0
Mine-site free cash flow (2),(5) $99.9 $52.3 $157.9 $71.2
Cost of sales, including amortization per ounce of gold sold (1) $1,623 $1,381 $1,583 $1,430
Total cash costs per ounce of gold sold (2) $1,304 $1,008 $1,250 $1,023
Mine-site all-in sustaining costs per ounce of gold sold (2),(3) $1,715 $1,410 $1,736 $1,414
Island Gold Mine
Underground Operations
Tonnes of ore mined (9) 141,080 113,182 269,192 223,408
Tonnes of ore mined per day (9) 1,550 1,244 1,487 1,234
Average grade of gold (4),(9) 9.15 11.48 9.26 11.49
Metres developed 2,188 2,122 3,944 4,280
Island Gold Mill Operations (8)
Tonnes of ore processed 112,086 118,738 225,250 227,804
Tonnes of ore processed per day 1,232 1,305 1,244 1,259
Average grade of gold (4) 10.14 11.44 10.05 11.40
Contained ounces milled 36,559 43,666 72,747 83,504
Average recovery rate 98% 98% 97% 98%
Magino Mine
Open Pit Operations
Tonnes of ore mined - open pit (6) 1,182,631 1,251,029 2,255,710 2,315,899
Tonnes of ore mined per day 12,996 13,748 12,462 12,795
Total waste mined - open pit (7) 3,810,580 3,893,410 7,228,796 7,339,538
Total tonnes mined - open pit 4,993,211 5,144,439 9,484,506 9,655,437
Waste-to-ore ratio (7) 3.22 3.11 3.20 3.17
Average grade of gold (4) 0.78 0.82 0.79 0.79
Magino Mill Operations (8)
Tonnes of ore processed 806,477 765,423 1,482,460 1,416,576
Tonnes of ore processed per day 8,862 8,411 8,190 7,826
Average grade of gold processed (4) 1.27 0.94 1.23 0.90
Contained ounces milled 32,900 23,082 58,439 41,002
Average recovery rate 95% 95% 95% 94%
Island Gold District Mill Operations
Tonnes of ore processed per day 10,094 9,716 9,435 9,085
Average grade of gold processed (4) 2.35 2.35 2.39 2.36
Average recovery rate 97% 97% 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 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 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) 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 and six
months ended June 30, 2026. Grades of gold processed from the Magino mine averaged 1.07 g/t Au in both periods.
(9) Excludes 13,541 tonnes of ore grading 2.98 g/t Au that was recovered from the ore pad and processed during the three months p eriod ended June 30, 2026 .
Including these tonnes, total tonnes mined in the second quarter of 2026 were 154,621 grading 8.61 g/t Au, or 1,699 tpd.