Alamos Gold Reports Third Quarter 2025 Results Growing production and margins drive record quarterly free cash flow of $130 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 Third Quarter 2025 Results
Growing production and margins drive record quarterly free cash flow of $130 million
Toronto, Ontario (October 29, 2025) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the quarter ended September 30, 2025.
“We delivered a number of new financial records in the third quarter including record free cash flow of $130 million,
while continuing to fund our high -return growth projects. This was driven by a further increase in production to
141,700 ounces and significant margin expansion,” said John A. McCluskey, President and Chief Executive Officer.
“Given unplanned downtime of the Magino mill at the end of September, and lower expected underground grades
from Island Gold due to a seismic event in October, we are revising our 2025 production guidance lower by
approximately 6%. These challenges are short -term and are not reflective of our strong outlook, nor our long -term
track record. We expect a significant improvement starting in the fourth quarter with an 18% increase in production,
and a 5% decrease in costs,” Mr. McCluskey added.
Third Quarter 2025 Operational and Financial Highlights
• Produced 141,700 ounces of gold, a 3% increase from the second quarter of 2025 reflecting stronger
performances from both Mulatos and the Island Gold District. Third quarter production was slightly below the
low end of quarterly guidance of 145,000 ounces, reflecting one week of unplanned downtime within the Magino
mill due to a capacitor failure within the electrical house, which occurred during the last week of September
• Subsequent to quarter end, a seismic event occurred underground at Island Gold on October 17th. Mining
activities continue at budgeted rates; however, this has delayed access to higher grade stopes in one mining
front. As a result, grades mined are expected to be lower in the fourth quarter than budgeted. Combined with
the unplanned downtime at the end of September at the Magino mill, the Company is updating its 2025
production guidance to a range of 560,000 to 580,000 ounces, a 6% decrease from original guidance (based on
the mid-point)
• Fourth quarter production is expected to increase 18% (based on the mid -point) to between 157,000 and
177,000 ounces, the strongest quarter of the year, reflecting a substantial improvement across all three
operations
• Generated record free cash flow 1 of $130.3 million, while continuing to reinvest in high -return growth projects
including the Phase 3+ Expansion, Lynn Lake, and PDA. This was a 54% increase from the second quarter of
2025, reflecting strong contributions from all three operations. At current gold prices, the Company expects
strong ongoing free cash flow generation through the remainder of 2025, with significant growth starting in 2026
reflecting higher production and lower costs
• Sold 136,473 ounces of gold at an average realized price of $3,359 per ounce, generating record quarterly
revenues of $462.3 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. The Company delivered 75% of the committed ounces under the facility during the first nine
months of 2025
• Cash flow from operating activities increased to a record $265.3 million (including $275.3 million before
changes in working capital and taxes paid 1, or $0.65 per share), a 33% increase from the second quarter of
2025 reflecting strong margin expansion through higher gold prices and lower costs
TRADING SYMBOL: TSX:AGI NYSE:AGI
2 | Alamos Gold Inc
• Total cash costs1 of $973 per ounce were 9% lower than the second quarter of 2025 and in-line with quarterly
guidance. All-in sustaining costs ("AISC") 1 of $1,375 per ounce decreased 7% from the second quarter of 2025,
driven by the stronger operational performance at the Mulatos District. The Company is reporting total cash
costs and AISC excluding the impact of mark -to-market adjustments for the revaluation of previously issued
share-based compensation. This provides a better representation of the total costs associated with producing
an ounce of gold and eliminates volatility associated with mark -to-market adjustments. Prior year periods have
been updated to reflect these changes retrospectively. Mark -to-market adjustments to share -based instruments
impact both total cash costs and AISC given the Company allocates these costs to mining and processing costs
and share-based compensation expense in the condensed interim consolidated financial statements
• Total cash costs and AISC are expected to decrease 5% in the fourth quarter reflecting higher production and
stronger performances from all three operations. The Company remains on track to achieve annual total cash
cost and AISC guidance, which was revised in July
• Cost of sales of $ 194.1 million, or $1,422 per ounce, decreased 4% from the second quarter of 2025 on a per -
ounce basis
• Reported net earnings for the quarter were $276.3 million, or $0.66 per share
• Adjusted net earnings 1 were $155.5 million, or $0.37 per share. Adjusted net earnings includes net -of-tax
adjustments for a reversal of impairment of $ 192.9 million , and unrealized losses on commodity hedge
derivatives of $ 53.8 million, as well as adjustments for unrealized foreign exchange loss recorded within
deferred taxes and foreign exchange loss totaling $15.4 million, and other adjustments of $2.9 million
• Cash and cash equivalents increased 34% from the second quarter of 2025 to $463.1 million at September 30,
2025 reflecting the record free cash flow generation. The Company remains well -positioned to internally fund all
of its growth initiatives with strong ongoing free cash flow, net cash of $213.1 million, and $963.1 million of total
liquidity
• Announced 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. The
transaction closed in October upon which 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. Quartz Mountain
was sold for total consideration of up to $21 million and a 9.9% equity interest in Q -Gold
• With a growing cash balance of more than $600 million following the close of the sale of the Turkish projects
and Quartz Mountain, the Company expects to reduce existing debt obligations, and will assess opportunities to
be active on its share buyback
• The total recordable injury frequency rate 2 ("TRIFR") was 0.97 in the third quarter, compared to 2.01 in the prior
year period. For the first nine months of the year, TRIFR was 0.99, compared to 1.86 in the prior year period
• Alamos was recognized for the second consecutive year as a TSX30 TM 2025 winner by the Toronto Stock
Exchange. 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
• Advanced the Phase 3+ Expansion of the Island Gold District. This included the shaft sink progressing to a
depth of 1,350 metres ("m") in the third quarter, or 98% of the planned depth. The Phase 3+ Expansion remains
on track for completion in the second half of 2026
• Published Alamos’ 2024 Environmental, Social and Governance (“ESG”) Report, outlining the Company’s
progress on its ESG performance
(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.
(2) Frequency rate is calculated as incidents per 200,000 hours worked.
TRADING SYMBOL: TSX:AGI NYSE:AGI
3 | Alamos Gold Inc
Highlight Summary
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Financial Results (in millions)
Operating revenues $462.3 $360.9 $1,233.5 $971.1
Cost of sales (1) $194.1 $204.0 $590.0 $550.2
Earnings from operations $455.7 $183.3 $766.6 $403.5
Earnings before income taxes $371.5 $141.2 $578.8 $345.0
Net earnings $276.3 $84.5 $450.9 $196.7
Adjusted net earnings (2) $155.5 $78.1 $359.5 $225.7
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $283.5 $176.2 $689.1 $484.3
Cash provided by operating activities before changes in
working capital and taxes paid (2) $275.3 $192.8 $639.6 $518.3
Cash provided by operating activities $265.3 $165.5 $544.4 $468.9
Capital expenditures (sustaining) (2) $34.8 $32.7 $95.1 $80.1
Sustaining finance leases (3) $4.3 $5.4 $12.6 $5.4
Capital expenditures (growth) (2) $83.3 $67.9 $221.2 $178.3
Capital expenditures (capitalized exploration) $16.9 $6.2 $33.3 $20.5
Free cash flow (2)(3) $130.3 $87.5 $194.8 $218.8
Operating Results
Gold production (ounces) 141,700 152,000 403,900 426,800
Gold sales (ounces) 136,473 145,204 389,083 418,976
Per Ounce Data
Average realized gold price (5) $3,359 $2,458 $3,144 $2,294
Average spot gold price (London PM Fix) $3,457 $2,475 $3,201 $2,296
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,422 $1,405 $1,516 $1,313
Total cash costs per ounce of gold sold (2) $973 $984 $1,065 $909
All-in sustaining costs per ounce of gold sold (2) $1,375 $1,359 $1,499 $1,226
Share Data
Earnings per share, basic $0.66 $0.20 $1.07 $0.49
Earnings per share, diluted $0.65 $0.20 $1.07 $0.48
Adjusted earnings per share, basic (2) $0.37 $0.19 $0.86 $0.56
Weighted average common shares outstanding (basic) (000’s) 420,500 417,147 420,463 404,127
Financial Position (in millions)
Cash and cash equivalents (4) $463.1 $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 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 nine months ended September 30, 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.
TRADING SYMBOL: TSX:AGI NYSE:AGI
4 | Alamos Gold Inc
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Gold production (ounces)
Island Gold District (7) 66,800 57,300 190,400 132,400
Young-Davidson 37,900 44,200 112,000 128,300
Mulatos District (8) 37,000 50,500 101,500 166,100
Gold sales (ounces)
Island Gold District (7) 62,011 53,445 179,357 127,341
Young-Davidson 37,406 42,966 111,095 127,833
Mulatos District (8) 37,056 48,793 98,631 163,802
Cost of sales (in millions) (1)
Island Gold District (7) $83.4 $71.9 $251.2 $136.0
Young-Davidson $65.2 $63.9 $195.5 $196.0
Mulatos District (8) $45.5 $68.2 $143.3 $218.2
Cost of sales per ounce of gold sold (includes amortization) (1)
Island Gold District (7) $1,345 $1,345 $1,401 $1,068
Young-Davidson $1,743 $1,487 $1,760 $1,533
Mulatos District (8) $1,228 $1,398 $1,453 $1,332
Total cash costs per ounce of gold sold (2)
Island Gold District (7) $964 $988 $1,002 $758
Young-Davidson $1,200 $1,033 $1,248 $1,080
Mulatos District (8) $761 $937 $971 $892
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Island Gold District (7) $1,432 $1,405 $1,420 $1,137
Young-Davidson $1,476 $1,406 $1,555 $1,358
Mulatos District (8) $831 $1,002 $1,045 $954
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Island Gold District (4)(7)(9) $92.8 $76.5 $239.5 $187.2
Young-Davidson (5) $20.2 $25.6 $60.4 $64.8
Mulatos District (6)(8) $11.2 $3.1 $18.9 $14.8
Other $15.1 $7.0 $43.4 $17.5
(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 $ 9.6 million and $20.3 million for the three and nine months ended September 30, 2025 ($3.8 million and
$10.7 million for the three and nine months ended September 30, 2024 ).
(5) Includes capitalized exploration at Young-Davidson of $4.2 million and $9.1 million for the three and nine months ended September 30, 2025 ($1.5 million and $3.9
million for the three and nine months ended September 30, 2024 ).
(6) Includes capitalized exploration at Mulatos District of $7.6 million and $10.1 million for the three and nine months ended September 30, 2025 ($0.9 million and $5.9
million for the three and nine months ended September 30, 2024 ).
(7) The Island Gold District includes Island Gold and Magino mines for the three and nine months ended September 30, 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.
TRADING SYMBOL: TSX:AGI NYSE:AGI
5 | Alamos Gold Inc
Environment, Social and Governance Summary Performance
Health and Safety
• TRIFR1 of 0.97 in the third quarter
• Lost time injury frequency rate1 ("LTIFR") of 0.08 in the third quarter
• Alamos had 12 recordable injuries across its sites and one lost time injury in the third quarter
• Year-to-date TRIFR of 0.99 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
• Five reportable spills occurred in the third quarter
• One reportable effluent exceedance
• Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits
All five reportable spills were promptly addressed at the time of occurrence, and are not expected to have any
lasting impact on the natural environment. The effluent exceedance was due to elevated nitrate concentrations in
the open pit water at the Magino mine, which is in the process of being addressed with no impact to the
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:
• Cash donations to the Haileybury and New Liskeard food banks
• Committed CAD$43,000 to the Blanche River Health Foundation to support the installation of emergency
room waiting clocks at Englehart and Kirkland Lake BRH sites, providing accurate and timely information to
patients
• Provided new fitness equipment for the Elk Lake Recreation Centre to promote community wellbeing
• Sponsorship of multiple events and teams, including the Canadian Mining Games
• Supported student development through the Young Mining Professionals Scholarships initiative
• Ongoing support within 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
• The Mulatos District was awarded the prestigious Silver Helmet trophy for excellence in health and safety,
for the third time since 2022, recognizing its outstanding management systems and performance
• Released the 2024 ESG Report, highlighting progress on ESG performance across the Company's
operations, projects and offices
• Completed annual submissions to the Carbon Disclosure Project and S&P Global’s Corporate Sustainability
Assessment, outlining ESG and climate performance
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) 260 - 270 160 - 165 140 - 145 — 560 - 580
Previous gold production (000's ounces) 275 - 300 175 - 190 130 - 140 — 580 - 630
Cost of sales, including amortization (in millions) (3) $865
Total cash costs ($ per ounce) (1) $875 - $925 $1,150 - $1,200 $925 - $975 — $975 - $1,025
All-in sustaining costs ($ per ounce) (1)(2) $1,225 - $1,275 $1,550 - $1,600 $1,025 - $1,075 — $1,400 - $1,450
Capital expenditures (in millions)
Sustaining capital (1) $80 - $85 $55 - $60 $3 - $5 — $138 - $150
Growth capital (1) $270 - $300 $15 - $20 $17 - $20 $60 - $70 $362 - $410
Previous growth capital (1) $270 - $300 $15 - $20 $37 - $40 $100 - $120 $422 - $480
Total sustaining and growth capital (1) $350 - $385 $70 - $80 $20 - $25 $60 - $70 $500 - $560
Previous 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 $26 - $31 $64 - $74 $539 - $599
Previous total capital expenditures and capitalized
exploration (1) $370 - $405 $79 - $89 $46 - $51 $104 - $124 $599 - $669
(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, amortization expense, and silver by -product credits, and is calculated based on the mid -point of total
cash costs guidance.
(4) Initial annual guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025, and production and capita l guidance was revised on
October 29, 2025.
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.
Third quarter production increased 3% from the second quarter to 141,700 ounces driven by stronger performances
from Mulatos and the Island Gold District. This was slightly below the low end of quarterly guidance of 145,000
ounces reflecting one week of unplanned downtime within the Magino mill during the last week of September due to
a capacitor failure within the electrical house, which impacted the electrical drive for the SAG and Ball mills. The
capacitor and electrical drive module were replaced at the end of September following which milling rates have
continued to improve, approaching 10,000 tonnes per day (“tpd”) for the month of October.
Reflecting the unplanned downtime of the Magino mill, the Island Gold mill was restarted on September 24th
focused on processing the higher grade Island Gold ore. Given the higher gold price environment, the Company will
continue operating the Island Gold mill through the remainder of the year, in addition to the Magino mill. This will
provide increased combined milling capacity from the Island Gold District, supporting additional gold production,
higher cash flow, and increased profitability. The Company will evaluate the ongoing operation of the Island Gold
mill into 2026 as part of the expansion study ("Expansion Study") which is expected to be completed in the first
quarter of 2026.
Total cash costs decreased 9% from the second quarter to $973 per ounce, and AISC decreased 7%, both
consistent with quarterly guidance and driven by the improved performance from the Mulatos District. Higher gold
production, lower total cash costs, and the rising gold price, all contributed to a number of new financial records.
This included record quarterly revenues of $462.3 million, and cash flow from operations of $265.3 million. Free
cash flow also increased to a new record of $130.3 million while continuing to reinvest in high -return growth that will
support a more substantial increase in the years ahead.
TRADING SYMBOL: TSX:AGI NYSE:AGI
7 | Alamos Gold Inc
Subsequent to quarter end, a seismic event occurred underground at Island Gold on October 17, 2025. Mining
activities continue at budgeted rates; however, this has deferred access to higher grade stopes in one mining front.
This is expected to result in lower grades mined in the fourth quarter than budgeted. Combined with the unplanned
downtime of the Magino mill at the end of September, the Company is updating its annual production guidance to a
range of 560,000 to 580,000 ounces, a 6% decrease from original guidance (based on the mid -point).
Fourth quarter production is expected to increase 18% (based on the mid -point) to between 157,000 and 177,000
ounces, the strongest quarter of the year. This is expected to be driven by an increase in tonnes and grades
processed at Young -Davidson, higher tonnes processed at the Magino mill, and the recovery of higher -grade ore
stacked during the second and third quarters at La Yaqui Grande. All three operations are on track to deliver an
increase in production in the fourth quarter at lower costs compared to the third quarter.
Reflecting the stronger expected production and improved performances from all three operations, total cash costs
and AISC are expected to decrease 5% in the fourth quarter. The Company remains on track to achieve annual total
cash cost and AISC guidance, which was revised in July.
This strong trend of growing production and declining costs is expected over the next several years, driven by low -
cost growth from the Company's pipeline of high -return development projects. 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. The
expansion continues to progress well with the shaft sink advancing to a depth of 1,350 m, or 98% of its ultimate
planned depth. The Phase 3+ mill expansion and paste plant are also advancing with the overall expansion
expected to be completed in the second half of 2026, as previously guided. As outlined in the Base Case Life of
Mine Plan ("Base Case LOM Plan") for the Island Gold District announced in June 2025, 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.
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 24% increase from the mid -point of revised 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 the impact of wildfires and evacuation orders on communities across northern Manitoba that lasted until the
end of September, the ramp up of construction activities on the Lynn Lake project that had been planned for 2025
has been delayed. With the evacuation order lifted, the project team will continue returning to Lynn Lake over the
coming weeks with limited construction activities to be completed ahead of and during the winter months. As a
result, the more cost effective and lower risk approach is a ramp up of construction activities in the spring of 2026,
with completion of the Lynn Lake project now expected in the first half of 2029, compared with the previous timeline
of the second half of 2028. The Company has updated its consolidated 2025 capital guidance to between $539 and
$599 million, a 10% decrease from previous capital guidance, mainly reflecting the change in timing of activities at
Lynn Lake.
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 is
scheduled to be released in the first quarter of 2026 and is expected to demonstrate the significant upside potential
to the Base Case LOM Plan. The timeline of completion has shifted from the fourth quarter of 2025 to ensure all
assays are included from recent delineation drilling to support further Mineral Reserve growth. 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.
The Company remains well positioned to fund its high -return growth projects internally with strong ongoing free
cash flow, $463.1 million of cash and cash equivalents at the end of the third quarter of 2025, and $963.1 million of
total liquidity. Subsequent to quarter end, the Company closed the sale of its Turkish development projects and
Quartz Mountain, providing cash of $163 million, with additional payments to be received in future years. With a
growing cash balance of more than $600 million, the Company expects to reduce existing debt obligations, and will
assess opportunities to be active on its share buyback. 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 2029.
TRADING SYMBOL: TSX:AGI NYSE:AGI
8 | Alamos Gold Inc
Third Quarter 2025 Results
Island Gold District Financial and Operational Review
Three Months Ended September 30, Nine Months Ended September 30,
2025 2024 2025 2024
Gold production (ounces) 66,800 57,300 190,400 132,400
Gold sales (ounces) 62,011 53,445 179,357 127,341
Financial Review (in millions)
Operating Revenues $213.0 $132.1 $575.8 $296.2
Cost of sales (1) $83.4 $71.9 $251.2 $136.0
Earnings from operations $128.6 $58.6 $320.8 $155.9
Cash provided by operating activities $160.9 $62.1 $370.5 $173.8
Capital expenditures (sustaining) (2) $23.9 $16.2 $59.5 $41.9
Lease payments (sustaining) (2),(5) $4.3 $5.4 $12.6 $5.4
Capital expenditures (growth) (2) $59.5 $51.1 $153.3 $129.2
Capital expenditures (capitalized exploration) (2) $5.1 $3.8 $14.1 $10.7
Mine-site free cash flow (2),(5) $72.4 ($9.0) $143.6 ($8.0)
Cost of sales, including amortization per ounce of gold sold (1) $1,345 $1,345 $1,401 $1,068
Total cash costs per ounce of gold sold (2) $964 $988 $1,002 $758
Mine-site all-in sustaining costs per ounce of gold sold (2),(3) $1,432 $1,405 $1,420 $1,137
Island Gold Mine
Underground Operations
Tonnes of ore mined 121,864 82,132 345,272 283,706
Tonnes of ore mined per day 1,325 893 1,265 1,035
Average grade of gold (4) 12.05 14.61 11.69 12.92
Metres developed 1,779 1,338 6,058 4,713
Island Gold Mill Operations (9)
Tonnes of ore processed 23,906 82,446 234,174 282,364
Tonnes of ore processed per day 1,087 896 1,154 1,031
Average grade of gold (4) 13.20 14.42 12.03 12.97
Contained ounces milled 10,148 38,218 90,578 117,764
Average recovery rate 99% 99% 98% 98%
Magino Mine
Open Pit Operations
Tonnes of ore mined - open pit (7) 1,622,689 818,237 3,938,588 818,237
Tonnes of ore mined per day 17,638 10,228 14,427 10,228
Total waste mined - open pit (8) 3,764,681 2,882,392 11,104,219 2,882,392
Total tonnes mined - open pit 5,387,370 3,700,629 15,042,807 3,700,629
Waste-to-ore ratio (8) 2.32 4.52 2.82 4.52
Average grade of gold (4) 0.84 0.90 0.81 0.90
Magino Mill Operations (10)
Tonnes of ore processed 776,796 550,475 2,210,908 550,475
Tonnes of ore processed per day 8,443 6,881 8,099 6,881
Average grade of gold processed (4) 2.28 0.92 1.42 0.92
Contained ounces milled 56,923 16,370 101,000 16,370
Average recovery rate 96% 95% 95% 95%
(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 figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024.
(7) Includes ore stockpiled during the periods.
(8) Total waste mined includes operating waste and capitalized stripping.
(9) The Island Gold mill operated for 2 2 days during the quarter. It was on care and maintenance from July 16 to September 23, 2025, during which time all Island
Gold ore was processed at the Magino mill. Island Gold mill average tpd reflects only active operating days.
(10) Magino mill results include Island Gold ore processed at Magino mill from July 16 through September 23, 2025.