Alamos Gold Provides Three-Year Operating Guidance Outlining 46% Production Growth by 2028 at Significantly Lower Costs Further production growth to one million ounces annually expected by 2030 through development of Lynn Lake and the Island Gold District Expansion
ALAMOS GOLD INC.
Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823
Toronto, Ontario, Canada M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
F O R I M M E D I A T E R E L E A S E
W E B S I T E : w w w . a l a m o s g o l d . c o m T R A D I N G S Y M B O L : T S X : A G I N Y S E : A G I
Alamos Gold Provides Three-Year Operating Guidance Outlining 46%
Production Growth by 2028 at Significantly Lower Costs
Further production growth to one million ounces annually expected by 2030 through
development of Lynn Lake and the Island Gold District Expansion
Toronto, Ontario (February 4, 2026) – Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or
the “Company”) provided updated three-year production and operating guidance. The Company
also outlined longer term production guidance of approximately one million ounces per year by
2030 through the larger expansion of the Island Gold District (announced on February 3, 2026)
and initial production from Lynn Lake.
“Our operational performance over the past year was not up to our standards and not reflective
of our long-term track record. We expect to deliver a stronger performance in 2026, particularly
into the second half of the year as production ramps up and costs decrease with the completion
of the shaft expansion at Island Gold,” said John A. McCluskey, President and Chief Executive
Officer.
“As demonstrated by our three-year guidance and tremendous exploration success across our
asset base, we continue to make excellent progress on our growth initiatives providing one of
the strongest outlooks in the sector. We expect to deliver 46% production growth by 2028, and
nearly 20% decrease in AISC. This trend is expected to continue with production expected to
increase to one million ounces annually by 2030 driven by the multi phased expansion of the
Island Gold District and start up of Lynn Lake. All of this growth is in Canada, its all lower cost,
and we can fund it internally while generating growing free cash flow,” Mr. McCluskey added.
Three-Year Guidance Overview(1)
2026 2027 2028
Total Gold Production (000 oz) 570 - 650 650 - 730 755 - 835
Total Cash Costs(1) ($/oz) $1,020 - 1,120 $825 - 925 $775 - 875
All-in Sustaining Costs(1),(2) ($/oz) $1,500 - 1,600 $1,325 - 1,425 $1,200 - 1,300
Sustaining & Growth Capital(1)(3)
Operating mines ($ millions) $333 - 375 $275 - 315 $240 - 280
Growth Capital – Development Projects
Island Gold District Expansion ($ millions) $240 - 260 $130 - 145 $80 - 90
Lynn Lake ($ millions) $140 - 160 $380 - 410 $290 - 310
PDA ($ millions) $137 - 145 $15 - 20 -
Total Capital ($ millions) $850 - 940 $800 - 890 $610 - 680
(1) Refer to the “Non-GAAP Measures and Additional GAAP” disclosure at the end of this press release for a description of these measures.
(2) All-in sustaining cost guidance for 2027 and 2028 includes the same assumptions for G&A and stock-based compensation as included in 2026.
(3) Sustaining and growth capital guidance excludes capitalized exploration.
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• Production expected to increase 12% in 2026 and 46% by 2028 to between 755,000
and 835,000 ounces: production guidance for 2026 decreased relative to the previous
guidance1 provided in January 2025 (“Previous Guidance”), with slightly lower production
from Canadian operations partially offset by an increase at the Mulatos District. Production
guidance for 2027 is largely in-line with Previous Guidance and represents a 13% increase
from 2026. A further 15% increase is expected in 2028 , driven by the completion of the
Island Gold District Expansion (“IGD Expansion”) for a cumulative 46% increase in
production relative to 2025
• Further production growth to approximately one million ounces per year expected by
2030, almost doubling 2025 production:
o Lynn Lake to drive additional growth starting in 2029 with annual production
expected to average 186,000 ounces over the first 10 years
o IGD Expansion to 20,000 tonnes per day (“ tpd”) expected to be completed in
2028, driving further growth into 2029 and 2030 with annual production ramping up
to average 534,000 ounces over the first 10 years starting in 2028 (post expansion)
o Additional longer-term upside potential through the incorporation of higher-grade
regional targets within the expanded Island Gold District milling complex
• Total cash costs and AISC expected to decrease 24% and 18%, respectively, by 2028
relative to 2025:
o Costs in 2026 are expected to be consistent with 2025 and decrease steadily
starting in the second half of 2026 with the completion of the shaft expansion at
Island Gold
o Costs expected to continue declining through 2028 and beyond driven by low-
cost growth from the Island Gold District, and initial production from Lynn Lake in
2029
o 2026 AISC guidance increased from Previous Guidance reflecting ongoing inflation,
higher royalties with a 67 % increase in the budgeted gold price, increased
investment in critical roles across Canadian operations to support higher operating
efficiency and the transition away from contractors in key areas starting in 2027,
accelerated sustaining capital spending at the Island Gold District in support of the
larger expansion, and additional costs from operating the Island Gold mill
• Capital spending of $850 to $940 million expected in 2026 (excluding capitalized
exploration): up from Previous Guidance primarily reflecting the addition of the recently
approved IGD Expansion, including accelerated spending on tailings and underground
development to support the larger expansion. Total capital guidance includes:
o Sustaining capital guidance of $193 to $220 million: up from 2025 and previous
guidance reflecting increased tailings capital at the Island Gold District in support of
the larger expansion as mining rates increase , as well as timing of capital
expenditures at Young-Davidson. A further increase is expected in 2027 and 2028
supporting growing production within the expanded Island Gold District
o Growth capital guidance of $ 657 to $720 million: up from 2025, reflecting the
inclusion of capital for the IGD Expansion
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• Capital expected to decrease approximately 28% by 2028, relative to 202 6, with the
completion of the IGD Expansion, followed by a further decrease in 2029 with the completion
of construction at Lynn Lake
• Lynn Lake total initial capital increased to $934 million ($871 million remaining 2026+)
reflecting scope changes including a larger mill , industry-wide inflation, and an extended
construction timeline given the wildfires that occurred in Manitoba in 2025:
o Mill capacity to increase by 13% to 9,000 tpd, driving average annual production
rates higher, in addition to other scope changes to support a larger, longer-life
operation
o Other key drivers of the updated capital budget include three years of inflation
since the completion of 2023 Feasibility Study, and a longer construction timeline
due to the impact of Northern Manitoba wildfires in 2025
• Exploration budget increased to a record $97 million: a 35% increase from the 2025
budget with expanded programs at the Island Gold District, Young-Davidson and Lynn Lake.
The expanded exploration budget is underpinned by broad -based success across the
Company’s asset base in 2025
• Increasing free cash flow while funding growth:
o Free cash flow total led approximately $350 million in 2025 while funding the
Phase 3+ Expansion
o Free cash flow expected to be in excess of $500 million in 2026 at a $4,500 per
ounce gold price while funding the ramp up of spending on other high-return growth
projects including the IGD Expansion, Lynn Lake and PDA , as well as a record
exploration budget
o Further growth to more than $1 billion of free cash flow expected in 2028 driven
by growing production, and declining costs and capital with the completion of
the Phase 3+ Expansion in 2026 and IGD Expansion in 2028 . Additional growth
expected in 2029 with initial production from Lynn Lake
• Growing free cash flow expected to support increasing returns to shareholders:
o Record $81 million returned to shareholders in 2025 through dividends and share
buybacks. This included the repurchase of 1.3 million shares for $38.8 million, or
$29.21 per share
o Growing returns expected to be supported by increasing free cash flow in 2027 and
beyond at current gold prices
(1) Guidance statements in this release are forward -looking information. See the Assumptions and Sensitives section of this release along with the
cautionary note at the end of this release. All comparisons to current and Previous Guidance are based on mid-point of the range.
Upcoming 2026 catalysts
• 2025 year-end Mineral Reserve and Resource update: February 2026
• Completion of Phase 3+ Shaft Expansion: Q4 2026
• Exploration updates across assets: ongoing
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2026 Guidance
2026 Guidance 2025 Guidance(1)
Island Gold
District
Young-
Davidson Mulatos District Lynn Lake Total Total
Gold production (000 oz) 290 - 330 155 - 175 125 - 145 570 - 650 545
Cost of sales, including
amortization ($ millions)(2) ~$920 ~$810
Cost of sales, including
amortization ($/oz)(2) $1,450 - 1,550 ~$1,525
Total cash costs ($/oz)(3) $875 - 975 $1,350 - 1,450 $930 - 1,030 - $1,020 - 1,120 ~$1,080
All-in sustaining costs ($/oz)(3) $1,500 - 1,600 ~$1,525
Mine-site all-in sustaining costs
($/oz)(3)(4) $1,340 - 1,440 $1,730 - 1,830 $1,000 - 1,100 -
Capital expenditures ($ millions)
Sustaining capital(3)(5) $135 - 150 $55 - 65 $3 - 5 - $193 - 220 $138 - 150
Growth capital(3)(5) $355 - 385 $25 - 30 $137 – 145 $140 - 160 $657 - 720 $362 - 410
Total Sustaining and Growth
Capital(3)(5) ($ millions) $490 - 535 $80 - 95 $140 - 150 $140 - 160 $850 - 940 $500 - 560
Capitalized exploration(3) ($ millions) $33 $12 $9 $6 $60 $39
Total capital expenditures and
capitalized exploration(3) ($ millions) $523 - 568 $92 - 107 $149 - 159 $146 - 166 $910 – 1,000 $539 - 599
(1) 2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026
(2) Cost of sales includes mining and processing costs, royalties, and amortization expense but excludes silver credit, and is calculated based on the
mid-point of total cash cost guidance.
(3) Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release for a description of these measures.
(4) For the purposes of calculating mine -site all -in sustaining costs at individual mine sites t he 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.
(5) Sustaining and growth capital guidance excludes capitalized exploration.
Consolidated production is expected to increase 12% from 2025 to a range of between 570,000
and 650,000 ounces. This is expected to be driven by the ramp up of underground mining rates
through the year at Island Gold in conjunction with the completion of the Phase 3+ Expansion
towards the end of 2026, as well as increased mining rates at Young-Davidson. Production is
expected to be higher in the second half of the year driven by the ongoing ramp up at Island
Gold.
Compared to Previous Guidance, 2026 production guidance is approximately 7% lower
reflecting slightly lower production from the Canadian operations, partially offset by an increase
from the Mulatos District . This reflects slightly lower grades at Young -Davidson, and a more
conservative ramp up of underground mining rates at Island Gold with the shaft to be operational
toward the end of 2026.
Total cash costs and AISC per ounce are expected to be consistent with 2025 and trend lower
through the year. Costs are expected to be above the full year guidance range in the first half
of the year, with a significant decrease expected into the second half of 2026 driven by the ramp
up of underground mining rates at Island Gold. A further decrease in costs is expected in each
of 2027 and 2028.
Total cash costs and AISC guidance have both increased relative to Previous Guidance
reflecting inflation of approximately 5%, increased royalties given the substantially higher gold
price, slightly lower grades at Young-Davidson, and a larger investment in key roles across the
Canadian operations to drive increased operating efficiency. The added labour complement will
support the transition away from contractors starting in 2027 within certain segments of the
Canadian operations, including maintenance and underground development.
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AISC have also increased due to higher sustaining capita l. This reflects additional investment
in critical spares to minimize any unplanned downtim e at all operations , and accelerated
spending on tailings lifts and other sustaining capital to support the larger expansion of the
Island Gold District.
Costs and Capital Spending Expected to Decrease Significantly in H2 2026
H1 2026 H2 2026 2026 Guidance
Total gold production (000 oz) 270 - 310 300 - 340 570 - 650
Total cash costs(1) ($/oz) $1,100 - 1,200 $975 - 1,075 $1,020 - 1,120
All-in sustaining costs(1) ($/oz) $1,625 - 1,725 $1,400 - 1,500 $1,500 - 1,600
Total capital expenditures and capitalized
exploration(1) ($ millions) $500 - 550 $410 - 450 $910 - 1,000
(1) Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release for a description of these measures.
Capital spending is expected to increase from 2025, and previous guidance for 2026, to a range
of $ 850 to $ 940 million, excluding capitalized exploration of $60 million . This reflects the
inclusion of capital for the IGD Expansion, acceleration of certain capital expenditures at the
Canadian mine-sites, and ongoing inflation.
Island Gold District capital spending is expected to total $490 to $535 million, including $355 to
$385 million of growth capital. A pproximately one-third of the growth capital is expected to be
attributable to the completion of the Phase 3+ Expansion, including the shaft infrastructure and
paste plant. The remainder will be focused on the IGD Expansion, which entails expanding the
Magino mill to 20,000 tpd , and accelerating underground development and increas ing mobile
equipment to support higher underground and open pit mining rates over the longer-term.
Capital spending on PDA in 2026 is expected to range between $137 and $145 million, with the
majority of the spend on advancing underground development and mill construction. Total initial
capital estimate of $165 million for PDA remains unchanged and the project remains on track
for initial production mid-2027.
Construction activities at Lynn Lake are expected to restart in the spring of 2026 with spending
expected to total between $140 and $160 million. This represents a 43% decrease from the
previous guidance for 2026, reflecting the previously disclosed deferral of construction activities
due to wildfires in Northern Manitoba in 2025. Capital spending on Lynn Lake is expected to
increase into 2027 and 2028 during peak construction and then decrease into 2029 with initial
production expected in the first half of 2029.
Capital spend ing is expected to be first half weighted in 2026, though will vary by asset .
Spending at the Island Gold District is expected to be first half-weighted while spending at Lynn
Lake is expected to ramp up into the second half of the year.
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(1) Capital guidance excludes capitalized exploration.
$620-690
$850-940$250
$34 $32 $37 -$113
Previous guidance Island Gold District
Expansion
PDA development
(timing of spend)
Acceleration of
certain capex at
the Canadian mine-
sites
Inflation/other Lynn Lake (timing
of spend)
Current guidance
2026 Capital Guidance Increase1 (US$M)
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2026 – 2028 Guidance
2026 2027 2028
Current Previous Current Previous Current
Gold Production (000 oz)
Island Gold District 290 - 330 330 - 355 380 - 420 375 - 400 470 - 510
Young-Davidson 155 - 175 180 - 195 155 - 175 180 - 195 155 - 175
Mulatos District 125 - 145 120 - 130 115 - 135 125 - 135 130 - 150
Total Gold Production (000 oz) 570 - 650 630 - 680 650 - 730 680 - 730 755 - 835
Total Cash Costs(1) ($/oz) $1,020 - 1,120 $800 - 900 $825 - 925 $775 - 875 $775 - 875
All-in Sustaining Costs(1),(2) ($/oz) $1,500 - 1,600 $1,150 - 1,250 $1,325 - 1,425 $1,125 - 1,225 $1,200 - 1,300
Sustaining capital(1),(3) ($ millions) $193 - 220 $160 - 175 $235 - 255 $180 - 200 $210 - 235
Growth capital – operating mines(1),(3)
($ millions) $140 - 155 $105 - 130 $40 – 60 $20 - 25 $30 - 45
Sustaining & growth capital(1),(3) - operating
mines ($ millions) $333 - 375 $265 - 305 $275 - 315 $200 - 225 $240 - 280
Island Gold District Expansion ($ millions) $240 - 260 - $130 - 145 - $80 - 90
Lynn Lake ($ millions) $140 - 160 $250 - 275 $380 - 410 $235 - 260 $290 - 310
PDA ($ millions) $137 - 145 $105 - 110 $15 - 20 $15 - 20 -
Total sustaining & growth capital(1),(3)
($ millions) $850 - 940 $620 - 690 $800 - 890 $450 - 505 $610 - 680
(1) Refer to the “Non-GAAP Measures and Additional GAAP” disclosure at the end of this press release for a description of these measures.
(2) All-in sustaining cost guidance for 2027 and 2028 includes the same assumptions for G&A and stock based compensation as included in 2025.
(3) Sustaining and growth capital guidance excludes capitalized exploration.
Gold production is expected to increase to a range of between 650,000 and 730,000 ounces in
2027, a 13% increase from 2026, and 27% increase from 2025. The Island Gold District is
expected to drive this growth with 2027 representing the first full year operating from the new
shaft infrastructure, supporting higher underground mining rates. The completion of the IGD
Expansion in 2028 is expected to drive a further increase in production to a range of 755,000 to
835,000 ounces, representing a 15% increase fro m 2027 and cumulative 46% increase from
2025.
Further growth is expected into 2029 with initial production from Lynn Lake, and the ramp up of
underground mining rates at Island Gold to 3,000 tpd, as outlined in the IGD Expansion Study.
By 2030, production is expected to increase to a rate of approximately one million ounces
annually.
Total cash costs and AISC in 2027 are expected to decrease 18% and 11%, respectively, from
2026 driven by low -cost growth from the Island Gold District with the completion of the shaft
and connecting the Magino mill to low-cost grid power.
A further decrease in costs is expected into 2028 with AISC expected to be in the range of
between $1,200 and $1,300 per ounce. This represents a 9% decrease from 2027 and nearly
20% decrease from 2025. This is expected to be driven by the first full year of production from
PDA in Mexico and a further increase in low -cost production from the Island Gold District with
the completion of the IGD Expansion.
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Costs are expected to continue decreasing into 2029 and 2030 with the ramp up of underground
mining rates at Island Gold to 3,000 tpd, as outlined in the IGD Expansion Study, and the start
of production from the low-cost Lynn Lake project.
Capital spending is expected to decline slightly in 2027 with increased spending at Lynn Lake
offset by lower spending on PDA and the Island Gold District. In 2028, capital spending is
expected to decrease approximately 24% compared to 2027 as the IGD Expansion is
completed. A more significant decrease is expected into 2029 and 2030 with the completion of
construction at Lynn Lake.
(1) Production and AISC are based on mid-point of guidance.
(2) Refer to the “Non-GAAP Measures and Additional GAAP” disclosure at the end of this press release for a description of these measures.
(3) Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses.