Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) reported fourth quarter and annual 2025 production. The Company expects to provide updated three-year production and operating guidance in February 2026, coinciding with the completion of the Expansion Study for the Island Gold District.

“Our fourth quarter production totaled 141,500 ounces, consistent with the third quarter but below guidance due to lower than planned production from our Canadian operations. Mining and processing rates were lower than expected due to severe winter weather late in December which impacted access to the sites, as well as other operational challenges. Despite these challenges, we delivered a record quarter and year financially and made significant progress on our growth initiatives,” said John A. McCluskey, President and Chief Executive Officer.

“From an operational perspective, this past year was not reflective of our long-term track record, nor our strong outlook. We expect a substantial improvement from our operations in 2026 and low-cost growth from the Island Gold District to drive production significantly higher over the next several years. As we will be outlining in the Island Gold District Expansion Study next month, we expect this growth to continue with a clear path to one million ounces of annual production by the end of the decade,” Mr. McCluskey added.

Fourth Quarter and Full Year 2025 Operating Results

⁽¹⁾  _{2025 guidance was revised on October 29, 2025}

• Fourth quarter production of 141,500 ounces was consistent with the third quarter: production for the full year totaled 545,400 ounces. Both fourth quarter and full year production were below guidance reflecting lower production from the Island Gold District and Young-Davidson, in part due to weather related downtime in late December
• Record financial performance: sold 142,149 ounces of gold at an average realized price of $3,997 per ounce for record quarterly revenues of $568 million, inclusive of silver sales. The average realized gold price was below the London PM Fix price, reflecting the delivery of the final 12,346 ounces into the gold prepayment facility executed in July 2024 based on the prepaid price of $2,524 per ounce. The 2024 prepayment obligation has now been completed. Full year sales totaled 531,230 ounces of gold at an average realized price of $3,372 per ounce, generating record annual revenues of $1.8 billion. The strong margin expansion is also expected to drive record quarterly and annual free cash flow
• Growing cash position of $623 million: as of December 31, 2025, up from $463 million at the end of the third quarter, and $327 million at the end of 2024. This reflects strong ongoing free cash flow generation, while continuing to reinvest in high-return growth, supporting increased shareholder returns, debt reduction, and the repurchase of hedges
• Reduced debt outstanding to $200 million: repaid $50 million of the debt inherited from Argonaut Gold during the fourth quarter, leaving $200 million drawn on its credit facility at the end of 2025
• Eliminated half of 2026 legacy Argonaut gold hedges: in the fourth quarter with the repurchase and elimination of all forward sale contracts that mature in the first half of 2026. These contracts totaled 50,000 ounces at an average price of $1,821 per ounce. The cost to eliminate the hedges was $113.5 million, at an effective price of approximately $4,091 per ounce, providing further upside to current gold prices. This was funded by $63.5 million in cash and a gold sale prepayment for $50.0 million in exchange for the delivery of 12,255 ounces in the first half of 2026
• Increased shareholder returns: repurchased 928,729 shares in November at a cost of $28.8 million, or $30.96 per share. For the full year, 1,326,929 shares were repurchased for $38.8 million. Including dividends and share buybacks, a record $81 million was returned to shareholders in 2025

Upcoming 2026 catalysts

• Island Gold District Expansion Study: February 2026
• Three-Year Production and Operating Guidance: February 2026
• 2025 Year-End Mineral Reserve and Resource Update: February 2026
• Global exploration updates: ongoing

2025 Operating Review

Island Gold District

⁽¹⁾  _{Refers to revised 2025 guidance announced on October 29, 2025.}
⁽²⁾  _{Island Gold average milling rates exclude the period where mill was on care and maintenance between July 16 and September 23, 2025.}
⁽³⁾  _{Magino mill results include the processing of open pit ore from Magino and excess underground ore not processed within the Island Gold mill.}

The Island Gold District produced 60,000 ounces in the fourth quarter of 2025, down from the third quarter and below plan due to lower underground grades and mining rates, as well as reduced mill throughput. For the full year, the Island Gold District produced 250,400 ounces, slightly below the low-end of revised annual guidance.

Island Gold mine

Underground mining rates averaged 1,157 tonnes per day in the fourth quarter, below full year guidance and down from the third quarter reflecting additional rehabilitation work related to the seismic event in October, as well as downtime in late December due to severe winter weather. Severe snowstorms and subsequent road closures prevented delivery of supplies, and access to site by personnel and emergency services. This required a standdown of underground mining operations for a total of three days.

The majority of the underground rehabilitation work was completed during the quarter but was more extensive than originally anticipated, which impacted mining rates in the quarter. With substantial progress made through the end of November, underground mining rates improved to average 1,220 tpd for the month of December. Excluding the impact of the three days of weather-related downtime near the end of the quarter, mining rates would have averaged approximately 1,350 tpd in December. Completion of the rehabilitation positions the operation to meet the ramp up of mining rates through 2026 as part of the completion of the P3+ Expansion in the latter part of the year.

Underground grades mined averaged 10.61 g/t Au for the quarter and 11.44 g/t Au for the year, both in line with guidance. Milling rates were consistent with mining rates and recoveries of 98% were consistent with guidance.

Magino mine

Total mining rates averaged approximately 45,400 tpd during the fourth quarter. This included 16,592 tpd of ore, above full year guidance with open pit mining operations continuing to perform well. Grades mined of 0.83 g/t Au were consistent with annual guidance. Grades processed of 1.11 g/t Au were slightly above the annual guidance and reflect the inclusion of 5,000 tonnes of higher grade underground ore.

Milling rates averaged 8,625 tpd in the fourth quarter, up slightly from the third quarter. Through most of the quarter, milling rates averaged more than 9,000 tpd before being impacted by the above noted severe winter weather issues late in December, as well as an earlier than planned replacement of the liner within the discharge end of the SAG mill. This liner change had been scheduled for early in 2026.

The weather-related road closures impacted the regular delivery of compressed natural gas to the CNG plant that currently supplies the mill with power. This resulted in three days of downtime to the mill. Excluding this impact, milling rates would have averaged nearly 9,000 tpd, a 7% improvement from the third quarter.

As part of the Phase 3+ Expansion, the Magino mill is expected to be connected to electric grid in the latter part of 2026, which will eliminate the reliance on CNG going forward. The connection to lower cost grid power will not only provide a more reliable source of power, but also drive processing costs lower.

In addition to the improvements resulting from the connection to grid power, the Company has completed a restructuring of the maintenance and mill operating management teams, and continues to work with third-party specialists to implement additional modifications to improve reliability. These changes are expected to support a further increase in milling rates to consistently average 10,000 tpd in 2026. As will be outlined in the Expansion Study, further modifications are planned for the existing circuit which will complement a new parallel circuit supporting combined throughput rates of approximately 20,000 tpd.

Young-Davidson

⁽¹⁾  _{Refers to revised 2025 guidance announced on October 29, 2025.}

Young-Davidson produced 41,500 ounces of gold in the fourth quarter, 9% higher than the third quarter driven by an increase in tonnes and grades processed. Production for the full year totaled 153,400 ounces, below revised guidance due to lower than planned mining rates and grades.

Mining rates averaged 7,130 tpd in the fourth quarter, below annual guidance reflecting severe winter weather conditions late in December, rehabilitation work required on one of three ore passes, and the failure of a small portion of a paste plug underground. Prior to these issues, mining rates averaged 8,100 tpd in October.

As with the Island Gold District, severe winter storms late in December impacted personnel availability and the regular delivery of CNG utilized for heating underground ventilation. The disruption resulted in a build up of ice in both shaft collars impacting normal hoisting operations for a period of four days. CNG deliveries resumed by the end of the month allowing for the resumption of normal operations.

Mining rates were also impacted by the failure of a small portion of a paste plug utilized to separate co-disposed waste within a previously mined stope and an actively mined stope below. This contributed to increased mining dilution which impacted grades mined and limited ore availability.

The premature wear of the headwall in one of three ore passes in use during the fourth quarter impacted underground ore flow and availability in late November and December. Rehab work on this ore pass will be completed early in 2026. Additionally, a fourth ore pass has been completed and will be in use early in 2026, providing additional ore pass capacity. The additional capacity is expected to support mining rates of approximately 8,000 tpd and provide more consistency in 2026.

Grades mined of 2.10 g/t Au were lower than planned due to higher mining dilution within the stope impacted by the paste plug failure. Prior to this issue, grades mined averaged 2.20 g/t Au in October and November.

Milling rates averaged 8,110 tpd in the fourth quarter, above annual guidance and mining rates with low-grade stockpiled ore processed given the excess mill capacity. Milled grades averaged 1.92 g/t Au, lower than mined grades reflecting the contribution of lower grade stockpiled ore. Mill recoveries averaged 90% for the fourth quarter, in-line with annual guidance.

Mulatos District

⁽¹⁾  _{Refers to revised 2025 guidance announced on October 29, 2025.}

The Mulatos District produced 40,000 ounces in the fourth quarter, an 8% increase from the third quarter. Production for the full year totaled 141,600 ounces, in line with the revised annual guidance which had been increased in October 2025, reflecting the strong ongoing performance from La Yaqui Grande.

La Yaqui Grande produced 31,200 ounces in the fourth quarter and 107,300 ounces for the full year, exceeding initial expectations as a result of higher than planned stacking rates. Stacking rates averaged 11,900 tpd during the fourth quarter, exceeding annual guidance. Average grades stacked in the quarter of 1.30 g/t Au were in line with annual guidance. The recovery rate of 69% in the quarter and 64% for the full year was slightly below guidance reflecting the timing of the recovery of the significant number of ounces stacked on the pad over the past few quarters.

Financial Position & Liquidity

Cash and cash equivalents increased 35% from the third quarter of 2025, to $623 million at the end of 2025, driven by strong ongoing 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 $423 million, and $1.2 billion of total liquidity.

Following the receipt of initial proceeds from the sale of the Turkish projects in October of $160 million, the Company repaid $50 million of the $250 million debt inherited from Argonaut Gold, leaving $200 million drawn on its credit facility. The Company also repurchased 928,729 shares during the fourth quarter at a cost of $28.8 million, or $30.96 per share. For the full year, 1,326,929 shares were repurchased for $38.8 million. In total, a record $81 million was returned to shareholders through dividends and share buybacks in 2025.

Additionally, the Company repurchased and eliminated forward sale contracts that were in place for the first half of 2026, totalling 50,000 ounces at an average price of $1,821 per ounce. These hedges were inherited as part of the Argonaut Gold acquisition in 2024. The cost to eliminate the hedges was $113.5 million, representing an effective price of $4,091 per ounce, providing further upside to current gold prices. This was funded by $63.5 million in cash, and a gold sale prepayment for consideration of $50.0 million in exchange for the delivery of 12,255 ounces in the first half of 2026.

Remaining Argonaut legacy hedges total 100,000 ounces at an average price of $1,821 per ounce across the second half of 2026 and first half of 2027. The Company will continue to monitor opportunities to repurchase and eliminate the remaining contracts, having eliminated 230,000 of the initial 330,000 ounces that was inherited, prior to maturity.

Qualified Persons

Chris Bostwick, Alamos’ Senior Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this press release.

About Alamos

Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Young-Davidson mine and Island Gold District in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development.