Stronger production and lower costs drive record cash flow from operations and solid free cash flow of $85 million while funding growth

Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) reported its financial results for the quarter ended June 30, 2025.

“Production increased 10% from the first quarter, meeting our quarterly guidance, while all-in sustaining costs decreased 18%, reflecting stronger performances across all of our operations. This contributed to record cash flow from operations and a substantial increase in free cash flow to $85 million while continuing to reinvest in growth. We expect further production growth into the second half of the year driven by a combination of higher grades and milling rates, and remain on track to achieve full year production guidance. Given external factors related to our higher share price and gold price, as well as the slower start to the year at Magino and Young-Davidson, we have increased our annual cost guidance. This is not reflective of our long-term outlook with costs expected to continue to improve into the second half of the year, and a more substantial decrease expected over the next several years,” said John A. McCluskey, President and Chief Executive Officer.

“A key contributor to this improvement will be the Island Gold District where we successfully completed the transition to processing Island Gold ore through the larger and more productive Magino mill mid-July. As outlined in the Base Case Life of Mine plan issued last month, the Island Gold District will be a driver of our growing production and declining costs over the next several years. We also believe there is further upside to come. Through a larger expansion of the district, we see excellent potential to grow our consolidated production to approximately one million ounces per year, underpinning one of the strongest growth profiles in the sector,” Mr. McCluskey added.

Second Quarter 2025 Operational and Financial Highlights

• Produced 137,200 ounces of gold, consistent with quarterly guidance and a 10% increase from the first quarter of 2025 reflecting stronger performances from all three operations. With further increases expected in the third and fourth quarter, the Company remains on track to achieve full year production guidance
• Sold 135,027 ounces of gold at an average realized price of $3,223 per ounce, generating record quarterly revenues of $438.2 million. The average realized gold price was below the London PM Fix price, reflecting the delivery of 12,346 ounces into the gold prepayment facility executed in July 2024 based on the prepaid price of $2,524 per ounce
• Record cash flow from operating activities totaled $199.5 million (including $232.9 million before changes in working capital and taxes paid¹, or $0.55 per share), a 151% increase from the first quarter of 2025 reflecting the strong operating performance and margin expansion through higher gold prices and lower costs
• Generated strong free cash flow¹ of $84.6 million, while continuing to reinvest in high-return growth projects including the Phase 3+ Expansion, Lynn Lake, and PDA. This was a significant increase from negative free cash flow of $20.1 million in the first quarter of 2025, reflecting a solid contribution from all three operations. The Company expects strong ongoing free cash flow at current gold prices through the remainder of 2025 with significant growth starting in 2026 reflecting higher production and lower costs
• Total cash costs¹ of $1,075 per ounce and all-in sustaining costs (“AISC”)¹ of $1,475 per ounce decreased 10% and 18%, respectively, from the first quarter of 2025, driven by stronger production and lower share-based compensation expense. Costs are expected to decrease further through the second half of the year
• Reflecting the higher than budgeted share-based compensation expense through the first half of the year, higher royalty expense, and slower start to the year at Magino and Young-Davidson, the Company has increased its 2025 cost guidance. Full year total cash costs are now expected to be between $975 and $1,025 per ounce, and AISC between $1,400 and $1,450 per ounce. This represents a 12% increase in AISC guidance with approximately 40% of the increase attributable to external factors including the revaluation of previously issued share-based compensation with the higher share price, and higher royalty expenses given the increased gold price
• Cost of sales of $200.7 million, or $1,486 per ounce, decreased 10% from the first quarter of 2025 on a per-ounce basis
• Reported net earnings for the quarter were $159.4 million, or $0.38 per share
• Adjusted net earnings¹ were $144.1 million, or $0.34 per share. Adjusted net earnings includes adjustments for unrealized losses on commodity hedge derivatives, net of tax, of $17.1 million, adjustments for unrealized foreign exchange gains recorded within deferred taxes and foreign exchange loss totaling $34.3 million, and other adjustments of $1.9 million
• Cash and cash equivalents increased 19% from the first quarter of 2025 to $344.9 million at June 30, 2025. The Company remains in a strong net cash position and is well-positioned to internally fund all of its growth initiatives with strong ongoing free cash flow and $844.9 million of total liquidity
• Returned $21 million to shareholders. This included the repurchase of 0.4 million shares at a cost of $10.0 million ($25.11 per share), and payment of the $10.6 million quarterly dividend ($0.025 per share)
• In response to the devastating wildfires impacting communities across northern Manitoba, Alamos partnered with two other mining companies, collectively donating CAD$1.25 million to the Canadian Red Cross to support emergency relief and rebuilding efforts. This contribution will help the residents and Indigenous communities in which the three companies operate that have been affected by the wildfires. In addition, Alamos Gold is establishing a $250,000 Wildfire Support Fund, administered by the Dreamcatchers Committee which will support community rebuilding efforts in the community of Lynn Lake
• Announced the Base Case Life of Mine Plan (“Base Case LOM Plan”) completed on the Island Gold District, outlining a long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada. The Base Case LOM Plan outlines average annual gold production of 411,000 ounces starting in 2026, at average mine-site AISC of $915 per ounce over the initial 12 years. The Company expects to outline significant upside potential to the Base Case LOM within an expansion study (“Expansion Study”), which is expected to be completed in the fourth quarter of 2025
• Provided an exploration update at Island Gold where drilling continues to extend high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures, highlighting the significant near-mine upside potential. Additionally, the regional exploration program has been successful in intersecting high-grade gold mineralization at the past-producing Cline-Pick and Edwards mines, located seven kilometres from the Magino Mill, highlighting longer-term opportunities for further growth
• Shaft sinking at Island Gold reached 1,265 metres (“m”) in the second quarter, or 92% of the planned depth. In addition, a groundbreaking ceremony was held for the 115 kV power line project in partnership with Batchewana First Nation. When completed in 2026, it will connect the entire site to grid power, providing clean energy and further reducing the Island Gold District Greenhouse Gas (“GHG”) emissions intensity to well below the industry average
• Announced a binding agreement to sell the option to earn 100% interest in the non-core Quartz Mountain Gold Project (“Quartz Mountain”), located in Oregon, to Q-Gold Resources Ltd. (TSXV:QGR) (“Q-Gold”) for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold. The transaction is expected to close in the second half of 2025

⁽¹⁾ Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

Highlight Summary

• 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 cash flows used in investing activities.
  ⁽⁴⁾  Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2024.
  ⁽⁵⁾  Average realized gold price for the three and six months ended June 30, 2025 included the delivery of ounces into the gold prepayment facility based on the prepaid price of $2,524 per ounce.
  ⁽⁶⁾  Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

⁽¹⁾  Cost of sales includes mining and processing costs, royalties, and amortization expense.
⁽²⁾  Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.
⁽³⁾  For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.
⁽⁴⁾  Includes capitalized exploration at Island Gold District of $5.1 million and $9.0 million for the three and six months ended June 30, 2025 ($3.4 million and $6.9 million for the three and six months ended June 30, 2024 ).
⁽⁵⁾  Includes capitalized exploration at Young-Davidson of $2.9 million and $4.9 million for the three and six months ended June 30, 2025 ($1.4 million and $2.4 million for the three and six months ended June 30, 2024).
⁽⁶⁾  Includes capitalized exploration at Mulatos District of $1.8 million and $2.5 million for the three and six months ended June 30, 2025 ($3.1 million and $5.0 million for the three and six months ended June 30, 2024).
⁽⁷⁾  The Island Gold District includes Island Gold and Magino mines for the three and six months ended June 30, 2025. Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.
⁽⁸⁾  The Mulatos District includes Mulatos and La Yaqui Grande mines.
⁽⁹⁾  Sustaining capital expenditures for Island Gold District include certain finance leases classified as sustaining.

Environment, Social and Governance Summary Performance

Health and Safety

• Total recordable injury frequency rate¹ of 0.65 in the second quarter, a 56% decrease from 1.49 in the first quarter of 2025
• Lost time injury frequency rate¹ of 0.08 in the second quarter
• Alamos had eight recordable injuries across its sites and one lost time injury
• Year-to-date TRIFR of 1.01 is a significant improvement from the prior year and LTIFR of 0.08

Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone is continually reminded of the importance of keeping themselves and their colleagues healthy and injury-free. The Company’s overarching commitment is to have all employees and contractors return Home Safe Every Day.

Environment

• Six minor reportable spills occurred in the second quarter
• Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits

All six reportable spills were minor, promptly remediated at the time of occurrence, and are not expected to have any lasting impact on the natural environment.

The Company is committed to preserving the long-term health and viability of the natural environment that surrounds its operations and projects. This includes investing in new initiatives to reduce the Company’s environmental footprint with the goal of minimizing the impacts of its activities.

Community

Ongoing charitable donations, sponsorships, medical support and infrastructure investments were provided to local communities, including:

• Alamos, Vale Base Metals, and Hudbay Minerals collectively contributed CAD$1.25 million to the Canadian Red Cross to support emergency relief and rebuilding efforts for those impacted by the wildfires in Northern Manitoba
• Committed $250,000 to a Wildfire Support Fund, administered by the Dreamcatchers Committee which will support community rebuilding efforts in the community of Lynn Lake, Manitoba
• Provided local community support near the Mulatos District including medical services, road maintenance, water distribution and student scholarships

The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company continues to engage with local communities to understand local challenges and priorities. Ongoing investments in local infrastructure, health care, education, cultural and community programs remain a focus of the Company.

Governance and Disclosure

• Mulatos was awarded the Empresa Socialmente Responsable award for the 17^th consecutive year in recognition of the mine’s ethical and sustainable practices
• Published Alamos’ 2024 Report on Conformance to the Responsible Gold Mining Principles (“RGMP”) in accordance with the World Gold Council’s RGMP framework
• Published Alamos’ 2024 Report on Modern Slavery in accordance with Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act
• Published Alamos’ Extractive Sector Transparency Measures Act 2024 Annual Report, outlining payments made to governments in Canada and abroad related to our activities on a country and project basis

The Company maintains the highest standards of corporate governance to ensure that corporate decision-making reflects its values, including the Company’s commitment to sustainable development.

⁽¹⁾ Frequency rate is calculated as incidents per 200,000 hours worked.

Outlook and Strategy

⁽¹⁾  Refer to the “Non-GAAP Measures and Additional GAAP” section of this press release and associated MD&A for a description of these measures.
⁽²⁾  Total consolidated all-in sustaining costs include corporate and administrative, and share based compensation expenses. Individual mine-site all-in sustaining costs do not include an allocation of corporate and administrative expense, and corporate share-based compensation expenses.
⁽³⁾  Cost of sales includes mining and processing costs, royalties, and amortization expense, and sliver by-product credits, and is calculated based on the mid-point of total cash costs guidance.
⁽⁴⁾  Previous guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025. Production and capital guidance remain unchanged.

The Company’s objective is to operate a sustainable business model that supports growing returns to all stakeholders over the long-term, through growing production, expanding margins, and increasing profitability. This includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re-investing in high-return internal growth opportunities, and supporting higher returns to shareholders.

During the second quarter, the Company continued to execute on this strategy across a number of fronts. Production increased 10% to 137,200 ounces, while AISC decreased 18% from the first quarter, reflecting stronger performances from all three operations. Through higher production, lower costs and the higher realized gold price, the Company generated record quarterly revenues, cash flow from operations, and a substantial increase in free cash flow to $84.6 million while continuing to reinvest in high-return growth.

A further increase in production is expected in the third quarter to between 145,000 and 155,000 ounces, with total cash costs expected to decrease 5% and a slight decrease in AISC from the second quarter, reflecting the timing of sustaining capital. This is expected to be driven by higher milling rates at Young-Davidson, and the Island Gold District, and the recovery of higher-grade ore stacked in the latter part of the second quarter at La Yaqui Grande. Milling rates within the Magino mill continue to improve following the installation of the redesigned liner and bolt configuration within the SAG mill. Reflecting the improved milling rates, the Island Gold mill was shut down mid-July with higher-grade underground ore now being processed within the larger and more productive Magino mill.

A more significant increase in production and decrease in costs is expected in the fourth quarter driven by higher underground mining rates at Island Gold, as well as higher grades at Young-Davidson and La Yaqui Grande. Given the strong growth expected into the second half of the year, the Company remains on track to achieve full year production guidance.

Reflecting the higher than budgeted share-based compensation expense through the first half of the year, higher royalty expenses, and slower start to the year at Magino and Young-Davidson, the Company has increased its 2025 cost guidance. Full year total cash costs are now expected to be between $975 and $1,025 per ounce, and AISC between $1,400 and $1,450 per ounce. This represents a 12% increase in AISC guidance with approximately 40% of the increase attributable to external factors. This included the revaluation of previously issued share-based compensation given the significant increase in the share price during the first quarter, and higher royalty expenses reflecting the higher gold price.

Consistent with the updated cost guidance, the Company expects a substantial decrease in costs into the second half of the year, driven by significant production growth. This strong trend of growing production and declining costs is expected to continue over the next several years driven by low-cost growth from the Company’s pipeline of high-return development projects.

The Phase 3+ Expansion at Island Gold is expected to be a significant driver of near term production growth and further decrease in costs in 2026. As outlined in the Base Case LOM Plan for the Island Gold District, the expansion is expected to transform the operation into one of the largest, lowest-cost, and most profitable gold mines in Canada with significant upside potential. The shaft sink has advanced to a depth of 1,265 m, 92% of its ultimate planned depth. The mill expansion, paste plant and powerline project are all advancing well with the overall expansion expected to be completed in the second half of 2026.

Post completion of the Phase 3+ Expansion, production from the Island Gold District is expected to increase to average 411,000 ounces per year at mine-site AISC of $915 per ounce over the initial 12 years (refer to the press release dated June 23, 2025 for more details). This is expected to drive consolidated production to a range of 680,000 to 730,000 ounces in 2027, a 17% increase from the mid-point of 2025 guidance, at 18% lower AISC. A further increase in production and decrease in costs is expected with the startup of production from Lynn Lake. With average annual production of 176,000 ounces over its first 10 years at first quartile mine-site AISC, Lynn Lake is expected to increase consolidated production to approximately 900,000 ounces per year.

Given ongoing wildfires that continue to impact communities across northern Manitoba, the ramp up of construction activities on the Lynn Lake project has been temporarily paused. Assuming the resumption of construction activities during the third quarter of 2025, the Company expects the completion of the Lynn Lake project in the second half of 2028. This represents an approximate six-month delay from the previous schedule given the loss of the majority of the summer construction season.

Longer-term, there is excellent potential to increase consolidated production to approximately one million ounces per year through a further expansion of the Island Gold District. The Expansion Study for the Island Gold District remains on track to be released in the fourth quarter of 2025 and is expected to demonstrate the significant upside potential to the Base Case LOM Plan. The Expansion Study is expected to include a larger Mineral Reserve, through ongoing Mineral Resource conversion, and will evaluate a potential expansion of the mill to between 18,000 and 20,000 tpd, supporting higher underground mining rates from Island Gold, and open pit mining and processing rates from Magino.

Capital spending in 2025 will be focused on the ramp up of construction activities at Lynn Lake and PDA, as well as the final full year of spending on the Phase 3+ Expansion. Capital spending is expected to increase modestly into 2026 with lower capital at the Island Gold District offset by the ramp up in spending on Lynn Lake and PDA. In 2027, capital spending is expected to decrease relative to 2026 driven by significantly lower capital at the Island Gold District, and the completion of construction of PDA. A further decrease in capital is expected after the completion of construction of Lynn Lake.

The global exploration budget for 2025 is $72 million, a 16% increase from $62 million spent in 2024, and the largest in the Company’s history reflecting broad based exploration success across its assets. The Company continues to demonstrate its long-term track record of value creation through exploration with 2024 year-end Global Mineral Reserves (as updated in June 2025) increasing 50% to 16.0 million ounces (312 mt grading 1.59 g/t Au) compared to the end of 2023. This reflected an initial Mineral Reserve at Burnt Timber and Linkwood, ongoing exploration success and Mineral Resource conversion at Island Gold, as well as the addition of Magino. Mineral Reserves have now increased for six consecutive years for a cumulative increase of 65% over that time frame.

The Company remains well positioned to fund its high-return growth projects internally with strong ongoing free cash flow, $344.9 million of cash and cash equivalents at the end of the second quarter of 2025, and $844.9 million of total liquidity. At current gold prices, the Company expects to continue generating strong free cash flow while funding its growth projects, with significant increases following the completion of the Phase 3+ Expansion in 2026, PDA in 2027, and Lynn Lake in 2028.

Second Quarter 2025 Results

Island Gold District Financial and Operational Review

⁽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 condensed interim consolidated financial statements.
⁽⁶⁾  Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.
⁽⁷⁾  Includes ore stockpiled during the periods.
⁽⁸⁾  Total waste mined includes operating waste and capitalized stripping.

The Island Gold District produced 64,400 ounces in the second quarter of 2025, a 54% increase from the prior year period, driven by the inclusion of the Magino mine, which was acquired in July 2024, as well as an increase in tonnes processed from Island Gold underground. Production also increased 9% from the first quarter of 2025 driven by higher milling rates within both the Island Gold and Magino mills. Production is expected to increase through the remainder of the year reflecting higher mining and processing rates.

Island Gold Operational Review

Underground mining rates averaged 1,244 tpd in the second quarter, a 19% increase over the prior year period and consistent with guidance. Grades mined averaged 11.48 g/t Au, consistent with annual guidance and 19% lower than in the prior year period.

Mill throughput averaged 1,305 tpd and mill recoveries averaged 98% during the second quarter, also consistent with annual guidance. With higher grade underground ore now being processed within the larger and more productive Magino mill as of mid-July, the Island Gold mill will be transitioned to care and maintenance in the third quarter and gold in circuit inventory will be drawn down.

Magino Operational Review

Total mining rates averaged 56,532 tpd during the second quarter, including 13,748 tpd of ore, up 13% and 16% respectively, from the first quarter.  Mining rates of ore were slightly below annual guidance with the focus on waste stripping during the month of June. Mining rates are expected to increase in the second half of the year to be consistent with annual guidance of 14,800 tpd of ore.

Milling rates continued to improve in the second quarter with throughput increasing 16% from the first quarter to average 8,411 tpd in the Magino mill. Grades processed during the second quarter of 0.94 g/t Au were up 9% from the first quarter and consistent with annual guidance.

Milling rates have continued to increase into the third quarter following additional planned improvements. This included the installation of a redesigned liner and bolt configuration within the SAG mill which was completed during the second week of July. Following the liner change, milling rates increased to average approximately 9,500 tpd through the second half of July. Milling rates are expected to continue increasing to targeted rates of 11,200 tpd during the third quarter.

Since the introduction of higher grade underground ore within the Magino mill in mid July, recoveries of the blended ore have been consistent with expectations.

Island Gold District Financial Review

Revenues of $210.8 million in the second quarter were 126% higher than the prior year period, driven by higher realized gold prices and an increase in ounces sold given the acquisition of Magino in July 2024. Similarly, revenues of $362.8 million during the first half of the year were 121% higher than the prior year period.

Cost of sales of $88.3 million in the second quarter and $167.8 million for the first half of the year were 188% and 162% higher than the comparative periods, respectively, due to the increase in ounces sold. On a per ounce basis, cost of sales were 79% and 65% higher in the second quarter and first half of the year, respectively, as compared to the prior year comparative periods, due to the inclusion of relatively higher cost ounces from Magino in 2025.

Total cash costs were $1,008 per ounce and mine-site AISC were $1,410 per ounce in the second quarter, slightly lower than the first quarter. This was driven by higher processing rates and grades at Magino, partially off-set by the higher contribution of Magino ounces to Island Gold District production. For the first half of the year, total cash costs of $1,035 per ounce and mine-site AISC of $1,427 per ounce were above the annual guidance range, driven by lower mill throughput at Magino. Given higher costs at Magino in the first half of the year, mine-site AISC guidance for the full year has been increased to between $1,225 and $1,275 per ounce. Costs are expected to trend lower through the remainder of the year reflecting higher milling rates within the Magino mill and increasing underground mining rates at Island Gold, both driving lower unit operating costs for the district.

Total capital expenditures were $74.4 million in the second quarter, including $45.2 million of growth capital and $5.1 million of capitalized exploration. Growth capital spending remained primarily focused on the Phase 3+ Expansion, including shaft site infrastructure, paste plant, and shaft sinking. The shaft sink advanced to a depth of 1,265 m at the end of the second quarter, 92% of its ultimate planned depth. The shaft sink is scheduled to be completed late 2025, with initial production from the shaft infrastructure expected in the second half of 2026. Additionally, bulk earthworks were completed for the expansion of the Magino mill to 12,400 tpd. The expansion of the Magino mill is expected to be completed in the second half of 2026, to coincide with the completion of the Phase 3+ Expansion at Island Gold.

Mine-site free cash flow was $52.3 million in the second quarter and $71.2 million in the first half of the year, net of the significant capital investment related to the Phase 3+ Expansion and exploration. At current gold prices, the Island Gold District is expected to continue self-funding the Phase 3+ Expansion and a robust exploration program, with significant free cash flow growth expected in 2026 onwards following the completion of the expansion.

Young-Davidson Financial and Operational Review

⁽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.

Operational review

Young-Davidson produced 38,700 ounces of gold in the second quarter, 9% higher than the first quarter reflecting higher mining rates and slightly higher grades processed. Relative to the prior year period, production decreased 12% due to lower mining rates and grades.

Mining rates averaged 7,190 tpd in the second quarter, a 6% improvement over the first quarter but below the annual guidance of 8,000 tpd, and a 9% decrease compared to the prior year period. Higher than average snowfall and precipitation led to a significantly higher than normal spring melt resulting in increased inflow of ground water into the underground mine. This impacted the ability to skip ore to surface, resulting in nearly a week of unplanned downtime to the shaft in May. Additionally, mining rates were impacted by power outages caused by storms in the region. Mining rates are expected to improve in the third quarter following the completion of a planned five-day shutdown for rope changes within the Northgate shaft in July. Mining rates are expected to further improve to targeted levels of 8,000 tpd in the fourth quarter.

Milling rates averaged 7,026 tpd in the second quarter, below the annual guidance of 8,000 tpd and a 12% decrease compared to the prior year period, primarily due to lower underground mining rates. Milling rates were slightly below mining rates within the second quarter due to a regional weather related power outage late in the quarter.

Processed grades averaged 2.05 g/t Au in the second quarter, 6% lower than the prior year period and consistent with the low-end of full year guidance. Grades mined are expected to average similar levels in the third quarter of 2025 and increase towards the upper end of full year guidance in the fourth quarter. Combined with higher mining and processing rates, this is expected to drive stronger production through the remainder of the year. Mill recoveries averaged 91% for the second quarter, in-line with annual guidance.

Financial Review

Revenues increased to $126.1 million in the second quarter, 19% higher than the prior year period, driven by higher realized gold prices, partially offset by lower ounces sold. For the first half of the year, revenues of $227.3 million were 20% higher than the prior year, driven by the same factors as with the second quarter.

Cost of sales of $65.2 million in the second quarter were 2% lower than the prior year period, reflecting lower tonnes processed and ounces sold, partially offset by ongoing labour inflation. Cost of sales of $130.3 million for the first half of the year were 1% lower than the comparative period, driven by the same factors as with the second quarter.

Total cash costs of $1,233 per ounce and mine-site AISC of $1,575 per ounce in the second quarter were higher than the prior year period, primarily due to higher unit costs, given the lower mining and processing rates, as well as lower grades processed. Total cash costs of $1,289 per ounce and mine-site AISC of $1,614 per ounce for the first half of year were higher than the comparative period, driven by the same factors as the second quarter. As a result of higher unit costs incurred in the first half of the year, mine-site AISC guidance for the full year has been increased to between $1,550 and $1,600 per ounce. Costs are expected to decrease through the remainder of the year reflecting higher mining rates and grades.

Capital expenditures in the second quarter totaled $21.4 million, including $12.9 million of sustaining capital and $5.6 million of growth capital. Additionally, $2.9 million was invested in capitalized exploration during the quarter. Capital expenditures, inclusive of capitalized exploration, totaled $40.2 million for the first half of 2025.

Young-Davidson continues to generate strong ongoing mine-site free cash flow, including a record $58.7 million in the second quarter and $97.9 million for the first half of the year. The operation is well-positioned to generate record free cash flow in 2025 and strong ongoing free cash flow over the long-term at current gold prices.

Mulatos District Financial and Operational Review

⁽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⁾  Grams per tonne of gold.

Mulatos District Operational Review

The Mulatos District achieved a significant milestone during the second quarter producing its three millionth ounce of gold. Production totaled 34,100 ounces in the second quarter, a 12% improvement over the first quarter reflecting higher grades stacked. Production in the second quarter was 36% lower than the prior year period due to the timing of recovery of ounces stacked at La Yaqui Grande, as well as a lower contribution from residual leaching of the Mulatos leach pad. The operation is expected to benefit from the recovery of higher grades stacked during the second quarter through the remainder of the year contributing to higher production in the second half of the year.

La Yaqui Grande produced 26,100 ounces in the second quarter, 38% lower than the prior year period. Grades stacked averaged 1.54 g/t Au for the second quarter, near the upper end of annual guidance, and up sharply from the first quarter with the operation benefiting from positive grade reconciliation. Grades stacked are expected to remain at similar levels the remainder of the year.

Stacking rates averaged 11,200 tpd in the second quarter, exceeding annual guidance but are expected to average 10,500 tpd in the third quarter with the onset of the rainy season. Contained ounces stacked increased to 50,280 ounces, driven by significant increase in grades in the quarter. The recovery rate of 52% in the second quarter was below the annual guidance range reflecting timing of recovery of ounces stacked during the quarter. Given the higher grades stacked later in the quarter, and increased leach pad height, the recovery of a significant portion of ounces stacked in the quarter will be realized in the third and fourth quarters.

Mulatos commenced residual leaching in December 2023 and produced 8,000 ounces in the second quarter, in-line with expectations. The operation is expected to benefit from ongoing gold production at decreasing rates through the remainder of 2025.

Mulatos District Financial Review

Revenues of $110.6 million in the second quarter were 17% lower than the prior year period, reflecting lower ounces sold, partially offset by higher realized gold prices. For the first half of the year, revenues of $194.6 million were 24% lower than the prior year, driven by the same factors.

Cost of sales decreased to $47.2 million in the second quarter, 37% lower than the prior year period, driven by lower ounces sold. For the first half of the year, cost of sales were $97.8 million or 35% lower than the prior year period, also driven by lower ounces sold.

Total cash costs of $1,017 per ounce and mine-site AISC of $1,084 per ounce in the second quarter were lower than the first quarter reflecting higher grades stacked. Both costs were higher than the prior year period, primarily due to a lower contribution of ounces from La Yaqui Grande to Mulatos District production. For the first half of the year, total cash costs of $1,129 per ounce and mine-site AISC of $1,205 per ounce were both above annual guidance but are expected to decrease through the remainder of the year bringing full year costs in line with guidance.

Capital expenditures totaled $3.7 million in the second quarter, including $0.5 million of sustaining capital and $1.8 million of capitalized exploration. Growth capital spending of $1.4 million was primarily related to procurement activities and detailed engineering for PDA. Spending on PDA is expected to increase significantly in the second half of the year with the commencement of underground development and placement of long-lead time orders for the mill.

The Mulatos District generated mine-site free cash flow of $55.2 million in the second quarter and $55.8 million for the first half of the year, lower than the comparative periods reflecting lower gold sales and higher cash taxes. The free cash flow generated was net of $15.4 million of cash tax payments in the second quarter, and $63.7 million in the first half of the year, primarily related to 2024 income and mining taxes payable, and 2025 income tax installments. The Company expects cash tax payments of between $15 and $20 million per quarter for the remainder of the year, related to the 2025 tax year. At current gold prices, the Mulatos District is expected to generate stronger mine-site free cash flow in the second half of the year, reflecting higher production and lower costs.

Second Quarter 2025 Development Activities

Island Gold (Ontario, Canada)

Phase 3+ Expansion

In 2022, the Company announced the Phase 3+ Expansion at Island Gold to 2,400 tpd from the current rate of 1,200 tpd, which includes various infrastructure investments. These include the installation of a shaft, paste plant, as well as accelerated development to support the higher mining rates. Following the completion of the expansion in 2026, the operation will transition from trucking ore and waste up the ramp to skipping ore and waste to surface through the new shaft infrastructure, driving production higher and costs significantly lower.

On June 23, 2025, the Company announced the Base Case LOM Plan with the total growth capital estimate for the Phase 3+ Expansion revised to $835 million. This represents a 10% increase from the original growth capital estimate prepared in 2022. The recent increase reflects ongoing labour inflation, as well as the use of a contractor to support off shaft development, and construction activities related to the ore and waste handling system. As at June 30, 2025, 79% of the total initial capital has been spent and committed on the Phase 3+ Expansion.

In addition, the Company is evaluating the addition of a pebble crusher and auxiliary mill to the Magino mill to support the expansion to 12,400 tpd. This would represent a potential scope change at an additional cost of approximately $40 million. These component changes will be re-evaluated over the next several months to assess if they will be required as part of a potential larger expansion of up to 20,000 tpd. This evaluation process is ongoing and the Expansion Study is expected to be released before the end of 2025.

During the second quarter of 2025, the Company spent $39.8 million on the Phase 3+ Expansion and capital development. Progress on the Phase 3+ Expansion during the second quarter is summarized as follows:

• Shaft sinking advanced to a depth of 1,265 m by the end of the second quarter
• Completed cladding and roofing for the shaft bin house
• Completed bulk earthworks for the Magino mill expansion to 12,400 tpd, with the footprint sized to accommodate a further potential expansion up to 20,000 tpd
• Detailed engineering for the larger Magino mill expansion is ongoing and expected to be completed by early 2026
• Paste plant construction over 70% complete
• Completed the earthworks for the new administrative complex located adjacent to the shaft infrastructure
• Advanced lateral development to support higher mining rates with the Phase 3+ Expansion
• Advanced work on the 115kV power line project in partnership with Batchewana First Nation, including holding a groundbreaking ceremony in June

The Phase 3+ Expansion is on schedule to be completed in the second half of 2026.

1. Reflects updated initial capital estimates released in June 2025 as part of the Base Case LOM Plan, based on USD/CAD exchange $0.73:1 in 2025 and $0.74:1 in 2026 and 2027. Spent to date based on average USD/CAD of $0.73:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at June 30, 2025 of $0.73:1.
2. Amount spent to date accounted for on an accrual basis, including working capital movements.

Island Gold shaft site area – July 2025

 Island Gold paste plant – July 2025

Island Gold 1265L shaft station with galloway (depth of 1,265 m) – July 2025

Lynn Lake (Manitoba, Canada)

On January 13, 2025, the Company announced a positive construction decision on the Lynn Lake project. With the approval of the Closure Plan in January 2025, the required permitting and pre-construction conditions have been met allowing for the start of construction on the Lynn Lake project. During the first quarter of 2025, the Company also signed an Impact Benefit Agreement (“IBA”) with Mathias Colomb Cree Nation (“MCCN”). The Company now has IBAs in place with both of the First Nation communities proximate to the Lynn Lake project.

Given ongoing wildfires that continue to impact communities across northern Manitoba, the ramp up of construction activities on the Lynn Lake project has been temporarily paused. Assuming the resumption of construction activities during the third quarter of 2025, the Company expects the completion of the Lynn Lake project in the second half of 2028. This represents an approximate six-month delay from the previous schedule given the loss of the majority of the summer construction season. With average annual production of 176,000 ounces over its first ten years at first quartile mine-site AISC, Lynn Lake is expected to increase consolidated production to approximately 900,000 ounces per year.

Growth capital spending at Lynn Lake was initially estimated to be between $100 million and $120 million in 2025, but may vary depending on the timing of the restart of construction activities. Construction activities and capital spending are expected to increase in 2026 and 2027 with first gold production expected in the second half of 2028. Total initial growth capital for Lynn Lake was estimated to be $632 million in the 2023 Feasibility Study (“2023 Study”), based on input costs as of the fourth quarter of 2022. As detailed in the three year guidance press release issued in January 2025, initial capital for Lynn Lake is expected to increase by approximately 10% given ongoing industry-wide labour and materials inflation, which has averaged close to 5% per year since the end of 2022. The Company is also evaluating the impact on initial capital caused by the forest fire related delays, and any updates to the initial capital estimate will be provided following the resumption of construction activities.

On February 13, 2025, the Company reported positive results of an internal economic study completed on its Burnt Timber and Linkwood satellite deposits located in proximity to the Lynn Lake project. The 2023 Study for Lynn Lake was based only on the Gordon and MacLellan deposits which are to be mined over the first 11 years, with the processing of lower grade stockpiled ore for the remainder of the 17-year mine life. The Burnt Timber and Linkwood deposits are expected to provide a source of additional mill feed to the Lynn Lake project starting in year 12, deferring the lower grade stockpiles until later in the mine plan. This is expected to extend the mine life of the combined Lynn Lake project to 27 years, increase longer term production rates, and enhance its economics as a low-capital, high-return satellite project.

The two deposits are expected to produce an average of 83,000 ounces of gold per year over a 10 year mine life. By leveraging mining equipment and planned processing infrastructure at Lynn Lake, the project is expected to be developed for low initial capital of $67 million. This is expected to contribute to high returns for the Burnt Timber and Linkwood satellite deposits,  with an after-tax internal rate of return (“IRR”) of 54%, and after-tax NPV (5%) of $177 million at a base case gold price assumption of $2,200 per ounce and CAD/USD foreign exchange rate of $0.75:1. At a gold price of $2,800 per ounce and CAD/USD foreign exchange rate of $0.70:1, returns increase to an after-tax IRR of 83% and after-tax NPV (5%) of $292 million.

Development spending (excluding exploration) was $18.8 million in the second quarter of 2025, primarily on temporary camp installation, site facilities, tree clearing and process design engineering.

PDA (Sonora, Mexico)

On September 4, 2024, the Company reported the results of the development plan for the PDA project located within the Mulatos District. PDA is a higher-grade underground deposit adjacent to the Mulatos open pit and will benefit from the use of existing crushing infrastructure from Cerro Pelon, supporting lower initial capital and project execution risk.

On January 29, 2025, the Company announced it has been granted approval of an amendment to its existing environmental impact assessment (Manifestación de Impacto Ambiental) by Mexico’s Secretariat of Environment and Natural Resources, allowing for the start of construction on the PDA project. Construction activities on PDA are expected to begin ramping up in the third quarter of 2025. Capital spending on PDA is expected to total $37 to $40 million in 2025 to advance underground development and procurement of mill long lead time items. The remainder of the total initial capital estimate of $165 million will be spent in 2026 and 2027 with first production anticipated mid-2027.

As outlined in the 2024 development plan, PDA is expected to produce an average of 127,000 ounces per year over the first four years and 104,000 ounces over the current mine life (based on Mineral Reserves as at December 31, 2023). Total cash costs are expected to average $921 per ounce and mine-site AISC $1,003 per ounce, consistent with the Company’s overall low cost structure.

Reflecting the low cost structure and low initial capital, PDA is expected to be a high-return project with significant exploration upside. PDA has an estimated after-tax IRR of 46% and after-tax NPV (5%) of $269 million using base case gold price assumption of $1,950 per ounce and a MXN/USD foreign exchange rate of 18:1. Using a $2,500 per ounce gold price, PDA’s after-tax IRR increases to 73%, and after-tax NPV (5%) increases to $492 million.

Development spending (excluding exploration) was $1.4 million in the second quarter of 2025, primarily focused on procurement activities and detailed engineering. Spending on PDA is expected to increase in second half of the year with underground development commencing.

Kirazlı (Çanakkale, Türkiye)

On October 14, 2019, the Company suspended all construction activities on its Kirazlı project following the Turkish government’s failure to grant a routine renewal of the Company’s mining licenses, despite the Company having met all legal and regulatory requirements for their renewal. In October 2020, the Turkish government refused the renewal of the Company’s Forestry Permit. The Company had been granted approval of all permits required to construct Kirazlı including the Environmental Impact Assessment approval, Forestry Permit, and GSM (Business Opening and Operation) permit, and certain key permits for the nearby Ağı Dağı and Çamyurt Gold Mines. These permits were granted by the Turkish government after the project earned the support of the local communities and passed an extensive multi-year environmental review and community consultation process.

On April 20, 2021, the Company announced that its Netherlands wholly-owned subsidiaries Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V. would be filing an investment treaty claim against the Republic of Türkiye for expropriation and unfair and inequitable treatment. The claim was filed under the Netherlands-Türkiye Bilateral Investment Treaty. Alamos Gold Holdings Coöperatief U.A. and Alamos Gold Holdings B.V. had their claim against the Republic of Türkiye registered on June 7, 2021 with the International Centre for Settlement of Investment Disputes (World Bank Group).

Bilateral investment treaties are agreements between countries to assist with the protection of investments. The Treaty establishes legal protections for investment between Türkiye and the Netherlands. The Subsidiaries directly own and control the Company’s Turkish assets. The Subsidiaries invoking their rights pursuant to the Treaty does not mean that they relinquish their rights to the Turkish project, or otherwise cease the Turkish operations. The Company will continue to work towards a constructive resolution with the Republic of Türkiye.

The Company incurred $1.4 million in the second quarter of 2025 related to ongoing care and maintenance and arbitration costs to progress the Treaty claim, which were expensed.

Second Quarter 2025 Exploration Activities

Island Gold District (Ontario, Canada)

A total of $27 million is budgeted for exploration at the Island Gold District in 2025, up from $20 million spent in 2024. The exploration program will build on the success from 2024, with high-grade gold mineralization extended across the Island Gold deposit, as well as within multiple structures of the hanging wall and footwall.

As announced on June 23, 2025, Mineral Reserves at Island Gold underground increased 138% to 4.1 million ounces with grades increasing 5% to 10.85 g/t Au (11.8 mt) driven by Mineral Resource conversion. This marked the 12th consecutive year of Mineral Reserve growth. An updated classification methodology was adopted based on definition drilling, extensive historical and current production data, reconciliation, and underground mapping, which demonstrates that Indicated Mineral Resource continuity can be reliably established with an average drill spacing of 40 metres, versus 25 metres previously. This contributed to the conversion of a portion of the large Inferred Mineral Resource to Measured & Indicated Mineral Resources, which was subsequently converted to Mineral Reserves.

Reflecting the conversion to Mineral Reserves, Inferred Mineral Resources decreased 64% to 1.3 million ounces with grades increasing 16% to 16.88 g/t Au (2.4 mt). Consistent with the increase in Mineral Reserve grades, a key driver of the increase in Mineral Resource grades has been significantly higher-grade additions in the lower portions of Island East and Island Main. With the deposit open laterally and at depth, and some of the best intercepts ever drilled at Island Gold located within the lower portion of Island East, there is excellent potential for further growth in Mineral Reserves and Resources. The discovery cost of the high-grade Mineral Resource additions averaged an attractive $13 per ounce in 2024, and $13 per ounce over the past five years.

A total of 41,500 m of underground drilling is planned in 2025 with a focus on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure. This includes drilling across the strike extent of the main Island Gold deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging-wall and footwall zones.

Additionally, 18,000 m of surface exploration drilling has been budgeted targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit, below a depth of 1,500 m. Included within sustaining capital, 30,800 m of underground delineation drilling is planned and focused on the ongoing conversion of the large Mineral Resource base to Mineral Reserves.

Magino’s exploration program has been incorporated into the broader Island Gold District budget which totals $27 million. The focus in 2025 will be expanding mineralization to the east of the pit, which was previously constrained by the border with Island Gold prior to the acquisition. Included within 2025 sustaining capital guidance is 18,000 m of surface delineation drilling planned at Magino. The focus of the delineation drilling is the conversion of the large Mineral Resource base to Mineral Reserves.

The regional exploration program at the Island Gold District includes 10,000 m of surface drilling, consistent with the 2024 program. The focus will be following up on high-grade mineralization intersected at the Cline-Pick and Edwards deposits located approximately seven km northeast of the Island Gold mine. Drilling will also be completed at the Island Gold North Shear target, and to the east and along strike from the Island Gold mine to test the extension of the E1E-zone.

During the second quarter, 12,635 m of underground exploration drilling was completed in 53 holes, and 1,893 m of surface drilling was completed in one hole at Island Gold. Additionally, 11,173 m of underground delineation drilling was completed in 40 holes, focused on in-fill drilling to convert Mineral Resources to Mineral Reserves. A surface delineation program also commenced during the quarter, targeting Mineral Resource-to-Reserve conversion in the lower portion of Island East. To support this effort, 4,713 m were drilled in two holes. Furthermore, a total of 93 meters of underground exploration drift development was completed during the second quarter.

At Magino, 12,008 m of surface drilling was completed in 23 holes during the second quarter, focused on in-fill drilling to convert Mineral Resources to Mineral Reserves.

The regional exploration drilling program continued during the second quarter, with 4,273 m completed in 15 holes targeting mineralization at the past-producing Cline-Pick and Edwards mines.

As detailed in the June 2025 exploration update, the program continues to have broad based success with drilling extending high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures, highlighting the significant near-mine upside potential. Additionally, the regional exploration program has been successful in intersecting high-grade gold mineralization at the past-producing Cline-Pick and Edwards mines highlighting longer-term opportunities for further growth.

Total exploration expenditures during the second quarter of 2025 were $6.8 million, of which $5.1 million was capitalized. In the first half of the year, the Company incurred exploration expenditures of $11.8 million, of which $9.0 million was capitalized.

Young-Davidson (Ontario, Canada)

A total of $11 million is budgeted for exploration at Young-Davidson in 2025, an increase from $9 million spent in 2024. This includes 25,600 m of underground exploration drilling focused on extending mineralization in the syenite, and continuing to evaluate and expand on the newly defined hanging wall zones.

To support the program, 500 m of underground exploration development is planned, including 400 m to establish a hanging wall exploration drift to the south, from the 9620 level. As of June 30, 2025,  300 m had been completed in the hanging wall drift and is expected to be completed in the third quarter. This will allow for drill platforms with more optimal locations and orientations to test the higher grade mineralization discovered in the hanging wall.

The regional program includes 6,000 m of drilling focused on evaluating the Otisse NE target, located approximately three km northeast of Young-Davidson. A comprehensive data compilation project will also commence in 2025 for the Wydee and Matachewan projects, which were acquired in the third quarter of 2024, and located to the west and east of Young-Davidson, respectively.

During the second quarter, two underground exploration drills completed 5,009 m in nine holes from the 9440 and 9500 levels. Drilling is targeting syenite-hosted mineralization as well as continuing to test mineralization in the hanging wall sediments and mafic-ultramafic stratigraphy.

Total exploration expenditures during the second quarter of 2025 were $3.8 million, of which $2.9 million was capitalized. In the first half of 2025, the Company incurred exploration expenditures of $6.8 million, of which $4.9 million was capitalized.

Mulatos District (Sonora, Mexico)

A total of $19 million is budgeted at Mulatos for exploration in 2025, down slightly from $21 million spent in 2024. The near-mine and regional drilling program is expected to total 45,000 m. This includes 15,000 m of surface exploration drilling at the GAP-Victor and PDA Extension targets at PDA, and 20,000 m planned at Cerro Pelon. The regional exploration program includes 10,000 m of drilling focused on advanced and greenfield targets within the Mulatos District.

Ongoing exploration success at PDA in 2024 drove a 9% increase in Mineral Reserves to 1.1 million ounces, with grades largely unchanged at 5.45 g/t Au. PDA is a higher-grade underground deposit located adjacent to the main Mulatos pit. The results of a positive internal economic study were announced in September 2024 and highlighted an attractive, low-cost, high-return project. With the amendment to the environmental permit received earlier this year, construction activities are expected to begin ramping up towards the middle of the year with first production anticipated mid-2027.

The planned addition of a mill to process higher-grade sulphides has created new opportunities for growth within the Mulatos District. This includes Cerro Pelon, where drilling in 2024 followed up on wide high-grade underground oxide and sulphide intersections previously drilled below the pit. The 2024 program was successful in defining an initial Measured and Indicated Mineral Resource at Cerro Pelon totaling 104,000 ounces, grading 4.49 g/t Au. Cerro Pelon remains open in multiple directions and will be a focus of the 2025 exploration program as a significant opportunity for further growth. As the deposit is located within trucking distance of the planned PDA mill, this represents upside to the PDA project.

During the second quarter, exploration activities continued at PDA and the near-mine area with 7,791 m of drilling completed in 27 holes. The focus was on infill drilling the GAP-Victor portion as well as the eastern extent of the PDA zone.

Drilling continued at Cerro Pelon with the focus on evaluating the high-grade sulphide potential to the north of the historical open pit. A total of 6,744 m in 24 holes were completed in the second quarter. Additionally, 6,273 m was drilled in 23 holes, testing greenfield targets across the property.

Total exploration expenditures during the second quarter of 2025 were $6.0 million, of which $1.8 million was capitalized. In the first half of the year, exploration expenditures totaled $9.0 million, of which $2.5 million was capitalized.

Lynn Lake (Manitoba, Canada)

A total of $4 million is budgeted for exploration at the Lynn Lake project in 2025, down from $7 million spent in 2024, with the focus shifting to the ramp up of construction activities. The exploration program includes 7,000 m of drilling focused on expanding Mineral Resources at the Burnt Timber and Linkwood deposits. The Company will also continue prioritizing a pipeline of prospective exploration targets within the 58,000-ha Lynn Lake Property.

As reported on February 18, 2025, total Mineral Reserves for the Lynn Lake District increased 42% to 3.3 million ounces, with grades decreasing 15% to 1.29 g/t Au. This was driven by the successful conversion of Mineral Resources to Reserves at Burnt Timber and Linkwood in 2024 resulting in an initial Mineral Reserve of 0.9 million ounces grading 0.95 g/t Au.

Burnt Timber and Linkwood are satellite deposits to the Lynn Lake project and are expected to provide additional mill feed. An internal economic study on Burnt Timber and Linkwood was released on February 13, 2025, outlining an attractive, low capital, high-return project. Burnt Timber and Linkwood are expected to extend the mine life of the Lynn Lake project, increase longer term rates of production, and enhance the overall economics. The combined mine life of the Lynn Lake project is expected to increase to 27 years, up from the 17 years outlined in the 2023 Study.

The 2025 surface exploration program was completed in the first quarter. The focus was on Mineral Resource expansion drilling at both Burnt Timber and Linkwood, with 7,268 m completed in 41 holes.

Exploration spending totaled $0.7 million in the second quarter and $2.6 million for the first half of the year, all of which was capitalized.

Qiqavik (Quebec, Canada)

A total of $7 million has been budgeted for exploration at the Qiqavik project in 2025, up from $4 million spent in 2024. The project was acquired in April 2024 through the acquisition of Orford Mining Corporation.

Qiqavik is a camp-scale property covering 60,400 ha in the Cape Smith Greenstone Belt in Nunavik, Quebec. The Qiqavik project covers 50 km of strike covering prospective gold hosting environments and several major crustal-scale structures such as the Qiqavik break and the Bergeron fault. Early-stage exploration completed to date indicates that high-grade gold occurrences are controlled by structural splays off the Qiqavik break.

The 2025 exploration program will focus on drilling prospective targets identified in 2024 through detailed geological mapping, prospecting, till sampling, and a high-resolution Lidar survey with photo imagery. A total of 7,000 m of helicopter supported surface drilling is planned with two rigs and focused on testing the highest priority target areas. The program will also focus on advancing other targets across the belt with ongoing geological mapping, drone magnetics, prospecting, and additional till sampling.

Exploration activities in the second quarter were focused on continued data interpretation to support targeting ahead of the summer drill program.  At the end of the second quarter, the camp had been set up and drills were mobilized to site for the start of the summer drill program.

Exploration spending totaled $1.4 million in the second quarter and $1.7 million for first half of the year all of which was expensed.

Review of Second Quarter Financial Results

During the second quarter of 2025, the Company sold 135,027 ounces of gold for record operating revenues of $438.2 million, representing a 32% increase from the prior year period. The increase was due to higher realized gold prices and the inclusion of ounces at Magino given its acquisition in July 2024, partially offset by lower sales volumes at La Yaqui Grande due to timing of ounces recovered on the leach pad, and at Young-Davidson where higher-than-normal water levels impacted the mining rates.

The average realized gold price in the second quarter was $3,223 per ounce, 38% higher than the prior year period. This was $57 per ounce less the London PM Fix price for the quarter, reflecting the delivery of the 12,346 ounces into the gold prepayment facility entered into in July 2024 based on the prepaid price of $2,524 per ounce.

Cost of sales (which includes mining and processing costs, royalties, and amortization expense) were $200.7 million in the second quarter, 16% higher than the prior year period, primarily due to the inclusion of higher cost ounces from Magino. Excluding costs incurred at Magino, cost of sales were $149.9 million which was 13% lower than the prior year period, driven by the lower sales volumes at the Mulatos District and Young-Davidson. Key drivers of changes to cost of sales as compared to the prior year period were as follows:

Mining and processing costs were $140.4 million, 20% higher than the prior year period, primarily due to the inclusion of Magino. Excluding costs incurred at Magino, mining and processing costs were $105.1 million, 10% lower than the prior year period. The decrease was primarily driven by lower ounces sold at Mulatos and Young-Davidson.

Total cash costs of $1,075 per ounce and AISC of $1,475 per ounce were above the prior year period driven by the higher costs per ounce at Young-Davidson, due to lower grades and mining rates, the inclusion of higher cost ounces at Magino, and higher share-based compensation and royalty expense.

Royalty expense was $7.6 million in the second quarter, higher than the prior year period of $3.0 million, due to the higher average realized gold price, and inclusion of royalties incurred at Magino.

Amortization of $52.7 million in the second quarter was consistent with the prior year period. On a per ounce basis, amortization of $390 per ounce was higher than the prior year period, reflecting the inclusion of Magino which has a higher amortization base.

The Company recognized earnings from operations of $216.2 million in the second quarter, 56% higher than the prior year period, driven by the higher gold price.

As at June 30, 2025, the Company held forward contracts that were acquired as part of the acquisition of Argonaut. These legacy contracts, totaling 100,000 ounces in 2026 and 50,000 ounces in 2027, have an average forward price of $1,821 per ounce, and mature monthly throughout 2026 and 2027. The Company recognized unrealized losses of $25.8 million on the forward contracts inherited from Argonaut driven by the movement in gold price in the second quarter. The Company recognized unrealized losses of $0.4 million on gold option contracts in the prior year period.

The Company reported net earnings of $159.4 million in the second quarter, compared to $70.1 million in the prior year period. Adjusted earnings⁽¹⁾ were $144.1 million, or $0.34 per share, which included an adjustment for unrealized losses on the legacy Argonaut commodity hedge derivatives, net of tax of $17.1 million. In addition, adjusted earnings reflect net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange losses totaling $34.3 million and other adjustments of $1.9 million.

⁽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.

Associated Documents

This press release should be read in conjunction with the Company’s consolidated financial statements for the three-month period ended June 30, 2025 and associated Management’s Discussion and Analysis, which are available from the Company’s website, www.alamosgold.com, in the “Investors” section under “Reports and Financials”, and on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov).

Qualified Persons

Chris Bostwick, FAusIMM, Alamos’ Senior Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 (“Qualified Person”), 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 Island Gold District and Young-Davidson mine 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.