Alamos Gold (AGI) Q1 2026 Earnings Transcript

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DATE

Thursday, Apr. 30, 2026 astatine 11 a.m. ET

CALL PARTICIPANTS

• President & Chief Executive Officer — John McCluskey

• Chief Financial Officer — Greg Fisher

• Chief Operating Officer — Luc Guimond

• Senior Vice President, Exploration — Scott Parsons

Full Conference Call Transcript

John McCluskey: Thank you, Scott. I americium going to commencement with Slide 3. First 4th accumulation was 124,000 ounces, successful enactment with quarterly guidance, with a beardown show from the Island Gold District offsetting lower-than-planned accumulation astatine Young-Davidson. The Island Gold District had a coagulated wide quarter, with the shaft astatine planned depth, the larger mill enlargement advancing, underground mining rates expanding to a caller grounds of implicit 1,400 tonnes per day, and a important betterment successful Magino’s milling rates implicit the past six weeks. The continued ramp-up of underground mining rates astatine Island Gold arsenic good arsenic improvements successful mining rates and grades astatine Young-Davidson are expected to summation our 2nd 4th accumulation by astir 20%.

With the Island Gold District expected to thrust further accumulation maturation successful the 2nd fractional of the year, we stay good connected way to gathering our full-year accumulation guidance. With our year-end disclosure successful February, we guided to costs for the archetypal 4th being supra the archetypal fractional guidance range. All-in sustaining costs were $1,862 per ounce and are expected to alteration by astir 5% during the 2nd quarter. A much important betterment is expected into the 2nd fractional of the year, reflecting an summation successful low-cost accumulation from the Island Gold District. Financially, we had different beardown 4th with grounds revenues and margins.

Relative to a twelvemonth ago, our all-in sustaining outgo margins astir tripled to astir $3,000 per ounce. This contributed to grounds currency travel from operations and different coagulated 4th of escaped currency travel of $102 cardinal portion reinvesting successful high-return growth. Now turning to Slide 4, we had a catalyst-rich archetypal 4th that included releasing highlights of a palmy 2025 exploration programme crossed our portfolio. This supported a 32% summation successful year-end mineral reserves to 16 cardinal ounces and included a adjacent doubling of reserves astatine the Island Gold District to implicit 8 cardinal ounces. This maturation was incorporated into the Island Gold District enlargement study, which was besides released successful the archetypal quarter.

The survey outlined a large, long-life, low-cost cognition that is expected to beryllium 1 of Canada’s astir profitable mines. At a $4,500 per ounce golden price, the Island Gold District is expected to make implicit $1 cardinal successful yearly escaped currency travel and has a $12 cardinal after-tax NPV, making it 1 of the astir invaluable golden mines successful Canada. Based connected the ongoing exploration occurrence we are seeing crossed the district, we judge determination is further upside to come. Toward the extremity of the archetypal quarter, the shaft descend astatine Island Gold reached planned extent of 1,381 meters.