AGI

AGI stock has seen a sharp year to date decline, yet the current valuation checks still point to a company that screens cheap on several measures rather than one that has clearly run ahead of its fundamentals. The share price is down 37.4% year to date. This puts recent trading firmly in reset territory and makes the current valuation more important than recent momentum. The key support for AGI's valuation can come from how reliably it converts its business model into cash flow over time. A major risk is that weaker profitability or a stretched balance sheet limits what shareholders ultimately receive. The broader checks lean cheap, with AGI scoring highly on value metrics in 5 of 6 areas. This suggests the stock looks undervalued on a multi lens view even after the recent setback. The issue now is whether AGI's current share price already reflects the operational risks ahead or still offers room for patient investors who prioritise valuation discipline. Compare AGI's reset in price with other stocks that screen as cheap on fundamentals by scanning the hand picked 54 high quality undervalued stocks shortlist. P/E is usually a useful way to look at a bank like AGI because earnings tend to be a key driver of long term shareholder returns. AGI currently trades on a P/E of 6.8x, which is well below the Banks industry average of 11.8x and also below the peer group average of 14.8x. On simple comparison, the market is paying much less for each dollar of AGI earnings than for many other bank stocks. The fair P/E ratio that blends AGI specific factors, including analyst expectations for returns on equity and risk, is 19.1x. Compared with the current 6.8x multiple, this highlights a wide gap between what the model suggests could be reasonable and what the market is currently willing to pay. For investors who focus on earnings based valuation, AGI screens as a stock where expectations appear restrained despite the level of reported profitability implied by this multiple. On the P/E multiple alone, AGI stock appears undervalued relative to both tailored and industry benchmarks. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for AGI pick up where this valuation puzzle leaves off. They spell out what kind of future for AGI's revenue, margins and earnings would need to unfold for the stock to be worth materially more or less than today's price. They also turn each single P/E or model output into a set of assumptions you can watch over time on the Community page. One of the top community narratives on AGI: 46% undervalued Read one of the top narratives on AGI Do you think there's more to the story for AGI? Head over to our Community to see what others are saying! AGI screens as undervalued on earnings based multiples, with the market paying materially less for its profits than for many peers. The key debate from here is whether that discount simply reflects concern about profitability, balance sheet strength and execution risk or whether it is wider than those fundamentals justify. For readers who prioritise valuation discipline, the crux is whether AGI can keep turning its business model into reliable cash flow without eroding returns. That is what will decide if the current discount stays in place, closes over time or proves to be a value trap. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AGBK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Toronto, Ontario--(Newsfile Corp. - August 19, 2026) - New Break Resources Ltd. (CSE: NBRK) (OTCQB: NBRKF) (FSE: O91) ("New Break" or the "Company") has completed an additional 1,996 metres of drilling in 10 drillholes at its 100% owned Moray gold project ("Moray") and is pleased to report assay results from the first six of these holes. Assays for the remaining four holes covering 1,198 metres are pending. In total, New Break has completed 5,372 metres of drilling in 32 drillholes in 2026. Moray is located 49 km south of Timmins, Ontario and 32 km northwest of the Young-Davidson gold mine operated by Alamos Gold Inc. Highlights Hole NBR-26-27 returned 5.28 g/t grams per tonne gold ("g/t Au") over 11.2 metres from 160.3 to 171.5 metres. Hole NBR-26-28 returned 3.95 g/t Au over 14.0 metres from 150.0 to 164.0 metres, including 0.927 g/t Au over 2.5 metres in the syenite from 150.0 to 152.5 metres. Hole NBR-26-28 also returned 0.53 g/t Au over 1.5 metres from 133.5 to 135.0 metres in the syenite. Select results from the first six of ten drillholes from the Q3 2026 summer drilling program are presented in the following table: Table 1 – Moray Q3 2026 Summer Drilling Program Select Drill Intercepts (1) Intervals are drill intersections and do not necessarily represent true widths.(2) All intervals are presented using a cut-off grade of 0.3 g/t Au and internal dilution of no more than 2.0 metres at grades less than 0.3 g/t Au and assays are not capped (see QA/QC Procedures). Drillhole collar locations from the first six of ten drillholes from the Q3 2026 summer drilling program are detailed in Table 2. There are no material drilling, sampling, recovery, or other factors known to the Company that could materially affect the accuracy or reliability of the assay data. Table 2 – Moray Summer 2026 Drillhole Collar Locations The Moray property is located in the heart of the Ontario Abitibi greenstone belt, 49 km southeast of Timmins surrounded by a number of significant gold producing companies and existing mills (see Figure 1). The Young-Davidson gold mine operated by Alamos Gold Inc., with its 8,000 tonne per day mill is the closest and within a short trucking distance of approximately 45 km by road from Moray. Figure 1 – Moray Property and Surrounding Gold Producers. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8019/310398_5ebd677e145a4b67_001full.jpg Enviro North Exploration Inc. out of Sturgeon Falls, Ontario recommenced drilling on June 30, 2026. An additional 1,996 metres in 10 drillholes were completed in the Zavitz gold zone (shown in red in figure 2). Previous drilling in the Zavitz gold zone includes 1,817 metres in eight drillholes, drilled in 2025 and 2,807 metres in 20 drillholes drilled earlier in 2026 (shown in blue in Figure 2). In total, 6,620 metres in 38 drillholes have been completed in the Zavitz gold zone, while New Break has completed a total of 5,372 metres in 32 drillholes of our planned 2026, 10,000 metre drilling program. Figure 2 – Zavitz Gold Zone – Surface Traces of 2025 and 2026 Drillholes. To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8019/310398_5ebd677e145a4b67_002full.jpg The first four holes in the summer drilling program (NBR-26-23, 24, 25 and 26) were drilled as short infill holes to test the upper portion of the Zavitz gold zone and totaled 352 metres. As expected, the gold intersections are generally narrower than those encountered deeper in the system. However, gold mineralization was encountered only 7.0 metres from surface in drillhole NBR-26-23, yielding 0.80 g/t Au over 8.0 metres, with some smaller intervals of higher-grade gold mineralization encountered between 50.0 to 70.0 metres from surface, including 3.78 g/t Au over 2.7 metres in NBR-26-24 and 14.20 g/t Au of 0.5 metres in NBR-26-25. The next six drillholes (NBR-26-27, 28, 29, 30, 31 and 32) totaling 1,644 metres, were designed to test the Zavitz zone northeast of two of the winter drilling collar locations, down to vertical depths of approximately 275 metres. Drillholes NBR-26-27, 28 and 29 were collared northeast of the collar for drillholes NBR-26-06, 07 and 08, while drillholes NBR-26-30, 31 and 32 were collared to the northeast of the collar for drillholes NBR-26-03, 04 and 05. Results from the new holes drilled on the Section B to B1 (NBR-26-06, 07, 08 section) have yielded the best grade-width composites to date, with NBR-26-27 returning 5.28 g/t Au over 11.2 metres from 160.3 to 171.5 metres and NBR-26-28 returning 3.95 g/t Au over 14.0 metres from 150.0 to 164.0 metres. New Break is still awaiting assays from NBR-26-29, the deepest of the three holes. These results validate the previous hypothesis that grade-widths improve as the section gets deeper. Figure 3 depicts the assay results and lithologies on Section B to B1, which incorporates drillholes NBR-26-06, 07, 08, 25, 26, 27, 28 and 29, with assays pending for NBR-26-29. Gold mineralization in the drilling to date has appeared to be strongest in the hematite altered mafic volcanics, however, drillhole NBR-26-28 begins to exhibit the potential for the Zavitz gold zone to migrate into the syenite as the system is tested further to the southeast. Figure 3 – Zavitz Gold Zone – Section B to B1 (Drillholes NBR-26-06, 07, 08, 25-29). To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8019/310398_5ebd677e145a4b67_003full.jpg Figure 4 depicts the assay results and lithologies on Section A to A1, which incorporates drillholes NBR-26-03, 04, 05, 23, 24, 30, 31 and 32, with assays pending for NBR-26-30, 31 and 32. Figure 4 – Zavitz Gold Zone – Section A to A1 (Drillholes NBR-26-03, 04, 05, 23, 24, 30, 31, 32). To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8019/310398_5ebd677e145a4b67_004full.jpg Plan for Remainder of 2026 Moray Drilling Drilling is expected to resume in early September 2026, following a planned shutdown to allow a break for the drill crews, during which time the Company expects to receive assay results from the remaining four completed drillholes NBR-26-29, 30, 31 and 32. For the balance of 2026, further planned drilling in the Zavitz gold zone is expected to move to the southeast, focusing on the down dip extensions of sections NBR-26-09, 10, 11 and NBR-26-12, with collars located northeast of these drillholes. These drillholes will provide a better understanding of gold mineralization at and along the syenite contact to the southeast. The Company will also test other high-priority target areas identified from the 55.7 line-km gradient IP survey completed from October to December 2024, that are logistically more difficult and more expensive to test in the winter. Michael Farrant, President of New Break commented, "With successful drilling ongoing in the Zavitz gold zone, we are excited to test other prospective target areas that have never been drilled. Success at any of these target areas would immediately expand the overall potential of the Moray property." Technical Content and Qualified Person The scientific and technical information contained in this news release has been reviewed and approved by Peter C. Hubacheck, P. Geo, consulting geologist to New Break, and an independent Qualified Person as defined by National Instrument 43-101. Mr. Hubacheck certifies that this news release fairly and accurately reflects the technical information and data presented. New Break conducts its exploration activities in accordance with CIM Best Practices Guidelines. QA/QC Procedures QA/QC procedures were executed to ensure all work is conducted in accordance with best practices. All drill core was sawn in half with one half of the core prepared for shipment and the other half retained for future verification. All core is under watch from the drill site to the core processing facility. Drill core is BQTK size and sample intervals range from 0.5 metres to 1.0 metres in length. Commercially prepared certified reference material ("CRM") standards and blanks were inserted with each shipment at a rate of 1 QAQC sample in every 12 core samples. Samples from New Break's 2026 Moray drilling program were analyzed at Activation Laboratories in Timmins, Ontario, which is ISO 17025 certified, by 30-gram fire assay with atomic absorption finish. Any sample assaying greater than 10 g/t Au was re-assayed with fire assay gravimetric analysis. Grade composite intervals over core lengths are calculated using a weighted average grade with a cut-off grade of 0.3 g/t Au. Up to 2.0 m of internal dilution (consecutive interval below cut-off grade) are included within specific geologic domains and alteration assemblages. The composites are constrained geologically by metasomatic alteration processes sourcing from the Fiset syenite intrusion and contact mafic volcanic rocks. Elevated gold values are coincident with hematite, silica, sericite and pyrite mineralization within structurally prepared brecciated corridors flanking the intrusion. Intervals are not true widths and no top cutting has been applied to the higher gold values. About New Break Resources Ltd. New Break is a Canadian mineral exploration company focused on its Moray gold project located 49 km south of Timmins, Ontario, in a well-established mining camp within proximity to existing infrastructure, and 32 km northwest of the Young-Davidson gold mine, operated by Alamos Gold Inc. Shareholders are also leveraged to exploration success in Nunavut, Canada, through New Break's 20% carried interest in the Sundog gold project and ownership of 6.0 million shares of Guardian Exploration Inc. (TSXV: GX). The Company is supported by a highly experienced team of mining professionals. Information on New Break is available under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.newbreakresources.ca. New Break trades in Canada on the Canadian Securities Exchange (www.thecse.com) under the symbol (CSE: NBRK), in the United States on the OTCQB Venture Market (www.otcmarkets.com) under the symbol (OTCQB: NBRKF) and on the Frankfurt Stock Exchange (www.live.deutsche-boerse.com) under the symbol (FSE: O91). For further information on New Break, please visit www.newbreakresources.ca or contact: And follow us on Twitter, LinkedIn and Facebook No stock exchange, regulation securities provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to receipt of regulatory and stock exchange approvals, grants of equity-based compensation, renouncement of flow-through exploration expenses, property agreements, timing and content of upcoming work programs, geological interpretations, receipt of property titles, an inability to predict and counteract the effects global events on the business of the Company, including but not limited to the effects on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains etc. Forward-looking information addresses future events and conditions and therefore involves inherent risks and uncertainties, including factors beyond the Company's control. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise any forward-looking information, except as may be required by law. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's financial statements and management's discussion and analysis (the "Filings"), such Filings available upon request. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310398

Image source: The Motley Fool. Thursday, July 30, 2026 at 10 a.m. ET President and Chief Executive Officer - John A. McCluskey Chief Financial Officer - Gregory Fisher Chief Operating Officer - Luc Guimond Vice President, Investor Relations - Scott Parsons Scott Parsons: Cash flow. Cash flow. Cash flow. That would allow us to increase the proportion of high grade ore to be processed with an expanded Magino mill and push production rates well above the 534 thousand ounce annual average outlined in the study. These target areas include Island Gold West Extension, Island Gold West Uplunge located in proximity to existing underground infrastructure, as well as the past producing Cline Pick and Edwards Mines located 7 kilometers from the Magino mill. Turning to Slide 19. 1 of the highlights of the release was the discovery of a new high grade zone located between 250 and 500 meters west of existing underground reserves and resources. This new zone is along strike to the Island Gold deposit, measures 200 by 300 meters, based on drilling completed to date, remains open down plunge and to the west. We also further expanded high grade mineralization closer to surface within Island Gold West uplunge area. The west uplunge area is accessible via the existing ramp offering a low cost, near term opportunity to further increase underground mining rates beyond the planned 3 thousand tonnes per day to be skipped via the shaft. Additional high grade underground ore would boost the district's future annual production by displacing lower grade Magino open pit feed in an expanded mill. Turning to Slide 20. Looking regionally, drilling in the past producing Cline Pick and Edwards Mines continues to extend high grade mineralization beyond the limits of previous mining. Earlier this year, we reported the best hole drilled to date at Cline Pick. Having intersected a 178 grams per tonne gold over 3.5 meters. Step out drilling from this hole continues to successfully intersect and extend additional higher grade mineralization. This included another highlight hole announced in June which intersected 68 grams per ton over 3.1 meters. Over to slide 21. Taking a step back, this 10-kilometer long section highlights the significant potential across the district The Island Gold main structure has grown in each and every year that we have owned it. Less than 2 million ounces of reserves and resources in 2017, to what is now approaching 7 million ounces. Net of the 1.7 million ounces produced. High grade mineralization at Island Gold has so far been defined to a depth of 1.6 kilometers and the deposit remains open laterally and at depth. Over to the east, deepest hole drilled to-date at Cline Pick to a vertical depth of 540 meters and the target remains open in multiple directions including at depth. By comparison, underground mines within the Canadian Shield are being mined beyond depths of 3 kilometers highlighting the significant potential for growth. Additionally, limited drilling has been completed within a 7 kilometer gap between Island Gold and Cline Pick, and further along strike to the Northeast across our broader 60 thousand-hectare land package. We have no shortage of high quality, higher grade targets, and believe we are only starting to scratch the surface of exploration across the district. As we further define these targets and additional sources of high grade ore, we see excellent potential for this to support further production growth by leveraging our existing and planned infrastructure. With that, I will turn the call back to John. John A. McCluskey: Thank you, Scott. I will turn the call over to the operator and open the call for your questions. Operator: To ask a question, simply press 1 on your telephone keypad. Again, that is 1 to ask a question. And our first question comes from Sathish Kasinathan with Bank of America. Please go ahead. Sathish Kasinathan: Yeah. Hi. Good morning. Thanks for taking my questions. My first question is on the cost guidance for the year. Thanks for all the details that you provided. Can you provide a bit more color on the $90 per ounce increase in cost related to labor inflation? Most specifically, what assumptions were embedded in your original guidance at the start of the year? And what changed over the last 6 months and how much of this increase should we see as structural as you move into 2027? Greg Fisher: Hi, Satish. it is Greg here. The $90 per ounce is a combination of contractors and labor, like our internal labor. So it is not all of our internal labor. But our assumption at the beginning of the year was about a 4% increase in labor rates and contractor rates. We have seen more profound increases on the contractor side, especially with respect to underground development. And as we have, as we are ramping up Island Gold, we are relying a little bit more heavily on contractors, and we have seen that cost pressure there. So it is a little bit on that side. it is also on the open pit side with our mechanics and on the contractors that help with the big open pit equipment. That we have seen a little bit of pressure as well, and also it is just a higher reliance on it this year. But as we move to put the truck shop in place by the end of this year, we will we will wind that reliance down. But then the last piece is just we implemented a what we call, retention program for our Canadian operations midyear, and that had a cost impact of about $30 per ounce at our Canadian operations. And it is something that is much more retention focused, so it will be payable in future years, but we need to accrue that cost over the next couple years. And that is just something that we had not budgeted, but we implemented midyear just in response to the competitive market environment that we are seeing in Canada. Sathish Kasinathan: Okay. Thank you for the color. Maybe my second question is on the underground mining rates at Island Gold. Second quarter saw a solid improvement to 1.55 thousand tons per day. As you think about reaching 2,000 tons per day by year end, can you walk us through the key operational milestone required over the next 6 months? What are the prime gating factors today? Luc Guimond: Yes, Satish. it is Luc here. So it is a continuation of our ramp up Certainly, it is been tracking quite well in the first half of the year. As we continue to advance with our development rates in the second half of the year to support additional mining fronts. We will continue to be able to meet the second half expectation with regards to the ramp up. So it will be a gradual ramp up over the next 6 months, but our plan is to exit at the end of the year at 2,000 tons per day. Sathish Kasinathan: Okay. My final question is on the capital allocation side. With $1.2 billion in liquidity, strong free cash flow, and a portfolio of organic projects stood already underway, how are you thinking about M&A today? Has the recent disruption at Young Davidson changed your appetite for acquisitions as a way to diversify your portfolio? John A. McCluskey: We are not really that focused on M&A right now. We have a watching brief across the market, as you can appreciate all mining companies do. But I think we outlined for you in the presentation on the call so far that we have got we have got plenty of things to focus on over the next 6 months in terms of getting our young Davidson operation back on track. Completing the all the development work we need to achieve over the course of the balance of this year and into next year to get to higher mining rates at Island Gold. We have moved underground now at Mulatos. We have got 2 drifts going underground. We have got a mill under construction there, and we have got a full blown construction project at Lynn Lake that is basically a $920 million project building a brand new mine. So we have got we have got plenty of organic growth underway as we speak and there are plenty of things to focus on. And I think for Alamos at the moment, well, we see the market as being fairly attractive, especially with gold prices having pulled back so strongly over the last number of months. it is just not a focus for us right now. Operator: Your next question comes from the line of Fahad Tariq with Jefferies. Please go ahead. Fahad Tariq: Hi. Thanks for taking my questions. Sorry if I missed this, but on La Yaqui Grande, the longer leach cycles, is that expected to like, can you just provide a bit more detail as to what is causing it? I saw that it was related to the height of the pad. Is there any way to kind of resolve that, and does it impact, I guess, 2027? Luc Guimond: Yeah. it is Luc here. it is 2 things. it is just the ore characteristic itself that is being stacked. As well as the height of the leach pad, which is resulting in the longer leach cycle. But overall recoveries are still expected to be 85% it is just taking a bit longer to come through over the course of the plan that we expected for 2026. So no loss of ounces. The ounces will just end up being deferred into the 2027 plan, and we will provide further clarity on that as well once we certainly update our 3-year guidance at the end of the year. With regards to our mine plans moving forward for Mexico. Including TDA. John A. McCluskey: And I think it is important to note that the mine is right at the very end of its life. I mean, we will continue stacking ore into Q1 of next year, but by that time, it is pretty much done. And after that, it is residual leaching. So, it is not like, this is some sort of an ongoing issue for us over many years to come or something. We are talking about a number of months, additional months to get out the balance of the gold that we stacked on the leach pad. Luc Guimond: Yeah. The other thing I would add there is, you know, just given our experience with the Mulatos operation. As well, we stopped mining our couple of years ago, and we have been still residual leaching. But from a point of view of the number of ounces that we stack at the Mulatos district over the life of that mine, It would take that amount of time to be able to get all the ounces out. We have been actually getting all the ounces, and we expect to recover all the ounces that we had in inventory. So we do not see anything different with regards to Yaqui Grande. Obviously, it is not similar scale to what we did at Mulatos from a point of view of the height of the leach pad and the amount of tons that we stacked. But at the end of the day, we still expect to get all of the ounces in a shorter time frame over the course of 2027. Fahad Tariq: Okay. that is helpful. And then maybe just switching gears to Island Gold. Know, obviously, a prolific kind of exploration upside there. Really high grade. Lots of other additional deposits that are being explored Can you just remind us theoretically, if we think about the underground rates, I recall that not constrained, but that 3 thousand tons per day could be kind of the upper limit or to the upper limit? Can you just remind us how that could theoretically change if there is additional high grade ounces that are discovered underground and that can be mined? Sorry. Could you just repeat that question? I am just trying to get a sense of what Island Gold Underground, what could be the theoretical kind of upside to the 3 thousand tons per day? Because there seems to be a lot of underground ounces that are high grade that are discovered, additional deposits, more upside. I am just trying to understand, like, how much higher than 3 thousand tons per day could be mined underground at Island Gold? Luc Guimond: Yeah. Well, there is certainly opportunities with regards to the infrastructure that we have in place. And ultimately, with the shaft infrastructure we are putting in place, we will have capacity to be able to handle 5.5 thousand tonnes a day of ore and waste. through that infrastructure. Certainly, our we are embarked on the first step is getting us to 2.4 thousand tons a day when we move into 2027 and ultimately 3 thousand tons a day. Once we move into 2029. Regionally, there is our there are a number of targets within that district that provide opportunities for additional mill feed at higher grade. Displacing some of the lower grade that we get out of out of Magino. Certainly, in the Upper West area where we are starting to have some success there with regards to expiration. As well as within the region itself with Cline, Pick and Edwards. Those are other, you know, independent access points for infrastructure requirements would provide additional mill feed to be able to support higher grade over the long term for that district. And, really, that is 1 of the big visions that we have for that camp. And, you know, which was really the driver for overall looking at that overall mill expansion as well to 20 thousand tonnes per day. John A. McCluskey: In the time frame, Luke's referring to, you know, 3 thousand tons a day is that is a pretty good rate for that shaft to handle, and you have got to realize it is as much a function of having enough faces open across the mine in order to supply that 1 thousand tons a day. Where the where the opportunity lies is utilizing the ramp. Where we are having success in the 700-meter level. And we would envision, you know, with the operation shifting from ramp to shaft, we would open up the possibility to bring us as much as 1 thousand tons a day up from the upper west zone utilizing the ramp. So that is where I think the immediate opportunity lies for us to increase mining rates from underground to island. Fahad Tariq: that is really clear. Thank you so much. Operator: Your next question comes from Ovais Habib with Scotiabank. Please go ahead. Ovais Habib: Hi. Good morning, John and team. Just a couple of questions from me. Just starting off with Island Gold, in terms of mining rates seem to be improving at Island Gold. Milling rates and mining rates seem to be improving at Magino as well. I was just wondering in terms of you brought the upper end of the guidance down a little bit on the Island Road district. Any color on that front? And what is the plan kind of going into 2027? Is that what we should be expecting going into 2027? Or this is just the ramp up period that we should be kind of considering? Greg Fisher: Ovi, it is Greg here. I mean, we have kept the original guidance. I mean, all ultimately, low end previously was 290 thousand ounces, that stays the same. So we have strong confidence that we are going to hit our guidance as a starting point. As you pointed out, the mining rates are ramping up exactly as we expected. Q1 was over 1.4 thousand tons per day. Q2 was 1.55 thousand. Starting to see that improve even into July as we expected. So mining rates are going very well on the Magino side. Q1 was a slower start, but since then, we have seen a significant improvement with June being at 9.8 thousand tons per day, and into July, we are at 10 thousand tons per day. So the mine is performing very well as expected. I think where we just viewed it as we were in a position we were revising our guidance overall given the seismic events at Island. I am sorry, the seismic events at Young Davidson. We just took the opportunity to tighten the range. Ultimately, it was a 40 thousand-ounce range. Given the first half has already been completed, we just felt that 40 thousand ounces was a big range for the second half. So we just tightened that down to 20 thousand ounces, but it is not indicative of our view on this asset meeting its production guidance for 2026 and no impact on 2027 onwards. Ovais Habib: Got it. Thanks for that, Greg. And then just follow-up to Fahad's question in terms of increasing mining rates and taking more from island to displace some of the ore from Magino. I mean, John, you talked about the West Side and that is been showcased fairly well in terms of what Scott is doing on the exploration side. You know, when would you be in some sort of, you know, position to start talking about or start including that into your mine plan and just how should we look at is it more of a 2027 situation? Or do you think it is more longer term? John A. McCluskey: Just a second. I will go get my crystal ball. that is we are in the exploration phase there right now. it is going very, very well. You know, we started the year with roughly 300 thousand ounces of inferred. I would like to see it grow into that half-a-million-ounce range. Because that is when it makes sense to start putting a mine plan around the zone and really focus on the, the effort that it is going to take to develop it as, as a, call it, a theoretical 1 thousand-ton-per-day ramp operation. And obviously, it is a real focus for us. it is such an immediate it is very low CapEx and very, very quick payback. Utilizes an existing infrastructure, all falls within our permits. I mean, there is very little that we would have to do and very little capital required in order to get that all rolling. So you can imagine it is a real high priority for us, but precisely when we I would love to see it come in by 2029. That would be a big win if we get any earlier than that. It would be it would be a massive win. But, you know, we are throwing everything at it right now, and that started with a big portion of our exploration budget. Thankfully, the numbers are coming in very, very nicely. And, you know, I think we are going to start putting some shapes around those resources at the end of the year and see if we can expand on the reserve. And then from there, we would be working on mine plans and so forth. Ovais Habib: Okay. Got it. Thanks. Thanks for the color on that. And that is it for me. Thanks for taking my questions. Operator: Your next question comes from the line of Cosmos Chiu with CIBC. Please go ahead. Cosmos Chiu: Hi. Thanks, John and team. Maybe my first question is on CapEx. Especially growth CapEx. I see that in Q2 for Island Gold District, for example, growth CapEx decreased from Q1 And Lynn Lake, on the other hand, increased But if I were to look at those 2 assets, if I took a look at the first half spent, still below 50% of your full year guidance. So I guess my question is, you know, the Q2 spending was it as planned? And if that is the case, you know, what is the plans in terms of increasing that velocity of spend in the second half to get to your guidance? Greg Fisher: Hi, Cosmos. it is Greg here. Hi, Greg. So the time it is timing related. And with Lynn Lake, it is it is obviously a ramp up. So as we continue on with the project, we are going to be spending a little bit more. So Q2 was a little bit lower, but as we get moving into Q3 and Q4, we are going to see that continue to step up, and that is going to continue to step up even further into 2027. As part of that ramp up. On Island Gold, it was just simply timing. Ultimately, we still plan to spend what we what we had put in our guidance for the year. And that is gonna put us on track for the shaft being completed in the first quarter, and it is setting ourselves up well for the Magino Mill expansion to be completed in the first quarter of 28. Cosmos Chiu: Right. Maybe, you know, talking about guidance here. As you mentioned, you increased your cost guidance for all 3 assets. And I understand, you know, Young Davidson, the reasons behind it, Mulatos, the reason behind it. Island Gold, you talked about inflation as well. But as you mentioned, Greg, production really did not change Production guidance did not really change for Island Gold. And so even though that cost guidance went up by about 17%. So, again, is that really pure in inflation in terms of Island Gold? That cost increase. And would you say, Q2 wise, Did you see a lot of the inflationary pressure come through in Q2? Versus Q1? Was there any kind of impact on Q1 Did they all come through in Q2? And if that is the case, what have you factored in terms of further inflationary pressures as you formulated your full year guidance for cost? Like, are you seeing another straight line in terms of, you factor in even more inflation into Q3 and Q4? To come up with your new guidance for Island Gold in terms of cost for the year? Greg Fisher: Hi, Cosmos. Yeah. So breaking down that, I mean, you are you are right. Production has not changed, so it is not a production driver. It is what I would call inflation and a little bit of scope change on contractors, and I touched on this earlier in the call. Yep. We are relying given the fact that we are going from, you know, 8 thousand meters of development to 10 thousand meters of development this year, to know, we are we are ultimately getting up to 15 thousand meters of development over the longer run at Island Gold. We are hiring, but at the same time, we need to bring contractors in to support that extra development. Those contractors are costing more money than what we had anticipated. We have seen that more profoundly in Q2 than in Q1. And we expect that to continue through the rest of the year. The other piece is in, as I mentioned, midyear, we put in a new structure, really a retention program for all of our Canadian operations. That was implemented in June. So that is having an impact on the second half of the year, and it will that will continue into 2027, as something that is impacting the cost structure at Island Gold, but it is also critically important to making sure that we hit our ramp up to achieve what we want to achieve this year and moving into higher even higher mining rates in 2027. Cosmos Chiu: Okay. And maybe 1 last question, you know, earlier this month, we are all kind of suffocating from those forest fires or the remnants of the forest fires in Northern Ontario, even in Toronto, any kind of impact on your Northern Ontario operations, the both of them? In terms of the forest fires up north. Luc Guimond: Hi, Cosmos. it is Luke here. No. Nothing significant. Young Davidson had no interruptions at all. To any sort of forest fires in the region. Actually, it is been pretty quiet. In that region. The Island District had more-- it was not necessarily fires, in close proximity to the to the mining operation. It was more related to smoke. We did have some-- a couple of minor interruptions with a couple of ships, but nothing significant. And really had no effect on our performance through the second quarter. At Lynn Lake, we were evacuated for 1 week. It was a fire evacuation that was provided notice to the community as well as our project. But we were only out of the project for a week and remobilized within about a week after that. So probably about a 2-week effect overall from the notice of evacuating to getting back to full scale construction activities. Other than that, nothing it is been uneventful for the year. Cosmos Chiu: Greg. Thanks, everyone. Those are all the questions I have. Thanks again. Operator: And your next question is from the line of Don DeMarco with National Bank. Please go ahead. Don DeMarco: Thank you, operator, and good morning, John and team. Thanks for all the color on this call this morning. Luke, I will my first question is for you. So you mentioned that in H 2 at Young Davidson, the rehabilitation work in the 9.41 thousand level to be completed. And you expect to get back into the stope and continue mining. With this, do you expect a just a step change right back up to 25 hundred tons per day Or will it be more of a progressive ramp up in running rates? Luc Guimond: Yeah, I mean, our focus is certainly to look at providing additional enhanced ground support in 9.41 thousand but also a couple of other levels within that western mining front area. And to your point, it was providing about 2.5 thousand tons per day of a mining rate through that district. Once we get the rehabilitation completed through the second half of the year, we will look and our expectation is to get above 7 thousand tonnes a day moving forward. But a part of this is also just reviewing the overall extraction sequence of the orebody at depth below 9.41 thousand. that is part of the work that is ongoing right now. We will be looking to provide further clarity to that by the end of the year as part of our 3-year guidance. But our full expectation is to ramp up certainly as we move forward into 2027 and for the longer term. And with the expectation of being above 7 thousand tons per day. Don DeMarco: Okay. Just continue with Young David's then, you mentioned that maybe some of the other levels might require some additional support. Like, is the higher level ground support, is it mine wide, or is it just the 9.41 thousand level? Or in the vicinity of that area? And how much of the increase in costs are just onetime versus those that might be structural? Like, do you foresee requiring an indefinite level of higher ground support in some areas? Luc Guimond: Yeah. it is it is primarily in the in the lower levels below 9.41 thousand Don, that we are talking about with regards to the enhanced ground support. So the areas that we have already developed, certainly, we will look to apply that enhanced ground support. Which as I mentioned on the call, you know, refers to a little longer embedded dynamic support, some cable bolting requirements, as well as the gauge of the mesh that we are using. As part of that enhanced ground support. So that will occur, as I said, over the rest of the year. The other advantage we have is just you know, to be aware of is there is a lot of the development's not actually in place in the lower mine. So, you know, those are areas that we just had not brought into the mine plan yet, but over the course of the next number of years, we would be bringing into the mine plan. So that will be brand new development. As part of that brand new development, it will have the enhanced ground support that we are implementing currently with what we are upgrading in the areas that we have already developed. John A. McCluskey: So, I mean, just adding that, it will be the standard going forward in the lower mine. So we will have added costs associated with that, but it might be $10 to $15 million a year. That is added to sustaining capital. it is not a bigger number than that. Don DeMarco: Okay. And maybe just to as a final question and sticking with Young Davidson, can you provide some color on the frequency and magnitude of seismic events over Young Davidson's operating life? Just trying to get a sense of you know, the probability of something like this reoccurring. I mean, you mentioned seismicity is a normal part of mining. Have you noticed trends at Young Davidson Are the events occurring at a higher frequency as the mine deepens? If you could just provide a little bit more color on the history and looking forward on these type of events. Thanks. John A. McCluskey: Yeah, I think we have touched on this before, it is a normal part of mining activity. Once you are underground mining, you are going to create seismic activity. it is just the normal course of business once we started tracking the ore body. But as far as the frequency or, you know, the magnitude of the events, it is not that we are seeing more events overall or higher events overall. it is just a function of, obviously, the extraction sequence and what we are doing from an underground perspective. And as part of this review that I am talking about with regards to the overall extraction sequence in the lower mine, and the development plan that we are putting in place with regards to the enhanced ground support in the existing development as well as where we will be in the new sections that we have not developed yet. You know, we fully expect with what we are going to put in place from a ground support point of view, and from a point of view of reviewing the mining sequence that, you know, we will be able to effectively manage seismicity and manage the seismicity and extract the ore body from, responsibly as we continue to do all along. Luc Guimond: And, you know, be more reliant on a consistent mining plan to deliver on. Don DeMarco: Okay. Thanks a lot, Luke. that is all for me. Good luck for the rest. Operator: There are no further questions at this time. This concludes the morning's call. If you have any further questions that have not been answered, please feel free to contact mister Scott Parsons at (416) 368-9.93 thousand Extension 5.44 thousand. Before you buy stock in Alamos Gold, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Alamos Gold wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* Now, it’s worth noting Stock Advisor’s total average return is 953% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Alamos Gold (AGI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Alamos Gold Inc.? Here are five stocks we like better. Alamos Gold cut its 2026 production guidance by 12% to 510,000–560,000 ounces after a seismic event disrupted access at Young-Davidson and slower leach recoveries delayed output at La Yaqui Grande. Full-year cost guidance also increased, with all-in sustaining costs now expected to average $1,825 per ounce. The company generated $144 million in free cash flow in the second quarter and returned $67 million to shareholders through buybacks and dividends. It ended the period with $637 million in cash, $437 million in net cash and $1.2 billion of available liquidity. Island Gold delivered record quarterly production of 67,500 ounces and remains on track for major capacity increases through the Phase III+ shaft expansion. Alamos expects the project to support mining rates of 2,400 tonnes per day in early 2027 and 3,000 tonnes per day by 2029, while other growth projects remain on schedule. Can Gold Mining Stocks Shine as the Metals Rally Falters? Alamos Gold (NYSE:AGI) reported second-quarter gold production of 130,600 ounces, up 5% from the first quarter and in line with its revised quarterly guidance, while lowering its full-year production outlook following operational disruptions at the Young-Davidson mine and slower leach recoveries at La Yaqui Grande. President and Chief Executive Officer John McCluskey said the company generated $144 million in free cash flow during the quarter despite continued investment in growth projects and exploration. Alamos returned $67 million to shareholders through $50 million of share repurchases and $17 million in dividends. Year-to-date shareholder returns reached $84 million, exceeding the company’s total returns in 2025. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now Make Big Bets on Gold With These 3 Leveraged Mining Funds The company also spent $92 million to repurchase and eliminate its remaining 2026 gold hedges inherited through the Argonaut Gold transaction. Chief Financial Officer Greg Fisher said Alamos has repurchased about 280,000 of the 330,000 ounces previously hedged by Argonaut and will continue to assess opportunities to buy back the remaining 50,000 ounces of forward contracts that mature in the first half of 2027. Alamos reduced its 2026 consolidated production guidance to between 510,000 and 560,000 ounces, a 12% decrease from its previous outlook. The revision primarily reflects a June seismic event at the Young-Davidson underground mine, which caused localized damage to drift access on the 9410 level. No injuries occurred, but the event limited access to higher-grade stopes that had been expected to supply roughly 2,500 tonnes per day during the second half of the year. → Microsoft Just Flipped the AI Spending Narrative Overnight 3 Mining Stocks Poised to Ride the Precious Metals Boom Luc Guimond, chief operating officer, said Young-Davidson is expected to average mining rates of approximately 5,000 tonnes per day for the remainder of 2026, with grades similar to the 1.75 grams per tonne mined in the second quarter. The company reduced Young-Davidson’s full-year production outlook to 100,000 to 115,000 ounces. Alamos plans to complete rehabilitation work and introduce enhanced ground support in the second half, including longer dynamic support bolts, additional cable bolting and heavier-gauge screen. Guimond said the company has not lost reserves in the affected area and expects the work, an optimized mining sequence and enhanced ground support to support higher rates beyond 2026. The company expects the additional support to add about $10 million to sustaining capital this year. → Carrier Earnings Could Send the Stock to a New All-Time High Separately, production at the Mulatos District was affected by longer-than-expected leach cycles at La Yaqui Grande, where ore characteristics and increasing leach-pad height delayed recoveries of previously stacked ore. Alamos lowered Mulatos production guidance to 120,000 to 135,000 ounces. Guimond said the company’s overall recovery expectation of 85% at La Yaqui Grande remains unchanged, with ounces expected to be deferred into 2027 rather than lost. Second-quarter total cash costs were $1,303 per ounce, up 6% from the first quarter, while all-in sustaining costs declined 7% sequentially to $1,728 per ounce due to the timing of sustaining capital expenditures. For the full year, Alamos increased total cash cost guidance by 14% to a midpoint of $1,225 per ounce and raised all-in sustaining cost guidance by 18% to a midpoint of $1,825 per ounce. Fisher said lower expected production accounts for an estimated $190-per-ounce impact on all-in sustaining costs. Higher contractor costs, labor inflation and a new compensation and retention program at Canadian operations are expected to add approximately $90 per ounce, while rehabilitation and enhanced ground support at Young-Davidson are expected to add another $15 per ounce. A weaker Canadian dollar is expected to partially offset the increase. Alamos sold 130,800 ounces in the quarter at an average realized gold price of $4,504 per ounce, generating revenue of $594 million. Reported net earnings were $270 million, or $0.64 per share, while adjusted net earnings were $248 million, or $0.59 per share. The company ended the quarter with $637 million in cash, net cash of $437 million and $1.2 billion in available liquidity. The Island Gold District produced a record 67,500 ounces in the second quarter, up 10% from the first quarter. Underground mining rates averaged a record 1,550 tonnes per day, and total milling rates surpassed 10,000 tonnes per day, including nearly 8,900 tonnes per day at the Magino Mill. Guimond said underground mining rates have continued to improve in the third quarter and remain on track to reach 2,000 tonnes per day by year-end. The company expects rates to rise to 2,400 tonnes per day in the first quarter of 2027 after commissioning of the Phase III+ shaft, and ultimately to 3,000 tonnes per day in 2029. Alamos spent $66 million in growth capital at the district during the quarter. Substantially all capital for the Phase III+ shaft expansion has been spent or committed, with commissioning expected in the first quarter of 2027. The Magino Mill expansion remains on track for completion in the first quarter of 2028, with 33% of its growth capital spent or committed. The company also highlighted exploration results across the Island Gold District, including a newly identified high-grade zone west of existing underground reserves and resources. Management said further drilling could support additional high-grade mill feed, potentially displacing lower-grade Magino open-pit material in an expanded mill. The PDA project at Mulatos remains on budget and on schedule for first production in mid-2027. Alamos spent $21 million on PDA development during the quarter, with construction activity expected to increase in the second half. At Lynn Lake, the company spent $36 million in development capital, advancing camp construction, site preparation, mill-area earthworks and the MacLellan starter pit. Alamos said Lynn Lake remains on budget and scheduled for completion in the first half of 2029. McCluskey said the company remains focused on its internally funded organic growth pipeline rather than acquisitions. Despite the revised 2026 outlook, he said Alamos expects production and costs to improve in the coming years and remains on track toward its target of producing 1 million ounces of gold annually by 2030. Alamos Gold Inc is a Canadian-based intermediate gold producer engaged in the exploration, development and operation of mining projects in North America. Its principal activities include the acquisition, exploration and development of gold-bearing properties, and the management of operating mines. The company focuses on sustainable production practices and maintains a portfolio that spans both producing assets and advanced-stage development projects. Alamos Gold operates multiple open pit and underground mines, including the Young-Davidson and Island Gold mines in Ontario, Canada, and the Mulatos mine in Sonora, Mexico. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Alamos Gold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Alamos Gold (TSX:AGI) is in focus after reporting second quarter 2026 results that included higher sales and net income, along with lower gold production, revised full year production guidance and progress on its share buyback program. See our latest analysis for Alamos Gold. Despite the strong second quarter earnings release and completion of a CA$50.02m buyback tranche, Alamos Gold’s short term share price momentum has faded, with the share price falling 6.63% over the past week and 25.96% over the past 90 days. The 5 year total shareholder return of 296.12% highlights how long term holders have seen a very large gain. If you are looking beyond Alamos Gold and want to see how other producers are trading after recent results, now could be a good time to review 32 elite gold producer stocks The recent pullback in Alamos Gold comes alongside a wide gap between the CA$40.13 share price, the analyst target of CA$69.12, and a very large intrinsic discount. The next question is where a reasonable fair value anchor might actually sit. The most followed narrative on Alamos Gold points to a fair value of CA$70.68 against the CA$40.13 last close, which is a wide valuation gap that hinges on ambitious growth and margin expectations. Read the complete narrative. Want the full story behind that valuation gap on Alamos Gold? The narrative leans on faster revenue growth, thicker margins and a richer future earnings multiple. Curious which specific growth and profitability assumptions need to line up to support that CA$70.68 fair value. Result: Fair Value of CA$70.68 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Alamos Gold narrative also leans heavily on smooth execution at Island Gold and Magino, and on gold prices holding up against cost pressures. Find out about the key risks to this Alamos Gold narrative. With Alamos Gold’s story pulling in both optimism and caution, it makes sense to act while the details are fresh and test the numbers yourself. To see what is driving that optimism, start with the 5 key rewards. If Alamos Gold has sharpened your focus, do not stop here. The right mix of ideas can make a real difference to your portfolio over time. Spot potential bargains early by checking companies on the screener containing 10 high quality undiscovered gems that combine strong fundamentals with lower market attention. Strengthen your core holdings by reviewing the solid balance sheet and fundamentals stocks screener (11 results) that highlight businesses with resilient finances and dependable fundamentals. Cut down on unwelcome surprises by scanning 9 resilient stocks with low risk scores that screen for companies with lower risk scores and steadier profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AGI.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Revenue: $594 million for Q2 2026, driven by sales of 130,800 ounces of gold at an average realized price of $4,504 per ounce. Production: 130,600 ounces of gold produced in Q2 2026, in line with revised quarterly guidance and 5% higher than Q1 2026. Total Cash Costs: $1,303 per ounce in Q2 2026, up 6% from Q1 2026. All-In Sustaining Costs (AISC): $1,728 per ounce in Q2 2026, 7% lower than Q1 2026. Net Earnings: Reported net earnings of $270 million ($0.64 per share) in Q2 2026; adjusted net earnings of $248 million ($0.59 per share). Operating Cash Flow: $287 million in Q2 2026, or $0.68 per share, before changes in non-cash working capital. Free Cash Flow: $144 million generated in Q2 2026; $245 million generated in the first half of 2026. Capital Spending: $181 million in Q2 2026, including $36 million sustaining capital, $130 million growth capital, and $15 million exploration capital. Shareholder Returns: $67 million returned in Q2 2026 ($50 million in share buybacks and $17 million in dividends); $84 million returned year-to-date. Cash Position: Ended Q2 2026 with $637 million in cash and $437 million in net cash. 2026 Guidance (Revised): Full-year production guidance of 510,000 to 560,000 ounces; total cash cost guidance midpoint of $1,225 per ounce; AISC guidance midpoint of $1,825 per ounce. Island Gold District (Q2 2026): Record production of 67,500 ounces; record underground mining rate of 1,550 tons per day; record mine site free cash flow of $100 million. Young-Davidson (Q2 2026): Production of 33,000 ounces; mine site free cash flow of $67 million; full-year production guidance reduced to 100,000-115,000 ounces. Mulatos District (Q2 2026): Production of 30,100 ounces (including 25,100 ounces from La Yaqui Grande); mine site free cash flow of $61 million; full-year production guidance reduced to 120,000-135,000 ounces. Warning! GuruFocus has detected 1 Warning Sign with AGI. Is AGI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Alamos Gold Inc (NYSE:AGI) generated strong free cash flow of $144 million in Q2 2026, net of reinvestment in growth and exploration. The Island Gold District achieved record production of 67,500 ounces in Q2, up 10% from Q1, and remains on track to meet its original full-year guidance. Alamos Gold Inc (NYSE:AGI) significantly increased shareholder returns, with $84 million returned in the first half of 2026, already exceeding total returns for 2025. The company eliminated all remaining 2026 gold hedges inherited from the Argonaut transaction, increasing upside exposure to higher gold prices. Exploration at the Island Gold District continues to yield exceptional high-grade results, highlighting significant upside potential beyond the current expansion study. A seismic event at Young-Davidson in June caused localized damage, limiting access to higher-grade stopes and reducing expected mining rates and grades for the rest of 2026. Slower-than-expected leach pad cycles at La Yaqui Grande are delaying gold recovery, leading to a 12% reduction in full-year consolidated production guidance. Full-year all-in sustaining cost guidance increased by 18%, driven by lower production, higher costs at Young-Davidson, and labor inflation in Canada. Young-Davidson's production guidance was reduced to between 100,000 and 115,000 ounces, with costs temporarily spiking to $3,300 per ounce on an all-in sustaining basis in H2 2026. Labor inflation and increased contractor costs in Northern Ontario, including a new retention program, added approximately $90 per ounce to consolidated all-in sustaining costs. Here are the key highlights from the Alamos Gold Inc (NYSE:AGI) Q2 2026 earnings call, focusing on the most significant Q&A exchanges. Q: Can you provide more color on the $90 per ounce increase in costs related to labor inflation? How much of this increase should we see as structural as we move into 2027?A: (Gregory Fisher, CFO) The $90 per ounce is a combination of higher contractor costs, especially for underground development at Island Gold, and a new retention program for Canadian operations implemented mid-year. Our original assumption was a 4% increase, but we've seen more profound increases on the contractor side. The retention program, which has a cost impact of about $30 per ounce, is a structural change that will be payable in future years and is critical for hitting our ramp-up targets. Q: On the capital allocation side, with $1.2 billion in liquidity and strong free cash flow, has the disruption at Young-Davidson changed your appetite for M&A as a way to diversify?A: (John McCluskey, CEO) We are not really focused on M&A right now. We have plenty of organic growth to focus on, including getting Young-Davidson back on track, ramping up Island Gold, constructing the mill at Mulatos (PDA), and building the Lynn Lake mine. With gold prices having pulled back, the market is attractive, but M&A is not a current focus. Q: On Layake Grande, what is causing the longer leach cycles, and does this impact 2027?A: (Luc Guimond, COO) The longer leach cycle is due to the ore characteristics and the height of the leach pad. Overall recoveries are still expected to be 85%, but the ounces will be deferred into 2027. (John McCluskey, CEO) The mine is at the end of its life, so this is a short-term timing issue, not an ongoing problem. Q: At Island Gold, what is the theoretical upside to the 3,000 tons per day underground mining rate, given the exploration success?A: (Luc Guimond, COO) The shaft infrastructure has capacity for 5,500 tons per day of ore and waste. The immediate opportunity is the Upper West zone, which could provide up to 1,000 tons per day via the ramp. (John McCluskey, CEO) The 3,000 tons per day rate is a good rate for the shaft, but the ramp provides a low-capital opportunity to add higher-grade feed from the Upper West extension. Q: In terms of increasing mining rates at Island Gold, when would you be in a position to start including the West Extension into your mine plan?A: (John McCluskey, CEO) We are in the exploration phase. We started the year with roughly 300,000 ounces of inferred resources. We'd like to see it grow to half a million ounces before putting a mine plan around it. Ideally, we'd love to see it come in by 2029, but it's a high priority given the low capital requirements and quick payback. Q: On the cost guidance for Island Gold, is the increase purely inflation, and have you factored in further inflation for Q3 and Q4?A: (Gregory Fisher, CFO) Yes, it is inflation and a little bit of scope change on contractors. We are relying more on contractors to support the increase in development meters. We saw this more profoundly in Q2 than Q1 and expect it to continue. The new retention program, implemented in June, will also impact the second half of the year and continue into 2027. Q: At Young-Davidson, after the rehabilitation work in H2, do you expect a step change back to 2,500 tons per day or a progressive ramp up?A: (Luc Guimond, COO) Our expectation is to get to about 7,000 tons per day moving forward. We are also reviewing the overall extraction sequence of the ore body below the 9,410 level. We will provide further clarity by the end of the year as part of our three-year guidance, but our full expectation is to ramp up above 7,000 tons per day in 2027. Q: At Young-Davidson, is the higher level of ground support mine-wide or just in the 9,410 area, and how much of the cost increase is one-time versus structural?A: (Luc Guimond, COO) It is primarily in the lower levels. The enhanced ground support will be applied to existing development and will be the standard for all new development in the lower mine. (Gregory Fisher, CFO) The added cost is structural but manageable, likely adding $10 to $15 million a year to sustaining capital. Q: Can you provide some color on the frequency and magnitude of seismic events at Young-Davidson? Is the probability of this reoccurring increasing as the mine deepens?A: (Luc Guimond, COO) Seismicity is a normal part of underground mining. We are not seeing more events or higher magnitude events overall. With the enhanced ground support and a review of the extraction sequence, we fully expect to be able to effectively manage seismicity and extract the ore body responsibly. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance at Island Gold is being driven by a transition from ramp-based to shaft-based infrastructure, which will eventually support 5.5 thousand tonnes per day of total capacity. The strategic rationale for the Magino mill expansion to 20 thousand tonnes per day is to leverage high-grade underground ore from the broader district to displace lower-grade open pit feed. Exploration success at the Island Gold West Extension and West Uplunge areas provides low-cost, near-term opportunities to increase mining rates using existing ramp access. Cost guidance increases were primarily driven by labor and contractor inflation in Canada, specifically related to underground development and open pit maintenance. A new mid-year retention program for Canadian operations added approximately $30 per ounce to costs, reflecting a highly competitive regional labor market. Operational challenges at Young Davidson were attributed to seismic events, which management characterizes as a normal but manageable aspect of deep underground mining. Management expects to exit the year at a mining rate of 2,000 tonnes per day at Island Gold, following a gradual ramp-up over the second half of the year. The shaft completion at Island Gold is targeted for the first quarter of 2027., with the Magino mill expansion following in the first quarter of 2028. Future production at La Yaqui Grande will see some ounces deferred into 2027 due to longer leach cycles caused by ore characteristics and leach pad height. Capital allocation remains focused on organic growth, including the $920 million Lynn Lake project, with management explicitly stating M&A is not a current priority. Young Davidson's long-term plan assumes a return to mining rates above 7 thousand tonnes per day following rehabilitation and a review of the extraction sequence. Enhanced ground support requirements at Young Davidson are expected to add $10 to $15 million annually to sustaining capital as a new structural cost for the lower mine. Following seismic events at Young Davidson, the company tightened its annual production range from 40,000 to 20,000 ounces because the first half of the year had already been completed. Forest fire activity in Manitoba caused a two-week disruption at the Lynn Lake project, though no significant impact was reported for Ontario operations. The company is accruing costs for a new retention program that will be payable in future years but impacts current period cost reporting. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. The $90 per ounce cost increase is driven by labor and contractor rates exceeding the initial 4% assumption, a higher reliance on external contractors for underground development, and the implementation of a $30 per ounce retention program for Canadian operations. Management expects to reduce contractor reliance once a new truck shop is completed by the end of the year. While the shaft is optimized for 3 thousand tonnes per day, the total infrastructure can handle 5.5 thousand tonnes per day of ore and waste. Additional upside of up to 1 thousand tonnes per day could be realized by utilizing the ramp for the Upper West zone in tandem with the shaft. Management wants to see inferred resources grow to the 500,000-ounce range before formalizing a mine plan for the new high-grade zones. A target date of 2029 was suggested for these zones to contribute, though earlier integration would be considered a 'massive win'. Future mining in the lower mine will utilize 'enhanced ground support' including longer dynamic support, cable bolting, and heavier gauge mesh. Management is reviewing the extraction sequence to better manage seismicity as the mine deepens.

All amounts are in United States dollars, unless otherwise stated. TORONTO, July 29, 2026 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended June 30, 2026. “We produced 130,600 ounces in the second quarter, meeting our revised quarterly guidance, and up 5% from the first quarter. The Island Gold District had a solid quarter from multiple perspectives, including delivering record underground mining rates, milling rates and production. This offset lower than expected production from Mulatos and Young-Davidson. As previously disclosed, we are expecting lower mining rates at Young-Davidson in the second half of 2026 resulting in a temporary reduction in production and increase in costs. We have revised our full year consolidated production and cost guidance with lower production from Young-Davidson the primary driver,” said John A. McCluskey, President and Chief Executive Officer. “We expect stronger production and significantly lower costs in 2027 driven by improved results from Young-Davidson, as well as low-cost growth from the Island Gold District. In addition to performing well operationally, work on the shaft and mill expansion at the Island Gold District is progressing well with both expected to be key drivers of growing production and declining costs over the next several years,” Mr. McCluskey added. Second Quarter 2026 Operational and Financial Highlights Produced 130,600 ounces of gold in the second quarter of 2026, in-line with the revised quarterly guidance of 130,000 to 135,000 ounces, and a 5% increase from the first quarter. The increase was driven by a strong performance from the Island Gold District, offsetting lower than expected production from the Mulatos District, as well as Young-Davidson which was impacted by a seismic event in June, as previously disclosed Island Gold District continues to perform well, with underground mining rates increasing to average a record 1,550 tonnes per day ("tpd"). Magino milling rates also increased to average a new record of nearly 8,900 tpd for the quarter, including 9,800 tpd in June. The higher underground mining rates and milling rates drove record quarterly production of 67,500 ounces. The operation remains on track to achieve its original full year production guidance with a further increase in underground mining rates and grades expected to drive growing production through the rest of 2026 Consolidated production is expected to increase in the second half of 2026; however, given lower expected mining rates and grades at Young-Davidson, due to the impact of the seismic event, as well as timing of recovery of ounces at La Yaqui Grande, full year production guidance has been lowered to a range of 510,000 to 560,000 ounces Given the lower production, higher costs at Young-Davidson to complete rehabilitation work and enhanced ground support in the second half of 2026, as well as increased labour inflation and contractor costs in Canada, full year total cash cost1 guidance has been increased to a range of $1,175 to $1,275 per ounce, and all-in sustaining costs ("AISC"1) to between $1,775 and $1,875 per ounce Second quarter gold sales totaled 130,834 ounces at an average realized price of $4,504 per ounce, generating quarterly revenues of $594.1 million, including silver sales. This represented a 36% increase from the second quarter of 2025 Cash flow from operating activities in the second quarter was $231.8 million (including $286.9 million before changes in working capital and taxes paid1, or $0.68 per share) Generated strong free cash flow1 of $143.5 million in the second quarter, while continuing to invest in high-return growth Cost of sales were $231.9 million, or $1,772 per ounce in the second quarter. Total cash costs of $1,303 per ounce were 6% higher than the first quarter, and AISC of $1,728 per ounce were 7% lower than the first quarter, largely driven by timing of sustaining capital spend Reported net earnings were $270.4 million for the second quarter, or $0.64 per share. Adjusted net earnings1 were $247.6 million, or $0.59 per share1. Adjusted net earnings include an after-tax adjustment for net gain on commodity hedge derivatives of $27.4 million, an inventory net realizable value adjustment of $7.0 million, net of tax, adjustments for net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange totaling $3.6 million, and other adjustments of $1.2 million Cash and cash equivalents totaled $636.9 million at June 30, 2026, down slightly from the first quarter reflecting increased share repurchases and the elimination of the remaining 2026 legacy gold hedges inherited from Argonaut Gold ("Argonaut"). The Company remains well-positioned to internally fund all of its growth initiatives and increased shareholder returns with strong ongoing free cash flow Returned $67 million to shareholders during the second quarter. This included the repurchase of 1,401,100 shares at a cost of $50 million ($35.70 per share), and a dividend payment of $17 million (quarterly $0.04 per share) Repurchased and eliminated all remaining 2026 legacy gold hedges from Argonaut that were scheduled to mature in the second half of 2026, providing further upside to higher gold prices. These contracts totaled 35,000 ounces at an average price of $1,821 per ounce. The Company utilized existing cash to eliminate the hedges at a cost of $92.3 million for an effective price of approximately $4,458 per ounce. The Company has now retired 279,000 ounces, or 85%, of the 329,000 ounces of forward contracts inherited from Argonaut, prior to maturity Advanced construction of the Company's key growth projects including Lynn Lake, PDA and the expansion at the Island Gold District. The Phase 3+ Shaft and IGD Expansions are both progressing well with the shaft expected to be commissioned in the first quarter of 2027, and the Magino mill expansion on track for completion in the first quarter of 2028 Provided an exploration update at the Island Gold District with high-grade mineralization extended across multiple areas which are being targeted as sources of additional higher-grade mill feed within the expanded Magino mill. This includes defining a new zone of high-grade mineralization 250 metres (“m”) west of underground Mineral Reserves and Mineral Resources (Island Gold West Extension), as well as continuing to extend high-grade mineralization within the Island West up-plunge area and the past producing Cline-Pick and Edwards mines. These targets represent opportunities for further production growth by increasing the proportion of higher-grade ore to be fed within the expanded Magino mill (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 Environment, Social and Governance Summary Performance Health and Safety Total Recordable Injury Frequency Rate1 (“TRIFR”) of 1.33 in the second quarter, a 13% improvement from the first quarter Lost Time Injury Frequency Rate1 (“LTIFR”) of 0.07 in the second quarter, compared with nil in the first quarter Alamos had 20 recordable injuries across its sites, including one lost time injury in the second quarter Year-to-date TRIFR of 1.42 and LTIFR of 0.03 The Company’s Home Safe Every Day safety leadership training program, and newly introduced Home Safe Eight safety initiative, continue to be delivered across the workforce. Alamos’ Home Safe Eight is a new initiative consisting of eight non-negotiable safety rules targeting high-risk activities. These enhanced initiatives focus on areas such as energy isolation, working at heights, and safe vehicle operation, and are designed to significantly reduce the potential for injury through consistent and disciplined application. 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 Reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District were substantially complete by the end of the second quarter of 2026 Zero significant environmental incidents There was one minor reportable incident in the second quarter. At the Young-Davidson mine, a power outage caused a minor sulphur dioxide gas release at the mill, which was promptly detected and remediated with no impact. The Company remains committed to preserving the long-term health and viability of the natural environment surrounding its operations and projects. This includes investing in new initiatives to reduce the Company's environmental footprint, with the goal of minimizing the impact of its activities. Community Alamos continued to provide charitable donations, sponsorships, medical support and infrastructure investments within its local communities, including: Providing flights for locum healthcare professionals travelling to Wawa to support healthcare access in the Algoma region Sponsorship of various events and teams, including the Manitoba Mine Rescue Competition, Marcel Colomb First Nation Fishing Derby, and the Lynn Lake Wildfire Strong Run/Walk Cash donations to various health, education, and food programs in the communities in which Alamos operates The Company believes that excellence in sustainability provides a net benefit to all stakeholders and continues to engage with local communities to better 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 Published Alamos’ 2025 Report on Conformance to the Responsible Gold Mining Principles ("RGMP") in accordance with the World Gold Council’s RGMP framework, including its supporting independent assurance report Published Alamos’ 2025 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 2025 Annual Report on payments to governments in Canada and abroad 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 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. Second quarter production of 130,600 ounces increased 5% from the first quarter, and was in line with revised quarterly guidance with a strong performance from the Island Gold District offsetting lower production from Young-Davidson and the Mulatos District. Production guidance for the second quarter was revised in June reflecting the impact of a seismic event at Young-Davidson, and delayed recovery of ounces stacked on the leach pad at La Yaqui Grande. The seismic event at Young-Davidson impacted access to the 9410 level and higher-grade stopes that were supplying approximately 2,500 tpd of ore. As previously disclosed, this is expected to limit mining rates to an average of approximately 5,000 tpd in the second half of 2026. Reflecting the lower expected mining rates and grades at Young-Davidson in the second half of 2026, and longer leach cycle at La Yaqui Grande, full year production guidance has been lowered to between 510,000 and 560,000 ounces. Given the lower production, higher costs at Young-Davidson to complete rehabilitation work and enhanced ground support in the second half of 2026, as well as increased labour inflation and contractor costs in Canada, full year total cash cost guidance has been increased to a range of $1,175 to $1,275 per ounce, and AISC to between $1,775 and $1,875 per ounce. The Company expects stronger production into the second half of the year driven by the ongoing ramp up of production from the Island Gold District. Production in the third quarter is expected to be between 115,000 and 140,000 ounces. AISC are expected to increase in the third quarter reflecting lower production and timing of sustaining capital. Production is expected to increase in the fourth quarter contributing to lower AISC. The Island Gold District continues to perform well with a record operational performance from a number of perspectives in the second quarter. This included underground mining rates of 1,550 tpd and Magino milling rates increasing to a new high of nearly 8,900 tpd, including averaging approximately 9,800 tpd in June. This drove record quarterly production of 67,500 ounces. A further increase in underground mining and milling rates, as well as higher underground grades is expected to drive additional production growth through the second half of the year. The Company continues to generate strong ongoing free cash flow while advancing its portfolio of high-return growth projects which are expected to support further production growth and lower costs over the next several years. Free cash flow totaled $143.5 million in the second quarter, net of a significant reinvestment in growth and exploration, and supporting the Company's other capital allocation priorities. This included repurchasing $50 million of shares during the second quarter, and eliminating all remaining legacy Argonaut hedges that were maturing in the second half of 2026 at a cost of $92.3 million. Each of the Company's key growth projects are progressing well including the Island Gold District shaft and mill expansion, PDA and Lynn Lake. These projects are expected to double gold production to approximately one million ounces annually by 2030, underpinning one of the strongest outlooks in the sector. The Island Gold District will be a key driver of this growth over the next several years. Following the completion of the shaft sinking to its planned depth of 1,381 m in the first quarter, shaft equipping and work on the shaft bottom infrastructure is well underway and expected to continue through 2026. The commissioning of the shaft in the first quarter of 2027 is expected to support a further increase in underground mining rates. This is expected to drive consolidated gold production higher and costs lower in 2027. In parallel, work on the Magino mill expansion to 20,000 tpd continues to progress with all exterior cladding and roofing on the new mill building complete, and all eight leach tanks erected. The completion of the IGD Expansion in 2028 is expected to drive a further increase in production and decrease in costs. 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. Capital spending in 2026 is expected to range between $885 and $975 million, excluding capitalized exploration of $60 million. The largest portion of this budget will be focused on the completion of the shaft expansion and Magino mill expansion within the Island Gold District. 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. A further decrease is expected in 2028 with the completion of the IGD Expansion. A more significant decrease is expected into 2029 and 2030 with the completion of construction at Lynn Lake. The Company remains well positioned to fund its high-return growth projects internally with strong ongoing free cash flow, $636.9 million of cash and cash equivalents at the end of the second quarter of 2026, and approximately $1.2 billion of total liquidity. At current gold prices, the Company expects significant free cash flow growth starting in 2027 with the completion of the Phase 3+ Shaft Expansion. The Company remains focused on delivering increasing shareholder returns with $83.6 million distributed thus far in 2026 through dividends and share buybacks. This included a 60% increase in the quarterly dividend rate in the first quarter, and the repurchase of $50 million of shares during the second quarter. Given the Company's strong outlook with significant free cash flow growth expected over the next several years, the Company will continue to evaluate opportunities to be active on its share buyback while balancing its other capital allocation priorities, including the repurchase of the remaining 50,000 ounces of legacy Argonaut hedges set to mature in 2027. Second Quarter 2026 Results Island Gold District Financial and Operational Review The Island Gold District produced a record 67,500 ounces in the second quarter of 2026, 5% higher than the prior year period and a 10% increase compared to the first quarter. With higher underground mining rates and grades expected to drive increasing production through the second half of 2026, the Island Gold District remains on track to achieve its original full year production guidance. Island Gold Operational Review Underground mining rates increased to average a record 1,550 tpd in the second quarter, 25% higher than the prior year period and a 9% increase from the previous quarter. Mining rates are expected to steadily increase in the second half of the year to a rate of 2,000 tpd by the end of 2026, with a further increase to 2,400 tpd in the first quarter of 2027 with the commissioning of the shaft infrastructure. Underground grades mined averaged 9.15 g/t Au during the second quarter, consistent with guidance. Grades are expected to increase slightly in the third quarter, with a further increase in the fourth quarter. Processing rates within the Island Gold mill averaged 1,232 tpd for the second quarter, with excess underground ore mined during the quarter processed in the Magino mill. Mill recoveries averaged 98% for the second quarter, in line with expectations. As outlined in the IGD Expansion Study, the Island Gold mill will continue operating until the first quarter of 2028 and process approximately 1,265 tpd of higher grade underground ore. The remaining underground ore mined beyond the Island Gold mill capacity will be blended at increasing rates with open pit ore and processed within the Magino mill. Following the expected completion of the Magino mill expansion to 20,000 tpd in the first quarter of 2028, the Island Gold mill will be shut down and all underground and open pit ore will be processed within the larger and more cost-effective Magino mill. Magino Operational Review Total mining rates averaged 54,870 tpd during the second quarter, including 12,996 tpd of ore, a 5% decrease from the prior year period. Grades mined of 0.78 g/t Au for the second quarter were 5% lower than the prior year period and consistent with the guidance range for 2026. Milling rates averaged a new high of 8,862 tpd in the second quarter, an 18% increase from the first quarter, reflecting the improving performance and reliability of the overall circuit, as well as the addition of supplemental ore feed from the temporary crusher. Following the completion of scheduled ball and SAG mill liner changes and conveyor belt replacements in May, milling rates continued to improve, averaging a new monthly high of 9,783 tpd in June. Subsequent to quarter end, milling rates have continued increasing to average approximately 10,000 tpd month to date in July, and are expected to remain at similar levels through the second half of 2026. As outlined in the IGD Expansion Study released in February 2026, further improvements are planned for the existing crushing and conveying circuit as part of the mill expansion to 20,000 tpd. These include the addition of a gyratory crusher, ore bins, and a new truck dump configuration allowing for the direct tipping of ore. In addition to the connection to grid power, these changes will significantly improve the performance of the existing crushing circuit by reducing ore rehandling and ensuring more consistent and higher ore flow to the mill. Grades processed averaged 1.27 g/t Au during the second quarter, and included approximately 44,000 tonnes of higher grade underground ore. Recoveries for the second quarter were 95%, consistent with guidance. Island Gold District Financial Review Revenues of $296.8 million in the second quarter were 41% higher than the prior year period, driven by higher realized gold prices and an increase in ounces sold. Similarly, revenues of $576.1 million for the first half of the year were 59% higher than the prior year period, driven by the same factors. Cost of sales of $106.7 million in the second quarter and $194.5 million for the first half of the year were 21% and 16% higher than the comparative periods, respectively, driven by higher ounces sold and ongoing inflation. Total cash costs of $1,304 per ounce and mine-site AISC of $1,715 per ounce in the second quarter were higher than the prior year period, driven by higher contractor costs, ongoing labour inflation, higher diesel and energy costs, partially offset by the weaker Canadian dollar. For the first half of the year, total cash costs of $1,250 per ounce and mine-site AISC of $1,736 per ounce were higher than the prior year periods, driven by the same factors as well as higher sustaining capital in support of the IGD Expansion to 20,000 tpd. Total cash costs and mine-site AISC are expected to decrease through the second half of 2026 driven by increased production through the ramp up of underground mining rates, higher underground grades, and increased milling rates. However, given increased labour and contractor costs reflecting the more competitive labour environment in Northern Ontario, as well as increased energy costs, full year cost guidance has been increased. Total cash costs are now expected to be between $1,025 and $1,125 per ounce, and mine-site AISC between $1,550 and $1,650 per ounce. Capital expenditures totaled $98.7 million in the second quarter, including $22.8 million of sustaining capital, $3.4 million of sustaining lease payments, and $6.8 million of capitalized exploration. Growth capital spending of $65.7 million was primarily focused on the Phase 3+ Shaft Expansion, including shaft site infrastructure, paste plant, and underground development, as well as the Magino mill expansion to 20,000 tpd. Both sustaining and growth capital spending are expected to increase in the second half of the year to be consistent with full year guidance. The Island Gold District generated strong mine-site free cash flow of $99.9 million in the second quarter, 91% higher than the prior year period, driven by higher realized gold prices and ounces sold. Mine-site free cash flow was $157.9 million for the first half of the year, 122% higher than the prior year period. The strong free cash flow generation was net of the significant capital investment related to the Phase 3+ Shaft and IGD Expansions. At current gold prices, the Island Gold District is expected to continue generating strong free cash flow while funding the expansion of the operation and a robust exploration program, with significant growth starting in the latter part of 2026. Young-Davidson Financial and Operational Review Operational review Young-Davidson produced 33,000 ounces of gold in the second quarter, 15% below the prior year period and lower than planned. Reflecting lower production through the first half of the year, and lower mining rates and grades expected through the second half of the year, full year production guidance has been reduced to between 100,000 and 115,000 ounces. Cost guidance has also been increased reflecting the decreased production. In June, the operation experienced a seismic event at an active mining front. No injuries were sustained; however, infrastructure was damaged which has limited access to the 9410 level and two higher grade stopes, impacting both mining rates and grades mined. Additionally, the operation experienced power outages due to storm-related damage to the regional power line in late May, which impacted mining and processing rates for three days. Mining rates averaged 7,132 tpd in the second quarter, below annual guidance reflecting the above noted impacts. The mining sequence is consistently being reviewed and monitored to manage seismicity. As a result of the seismic event, and delayed access to higher-grade stopes on the 9410 level that were supplying approximately 2,500 tpd, mining rates are expected to average approximately 5,000 tpd for the remainder of the year. The Company will be optimizing the mining sequence and implementing additional ground support measures through the second half of the year, which is expected to support higher mining rates beyond 2026. The Company expects to provide additional information on future mining rates and costs with the release of its three-year guidance early in 2027. Grades mined of 1.75 g/t Au for the second quarter were below the low end of the annual guidance range, reflecting the change in mining sequence and deferred access to higher grade stopes on the 9410 level. Grades mined are expected to remain at similar levels through the rest of 2026. Milling rates averaged 7,414 tpd in the second quarter, below guidance but higher than mining rates as lower-grade surface stockpiles were processed. Milling rates are expected to exceed mining rates in the second half of the year with additional stockpiles expected to be processed given the underutilized mill. Milled grades averaged 1.72 g/t Au for the second quarter, consistent with mined grades. Processed grades are expected to be lower than mined grades in the second half of the year reflecting the processing of lower-grade stockpiled ore. Mill recoveries averaged 90% for the second quarter and were consistent with guidance. Financial Review Revenues were $150.1 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 $303.7 million were 34% higher than the prior year period, driven by the same factors. Cost of sales of $65.6 million in the second quarter were in-line with the prior year period as inflation was offset by lower ounces sold. Cost of sales of $133.0 million for the first half of the year was in line with the prior year. Second quarter total cash costs of $1,540 per ounce and mine-site AISC of $1,917 per ounce were higher than the prior year period, primarily due to lower grades processed, increased diesel costs, higher royalty expense, and ongoing labour inflation. Total cash costs of $1,590 per ounce and mine-site AISC of $2,045 per ounce for the first half of the year were higher than the prior year period, driven by the same factors, as well as higher sustaining capital expenditures across a lower number of ounces sold. In the second half of 2026, total cash costs are expected to increase to average approximately $2,100 per ounce, and mine-site AISC average $3,300 per ounce. This reflects similar gross costs across lower gold production due to the lower mining rates and grades, as well as rehabilitation work and enhanced ground support measures to be completed in the second half of the year. As a result, full year total cash cost guidance has been increased to between $1,750 and $1,850 per ounce, and mine-site AISC to between $2,500 and $2,600 per ounce. Capital expenditures in the second quarter totaled $20.2 million, including $12.2 million of sustaining capital and $5.3 million of growth capital. In addition, $2.7 million was invested in capitalized exploration during the quarter. Capital expenditures, inclusive of capitalized exploration, totaled $46.1 million for the first half of the year. Full year capital guidance has been increased to between $115 and $130 million with higher sustaining capital spending expected in the second half of the year. This includes increased labour and contractor costs, a higher proportion of underground development being allocated to capital, and approximately $10 million for rehabilitation work and the implementation of enhanced ground support following the seismic event in June. Young-Davidson continues to generate strong ongoing mine-site free cash flow, including $67.4 million in the second quarter and $138.9 million for the first half of the year. With a 14-year Mineral Reserve life, the operation is well-positioned to generate strong ongoing free cash flow over the long-term. Mulatos District Financial and Operational Review Mulatos District Operational Review The Mulatos District produced 30,100 ounces in the second quarter, a 12% decrease from the prior year period, reflecting lower production at La Yaqui Grande, as well as a lower contribution from residual leaching of the Mulatos leach pad. Production in the second quarter and through the first half of 2026 was lower than planned primarily reflecting slower than expected recoveries at La Yaqui Grande. Recovery expectations from La Yaqui Grande remain unchanged; however, a longer leach cycle and increasing pad height are resulting in a longer time period to recover ounces stacked on the pad. This is similar to the Mulatos operation where ounces continue to be recovered from the leach pad more than 2.5 years after the end of mining and stacking. As a result, 2026 production guidance has been reduced to between 120,000 and 135,000 ounces, with a corresponding increase in costs. La Yaqui Grande produced 25,100 ounces in the second quarter, 4% lower than the prior year period, due to lower stacking rates and processed grades. Stacking rates averaged 9,100 tpd in the second quarter, below the low end of the guidance range as the operation focused on waste stripping. Mining and stacking rates of ore are expected to remain at similar levels in the third quarter followed by an increase in the fourth quarter to within the range of annual guidance. During the second quarter, grades stacked averaged 1.08 g/t Au and recovery rates averaged 87%, both consistent with guidance. Grades stacked are expected to decrease in the third quarter followed by an increase to the mid-point of guidance in the fourth quarter. Mulatos has been in the residual leaching phase since December 2023 and produced 5,000 ounces in the second quarter. Mulatos District Financial Review Revenues of $149.4 million in the second quarter were 35% higher than the prior year period, reflecting higher realized gold prices. For the first half of the year, revenues of $317.5 million were 63% higher than the prior year period, reflecting higher realized gold prices and ounces sold. Cost of sales of $59.5 million in the second quarter was 26% higher than the prior year period, primarily due to a Mulatos leach pad inventory adjustment recorded in the quarter. For the first half of the year, cost of sales of $109.6 million was 12% higher than the prior year period driven by higher ounces sold and the Mulatos leach pad inventory adjustment. Given the decrease in the gold price in the second quarter and higher processing costs, the Company recorded an adjustment to reduce the carrying value of Mulatos leach pad inventory, resulting in a net realizable value adjustment of $10.8 million. As at June 30, 2026, the remaining inventory balance on the Mulatos leach pad was $16.0 million, which the Company expects to recover through the residual leaching over the remainder of the year and into the first quarter of 2027. Total cash costs of $1,061 per ounce and mine-site AISC of $1,132 per ounce in the second quarter were higher than the prior year period, reflecting increased unit costs from residual leaching at Mulatos, as well as lower stacking rates and grades processed at La Yaqui Grande. For the first half of the year, total cash costs of $989 per ounce and mine-site AISC of $1,062 per ounce, were lower than the prior year period and consistent with guidance. With costs expected to increase in the second half of the year reflecting lower planned production rates, full year total cash costs guidance has been increased to between $1,050 and $1,150 per ounce, and mine-site AISC to between $1,125 and $1,225 per ounce. Capital expenditures totaled $24.7 million in the second quarter, including $0.6 million of sustaining capital and $3.1 million of capitalized exploration. Growth capital spending related to PDA of $21.0 million included portal construction and underground mine development, procurement activities, detailed engineering, and structural steel and concrete foundation work for the mill. Spending on PDA is expected to increase in the second half of the year as construction activities ramp up. The project remains on budget and on track for completion in mid-2027. The Mulatos District generated strong mine-site free cash flow of $61.2 million in the second quarter and $122.0 million for the first half of the year, higher than the comparative periods primarily due to higher realized gold prices. The strong free cash flow generation was net of $26.9 million of cash tax payments in the second quarter, and $77.8 million in the first half of the year. Cash tax installments in Mexico related to the 2026 fiscal year are expected to average between $15 and $20 million per quarter for the second half of the year, based on a budgeted gold price of $4,000 per ounce. At current gold prices, the Mulatos District is expected to generate strong mine-site free cash flow through the remainder of the year while funding PDA and a significant exploration program. Second Quarter 2026 Development Activities Island Gold District (Ontario, Canada) Phase 3+ Shaft and IGD Expansion In 2022, the Company announced the Phase 3+ Shaft Expansion at Island Gold from 1,200 tpd to 2,400 tpd. The expansion includes the construction of a shaft and paste plant, as well as accelerated development to support the higher mining rates. With the commissioning of the shaft expected to be completed in the first quarter of 2027, the operation will transition from trucking ore and waste up the ramp to skipping ore and waste to surface, driving production higher and costs significantly lower. As of June 30, 2026, substantially all of the Phase 3+ Shaft Expansion growth capital has been spent and committed. On February 3, 2026, the Company announced the IGD Expansion Study outlining a larger, long-life, low-cost mine with an average annual gold production of 534,000 ounces over the initial 10 years (starting in 2028) at average mine-site AISC of $1,025 per ounce. The IGD Expansion growth capital of $542 million will be spent on the expansion of the Magino mill to 20,000 tpd, accelerated underground development, and mobile equipment to support higher underground and open pit mining rates of 3,000 tpd and 17,000 tpd, respectively. As outlined in the IGD Expansion Study, the Island Gold mill will continue operating and will be dedicated to processing approximately 1,265 tpd of higher grade underground ore until the expected completion of the Magino mill expansion in the first quarter of 2028. The remaining underground ore mined, beyond the Island Gold mill capacity of 1,265 tpd, will be blended at increasing rates with open pit ore and processed within the Magino mill. As of June 30, 2026, 33% of growth capital related to the IGD Expansion has been spent and committed, with the majority of spending focused on the Magino mill expansion. During the second quarter of 2026, the Company spent $65.7 million in growth capital at the Island Gold District. Progress during the second quarter is summarized as follows: Commissioning of the water handling facility Commenced shaft equipping with expected completion in the fourth quarter of 2026, in advance of shaft commissioning in the first quarter of 2027 Magino mill expansion to 20,000 tpd is progressing well with cladding and roofing activities for the new mill building completed, and all eight leach tanks and two detox tanks erected and welded All long lead time items have been ordered and in fabrication, including the SAG and ball mill, and gyratory crusher Paste plant construction substantially complete with commissioning expected to commence in the fourth quarter of 2026 Completed exterior cladding and roofing for new administrative complex with interior outfitting underway Advanced lateral development in support of the ramp up of underground mining rates through 2026 Construction of shaft and surface infrastructure is expected to be substantially complete by the end of 2026, and commissioning of the shaft completed in the first quarter of 2027. The IGD Expansion to 20,000 tpd remains on track to be completed in the first quarter of 2028. Island Gold shaft site area - July 2026 Island Gold paste plant - July 2026 Headframe changeover from sinking to equipping - July 2026 Magino mill expansion - July 2026 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 project. In February 2025, an internal economic study and development plan was released on the BT and Linkwood satellite deposits located in proximity to the Lynn Lake project. In February 2026, an updated development plan for the Lynn Lake project was announced incorporating the BT and Linkwood deposits. Given the significantly longer mine life, the Company re-engineered and optimized a number of elements within the broader development plan. This included several scope changes, most notably increasing the mill capacity by 13% to 9,000 tpd, driving production higher and stronger economics. Reflecting scope changes to support a larger operation, three years of inflation since the 2023 Feasibility Study, and the longer construction timeline due to the 2025 wildfires, initial capital for the project was increased to $937 million, with $871 million remaining to be spent as of the start of 2026. The updated parameters for the Lynn Lake project, incorporating the revised initial capital, larger Mineral Reserve base including BT and Linkwood, and increased mill throughput, are as follows: Average annual production of 186,000 ounces over the initial 10 years Low mine-site AISC of $829 per ounce over the initial 10 years ($1,039 per ounce over the life of mine) Long mine life of 25 years with total production of three million ounces (based on Mineral Reserves at the end of 2024) Attractive economics with significant near-mine and regional exploration upside Capital spending on the Lynn Lake project in 2026 is expected to be between $140 and $160 million, which will be second half-weighted. Construction activities in 2026 include permanent camp construction, bulk earthworks, power infrastructure upgrades, and orders for long lead-time items. The majority of initial capital will be spent in 2027 and 2028, with first production expected in the first half of 2029. With attractive economics and significant exploration upside, the Lynn Lake project is a key component of the Company’s leading high-return organic growth profile. Near the end of June 2026, an evacuation order was issued for the town of Lynn Lake due to wildfire activity in the region. As a result, Alamos personnel and contractors were evacuated, however, the project's emergency response team remained in Lynn Lake to support firefighting efforts. The evacuation order was lifted the first week in July with the project team and contractors returning shortly after. There were no injuries or damage to property and infrastructure as a result of the fires, and the project timelines remain unchanged. During the second quarter of 2026, the Company spent $36.2 million in development capital at the Lynn Lake project, with key activities summarized as follows: Completed expansion of the temporary camp Completed permanent camp pad development and advanced module installation Progressed process plant site preparation and earthworks to support mill construction Advanced water containment, treatment, and intake infrastructure development Continued site-wide infrastructure construction, including roads, laydown areas, and explosive storage Advanced drill and blasting activities for the starter pit at MacLellan Expanded the site workforce to support planned construction activities Lynn Lake project - July 2026 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. In January 2025, the Company announced it was 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. Total initial capital estimate of $165 million remains unchanged with the majority of spending expected in 2026, and first production on track for 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. Total cash costs are expected to average $921 per ounce and mine-site AISC $1,003 per ounce. Reflecting the low cost structure and low initial capital, PDA is expected to be a high-return project with significant exploration upside. Based on the development plan released in September 2024, 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. During the second quarter of 2026, the Company spent $21.0 million in growth capital at the PDA project, with key activities summarized as follows: Completed detailed engineering for the process plant Finalized all major equipment purchase orders Completed dry area earthworks and crushing circuit concrete foundation Commenced wet area concrete works and advanced construction of the ball mill foundation Completed portal ground support, platform earthworks, and installation of dynamic barriers Advanced underground mine development with 284 m completed during the second quarter PDA portals - July 2026 PDA crusher and mill area - July 2026 Second Quarter 2026 Exploration Activities Island Gold District (Ontario, Canada) A total of $43 million has been budgeted for exploration at the Island Gold District in 2026, up from $24 million spent in 2025. The exploration program will continue to build on the success from 2025 with high-grade gold mineralization extended across the Island Gold deposit, as well as within multiple structures within the hanging wall and footwall. In 2025, drilling programs at Island Gold and Magino focused on delineation drilling to convert the large Inferred Mineral Resource base to Mineral Reserves. This program was executed successfully and resulted in a significant increase in Mineral Reserves at both Island Gold and Magino, which was incorporated into the IGD Expansion that was announced on February 3, 2026. With the deposit open laterally and at depth, there is significant potential for further growth in Mineral Reserves and Resources. A total of 50,000 m of underground exploration drilling is planned in 2026 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 main Island Gold deposit (E1E and C-Zones), as well as within a growing number of newly defined hanging-wall and footwall zones. These potential high-grade Mineral Reserve and Resource additions would be low cost to develop, given their proximity to existing infrastructure, and provide increased operational flexibility as mining rates increase. To support the underground exploration program, 1,090 m of underground exploration drift development is planned to extend drill platforms on multiple levels. Additionally, 48,000 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. The regional exploration program at the Island Gold District includes 16,000 m of surface drilling. The focus of the regional program will be following up on high-grade mineralization intersected in the 2025 drill program at Cline and Pick located approximately seven km northeast of the Island Gold mine. During the second quarter of 2026, 11,508 m of underground exploration drilling was completed in 42 holes, and 8,379 m of underground delineation drilling across 36 holes. Additionally, 14,497 m of surface exploration drilling was completed in 19 holes. Year to date, 20,955 m of underground exploration drilling was completed in 76 holes, and 12,510 m of underground delineation drilling across 54 holes. Additionally, 17,863 m of surface exploration drilling was completed in 25 holes. As part of the regional exploration program, 4,288 m of drilling was completed in eight holes at Cline-Pick in the second quarter. Year to date, 8,647 m of drilling has been completed in 15 holes at Cline-Pick. As detailed in the June exploration update (see press release dated June 22, 2026), high-grade mineralization was extended across multiple areas which are being targeted as sources of additional higher-grade mill feed within the expanded Magino mill. This includes defining a new zone of high-grade mineralization 250 m west of underground Mineral Reserves and Mineral Resources (Island Gold West Extension), and continuing to extend high-grade mineralization within the Island West up-plunge area, and the past producing Cline-Pick and Edwards mines. These targets represent opportunities for further production growth by increasing the proportion of higher-grade ore to be fed within the expanded Magino mill. Total exploration expenditures during the second quarter were $8.4 million, of which $6.8 million was capitalized. In the first half of the year, the Company incurred exploration expenditures of $13.6 million, of which $10.2 million was capitalized. Young-Davidson (Ontario, Canada) A total of $17 million has been budgeted for exploration at Young-Davidson in 2026, up from $13 million spent in 2025. This includes 48,000 m of underground exploration drilling focused on extending mineralization within the Young-Davidson syenite, which hosts the majority of Mineral Reserves and Mineral Resources, and to test and expand on gold mineralization that has been intersected within two areas of focus in the hanging wall. This new style of mineralization is located in close proximity to the existing mid-mine infrastructure. The regional program includes 10,000 m of drilling focused on evaluating several targets including the Otisse NE target and the Biralger target located approximately 3 km and 17 km northeast of Young-Davidson, respectively. A comprehensive data compilation project commenced in 2025, and will be completed in 2026 for the Wydee and Matachewan projects, both acquired in 2024, and located in proximity to Young-Davidson. During the second quarter, 15,335 m of underground exploration drilling was completed in 48 holes across multiple levels. Drilling is targeting syenite-hosted mineralization, as well as continuing to test mineralization in the hanging wall sediments and mafic-ultramafic stratigraphy. Year to date, 28,969 m of drilling was completed in 80 holes. The seismic event that occurred at Young-Davidson in June is not expected to impact exploration activities in the second half of 2026. A total of 4,865 m of regional surface exploration drilling was also completed in 16 holes in the first quarter focused on evaluating the Otisse NE and Biralger targets. No regional exploration drilling was undertaken in the second quarter. Total exploration expenditures during the second quarter of 2026 were $3.9 million, of which $2.7 million was capitalized. For the first half of the year, exploration expenditures totaled $8.8 million, of which $6.1 million was capitalized. Mulatos District (Sonora, Mexico) A total of $21 million has been budgeted at Mulatos for exploration in 2026, consistent with $20 million spent in 2025. The regional drilling program is expected to total 44,500 m and includes 20,000 m of surface exploration drilling at the Cerro Pelon sulphide target, 9,000 m at the recently discovered Halcon target, and an additional 15,500 m planned across several early to advanced stage targets within the Mulatos District. The planned addition of a mill to process higher-grade sulfides has created new opportunities for growth within the Mulatos District, including Cerro Pelon and the Halcon target. During the second quarter, 9,083 m of surface exploration drilling was completed in 28 holes at Cerro Pelon, and 4,021 m were completed in 12 holes at Halcon. Additionally, 3,848 m were drilled in 12 regional holes across the district. Year to date, 28,788 m have been drilled at Mulatos in 182 drill holes. Total exploration expenditures during the second quarter were $6.5 million, of which $3.1 million was capitalized. For the first half of the year, exploration expenditures totaled $11.6 million, of which $5.3 million was capitalized. Lynn Lake (Manitoba, Canada) A total of $6 million has been budgeted for exploration at the Lynn Lake project in 2026. This is up from $3 million spent in 2025. The exploration budget includes 13,500 m to test the potential for underground mining opportunities below the Gordon and MacLellan open pits. During the second quarter, 2,434 m of exploration drilling was completed in two holes at MacLellan, completing the planned drill program for 2026. In total, 13,740 m of drilling was completed in 25 holes at the Gordon and MacLellan deposits. Exploration spending totaled $2.4 million in the second quarter and $4.5 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 2026, similar to 2025. 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 2026 exploration program will follow up on discoveries made across several target areas during the 2025 drill program, and test the next series of highest priority targets as outlined in a press release dated January 28, 2026. The success of this early-stage greenfield drilling program across multiple target areas continues to support the significant gold endowment potential of the Qiqavik project. A total of 8,000 m of helicopter-supported exploration drilling is planned in the third quarter of 2026. The 2026 program will also focus on advancing other targets across the belt with ongoing geological mapping, drone magnetics, prospecting, and additional till sampling. Exploration spending was $1.1 million in the second quarter and $1.8 million for the first half of the year, all of which was expensed. Review of Second Quarter Financial Results During the second quarter of 2026, the Company sold 130,834 ounces of gold for operating revenues of $594.1 million, representing a 36% increase from the prior year period. The increase was due to higher realized gold prices partially offset by lower ounces sold at Young-Davidson and the Mulatos District. The average realized gold price in the second quarter was $4,504 per ounce, 40% higher than the prior year period. This was consistent with the London PM Fix price for the quarter. Cost of sales (which includes mining and processing costs, inventory net realizable value adjustment, royalties, and amortization expense) were $231.9 million in the second quarter, 16% higher than the prior year period. Key drivers of changes to cost of sales as compared to the prior year period were as follows: Mining and processing costs were $164.8 million, 17% higher than the prior year period. The increase primarily reflects higher contractor costs, ongoing labour inflation, and higher diesel costs, partially offset by the weaker Canadian dollar. Total cash costs of $1,303 per ounce and AISC of $1,728 per ounce were higher than the prior year period, driven by the same factors as above, as well as lower grades processed at Young-Davidson and La Yaqui Grande. The Company assesses the net realizable value of inventory at each reporting period. Given the decrease in the gold price at the end of the second quarter, and higher processing costs at Mulatos, the Company recorded an adjustment of $10.8 million ($7.0 million after tax) in the quarter to reduce the carrying value of Mulatos leach pad inventory. Royalty expense was $6.8 million in the second quarter, in line with the prior year period of $7.6 million. Amortization of $49.5 million, or $378 per ounce sold in the second quarter, was 6% lower than the prior year period, primarily reflecting an increase in the depletion base resulting from the 2025 year-end Mineral Reserves and Resources update. The Company recognized earnings from operations of $357.3 million in the second quarter, 65% higher than the prior year period, driven by higher revenues and margin expansion. In the second quarter, the Company recognized a net gain on commodity derivatives of $40.3 million, compared with net losses of $25.8 million in the prior year period. This was primarily driven by the mark-to-market revaluation of the 2027 legacy Argonaut hedges as gold prices declined during the quarter, partially offset by a realized loss on the early settlement of the remaining 2026 legacy Argonaut hedges. During the quarter, the Company eliminated 35,000 ounces of the legacy Argonaut hedges, scheduled to mature in the second half of 2026. The cost to eliminate the hedges was $92.3 million, representing an effective price of $4,458 per ounce. The Company reported net earnings of $270.4 million in the second quarter, compared to $159.4 million in the prior year period. Adjusted net earnings include an after-tax adjustment for net gain on commodity hedge derivatives of $27.4 million, an inventory net realizable value adjustment of $7.0 million, net of tax, adjustments for net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange totaling $3.6 million, and other adjustments of $1.2 million. 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, 2026 and associated Management’s Discussion and Analysis (“MD&A”), 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). Reminder of Second Quarter 2026 Results Conference Call Senior management will host a conference call on Thursday, July 30, 2026 at 10:00 am ET to discuss the results. Participants may join the conference call via webcast or through the following dial-in numbers: Via Webcast: To view the live webcast, please register at www.alamosgold.com, or through the following link view webcast. Via Phone: Alternatively, you may register your phone number here within 30 minutes of the scheduled start of the call to receive an instant automated call back. A playback will be available until August 29, 2026 by dialling (647) 362-9199 or (800) 770-2030 within Canada and the United States. The passcode is 1813237#. The webcast will be archived at www.alamosgold.com. 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 IGD Expansion, 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. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”. FOR FURTHER INFORMATION, PLEASE CONTACT: The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This press release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed, to be, forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", “assume”, "believe", "anticipate", "likely", "intend", "objective", "estimate", "budget", “potential”, "prospective", "opportunity", "forecast", “target”, "goal", "aim", “on track”, "on pace", “outlook”, “continue”, “ongoing”, "onwards", “plan”, "scheduled", or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms. Such statements in this press release may include (without limitation) information, assumptions, expectations and guidance as to strategy, plans, and future financial and operating performance, such as those regarding: free cash flow; mine-site free cash flow; costs (including total cash costs, AISC, mine-site AISC, capital expenditures, growth and sustaining capital, capitalized exploration, exploration spending); budgets; tax rates and the payment of taxes; IRR; NPV; total liquidity; returns to stakeholders; opportunities for share repurchases under the Company's Normal Course Issuer Bid; repurchase of legacy Argonaut hedges; impacts of inflation and increasing labour and contractor costs; mine plans; mine life; Mineral Reserve life; Mineral Reserves and Resources; gold and other metal price assumptions; foreign exchange rates; sector outlook; size, value and profitability of operations and the Company's balanced approach to capital allocation; project economics; project risks; mining methodologies; underground development rates; mining, stacking, milling and processing rates; total mill feed and throughput rates; recovery rates; anticipated gold production, production rates, timing of production, further production potential and growth; gold grades; exploration potential, budgets, focuses, programs, targets, and projected results; investment in and funding of growth initiatives and projects; operational impacts on the natural environment; the Company's approach to reduction of its environmental footprint, greenhouse gas emissions, and related investments in new initiatives; community relations, engagement activities, and initiatives; corporate governance; plans with respect to health and safety; the IGD Expansion Study; project milestones and timing and effects of completion of the IGD Expansion and the Phase 3+ Expansion Project; Magino mill expansion and intended effects on costs and processing; paste plant expansion; infrastructure upgrades; power projects; rehabilitation work and optimizing the mining sequence and implementing additional ground support measures at Young-Davidson; in the Mulatos District, the Puerto Del Aire project, development plan, anticipated timing of first production, and the Cerro Pelon and the Halcon target; developments at the Lynn Lake project, project milestones and production projections and timing; exploration potential at the Qiqavik Gold project; and any other statements that express management's expectations or estimates of future performance, operational, geological or financial results. Alamos cautions that forward-looking statements are necessarily based upon several factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Risk factors that may affect Alamos’ ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: the actual results of current exploration activities; changes to current estimates of Mineral Reserves and Resources; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates which may be impacted by unscheduled maintenance, weather issues, labour and contractor availability and other operating or technical difficulties in connection with mining or development activities, including geotechnical challenges); conclusions of economic and geological evaluations; the costs and timing of exploration, construction and development of new deposits; changes in project parameters as plans continue to be refined; operations may be exposed to illnesses, diseases, epidemics and pandemics which may impact, among other things, the broader market and the trading price of the Company's shares; the duration of any regulatory responses to any illness, disease, epidemic or pandemic; government and the Company’s attempts to reduce the spread of any illness, disease, epidemic or pandemic which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver gold doré bars; provincial, state and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico and other jurisdictions in which the Company does or may conduct business; political and economic conditions and developments in the jurisdictions in which the Company operates and in the world generally; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; changes in foreign exchange rates (particularly CAD, MXN and USD); the impact of inflation and any tariffs, trade barriers and/or regulatory costs; changes in the Company's credit rating; any decision to declare a quarterly dividend; employee and community relations; litigation, administrative or regulatory proceedings and any resulting court, administrative, regulatory or arbitral decision(s) or order(s); disruptions affecting operations; power outages; availability of and increased costs associated with mining inputs and labour; delays in implementing growth and improvement initiatives; delays with the Phase 3+ Shaft Expansion or the IGD Expansion; delays in or obstructions to construction of the 115kV powerline for the Island Gold District; delays with the expansion of the Magino mill, paste plant construction project, construction of the Lynn Lake Project, construction of the PDA project, and/or the development or updating of mine plans; changes with respect to the intended method of accessing, mining the deposit, and processing any ore at PDA; risks associated with the start-up of new mines; the risk that the Company’s mines may not perform as planned; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining necessary licenses and permits, including the necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Company’s development stage and operating assets; labour and contractor availability (and being able to secure the same on favourable terms); contests over title to properties; expropriation or nationalization of property; inherent risks and hazards associated with mining and mineral processing including industrial hazards and industrial accidents; environmental hazards including, without limitation, fires, floods, storm-related damage, seismic activity and unusual or unexpected formations, pressures and cave-ins; changes in national and local government legislation, controls or regulations in Canada, Mexico, the United States and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; failure to comply with environmental and health and safety laws and regulations; disruptions in the maintenance or provision of required infrastructure and information technology systems; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release are set out in the Company's latest 40-F/Annual Information Form under the heading “Risk Factors”, which is available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Cautionary Note to United States Investors Measured, Indicated and Inferred Resources: All resource and reserve estimates included in this press release or documents referenced in this press release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended ("CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The Securities and Exchange Commission (the “SEC”) has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards. Investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable. International Financial Reporting Standards: The consolidated financial statements of the Company have been prepared by management in accordance with IFRS, as issued by the IASB (note 2 and 3 to the consolidated financial statements for the years ended December 31, 2025). These accounting principles differ in certain material respects from accounting principles generally accepted in the United States of America. The Company’s reporting currency is the United States dollar unless otherwise noted Non-GAAP Measures and Additional GAAP Measures The Company has included certain non-GAAP financial measures to supplement its condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and 2025, which are presented in accordance with IFRS, including the following: adjusted net earnings and adjusted earnings per share; cash flow from operating activities before changes in working capital and taxes paid; Company-wide free cash flow; total mine-site free cash flow; mine-site free cash flow; total cash costs per ounce of gold sold; AISC per ounce of gold sold; Mine-site AISC per ounce of gold sold; sustaining and non-sustaining capital expenditures; and adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable. Adjusted Net Earnings and Adjusted Earnings per Share “Adjusted net earnings” and “adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS which exclude the following from net earnings: Foreign exchange gains or losses Items included in other loss Impairment expense/reversal of impairment Net gain or loss on commodity derivatives Certain non-recurring items Foreign exchange gain or loss recorded in deferred tax expense The income and mining tax impact of items included in other loss The Company uses adjusted net earnings for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of adjusted net earnings. Consequently, the presentation of adjusted net earnings enables shareholders to better understand the underlying operating performance of the core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies. Adjusted net earnings is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure. Cash Flow from Operating Activities before Changes in Working Capital and Cash Taxes “Cash flow from operating activities before changes in working capital and cash taxes” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in working capital and cash taxes to cash flow from operating activities. “Cash flow from operating activities before changes in working capital and cash taxes” is a non-GAAP financial measure with no standard meaning under IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure. Company-wide Free Cash Flow “Company-wide free cash flow" is a non-GAAP performance measure calculated from cash flow from operating activities, less mineral property, plant and equipment expenditures and non-recurring costs. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash company-wide. Company-wide free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Company-wide free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Mine-site Free Cash Flow "Mine-site free cash flow" is a non-GAAP financial performance measure calculated as cash flow from operating mine-sites, less mine-site mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Total Cash Costs per ounce Total cash costs per ounce is a non-GAAP term typically used by gold mining companies to evaluate the costs of producing gold and to assess the ability of a mining company to generate cash flow from operating activities. Total cash costs per ounce includes mining and processing costs plus applicable royalties, and net of costs allocated to by-product and net realizable value adjustments. Total cash costs per ounce is exclusive of exploration costs. As well, the Company excludes mark-to-market adjustments for the revaluation of previously issued share-based compensation, therefore, total cash costs will incorporate the cost of long term incentives associated with the grant date fair value for instruments issued. Total cash costs per ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operating activities under IFRS or operating costs presented under IFRS. All-in Sustaining Costs per ounce and Mine-site All-in Sustaining Costs The Company adopted an “all-in sustaining costs per ounce” non-GAAP performance measure in accordance with the World Gold Council. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in sustaining costs per ounce” as determined by the Company compared with other mining companies. In this context, “all-in sustaining costs per ounce” for the consolidated Company reflects total mining and processing costs, corporate and administrative costs, share-based compensation, sustaining exploration costs, sustaining capital, sustaining finance leases and other operating costs. The Company excludes mark-to-market adjustments for the revaluation of previously issued share-based compensation, therefore all-in sustaining costs will incorporate the cost of long term incentives associated with the grant date fair value for instruments issued. For the purposes of calculating mine-site all-in sustaining costs at individual mine sites the 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, as detailed in the reconciliations below. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature. Non-sustaining capital expenditures or growth capital are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where these projects will materially benefit the mine site. Capitalized exploration expenditures are expenditures that meet the IFRS definition for capitalization and are incurred to further expand the known Mineral Reserves and Resources at existing operations or development projects. For each mine-site reconciliation, corporate and administrative costs, and non-site specific costs are not included in the all-in sustaining cost per ounce calculation. All-in sustaining costs per gold ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operating activities under IFRS or operating costs presented under IFRS. Total Cash Costs and All-in Sustaining Costs per Ounce Reconciliation Tables The following tables reconciles these non-GAAP measures to the most directly comparable IFRS measures on a Company-wide and individual mine-site basis. Adjusted EBITDA Adjusted EBITDA represents net earnings before interest, taxes, depreciation, and amortization and removes the effects of certain items that the Company believes are not reflective of the Company's underlying performance for the reporting period. The measure also removes the impact of non-cash items such as impairment loss charges or reversals, and net gain or loss on derivative financial instruments. Adjusted EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Adjusted EBITDA does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure. Additional GAAP Measures Additional GAAP measures are presented on the Company’s condensed interim consolidated financial statements and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following additional GAAP measures are used and are intended to provide an indication of the Company’s mine and operating performance: Earnings from operations - represents the amount of earnings before net finance expense/income, foreign exchange loss/gain, other loss, net loss/gain on commodity derivatives and income tax expense Unaudited Interim Consolidated Statements of Financial Position, ComprehensiveIncome, and Cash Flow ALAMOS GOLD INC.Condensed Interim Consolidated Statements of Financial Position(Unaudited - stated in millions of United States dollars) ALAMOS GOLD INC.Condensed Interim Consolidated Statements of Comprehensive Income(Unaudited - stated in millions of United States dollars, except share and per share amounts) ALAMOS GOLD INC.Condensed Interim Consolidated Statements of Cash Flows(Unaudited stated in millions of United States dollars) A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a53090b7-f3ab-4911-a36e-76f8c8a1f81fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/8aa8a6b5-038b-4f25-b15f-0c3a5d47a070https://www.globenewswire.com/NewsRoom/AttachmentNg/dda4e979-0133-47d2-8608-b37f4740a55bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/687b7276-1570-487f-9fb7-470aaa73b98dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7a950e21-cf9b-4829-be40-e6f460ce61bdhttps://www.globenewswire.com/NewsRoom/AttachmentNg/d1611b48-a373-4a32-808b-dd7942870c3fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/7e86c900-4f54-46c9-8538-cf5142b92b54