Alamos Gold: Island Gold exploration update: reinforce higher grade growth runway

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Alamos Gold: Island Gold exploration update: reinforce higher grade growth runway

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Alamos Gold

Island Gold exploration update: reinforce

higher grade growth runway

Maintain Rating: BUY | PO: 68.50 CAD | Price: 44.20 CAD

Multiple high-grade targets indicate production upside 22 June 2026

Alamos Gold (AGI) provided an exploration update from its Island Gold (IG) drilling Equity

program highlighting strong potential to add higher-grade mill feed from multiple near-

Sathish Kasinathan

mine and regional targets. Year-to-date drilling defines a ‘new’ high-grade zone (IG West Research Analyst

Extension) and additional mineralization at Island West up-plunge and regional targets. BofAS +1 646 855 2769

We calculate average grade based on the uncut intercepts and core length of 9.95 grams sathish.kasinathan@bofa.com

per tonne (g/t) gold (Au) vs the current reserve grade of 10.61g/t. We view the update as Lawson Winder, CFA >>

constructive (particularly after the disappointing Q2’26 guidance cut update last week; ResearchMerrill LynchAnalyst(Canada)

see page 3 of our weekly for details), with a growing pipeline of high-grade zones that +1 416 369 7592

could support improved grade profiles over time. Maintain Buy rating. lawson.winder@bofa.com

Adam Smiarowski, CFA >>

IG West Extension: a new zone adds resource upside ResearchMerrill LynchAnalyst(Canada)

Drilling has delineated a new high-grade zone 250 meters (m) west of current resources, +1adam.smiarowski@bofa.com416 369 7780

defined over 200m by 300m and open down-plunge and to the west. Early intercepts are

strong, including 12.05g/t Au over 5.2m and 8.07g/t Au over 5.6m, with higher-grade

sub-intervals. This area has seen limited prior drilling (only one hole in 2018). In our