AGI: Island exploration results outline additional mineralization; slightly positive

研报英文原文证据摘录

AGI: Island exploration results outline additional mineralization; slightly positive

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Josh Wolfson (Head of Global Metals & Mining

Research)

David Monus (Associate)

Connor Snarr (Associate)

John Robertson (Senior Associate)

June 22, 2026

Alamos Gold Inc.

Island exploration results outline additional mineralization; slightly positive

NYSE: AGI | USD 36.34 | Outperform | Price Target USD 52.00

Sentiment: Positive

Event: Alamos released drill results from its Island Gold District mine, located in Ontario (62% of NAV; 64% of EBITDA).

Impact: Slightly positive. AGI outlined exploration results have the potential to support higher-grade mill feed for the expanded

Magino mill, which could result in higher production rates. Specifically, a new zone of mineralization was defined at the Island

Gold West Extension, which is located near-surface and could be mined via ramp. While we view Island's exploration results

as potentially positive, we note execution of the company's production targets and Island's current expansion remains a larger

focus and key deliverable. Note that AGI US shares are trading -15% intraday, following a prior separately reported production

cut at the YD mine (see RBC note here). AGI is hosting a site visit to Island June 23-24.

Details:

• West Extension zone: We calculate weighted average results from 2 intercepts of 10.3g/t Ag uncut over 2.69m true width. The

new discovery is situated 250m west of existing reserves, has been defined over 200m x 300m and remains open down plunge

and to the west. Exploration is very early stage with assays still pending on four holes. Drilling will continue from both surface

and underground targeting the extensions of the mineralization.