Alamos Gold: Island Gold District site visit: De-risked expansion underpins Tier-1 growth

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Alamos Gold: Island Gold District site visit: De-risked expansion underpins Tier-1 growth

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Alamos Gold

Island Gold District site visit: De-risked

expansion underpins Tier-1 growth

Reiterate Rating: BUY | PO: 68.50 CAD | Price: 44.35 CAD

Strong volume growth in attractive jurisdiction. Re-it Buy 28 June 2026

Last week, we attended a site visit to Alamos Gold’s (AGI’s) Island Gold District (IGD) in Equity

Canada (100% owned; ~62% of our NAV). Attending from AGI were President & CEO,

John McCluskey; CFO, Greg Fisher; COO, Luc Guimond; and other members of corporate Sathish Kasinathan Research Analyst

and site management. We see IGD on a significantly de-risked path to >500koz of annual BofAS

gold production at first quartile costs, with exceptional exploration upside. At Young- +1sathish.kasinathan@bofa.com646 855 2769

Davidson (Y-D), the seismic disruptions appear to be largely addressable, with recovery Lawson Winder, CFA >>

underway. Despite risks to 2026E production guidance, we reiterate our Buy rating given Research Analyst

Merrill Lynch (Canada)

AGI's strong volume growth outlook (second in our coverage), in attractive jurisdictions. +1 416 369 7592

lawson.winder@bofa.com

IGD expansion: scale/margin uplift with low execution risk Adam Smiarowski, CFA >>

Research Analyst

The IGD expansion is significantly de-risked, with the Phase 3+ shaft sinking and civil Merrill Lynch (Canada)

works for the second Magino mill complete. Together, they enhance visibility on +1 416 369 7780

adam.smiarowski@bofa.com

execution, enabling underground mining at ~3,000tpd and processing at ~20,000tpd,

driving productivity gains, lower costs, and sustainable margin expansion. See page 3.

IGD exploration: multi-vector growth driving upside Stock Data