North American Precious Metals Weekly: Alamos Gold: Island Gold District high-grade growth. Silver price under pressure.

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North American Precious Metals Weekly: Alamos Gold: Island Gold District high-grade growth. Silver price under pressure.

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North American Precious Metals Weekly

Alamos Gold: Island Gold District high-

grade growth. Silver price under pressure.

Industry Overview

Island Gold: reinforcing AGI’s growth and margin upside 28 June 2026

Last week, Alamos Gold (AGI) hosted a site visit to its Island Gold District (IGD), and, Equity

concurrently, provided an IGD exploration update, highlighting continued high-grade Americas

growth, improved mining flexibility, and a strengthening production and margin outlook. Gold & Precious Metals

We also review how evolving macro factors are influencing the outlook for silver.

Lawson Winder, CFA >>

Island Gold site visit: growth and strong execution ResearchMerrill LynchAnalyst(Canada)

We attended a site visit to AGI’s IGD, hosted by AGI’s senior leadership team including +1 416 369 7592 lawson.winder@bofa.com

CEO John McCluskey and other key corporate and site management (link to our site

Sathish Kasinathan

report: De-risked expansion underpins Tier-1 growth 28-Jun-26). The visit reinforced our Research Analyst

view that IGD is on a de-risked path to >500koz annual gold production at first-quartile BofAS +1 646 855 2769

costs, supported by a completed shaft and mill infrastructure that provide strong sathish.kasinathan@bofa.com

visibility on execution and margin expansion. Exploration upside remains a key driver, Adam Smiarowski, CFA >>

with mineralization open at depth and along strike, and continued success at the West ResearchMerrill LynchAnalyst(Canada)

Extension and hanging wall zones supporting growth beyond the base case. At Young- +1 416 369 7780

adam.smiarowski@bofa.com