Alamos Gold Reports First Quarter 2026 Results

Press Release

Strong margin expansion drives record cash flow from operations and solid ongoing free cash flow of $102 million

All amounts are in United States dollars, unless otherwise stated.

TORONTO, April 29, 2026 — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended March 31, 2026.

“Our first quarter production was in line with guidance driven by a solid performance from the Island Gold District. Underground mining rates at Island Gold increased to a new record, and milling rates at Magino increased significantly over the past six weeks following the implementation of additional improvements. We expect all three of our operations to contribute to a 20% increase in production in the second quarter, with further growth into the second half of the year at substantially lower costs driven by the ongoing ramp up of mining rates at Island Gold. We expect this trend of growing production and declining costs to continue through the end of the decade as we advance our portfolio of high-return growth projects, underpinning one of the strongest outlooks in the sector,” said John A. McCluskey, President and Chief Executive Officer.

First Quarter 2026 Operational and Financial Highlights

Produced 123,900 ounces of gold in the first quarter of 2026, in-line with quarterly guidance with strong results from the Island Gold District offsetting lower than planned production at Young-Davidson. Production is expected to increase in the second quarter with further growth in the second half of the year, putting the Company on track to achieve full year production guidance
Sold 121,924 ounces of gold at an average realized price of $4,829 per ounce, generating record quarterly revenues of $596.7 million, including silver sales. This represented a 79% increase from the first quarter of 2025 and marked the fourth consecutive quarter of record revenues
Cost of sales were $205.5 million, or $1,685 per ounce in the first quarter. Total cash costs¹ of $1,230 per ounce and all-in sustaining costs (“AISC”¹) of $1,862 per ounce for the first quarter were above the top end of guidance for the first half of 2026, as previously guided. Total cash costs and AISC are expected to decrease in the second quarter and further into the second half of the year, driven by low-cost growth from the Island Gold District, and lower costs from Young-Davidson
First quarter cash flow from operating activities was $242.5 million (including a record $338.0 million before changes in working capital and taxes paid¹, or $0.80 per share)
Generated strong free cash flow¹ of $101.7 million in the first quarter, while continuing to invest in high return growth projects, and net of $82.0 million paid in cash taxes
Reported net earnings were $191.4 million for the first quarter, or $0.46 per share. Adjusted net earnings¹ were $232.0 million, or $0.55 per share¹. Adjusted earnings include after-tax adjustment for net losses on commodity hedge derivatives of $20.2 million, adjustments for net unrealized foreign exchange losses recorded within deferred taxes and foreign exchange totaling $19.3 million, and other adjustments of $1.1 million
Cash and cash equivalents increased to $659.5 million at March 31, 2026, up from $623.1 million at the end of 2025. This reflected strong ongoing free cash flow while funding high-return growth, increased shareholder returns, and $42.7 million used to retire additional legacy gold hedges. The Company remains well-positioned to internally fund all of its growth initiatives with strong ongoing free cash flow, net cash of $459.5 million, and approximately $1.2 billion of total liquidity
Announced a 60% increase in the quarterly dividend rate to $0.04 per share, with $16.6 million paid in the first quarter
Repurchased and eliminated approximately one-third of legacy gold hedges from Argonaut Gold Inc. (“Argonaut”) that were scheduled to mature in the second half of 2026, providing further upside to higher gold prices. These contracts totaled 15,000 ounces at an average price of $1,821 per ounce. The Company utilized existing cash to eliminate the hedges at a cost of $42.7 million for an effective price of approximately $4,667 per ounce
Announced the IGD Expansion Study on February 3, 2026, outlining a long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada with annual production expected to increase to average 534,000 ounces over the initial 10 years (starting in 2028) at average mine-site AISC of $1,025 per ounce. At a gold price of $4,500 per ounce and USD/CAD foreign exchange rate of $0.74:1, the Island Gold District has an estimated after-tax net present value (“NPV”) (5%) of $12.2 billion, making it one of the most valuable gold mines in Canada. The IGD Expansion is progressing well and remains on track for completion in 2028
Advanced the Phase 3+ Shaft Expansion at the Island Gold District. This included completing the shaft sink and advancing construction of the paste plant and administrative complex. Construction of the shaft and surface infrastructure is expected to be substantially complete by the end of 2026, and commissioning of the shaft completed in early 2027
Reported year-end 2025 Mineral Reserves of 15.9 million ounces (265 million tonnes (“mt”)), a 32% increase from the end of 2024, with grades also increasing 5% to 1.87 grams per tonne (“g/t Au”). This marked the seventh consecutive year Mineral Reserves have increased for a cumulative increase of 64%, with grades also increasing 24% over that time frame

⁽¹⁾ Refer to the “Non-GAAP Measures and Additional GAAP Measures” section at the end of this press release and associated MD&A for a description and calculation of these measures.

IBF4