Alamos Gold Provides Three-Year Operating Guidance Outlining 46% Production Growth by 2028 at Significantly Lower Costs

2026-02-04

TSX - Toronto Stock Exchange · Gold · Canada

Further production growth to one million ounces annually expected by 2030 through development of Lynn Lake and the Island Gold District Expansion

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

TORONTO, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Alamos Gold Inc.(TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) provided updated three-year production and operating guidance. The Company also outlined longer term production guidance of approximately one million ounces per year by 2030 through the larger expansion of the Island Gold District (announced on February 3, 2026) and initial production from Lynn Lake.

“Our operational performance over the past year was not up to our standards and not reflective of our long-term track record. We expect to deliver a stronger performance in 2026, particularly into the second half of the year as production ramps up and costs decrease with the completion of the shaft expansion at Island Gold,” said John A. McCluskey, President and Chief Executive Officer.

“As demonstrated by our three-year guidance and tremendous exploration success across our asset base, we continue to make excellent progress on our growth initiatives providing one of the strongest outlooks in the sector. We expect to deliver 46% production growth by 2028, and nearly 20% decrease in AISC. This trend is expected to continue with production expected to increase to one million ounces annually by 2030 driven by the multi phased expansion of the Island Gold District and start up of Lynn Lake. All of this growth is in Canada, its all lower cost, and we can fund it internally while generating growing free cash flow,” Mr. McCluskey added.

Three-Year Guidance Overview(1)

| | 2026 | 2027 | 2028 | | Total Gold Production (000 oz) | 570 - 650 | 650 - 730 | 755 - 835 | | Total Cash Costs(1)_($/oz)_ | $1,020 - 1,120 | $825 - 925 | $775 - 875 | | All-in Sustaining Costs(1),(2)_($/oz)_ | $1,500 - 1,600 | $1,325 - 1,425 | $1,200 - 1,300 | | Sustaining & Growth Capital(1)(3) | | | | | Operating mines ($ millions) | $333 - 375 | $275 - 315 | $240 - 280 | | Growth Capital – Development Projects | | | | | Island Gold District Expansion ($ millions) | $240 - 260 | $130 - 145 | $80 - 90 | | Lynn Lake ($ millions) | $140 - 160 | $380 - 410 | $290 - 310 | | PDA ($ millions) | $137 - 145 | $15 - 20 | - | | _Total Capital (__$ millions)_ | $850 - 940 | $800 - 890 | $610 - 680 |

(1)Refer to the “Non-GAAP Measures and Additional GAAP” disclosure at the end of this press release for a description of these measures. (2)All-in sustaining cost guidance for 2027 and 2028 includes the same assumptions for G&A and stock-based compensation as included in 2026. (3)Sustaining and growth capital guidance excludes capitalized exploration.

Production expected to increase 12% in 2026 and 46% by 2028 to between 755,000 and 835,000 ounces: production guidance for 2026 decreased relative to the previous guidance1provided in January 2025 (“Previous Guidance”), with slightly lower production from Canadian operations partially offset by an increase at the Mulatos District. Production guidance for 2027 is largely in-line with Previous Guidance and represents a 13% increase from 2026. A further 15% increase is expected in 2028, driven by the completion of the Island Gold District Expansion (“IGD Expansion”) for a cumulative 46% increase in production relative to 2025 Further production growth to approximately one million ounces per year expected by 2030, almost doubling 2025 production: Lynn Lake to drive additional growth starting in 2029 with annual production expected to average 186,000 ounces over the first 10 years IGD Expansion to 20,000 tonnes per day (“tpd”) expected to be completed in 2028,driving further growth into 2029 and 2030 with annual production ramping up to average 534,000 ounces over the first 10 years starting in 2028 (post expansion) Additional longer-term upside potential through the incorporation of higher-grade regional targets within the expanded Island Gold District milling complex

Total cash costs and AISC expected to decrease 24% and 18%, respectively, by 2028 relative to 2025: Costs in 2026 are expected to be consistent with 2025 and decrease steadily starting in the second half of 2026 with the completion of the shaft expansion at Island Gold Costs expected to continue declining through 2028 and beyond driven by low-cost growth from the Island Gold District, and initial production from Lynn Lake in 2029 2026 AISC guidance increased from Previous Guidance reflecting ongoing inflation, higher royalties with a 67% increase in the budgeted gold price, increased investment in critical roles across Canadian operations to support higher operating efficiency and the transition away from contractors in key areas starting in 2027, accelerated sustaining capital spending at the Island Gold District in support of the larger expansion, and additional costs from operating the Island Gold mill

Capital spending of $850 to $940 million expected in 2026 (excluding capitalized exploration): up from Previous Guidance primarily reflecting the addition of the recently approved IGD Expansion, including accelerated spending on tailings and underground development to support the larger expansion. Total capital guidance includes: Sustaining capital guidance of $193 to $220 million:up from 2025 and previous guidance reflecting increased tailings capital at the Island Gold District in support of the larger expansion as mining rates increase, as well as timing of capital expenditures at Young-Davidson. A further increase is expected in 2027 and 2028 supporting growing production within the expanded Island Gold District Growth capital guidance of $657 to $720 million: up from 2025, reflecting the inclusion of capital for the IGD Expansion

Capital expected to decrease approximately 28% by 2028, relative to 2026, with the completion of the IGD Expansion, followed by a further decrease in 2029 with the completion of construction at Lynn Lake Lynn Lake total initial capital increased to $934 million ($871 million remaining 2026+) reflecting scope changes including a larger mill, industry-wide inflation, and an extended construction timeline given the wildfires that occurred in Manitoba in 2025: Mill capacity to increase by 13% to 9,000 tpd, driving average annual production rates higher, in addition to other scope changes to support a larger, longer-life operation Other key drivers of the updated capital budget include three years of inflation since the completion of 2023 Feasibility Study, and a longer construction timeline due to the impact of Northern Manitoba wildfires in 2025

Exploration budget increased to a record $97 million:a 35% increase from the 2025 budget with expanded programs at the Island Gold District, Young-Davidson and Lynn Lake. The expanded exploration budget is underpinned by broad-based success across the Company’s asset base in 2025 Increasing free cash flow while funding growth: Free cash flow totalled approximately $350 million in 2025 while funding the Phase 3+ Expansion Free cash flow expected to be in excess of $500 million in 2026 at a $4,500 per ounce gold pricewhile funding the ramp up of spending on other high-return growth projects including the IGD Expansion, Lynn Lake and PDA, as well as a record exploration budget Further growth to more than $1 billion of free cash flow expected in 2028 driven by growing production, and declining costs and capital with the completion of the Phase 3+ Expansion in 2026 and IGD Expansion in 2028. Additional growth expected in 2029 with initial production from Lynn Lake

Growing free cash flow expected to support increasing returns to shareholders: Record $81 million returned to shareholders in 2025 through dividends and share buybacks. This included the repurchase of 1.3 million shares for $38.8 million, or $29.21 per share Growing returns expected to be supported by increasing free cash flow in 2027 and beyond at current gold prices

(1)Guidance statements in this release are forward-looking information. See the Assumptions and Sensitives section of this release along with the cautionary note at the end of this release. All comparisons to current and Previous Guidance are based on mid-point of the range.

Upcoming 2026 catalysts

2025 year-end Mineral Reserve and Resource update: February 2026 Completion of Phase 3+ Shaft Expansion: Q4 2026 Exploration updates across assets:ongoing

2026 Guidance

| 2026 Guidance | 2025 Guidance(1) | | | | | | | | Island Gold District | Young- Davidson | Mulatos District | Lynn Lake | Total | Total | | Gold production (000 oz) | 290 - 330 | 155 - 175 | 125 - 145 | | 570 - 650 | 545 | | Cost of sales, including amortization_($ millions)_(2) | | | | | ~$920 | ~$810 | | Cost of sales, including amortization _($/oz)_(2) | | | | | $1,450 - 1,550 | ~$1,525 | | Total cash costs _($/oz)_(3) | $875 - 975 | $1,350 - 1,450 | $930 - 1,030 | - | $1,020 - 1,120 | ~$1,080 | | All-in sustaining costs_($/oz)_(3) | | | | | $1,500 - 1,600 | ~$1,525 | | Mine-site all-in sustaining costs _($/oz)_(3)(4) | $1,340 - 1,440 | $1,730 - 1,830 | $1,000 - 1,100 | - | | | | Capital expenditures ($ millions) | | | | | | | | Sustaining capital(3)(5) | $135 - 150 | $55 - 65 | $3 - 5 | - | $193 - 220 | $138 - 150 | | Growth capital(3)(5) | $355 - 385 | $25 - 30 | $137 – 145 | $140 - 160 | $657 - 720 | $362 - 410 | | Total Sustaining and Growth Capital(3)(5)_($ millions)_ | $490 - 535 | $80 - 95 | $140 - 150 | $140 - 160 | $850 - 940 | $500 - 560 | | Capitalized exploration(3)_($ millions)_ | $33 | $12 | $9 | $6 | $60 | $39 | | Total capital expenditures and capitalized exploration(3) ($ millions) | $523 - 568 | $92 - 107 | $149 - 159 | $146 - 166 | $910 – 1,000 | $539 - 599 |

(1)2025 actuals are preliminary; final figures will be released with fourth quarter and full year results to be reported on February 18, 2026 (2)Cost of sales includes mining and processing costs, royalties, and amortization expense but excludes silver credit, and is calculated based on the mid-point of total cash cost guidance. (3)Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release for a description of these measures. (4)For the purposes of calculating mine-site all-in sustaining costs at individual mine sites the Company allocates a portion of share based compensation to the mine sites, but does not include an allocation of corporate and administrative expenses to the mine sites. (5)Sustaining and growth capital guidance excludes capitalized exploration.

Consolidated production is expected to increase 12% from 2025 to a range of between 570,000 and 650,000 ounces. This is expected to be driven by the ramp up of underground mining rates through the year at Island Gold in conjunction with the completion of the Phase 3+ Expansion towards the end of 2026, as well as increased mining rates at Young-Davidson. Production is expected to be higher in the second half of the year driven by the ongoing ramp up at Island Gold.

Compared to Previous Guidance, 2026 production guidance is approximately 7% lower reflecting slightly lower production from the Canadian operations, partially offset by an increase from the Mulatos District. This reflects slightly lower grades at Young-Davidson, and a more conservative ramp up of underground mining rates at Island Gold with the shaft to be operational toward the end of 2026.

Total cash costs and AISC per ounce are expected to be consistent with 2025 and trend lower through the year. Costs are expected to be above the full year guidance range in the first half of the year, with a significant decrease expected into the second half of 2026 driven by the ramp up of underground mining rates at Island Gold. A further decrease in costs is expected in each of 2027 and 2028.

Total cash costs and AISC guidance have both increased relative to Previous Guidance reflecting inflation of approximately 5%, increased royalties given the substantially higher gold price, slightly lower grades at Young-Davidson, and a larger investment in key roles across the Canadian operations to drive increased operating efficiency. The added labour complement will support the transition away from contractors starting in 2027 within certain segments of the Canadian operations, including maintenance and underground development.

AISC have also increased due to higher sustaining capital. This reflects additional investment in critical spares to minimize any unplanned downtime at all operations, and accelerated spending on tailings lifts and other sustaining capital to support the larger expansion of the Island Gold District.

Costs and Capital Spending Expected to Decrease Significantly in H2 2026

| | H1 2026 | H2 2026 | 2026 Guidance | | | | Total gold production (000 oz) | 270 - 310 | | 300 - 340 | | 570 - 650 | | Total cash costs(1)($/oz) | $1,100 - 1,200 | | $975 - 1,075 | | $1,020 - 1,120 | | All-in sustaining costs(1)($/oz) | $1,625 - 1,725 | | $1,400 - 1,500 | | $1,500 - 1,600 | | Total capital expenditures and capitalized exploration(1)($ millions) | $500 - 550 | | $410 - 450 | | $910 - 1,000 |

(1)Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release for a description of these measures.

Capital spending is expected to increase from 2025, and previous guidance for 2026, to a range of $850 to $940 million, excluding capitalized exploration of $60 million. This reflects the inclusion of capital for the IGD Expansion, acceleration of certain capital expenditures at the Canadian mine-sites, and ongoing inflation.

Island Gold District capital spending is expected to total $490 to $535 million, including $355 to $385 million of growth capital. Approximately one-third of the growth capital is expected to be attributable to the completion of the Phase 3+ Expansion, including the shaft infrastructure and paste plant. The remainder will be focused on the IGD Expansion, which entails expanding the Magino mill to 20,000 tpd, and accelerating underground development and increasing mobile equipment to support higher underground and open pit mining rates over the longer-term.

Capital spending on PDA in 2026 is expected to range between $137 and $145 million, with the majority of the spend on advancing underground development and mill construction. Total initial capital estimate of $165 million for PDA remains unchanged and the project remains on track for initial production mid-2027.

Construction activities at Lynn Lake are expected to restart in the spring of 2026 with spending expected to total between $140 and $160 million. This represents a 43% decrease from the previous guidance for 2026, reflecting the previously disclosed deferral of construction activities due to wildfires in Northern Manitoba in 2025. Capital spending on Lynn Lake is expected to increase into 2027 and 2028 during peak construction and then decrease into 2029 with initial production expected in the first half of 2029.

Capital spending is expected to be first half weighted in 2026, though will vary by asset. Spending at the Island Gold District is expected to be first half-weighted while spending at Lynn Lake is expected to ramp up into the second half of the year.

(1)Capital guidance excludes capitalized exploration.

2026 – 2028 Guidance

| | 2026 | 2027 | 2028 | | | | | Current | Previous | Current | Previous | Current | | Gold Production (000 oz) | | | | | | | Island Gold District | 290 - 330 | 330 - 355 | 380 - 420 | 375 - 400 | 470 - 510 | | Young-Davidson | 155 - 175 | 180 - 195 | 155 - 175 | 180 - 195 | 155 - 175 | | Mulatos District | 125 - 145 | 120 - 130 | 115 - 135 | 125 - 135 | 130 - 150 | | Total Gold Production (000 oz) | 570 - 650 | 630 - 680 | 650 - 730 | 680 - 730 | 755 - 835 | | | | | | | | | Total Cash Costs(1)_($/oz)_ | $1,020 - 1,120 | $800 - 900 | $825 - 925 | $775 - 875 | $775 - 875 | | All-in Sustaining Costs(1),(2)_($/oz)_ | $1,500 - 1,600 | $1,150 - 1,250 | $1,325 - 1,425 | $1,125 - 1,225 | $1,200 - 1,300 | | | | | | | | | Sustaining capital(1),(3)_($ millions)_ | $193 - 220 | $160 - 175 | $235 - 255 | $180 - 200 | $210 - 235 | | Growth capital – operating mines(1),(3) ($ millions) | $140 - 155 | $105 - 130 | $40 – 60 | $20 - 25 | $30 - 45 | | Sustaining & growth capital(1),(3)_- __operating mines__($ millions)_ | $333 - 375 | $265 - 305 | $275 - 315 | $200 - 225 | $240 - 280 | | Island Gold District Expansion ($ millions) | $240 - 260 | - | $130 - 145 | - | $80 - 90 | | Lynn Lake ($ millions) | $140 - 160 | $250 - 275 | $380 - 410 | $235 - 260 | $290 - 310 | | PDA ($ millions) | $137 - 145 | $105 - 110 | $15 - 20 | $15 - 20 | - | | Total sustaining & growth capital(1),(3)_($ millions)_ | $850 - 940 | $620 - 690 | $800 - 890 | $450 - 505 | $610 - 680 | | | | | | | |

(1)Refer to the “Non-GAAP Measures and Additional GAAP” disclosure at the end of this press release for a description of these measures. (2)All-in sustaining cost guidance for 2027 and 2028 includes the same assumptions for G&A and stock based compensation as included in 2025. (3)Sustaining and growth capital guidance excludes capitalized exploration.

Gold production is expected to increase to a range of between 650,000 and 730,000 ounces in 2027, a 13% increase from 2026, and 27% increase from 2025. The Island Gold District is expected to drive this growth with 2027 representing the first full year operating from the new shaft infrastructure, supporting higher underground mining rates. The completion of the IGD Expansion in 2028 is expected to drive a further increase in production to a range of 755,000 to 835,000 ounces, representing a 15% increase from 2027 and cumulative 46% increase from 2025.

Further growth is expected into 2029 with initial production from Lynn Lake, and the ramp up of underground mining rates at Island Gold to 3,000 tpd, as outlined in the IGD Expansion Study. By 2030, production is expected to increase to a rate of approximately one million ounces annually.

Total cash costs and AISC in 2027 are expected to decrease 18% and 11%, respectively, from 2026 driven by low-cost growth from the Island Gold District with the completion of the shaft and connecting the Magino mill to low-cost grid power.

A further decrease in costs is expected into 2028 with AISC expected to be in the range of between $1,200 and $1,300 per ounce. This represents a 9% decrease from 2027 and nearly 20% decrease from 2025. This is expected to be driven by the first full year of production from PDA in Mexico and a further increase in low-cost production from the Island Gold District with the completion of the IGD Expansion.

Costs are expected to continue decreasing into 2029 and 2030 with the ramp up of underground mining rates at Island Gold to 3,000 tpd, as outlined in the IGD Expansion Study, and the start of production from the low-cost Lynn Lake project.

Capital spending is expected to decline slightly in 2027 with increased spending at Lynn Lake offset by lower spending on PDA and the Island Gold District. In 2028, capital spending is expected to decrease approximately 24% compared to 2027 as the IGD Expansion is completed. A more significant decrease is expected into 2029 and 2030 with the completion of construction at Lynn Lake.

(1)Production and AISC are based on mid-point of guidance. (2) Refer to the “Non-GAAP Measures and Additional GAAP” disclosure at the end of this press release for a description of these measures. (3) Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses.

Island Gold District

| | | | Guidance | | | Island Gold District | 2025A | 2026E | 2027E | 2028E | | Gold Production (000 oz) | 250 | 290 - 330 | 380 - 420 | 470 - 510 | | Previous Guidance (000 oz) | | 330 - 355 | 375 - 400 | | | Island Gold District costs | | | | | | Total Cash Costs(1)(2)_($/oz)_ | ~$1,045 | $875 - 975 | | | | Mine-site AISC(1),(2),(3)_($/oz)_ | ~$1,475 | $1,340 - 1,440 | | | | Island Gold (Underground) | | | | | | Tonnes of ore processed5_(tpd)_ | 1,159 | 1,400 - 2,000 | | | | Grade processed (g/t Au) | 11.69 | 9.0 - 11.5 | | | | Average recovery rate (%) | 98% | ~97% | | | | Magino (Open Pit)(4) | | | | | | Tonnes of ore mined (tpd) | 14,973 | 16,000 - 20,000 | | | | Grade mined (g/t Au) | 0.82 | 0.70 - 0.80 | | | | Tonnes of ore processed (tpd) | 8,232 | 7,800 - 9,200 | | | | Grade processed (g/t Au) | 1.34 | 1.00 - 1.10 | | | | Average recovery rate (%) | 95% | ~95 % | | | | Island Gold District | | | | | | Tonnes of ore processed – Total (tpd) | 9,169 | 9,200 - 11,200 | | | | Grade processed – Total (g/t Au) | 2.39 | 2.40 - 2.80 | | | | Average recovery rate – Total (%) | 97% | 96 - 97% | | | | Sustaining capital(1)_($ millions)_ | - | $135 - 150 | | | | Growth capital(1)_($ millions)_ | - | $355 - 385 | | | | Total sustaining & growth capital(1) (ex. exploration) ($ millions) | - | $490 - 535 | | | | Capitalized exploration(1)_($ millions)_ | - | $33 | | |