Alamos Gold Inc. ($AGI)

Good morning and welcome to the Annual General Meeting of Shareholders of Alamos Gold. Thank you very much for joining us. My name is John Prichard, and I am the Chair of the company, and I will also serve as Chair of this meeting. The Annual General Meeting of Shareholders is being held entirely online through the Lumi virtual platform to permit a greater number of shareholders to participate. This platform allows Alamos shareholders and duly appointed proxy holders to participate, submit questions and vote on the matters before us today. [Operator Instructions] Management will address any questions unrelated to the formal portion of the meeting following John McCluskey's corporate presentation. I declare that voting is now open, and I will explain the voting procedure for this virtual meeting. If you have already voted or sent in a proxy, there is no need for you to vote during this meeting. Registered shareholders and duly appointed proxy holders who have not already voted in advance of the meeting may cast their vote by using the voting panel on the screen. You may choose to submit your votes immediately or you may choose to wait until each resolution has been read prior to casting your vote. Voting will remain open throughout the meeting until the last item of business has been put to a vote and I declare the voting closed. In the interest of time, I've asked shareholders Khalid Elhaj, Vice President, Business Development and Investor Relations; and Grace Tang, Vice President and Treasurer, to move and second motions where required. The purposes of today's meeting are fourfold: first, to receive and consider the consolidated financial statements of the company for the financial year ended December 31, 2025, and the auditor's report thereon. Second, to elect 11 directors who will serve until the next Annual Meeting of Shareholders. Third, to reappoint auditors that will serve until the next Annual Meeting of Shareholders and to authorize the directors to set their remuneration. And fourth, to consider and if deemed appropriate, to pass with or without variation a nonbinding advisory resolution on the company's approach to executive compensation. Each of these matters is detailed in the company's management information circular dated April 10, 2026, as made available to our shareholders and on SEDAR+ and EDGAR. I will now call the meeting to order. Ward Sellers, Alamos' Vice President and General Counsel, will act as Secretary of the meeting, and I appoint Computershare Trust Company of Canada to act as the scrutineers. The notice and proxy materials for the meeting were mailed to shareholders, and we have affidavits of Computershare and Broadridge confirming their mailing. Unless anyone objects, the reading of the notice shall be dispensed with. I see no objections, so I will continue. The preliminary report of the scrutineers indicates that a quorum is present for the meeting, so we will proceed. The first order of business of this meeting is the receipt of the audit consolidated financial statements of the company and the auditor's report for the fiscal year ended December 31, 2025, with comparative figures relating to the previous fiscal period ended December 31, 2024. I propose that the reading of these financial statements be dispensed with. If anyone has any question regarding the financial statements, I ask that they submit them now and they will be dealt with during the general question-and-answer period of this meeting. For the next item of business, the election of directors, each of management's proposed nominees has consented to act as a director of the company. We have not received any further nominations in accordance with the company's bylaws. I therefore move that the following individuals be elected as directors of the company. Alex Christopher, Elaine Ellingham, David Fleck, Tony Giardini, Claire Kennedy, Shanna Martina, John McCluskey, Rick McCreary, Monique Mercier, Sean Usmar and myself, Rob Prichard, I ask that Khalid Elhaj to second the motion.

I second the motion.

Thank you very much. I ask those shareholders and duly appointed proxy holders who have not yet voted to submit their votes using the voting buttons on their screen now. The results of this meeting item will be tabulated and announced at the end of this meeting. I would like to thank the nominees for agreeing to stand for election as directors of the company. The next order of business of this meeting is the approval of KPMG LLP as auditors for the company for the following year. I move that KPMG be appointed auditors for the company for the ensuing year at a fee to be fixed by the directors, and I ask Khalid Elhaj to second the motion.

I second the motion.

Thank you again, Khalid. I ask those shareholders and duly appointed proxy holders who have not yet voted to submit their votes using the voting buttons on their screen now. The results of this meeting item will be tabulated and announced at the end of this meeting. Thank you. The next order of business of this meeting is the approval of the company's approach to executive compensation. Details of this advisory resolution regarding the company's approach to executive compensation are set forth in the circular. The advisory resolution must be approved by a majority of votes cast by shareholders present or represented by proxy at this meeting. I move that the advisory resolution approving the company's approach to executive compensation as set forth in the circular of the company be passed as a nonbinding advisory resolution of Alamos Gold. I ask Khalid Elhaj to second the motion.

I second the motion.

Thank you again, Khalid. I ask those shareholders and duly appointed proxy holders who have not yet voted to submit their votes using the voting buttons on their screen now. I will take a brief pause here to give you time to submit your votes, after which I will declare the voting closed on all voting items. So we'll pause for a few seconds here. [Voting]

Thank you all very much. Voting for all items of this meeting is now closed. Based on the votes submitted in advance, I can confirm that there are sufficient number of votes submitted in favor of each of the resolutions presented at this meeting for such resolutions to be passed. The scrutineers will tabulate the results of the meeting and a final report on the vote will be furnished by the scrutineer subsequent to this meeting. The results will be incorporated into a press release and posted on SEDAR+ and EDGAR promptly following today's meeting. And on behalf of the directors who have been elected and myself I want to thank our shareholders for your confidence in us and your support for us to serve you. That completes the formal business for today's meeting. If there's no further business to be brought before the meeting, I will ask Khalid Elhaj and Grace Tang for a motion to terminate the meeting.

I move that the meeting terminate.

Thank you, Khalid. Grace.

I second the motion.

Thank you very much, Grace. That motion is carried. Ladies and gentlemen, thank you for your attention. I declare the formal meeting of the shareholders to be terminated. I'd now like to take this opportunity to congratulate John McCluskey and the management team for a transformative year in 2025 and for significant continued successes thereafter. Alamos continues to advance our high-return growth initiatives with substantial continued progress at the Island Gold District expansion and continued advancement of construction of the Lynn Lake project in Manitoba and the Puerto Delaire project in Mexico, coupled with outstanding exploration results and prospects. Under John's exceptional leadership, Alamos is looking forward to delivering on one of the strongest outlooks in the gold sector. I will now turn the meeting over to John McCluskey, our President and Chief Executive Officer. John?

Thank you very much, John. We're very grateful for the support of the shareholders and the support of the Board. I'd like to welcome everyone, and thank you for joining us for Alamos Gold's 2026 Annual General Meeting. 2025 was another strong year for Alamos. We delivered a record financial performance, including generating record free cash flow while continuing to advance our portfolio of high-return growth projects. We also strengthened our balance sheet. increased our return to shareholders and continue to create value from within through ongoing exploration success, which is supporting growing reserves and expansions of our operations. Turning to the next slide. In 2025, we were impacted by several short-term operational challenges, but this in no way took away from our strong outlook. We made excellent progress on our growth initiatives, winning one of the strongest growth profiles in the sector and delivered a record year financially. Our all-in sustaining cost margins increased by more than 60% driving record cash flow from operations and a 30% increase in free cash flow to a record $352 million, while continuing to reinvest in high-return growth. With significant low-cost growth to come over the next several years, this is a trend we expect will continue. Looking at the next slide. Our long-term commitment to delivering and creating value for our shareholders continued in 2025. We returned $81 million to shareholders, nearly double 2024. and we are on a pace to increase that further in 2026 with $64 million returned year-to-date. This included increasing our dividend by 60% in the first quarter and completing $30 million of share buybacks in May. We continue to eliminate the legacy Argano hedges, increasing our exposure to higher gold prices with 50,000 ounces of hedges eliminated in '25 and another 15,000 ounces in Q1 of 2026. In October '25, we completed the sale of our Turkish development projects for $470 million in cash, a strong outcome for assets that the market was subscribing minimal to no value too. We were also recognized as a top performer over the past 3 years by the Toronto Stock Exchange with inclusion in the TSX30 for the second consecutive year. This is an extension of a longer-term track record with our share price up more than 400% over the past 4 years, significantly outperforming gold, the gold ETFs and the S&P 500. Turning to the next slide. Our ongoing exploration success has been a key driver of our value creation. Over the past 7 years, our mineral reserve has grown by 64% to 16 million ounces, net of 4.1 million ounces of depletion. Over that time frame, we've discovered 9 million ounces at an average discovery cost of $33 per ounce. That is the leverage you get from owning a high-quality gold company versus gold itself. We are finding millions of ounces of gold in the ground at a cost of $33 and ultimately mining and selling it at current gold prices of $4,500. This growth is supporting the development of new projects as is the case with the PDA project and Lynn Lake and the expansion of current operations, such as Island Gold. And given our ongoing success and potential, we see our assets in the long term, trending to continue supported by large exploration budgets, and this year, it will exceed $90 million back approaching $100 million. Turning to the next slide. We're looking forward to the coming year as our outlook has never been stronger. We've been one of the strongest growing companies in the sector for the last several years, and all of that growth is based on lower cost production that we could -- and we can fund it all at terminal. Turning to the next slide. In February, we announced the Angul district expansion to 20,000 tonnes per day. The expansion is starting to unlock the true potential of the Allen Gold District following the completion of the expansion in 2028 production is expected to increase to average 534,000 ounces a year over the initial 10 years at all-in sustaining cost of $1,025 per ounce. At a $4,500 gold price, the expansion has an after-tax IRR of 69% and a net present value of $12 billion. The Island Gold district is quickly evolving into one of Canada's largest and most profitable and frankly, one of the most valuable operations. We believe there is more upside to come given the significant exploration potential and the effort we're putting into exposing that potential over the next several years. Turning to the next slide. the Island Gold District will be a key driver of our growth for the next several years. Near term, this will be driven by the ramp-up of underground mining rates and the completion of the shaft expansion. Early this year, we completed the shaft to its planned depth of 1,381 meters. Commissioning of the shaft is expected to be completed by early 2027, an important catalyst to increasing underground mining rates to 2,400 tonnes a day in 2027 and ultimately to 3,000 tonnes a day by 2029. In parallel to the shop expansion, the larger expansion of the mill to 20,000 tonnes per day is well underway. Key elements of the expansion are already derisked with all the earthworks completed, concrete foundation poured and steel erected on the new buildings. The expansion remains on track for completion in early 2028 and will be a key driver of future growth. Looking at the next slide. In Mexico, construction activities on the PDA project are ramping up, putting the project on track for initial production in mid-2027, PD alone expect it to come [indiscernible] mine life by at least 9 years, but we see excellent potential for further upside given the ongoing exploration success that we're having across the Mulatos district. And with respect to Lynn Lake, construction, the Lynn Lake project in Manitoba started this quarter, and we are effectively ramping up with over 200 people on site. This project is expected to be completed in the first half of 2029. Lynn Lake is an important part of our longer-term growth as a long-life, low-cost project with significant exploration upside across a larger land package. Next slide. Collectively, we expect these assets to provide steady growth over the next several years. from approximately 600,000 ounces in 2026 to approximately 1 million ounces by 2030. All of this growth is lower cost, and we can fund it all internally while generating growing free cash flow. We generated $350 million of free cash flow in 2025 while investing in our growth. By 2030, we expect that to increase to more than $2 billion per year. We have one of the strongest outlooks in this sector and everything we need to be successful. And finally, that concludes our formal presentation. I'll now turn the call over to Scott Parsons, our Senior Vice President of Corporate Development and Investor Relations. We'll take any questions that might have come through the webcast. Scott?

Thank you, John. No questions have been submitted at this time. So I will turn the meeting back to yourself.

Thank you, Scott. That concludes our 2026 Annual General Meeting of Shareholders. I want to thank you all for joining, and we look forward to speaking to all of you again soon.