Alamos Gold

Revenue and cash flow depend on gold prices and mine performance. While assets are in relatively stable jurisdictions and guidance shows multi-year growth to 2028, the business remains exposed to operational events and cost inflation. 2026 guidance was cut due to a seismic event at Young-Davidson and slower leach recoveries at La Yaqui Grande.

The long-life nature of Young-Davidson and the shaft and mill expansion timing at Island Gold improve medium-term visibility, but variability in grades, recoveries, and input costs constrain predictability.