Alamos Gold

Gold producers are price takers. Real pricing power is absent. Margin defensibility comes from low AISC and capital efficiency, not from the ability to raise prices. The IGD plan points to structurally lower costs and higher throughput, which can expand margins at any given gold price, but that is not pricing power.

A modest uplift is warranted for potential mill blending, district integration, and operating flexibility that can optimize realized margins across cycles.