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

Toronto, Ontario (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.

•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.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)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.

(3)Sustaining finance leases at the Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing activities.

(4)Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2025.

(5)Average realized gold price for the three months ended March 31, 2026 included the delivery of ounces into the gold prepayment facility based on the prepay price of $4,166 ($2,524 per ounce for the three months ended March 31, 2025).

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)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.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Includes capitalized exploration at Island Gold District of $3.4 million for the three months ended March 31, 2026 ($3.9 million for the three months March 31, 2025).

(5)Includes capitalized exploration at Young-Davidson $3.4 million for the three months ended March 31, 2026 ($2.0 million for the three months ended March 31, 2025).

(6)Includes capitalized exploration at Mulatos District $2.2 million for the three months ended March 31, 2026 ($0.7 million for the three months ended March 31, 2025).

(7)The Island Gold District includes Island Gold and Magino mines.

(8)The Mulatos District includes Mulatos and La Yaqui Grande mines.

•Total Recordable Injury Frequency Rate1 of 1.47 in the first quarter, consistent with the fourth quarter of 2025

•Lost time injury frequency rate1 of nil in the first quarter, consistent with the fourth quarter of 2025

•During the first quarter, Alamos had 20 recordable injuries across its sites and no lost time injuries

•Continued reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District, with work expected to be completed in the second quarter of 2026

•Zero significant environmental incidents

•Ongoing financial support for various institutions in Kirkland Lake to support their services and continued operations

•Sponsorship of various events and teams, including the Canadian Mining Games, Junior Explorers Challenge, Temagami First Nation Ice Road Challenge, Larder Lake Fishing Derby, and a local team participating in the Youth Bowl Canada Championship

•Cash donations to various health, education, and food programs in the communities in which Alamos operates

•Completed annual fieldwork and assurance of Alamos’ compliance with the World Gold Council’s Responsible Gold Mining Principles (“RGMPs”). Alamos expects to publish its 2025 RGMP Report in the second quarter of 2026

(1) Frequency rate is calculated as incidents per 200,000 hours worked.

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

(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)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.

(4)Sustaining and growth capital guidance excludes capitalized exploration.

(1)Cost of sales includes mining and processing costs, royalties, and amortization.

(2)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.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

(5)Mine-site free cash flow does not include lease payments which are classified as cash flows used in financing activities on the consolidated financial statements.

(6)Includes ore stockpiled during the periods.

(7)Total waste mined includes operating waste and capitalized stripping.

(8)Magino mill results include the processing of open pit ore from Magino and excess underground ore not processed within the Island Gold mill for the three months ended March 31, 2026. Grades of gold processed from the Magino mine averaged 1.07 g/t Au.

(1)Cost of sales includes mining and processing costs, royalties and amortization.

(2)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.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

Milling rates averaged 6,786 tpd in the first quarter, below guidance reflecting longer than planned downtime for scheduled maintenance and an unscheduled repair to a transformer in the mill. Milling rates are expected to increase to average 8,000 tpd through the rest of the year. Excess underground ore mined but not processed in the first quarter will be processed through the remainder of the year. Milled grades averaged 1.75 g/t Au for the first quarter, consistent with mined grades. Mill recoveries averaged 89% for the first quarter, slightly lower than the prior year period and annual guidance reflecting lower grades processed.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)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.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

•Shaft sinking completed to planned depth of 1,381 m

•Concrete liner to the shaft bottom and excavation of the loading pocket completed

•Mechanical and electrical outfitting for the water handling facility and shaft bin house substantially complete

•Magino mill expansion to 20,000 tpd progressing, with installation of structural steel completed, cladding and roofing activities well underway, and all eight leach tanks erected

•Paste plant construction advancing with expected completion in second quarter of 2026

•Completed installation of structural steel for new administrative complex, with roofing and cladding underway

•Advanced lateral development in support of higher mining rates ramp up through 2026

1.Reflects updated capital estimates released in February 2026 as part of the IGD Expansion, based on USD/CAD exchange $0.74:1. Spent to date based on average USD/CAD of $0.73:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at March 31, 2026 of $0.72:1.

2.Amount spent to date accounted for on an accrual basis, including working capital movements.

3.Spent to date includes components for Magino mill expansion to 20,000 tpd which were not included in P3+ Estimate.

4.Includes power upgrade spent to-date on a 100% basis and does not reflect partner’s contributions.

•Average annual production of 186,000 ounces over the initial 10 years

•Low mine-site AISC of $829 per ounce over the initial 10 years ($1,039 per ounce over the life of mine)

•Long mine life of 25 years with total production of three million ounces (based on Mineral Reserves at the end of 2024)

•Attractive economics with significant near-mine and regional exploration upside

•Advanced expansion of temporary camp, with expected completion in second quarter

•Commenced permanent camp construction with bulk earthworks completed

•Initiated blasting activities for starter pit at MacLellan

•Placed long lead time orders for mill construction

•Completed geotechnical drilling for tailings management area

•Earthworks for key surface infrastructure substantially complete

•Advanced development of portal access with underground development expected to start in second quarter

Progressed mill foundation work and ordered long lead time items

Cost of sales (which include mining and processing costs, royalties, and amortization expense) were $205.5 million in the first quarter, 5% higher than the prior year period. Key drivers of changes to cost of sales as compared to the prior year period were as follows:

This press release should be read in conjunction with the Company’s consolidated financial statements for the three-month period ended March 31, 2026 and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company's website, www.alamosgold.com, in the "Investors" section under "Reports and Financials", and on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov).

Senior management will host a conference call on Thursday, April 30, 2026 at 11:00 am ET to discuss the results. Participants may join the conference call via webcast or through the following dial-in numbers:

To view the live webcast, please register at www.alamosgold.com, or through the following link view webcast.

Toronto and International:                (647) 495-7514

Toll free (Canada and the United States):         (888) 596-4144

Participant passcode:                    1813237#

Alternatively, you may register your phone number here within 30 minutes of the scheduled start of the call to receive an instant automated call back.

A playback will be available until May 30, 2026 by dialling (647) 362-9199 or (800) 770-2030 within Canada and the United States. The passcode is 1813237#. The webcast will be archived at www.alamosgold.com.

Chris Bostwick, FAusIMM, Alamos’ Senior Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 ("Qualified Person"), has reviewed and approved the scientific and technical information contained in this press release.

Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District and Young-Davidson mine in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects including the IGD Expansion, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.

This press release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed, to be, forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", “assume”, "believe", "anticipate", "likely", "intend", "objective", "estimate", "budget", “potential”, "prospective", "opportunity", "forecast", “target”, "goal", "aim", “on track”, "on pace", “outlook”, “continue”, “ongoing”, "onwards", “plan”, "scheduled", or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms.

Such statements in this press release may include (without limitation) information, assumptions, expectations and guidance as to strategy, plans, and future financial and operating performance, such as those regarding: free cash flow; mine-site free cash flow; costs (including total cash costs, AISC, mine-site AISC, capital expenditures, growth and sustaining capital, capitalized exploration, exploration spending); budgets; tax rates and the payment of taxes; IRR; NPV; total liquidity; returns to stakeholders; impacts of inflation; mine plans; mine life; Mineral Reserve life; Mineral Reserves and Resources; gold and other metal price assumptions; foreign exchange rates; size, value and profitability of operations and the Company's balanced approach to capital allocation; project economics; project risks; mining methodologies; underground development rates; mining, milling and processing rates; total mill feed and throughput rates; recovery rates; anticipated gold production, production rates, timing of production, further production potential and growth; gold grades; exploration potential, budgets, focuses, programs, targets, and projected results; investment in and funding of growth initiatives and projects; operational impacts on the natural environment; the Company's approach to reduction of its environmental footprint, greenhouse gas emissions, and related investments in new initiatives; the Company's climate change strategy and goals; community relations, engagement activities, and initiatives; corporate governance; plans with respect to health and safety; the Island Gold District (IGD) Expansion Study; project milestones and timing and effects of completion of the IGD Expansion and the Phase 3+ Expansion Project; mill expansion; paste plant expansion; infrastructure upgrades; connection of the Magino mill to the electric grid; construction of the 115kV powerline project; in the Mulatos District, the Puerto Del Aire project, Cerro Pelon and the Halcon target; developments at the Lynn Lake project, project milestones and production projections and timing; exploration potential at the Qiqavik Gold project; and any other statements that express management's expectations or estimates of future performance, operational, geological or financial results.

Risk factors that may affect Alamos’ ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: the actual results of current exploration activities; changes to current estimates of Mineral Reserves and Resources; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates which may be impacted by unscheduled maintenance, weather issues, labour and contractor availability and other operating or technical difficulties in connection with mining or development activities, including geotechnical challenges); conclusions of economic and geological evaluations; the costs and timing of exploration, construction and development of new deposits; changes in project parameters as plans continue to be refined; operations may be exposed to illnesses, diseases, epidemics and pandemics which may impact, among other things, the broader market and the trading price of the Company's shares; the duration of any regulatory responses to any illness, disease, epidemic or pandemic; government and the Company’s attempts to reduce the spread of any illness, disease, epidemic or pandemic which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver gold doré bars; provincial, state and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico and other jurisdictions in which the Company does or may conduct business; political and economic conditions and developments in the jurisdictions in which the Company operates and in the world generally; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; changes in foreign exchange rates (particularly CAD, MXN and USD); the impact of inflation and any tariffs, trade barriers and/or regulatory costs; changes in the Company's credit rating; any decision to declare a quarterly dividend; employee and community relations; litigation, administrative or regulatory proceedings and any resulting court, administrative, regulatory or arbitral decision(s) or order(s); disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays in implementing growth and improvement initiatives; delays with the Phase 3+ Shaft Expansion or the IGD Expansion; delays in or obstructions to construction of the 115kV powerline; delays with the expansion of the Magino mill, paste plant construction project, construction of the Lynn Lake Project, construction of the PDA project, and/or the development or updating of mine plans; changes with respect to the intended method of accessing, mining the deposit, and processing any ore at PDA; risks associated with the start-up of new mines; the risk that the Company’s mines may not perform as planned; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining necessary licenses and permits, including the necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Company’s development stage and operating assets; labour and contractor availability (and being able to secure the same on favourable terms); contests over title to properties; expropriation or nationalization of property; inherent risks and hazards associated with mining and mineral processing including industrial hazards, industrial accidents, and environmental hazards including, without limitation, fires, floods, seismic activity and unusual or unexpected formations, pressures and cave-ins; changes in national and local government legislation, controls or regulations in Canada, Mexico, the United States and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; failure to comply with environmental and health and safety laws and regulations; disruptions in the maintenance or provision of required infrastructure and information technology systems; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company.

Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release are set out in the Company's latest 40-F/Annual Information Form under the heading “Risk Factors”, which is available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this press release.

Measured, Indicated and Inferred Resources: All resource and reserve estimates included in this press release or documents referenced in this press release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended ("CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The Securities and Exchange Commission (the “SEC”) has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards.

International Financial Reporting Standards: The consolidated financial statements of the Company have been prepared by management in accordance with IFRS, as issued by the IASB (note 2 and 3 to the consolidated financial statements for the years ended December 31, 2025). These accounting principles differ in certain material respects from accounting principles generally accepted in the United States of America. The Company’s reporting currency is the United States dollar unless otherwise noted.

•adjusted net earnings and adjusted earnings per share;

•cash flow from operating activities before changes in working capital and taxes paid;

•Company-wide free cash flow;

•total mine-site free cash flow;

•mine-site free cash flow;

•total cash costs per ounce of gold sold;

•AISC per ounce of gold sold;

•Mine-site AISC per ounce of gold sold;

•sustaining and non-sustaining capital expenditures; and

•adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA")

•Foreign exchange gains or losses

•Items included in other loss

•Impairment expense/reversal of impairment

•Net gain or loss on commodity derivatives

•Certain non-recurring items

•Foreign exchange gain or loss recorded in deferred tax expense

•The income and mining tax impact of items included in other loss

“Cash flow from operating activities before changes in working+ capital and cash taxes” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in working capital and cash taxes to cash flow from operating activities. “Cash flow from operating activities before changes in working capital and cash taxes” is a non-GAAP financial measure with no standard meaning under IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure.

“Company-wide free cash flow" is a non-GAAP performance measure calculated from cash flow from operating activities, less mineral property, plant and equipment expenditures and non-recurring costs. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash company-wide. Company-wide free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Company-wide free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

(in millions)
			Three Months Ended March 31,
			2026			2025
Cash flow from operating activities			$242.5			$79.6
Less: mineral property, plant and equipment expenditures			(183.5)			(99.7)
Add: early settlement of Argonaut legacy hedges (1)			42.7			—
Company-wide free cash flow			$101.7			($20.1)

(1) represents the early settlement of 15,000 ounces of the Argonaut legacy hedges scheduled to mature in the second half of 2026.

(1)Cash from operating activities for the Canadian operations excludes the impact of the 6,127 ounces delivered into the gold prepayment arrangement for the three months ended March 31, 2026 (three months ended March 31, 2025 - 12,346 ounces). The non-cash adjustment to reflect the settlement of the gold prepayment arrangement is included in Company-wide free cash flow.

(1)Corporate and administrative expenses exclude expenses incurred at development properties.

(2)Share-based compensation included in total cash costs and AISC excludes the impact of mark-to-market adjustments for changes in the Company’s share price in the periods allocated to sites (included in mining and processing costs) and corporate head office (included in share-based compensation expense). The prior year period comparatives have been restated to exclude the impact. See Note 10 (d) of the condensed interim consolidated financial statements for the periods ended March 31, 2026 and 2025 for further details.

(3)Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at growth projects and certain expenditures at operating sites which are deemed expansionary in nature. Total sustaining capital expenditures for the periods are as follow:

(1)Share-based compensation included in mine-site total cash costs and mine-site AISC excludes the impact of mark-to-market adjustments for changes in the Company’s share price in the periods allocated to sites included in mining and processing costs.

•Earnings from operations - represents the amount of earnings before net finance expense/income, foreign exchange loss/gain, other loss, net loss/gain on commodity derivatives and income tax expense

(Unaudited - stated in millions of United States dollars, except share and per share amounts)

This Management’s Discussion and Analysis (“MD&A”), dated April 29, 2026, relates to the financial condition and results of the consolidated operations of Alamos Gold Inc. (“Alamos” or “Company”), and should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2025 and unaudited condensed interim consolidated financial statements for the three months ended March 31, 2026 and notes thereto. The condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS" or "GAAP") as issued by the International Accounting Standards Board ("IASB"), applicable to the preparation of interim financial statements in accordance with IAS 34 - Interim Financial Reporting. All results are presented in United States dollars (“US dollars”, "USD" or “$”), unless otherwise stated.

Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District (comprising the Island Gold and Magino mines) and Young-Davidson mine in Northern Ontario, Canada and the Mulatos District (comprising the Mulatos and La Yaqui Grande mines) in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Shaft Expansion (“Phase 3+ Shaft Expansion” or “Phase 3+ Expansion”) and the Island Gold District Expansion ("IGD Expansion") in the Island Gold District, the Lynn Lake project in Manitoba, Canada and the Puerto Del Aire (“PDA”) project in the Mulatos District. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development.

The Company’s common shares are listed on the Toronto Stock Exchange (TSX: AGI) and the New York Stock Exchange (NYSE: AGI). Further information about Alamos can be found in the Company’s regulatory filings, including the Company's Annual Information Form, available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.alamosgold.com.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)Sustaining finance leases at the Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing activities.

(4)Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2025.

(5)Average realized gold price for the three months ended March 31, 2026 included the delivery of ounces into the gold prepayment facility based on the prepay price of $4,166 ($2,524 per ounce for the three months ended March 31, 2025).

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Includes capitalized exploration at Island Gold District of $3.4 million for the three months ended March 31, 2026 ($3.9 million for the three months March 31, 2025).

(5)Includes capitalized exploration at Young-Davidson $3.4 million for the three months ended March 31, 2026 ($2.0 million for the three months ended March 31, 2025).

(6)Includes capitalized exploration at Mulatos District $2.2 million for the three months ended March 31, 2026 ($0.7 million for the three months ended March 31, 2025).

(7)The Island Gold District includes Island Gold and Magino mines.

(8)The Mulatos District includes Mulatos and La Yaqui Grande mines.

•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 of this MD&A for a description and calculation of these measures.

•Total Recordable Injury Frequency Rate1 of 1.47 in the first quarter, consistent with the fourth quarter of 2025

•Lost time injury frequency rate1 of nil in the first quarter, consistent with the fourth quarter of 2025

•During the first quarter, Alamos had 20 recordable injuries across its sites and no lost time injuries

•Continued reclamation activities at the Cerro Pelon, El Victor and San Carlos pits in the Mulatos District, with work expected to be completed in the second quarter of 2026

•Zero significant environmental incidents

•Ongoing financial support for various institutions in Kirkland Lake to support their services and continued operations

•Sponsorship of various events and teams, including the Canadian Mining Games, Junior Explorers Challenge, Temagami First Nation Ice Road Challenge, Larder Lake Fishing Derby, and a local team participating in the Youth Bowl Canada Championship

•Cash donations to various health, education, and food programs in the communities in which Alamos operates

•Completed annual fieldwork and assurance of Alamos’ compliance with the World Gold Council’s Responsible Gold Mining Principles (“RGMPs”). Alamos expects to publish its 2025 RGMP Report in the second quarter of 2026

(1) Frequency rate is calculated as incidents per 200,000 hours worked.

On February 3, 2026, the Company released results of the IGD Expansion Study, incorporating 8.3 million ounces of Mineral Reserves and an expansion of the Magino mill to 20,000 tpd. This is supported by increased mining rates of 3,000 tpd of high-grade underground ore and 17,000 tpd from the open pit, and is expected to drive production higher and create one of the largest, longest life, and most profitable gold operations in Canada. Highlights include the following:

•Higher production: average annual production of 534,000 ounces over 10 years post expansion (2028+), a 113% increase from 2025

•Average annual production of 490,000 ounces over 15 years during which both the open pit and underground are operating (based on Mineral Reserves only)

•Low-cost structure: average mine-site AISC of $1,025 per ounce over the initial 10 years post expansion (2028+), a decrease of approximately 31% from 2025

•Average total cash costs of $682 per ounce over the initial 10 years (2028+), and $717 per ounce over 15 years with both the open pit and underground operating

•Average AISC of $1,032 per ounce over 15 years, representing an approximate 30% decrease from 2025

•Large, long-life operation underpinned by 8.3 million ounces in Mineral Reserves (128.2 mt grading 2.01 g/t Au, including:

•5.1 million ounces grading 10.61 g/t Au (15.1 mt) at Island Gold underground

•3.1 million ounces grading 0.86 g/t Au (113.1 mt) at Magino open pit

•19-year mine life (based on Mineral Reserves only)

•Low capital intensity and total all-in cost per ounce providing significant margins and profitability

•Growth capital for the IGD Expansion of $542 million focused on the expansion of the Magino mill, and accelerated underground development and mobile equipment to support the higher underground and open pit mining rates

•Including remaining spending on the Phase 3+ Shaft Expansion, total growth capital of $704 million, the majority of which will be spent over the next three years

•Sustaining capital of $2,342 million, or $302 per ounce sold, and total capital of $393 per ounce sold

•Total all-in cost, including growth capital, of $1,155 per ounce providing significant pre-tax margins of more than $3,500 per ounce at current gold prices

•Attractive economics with significant upside

•After-tax NPV (5%) of $8.2 billion at a long-term gold price assumption of $3,200 per ounce and USD/CAD foreign exchange rate of $0.74:1

•After-tax internal rate of return (“IRR”) of 53%

•After-tax NPV (5%) of $12.2 billion and an after-tax IRR of 69% at a gold price of $4,500 per ounce

•Significant upside potential through ongoing Mineral Reserve growth and incorporation of higher-grade regional targets

•Underground Mineral Reserves have increased for 13 consecutive years. With the deposit open laterally and at depth, there is excellent potential for this growth to continue

•Measured & Indicated Mineral Resources of 2.0 million ounces and Inferred Mineral Resources of 1.4 million ounces have not been incorporated into the IGD Expansion Study and represent upside through ongoing resource conversion

•Multiple regional targets, including the nearby past producing Cline-Pick mine, represent further production upside potential as opportunities for additional higher-grade mill feed within the expanded mill. The best hole drilled to date at the Cline-Pick target was announced in a press release dated February 2, 2025, with grades averaging 178 g/t Au over 3.5 m

•Low and decreasing greenhouse gas ("GHG") emission intensity

•56% reduction of GHG emissions per ounce from levels already 30% lower than the industry average. This is expected to be achieved through the completion of the Phase 3+ Shaft Expansion, and connecting the Magino mill to grid power

•IGD Expansion largely de-risked and expected to be completed in 2028

•Construction of shaft and surface infrastructure is expected to be substantially complete by the end of 2026, and commissioning of the shaft completed in early 2027. The infrastructure is designed to support higher underground mining rates of 3,000 tpd

•Construction of the larger mill is well underway and sized for 20,000 tpd such that key components of the IGD Expansion are largely de-risked

•Growing free cash flow while funding growth

•Island Gold District is expected to self-finance all growth capital while generating growing free cash flow through to the completion of the expansion in 2028

•After-tax free cash flow is expected to increase to average $0.8 billion per year over 10 years (starting in 2028+) at a long-term gold price of $3,200 per ounce

•At a gold price of $4,500 per ounce, average after-tax free cash flow is expected to increase to $1.3 billion per year over 10 years (starting in 2028+)

On February 17, 2026, the Company reported its updated Mineral Reserves and Resources as of December 31, 2025. Highlights include the following:

▪Global Proven and Probable Mineral Reserves increased 32% to 15.9 million ounces of gold (265 mt with grades also increasing 5% to 1.87 g/t Au). This was driven by the successful conversion of a large portion of the Island Gold District’s Mineral Resource base into Mineral Reserves

•Island Gold’s Mineral Reserves more than doubled, increasing 125% to 5.1 million ounces (15.1 mt grading 10.61 g/t Au), reflecting the conversion of existing and newly defined Mineral Resources to Mineral Reserves

•Magino’s Mineral Reserves increased 56% to 3.1 million ounces (113 mt grading 0.86 g/t Au), primarily reflecting the successful conversion of Mineral Resources to Mineral Reserves

▪Global Measured and Indicated Mineral Resources increased 6% to 5.5 million ounces of gold (119 mt grading 1.44 g/t Au), driven by additions at Young-Davidson, Lynn Lake and Mulatos, more than offsetting Mineral Resource conversion at Magino

▪Global Inferred Mineral Resources decreased 63% to 2.0 million ounces of gold (35.0 mt grading 1.82 g/t Au), reflecting the successful conversion of Inferred Mineral Resources at both Island Gold and Magino to Mineral Reserves

On February 18, 2026, the Company announced an increase in the quarterly dividend to $0.04 per share, 60% higher than 2025 quarterly dividend of $0.025 per share.

In the first quarter, the Company repurchased and eliminated approximately one-third of forward sale contracts that were in place for the second half of 2026, totalling 15,000 ounces at an average price of $1,821 per ounce. These hedges were inherited as part of the Argonaut acquisition in 2024. The Company utilized existing cash to eliminate the hedges at a cost of $42.7 million, representing an effective price of $4,667 per ounce, providing further upside to current gold prices.

Remaining Argonaut legacy hedges total 85,000 ounces at an average price of $1,821 per ounce, with 35,000 ounces maturing in the second half of 2026, and the remaining 50,000 ounces maturing in the first half of 2027. The Company will continue to monitor opportunities to repurchase and eliminate the remaining contracts, having eliminated 245,000 of the initial 330,000 ounces that were inherited in 2024, prior to maturity.

(1)Refer to the "Non-GAAP Measures and Additional GAAP" section of this MD&A for a description of these measures.

(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)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.

(4)Sustaining and growth capital guidance excludes capitalized exploration.

The Island Gold District is comprised of the adjacent Island Gold and Magino mines, located just east of the town of Dubreuilville, Ontario, Canada, 83 kilometres (“km”) northeast of Wawa. Alamos holds 100% of all mining titles related to the Island Gold District, which comprises approximately 58,921 hectares ("ha"). The Island Gold mine began production in October 2007. The Magino mine declared commercial production in the fourth quarter of 2023.

(1)Cost of sales includes mining and processing costs, royalties, and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

(5)Mine-site free cash flow does not include lease payments which are classified as cash flows used in financing activities on the consolidated financial statements.

(6)Includes ore stockpiled during the periods.

(7)Total waste mined includes operating waste and capitalized stripping.

(8)Magino mill results include the processing of open pit ore from Magino and excess underground ore not processed within the Island Gold mill for the three months ended March 31, 2026. Grades of gold processed from the Magino mine averaged 1.07 g/t Au.

The Young-Davidson mine is located near the town of Matachewan in Northern Ontario, Canada. The property consists of contiguous mineral leases and claims totaling approximately 18,700 ha and is situated on the site of two past producing mines. The Young-Davidson mine declared commercial production in 2013 and has since produced over two million ounces of gold.

(1)Cost of sales includes mining and processing costs, royalties and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

Milling rates averaged 6,786 tpd in the first quarter, below guidance reflecting longer than planned downtime for scheduled maintenance and an unscheduled repair to a transformer in the mill. Milling rates are expected to increase to average 8,000 tpd through the rest of the year. Excess underground ore mined but not processed in the first quarter will be processed through the remainder of the year.

Milled grades averaged 1.75 g/t Au for the first quarter, consistent with mined grades. Mill recoveries averaged 89% for the first quarter, slightly lower than the prior year period and annual guidance reflecting lower grades processed.

The Mulatos District (Mulatos and La Yaqui Grande mines) is located within the Salamandra Concessions in the Sierra Madre Occidental mountain range in the State of Sonora, Mexico. The Company controls a total of approximately 34,364 ha of mineral concessions within the Mulatos District. The Mulatos mine achieved commercial production in 2006, with La Yaqui Grande commencing operations in June 2022.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

•Shaft sinking completed to planned depth of 1,381 m

•Concrete liner to the shaft bottom and excavation of the loading pocket completed

•Mechanical and electrical outfitting for the water handling facility and shaft bin house substantially complete

•Magino mill expansion to 20,000 tpd progressing, with installation of structural steel completed, cladding and roofing activities well underway, and all eight leach tanks erected

•Paste plant construction advancing with expected completion in second quarter of 2026

•Completed installation of structural steel for new administrative complex, with roofing and cladding underway

•Advanced lateral development in support of higher mining rates ramp up through 2026

1.Reflects updated capital estimates released in February 2026 as part of the IGD Expansion, based on USD/CAD exchange $0.74:1. Spent to date based on average USD/CAD of $0.73:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at March 31, 2026 of $0.72:1.

2.Amount spent to date accounted for on an accrual basis, including working capital movements.

3.Spent to date includes components for Magino mill expansion to 20,000 tpd which were not included in P3+ Estimate.

4.Includes power upgrade spent to-date on a 100% basis and does not reflect partner’s contributions.

•Average annual production of 186,000 ounces over the initial 10 years

•Low mine-site AISC of $829 per ounce over the initial 10 years ($1,039 per ounce over the life of mine)

•Long mine life of 25 years with total production of three million ounces (based on Mineral Reserves at the end of 2024)

•Attractive economics with significant near-mine and regional exploration upside

•Advanced expansion of temporary camp, with expected completion in second quarter

•Commenced permanent camp construction with bulk earthworks completed

•Initiated blasting activities for starter pit at MacLellan

•Placed long lead time orders for mill construction

•Completed geotechnical drilling for tailings management area

•Earthworks for key surface infrastructure substantially complete

•Advanced development of portal access with underground development expected to start in second quarter

•Progressed mill foundation work and ordered long lead time items

First Quarter 2026 Exploration Activities

The Company’s financial performance is largely dependent on the price of gold, which directly affects the Company’s profitability and cash flow. The price of gold is subject to volatile price movements and is affected by numerous factors, such as the strength of the US dollar, supply and demand, interest rates, and inflation rates, all of which are beyond the Company’s control. During the first quarter of 2026, the Company realized an average gold price of $4,829 per ounce, a 72% increase compared to $2,802 per ounce in the prior year period. The realized gold price for the first quarter was $44 per ounce below the London PM Fix price, primarily reflecting the delivery of 6,127 ounces into the gold prepayment facility executed in the fourth quarter of 2025 based on the prepay price of $4,166 per ounce.

In the first quarter, the Company partially repurchased and eliminated approximately one-third of legacy gold hedges from Argonaut that were in place for the second half of 2026, totalling 15,000 ounces at an average price of $1,821 per ounce. These hedges were inherited as part of the Argonaut acquisition in 2024. The cost to eliminate the hedges was $42.7 million, representing an effective price of $4,667 per ounce, providing further upside to current gold prices. The Company funded the repurchase of the hedges with cash from treasury.

Remaining Argonaut legacy hedges total 85,000 ounces at an average price of $1,821 per ounce, to be delivered during the second half of 2026 and first half of 2027. The Company will continue to monitor opportunities to repurchase and eliminate the remaining contracts, having repurchased and eliminated 245,000 of the 330,000 ounces that were inherited, prior to maturity.

At the Company’s mine sites, a significant portion of operating costs and capital expenditures are denominated in foreign currencies, primarily the Canadian dollar ("CAD") and Mexican peso ("MXN"). Fluctuations in the value of these foreign currencies relative to the US dollar can significantly impact the Company’s costs and cash flow. In the first quarter of 2026, the Canadian dollar averaged approximately $1.37 CAD to $1 USD, compared to $1.44 CAD to $1 USD in the first quarter of 2025. The Mexican peso averaged approximately $17.58 MXN to $1 USD in the first quarter of 2026, compared to $20.42 MXN to $1 USD in the first quarter of 2025.

The Company recorded a foreign exchange loss of $4.4 million in the first quarter. The Canadian dollar to US dollar weakened by 1% compared to the fourth quarter of 2025, ending at 1.39 CAD to $1 USD on March 31, 2026, while the Mexican peso remained stable during the first quarter, ending at $18.02 MXN.

Additionally, the Company is exposed to currency risk through non-monetary assets and liabilities of subsidiaries whose taxable profit or tax loss are denominated in non-US dollar currencies. Changes in exchange rates give rise to temporary differences, resulting in deferred tax assets and liabilities with the resulting deferred tax charged or credited to income tax expense/recovery. The movement of the CAD and MXN rates generated a non-cash foreign exchange loss of $14.9 million in the first quarter on the revaluation of monetary tax and deferred tax balances, recorded within deferred tax expense.

The Company actively manages its currency exposure through a hedging program, which resulted in a realized foreign exchange gain of $0.1 million during the first quarter. The Company applies hedge accounting; accordingly, the realized gain has been applied against operating and capital costs at the operating mines.