Alamos Gold Announces Island Gold District Expansion To 20,000 TPD, Creating One Of Canada's Largest And Lowest Cost Gold Mines With Attractive Economics, Including 69% After-Tax IRR And $12.2 Billion NPV At $4,500/Oz Gold

Mineral Reserves and Resources

A larger Proven and Probable Mineral Reserve totaling 8.3 million ounces grading 2.01 g/t Au (128.2 million tonnes (“mt”)) has been included in the IGD Expansion Study. This represents a 30% increase from the 6.3 million ounces contained in the Base Case LOM. The increase was driven by a successful delineation drilling program completed at both the Island Gold underground and Magino open pit deposits with the focus on converting a large portion of Mineral Resource base into Mineral Reserves.

Underground Mineral Reserves increased 25% from the Base Case LOM to 5.1 million ounces at similar grades of 10.61 g/t Au (15.1 mt). Open pit Mineral Reserves also increased 40% to 3.1 million ounces, at slightly lower grades of 0.86 g/t Au. Consistent with the approach for the Base Case LOM, only Mineral Reserves were incorporated into the IGD Expansion life of mine plan and economic analysis.

Mineral Reserves – Effective as of December 31, 2025

• Mineral Reserves reported are consistent with the CIM Definition Standards for Mineral Resources and Mineral Reserves
• Mineral Reserves are reported to a cut-off grade of 3.78 Au g/t at Island Gold and 0.30 Au g/t for Magino
• The cut-off grades are based on a gold price of $1,800/oz Au at both Island Gold and Magino
• Silver is not used in the cut-off grade calculation
• Totals may not add up due to rounding
• Francis McCann, P.Eng, Director - Technical Services is the Qualified Person for Magino's Mineral Reserve estimate. Mr. McCann is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101")
• Nathan Bourgeault, P.Eng., Manager, Technical Services for the Island Gold District is the Qualified Person for Island Gold's Mineral Reserve estimate. Mr. Bourgeault is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101")
  

Mineral Resources for Island Gold underground and the Magino open pit were not included in the IGD Expansion mine plan and represent a significant upside opportunity to the IGD Expansion Study. With the Mineral Resource conversion rate at Island Gold underground continuing to average over 90%, a significant portion of the existing Mineral Resources are expected to convert to Mineral Reserves with further drilling.

Mineral Resources – Effective as of December 31, 2025

• Mineral Resources reported are consistent with the CIM Definition Standards for Mineral Resources and Mineral Reserves
• Mineral Resources are reported at an assumed gold price of $2,000/oz
• Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves
• Island Gold underground Resources are estimated at a cut-off grade of 3.36 g/t
• Magino open pit Resources are estimated at a cut-off grade of 0.28 g/t Au
• Contained Au ounces are in-situ and do not include metallurgical recovery losses
• Mineral Resources are exclusive of Mineral Reserves
• Totals may not add up due to rounding
• Jeffrey Volk, CPG, FAusIMM, Director of Reserves and Resources for Alamos Gold Inc is the Qualified Person for the Magino open pit Mineral Resource estimate. Tyler Poulin, P. Geo., Geology Superintendent for Alamos Gold, is the Qualified Person for the Island Gold underground Mineral Resource estimate. Mr. Volk and Mr. Poulin are Qualified Persons within the meaning of Canadian Securities Administrator's National Instrument 43-101 ("NI 43-101")
  

Economic Analysis

The IGD Expansion Study has an estimated after-tax NPV (5%) of $8.2 billion assuming a long-term gold price of $3,200 per ounce and USD/CAD foreign exchange rate of $0.74:1.

At a $4,500 per ounce gold price, the after-tax NPV (5%) increases to $12.2 billion. The mine plan, operating parameters and capital estimates incorporated in the IGD Expansion Study are based on costing as of the fourth quarter 2025 and do not include inflation. The project economics are sensitive to metal price assumptions and input costs as detailed in the tables below.

IGD Expansion After-Tax NPV (5%) Sensitivity ($ Millions)

IGD Expansion After-Tax NPV (5%) Sensitivity to Gold Price ^1,2

IGD Expansion Overview

The Island Gold District is comprised of the Island Gold underground mine and the Magino open pit mine. The IGD Expansion incorporates a 30% larger Mineral Reserve of 8.2 million ounces, and includes an expansion of the Magino mill to 20,000 tpd, as well as increased underground and open pit mining and processing rates. Relative to the Base Case LOM, underground mining and processing rates will increase by a further 25% to 3,000 tpd, and open pit processing rates will increase 70% to 17,000 tpd.

The mill expansion will include the construction of a parallel circuit with a capacity of 10,000 tpd, doubling the overall capacity of the mill. The new circuit is designed to process a blend of high-grade underground ore and open pit ore, with the existing circuit to be fed with open pit ore only.

The Island Gold mill will continue operating in 2026 and 2027 and will be dedicated to processing approximately 1,265 tpd of higher grade underground ore until the expected completion of the mill expansion in the first quarter of 2028. The remaining underground ore mined will be blended at increasing rates with open pit ore, and processed within the Magino mill. Following the completion of the IGD Expansion in 2028, the Island Gold mill will be shut down and all underground and open pit ore will be processed through the larger, centralized and more cost-effective Magino mill.

As part of the IGD Expansion, a number of improvements will be made to the existing Magino mill circuit. These include the addition of ore bins, a new truck dump configuration to allow for direct tipping of ore, and a centralized gyratory crusher that will provide more than 20,000 tpd of front-end crushing capacity. In addition to the connection of the mill to electric grid power, these changes will significantly improve the performance of the circuit by reducing ore rehandling, ensuring more consistent and higher ore flow into the mill, which will all contribute to lower processing costs.

Underground mining rates are expected to ramp up through 2026 from 1,400 tpd to 2,000 tpd by the end of the year. Following the expected completion of the Phase 3+ Expansion in the fourth quarter of 2026, underground mining will transition from trucking ore and waste to skipping ore and waste to surface through the new shaft infrastructure. This is expected to drive an increase in underground mining rates to 2,400 tpd in 2027. As part of the IGD Expansion, a further increase in underground mining rates to 3,000 tpd is expected by 2029, with the shaft and related infrastructure designed to support the higher mining rates. This will be processed through the expanded 20,000 tpd mill with the remaining 17,000 tpd coming from the open pit. To support the increase processing rates, open pit mining rates will also increase to average 80,000 tpd of total material and 17,000 tpd of ore. The increase in mining rates and expansion of the mill are expected to drive significant production growth over the next five years, at substantially lower costs.

IGD Expansion Production & Mine-site AISC Profile

IGD Expansion (Feb 2026) Production Profile vs Base Case LOM (June 2025)

Phase 3+ Expansion On Track for Completion in Q4 2026

The Phase 3+ Expansion of Island Gold underground has been significantly de-risked given the progress achieved to date, with details as follows:

• Shaft surface infrastructure, including the headframe, hoist house, and bin house expected to be completed during the first half of 2026
• Shaft development is down to a depth of 1,350 metres, 98% of the ultimate planned depth of 1,379 metres
• Construction of the paste plant is expected to be completed during the first half of 2026
• Shaft bottom infrastructure is advancing, and on track to begin skipping ore from underground in the fourth quarter of 2026
• The 115kV powerline project is planned for completion by the end of 2026. The power line will supply additional grid power sufficient to power the entire operation as well as the larger Magino mill through lower cost power from the electric grid
  

Mining

Island Gold underground

Longitudinal long-hole open stoping will continue to be utilized as the primary mining method with the completion of the shaft and paste plant expected to support the increase in mining rates to 2,400 tpd by 2027, and 3,000 tpd by 2029. As outlined in the Base Case LOM Plan, a more geotechnically sound approach will be employed across the stoping sequence with mining moving from the centre of the panel towards sill extremities (versus from the sill extremities towards the centre currently). This approach requires increased underground development, which will support an improved geotechnical mining sequence and a better managed stress environment.

Magino open pit

The Magino open pit will continue to be mined with a conventional shovel-truck methodology. Total mining rates of ore and waste are expected to average approximately 80,000 tpd with a peak of 102,000 tpd. Mining rates of ore are expected to average 17,200 tpd over the mine life, with 17,000 tpd to be processed through the expanded Magino mill starting in early 2028. The remaining lower grade ore will be stockpiled for processing at the end of the mine life. The waste to ore ratio mined over the life of mine is expected to average 3.6:1.

Shaft

A 5.0 metre diameter concrete lined shaft has been under construction since 2023 with a steel head frame and a 15-tonne skip size, providing hoisting capacity of 5,500 tpd at the current planned depth of 1,379 metres. This capacity is more than sufficient to accommodate average mining rates of 4,700 tpd (ore and waste) in the IGD Expansion.

The shaft will have dedicated compartments for ore and waste movement, and a double-deck service cage for the transport of personnel and materials. The hoisting plant is designed for an ultimate depth of 2,000 metres providing flexibility to accommodate future exploration success.

The underground ore handling and crushing has also been designed with excess capacity that is more than sufficient to support mining rates of 3,000 tpd. Once skipped to surface, ore will be trucked to and processed within both the Island Gold mill and Magino mill until early 2028, after which all ore will be sent to the expanded Magino mill for processing.

Paste plant

The paste plant and underground paste distribution system is expected to be completed in the first half of 2026 and commissioned at the same time as the shaft in the fourth quarter of 2026. As with the shaft, the paste plant was designed to support mining rates in excess of 3,000 tpd. The addition of paste backfill will allow for faster stope cycling, thereby supporting higher underground mining rates and providing increased geotechnical stability. It will also increase mining recovery resulting in an additional 230,000 ounces of gold recovered over the life of mine. Further, 65% of Island Gold tailings will be placed underground reducing tailings dam raise requirements over the mine life.

Mobile fleet – Island Gold

Following the completion of the shaft towards the end of 2026, mining rates are expected to increase to 2,400 tpd. Given the productivity improvements associated with operating the shaft, the fleet of underground haul trucks will be reduced by more than half. Following the completion of the IGD Expansion in 2028, underground mining rates are expected to increase a further 25% to 3,000 tpd by 2029. To support the higher mining rates, additional equipment will be required to increase underground development and production rates. This includes adding an additional four loaders, three bolters, one haul truck, one jumbo, and one drill.

At mining rates of 3,000 tpd, a total of eight haul trucks will be required compared to a peak of 20 haul trucks to sustain ramp haulage at 1,200 tpd. This will contribute to the lower ventilation requirements, significantly lower diesel usage, and lower costs given the productivity improvements and economies of scale.

Mobile fleet – Magino

The fleet at Magino consists of 15 haul trucks with a payload capacity of 139 tonnes, combined with three diesel powered hydraulic shovels and one excavator, supported by three front-end loaders. As part of the IGD Expansion, open pit mining rates are expected to increase from an average of 66,500 tpd of total material (ore + waste) in the Base Case LOM to 80,000 tpd, including peak mining rates of 102,000 tpd. To support the increase, an additional shovel, four drills, and eight haul trucks will be added to the fleet between 2028 and 2032.

Decreasing GHG emission intensity

The completion of the Phase 3+ Expansion is expected to reduce the Island Gold District GHG emissions intensity from already low levels. In 2025, the Island Gold District emission intensity was 30% lower than the industry average. The transition to a shaft operation from hauling ore to surface and fully connecting the Magino mill to the electric grid is expected to drive a further 56% decrease in GHG emissions per ounce produced. This will represent an emission intensity 70% lower than the industry average.

Emission Intensity

The Company will file a technical report prepared in accordance with NI 43-101 on SEDAR+ at within 45 days of the date of this release.

About Alamos

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”.

FOR FURTHER INFORMATION, PLEASE CONTACT:

The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note

This news release contains statements that constitute forward-looking information as defined under applicable Canadian and U.S. securities laws. All statements in this release other than statements of historical fact, which address events, results, outcomes or developments that Alamos 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 release. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", "estimate",“assume”,“believe”,“anticipate”,“intend”,“potential”,“outlook”,“future”,“plan”,“target”,“opportunity”,“budget”,“ongoing”,“on track” 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 release 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; costs (including cash costs, AISC, mine-site AISC, capital expenditures, growth and sustaining capital); cost structure and anticipated declining cost profile; budgets; NPV and IRR calculations; payment of taxes; net asset value; gold and other metal price assumptions; foreign exchange rates; mining methodologies; underground development rates; mining, milling and processing rates; total mill feed and throughput rates; expected average recoveries; anticipated gold production, production rates, timing of production, further production potential and growth; gold grades; mine life; Mineral Reserve life; Mineral Reserves and Resources, conversion rates and growth; planned exploration, exploration potential, strategy, focusses, targets, budget, discovery cost, upside and anticipated results; reduction in greenhouse gas emissions; project-related risks; improvement initiatives; project economics; value creation; size and profitability of operations; shareholder returns; the Island Gold District Expansion Study, expectation that growth will be self-financed, life of mine plan, project milestones and timing and effects of completion of the Island Gold District Expansion and the Phase 3+ Expansion Project, mill expansion, paste plant completion and commissioning, tailings expansion, construction of an airstrip and other infrastructure upgrades, construction of a 115kV powerline and timing of the Magino mill's connection to the electric grid and elimination of reliance on CNG; permitting requirements; and any other statements that express management's expectations or estimates of future performance, operational, geological or financial results.

Exploration results that include geophysics, sampling, and drill results on wide spacings may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. A Mineral Resource that is classified as "inferred" or "indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "Indicated Mineral Resource" or "Inferred Mineral Resource" will ever be upgraded to a higher category of Mineral Resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Proven and Probable Mineral Reserves.

Alamos cautions that forward-looking statements are necessarily based upon several factors and assumptions that, while considered reasonable by Alamos at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information.

Such factors and assumptions include (without limitation): the actual results of current exploration activities; changes to current estimates of mineral reserves and mineral resources; conclusions of economic and geological evaluations; changes in project parameters as plans continue to be refined; operations may be exposed to illness, disease, epidemic or pandemic which may impact, among other things, the broader market; 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; the duration of regulatory responses to any illness, disease, epidemic or pandemic; changes in national and local government legislation, controls or regulations; failure to comply with environmental and health and safety laws and regulations; labour and contractor availability (and being able to secure the same on favourable terms); ability to sell or deliver gold doré bars; disruptions in the maintenance or provision of required infrastructure and information technology systems; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance); changes in foreign exchange rates (particularly the Canadian dollar, U.S. dollar, and Mexican peso); the impact of inflation; the potential impact of any tariffs, trade barriers and/or regulatory costs; employee and community relations; litigation and administrative proceedings; disruptions affecting operations; risks associated with the startup of new mines; availability of and increased costs associated with mining inputs and labour; delays in the development or updating of mine plans; delays in implementing improvement initiatives; delays in construction, including the Phase 3+ expansion project, the Island Gold District Expansion and the 115kV powerline; inherent risks and hazards associated with mining and mineral processing including industrial accidents; environmental hazards including, without limitation, fires, floods, seismic activity, unusual or unexpected formations, pressures and cave-ins; 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, risks in obtaining and maintaining necessary licenses, permits and authorizations, contests over title to properties; expropriation or nationalization of property; political or economic developments in Canada or Mexico 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; the costs and timing of exploration, construction and development of new deposits; 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; and business opportunities that may be pursued by the Company.

Additional risk factors that may affect the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this release are set out in the Company's latest 40F/Annual Information Form and Management's Discussion and Analysis, each under the heading“Risk Factors” available on the SEDAR+ website at or on EDGAR at, and should be reviewed in conjunction with the information, risk factors and assumptions found in this release.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Cautionary Note to U.S. Investors – Mineral Reserve and Resource Estimates

Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this news 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 (the“CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the“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 U.S. 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.

Investors are cautioned that while the above terms are“substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as“proven mineral reserves”,“probable mineral reserves”,“measured mineral resources”,“indicated mineral resources” and“inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes“measured mineral resources”,“indicated mineral resources” and“inferred mineral resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable.

Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.“Cash flow from operating activities before changes in non-cash working capital” 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 non-cash working capital to“cash provided by (used in) operating activities” as presented on the Company's consolidated statements of cash flows.“Cash flow per share” is calculated by dividing“cash flow from operations before changes in working capital” by the weighted average number of shares outstanding for the period.“Free cash flow” is a non-GAAP performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company's consolidated statements of cash flows and that would provide an indication of the Company's ability to generate cash flows from its mineral projects.“Mine site free cash flow” is a non-GAAP measure which includes cash flow from operating activities at, less capital expenditures at each mine site.“Return on equity” is defined as earnings from continuing operations divided by the average total equity for the current and previous year.“Mining cost per tonne of ore” and“cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period.“Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period.“Total capital expenditures per ounce produced” is a non-GAAP term used to assess the level of capital intensity of a project and is calculated by taking the total growth and sustaining capital of a project divided by ounces produced life of mine.“Growth capital” are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where the projects will materially benefit the mine site.“Sustaining capital” are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company's development projects.“Total cash costs per ounce”,“all-in sustaining costs per ounce”,“mine-site all-in sustaining costs”, and“all-in costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context,“total cash costs” reflects mining and processing costs allocated from in-process and doré inventory and associated royalties with ounces of gold sold in the period. Total cash costs per ounce are exclusive of exploration costs.“All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs.“Mine-site all-in sustaining costs” include total cash costs, exploration, and sustaining capital costs for the mine-site, but exclude an allocation of corporate and administrative and share based compensation.“Capitalized exploration” are expenditures that meet the IFRS definition for capitalization and are incurred to further expand the known Mineral Reserve and Resource at existing operations or development projects.“Adjusted net earnings” and“adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS.“Adjusted net earnings” excludes the following from net earnings: foreign exchange gain (loss), items included in other loss, certain non-reoccurring items and foreign exchange gain (loss) recorded in deferred tax expense.“Adjusted earnings per share” is calculated by dividing“adjusted net earnings” by the weighted average number of shares outstanding for the period.

Additional GAAP measures that are presented on the face of the Company's consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS but rather should be evaluated in conjunction with such IFRS measures. This includes“Earnings from operations”, which is intended to provide an indication of the Company's operating performance and represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. A reconciliation of historical non-GAAP and additional GAAP measures are detailed in the Company's Management's Discussion and Analysis available at

Table 1: Island Gold District Expansion Study Life of Mine Plan – Detailed Summary

1 Gold sales are lower than gold production reflecting the delivery of in-kind royalties on Island Gold and Magino
2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP 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

Figure 1: Island Gold District Map

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