Alamos Gold Hits Record Reserves, Fuels Major North American Expansion

TORONTO, ON – February 17, 2026 – Alamos Gold Inc. has solidified its position as a top-tier North American gold producer, announcing a monumental 32% increase in its global mineral reserves to a record 15.9 million ounces of gold. The year-end 2025 update marks the seventh consecutive year of growth for the company, a feat driven by spectacular exploration success at its high-grade Island Gold District in Northern Ontario.

The update, which also saw the average grade of reserves climb by 5% to 1.87 grams per tonne (g/t Au), signals a new era of growth for the Toronto-based miner. The results provide a powerful foundation for an ambitious expansion strategy, underpinned by a record $97 million exploration budget for 2026 and a market environment where gold prices are soaring to multi-year highs.

“Our long-term investment in exploration continues to create value with another substantial increase in Mineral Reserves to 16 million ounces, and at higher grades,” said John A. McCluskey, President and Chief Executive Officer of Alamos Gold. “This marks the seventh consecutive year of growth, with grades increasing 24% over that time frame as our Reserves continue to grow in both size and quality. We expect this ongoing success will serve as the foundation for further Mineral Reserve and Resource growth in the years ahead.”

Island Gold: The Engine of Growth and Expansion

The centerpiece of Alamos Gold's announcement is the phenomenal growth at its Island Gold District. Mineral reserves at the underground mine more than doubled, surging 125% to 5.1 million ounces at an exceptionally high average grade of 10.61 g/t Au. This remarkable increase was achieved by successfully converting a vast portion of previously identified mineral resources into proven and probable reserves, a testament to the company's drilling and geological modeling expertise.

This dramatic reserve growth is the bedrock for the recently unveiled Island Gold District (IGD) Expansion. The plan will integrate the high-grade underground ore from Island Gold with the large, open-pit Magino mine to create a single, world-class mining complex. The expansion envisions a 20,000 tonne-per-day operation that is expected to transform the district into one of Canada’s largest and most profitable gold producers.

Following the expansion's completion in 2028, average annual production is forecast to climb to an impressive 534,000 ounces over its first decade, with industry-leading mine-site all-in sustaining costs (AISC) of just $1,025 per ounce. The project's economics are robust, boasting an after-tax Net Present Value (NPV) of $8.2 billion and a 69% Internal Rate of Return (IRR), based on a long-term gold price of $3,200 per ounce.

A Calculated Bet on Gold's Future

Alamos Gold’s strategy is built on a foundation of both aggressive exploration and prudent financial assumptions. The company raised its gold price assumption for calculating reserves to $1,800 per ounce, up from $1,600 previously. While this reflects a stronger gold market, it remains notably conservative compared to current market realities.

With spot gold prices threatening the $4,600 level in early 2026 and some analysts forecasting a push towards $5,000 per ounce, the company's conservative baseline provides a significant margin of safety. This approach ensures the economic viability of its operations even in a less favorable price environment, while offering shareholders tremendous upside potential if bullish gold price forecasts materialize. The IGD Expansion's NPV, for instance, swells to $12.2 billion at a $4,500 per ounce gold price, highlighting the immense leverage to the current market.

This confidence is further demonstrated by the company’s record $97 million global exploration budget for 2026, a 37% increase from the previous year. A significant portion, $43 million, is allocated to the Island Gold District to further expand the deposit, which remains open at depth and along strike.

Market Cheers and Sustainable Foundations

This strategy of disciplined, organic growth has resonated strongly with investors and analysts. In a sector where many senior producers are struggling with depleting assets and turning to costly mergers and acquisitions for growth, Alamos's ability to consistently expand its reserves through the drill bit stands out. While some competitors, including industry giant Barrick Gold, reported a decline in reserves for 2025, Alamos has delivered its seventh straight year of growth.

The market reaction has been overwhelmingly positive. The company's stock (TSX/NYSE: AGI) has appreciated over 100% in the past year, with analysts at major banks like Scotiabank and Bank of America reiterating "Buy" and "Outperform" ratings and raising their price targets in the wake of the company's recent announcements.

This growth is also being pursued with a clear focus on Environmental, Social, and Governance (ESG) principles, a critical factor for securing the long-term social license to operate in Canada. The company has established strong partnerships and benefit agreements with several First Nations at its Canadian operations, including the Missanabie Cree, Michipicoten, and Batchewana First Nations at Island Gold. This commitment to sustainable development and community partnership is a key pillar of its strategy, ensuring that its ambitious growth plans are built on a stable and responsible foundation.

Beyond the headline success at Island Gold, the company also reported positive developments across its portfolio. Mineral reserves at the Young-Davidson mine in Ontario remained stable at 3.0 million ounces despite mining depletion, and exploration continues to define new higher-grade zones. With a clear path to significantly increased production, a robust balance sheet, and a proven track record of exploration success, Alamos Gold is positioning itself for a dominant role in the North American gold sector for years to come.