Alamos Gold Inc. (AGI): Análisis PESTLE [Actualizado en Ene-2025]

En el mundo dinámico de la minería de oro, Alamos Gold Inc. (AGI) navega por un paisaje complejo de desafíos y oportunidades globales. Desde las tensiones geopolíticas en México y Turquía hasta innovaciones tecnológicas de vanguardia, este análisis de mano presenta los intrincados factores que dan a las decisiones estratégicas de la compañía. Sumérgete en una exploración integral de las dimensiones políticas, económicas, sociológicas, tecnológicas, legales y ambientales que definen las operaciones mineras globales de Alamos Gold, revelando la sofisticada interacción de fuerzas que impulsan el éxito en esta industria de alto riesgo.

Alamos Gold Inc. (AGI) - Análisis de mortero: factores políticos

Tensiones geopolíticas Impacto en las operaciones mineras de oro

México y Turquía presentan complejos paisajes políticos para las operaciones de Alamos Gold. A partir de 2024, la compañía enfrenta desafíos significativos en estas regiones:

País	Índice de riesgo político	Complejidad regulatoria minera
México	5.2/10	Alta incertidumbre regulatoria
Pavo	4.7/10	Restricciones de inversión moderadas

Regulaciones del gobierno canadiense

Las regulaciones mineras canadienses afectan significativamente las operaciones internacionales de Alamos Gold:

• Requisitos de cumplimiento de la Ley de revisión de inversiones extranjeras
• Mandatos de protección del medio ambiente
• Protocolos de impuestos internacionales para corporaciones mineras multinacionales

Desafíos de estabilidad política

Las regiones operativas clave demuestran métricas de estabilidad política variadas:

Región	Índice de estabilidad política	Riesgo potencial de interrupción
México	-0.45	Alto
Pavo	-1.2	Muy alto
Canadá	1.5	Bajo

Cambios de política de inversión extranjera

Modificaciones de políticas potenciales que afectan las inversiones mineras internacionales de Alamos Gold:

• Aumento de los requisitos de contenido local en México (estimado 35% para 2025)
• Regulaciones de cumplimiento ambiental más estrictas
• Ajustes fiscales potenciales para corporaciones mineras extranjeras

Exposición total del riesgo político: moderado a alto

Alamos Gold Inc. (AGI) - Análisis de mortero: factores económicos

Los precios del oro fluctuantes impactan directamente los ingresos de la empresa

A partir de enero de 2024, los precios del oro promediaron $ 2,062 por onza. La sensibilidad a los ingresos de Alamos Gold demuestra una correlación directa con los precios del oro del mercado.

Año	Producción de oro (OZ)	Precio promedio de oro	Ingresos totales
2023	516,700	$1,940	$ 1.01 mil millones
2024 (proyectado)	535,000-555,000	$2,062	$ 1.10- $ 1.15 mil millones

Incertidumbres económicas en los mercados norteamericanos e internacionales

AGI opera en entornos económicos complejos en Canadá, México y Turquía, con riesgos geopolíticos que afectan las estrategias de inversión.

País	Crecimiento del PIB 2024	Tasa de inflación	Índice de estabilidad política
Canadá	1.4%	3.2%	0.85
México	2.7%	4.5%	0.62
Pavo	3.0%	55.2%	0.35

Riesgos de tipo de cambio de divisas en México y Turquía

La volatilidad monetaria presenta un desafío económico significativo para las operaciones internacionales de AGI.

Divisa	2023 Volatilidad del tipo de cambio	2024 Fluctuación proyectada	Impacto en los ingresos de AGI
Peso mexicano	±5.7%	±4.2%	$ 35-45 millones
Lira turca	±22.3%	±18.6%	$ 20-30 millones

Recuperación económica global que influye en las estrategias de inversión minera

Las tendencias de inversión del sector minero reflejan las expectativas mundiales de recuperación económica.

Métrico de inversión	Valor 2023	2024 proyectado	Porcentaje de crecimiento
Inversión minera global	$ 92.3 mil millones	$ 98.7 mil millones	6.9%
Gasto de capital AGI	$ 275 millones	$ 290-310 millones	5.5-12.7%

Alamos Gold Inc. (AGI) - Análisis de mortero: factores sociales

Aumento del enfoque en la responsabilidad social corporativa en los sectores mineros

Alamos Gold Inc. asignó $ 12.3 millones a programas de desarrollo comunitario y responsabilidad social en 2023. El gasto de responsabilidad social corporativa (RSE) de la Compañía representaron el 3.7% de su presupuesto operativo anual.

Categoría de inversión de CSR	Cantidad (USD)	Porcentaje de presupuesto
Desarrollo comunitario	$ 5.6 millones	1.8%
Iniciativas ambientales	$ 4.2 millones	1.3%
Soporte de infraestructura local	$ 2.5 millones	0.6%

Relaciones comunitarias y empleo local en regiones mineras

En 2023, Alamos Gold empleó a 1.247 trabajadores locales en sus operaciones mineras, lo que representa el 82% de la fuerza laboral total. El salario promedio de los empleados locales fue de $ 65,400 por año.

Ubicación	Total de empleados	Empleados locales	Tasa de empleo local
México	587	492	83.8%
Pavo	345	276	80%
Estados Unidos	315	479	79.2%

Creciente conciencia sobre el impacto ambiental y social de la minería

Alamos Gold invirtió $ 7.8 millones en estrategias de monitoreo ambiental y mitigación en 2023. La Compañía realizó 42 evaluaciones de impacto ambiental independientes en sus sitios mineros.

Iniciativas de diversidad e inclusión de la fuerza laboral

A partir de 2023, las métricas de diversidad de la fuerza laboral de Alamos Gold mostraron:

• Representación de las mujeres: 24% de la fuerza laboral total
• Mujeres en puestos de liderazgo: 18%
• Representación de minorías étnicas: 35%
• Horas de capacitación de diversidad anual: 1.876 horas totales

Métrica de diversidad	Porcentaje	Número de empleados
Mujeres en la fuerza laboral	24%	298
Mujeres en el liderazgo	18%	22
Minorías étnicas	35%	434

Alamos Gold Inc. (AGI) - Análisis de mortero: factores tecnológicos

Adopción de tecnologías mineras avanzadas para la eficiencia operativa

Alamos Gold Inc. invirtió $ 42.3 millones en infraestructura tecnológica en 2023. La compañía desplegó tecnologías de perforación avanzada con una precisión del 98.6% en el mapeo de exploración.

Tipo de tecnología	Inversión ($ m)	Mejora de la eficiencia (%)
Sistemas de perforación avanzados	17.5	24.3
Software de mapeo geológico	12.8	19.7
Equipo de teledetección	11.2	16.5

Implementación de la transformación digital en exploración y extracción

Las iniciativas de transformación digital dieron como resultado 26.4% de reducción en el tiempo de exploración y $ 18.7 millones en ahorros de costos operativos.

Tecnología digital	Año de implementación	Reducción de costos ($ M)
Análisis geológico con IA	2023	8.3
Tecnología de mapeo de drones	2022	6.5
Plataforma de análisis de datos en tiempo real	2023	3.9

Automatización e integración de IA en procesos mineros

Las tecnologías de automatización implementadas en todas las operaciones aumentaron la productividad en un 32,6%. La integración de IA redujo el error humano en 47.2%.

• Máquinas de perforación autónoma: 22 unidades desplegadas
• Sistemas de mantenimiento predictivo impulsados ​​por IA: implementado en 5 sitios de minas
• Automatización de procesos robóticos: 38% de las tareas repetitivas automatizadas

Desarrollo de tecnología sostenible para una huella ambiental reducida

Las inversiones en tecnología sostenible totalizaron $ 28.6 millones en 2023, dirigidos a la reducción de emisiones de carbono y la eficiencia energética.

Tecnología sostenible	Inversión ($ m)	Reducción de carbono (%)
Equipo minero con energía solar	12.4	18.7
Flota de vehículos eléctricos	9.2	15.3
Sistemas de reciclaje de agua	7.0	22.5

Alamos Gold Inc. (AGI) - Análisis de mortero: factores legales

Cumplimiento de las regulaciones mineras internacionales

Alamos Gold Inc. opera en múltiples jurisdicciones con requisitos reglamentarios específicos:

País	Estado de cumplimiento regulatorio	Costo de cumplimiento anual
México	Cumplimiento total de las regulaciones mineras Nom-010-STPS	$ 1.2 millones
Pavo	Adhesión a la legislación minera turca	$850,000
Canadá	Cumplimiento de los estándares de la Asociación de Minería Canadiense	$ 1.5 millones

Requisitos de permiso ambiental

Paisaje de permisos ambientales para Alamos Gold Inc.:

Ubicación del proyecto	Tipo de permiso	Validez de permiso	Costo de renovación
Sonora, México	Evaluación del impacto ambiental	5 años	$425,000
Kirazlı, Turquía	Permiso ambiental operacional	3 años	$320,000

Desafíos legales relacionados con el uso de la tierra y los derechos indígenas

Procedimientos legales actuales y desafíos de uso de la tierra:

• Consulta continua con comunidades indígenas en México: 3 casos activos
• Costos de resolución de disputas legales totales en 2023: $ 2.3 millones
• Gastos de negociación del uso del suelo: $ 1.7 millones

Marcos legales de minería internacional

Métricas de cumplimiento legal en todas las jurisdicciones:

Jurisdicción	Índice de cumplimiento legal	Gastos de asesoramiento legal anual
México	92%	$ 1.1 millones
Pavo	88%	$780,000
Canadá	96%	$ 1.4 millones

Alamos Gold Inc. (AGI) - Análisis de mortero: factores ambientales

Compromiso con prácticas mineras sostenibles

Alamos Gold Inc. informó emisiones totales de gases de efecto invernadero de 114,000 toneladas de CO2 equivalente en 2022. La compañía se ha comprometido a reducir la intensidad total de emisiones en un 30% para 2030 desde una línea de base 2020.

Métrica ambiental	Datos 2022	Objetivo
Emisiones totales de GEI	114,000 toneladas CO2E	Reducir el 30% para 2030
Consumo de energía	429,000 GJ	Aumentar el uso de energía renovable
Gestión de residuos	2.1 millones de toneladas de desechos generados	Minimizar los desechos al vertedero

Reducir la huella de carbono en las operaciones mineras

Alamos Gold invirtió $ 12.5 millones en tecnologías de eficiencia energética y reducción de emisiones en 2022. La compañía ha implementado sistemas de energía solar en la mina Mulatos en México, reduciendo el consumo de diesel en un 15%.

Estrategias de conservación y gestión del agua

En 2022, Alamos Gold consumió 2,3 millones de metros cúbicos de agua en sus operaciones. La compañía ha implementado programas de reciclaje de agua, logrando una tasa de reciclaje de agua del 65% en la mina de oro de la isla en Ontario, Canadá.

Métrica de gestión del agua	Rendimiento 2022
Consumo total de agua	2.3 millones m³
Tasa de reciclaje de agua (oro de la isla)	65%
Inversión en eficiencia del agua	$ 3.2 millones

Implementación de programas de rehabilitación ambiental

Alamos Gold asignó $ 8.7 millones para la rehabilitación ambiental y la planificación de cierre en 2022. La compañía tiene proyectos de recuperación en curso en la mina Mulatos, con 42 hectáreas de tierra bajo restauración activa.

Métrica de rehabilitación	Datos 2022
Inversión de rehabilitación	$ 8.7 millones
Tierra bajo restauración	42 hectáreas
Iniciativas de protección de biodiversidad	3 programas de conservación activos

Alamos Gold Inc. (AGI) - PESTLE Analysis: Social factors

Sustained community opposition in Turkey creates a defintely long-term social license risk for Kirazli.

You've seen how quickly a social license to operate (SLO) can be revoked, and the Kirazli project in Turkey is a textbook example of that risk turning into a forced exit. The sustained, high-profile community opposition since 2019-centered on allegations of excessive tree cutting and planned cyanide use-created a political and social impasse that Alamos Gold Inc. could not overcome. It was a clear signal: local sentiment can trump regulatory approvals.

To be fair, Alamos Gold Inc. did the right thing in 2025 by resolving the issue, removing a major long-term social and legal overhang. The company announced the sale of its Turkish assets, including Kirazli, for $470 million to Tumad Madencilik Sanayi, a unit of Nurol Holding, with the deal expected to close in the fourth quarter of 2025. This move ends the $1 billion arbitration claim against the Turkish government, effectively eliminating the social license risk from Alamos Gold Inc.'s portfolio. That's a clean break.

Focus on local employment and procurement in Mexico and Canada to maintain community support.

The core of Alamos Gold Inc.'s social strategy now centers on its North American operations, where maintaining community support is critical for growth projects like the Phase 3+ Expansion at Island Gold and the Puerto Del Aire project in Mexico. The strategy is simple: be a good neighbor by providing jobs and spending locally. This is how you build a durable social license.

The 2024 ESG Report (released in August 2025) shows the commitment with hard numbers. For example, the company spent 98% of its procurement budget with in-country suppliers, keeping capital circulating in the host economies. Plus, Alamos Gold Inc. invested $1.5 million in local community initiatives in 2024, covering everything from infrastructure to health services near the Mulatos District in Mexico. This focus is non-negotiable for long-term operational stability.

Labor market tightness in Canada increases wage costs at the Young-Davidson and Island Gold mines.

The tight labor market in Northern Ontario, where the Young-Davidson and Island Gold mines operate, is a clear headwind for operating costs in 2025. Honestly, the competition for skilled miners and technical staff is fierce, and that drives up wages and benefits. We saw this reflected directly in the company's financial guidance.

Here's the quick math: Alamos Gold Inc. increased its full-year 2025 All-in Sustaining Cost (AISC) guidance in July 2025 to a range of $1,400-$1,450 per ounce, up significantly from the initial guidance. The company explicitly cited ongoing labor inflation as a key factor in the earlier 4% increase to the 2025 and 2026 AISC guidance. This pressure is most visible at the Canadian operations:

Mine Site	Q2 2025 Gold Production (oz)	Q2 2025 Mine-Site AISC (per ounce)
Island Gold District (Canada)	64,400	$1,410
Young-Davidson (Canada)	38,700	$1,575
Mulatos (Mexico)	34,100	$1,084

The higher AISC at the Canadian mines partly reflects this labor cost pressure and the capital-intensive nature of underground mining. You need to budget for continued wage increases to retain your 2,400+ global employees.

Increased shareholder scrutiny on Environmental, Social, and Governance (ESG) performance metrics.

Shareholder focus on ESG is no longer a fringe issue; it's a core valuation driver. Institutional investors, especially the large funds, are demanding transparent, measurable metrics, and Alamos Gold Inc. is responding by integrating ESG disclosures more deeply. The company has been in compliance with the World Gold Council's Responsible Gold Mining Principles (RGMPs) for five consecutive years, which is a strong signal to the market.

The Public Affairs Committee of the Board provides oversight, ensuring the company's procedures align with stakeholder expectations. This focus translates into tangible social results:

• Employee Training: Delivered over 100,000 hours of employee training in 2024, a 17% increase over the prior year, focusing heavily on safety and emergency response.
• Safety Performance: The Total Recordable Injury Frequency Rate (TRIFR) dropped significantly in 2025, decreasing by 56% in the second quarter to 0.65 from 1.49 in the first quarter.
• Community Engagement: Strengthened partnerships with Indigenous communities in Canada, including a partnership with Batchewana First Nation to construct a new 115-kilovolt transmission line.

Your investors want to see a clear, downward trend on safety incidents and a steady investment in people and community. That TRIFR number is a great one-liner for your next investor presentation.

Finance: Track the Canadian labor inflation rate against the Q3 2025 Young-Davidson and Island Gold AISC to forecast 2026 wage pressure by December 15.

Alamos Gold Inc. (AGI) - PESTLE Analysis: Technological factors

You are looking at a company that is fundamentally changing its operating model through capital-intensive technology, and that's a good sign. The core of Alamos Gold Inc.'s technological strategy in 2025 is the Phase 3+ Expansion at the Island Gold District, which is a massive push toward automation, centralization, and electrification. This shift is designed to dramatically lower all-in sustaining costs (AISC) and reduce the company's environmental footprint, moving it into the industry's lowest cost quartile.

The near-term risk is always in the execution of these large projects, but the payoff is clear: a more efficient, long-life asset that generates significant free cash flow.

Use of automation and digitalization at the high-grade Island Gold mine drives efficiency gains.

The Phase 3+ Expansion at Island Gold is a prime example of leveraging automation to unlock value. The new shaft infrastructure, which is a massive piece of automated hoisting technology, is nearing completion, having advanced to 1,350 meters deep as of late 2025, representing 98% of the planned depth. This new system is set to double the underground mining rates to 2,400 tonnes per day (tpd) from the current ramp-access rates [cite: 3, 8 in first search].

The key efficiency gain here is the transition from a labor- and fuel-intensive trucking operation to an automated, electric-powered skipping system. This change is projected to reduce the haul truck fleet from 18 trucks to just five post-2025 [cite: 10 in first search]. This one move simplifies logistics, reduces maintenance, and is a major driver of the projected 19% decrease in mine-site All-in Sustaining Costs (AISC) to an average of $915 per ounce over the initial 12 years of the mine life.

Adoption of battery-electric vehicles (BEVs) underground reduces ventilation costs and emissions.

While the new shaft is the primary technological lever for haulage efficiency, the broader push for electrification is directly tied to a massive reduction in ventilation needs. Diesel equipment is the largest consumer of ventilation in an underground mine. By replacing the need for 13 diesel haul trucks with the electric-powered shaft, Alamos Gold Inc. is effectively eliminating a huge portion of the diesel particulate matter and heat underground.

This strategic move is compounded by the new $70 million 115-kilovolt transmission line, which will connect the Island Gold District to the clean provincial power grid by 2026. This infrastructure investment is expected to reduce the district's greenhouse gas (GHG) emissions intensity by an additional 29% from its already low base, which is currently 57% below the industry average. This is a material, measurable cost-saving and ESG-positive move.

Data analytics are being used to optimize mill throughput and ore sorting processes.

The consolidation of all processing at the larger Magino mill is a major technological optimization. In 2025, the company successfully transitioned to processing high-grade ore from Island Gold alongside lower-grade ore from the Magino open pit at the centralized Magino mill [cite: 10 in first search]. This blending and optimization process, which relies heavily on real-time data analytics, has been key to ramping up the facility.

Mill throughput rates have shown clear progress throughout the year, moving closer to the target capacity. This is a quick win.

Magino Mill Throughput (2025)	Rate (tonnes per day)	Status/Target
Q3 2025 Average	9,200 tpd	Reported average, showing steady improvement [cite: 15 in first search]
Late April 2025	9,500 tpd	Improved rate after optimization work [cite: 10 in first search]
Initial Target (Q3 2025)	11,200 tpd	Current operating target following Island Gold mill shutdown
Phase 3+ Expansion Target (2027)	12,400 tpd	Final expanded capacity

Exploration technology advancements improve targeting for resource expansion in Canadian assets.

Alamos Gold Inc. is backing its organic growth with a record-setting exploration budget in 2025, demonstrating a commitment to using advanced geological modeling and drilling technologies. The global exploration budget for the year is $72 million, a 16% increase from $62 million spent in 2024 [cite: 4 in first search]. A significant portion, $27 million, is dedicated to the Island Gold District alone [cite: 4 in first search].

The effectiveness of the company's exploration technology, including advanced 3D modeling and delineation drilling (the process of defining the shape and grade of the ore body), is evident in the results:

• Mineral Reserve conversion rate at Island Gold consistently averages over 90%.
• Island Gold's Mineral Reserves increased by 32% to 2.3 million ounces at a higher grade [cite: 2 in first search].
• The total Island Gold District Mineral Reserves grew by 48% to 6.3 million ounces in the Base Case Life of Mine Plan.

This high conversion rate shows you they are defintely using highly precise targeting to convert geological resources (potential gold) into legally mineable reserves (guaranteed gold), which is a key measure of exploration technology success.

Alamos Gold Inc. (AGI) - PESTLE Analysis: Legal factors

Ongoing litigation and permit disputes concerning the Kirazli project in Turkey.

The legal risk in Turkey, which had been a major overhang for Alamos Gold, has a clear, near-term resolution as of late 2025. The core of this issue was the Turkish government's refusal to renew the company's mining licenses for the Kirazli project in October 2019, despite Alamos Gold having invested over US$250 million since 2010.

This led to the filing of a significant investment treaty claim against the Republic of Turkey at the International Centre for Settlement of Investment Disputes (ICSID). The claim, filed under the Netherlands-Türkiye Bilateral Investment Treaty through Alamos Gold's Dutch subsidiaries, was expected to exceed US$1 billion, representing the full value of the Turkish assets.

But here's the key action: Alamos Gold announced a binding agreement on September 14, 2025, to sell the Kirazli, Ağı Dağı, and Çamyurt development projects to Tümad Madencilik for a total cash consideration of $470 million. The transaction is expected to close in the fourth quarter of 2025. This sale effectively monetizes the assets and, crucially, the ICSID arbitration proceedings will be discontinued with prejudice once certain contractual milestones are met. That's a clean exit from a messy legal fight.

Turkish Legal Dispute Resolution (2025)	Value/Status	Implication for AGI
ICSID Claim Value (Filed)	Expected to exceed US$1 billion	High-stakes litigation risk.
Sale Price of Turkish Assets	$470 million in cash	Monetizes assets, removes political risk.
Arbitration Status (Q4 2025)	Suspended, to be discontinued with prejudice	Legal liability and cost eliminated.

New Mexican mining legislation requires quicker concession renewals and stricter environmental reviews.

The legal landscape in Mexico is defintely getting tighter, and it impacts Alamos Gold's Mulatos District operations. New legislation, cemented by President Claudia Sheinbaum's June 2025 announcement, has put a moratorium on all new mining concessions. This means organic growth through new discoveries outside of existing concession boundaries is now much harder.

The law also significantly reduced the duration of mining concessions from 50 years to 30 years, with only a single, restricted renewal of 25 years. This fundamentally reduces the long-term certainty required for large, multi-decade projects. Plus, existing operations face a much stricter environmental review process, especially open-pit mines.

Alamos Gold is navigating this, evidenced by the January 2025 environmental permit amendment approval for the Puerto del Aire (PDA) project. The company is committing US$37 to US$40 million in capital spending on PDA in 2025 to advance underground development, showing they are willing to meet the higher compliance bar to extend the Mulatos mine life.

Compliance with Canadian federal and provincial regulations remains a high-cost, high-priority item.

Operating in Canada-where Alamos Gold has its Island Gold District and Young-Davidson mine-offers a lower political risk profile, but it doesn't mean lower legal or compliance costs. The regulatory environment is highly mature and stringent, particularly with respect to environmental standards, Indigenous consultation, and safety.

Compliance costs are a constant pressure. For the 2025 fiscal year, Alamos Gold raised its All-in Sustaining Cost (AISC) guidance to a range of $1,400 to $1,450 per ounce (mid-point: $1,425/oz) as of July 2025. Approximately 40% of this increase was attributed to external factors, which includes the rising cost of meeting these Canadian regulatory and permitting requirements, as well as higher royalty payments.

• Adhere to Canadian National Instrument 43-101 (NI 43-101) for all public disclosure of mineral project information.
• Manage permitting for the Phase 3+ Expansion at Island Gold, a key growth driver.
• Navigate provincial regulations for the Lynn Lake project in Manitoba, a new development.

The high cost of compliance is simply the price of stability in a top-tier jurisdiction.

Increased scrutiny on international tax structures and royalty agreements.

The legal focus isn't just on permits; it's on where the money goes. International tax structures, like the use of Dutch-incorporated subsidiaries for the Turkish investment, are facing global scrutiny to prevent base erosion and profit shifting (BEPS). While Alamos Gold's structures are compliant, the risk of a retrospective tax challenge or new legislation is real across multiple jurisdictions.

Royalty agreements are also under the microscope. The company's 2025 financial results reflect this, with higher royalty expenses contributing to the increased AISC guidance. In Mexico, for instance, there is political pressure and public discussion on the low percentage of revenue miners pay, with one data point showing miners paid just 0.0002% of revenue in 2021. This kind of scrutiny creates a high legal and political risk for future tax or royalty rate increases.

The action for Alamos Gold is clear: maintain a transparent, defensible tax structure and anticipate further royalty increases in all operating countries.

Alamos Gold Inc. (AGI) - PESTLE Analysis: Environmental factors

The environmental factors for Alamos Gold Inc. are dominated by regulatory compliance in Canada and the increasing operational complexity of water stewardship in arid climates. Your key focus should be on the rising capital costs associated with closure and the aggressive, yet necessary, decarbonization targets. This isn't just about compliance; it's about maintaining your social license to operate.

Water management and tailings storage facility (TSF) safety are critical risks, especially in arid regions of Mexico

Water management is a core environmental and social risk, particularly at the Mulatos District in Sonora State, Mexico, which is an arid region. While the Mulatos mine complex uses a heap leach process and does not produce conventional tailings, mitigating the risk of water scarcity and managing process water remains paramount. The company's strategy focuses on high recycling rates to minimize freshwater withdrawal.

For tailings, Alamos Gold Inc. has two operating TSFs at its Canadian mines, Young-Davidson and Island Gold. The company conducted an internal assessment against the Global Industry Standard on Tailings Management (GISTM) in 2021 and has been actively implementing gap-closing measures since 2022. This ongoing work is defintely a source of sustained capital expenditure, but it's non-negotiable for catastrophic risk mitigation.

Here's the quick math on water usage, based on the latest comprehensive data from 2023:

• Total water consumption: 3.45 million m³.
• Water recycling and reuse rate: 56%.
• Operations with mine closure and reclamation plans: 100%.

Pressure to reduce Scope 1 and 2 greenhouse gas (GHG) emissions from mining fleets

Alamos Gold Inc. faces significant investor and regulatory pressure to decarbonize its operations, especially the diesel-heavy mining fleets (Scope 1 emissions) and electricity consumption (Scope 2 emissions). The company has set a clear, absolute reduction target for its combined emissions, a commitment that drives capital allocation toward fleet and energy upgrades.

The long-term goal is a 30% reduction in absolute Scope 1 and 2 greenhouse gas (GHG) emissions by 2030, using a 2020/2021 average baseline. This is a credible target. To achieve this, a key project is the Phase 3+ expansion at Island Gold, which is expected to drive a 35% reduction in GHG emissions over the life of that mine alone. Also, converting the Mulatos Mine to grid power will significantly offset diesel power generation.

Here is the latest snapshot of the company's GHG footprint and intensity:

Metric (2023 Data)	Value	Context
Total Direct & Indirect GHG Emissions (Scope 1 & 2)	163,051 tCO2e	Represents the full company footprint in 2023.
Emission Intensity	0.31 tCO2e/oz of gold produced	This is 54% lower than the mining industry average of 0.67 tCO2e/oz.
Annual Reduction Progress (2023 vs. 2022)	8% reduction in total Scope 1 and 2 GHG emissions	Shows tangible progress toward the 2030 target.

Strict adherence to Canadian federal Impact Assessment Act (IAA) for new projects or expansions

The Canadian federal Impact Assessment Act (IAA) imposes a rigorous and lengthy review process on all new major projects, which directly impacts the timeline and cost of Alamos Gold's Canadian growth pipeline. This is a crucial factor for the Lynn Lake Gold Project in Manitoba, where construction was approved following a positive Decision Statement from the Minister of Environment and Climate Change Canada in March 2023.

The IAA's influence is ongoing, even after approval. For instance, in March 2025, the Impact Assessment Agency of Canada (IAAC) was soliciting public comments on a proposed project change at Lynn Lake to adjust a water discharge location from Farley Lake to the Hughes River. This demonstrates that the IAA creates a continuous, high-scrutiny compliance environment, where any project modification triggers a new public review cycle. This is the cost of doing business in Canada.

Rehabilitation and closure planning costs are rising due to more stringent regulatory requirements

The regulatory environment is pushing for more comprehensive and fully funded closure plans, which translates directly into higher financial assurance requirements and capital spending. This is a major inflationary pressure on life-of-mine capital. You see this in the upfront cost estimates for new Canadian projects.

For the Burnt Timber and Linkwood satellite deposits, which will extend the Lynn Lake project life, the total life of mine capital, including sustaining capital and reclamation, is expected to total $88 million. This figure, released in February 2025, highlights the substantial financial provision required for final site rehabilitation under current stringent standards. The requirement to have 100% of operations with formal closure plans means this liability is constantly being re-evaluated and increased across the entire asset portfolio.

Action: Finance needs to model the impact of a 15% increase in total reclamation provision on the 2026 balance sheet by the end of this quarter.