Alamos Gold Inc. (AGI): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and understand the real engine driving Alamos Gold Inc. (AGI). Honestly, their business model is defintely built on a clear, powerful foundation: stable, high-margin gold production, primarily from politically safe jurisdictions like Canada and Turkey, which limits political risk. They're not chasing low-grade ounces; they are focused on efficiency, projecting 2025 production of 575,000 ounces at a low All-in Sustaining Cost (AISC) of about $1,300 per ounce, plus they have a deep growth pipeline. This focus translates directly into a projected 2025 revenue stream of around $1.15 billion, and that's the real number you need to anchor your analysis on.

Alamos Gold Inc. (AGI) - Canvas Business Model: Key Partnerships

As a seasoned analyst, I look at Alamos Gold Inc. (AGI)'s Key Partnerships not just as a list of names, but as the critical, external scaffolding that supports their ambitious growth pipeline. Your core takeaway here is that AGI is strategically replacing high-risk, non-core geopolitical partnerships (Turkey) with high-value, long-term operational and financial alliances in North America, all while internally funding a massive $500 million to $560 million capital expenditure program for 2025.

This shift is a defintely a risk-mitigating move. The company's partnerships are focused on exploration success, securing their social license to operate (SLO) with Indigenous communities, and maintaining a robust, flexible balance sheet to fund their three major organic growth projects.

Strategic alliances with exploration firms for new deposits

Alamos Gold Inc. is actively partnering to de-risk and accelerate its exploration pipeline, a necessity for a gold producer focused on long-term value creation. The company's internal global exploration budget for 2025 is set at a significant $72 million, a 16% increase from the $62 million spent in 2024.

A concrete example of this strategy is the recent alliance with Dryden Gold Corp. in Northwest Ontario. Alamos Gold is a strategic partner explicitly endorsing Dryden Gold's systematic district-scale exploration approach on its 70,000-hectare property. This partnership provides AGI with exposure to new, high-potential gold districts without the full upfront exploration cost and risk, ensuring a continuous stream of potential acquisition targets or joint venture opportunities.

Local community agreements and Indigenous groups for social license to operate

Maintaining a social license to operate (SLO) is non-negotiable in modern mining, and AGI has formalized this through multiple Impact Benefit Agreements (IBAs) and community support initiatives across its Canadian and Mexican operations. The company's commitment here is a direct risk mitigation strategy against operational delays and legal challenges.

In Canada, AGI has established numerous formal participation agreements with First Nation communities:

• Young-Davidson Mine: Three IBAs with Matachewan First Nation, Temagami First Nation, and Wahgoshig First Nation.
• Island Gold Mine: Agreements with Missanabie Cree First Nation, Michipicoten First Nation, and Batchewana First Nation.
• Lynn Lake Project: A Benefit Agreement with Marcel Colomb First Nation and a new IBA signed in the first quarter of 2025 with Mathias Colomb Cree Nation (MCCN).

Furthermore, AGI is establishing a $250,000 Wildfire Support Fund in 2025 for community rebuilding efforts in the Lynn Lake area, demonstrating its commitment beyond the formal agreements.

Key equipment and service suppliers for mining operations

The scale of AGI's growth projects-the Island Gold Phase 3+ Expansion, the Lynn Lake project, and the Puerto Del Aire (PDA) project-requires strong, reliable vendor relationships. The total projected 2025 capital expenditure of $500 million to $560 million is largely funneled through these suppliers for high-value items like mill components, underground mining equipment, and bulk earthworks contractors.

These partnerships are crucial for project execution, especially for procuring long lead-time items for the Lynn Lake and PDA projects, where construction is ramping up in 2025. A single supplier issue, such as the unplanned downtime at the Magino mill in Q3 2025 due to a capacitor failure, can force a production guidance update, showing just how interconnected the supply chain is to financial results.

Government and regulatory bodies in Canada, US, and Turkey for permits

The company's relationship with governments is a key partnership that defines its operational geography. AGI has effectively streamlined its focus by exiting a high-risk jurisdiction.

• Turkey Exit: In Q4 2025, AGI is completing the sale of all its Turkish development projects (Kirazlı, Ağı Dağı, and Çamyurt) to Nurol Holding's Tümad Madencilik for $470 million.
• Regulatory Resolution: This sale resolves the long-standing international arbitration proceedings against Turkey, removing a significant political and legal overhang from the balance sheet.
• North American Focus: AGI's operations are now concentrated in Canada and Mexico, requiring strong, ongoing relationships with federal and provincial/state regulators for all operating and development permits, including the PDA Permit Amendment in Mexico and the final permits for the Lynn Lake construction in Manitoba, Canada.

Financial institutions for project financing and hedging programs

Alamos Gold Inc. maintains a strong, well-structured relationship with financial institutions, prioritizing low leverage and internal funding for its growth. The company's total liquidity at the end of Q2 2025 was a strong $844.9 million.

Here's the quick math on their core financial partnership:

Partnership Type	Details (2025 Data)	Financial Impact
Revolving Credit Facility (RCF)	Upsized from $500.0 million to $750.0 million on February 18, 2025. Matures February 20, 2029. Includes an uncommitted $250.0 million accordion feature.	Provides $789.5 million in total liquidity as of Q1 2025, ensuring capital access for growth projects without equity dilution.
RCF Interest Rate (Q1 2025)	Adjusted Term SOFR Rate plus 1.45% on drawn amounts.	Indicates a strong credit rating and low cost of debt, reflecting the company's low debt-to-equity ratio of 0.08.
Gold Prepayment Facility (Hedging)	Delivery of 4,115 ounces per month in 2025 at a prepaid price of $2,524 per ounce.	Secures a minimum price for a portion of production, protecting cash flow and de-risking the funding of capital projects.

The consortium of banks for the RCF typically includes major Canadian institutions like Bank of Nova Scotia, BMO Capital Markets, and TD Securities, demonstrating deep ties to the Canadian financial sector.

Alamos Gold Inc. (AGI) - Canvas Business Model: Key Activities

You're looking at Alamos Gold Inc.'s core operations, and the takeaway is clear: the company's key activities in 2025 are dominated by a dual focus on maximizing low-cost production from its Canadian mines and aggressively funding a multi-project growth pipeline. This is a capital-intensive business, so the execution of these activities is what drives shareholder value.

High-efficiency gold mining and processing at Island Gold, Young-Davidson, and Mulatos

The primary activity is the physical extraction and processing of gold ore across three operating districts: Island Gold and Young-Davidson in Canada, and the Mulatos District in Mexico. In 2025, Alamos Gold's revised consolidated gold production guidance is between 560,000 and 580,000 ounces, a slight reduction due to Q3 operational setbacks like a seismic event at Island Gold.

The company is targeting a full-year All-in Sustaining Cost (AISC) between $1,400 and $1,450 per ounce, which is a key metric for measuring operational efficiency. This cost control is critical, and you can see the impact of high-efficiency moves like consolidating processing: the Magino mill is expected to ramp up to 11,200 tonnes per day (t/d) by the end of the first quarter of 2025, allowing the older Island Gold mill to be permanently shut down. That's a smart, cost-saving synergy.

Mine/District	Q3 2025 Gold Production (Ounces)	Q3 2025 All-in Sustaining Cost (AISC)	2025 Key Operational Activity
Island Gold District (includes Magino)	Contributed to 141,700 oz consolidated Q3 production	Contributed to consolidated $1,375/oz Q3 AISC	Final full year of capital spending on Phase 3+ Expansion. Ore trucking to Magino mill.
Young-Davidson	Contributed to 141,700 oz consolidated Q3 production	Contributed to consolidated $1,375/oz Q3 AISC	Continued high-grade underground mining.
Mulatos District (includes La Yaqui Grande)	Contributed to 141,700 oz consolidated Q3 production	Contributed to consolidated $1,375/oz Q3 AISC	Residual leaching of the main leach pad and ramp-up of PDA construction.

Aggressive exploration and resource development to extend mine life

The lifeblood of a gold miner is its resource pipeline, and Alamos Gold is pouring money into it. The global exploration budget for 2025 is a record-setting $72 million, a 16% increase from the prior year. This isn't just maintenance drilling; it's a deliberate capital allocation to find the next generation of ounces.

Here's the quick math on capitalized exploration (exploration costs added to the balance sheet, not expensed):

• Island Gold District: $20 million
• Young-Davidson: $9 million
• Mulatos District: $6 million
• Lynn Lake: $4 million

The biggest focus is at Island Gold, where an expansion study is underway and expected to be completed in the fourth quarter of 2025. This study is critical because it could support a long-term plan to increase consolidated production to approximately one million ounces per year. You have to keep feeding the beast.

Strict adherence to environmental, social, and governance (ESG) standards

ESG is no longer a footnote; it's a core operational activity that reduces risk and attracts capital. Alamos Gold has a clear, measurable commitment: a 30% reduction in absolute Greenhouse Gas (GHG) emissions by 2030 from a 2020/2021 average base year. This target is considered credible by the CDP (formerly the Carbon Disclosure Project).

The company's 2023 GHG emission intensity was 0.31 tCO2e per ounce of gold produced, which is less than half the industry average of 0.67 tCO2e per ounce. Plus, the 2024 ESG Report (released in 2025) confirmed zero significant environmental incidents, which is defintely a key operational achievement. They also demonstrate a strong local economic commitment, with 98% of procurement spent with in-country suppliers.

Project construction and engineering for growth assets like Lynn Lake

The 2025 capital budget is heavily weighted toward building the future. Total growth capital guidance is between $422 million and $480 million, reflecting the ramp-up of two major projects. The construction decision for the Lynn Lake project in Manitoba was announced in January 2025, with an official groundbreaking in March 2025. Initial gold production is expected in the first half of 2028.

The capital budget for Lynn Lake in 2025 is a substantial $100 million to $120 million, focused on early-stage, long-lead items like camp construction and bulk earthworks. In Mexico, construction on the higher-grade Puerto Del Aire (PDA) underground project in the Mulatos District is also ramping up, with 2025 capital spending budgeted at $37 million to $40 million. This is how you fund growth internally while maintaining a strong balance sheet.

Gold sales, hedging, and risk management

Selling the product and managing price volatility are the final, essential activities. In Q3 2025, Alamos Gold sold 136,473 ounces of gold at a record average realized price of $3,359 per ounce, generating record quarterly revenues of $462.3 million. This strong realized price is a massive tailwind for funding the capital program.

However, you need to account for forward sales (hedging) as a risk management tool. Alamos Gold is delivering 49,384 ounces into a gold prepayment facility throughout 2025. This gold is recorded at a prepaid price of $2,524 per ounce, meaning there is no new cash flow from these ounces in 2025, as the proceeds were received in 2024. This activity locks in a portion of revenue, protecting the capital program from downside price risk. The broader Risk Management Program ensures all operational and financial risks are managed to a level that is 'as low as reasonably practicable.'

Alamos Gold Inc. (AGI) - Canvas Business Model: Key Resources

Proven and Probable Gold Reserves: Over 14.0 Million Ounces

The fundamental key resource for any gold miner is its in-ground inventory. For Alamos Gold Inc., this resource base is robust and growing, providing a long-term production runway. As of December 31, 2024, the company reported Global Proven and Probable (P&P) Mineral Reserves totaling 14.0 million ounces of gold.

This figure represents a substantial 31% increase over the 2023 year-end total, largely driven by the strategic acquisition of the Magino mine in mid-2024. This massive reserve base is the ultimate collateral for future cash flow and underpins the company's ability to execute its multi-year growth plan, especially at the high-grade Island Gold District.

Core Operating Mines: North American Production Hubs

Alamos Gold operates a diversified portfolio of three core production centers, all located in North America, which significantly lowers the overall political risk profile of the company. Honestly, that geographic concentration in Canada and Mexico is a huge competitive advantage in this sector.

The company's 2025 consolidated gold production is guided to range between 560,000 and 580,000 ounces, despite a slight reduction in the third quarter due to temporary operational setbacks.

• Island Gold District (Canada): Includes the high-grade Island Gold underground mine and the newly integrated Magino open-pit mine, forming a major, long-life, low-cost district in Northern Ontario.
• Young-Davidson (Canada): A long-life, high-tonnage underground operation in Northern Ontario, known for generating significant free cash flow.
• Mulatos District (Mexico): Comprises the Mulatos mine and the high-margin La Yaqui Grande mine, which is an open-pit heap leach operation in Sonora State.

Skilled Workforce and Technical Expertise

Mining is a highly technical business, and Alamos Gold's ability to manage complex operations across different geological settings is a key non-physical resource. The company employs more than 2,400 people across its operations and development projects.

Their expertise spans both high-tonnage open-pit mining (like Magino and Mulatos) and high-grade, deep underground mining (like Young-Davidson and Island Gold). This technical depth is essential for driving the Phase 3+ Expansion at Island Gold, which is expected to be completed in the first half of 2026. You need specialist talent to pull off a project of that scale.

Development Pipeline: De-risked Growth in Canada

The development pipeline represents the future value-creation engine. Following a strategic decision to focus on lower-risk jurisdictions, Alamos Gold has streamlined its growth projects, notably by exiting its Turkish assets in late 2025.

The pipeline is now centered on two key North American projects: Lynn Lake and Puerto Del Aire (PDA). The Lynn Lake project in Manitoba, Canada, is now in the construction phase, with initial production expected in the first half of 2029.

• Lynn Lake (Canada): A 100% owned open-pit project in Manitoba with a positive construction decision announced in January 2025.
• Puerto Del Aire (PDA) (Mexico): An underground project within the Mulatos District that entered construction in 2025, with initial capital spending expected to total $37 to $40 million in the year.

What this estimate hides is the strategic benefit of the recent sale of the Turkish development projects (Kirazlı, Ağı Dağı, and Çamyurt) to Tümad Madencilik Sanayi ve Ticaret A.Ş. for $470 million in total cash consideration, completed on October 27, 2025. This sale defintely simplifies the political risk profile and provides an immediate cash injection.

Capital and Liquidity to Fund Growth

Financial resources-the cash and capacity to fund capital expenditure (CapEx)-are a critical resource. Alamos Gold has committed to a significant annual investment program to realize its growth potential.

The total capital budget for the 2025 fiscal year is projected to be between $560 million and $630 million, a figure substantially higher than previous years, reflecting the concurrent construction of Lynn Lake and the final full year of spending on the Island Gold Phase 3+ Expansion.

Here's the quick math on the 2025 capital plan:

2025 Capital Expenditure Component	Guidance Range (in millions USD)
Sustaining Capital	$138 to $150
Growth Capital (Includes Lynn Lake and PDA)	$422 to $480
Total Capital Budget	$560 to $630

The company's balance sheet strength is further bolstered by the $470 million total cash consideration from the Turkish asset sale, with $160 million received upfront in October 2025. This cash inflow, plus strong operating cash flow (Q2 2025 generated $85 million in free cash flow), ensures the company is fully funded for its ambitious growth projects, including the Lynn Lake construction.

Alamos Gold Inc. (AGI) - Canvas Business Model: Value Propositions

The core value proposition for Alamos Gold Inc. is simple: delivering a high-quality, growth-oriented investment vehicle that offers pure-play gold exposure from low-risk jurisdictions. You are buying into a company that is intentionally simplifying its portfolio to focus on high-margin, long-life assets, which is a defintely smart move in a high-gold-price environment.

Stable, high-margin gold production from politically safe jurisdictions

Alamos Gold provides investors with a reliable stream of gold production primarily from North America, specifically Canada and Mexico, which significantly lowers geopolitical risk compared to many peers. The recent sale of the Turkish development projects, Kirazlı, Ağı Dağı, and Çamyurt, for a total cash consideration of $470 million, underscores this strategic pivot to low-risk regions. This focus allows the company to concentrate capital on its Canadian flagship assets, Island Gold and Young-Davidson.

This geographic stability translates directly into high margins. In the third quarter of 2025, the company reported record quarterly revenues of $462.3 million and record free cash flow of $130.3 million, which is a 54% increase from the prior quarter. This is a powerful signal of the financial health and margin strength of the current operating portfolio.

Low All-in Sustaining Costs (AISC) projected at about $1,300 per ounce in 2025

While the initial goal was lower, the company's full-year 2025 All-in Sustaining Costs (AISC) guidance is projected to be between $1,400 and $1,450 per ounce, reflecting some inflationary pressures and a slower start to the year at some operations. To be fair, this is still a competitive cost structure in the industry, and it is expected to decrease significantly in the near-term.

The company is already seeing costs decline in the second half of 2025, with Q3 2025 AISC at $1,375 per ounce, and a further 5% decrease is expected in the fourth quarter. Here's the quick math: with a Q3 2025 average realized gold price of $3,359 per ounce, even at the higher end of the AISC guidance, the operating margin per ounce remains substantial.

Metric	2025 Full-Year Guidance/Actual (Latest)	Source/Context
Gold Production Guidance	560,000 to 580,000 ounces	Revised guidance as of late Q3 2025
All-in Sustaining Costs (AISC) Guidance	$1,400 to $1,450 per ounce	Updated 2025 full-year guidance
Q3 2025 Free Cash Flow	$130.3 million	Record quarterly free cash flow
Q3 2025 Average Realized Gold Price	$3,359 per ounce	Indicates strong margin expansion

Strong organic growth profile from a deep development pipeline

The most compelling value proposition is the clear, funded, organic growth pipeline. This isn't just talk; it's a series of high-return projects that will fundamentally reshape the company's production and cost profile over the next few years. The growth is all coming from low-risk North American assets.

Key growth drivers include:

• Island Gold Phase 3+ Expansion: Expected to boost the Island Gold District's annual production to an average of 411,000 ounces per year starting in 2026.
• Lynn Lake Project (Manitoba, Canada): Expected to increase consolidated annual production to approximately 900,000 ounces per year once fully operational.
• PDA Underground (Puerto Del Aire, Mexico): This project is advancing to add approximately 127,000 ounces per year to the Mulatos District.

This pipeline is expected to drive consolidated production to a range of 680,000 to 730,000 ounces in 2027, an approximate 17% increase from the mid-point of 2025 guidance, with an 18% lower AISC.

Commitment to responsible mining and community engagement

In a world where Environmental, Social, and Governance (ESG) performance is a financial risk factor, Alamos Gold's commitment is a value shield. They are a long-standing supporter of the World Gold Council's Responsible Gold Mining Principles (RGMPs), maintaining five consecutive years of compliance.

The company actively works to maintain its social license to operate. For instance, the 2024 ESG report highlights a $1.5 million investment in local community initiatives, including infrastructure, health care, and education. This focus on sustainability is not just a compliance issue; it's a business strategy that helps ensure operational continuity and long-term asset value.

Pure-play gold exposure with leverage to rising gold prices

Investors seeking direct exposure to gold prices without the complexity of base metal by-products or non-core asset distractions find a clear value proposition here. Alamos Gold is a pure-play gold producer, and the strategic sale of non-core Turkish assets further reinforces this focus.

The financial results show a strong leverage to the gold price: the Q3 2025 average realized gold price of $3,359 per ounce was the primary driver for the record financial metrics. This pure exposure means that for every dollar the gold price rises, a higher percentage of that increase flows directly to the bottom line, giving shareholders maximum leverage to the current strong gold market.

Alamos Gold Inc. (AGI) - Canvas Business Model: Customer Relationships

Alamos Gold Inc.'s customer relationships are highly specialized and dual-focused: a direct, transactional model for gold sales to institutional buyers, and a high-touch, long-term engagement model for investors, communities, and governments. This strategy is essential because, as a gold producer, your primary product is a commodity, but your license to operate-your social license-is a local, high-stakes relationship.

Direct, transactional relationships with bullion banks and metal refiners

Your core customer relationship is a business-to-business (B2B) transaction with a small group of highly capitalized entities like bullion banks and metal refiners. These relationships are depintely high-volume and low-maintenance, focused purely on the timely delivery of refined gold and silver doré bars at prevailing market prices.

A concrete example of this transactional model is the gold prepayment facility, which is a type of forward sale. In 2025, Alamos Gold Inc. is scheduled to deliver 49,384 ounces of gold into this facility at a prepaid price of $2,524 per ounce, with the cash proceeds already received in 2024. This delivery is a non-cash flow transaction for the company in 2025, but it solidifies a key customer relationship through a long-term contract structure.

Here's the quick math on the 2025 sales profile through September 30, 2025:

Metric (9M 2025)	Amount	Note
Gold Production	403,900 ounces	Represents total supply.
Gold Sales	389,083 ounces	Represents total sales volume.
Operating Revenues	$1,233.5 million	Revenue generated from sales.
Average Realized Price	$3,144 per ounce	The average price received for the ounces sold.

High-touch investor relations to maintain market confidence and transparency

The investor base-your financial customers-requires a high-touch, transparent relationship to maintain market confidence and support your stock price. This is a dedicated, proactive service model led by the Investor Relations team, which is distinct from the gold sales process. You need to constantly communicate your growth story and financial discipline.

Alamos Gold Inc. maintains this relationship through frequent updates and direct access events. For example, the company hosted a virtual Annual General and Special Meeting of Shareholders on May 29, 2025, and held a conference call on October 30, 2025, to discuss its Q3 2025 results. This open dialogue is crucial for explaining complex project economics, like the goal to increase production to 900,000 ounces per year while reducing All-in Sustaining Costs (AISC) to around $1,100 per ounce over the long term.

Key Investor Relations Activities in late 2025 included:

• Hosting the Q3/25 Results Conference Call on October 30, 2025.
• Presenting at the RBC Capital Markets 2025 Precious Metals Conference in November 2025.
• Participating in the 27th Annual Scotiabank Mining Conference in December 2025.

Proactive community relations to secure and maintain social license

For a mining company, the local community is a critical stakeholder whose relationship determines your 'social license to operate' (SLTO). If you lose the community's trust, you lose the mine. This relationship is built on consistent, long-term investment and respect, not just transactional payments.

Alamos Gold Inc. focuses on tangible, local benefits. In 2024, the company invested $1.5 million in local community initiatives, which is a clear, measurable commitment. Plus, the company prioritizes local economic support by spending 98% of its procurement budget with in-country suppliers. The company has also maintained five consecutive years of compliance with the World Gold Council's Responsible Gold Mining Principles (RGMPs), which is a key signal of responsible operation.

Long-term, stable contracts with key suppliers for cost control

While not a traditional customer, the supplier base is a relationship that must be managed for cost control and operational stability. In 2025, managing supplier relationships became more challenging due to macroeconomic conditions, so stable contracts are vital. The company's 2025 All-in Sustaining Costs (AISC) guidance was raised to between $1,400 and $1,450 per ounce, partly due to external factors like ongoing labour inflation and higher royalty expenses. This shows that even with a disciplined approach, external supplier costs can impact your bottom line.

Regulatory compliance and open dialogue with government agencies

Your relationship with government agencies in Canada, Mexico, and Türkiye is non-negotiable and high-stakes. It's a compliance-based, yet politically sensitive, relationship that requires constant, open dialogue.

Success in this area is demonstrated by key project approvals, such as the receipt of an environmental permit amendment from Mexico's Secretariat of Environment and Natural Resources (SEMARNAT) in January 2025. This approval allowed the start of construction on the Puerto Del Aire (PDA) project. On the other hand, the company is also engaged in ongoing litigation against the Republic of Türkiye, which is the most acute example of a high-risk, high-level government relationship. Furthermore, Alamos Gold Inc. adheres to Canada's Extractive Sector Transparency Measures Act (ESTMA), publicly reporting all payments of $100,000 or more to governments to ensure fiscal transparency.

Alamos Gold Inc. (AGI) - Canvas Business Model: Channels

For a gold producer like Alamos Gold Inc., the Channels element of the Business Model Canvas is split across two critical areas: the physical delivery of its product (gold) and the communication of its value to the capital markets (investors). You need to see this as a dual-track system: a direct-to-market sales channel for revenue and a comprehensive digital and in-person channel for capital attraction.

The primary revenue channel is the direct sale of refined gold bullion, which generated record quarterly revenues of $462.3 million in the third quarter of 2025 alone. The investor channel, conversely, is focused on full transparency via public filings and direct engagement, which is essential to maintain a market capitalization that was approximately C$18.68 billion as of late 2025.

Direct sales of refined gold bullion to major international bullion banks

Alamos Gold Inc. primarily uses direct, over-the-counter (OTC) sales to a select group of international bullion banks and accredited metal dealers, bypassing intermediaries to secure the best possible spot price for its product. This direct sales model is the most capital-efficient channel for a senior gold producer.

A notable component of this sales channel in 2025 was the delivery of ounces into a gold prepayment facility. For example, in the second quarter of 2025, the company delivered 12,346 ounces of gold into this facility. This portion of sales was realized at a prepaid price of $2,524 per ounce, which was below the average realized gold price of $3,223 per ounce for the quarter, highlighting a specific forward-selling channel used for liquidity management.

Here's the quick math on the Q2 2025 sales channel breakdown:

• Total ounces sold in Q2 2025: 135,027 ounces.
• Ounces sold via prepayment facility: 12,346 ounces.
• Ounces sold on the spot market (estimated): 135,027 - 12,346 = 122,681 ounces.

Metal refineries and smelters for processing doré into marketable gold

Before any sale, the gold-silver alloy, known as doré (which is the unrefined product from the mine sites), must be processed into high-purity, marketable gold bullion bars. This is a crucial, non-negotiable channel handled by third-party accredited metal refineries and smelters.

The company's three main producing operations-Island Gold District and Young-Davidson in Canada, and the Mulatos District in Mexico-all feed into this refining channel. While Alamos Gold Inc. does not own the refineries, its channel relies on contracts with major, accredited refiners to ensure the final product meets the London Bullion Market Association (LBMA) Good Delivery standard. This ensures the gold can be sold globally at the London PM Fix price, which was a key benchmark against the Q2 2025 average realized price of $3,223 per ounce.

Investor roadshows and corporate presentations to reach capital markets

Active and direct engagement is how you manage investor expectations and finance growth projects, like the Phase 3+ Expansion at Island Gold. Alamos Gold Inc. uses a mix of in-person (roadshows) and virtual (webcasts) events to connect with institutional and retail investors.

Concrete 2025 examples of this channel include:

• Quarterly Conference Calls: Senior management hosted calls on May 1, 2025, July 30, 2025, and October 30, 2025, to discuss financial results and operational guidance.
• Annual General Meeting (AGM): The 2025 Annual General and Special Meeting of Shareholders was held virtually on Thursday, May 29, 2025, allowing for broad shareholder participation.
• Industry Presentations: A representative presented the company's growth strategy, including the target of 900,000 ounces per year production, at the CEN CAN Expo in September 2025.

Annual reports and public filings (SEC, TSX) for regulatory disclosure

This is the formal, mandatory channel for communicating financial performance and material events to shareholders and regulators. It's the bedrock of investor trust and regulatory compliance.

The company maintains dual listings on the Toronto Stock Exchange (TSX: AGI) and the New York Stock Exchange (NYSE: AGI). These filings are the primary source for all financial data, including the Q3 2025 net earnings of $276.3 million.

Filing Type	Regulator/Exchange	Key 2025 Event Date	Purpose/Content
Annual Report (Form 40-F)	SEC (EDGAR) & Canadian Authorities (SEDAR+)	March 31, 2025	Audited financial statements for the year ended December 31, 2024.
Quarterly Financial Results	TSX & NYSE	July 30, 2025 (Q2) / October 29, 2025 (Q3)	Reporting record quarterly revenues (e.g., $462.3 million in Q3 2025).
Material Change Reports	TSX & NYSE	September 14, 2025	Announcement of the sale of Turkish development projects for $470 million.

Corporate website and press releases for public and investor communication

The corporate website, alamosgold.com, acts as the central digital hub, providing a single, accessible point for all stakeholders. This channel ensures the immediate and consistent release of information, often via press release, to a broader audience than just the institutional investors.

The website archives all quarterly results webcasts and provides free hard copies of filings upon request. This channel is defintely key for transparency, especially when communicating operational adjustments, such as the revised 2025 production guidance to a range of 560,000 to 580,000 ounces following Q3 operational setbacks. Anyway, the press release channel is the fastest way to get critical information, like the record free cash flow of $130.3 million in Q3 2025, out to the market.

Alamos Gold Inc. (AGI) - Canvas Business Model: Customer Segments

You're looking at Alamos Gold Inc. (AGI) and trying to figure out who actually buys the gold, not just who holds the stock. The direct customer base is a small, highly specialized group of global financial institutions, but the true customer segments are the massive, capital-rich end-users that those institutions serve. Simply put, Alamos Gold sells its refined product to a handful of bullion banks who then feed it into the global investment and reserve system.

For 2025, Alamos Gold's revised production guidance is between 560,000 and 580,000 ounces of gold. A significant portion of this output is immediately channeled to these institutional players, often under pre-arranged contracts, which is defintely a key risk mitigator against price volatility for the company.

Global bullion banks (e.g., JPMorgan Chase, Scotiabank) buying refined gold

Bullion banks are the direct, primary customers, acting as the essential intermediary between the gold miner and the global market. They are the ones who handle the logistics, refining, hedging, and distribution of the physical metal. Alamos Gold's sales are typically to these major financial institutions, which include names like Canadian Imperial Bank of Commerce, Bank of Montreal, National Bank of Canada, and ING Capital Markets LLC.

A concrete example of this relationship in 2025 is the gold prepayment facility. Alamos Gold is delivering 49,384 ounces of gold throughout the year at a fixed prepaid price of $2,524 per ounce, a price significantly lower than the Q3 2025 average realized price of $3,359 per ounce. This prepayment arrangement, while locking in a lower price on a portion of their production, provided an upfront cash injection of $116 million in 2024 to eliminate inherited hedge contracts. That's a classic example of using a direct customer relationship for balance sheet management.

Institutional investors (pension funds, mutual funds) seeking gold exposure

These investors are the largest indirect customers, seeking exposure to gold as a hedge against inflation and geopolitical risk, but they rarely buy physical gold from the miner directly. They buy shares in gold miners like Alamos Gold, or they buy into gold-backed financial products like Exchange Traded Funds (ETFs) that the bullion banks facilitate.

As of late 2025, major institutional holders of Alamos Gold stock include:

• BlackRock, Inc.: Holding 21,423,427 shares.
• The Vanguard Group, Inc.: Holding 17,233,606 shares.
• Van Eck Associates Corporation: Holding 46,766,065 shares.

Their investment decisions directly impact Alamos Gold's share price, which is a key part of the total return for all shareholders. The stock's valuation is a function of their view on the company's production profile, which is expected to grow to a range of 680,000 to 730,000 ounces by 2027.

Retail investors (individual shareholders) looking for dividend and growth

The retail investor segment is a crucial source of equity capital and liquidity for Alamos Gold. They are drawn to the company's growth profile, which is underpinned by its North American asset base (Island Gold, Young-Davidson, Magino) and its consistent dividend track record. The company has a 16-year dividend track record.

Retail investors also participate in the physical market through bar and coin purchases. Global bar and coin demand remained robust in 2025, totaling 316 tonnes in the third quarter alone. This demand keeps the physical gold price high, which translates to a higher average realized price for Alamos Gold, such as the $3,359/oz achieved in Q3 2025.

Central banks and sovereign wealth funds as indirect end-buyers of gold

Central banks are a major source of physical gold demand, driven by a desire to diversify reserves away from fiat currencies like the US Dollar, a trend that accelerated in 2025. While Alamos Gold does not sell directly to the Federal Reserve or the People's Bank of China, the gold they sell to bullion banks is ultimately channeled to meet this demand.

Global central bank buying remained elevated, with 220 tonnes of gold added to official reserves in the third quarter of 2025. This consistent, large-scale demand acts as a floor for the gold price, supporting Alamos Gold's record quarterly revenues of $462.3 million in Q3 2025.

ETF providers requiring physical gold backing for their products

Exchange-Traded Fund (ETF) providers, such as those managing funds like the VanEck Gold Miners ETF (a major shareholder in AGI), are a massive source of demand for the physical gold that Alamos Gold produces. These providers require physical gold (bullion) to back the shares they issue to investors, essentially converting paper investment interest into physical metal demand.

The third quarter of 2025 saw huge ETF buying, with inflows totaling 222 tonnes. This institutional appetite for gold-backed products is a key market driver for a gold producer like Alamos Gold, as it directly absorbs a significant portion of the world's mine supply, including the ounces produced from their Canadian and Mexican operations.

Alamos Gold Customer Segments & 2025 Market Impact

Customer Segment	Relationship to Alamos Gold (AGI)	2025 Market Data/AGI Metric
Global Bullion Banks	Direct Primary Buyer & Intermediary	Delivering 49,384 ounces in 2025 at a prepaid price of $2,524/oz to banks including CIBC and BMO.
Institutional Investors	Indirect Buyer (via Stock & ETFs)	Top shareholders include BlackRock, Inc. (21.4M shares) and Vanguard (17.2M shares).
Central Banks & Sovereign Wealth Funds	Indirect End-Buyer (Reserves)	Central bank buying was elevated at 220 tonnes in Q3 2025.
ETF Providers	Indirect Buyer (Physical Backing)	Global ETF buying saw inflows of 222 tonnes in Q3 2025.
Retail Investors	Indirect Buyer (Bar/Coin & Stock)	Bar and coin demand was 316 tonnes in Q3 2025.

Alamos Gold Inc. (AGI) - Canvas Business Model: Cost Structure

Alamos Gold Inc.'s cost structure for 2025 is clearly focused on funding a massive, self-financed growth pipeline, which temporarily elevates the All-in Sustaining Costs (AISC) but sets the stage for a lower-cost profile in 2026 and beyond. You should see the current cost metrics as a necessary investment, not a permanent cost base.

Operating Costs (mining, processing): Major variable cost component

The primary variable cost driver is the direct expense of mining and processing the ore, which is captured in the Total Cash Costs (TCC). For the full year 2025, the Company has a revised TCC guidance of $975 to $1,025 per ounce of gold sold. This cost is highly sensitive to production volumes, grade fluctuations, and foreign currency exchange rates, specifically the Canadian dollar (CAD) and Mexican peso (MXN), where a significant portion of costs are denominated.

The total Cost of Sales, which includes these mining and processing costs, plus royalties and amortization (depreciation), totaled approximately $595.6 million for the first nine months of 2025. The sheer scale of the operation means even small shifts in efficiency or currency rates have a material impact.

All-in Sustaining Costs (AISC): Projected at approximately $1,400 to $1,450 per ounce in 2025

The All-in Sustaining Cost (AISC) is the true measure of operational health, covering all costs to produce an ounce of gold and keep the current mines running. The full-year 2025 consolidated AISC guidance was revised in July 2025 to a range of $1,400 to $1,450 per ounce. This is an increase from the initial guidance, but it's defintely a temporary spike.

Here's the quick math: This revised guidance is a 12% increase from the initial 2025 forecast, with about 40% of that increase attributed to external, non-operational factors like higher royalty expenses and the revaluation of share-based compensation due to a rising share price.

The key components driving the consolidated AISC include:

• Total Cash Costs (Mining, Processing, Site G&A): $975 to $1,025 per ounce.
• Sustaining Capital: Costs to maintain current production levels.
• Corporate & Administrative: Overhead costs not allocated to a specific mine site.
• Share-Based Compensation: A significant non-cash expense, totaling $47.1 million for the first nine months of 2025, driven by the stock price increase.

Exploration and Development Costs: Focused on organic growth projects

Alamos Gold maintains an aggressive, long-term exploration strategy to continually replace and grow its gold Mineral Reserves. This is a core part of their cost structure that secures future production. The total global exploration budget for 2025 is $72 million, marking a 16% increase from 2024 and representing the largest exploration budget in the Company's history.

These costs are split into two categories:

• Exploration Expense: Costs for early-stage and regional exploration programs.
• Capitalized Exploration: Near-mine drilling at existing operations (like Island Gold and Young-Davidson) to convert resources into reserves. For the first nine months of 2025, capitalized exploration at the Island Gold District was $20.3 million.

Capital Expenditures (Sustaining and Growth): Estimated at $500 million to $560 million for 2025

The capital expenditure (CapEx) budget is the clearest signal of the Company's strategic direction: a heavy investment in future growth. The total CapEx forecast for 2025 is in the range of $500 million to $560 million. This significant investment is entirely self-funded, meaning no shareholder dilution is needed to finance the growth.

This total is broken down into two critical parts:

Capital Expenditure Category	2025 Guidance (USD millions)	Primary Projects
Sustaining Capital	$138 to $150	Maintaining current operations (e.g., equipment replacement, tailings facility lifts).
Growth Capital	$422 to $480 (Initial Guidance)	Phase 3+ Expansion at Island Gold, construction of Lynn Lake, and Puerto Del Aire (PDA) development.
Total Capital Expenditures	$500 to $560 (Latest Forecast)	Funding a 24% production increase by 2027.

The growth capital is particularly concentrated on the Island Gold Phase 3+ Expansion, which is on track for completion in the first half of 2026, and the ramp-up of construction at the new Lynn Lake and PDA projects.

Royalties, taxes, and environmental compliance expenses

These are non-discretionary costs that fluctuate based on gold price and local regulations. Royalty expenses, which are included in the Cost of Sales, were a specific factor in the July 2025 cost guidance increase, directly reflecting the higher realized gold price. Higher gold prices mean higher royalty payments to the underlying property owners.

Taxes are also a substantial cash outflow; for example, the Company paid $53 million in cash taxes during the first quarter of 2025 alone. Environmental compliance is a fixed cost of doing business, covered under general site operating expenses and capital for items like tailings dam management.

Alamos Gold Inc. (AGI) - Canvas Business Model: Revenue Streams

You're looking at Alamos Gold Inc.'s revenue streams, and the picture is clear: it's a pure-play gold producer, so nearly all its money comes from selling gold. The key takeaway is that due to record realized gold prices, the company's nine-month 2025 revenue already hit $1.23 billion, far exceeding older full-year forecasts, and the full-year projection is closer to $1.8 billion.

Honestly, the gold price is doing the heavy lifting right now, but the company's ability to hit production targets is what locks in that high-margin revenue.

Gold Sales: Primary revenue source from projected 575,000 ounces

Gold sales represent the overwhelming majority of Alamos Gold's operating revenue. Based on the latest operational updates from October 2025, the revised full-year 2025 production guidance is between 560,000 and 580,000 ounces of gold. Using the figure of 575,000 ounces-near the high end of the revised range-as a benchmark for sales, you can see the scale of the operation.

The realized price per ounce is the critical variable. For the nine months ended September 30, 2025, the average realized gold price was $3,144 per ounce. This strong pricing environment drove the nine-month operating revenues to $1,233.5 million.

• Q3 2025 gold sales: 136,473 ounces.
• Q3 2025 average realized price: $3,359 per ounce.
• Q4 2025 production outlook: 157,000 to 177,000 ounces.

Silver Sales: Minor credit from co-product silver production

Alamos Gold does produce silver as a co-product, primarily from its Mulatos District operations in Mexico. However, compared to gold, silver is a minor revenue stream, typically reported as a credit against costs rather than a standalone, material revenue line item in the core financial statements. This is common in gold-focused mining.

While the exact 2025 silver revenue is not separately itemized in the most recent quarterly reports, the revenue generated serves to lower the All-in Sustaining Costs (AISC) for gold, effectively boosting the margin on the primary product.

Hedging Gains/Losses: Revenue impact from forward sales and option contracts

The company's revenue isn't just the spot price multiplied by ounces sold; it's affected by hedging activities, which are essentially financial insurance. Alamos Gold has a gold prepayment facility that impacts its realized price.

Here's the quick math on the 2025 impact:

The company is scheduled to deliver a total of 49,384 ounces of gold throughout 2025 into this facility at a fixed, prepaid price of $2,524 per ounce. This is a significant drag on the average realized price, especially when the spot price is high-the Q3 2025 realized price of $3,359 per ounce was notably below the London PM Fix of $3,457 per ounce due to these deliveries. The difference between the realized and spot price is a direct, quantifiable loss of potential revenue, or a realized hedging loss, in a high-price environment.

Total Projected 2025 Revenue: Approximately $1.15 billion based on current guidance

The actual revenue for the first nine months of 2025 already reached $1,233.5 million. Given the strong Q4 production guidance of up to 177,000 ounces and sustained high gold prices, a more realistic full-year projection is closer to $1.8 billion. The $1.15 billion figure is an outdated or extremely conservative number that was quickly surpassed in the first three quarters.

The actual revenue performance for the first three quarters of 2025 demonstrates a significant margin expansion, driven by the strong gold price environment.

Period	Gold Sales (Ounces)	Average Realized Price (per ounce)	Operating Revenues (in millions)
Q1 2025	117,583	$2,802	$333.0
Q2 2025	135,027	$3,223	$438.2
Q3 2025	136,473	$3,359	$462.3
9 Months Total	389,083	$3,144	$1,233.5

Interest Income: Minimal revenue from cash and short-term investments

Interest income is a small, but growing, component of non-operating revenue, reflecting the company's increasingly strong balance sheet. The cash and cash equivalents balance stood at $463.1 million at September 30, 2025. Following the post-quarter-end sale of its Turkish development projects, the cash position is expected to exceed $600 million.

This high cash position, especially in a higher interest rate environment, means interest income will be higher than in prior years, but it remains a minimal contributor to the overall revenue stream, which is dominated by gold sales. It's defintely not a core revenue stream, but it supports liquidity and future growth spending.