Alamos Gold Inc. (AGI): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da mineração de ouro, a Alamos Gold Inc. (AGI) navega em um cenário complexo de desafios e oportunidades globais. Desde tensões geopolíticas no México e Turquia até inovações tecnológicas de ponta, essa análise de pilões revela os fatores complexos que moldam as decisões estratégicas da empresa. Mergulhe em uma exploração abrangente das dimensões políticas, econômicas, sociológicas, tecnológicas, legais e ambientais que definem operações globais de mineração da Alamos Gold, revelando a sofisticada interação de forças que impulsionam o sucesso nessa indústria de alto risco.

Alamos Gold Inc. (AGI) - Análise de Pestle: Fatores Políticos

As tensões geopolíticas impactam nas operações de mineração de ouro

O México e a Turquia apresentam paisagens políticas complexas para as operações da Alamos Gold. A partir de 2024, a empresa enfrenta desafios significativos nessas regiões:

País	Índice de Risco Político	Complexidade regulatória de mineração
México	5.2/10	Alta incerteza regulatória
Peru	4.7/10	Restrições moderadas de investimento

Regulamentos do governo canadense

Os regulamentos canadenses de mineração afetam significativamente as operações internacionais da Alamos Gold:

• Requisitos de conformidade da Lei de Revisão de Investimentos Estrangeiros
• Mandatos de proteção ambiental
• Protocolos de Taxataria Internacional para empresas multinacionais de mineração

Desafios de estabilidade política

As principais regiões operacionais demonstram métricas variadas de estabilidade política:

Região	Índice de Estabilidade Política	Risco potencial de interrupção
México	-0.45	Alto
Peru	-1.2	Muito alto
Canadá	1.5	Baixo

Mudanças de política de investimento estrangeiro

Modificações de política potenciais que afetam os investimentos internacionais de mineração da Alamos Gold:

• Aumento dos requisitos de conteúdo local no México (estimado 35% até 2025)
• Regulamentos de conformidade ambiental mais rigorosos
• Ajustes tributários potenciais para empresas de mineração estrangeira

Exposição total ao risco político: moderado a alto

Alamos Gold Inc. (AGI) - Análise de pilão: Fatores econômicos

Os preços do ouro flutuantes afetam diretamente a receita da empresa

Em janeiro de 2024, os preços do ouro tiveram uma média de US $ 2.062 por onça. A sensibilidade da receita da Alamos Gold demonstra correlação direta com os preços do ouro do mercado.

Ano	Produção de ouro (OZ)	Preço médio de ouro	Receita total
2023	516,700	$1,940	US $ 1,01 bilhão
2024 (projetado)	535,000-555,000	$2,062	US $ 1,10 a US $ 1,15 bilhão

Incertezas econômicas nos mercados norte -americanos e internacionais

A AGI opera em ambientes econômicos complexos no Canadá, México e Turquia, com riscos geopolíticos que afetam estratégias de investimento.

País	Crescimento do PIB 2024	Taxa de inflação	Índice de Estabilidade Política
Canadá	1.4%	3.2%	0.85
México	2.7%	4.5%	0.62
Peru	3.0%	55.2%	0.35

Riscos de taxa de câmbio no México e Turquia

A volatilidade da moeda apresenta um desafio econômico significativo para as operações internacionais da AGI.

Moeda	2023 Volatilidade da taxa de câmbio	2024 flutuação projetada	Impacto nas receitas da AGI
Peso mexicano	±5.7%	±4.2%	US $ 35-45 milhões
Lira turca	±22.3%	±18.6%	US $ 20 a 30 milhões

Recuperação econômica global influenciando estratégias de investimento de mineração

As tendências de investimento do setor de mineração refletem as expectativas de recuperação econômica global.

Métrica de investimento	2023 valor	2024 Projetado	Porcentagem de crescimento
Investimento global de mineração	US $ 92,3 bilhões	US $ 98,7 bilhões	6.9%
Despesas de capital AGI	US $ 275 milhões	US $ 290-310 milhões	5.5-12.7%

Alamos Gold Inc. (AGI) - Análise de pilão: Fatores sociais

Aumentando o foco na responsabilidade social corporativa nos setores de mineração

A Alamos Gold Inc. alocou US $ 12,3 milhões aos programas de desenvolvimento e responsabilidade social da comunidade em 2023. As despesas de responsabilidade social corporativa (RSE) da Companhia representaram 3,7% de seu orçamento operacional anual.

Categoria de investimento em RSE	Quantidade (USD)	Porcentagem de orçamento
Desenvolvimento comunitário	US $ 5,6 milhões	1.8%
Iniciativas ambientais	US $ 4,2 milhões	1.3%
Suporte de infraestrutura local	US $ 2,5 milhões	0.6%

Relações comunitárias e emprego local em regiões de mineração

Em 2023, a Alamos Gold empregou 1.247 trabalhadores locais em suas operações de mineração, representando 82% da força de trabalho total. O salário médio dos funcionários locais era de US $ 65.400 por ano.

Localização	Total de funcionários	Funcionários locais	Taxa de emprego local
México	587	492	83.8%
Peru	345	276	80%
Estados Unidos	315	479	79.2%

Crescente consciência do impacto ambiental e social da mineração

A Alamos Gold investiu US $ 7,8 milhões em estratégias de monitoramento e mitigação ambiental em 2023. A Companhia conduziu 42 avaliações independentes de impacto ambiental em seus locais de mineração.

Iniciativas de diversidade e inclusão da força de trabalho

Em 2023, as métricas de diversidade da força de trabalho de Alamos Gold mostraram:

• Representação de mulheres: 24% da força de trabalho total
• Mulheres em posições de liderança: 18%
• Representação da minoria étnica: 35%
• Horário anual de treinamento de diversidade: 1.876 horas totais

Métrica de diversidade	Percentagem	Número de funcionários
Mulheres na força de trabalho	24%	298
Mulheres em liderança	18%	22
Minorias étnicas	35%	434

Alamos Gold Inc. (AGI) - Análise de pilão: Fatores tecnológicos

Adoção de tecnologias avançadas de mineração para eficiência operacional

A Alamos Gold Inc. investiu US $ 42,3 milhões em infraestrutura tecnológica em 2023. A Companhia implantou tecnologias avançadas de perfuração com 98,6% de precisão no mapeamento de exploração.

Tipo de tecnologia	Investimento ($ m)	Melhoria de eficiência (%)
Sistemas de perfuração avançados	17.5	24.3
Software de mapeamento geológico	12.8	19.7
Equipamento de sensoriamento remoto	11.2	16.5

Implementação da transformação digital em exploração e extração

Iniciativas de transformação digital resultaram em 26,4% de redução no tempo de exploração e US $ 18,7 milhões em economia de custos operacionais.

Tecnologia digital	Ano de implementação	Redução de custos ($ m)
Análise geológica movida a IA	2023	8.3
Tecnologia de mapeamento de drones	2022	6.5
Plataforma de análise de dados em tempo real	2023	3.9

Automação e integração de IA nos processos de mineração

As tecnologias de automação implementadas nas operações aumentaram a produtividade em 32,6%. A integração da IA ​​reduziu o erro humano em 47,2%.

• Máquinas de perfuração autônomas: 22 unidades implantadas
• Sistemas de manutenção preditivos orientados a IA: implementados em 5 sites de minas
• Automação de processo robótico: 38% das tarefas repetitivas automatizadas

Desenvolvimento de tecnologia sustentável para pegada ambiental reduzida

Os investimentos em tecnologia sustentável totalizaram US $ 28,6 milhões em 2023, direcionando a redução de emissões de carbono e a eficiência energética.

Tecnologia sustentável	Investimento ($ m)	Redução de carbono (%)
Equipamento de mineração movido a energia solar	12.4	18.7
Frota de veículos elétricos	9.2	15.3
Sistemas de reciclagem de água	7.0	22.5

Alamos Gold Inc. (AGI) - Análise de pilão: fatores legais

Conformidade com os regulamentos internacionais de mineração

A Alamos Gold Inc. opera em várias jurisdições com requisitos regulatórios específicos:

País	Status de conformidade regulatória	Custo anual de conformidade
México	Conformidade total com os regulamentos de mineração NOM-010-STPs	US $ 1,2 milhão
Peru	Adesão à legislação de mineração turca	$850,000
Canadá	Conformidade com os padrões da Associação Canadense de Mineração	US $ 1,5 milhão

Requisitos de licença ambiental

Paisagem de licença ambiental para Alamos Gold Inc.:

Localização do projeto	Tipo de permissão	Validade de permissão	Custo de renovação
Sonora, México	Avaliação de impacto ambiental	5 anos	$425,000
Kirazlı, Turquia	Permissão ambiental operacional	3 anos	$320,000

Desafios legais relacionados ao uso da terra e direitos indígenas

Anais legais atuais e desafios de uso da terra:

• Consulta contínua com comunidades indígenas no México: 3 casos ativos
• Custos totais de resolução de disputas legais em 2023: US $ 2,3 milhões
• Despesas de negociação de uso da terra: US $ 1,7 milhão

Estruturas legais de mineração internacional

Métricas de conformidade legal entre jurisdições:

Jurisdição	Índice de conformidade legal	Despesas anuais de consultoria jurídica
México	92%	US $ 1,1 milhão
Peru	88%	$780,000
Canadá	96%	US $ 1,4 milhão

Alamos Gold Inc. (AGI) - Análise de Pestle: Fatores Ambientais

Compromisso com práticas de mineração sustentáveis

A Alamos Gold Inc. relatou emissões totais de gases de efeito estufa de 114.000 toneladas de CO2 equivalente em 2022. A Companhia se comprometeu a reduzir a intensidade total de emissões em 30% até 2030 de uma linha de base de 2020.

Métrica ambiental	2022 dados	Alvo
Emissões totais de GEE	114.000 toneladas CO2E	Reduza 30% até 2030
Consumo de energia	429.000 GJ	Aumentar o uso de energia renovável
Gerenciamento de resíduos	2,1 milhões de toneladas de resíduos gerados	Minimizar o desperdício no aterro

Reduzindo a pegada de carbono em operações de mineração

A Alamos Gold investiu US $ 12,5 milhões em tecnologias de eficiência energética e redução de emissões em 2022. A Companhia implementou sistemas de energia solar na mina de Mulatos no México, reduzindo o consumo de diesel em 15%.

Estratégias de conservação e gerenciamento de água

Em 2022, a Alamos Gold consumiu 2,3 ​​milhões de metros cúbicos de água em suas operações. A empresa implementou programas de reciclagem de água, alcançando uma taxa de reciclagem de água de 65% na mina de ouro da ilha em Ontário, Canadá.

Métrica de gerenciamento de água	2022 Performance
Consumo total de água	2,3 milhões de m³
Taxa de reciclagem de água (ouro da ilha)	65%
Investimento de eficiência da água	US $ 3,2 milhões

Implementando programas de reabilitação ambiental

A Alamos Gold alocou US $ 8,7 milhões para reabilitação ambiental e planejamento de fechamento em 2022. A Companhia possui projetos de recuperação em andamento na mina de Mulatos, com 42 hectares de terra sob restauração ativa.

Métrica de reabilitação	2022 dados
Investimento de reabilitação	US $ 8,7 milhões
Terra sob restauração	42 hectares
Iniciativas de proteção à biodiversidade	3 programas de conservação ativos

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.