Good morning. I will now turn the call over to Scott Parsons. Please go ahead.

Thank you, Operator, and thanks to everybody for attending Alamos Gold Inc.'s first quarter 2026 conference call. In addition to myself, we have on the line today John McCluskey, President and Chief Executive Officer, Greg Fisher, Chief Financial Officer, and Luc Guimond, Chief Operating Officer. We will be referring to a presentation during the conference call that is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A, as well as the risk factors set out in our annual information form. Technical information in this presentation has been reviewed and approved by Chris Bostwick, our Senior VP Technical Services and a Qualified Person. Also, please bear in mind that all the dollar amounts mentioned in this conference call are in U.S. dollars unless otherwise noted. Now John will provide you with an overview of the quarter.

Thank you, Scott. I am going to start with Slide 3. First quarter production was 124,000 ounces, in line with quarterly guidance, with a strong performance from the Island Gold District offsetting lower-than-planned production at Young-Davidson. The Island Gold District had a solid overall quarter, with the shaft at planned depth, the larger mill expansion advancing, underground mining rates increasing to a new record of over 1,400 tonnes per day, and a significant improvement in Magino’s milling rates over the past six weeks. The continued ramp-up of underground mining rates at Island Gold as well as improvements in mining rates and grades at Young-Davidson are expected to increase our second quarter production by approximately 20%. With the Island Gold District expected to drive further production growth in the second half of the year, we remain well on track to meeting our full-year production guidance. With our year-end disclosure in February, we guided to costs for the first quarter being above the first half guidance range. All-in sustaining costs were $1,862 per ounce and are expected to decrease by approximately 5% during the second quarter. A more significant improvement is expected into the second half of the year, reflecting an increase in low-cost production from the Island Gold District. Financially, we had another strong quarter with record revenues and margins. Relative to a year ago, our all-in sustaining cost margins nearly tripled to approximately $3,000 per ounce. This contributed to record cash flow from operations and another solid quarter of free cash flow of $102 million while reinvesting in high-return growth. Now turning to Slide 4, we had a catalyst-rich first quarter that included releasing highlights of a successful 2025 exploration program across our portfolio. This supported a 32% increase in year-end mineral reserves to 16 million ounces and included a near doubling of reserves at the Island Gold District to over 8 million ounces. This growth was incorporated into the Island Gold District expansion study, which was also released in the first quarter. The study outlined a large, long-life, low-cost operation that is expected to be one of Canada’s most profitable mines. At a $4,500 per ounce gold price, the Island Gold District is expected to generate over $1 billion in annual free cash flow and has a $12 billion after-tax NPV, making it one of the most valuable gold mines in Canada. Based on the ongoing exploration success we are seeing across the district, we believe there is further upside to come. Toward the end of the first quarter, the shaft sink at Island Gold reached planned depth of 1,381 meters. We expect to complete the commissioning of the shaft early in 2027, which will be a key catalyst driving a further increase in production and decreasing costs. With strong ongoing free cash flow generation at current gold prices and significant growth expected ahead, we announced a 60% increase in our dividend in February and will continue evaluating opportunities for additional shareholder returns. Turning to Slide 5, we had previously outlined a clear path to 800,000 ounces of annual production by 2028 with costs expected to decrease 18% relative to 2025. We expect our annual production to continue increasing to 1 million ounces by 2030 with a further decrease in costs. This growth is expected to be internally funded by ongoing free cash flow generation and the strong balance sheet with $1.2 billion in available liquidity. Our team is making strides towards our long-term plans across our asset portfolio. The completion of the Phase III+ shaft expansion at Island Gold is less than a year away. Our larger Magino mill expansion is well underway, construction activities are ramping up at Lynn Lake and PDA. These are high-return projects, all lower cost, and largely derisked, underpinning one of the best growth profiles in the sector. I will now turn the call over to our CFO, Greg Fisher, to review our financial performance. Greg?

Thank you, John. Moving to Slide 6. We sold 122,000 ounces of gold in the first quarter at an average realized price of $4,829 per ounce for record quarterly revenues of $597 million. Total cash costs were $1,230 per ounce, and all-in sustaining costs were $1,862 per ounce. As previously disclosed, first quarter costs were expected to be above the first half guidance range. We are continuing to monitor the impact of ongoing inflationary pressures across our cost structure, including higher labor, contractor, diesel, and electricity costs, and expect to manage any cost pressures with ongoing productivity improvements through the year, which are expected to drive costs lower and significant margin expansion at current gold prices. Operating cash flow before changes in non-cash working capital increased to a record $338 million in the first quarter, or $0.80 per share. This included a reduction of $43 million, or $0.10 per share, for cash utilized to buy out an additional 15,000 ounces of the legacy Argonaut Gold hedges prior to maturity. Our reported net earnings were $191 million in the first quarter, or $0.46 per share. This included after-tax losses on commodity hedge derivatives of $20 million, adjustments for unrealized foreign exchange losses of $19 million, and other adjustments of $1 million. Excluding these items, our adjusted net earnings were $232 million, or $0.55 per share. Capital spending in the quarter totaled $184 million and included $45 million of sustaining capital, $127 million of growth capital, and $11 million of capitalized exploration. We continue to fund our higher-return growth internally while generating strong free cash flow. This included $102 million of free cash flow generated in the first quarter, net of $82 million in cash taxes paid. In the first quarter, we repurchased and eliminated an additional 15,000 ounces of gold forward contracts ahead of their maturity in 2026. These hedges were inherited as part of the Argonaut Gold acquisition in 2024. Existing cash of $43 million was used to eliminate these hedges, providing further upside to higher gold prices. To date, we have eliminated 245,000 out of the 330,000 ounces that were hedged by Argonaut prior to maturity. We will continue to monitor opportunities to repurchase and eliminate the remaining contracts, which total 85,000 ounces across 2026 and 2027. Our ongoing free cash flow drove a further increase in our cash position to $660 million at the end of the first quarter. We expect growing production and declining costs to drive stronger free cash flow through the remainder of the year into the next several years, while continuing to self-fund our organic growth plans. I will now turn the call over to our COO, Luc Guimond, to provide an overview of our operations. Luc?

Thank you, Greg. Over to Slide 7. First quarter production from the Island Gold District totaled 61,200 ounces, in line with plan and an improvement from the previous quarter. Underground mining rates averaged a record 1,423 tonnes per day, a 23% increase from the fourth quarter and in line with our ramp-up schedule. Grades mined of 9.4 grams per tonne were also consistent with guidance. We expect a gradual ramp-up of mining rates to 2,000 tonnes per day in 2026, and higher grades into the second half of the year to drive growing production through the rest of 2026. Open pit operations continue to perform well with mining rates averaging 50,000 tonnes per day, including nearly 12,000 tonnes per day of ore mined during the quarter. Grades mined and milled were in line with guidance. Total milling rates from the Island Gold District were close to 8,800 tonnes per day in the first quarter, with the Magino mill averaging 7,500 tonnes per day and the Island Gold mill averaging 1,260 tonnes per day. Magino’s milling rates are expected to increase in the second quarter through the second half of the year, driven by recent improvements to the crushing circuit. Total cash costs and mine-site all-in sustaining costs were above annual guidance but are expected to decrease significantly in the second half of the year. This is expected to be driven by higher mill throughput at Magino as well as an increase in underground mining rates and grades at Island Gold. The Island Gold District generated mine-site free cash flow of $58 million in the first quarter, net of the significant capital investment related to the Phase III+ shaft project, the larger Magino mill expansion, and exploration. At current gold prices, the Island Gold District is expected to continue generating strong free cash flow while funding its expansion plans and a large exploration program. Moving to Slide 8, in the latter part of February, a temporary crusher was added to the Magino mill, providing supplementary crushed ore feed into the processing plant. The addition of the crusher has contributed to a substantial improvement in milling rates, which averaged 9,200 tonnes per day over the past six weeks. Milling rates are expected to remain at similar levels in the second quarter, with the SAG and ball mill liner changes and conveyor replacements scheduled for the quarter. Consistent with guidance, milling rates are expected to increase to steady-state levels of 10,000 tonnes per day by the third quarter, combined with 11,000 tonnes per day of ore in the second half of the year and into 2027. Over the long term, a number of initiatives currently underway are expected to support higher milling rates and greater operational consistency. Connecting the Magino mill to grid power will provide a more reliable source of power at substantially lower costs into 2027. Additionally, the construction of a gyratory crusher, new truck dump configuration, and ore bins will greatly improve the performance of the existing circuit by reducing rehandling of ore, ensuring a more consistent flow of ore into the mill. All of these improvements will be in place by early 2028 as part of the larger mill expansion to 20,000 tonnes per day. Moving to Slide 9, growth capital for the Phase III+ shaft expansion has been largely all spent or committed. Shaft sinking to a planned depth of 1,381 meters was completed in the first quarter, and paste plant construction is on track for completion in the second quarter. Commissioning of the shaft and other surface infrastructure is expected to be completed by early 2027. This is an important catalyst to increase underground mining rates to 2,400 tonnes per day in 2027, and ultimately 3,000 tonnes per day in 2029. Over to Slide 10, in February we announced the results of the larger Island Gold District expansion study. The study included an expansion of the Magino mill to 20,000 tonnes per day, accelerated underground development to support mining rates of 3,000 tonnes per day, and other infrastructure investments. The larger expansion is well underway with 11% of the growth capital spent or committed, primarily related to the expansion of the Magino mill to 20,000 tonnes per day. As shown on the slide, construction of the mill building is well advanced, including structural steel and exterior cladding, and all eight leach tanks erected. With all the earthworks, concrete foundations, and steel erected, the key elements of the larger expansion have been significantly derisked. The expansion remains on track for completion in early 2028 and will be a game-changer for the operation, with production expected to increase to average 534,000 ounces per year at $1,025 per ounce all-in sustaining costs starting in 2028. The Island Gold District is expected to evolve into one of Canada’s largest, lowest-cost, and most profitable gold mines. Over to Slide 11, Young-Davidson produced 30,000 ounces in the first quarter, lower than planned primarily due to lower mining and milling rates. Milling rates of 6,800 tonnes per day were below guidance, reflecting longer-than-anticipated downtime to complete scheduled maintenance as well as an unscheduled repair to a transformer in the mill. Underground mining rates were also 5% lower than planned due to a longer-than-expected timeline to complete rehabilitation work on one of the three ore passes, as well as delays in commissioning a newly constructed pass. This resulted in more rehandling of ore, reducing productivity during the quarter. With two passes now fully operational, the total number of active ore passes has increased to four. This is expected to provide greater operational flexibility and support increased mining and milling rates of approximately 8,000 tonnes per day in the second quarter and through the remainder of the year. Mine grades were also below the low end of annual guidance, reflecting higher-than-planned mining dilution. Grades are expected to return to guided levels in the second quarter. Combined with higher milling rates, we expect a substantial improvement in both production and costs through the rest of the year. Young-Davidson continues to deliver strong mine-site free cash flow, with $72 million generated in the first quarter. At current gold prices, higher production and lower costs are expected to drive further free cash flow growth through the rest of the year. Over to Slide 12. Production from the Mulatos District totaled 32,700 ounces, including nearly 27,000 ounces from Yaqui Grande. Costs were at the low end of annual guidance, reflecting the higher-grade stack. Grade stocks are expected to decrease in the second and third quarters towards the lower end of guidance, and costs increase through the remainder of the year to be consistent with annual guidance. The Mulatos District generated strong mine-site free cash flow of $61 million while funding the construction of the PDA project, a robust exploration program, and paying $51 million in cash taxes during the quarter. Over to Slide 13. Construction activities on the PDA project are well underway. Earthworks on key surface infrastructure are now substantially complete. Mill foundation work is progressing, and last week, we collared the portals and will continue underground development through the rest of the year. The PDA project remains on budget and on schedule for first production in mid-2027. PDA is the future of the Mulatos operation. Based on the PDA deposit alone, this is a low-cost, high-return project which will extend the Mulatos mine life by at least nine years. We believe this is just the starting point as the operation transitions to processing higher-grade sulfide mineralization, and we expect there is significant upside to come. The addition of the mill for PDA is opening up a number of new opportunities for additional higher-grade mineralization within the district, such as Cerro Pelon and Halcone, where we are continuing to see strong ongoing exploration results. With that, I will turn the call back to John.

Thank you, Luc. I will now turn the call over to the Operator, who will open the line for your questions.

We will now open the call for questions. One moment please for your first question. Your first question comes from the line of Ovais Habib of Scotiabank. Your line is open.

Hi, John and Alamos team. Just a couple of questions from me. My first question is on Island Gold. Really great to see mining rates averaging 1,400 tonnes per day, and those are expected to grow over the next couple of quarters. In regards to the area where you had the seismic issue, how much more work is required to completely rehabilitate that area, and do you need this area to achieve the 2,000 tonnes per day that you are targeting by the end of the year?

Ovais, this is Luc. With regards to the Island Gold mining front where we had to reestablish the escapeway, we completed that at the beginning of the year. The escapeway has been reestablished, which allows us to continue mining in that area. As far as the overall ramp-up for 2026 and what we are expecting, there is not a lot of production actually coming out of that area. We will see some production starting in the second half of the year, and we are continuing with some minor rehabilitation in this area since we completed the escapeway, which allows us to continue activities in that region. It is not critical to the overall ramp-up for 2026 and as we move forward.

Good stuff. Thanks for that color, Luc. Then just moving to Young-Davidson. Good to hear mining rates are expected to now increase to average around 8,000 tonnes per day from Q2 onwards as both ore passes are now fully operational. In regards to underground grade, which got hit in Q1 due to some mining dilution, how should we look at grades into Q2 and then in the second half?

As I mentioned, the issue that we had in Q1 was certainly some dilution from a couple of stopes. As we move into the rest of the year, we expect to be within our guidance of 1.90 to 2.05 grams per tonne from underground. We are on track as we move forward into Q2 and as we follow the rest of the mine plan for the year.

So grade should be kind of around that 2 grams per tonne going into Q2 within the guidance that you provided, which was between 1.90 and 2.05?

Within our guidance that we provided, which was between 1.90 and 2.05.

Perfect. Okay. And then just moving on to exploration, and maybe this question is for Scott. Can you give us a brief overview of where you are currently focused, and especially if you continue to have any sort of success at Cline Pick?

Yes, absolutely. Our 2026 exploration programs are well underway across the board at all sites. Starting with Lynn Lake, we are just concluding a program focused on testing underground potential below the MacLellan and Gordon deposits, and that was executed on time, just in time for spring breakup. At Island Gold, the focus is on continued expansion of the Island Gold deposit. We are drilling from surface, extending mineralization to the east and to the west and also at depth below the bottom of the reserves and resources; that program is well underway. The other aspect, as you mentioned, was Cline Pick. We are drilling there and excited about what we are seeing as we follow up on some of the results that we issued earlier in the quarter, really looking at some of the controls on mineralization in that system and testing it down plunge and in and around existing mine workings, with the intention of having a resource estimate by 2026. At Young-Davidson, the underground program is focused on continuing to define the hanging wall zones that we put out results on earlier in the quarter, both the Mid-Mine Conglomerate Zone and the South Syncline Zone, and that program is well underway, as well as testing from surface some of the regional targets. We completed a program in the northeast, which is a potential opportunity for additional open pit material if we can define a resource there, and that was successful, as well as some of the other regional targets in the district. At Mulatos, that program is well underway. We are really focused off the start of the year at Halcone and Cerro Pelon. We are excited about what we are seeing at Cerro Pelon and putting 200,000 ounces we defined there by 2025; I think that will be just a starting point for that target as we continue stepping out that sulfide mineralization both in and around the pods we have defined, but also within the broader Cerro Pelon region. At Halcone as well, the new discovery in 2025, we are still defining the extent of that system. That is an exciting opportunity for additional sulfide mineralization in the Mulatos District. The last point I will make: we are currently ramping up for our Kivalliq program in Nunavik in Northern Quebec, and that will be underway later in the second quarter.

Good stuff. That is a lot going on. Looking forward to some results from these programs. That is it for me, guys. Again, looking forward to Q2 for improvement in production and costs, and then looking forward to the site trip in summer as well. Thanks.

Your next question comes from the line of Fahad Tariq of Jefferies. Your line is open.

Hi, thanks for taking my question. There was a comment in the press release talking about managing cost pressures with productivity improvements. Can you talk about what specific productivity improvements there are across the portfolio?

Yes, Fahad. That is referencing what we have already identified as part of our plan in 2026 and even moving into 2027. The critical thing is ramping up our mining rates at Island Gold from 1,400 tonnes per day, which we achieved in Q1, up to 2,000 tonnes per day by the end of the year. As we increase our production from the underground at Island, that is critical for us because it is our lowest-cost structure across our portfolio. The other piece would be ramping up the Magino mill from 7,500 tonnes per day in Q1 to closer to 10,000 tonnes through at least the second half of the year. That is going to bring down our cost structure in the second half of the year. The last would be the mining rates at Young-Davidson getting back up to 8,000 tonnes per day. All of those items are going to manage those cost pressures in 2026. Then as we move into 2027, moving from ramp mining to skipping up the shaft at Island will have a significant impact on our cost structure moving forward. The last is hooking up grid power at the Magino mill, and that is something we plan to have in place by early 2027 as well. All of those go a long way to managing any inflationary pressures that we are seeing.

Okay, great. And then maybe just to follow up on that, can you talk about where you are seeing the pressures across the board on cost inflation?

You highlighted the two primary ones: diesel and labor. Diesel is a cost pressure the entire industry is seeing. We are fortunate in that diesel is not a big part of our cost structure—about 5%. If you break it down, about two-thirds of that is in Canada and one-third in Mexico. In Mexico, it is a regulated system, so you do not see the same effects of higher diesel prices as we do in Canada. In Canada, about 20% of our diesel has been hedged at much lower rates than we are seeing right now. All to say, diesel is very manageable because it is a small component of our cost structure at less than 5%. On labor, the bigger pressure is more on contractor labor. We have put in place our increases for the year—very manageable and built into our budget. We are seeing a little pressure from contractors as they make sure they can fill their roles and at some increased cost there, but again, manageable based on our cost guidance for the rest of the year.

Your next question comes from the line of Analyst from Stifel. Your line is open.

Thanks very much. My question is firstly on Young-Davidson and within the context of the strong recovery that we are going to see through 2026. There is some discussion around stope overbreak leading to a review of the blasting design. Is this something new that we are dealing with? Was this identified as a risk when we encountered some of the headwinds in the back half of 2025? Is the blasting review part of where we are having these stope overbreak issues, or is this part of a broader all-stope-encompassing plan?

Hi, it is Luc. Drilling and blasting review is always an ongoing process with regards to the closeout and reconciliation of each of our stopes. This is nothing new. We continue to review that on an ongoing basis. Historically, the performance has been good at Young-Davidson. We have been mining there now for the better part of 13 years. Actual results from a grade perspective usually reconcile quite well to the model, and we have a good history of that. In this specific quarter, we did have a couple of stopes that underperformed from a dilution aspect, where we typically model around 10% to 12% dilution and we had higher dilution on a couple of stopes that we mined in the quarter. The process of closing out the reconciliation is also looking at the drilling and blasting design and seeing if there are some improvements based on that reconciliation—any modifications we may need to make. It could be specific to certain regions, maybe some structures within those regions that are adding to the dilution, and we may need to change our drill and blasting pattern as a result. We take all that into consideration and do a full analysis, and part of it is certainly the drill-and-blast design as well.

Got it. As a minor follow-up, as it stands right now, do you envision the supplementary temporary crushing at Magino to be in place until the 20,000 tonne per day expansion is commissioned? Or does the existing secondary crusher, once optimized, get you to meet the plan—do you envision weaning off the temporary?

We currently still have it in place. We commissioned it mid-February and initially it was to help us get through winter conditions. It provided consistency and supplemental feed into the grinding circuit. We still have it in place currently, but we will rely less on it through the summer months than we needed to in the winter months. When we have scheduled maintenance on the crushing circuit, it allows us to continue to provide mill feed into the grinding circuit, which is its advantage. Periodically, it will continue to get used through the summer months as well. Once we complete the larger mill expansion to 20,000 tonnes per day, we are going to change part of the crushing circuit—primarily adding a gyratory crusher—which will eliminate some of the winter challenges we had with the front end of the current circuit. Come 2028, we would not require the temporary crusher, though periodically it may be used.

Next question comes from the line of Don DeMarco of National Bank. Your line is open.

Thanks, Operator, and good morning, John and team. Great to see the growth trajectory affirmed. First question, going back to the discussion on diesel. We see that costs are expected to decrease by 5% in Q2. Does this assume that diesel prices remain flat?

Correct. It is based on the spot prices that were in place at March 31, so the higher rates that we are seeing now are what we assumed when we talked about that 5% reduction in cost.

Okay. And as Luc was mentioning, the Island mining rates continued higher in Q1 and are on their way to 2,000 by the end of the year. Are you stockpiling the delta between the nameplate at Island Gold, or are you putting it through the Magino mill?

No stockpiling there, Don. The additional tonnes from Island underground, outside of what can be milled at the Island mill itself, end up over at the Magino mill, and we process them there. We will continue that as we move through the rest of the year with the ramp-up. Any additional tonnes that cannot be fed into the Island mill will go into the Magino mill.

Okay. And then finally, do you plan to continue to settle the legacy Argonaut hedges each quarter, and are you looking at it more tactically, or the same amount that we saw in Q1 each quarter going forward?

I think we will be opportunistic based on where we see the gold price going. We have been tactical all along in taking out over 245,000 out of the 330,000 ounces that we originally inherited, and we will look to continue doing that as we approach the remaining 85,000 ounces.

Okay, great. Thanks, Greg. That is all for me. Good luck with Q2.

Your next question comes from the line of Analyst from Paradigm Capital. Your line is open.

Hi, good morning. Thanks, Operator, and thanks Alamos team for taking our questions. Just on the Phase III+ expansion, it is good to see the shaft sink complete and essentially 100% of the growth capital spent or committed, with commissioning expected early next year. What are the remaining critical path items? Is it the paste plant that is currently on track for completion in Q2? What are the next key milestones that we should watch to keep this on track for early 2027?

Things are tracking well with regards to the Phase III+ expansion. The two critical items right now: first, we have completed all of the rock work in the shaft, and now we are furnishing the shaft—putting all of the structural steel in the shaft and separating the compartments for skipping, personnel travel, and services. That will occur over the rest of this year, with a timeline to be completed early in the first quarter of 2027. The second component is ore and waste handling infrastructure required to feed the shaft. We are well advanced there as well. We are doing rock work for one of the large bins for the underground loading pocket and will be establishing our grizzly station as well as the loading pocket at 1,350 meters. That work is also expected to be completed in early 2027 in the first quarter. By mid-Q1 we should have the ore and waste handling components commissioned as well as the shaft commissioned to start utilizing it for ore and waste movement and personnel movement.

Great, that is really helpful. And then on the overall larger expansion, I think about 11% of the growth capital has been spent or committed. How much of the remaining approximately $542 million is still exposed to inflation and procurement risk and any scope changes at this point?

A significant portion of the remaining spend is development, which is subject primarily to labor inflation. The other piece would be the core components of the mill. We have contracts in place for some of that, and we are still working through others. Technically there is some inflationary exposure there, although we are not hearing that we should expect much. I would characterize it as normal-course inflationary pressures of around 4% to 5%.

Your last question comes from the line of Analyst from Bank of America. Your line is open.

Hi, good morning. Thanks for taking my questions. My first question is on capital allocation. We saw strong free cash flow generation in the first quarter, but there were no share buybacks. Given free cash flow is expected to improve throughout the remainder of the year, how should we think about the potential for getting more active in buybacks?

We have always taken a very opportunistic approach to share buybacks. We had a focus in the first quarter on increasing the dividend and we spent $45 million buying back part of the legacy Argonaut hedges. But given the opportunity we see now with our shares underperforming in the market, a good guess would be that we are being opportunistic on that front. We expect to be more active with the share buyback in Q2 and for the remainder of the year.

Thank you for the color. Maybe one on Magino. You expect meaningful cost savings from connecting the Magino mill to grid power. Can you quantify the dollar-per-ounce impact when it is fully online?

It is about $5 per tonne.

Okay. Thank you. Thanks for taking my questions.

There are no further questions at this time. This concludes this morning’s call. If you have any further questions that have not been answered, please feel free to contact Scott Parsons at (416) 368-9932 at extension 5439. That is (416) 368-9932 extension 5439. This concludes today’s conference call. You may now disconnect.