6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2024

Commission File Number: 001-35783

Alamos Gold Inc.

(Translation of registrant’s name into English)

181 Bay Street, Suite 3910

Toronto, Ontario, Canada

M5J 2T3

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  o           Form 40-F  x

The information contained in Exhibits 99.2 and 99.3 of this Form 6-K is incorporated by reference into the registrant’s registration statements on Form F-10: File No. 333-272309, Form F-3: File No. 333-236697 and Form S-8: File No. 333-206182.

EXHIBIT INDEX

EXHIBIT
NO. DESCRIPTION

99.1    Press Release: Alamos Gold Reports Fourth Quarter and Year-end 2023 Results

99.2    Management’s Discussion and Analysis

99.3    Audited Annual Financial Statements

99.4    Consent of KPMG LLP

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Alamos Gold Inc.
Date: February 22, 2024
	By:	/s/ Scott K. Parsons
	Name:	Scott K. Parsons
	Title:	Senior Vice President, Investor Relations

EX-99.1

TRADING SYMBOL: TSX:AGI NYSE:AGI

	Alamos Gold Inc.
	Brookfield Place, 181 Bay Street, Suite 3910, P.O. Box #823
	Toronto, Ontario M5J 2T3
	Telephone: (416) 368-9932 or 1 (866) 788-8801

All amounts are in United States dollars, unless otherwise stated.

Alamos Gold Reports Fourth Quarter and Year-End 2023 Results

Solid Fourth Quarter Drives Record Annual Production, Revenue and Operating Cash Flow

Toronto, Ontario (February 21, 2024) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter and year ended December 31, 2023.

“With the strong finish to the year, we delivered a record operational and financial performance in 2023. Production increased 15% to a record 529,300 ounces, achieving the top end of our increased full year guidance. Costs were also in line with annual guidance and decreased 4% from 2022 reflecting strong performances across our operations. With the record production, lower costs, and higher gold price we set a number of financial records in 2023. Revenue increased 25% to a record $1 billion, and cash flow from operations increased 44% to a record $519 million. We also generated $124 million of free cash flow while reinvesting in growth that will support higher levels of free cash flow in the years ahead,” said John A. McCluskey, President and Chief Executive Officer.

“This reinvestment in high-return growth continues to create long-term value. Global Mineral Reserves increased for the fifth consecutive year with grades also increasing driven by another year of exploration success. This included higher-grade additions at Island Gold and PDA, supporting longer-life, and more valuable assets. The growth at PDA will be incorporated into a development plan to be completed later this quarter that we expect will outline a significant mine life extension at Mulatos. The Phase 3+ Expansion at Island Gold continues to advance having achieved a significant milestone with the start of shaft sinking in December. The expansion remains on track to deliver significant production growth at substantially lower costs in 2026 and beyond.”

Fourth Quarter and Full Year 2023 Highlights

Operational and Financial Highlights

•Produced a record 529,300 ounces of gold in 2023, achieving the top end of increased production guidance and representing a 15% increase from 2022. This included a strong finish to the year from all three operations with fourth quarter production of 129,500 ounces

•The Mulatos District exceeded guidance, producing 212,800 ounces in 2023, a 58% increase from the prior year, reflecting a strong performance from La Yaqui Grande in its first full year of production. The higher margin ounces from La Yaqui Grande drove a significant increase in mine-site free cash flow1 to $142.1 million, including $27.4 million in the fourth quarter

•Young-Davidson produced 185,100 ounces in 2023, meeting guidance and generating record mine-site free cash flow1 of $117.6 million. This marked the third consecutive year mine-site free cash flow has exceeded $100 million, demonstrating the strong ongoing performance and consistency of the operation, including $35.0 million in the fourth quarter

•Island Gold produced 131,400 ounces in 2023, meeting guidance and continuing to self fund the majority of $178.1 million of growth capital invested in the Phase 3+ Expansion during the year

•Total cash costs1 of $850 per ounce, all-in sustaining costs ("AISC"1) of $1,160 per ounce, and cost of sales of $1,212 per ounce for the full year were in line with guidance. Fourth quarter total cash costs of $900 per ounce, and AISC of $1,233 per ounce were consistent with quarterly guidance

1 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

•Record financial performance with full year gold sales totaling 526,258 ounces at an average realized price of $1,944 per ounce for record revenue of $1.0 billion, a 25% increase from 2022. This included fourth quarter sales of 129,005 ounces at an average realized price of $1,974 per ounce, generating $254.6 million in revenue. The average realized gold price was $3 per ounce above the London PM fix for both the quarter and the year

•Record annual cash flow from operating activities of $472.7 million (including $518.9 million, or $1.31 per share before changes in working capital1), a 58% increase from 2022. Fourth quarter cash flow from operating activities was $124.1 million ($120.2 million, or $0.30 per share, before changes in working capital1)

•Strong free cash flow1 of $123.8 million in 2023 while funding the Phase 3+ Expansion at Island Gold

•Realized adjusted net earnings1 of $208.4 million, or $0.53 per share1 in 2023. Reported net earnings were $210.0 million, or $0.53 per share

•Realized adjusted net earnings1 for the fourth quarter of $49.2 million, or $0.12 per share1. Adjusted net earnings includes adjustments for net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange of $12.6 million, offset by other adjustments, net of taxes totaling $14.7 million. Reported net earnings were $47.1 million, or $0.12 per share

•Cash and cash equivalents increased $95.0 million, or 73%, to $224.8 million at year end, with no debt and $13.0 million in equity securities

•Paid dividends of $39.4 million, or $0.10 per share for the full year

Growth Projects, Mineral Reserves and Resources and Other Highlights

•Issued three-year guidance on January 10, 2024, which included increased production guidance for 2024 of between 485,000 and 525,000 ounces. Production is expected to increase 7% by 2026, with AISC decreasing 11% reflecting low cost production growth from Island Gold with the completion of the Phase 3+ Expansion

•Reported year-end 2023 Mineral Reserves of 10.7 million ounces of gold, a 2% increase from 2022, with grades also increasing 1%. This marked the fifth consecutive year Mineral Reserves have grown for a combined increase of 10% with grades also increasing 9% over that time frame. Additionally, Measured and Indicated Mineral Resources increased 12% to 4.4 million ounces, with grades increasing 9%, and Inferred Mineral Resources increased 3% to 7.3 million ounces, at 1% higher grades

•Advanced construction of the Phase 3+ Expansion with completion of key shaft site infrastructure in 2023 including the headframe and hoist house. Construction remains on schedule with shaft sinking commencing in December and engineering on the mill and paste plant well underway

•Received approval of the updated Closure Plan Amendment from the Ontario Government in December allowing for the start of construction on the larger mill expansion and paste plant as outlined in the Phase 3+ Expansion study

•Achieved a significant permitting milestone for the Lynn Lake project in March with a positive Decision Statement issued by the Department of Environment and Climate Change Canada based on the completed Federal Environmental Impact Statement, and Environment Act Licenses issued by the Province of Manitoba

•Completed an updated Feasibility Study on the Lynn Lake project in August outlining a larger, longer-life, low-cost operation with attractive economics and significant exploration upside. Lynn Lake is expected to produce an average of 176,000 ounces of gold per year at mine-site AISC of $699 per ounce over its initial 10 years

•Completed the acquisition of Manitou Gold in May, adding significant exploration potential across the Michipicoten Greenstone Belt by more than tripling the regional land package adjacent to and along strike from Island Gold

•Publication of Alamos’ inaugural Climate Change Report, outlining corporate governance around climate-related risks and opportunities, and issued the 2022 Environmental, Social and Governance ("ESG") Report, outlining the Company’s progress on its ESG performance

2 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

•Announced the acquisition of Orford Mining in January 2024, through which the Company will consolidate its existing ownership of Orford shares and add the highly prospective Qiqavik Gold Project, located in Quebec, Canada. The Company expects to issue approximately 0.9 million shares for total consideration of approximately $12 million with the transaction expected to close in April 2024

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

3 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

Highlight Summary

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Financial Results (in millions)
Operating revenues	$254.6	$231.9	$1,023.3	$821.2
Cost of sales (1)	$166.7	$153.4	$637.7	$608.9
Earnings from operations	$71.9	$61.6	$318.1	$111.5
Earnings before income taxes	$51.2	$52.6	$293.7	$102.4
Net earnings	$47.1	$40.6	$210.0	$37.1
Adjusted net earnings (2)	$49.2	$33.7	$208.4	$107.9
Earnings before interest, taxes, depreciation and amortization (2)	$101.6	$100.4	$486.4	$351.7
Cash provided by operations before working capital and taxes paid (2)	$120.2	$109.3	$518.9	$361.6
Cash provided by operating activities	$124.1	$102.3	$472.7	$298.5
Capital expenditures (sustaining) (2)	$26.6	$26.5	$104.2	$95.2
Capital expenditures (growth) (2) (3)	$73.0	$50.2	$216.7	$191.9
Capital expenditures (capitalized exploration)	$10.1	$8.1	$28.0	$26.6
Free cash flow (2)	$14.4	$17.5	$123.8	($15.2)
Operating Results
Gold production (ounces)	129,500	134,200	529,300	460,400
Gold sales (ounces)	129,005	133,164	526,258	456,574
Per Ounce Data
Average realized gold price	$1,974	$1,741	$1,944	$1,799
Average spot gold price (London PM Fix)	$1,971	$1,726	$1,941	$1,800
Cost of sales per ounce of gold sold  (includes amortization) (1)	$1,292	$1,152	$1,212	$1,334
Total cash costs per ounce of gold sold (2)	$900	$810	$850	$884
All-in sustaining costs per ounce of gold sold (2)	$1,233	$1,138	$1,160	$1,204
Share Data
Earnings per share, basic and diluted	$0.12	$0.10	$0.53	$0.09
Adjusted earnings per share, basic (2)	$0.12	$0.09	$0.53	$0.28
Weighted average common shares outstanding (basic) (000’s)	396,577	393,034	395,509	392,172
Financial Position (in millions)
Cash and cash equivalents			$224.8	$129.8

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(3)Includes growth capital from operating sites.

4 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Gold production (ounces)
Young-Davidson	49,800	44,600	185,100	192,200
Island Gold	31,600	40,500	131,400	133,700
Mulatos District (7)	48,100	49,100	212,800	134,500
Gold sales (ounces)
Young-Davidson	48,052	44,781	182,796	192,186
Island Gold	30,464	39,145	127,629	130,652
Mulatos District	50,489	49,238	215,833	133,736
Cost of sales (in millions) (1)
Young-Davidson	$64.6	$62.2	$248.2	$250.5
Island Gold	$33.8	$35.2	$123.6	$120.4
Mulatos District	$68.3	$56.0	$265.9	$238.0
Cost of sales per ounce of gold sold (includes amortization) (1)
Young-Davidson	$1,344	$1,389	$1,358	$1,303
Island Gold	$1,110	$899	$968	$922
Mulatos District	$1,353	$1,137	$1,232	$1,780
Total cash costs per ounce of gold sold (2)
Young-Davidson	$920	$942	$938	$878
Island Gold	$775	$605	$669	$637
Mulatos District	$957	$851	$883	$1,134
Mine-site all-in sustaining costs per ounce of gold sold (2),(3)
Young-Davidson	$1,211	$1,284	$1,208	$1,133
Island Gold	$1,136	$863	$1,017	$918
Mulatos District	$1,030	$922	$967	$1,241
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions)(2)
Young-Davidson (4)	$24.0	$20.6	$67.2	$71.5
Island Gold (5)	$73.9	$53.9	$233.1	$157.3
Mulatos District (6)	$8.4	$5.5	$30.4	$62.7
Other	$3.4	$4.8	$18.2	$22.2

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Includes capitalized exploration at Young-Davidson of $1.3 million and $5.1 million for the three months and year ended December 31, 2023, respectively ($1.5 million and $5.0 million for the three months and year ended December 31, 2022, respectively).

(5)Includes capitalized exploration at Island Gold of $3.3 million and $11.1 million for the three months and year ended December 31, 2023, respectively ($4.9 million and $18.8 million for the three months and year ended December 31, 2022, respectively).

(6)Includes capitalized exploration at Mulatos District of $5.5 million and $11.8 million for the three months and year ended December 31, 2023, respectively ($1.7 million and $2.8 million for the three months and year ended December 31, 2022, respectively).

(7)The Mulatos District includes both the Mulatos pit, as well as La Yaqui Grande.

5 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

Environment, Social and Governance Summary Performance

Health and Safety

•Total recordable injury frequency rate1 ("TRIFR") of 1.45 in the fourth quarter, a decrease from 1.84 in the third quarter of 2023

•Lost time injury frequency rate1 ("LTIFR") of 0.10, an increase from 0.09 in the third quarter of 2023

•Full year TRIFR of 1.50 and LTIFR of 0.07, a reduction of 6% and an increase of 7%, respectively, from 2022

•Mulatos received the Silver Helmet Award from CAMIMEX for the second consecutive year. The Silver Helmet Award recognizes high safety standards & processes in the mining sector in Mexico

During the fourth quarter of 2023, TRIFR decreased with 15 recordable injuries, as compared to 21 in the prior quarter, and one lost time injury, contributing to a significant improvement in annual safety performance.

Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone is continually reminded of the importance of keeping themselves and their colleagues healthy and injury-free. The Company’s overarching commitment is to have all employees and contractors return Home Safe Every Day.

Environment

•Zero significant environmental incidents and zero reportable spills in the fourth quarter and full year

•Updated Closure Plan Amendment received for Island Gold, allowing for construction of the larger mill expansion and paste plant, as outlined in the Phase 3+ Expansion study

•Completed year one of Alamos’ Independent Tailings Review Board work

•Alamos’ climate change risk assessment was updated to evaluate the effects of material risks and opportunities on the Company’s strategy and financial position, using updated climate scenarios and industry practices. This exercise is expected to be completed in the first quarter of 2024 and will incorporate climate risk into Alamos’ financial performance, corporate strategy and mitigation plans in line with IFRS S2 and recommendations of the Taskforce on Climate-Related Financial Disclosure ("TCFD")

The Company is committed to preserving the long-term health and viability of the natural environment that surrounds its operations and projects. This includes investing in new initiatives to reduce our environmental footprint with the goal of minimizing the environmental impacts of our activities and offsetting any impacts that cannot be fully mitigated or rehabilitated.

Community

Ongoing donations, medical support and infrastructure investments were provided to local communities, including:

•Various sponsorships to support local youth sports teams and community events, and donations to local charities and organizations around the Company's mines

•Scholarships awarded to local students in Matarachi, and students in Canada as part of the Young Mining Professionals Scholarship Program

•Health campaigns in Matarachi including full body health assessments for several hundred residents, and vaccination campaigns for influenza and COVID

•Ongoing support to our community beekeeping project involving both the Mulatos Mine and participants from Matarachi

•Community clean-up in Mulatos and Matarachi in preparation for the Day of the Dead and Mexican Revolution holidays

6 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company continues to engage with local communities to understand local challenges and priorities. Ongoing investments in local infrastructure, health care, education, cultural and community programs remain a focus of the Company.

Governance and Disclosure

•Published Alamos’ 2022 ESG Report, outlining the Company’s progress on its ESG performance in accordance with the Sustainability Accounting Standards Board Metals & Mining Industry Standard, the recommendations of the TCFD, and the Global Reporting Initiative Standards for sustainability reporting “Core” requirements. It focuses on economic, environmental, social and governance topics and indicators that are of the greatest interest to Alamos’ stakeholders

•The Mulatos mine was awarded the Empresa Socialmente Responsible award by the Mexican Center for Philanthropy for the 15th consecutive year, and the Ethics and Values in Industry award from CONCAMIN for the fourth consecutive year

The Company maintains the highest standards of corporate governance to ensure that corporate decision-making reflects its values, including the Company’s commitment to sustainable development. During the quarter, the Company continued to advance its implementation of the Responsible Gold Mining Principles, developed by the World Gold Council as a framework that sets clear expectations as to what constitutes responsible gold mining.

(1) Frequency rate is calculated as incidents per 200,000 hours worked.

7 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

Outlook and Strategy

2024 Guidance
	Young-Davidson	Island Gold	Mulatos	Lynn Lake	Total
Gold production (000's ounces)	180 - 195	145 - 160	160 - 170		485 - 525
Cost of sales, including amortization(in millions)(3)					$620
Cost of sales, including amortization ($ per ounce)(3)					$1,225
Total cash costs ($ per ounce)(1)	$950 - $1,000	$550 - $600	$925 - $975	—	$825 - $875
All-in sustaining costs ($ per ounce)(1)					$1,125 - $1,175
Mine-site all-in sustaining costs ($ per ounce)(1)(2)	$1,175 - $1,225	$875 - $925	$1,000 - $1,050	—
Capital expenditures (in millions)
Sustaining capital(1)	$40 - $45	$50 - $55	$3 - $5	—	$93 - $105
Growth capital(1)	$20 - $25	$210 - $230	$2 - $5	—	$232 - $260
Total Sustaining and Growth Capital (1) - producing mines	$60 - $70	$260 - $285	$5 - $10	—	$325 - $365
Growth capital - development projects				$25	$25
Capitalized exploration(1)	$10	$13	$9	$9	$41
Total capital expenditures and capitalized exploration(1)	$70 - $80	$273 - $298	$14 - $19	$34	$391 - $431

(1)Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release and associated MD&A for a description of these measures.

(2)For the purposes of calculating mine-site all-in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and administrative and share based compensation expenses to the mine sites.

(3)Cost of sales includes mining and processing costs, royalties, and amortization expense, and is calculated based on the mid-point of total cash cost guidance.

The Company’s objective is to operate a sustainable business model that supports growing returns to all stakeholders over the long-term, through growing production, expanding margins, and increasing profitability. This includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re-investing in high-return internal growth opportunities, and supporting higher returns to shareholders.

2023 Year in Review

With the strong finish to the year, the Company delivered record operational and financial performance in 2023. This included record annual production of 529,300 ounces which drove record revenues of $1.0 billion and record operating cash flows of $472.7 million. Full year production was 15% higher than 2022 and achieved the high end of increased guidance. Costs were also in line with annual guidance. Reflecting the strong operational and financial performance, and balanced approach to growth, the Company generated consolidated free cash flow of $123.8 million in 2023 while investing in the Phase 3+ Expansion.

La Yaqui Grande continued to outperform, contributing to a 58% increase in production from the Mulatos District, at 22% lower costs. This exceeded annual production guidance, driving a substantial increase in mine-site free cash flow from Mulatos to $142.1 million. Young-Davidson delivered its third consecutive year of mine-site free cash flow in excess of $100 million and is well positioned to deliver similar levels of free cash flow over the long-term. Island Gold continued to perform well while self-funding the majority of the Phase 3+ Expansion capital. The expansion remains on track for completion in 2026 with significant progress made through 2023. All the major components of the shaft site infrastructure have now been completed, including the headframe and hoist house, which enabled the start of shaft sinking in December 2023.

Additionally, the Company delivered on a number of key catalysts, supporting ongoing value creation within its pipeline of growth projects. This included achieving a significant permitting milestone and completing an updated Feasibility Study on the Lynn Lake project, which outlined a larger, longer-life, low-cost operation with attractive economics and significant exploration upside. The Company also demonstrated another year of exploration success, most notably at Island Gold and Puerto Del Aire ("PDA") driving a further increase in high-grade Mineral Reserves and Resources. The increase in high-grade Mineral Reserves at PDA is being incorporated into a

8 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

development plan to be completed during the first quarter of 2024 which is expected to outline a significant mine life extension at Mulatos.

As announced earlier this week, Global Mineral Reserves increased to 10.7 million ounces of gold (202 mt grading 1.65 g/t Au), a 2% increase from 2022, with a further 1% increase in grades. This marks the fifth consecutive year of growth in Mineral Reserves for a combined increase of 10% over that time frame. Grades have also increased 9% over that period as Mineral Reserves continue to grow both in size and quality. The increase in 2023 driven by higher-grade additions at Island Gold and PDA, as well as growth at Lynn Lake.

Island Gold's tremendous pace of growth continued in 2023 with an 18% increase in Mineral Reserves to 1.7 million ounces, and 16% increase in combined Mineral Reserves and Resources to 6.1 million ounces. PDA's Mineral Reserves increased 33% to 1.0 million ounces with grades increasing a further 16%. Both deposits remain open in multiple directions, highlighting the significant potential for this growth to continue. Reflecting the continued exploration success and growth potential, the Company has increased its 2024 exploration budget to the largest in its history.

2024 Outlook

The Company provided three-year production and operating guidance in January 2024, which outlined growing production at declining costs over the next three years. Refer to the Company’s January 10, 2024 guidance press release for a summary of the key assumptions and related risks associated with the comprehensive 2024 guidance and three-year production, cost and capital outlook. Gold production in 2024 is expected to range between 485,000 and 525,000 ounces, a 3% increase from the previous three-year guidance provided in January 2023 (based on the mid-point). Total cash costs and AISC are expected to be consistent with 2023.

The increased production guidance was driven by higher expected production from the Mulatos District through residual leaching of the Mulatos leach pad. La Yaqui Grande is expected to supply approximately 75% of Mulatos District production at a similar low-cost structure as 2023. The remaining production is expected to come from residual leaching of the main Mulatos leach pad which carries higher reported AISC, though with the majority of these costs previously incurred, the recovery of these ounces is expected to be very profitable from a cash flow perspective.

Production is expected to be slightly higher during the first half of 2024, with the recovery of ounces through residual leaching at Mulatos expected to decline through the year. First quarter production is expected to be between 123,000 and 133,000 ounces with total cash costs and AISC above the top end of annual guidance reflecting a larger proportion of production coming through residual leaching at Mulatos and slightly lower planned grades at Young-Davidson. Consistent with annual guidance, costs are expected to trend lower through the year reflecting declining rates of production from residual leaching at Mulatos.

Production is expected to increase 7% by 2026 to between 520,000 and 560,000 ounces, with AISC decreasing 11% to between $975 and $1,075 per ounce reflecting low-cost production growth from Island Gold with the completion of the Phase 3+ Expansion. The three year guidance excludes the higher grade PDA project which represents potential production upside at Mulatos as early as 2026. This upside is expected to be outlined in a development plan for PDA to be released during the first quarter of 2024. Looking beyond 2026, the Lynn Lake project is expected to support further potential growth as early as the second half of 2027.

Capital spending is expected to increase from 2023 reflecting inflation, higher capital at Island Gold and Lynn Lake, and an increased capitalized exploration budget. Capital spending on the Lynn Lake project is expected to more than double the amount spent in 2023. Spending at Lynn Lake will be focused on upgrades to site access and infrastructure, including early work on the power line upgrade, in advance of a construction decision anticipated in 2025. Additionally, a portion of the 2024 exploration program will be focused on converting Mineral Resources at the Burnt Timber and Linkwood satellite deposits into a smaller, higher quality Mineral Reserve. A study incorporating these deposits into the Lynn Lake project is expected to be completed in the fourth quarter of 2024, and represents potential production and economic upside to the 2023 Feasibility Study.

9 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

Given the strong profitability of the Mulatos operation in 2023, the Company expects to pay significantly higher cash tax payments in Mexico in 2024, which includes the 2023 year-end tax payment due in the first quarter of approximately $40 million. Combined with an expected decrease in costs through the year, the Company expects stronger free cash flow starting in the second quarter of 2024.

The global exploration budget for 2024 is $62 million, a 19% increase from $52 million spent in 2023. The increase reflects expanded budgets across all key assets following up on broad-based exploration success in 2023. Island Gold and the Mulatos District account for approximately 60% of the total budget with $19 million planned for each asset. This is followed by $12 million at Young-Davidson, $9 million at Lynn Lake and $2 million at Golden Arrow.

The Company's liquidity position remains strong, ending the year with $224.8 million of cash and cash equivalents, $13.0 million in investments in equity securities, and no debt, an increase from $129.8 million at the end of 2022 reflecting strong free cash flow generation throughout the year. Additionally, the Company has a $500 million undrawn credit facility, providing total liquidity of $737.8 million.

10 | Alamos Gold Inc

TRADING SYMBOL: TSX:AGI NYSE:AGI

Fourth Quarter and Year-End 2023 results

Young-Davidson Financial and Operational Review

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Gold production (ounces)	49,800	44,600	185,100	192,200
Gold sales (ounces)	48,052	44,781	182,796	192,186
Financial Review (in millions)
Operating Revenues	$94.8	$78.1	$355.3	$347.8
Cost of sales (1)	$64.6	$62.2	$248.2	$250.5
Earnings from operations	$29.8	$15.6	$104.2	$93.0
Cash provided by operating activities	$59.0	$44.6	$184.8	$172.8
Capital expenditures (sustaining) (2)	$13.9	$15.2	$49.0	$48.8
Capital expenditures (growth) (2)	$8.8	$3.9	$13.1	$17.7
Capital expenditures (capitalized exploration) (2)	$1.3	$1.5	$5.1	$5.0
Mine-site free cash flow (2)	$35.0	$24.0	$117.6	$101.3
Cost of sales, including amortization per ounce of gold sold (1)	$1,344	$1,389	$1,358	$1,303
Total cash costs per ounce of gold sold (2)	$920	$942	$938	$878
Mine-site all-in sustaining costs per ounce of gold sold (2),(3)	$1,211	$1,284	$1,208	$1,133
Underground Operations
Tonnes of ore mined	687,738	661,012	2,878,155	2,783,831
Tonnes of ore mined per day	7,475	7,185	7,885	7,627
Average grade of gold (4)	2.39	2.32	2.20	2.30
Metres developed	2,045	2,731	9,085	11,664
Mill Operations
Tonnes of ore processed	724,670	697,816	2,878,047	2,859,608
Tonnes of ore processed per day	7,877	7,585	7,885	7,835
Average grade of gold (4)	2.38	2.31	2.20	2.31
Contained ounces milled	55,412	51,814	203,791	212,548
Average recovery rate	91%	91%	90%	91%

(1)Cost of sales includes mining and processing costs, royalties and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Grams per tonne of gold ("g/t Au").

Operational review

Young-Davidson produced 49,800 ounces of gold in the fourth quarter, a 12% increase compared to the prior year period, reflecting higher grades mined. With the strong finish to the year, Young-Davidson produced 185,100 ounces in 2023, achieving the low end of annual guidance.

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TRADING SYMBOL: TSX:AGI NYSE:AGI

Underground mining rates averaged 7,475 tpd in the fourth quarter, higher than the prior year period but below annual guidance due to maintenance on the headframe ore bin apron feeder. For the full year, mining rates averaged 7,885 tpd, consistent with guidance. Grades mined averaged 2.39 g/t Au in the fourth quarter, a 16% increase from the third quarter and a 3% increase compared to the prior year period. Grades increased as planned, reflecting the mining of higher grade stopes that had been deferred from the third quarter. Grades averaged 2.20 g/t Au for the year, in line with guidance.

Milling rates averaged 7,877 tpd in the fourth quarter, exceeding the prior year period as well as mining rates, with surface stockpiles supplementing mill feed. Milling rates averaged 7,885 tpd for the full year, consistent with the prior year and annual guidance. Mill recoveries averaged 91% in the quarter and 90% for the full year, both in line with guidance.

Financial Review

Fourth quarter revenues of $94.8 million were 21% higher than the prior year period, resulting from a higher realized gold price and a 7% increase in ounces sold. Full year revenues of $355.3 million were 2% higher than the prior year, due to the higher realized gold price, offset by less ounces sold.

Cost of sales of $64.6 million in the fourth quarter were 4% higher than the prior year period, resulting from higher unit costs and higher tonnage processed. Underground mining costs were CAD $55 per tonne in the quarter, an increase from earlier in the year reflecting fewer tonnes mined, as well as inflationary pressures, primarily labour. Cost of sales of $248.2 million for the full year were in line with the comparable period.

Total cash costs were $920 per ounce in the fourth quarter and $938 per ounce for the full year. Mine-site AISC were $1,211 per ounce in the quarter and $1,208 per ounce for the full year. Both metrics were consistent with annual guidance in the fourth quarter and full year. Full year costs were higher than the comparative periods due to inflationary pressures and slightly lower grades processed.

Capital expenditures in the fourth quarter included $13.9 million of sustaining capital and $8.8 million of growth capital. Additionally, $1.3 million was invested in capitalized exploration in the quarter. Capital expenditures, inclusive of capitalized exploration, totaled $67.2 million for the full year, a 6% decrease from the prior year and in line with annual guidance.

Young-Davidson continues to demonstrate strong operational and financial consistency with mine-site free cash flow of $35.0 million in the fourth quarter, and a record $117.6 million for 2023. This marked the third consecutive year the operation has generated more than $100 million of mine-site free cash flow. With a 15-year Mineral Reserve life, Young-Davidson is well positioned to generate similar levels of free cash flow over the long-term.

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TRADING SYMBOL: TSX:AGI NYSE:AGI

Island Gold Financial and Operational Review

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Gold production (ounces)	31,600	40,500	131,400	133,700
Gold sales (ounces)	30,464	39,145	127,629	130,652
Financial Review (in millions)
Operating Revenues	$60.0	$68.0	$247.8	$235.3
Cost of sales (1)	$33.8	$35.2	$123.6	$120.4
Earnings from operations	$25.3	$32.1	$120.5	$110.2
Cash provided by operating activities	$39.9	$39.1	$164.9	$148.1
Capital expenditures (sustaining) (2)	$10.9	$10.1	$43.9	$36.5
Capital expenditures (growth) (2)	$59.7	$38.9	$178.1	$102.0
Capital expenditures (capitalized exploration) (2)	$3.3	$4.9	$11.1	$18.8
Mine-site free cash flow (2)	($34.0)	($14.8)	($68.2)	($9.2)
Cost of sales, including amortization per ounce of gold sold (1)	$1,110	$899	$968	$922
Total cash costs per ounce of gold sold (2)	$775	$605	$669	$637
Mine-site all-in sustaining costs per ounce of gold sold (2),(3)	$1,136	$863	$1,017	$918
Underground Operations
Tonnes of ore mined	114,895	101,045	437,541	420,801
Tonnes of ore mined per day ("tpd")	1,249	1,098	1,199	1,153
Average grade of gold (4)	8.96	12.13	9.43	10.03
Metres developed	1,730	2,109	8,031	7,114
Mill Operations
Tonnes of ore processed	116,440	119,924	439,008	456,592
Tonnes of ore processed per day	1,266	1,304	1,203	1,251
Average grade of gold (4)	8.76	10.70	9.48	9.64
Contained ounces milled	32,797	41,274	133,826	141,530
Average recovery rate	98%	97%	97%	96%

(1)Cost of sales includes mining and processing costs, royalties, and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Grams per tonne of gold ("g/t Au").

Operational review

Island Gold produced 31,600 ounces in the fourth quarter of 2023, a 22% decrease from the prior year period, resulting from lower grades mined and processed, as planned. For the full year, Island Gold produced 131,400 ounces, achieving the mid-point of full year production guidance.

Underground mining rates averaged 1,249 tpd in the fourth quarter, exceeding annual guidance, and a 14% increase from the prior year period. Mining rates for the full year were in line with guidance. Grades mined averaged 8.96 g/t Au in the quarter, and 9.43 g/t Au for the full year, both consistent with annual guidance.

Mill throughput also exceeded guidance, averaging 1,266 tpd for the quarter. Mill throughput was lower than the prior year period, as the fourth quarter of 2022 included processing of approximately 5,800 tonnes of Island Gold stockpiled ore at the Young-Davidson mill. Mill recoveries averaged 98% in the fourth quarter and 97% for the full year, consistent with guidance.

Financial Review

Revenues of $60.0 million in the fourth quarter were 12% lower than the prior year period reflecting lower ounces sold, partly offset by higher realized gold prices. Revenues of $247.8 million for the full year were 5% higher than the prior year period primarily due to the higher realized gold prices.

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TRADING SYMBOL: TSX:AGI NYSE:AGI

Cost of sales of $33.8 million in the fourth quarter was 4% lower than the prior year period, resulting from the lower production in the quarter. For the full year, cost of sales were $123.6 million, 3% higher than the prior year period, driven by inflationary pressures on mining and processing costs.

Total cash costs of $775 per ounce and mine-site AISC of $1,136 per ounce in the fourth quarter were both higher than the prior year period reflecting lower production with the lower grades mined, ongoing inflationary pressures, primarily labour, as well as non-recurring costs associated with the transition from contractor to owner development and production drilling, which was completed in the quarter. Total cash costs of $669 per ounce and mine-site AISC of $1,017 per ounce for the full year were higher than the comparable period, and slightly above annual guidance.

Total capital expenditures were $73.9 million in the fourth quarter, including $59.7 million of growth capital and $3.3 million of capitalized exploration. Growth capital spending remained focused on the Phase 3+ Expansion shaft site infrastructure. This included the commissioning of the shaft sinking plant, completion of buried services and grid power tie-in for the shaft site and upgraded voltage regulation facility. The Phase 3+ Expansion achieved a significant milestone during the quarter with the start of shaft sinking in December. Additionally, capital spending was focused on lateral development and other surface infrastructure. For the full year, capital spending totaled $233.1 million, inclusive of capitalized exploration of $11.1 million, with the majority related to construction activities on the Phase 3+ Expansion. Capital spending for the year was in line with annual guidance.

Mine-site free cash flow was negative $34.0 million in the fourth quarter and negative $68.2 million for the full year given the significant capital investment related to the Phase 3+ Expansion. At current gold prices, Island Gold is expected to continue funding the majority of the Phase 3+ Expansion capital. The operation is expected to generate significant free cash flow from 2026 onward with the completion of the expansion.

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TRADING SYMBOL: TSX:AGI NYSE:AGI

Mulatos District Financial and Operational Review

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Gold production (ounces)	48,100	49,100	212,800	134,500
Gold sales (ounces)	50,489	49,238	215,833	133,736
Financial Review (in millions)
Operating Revenues	$99.8	$85.8	$420.2	$238.1
Cost of sales (1)	$68.3	$56.0	$265.9	$238.0
Earnings (loss) from operations	$31.0	$28.8	$144.4	($7.4)
Cash provided by operating activities	$35.8	$34.3	$172.5	$25.9
Capital expenditures (sustaining) (2)	$1.8	$1.2	$11.3	$9.9
Capital expenditures (growth) (2)	$1.1	$2.6	$7.3	$50.0
Capital expenditures (capitalized exploration) (2)	$5.5	$1.7	$11.8	$2.8
Mine-site free cash flow (2)	$27.4	$28.8	$142.1	($36.8)
Cost of sales, including amortization per ounce of gold sold (1)	$1,353	$1,137	$1,232	$1,780
Total cash costs per ounce of gold sold (2)	$957	$851	$883	$1,134
Mine site all-in sustaining costs per ounce of gold sold (2),(3)	$1,030	$922	$967	$1,241
La Yaqui Grande Mine
Open Pit Operations
Tonnes of ore mined - open pit (4)	920,058	1,034,974	3,867,172	2,271,387
Total waste mined - open pit (6)	4,918,849	6,133,308	22,069,019	23,602,762
Total tonnes mined - open pit	5,838,907	7,168,282	25,936,191	25,874,149
Waste-to-ore ratio (operating)	4.97	5.00	4.99	5.00
Crushing and Heap Leach Operations
Tonnes of ore stacked	954,127	1,020,449	3,936,145	2,147,558
Average grade of gold processed (5)	1.64	1.43	1.55	1.38
Contained ounces stacked	50,422	46,931	196,619	95,064
Average recovery rate	67%	79%	78%	71%
Ore crushed per day (tonnes)	10,400	11,100	10,800	7,809
Mulatos Mine
Open Pit Operations
Tonnes of ore mined - open pit (4)	—	1,065,739	2,250,380	3,666,515
Total waste mined - open pit (6)	—	756,749	1,309,034	5,994,109
Total tonnes mined - open pit	—	1,822,487	3,559,415	9,660,624
Waste-to-ore ratio (operating)	—	0.71	0.58	1.36
Crushing and Heap Leach Operations
Tonnes of ore stacked	758,627	1,477,642	4,488,365	6,020,558
Average grade of gold processed (5)	2.17	0.78	1.34	0.73
Contained ounces stacked	52,924	37,262	193,299	142,227
Average recovery rate	27%	32%	31%	47%
Ore crushed per day (tonnes)	8,200	16,100	12,300	16,500

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Includes ore stockpiled during the quarter.

(5)Grams per tonne of gold ("g/t Au").

(6)Total waste mined includes operating waste and capitalized stripping.

Mulatos District Operational Review

The Mulatos District produced 48,100 ounces in the fourth quarter, 2% lower than the prior year period, reflecting lower stacking rates with the end of mining in the main Mulatos open pit during the third quarter of 2023. Production

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for the full year totaled 212,800 ounces, exceeding the top end of annual guidance by 15%, driven by the strong performance from La Yaqui Grande.

La Yaqui Grande Operational Review

La Yaqui Grande produced 33,700 ounces in the fourth quarter, and 153,400 ounces for the full year, exceeding expectations, reflecting higher than planned mining rates and grades mined. Grades stacked averaged 1.64 g/t Au in the fourth quarter, and 1.55 g/t Au for the full year, both above annual guidance of 1.15 to 1.45 g/t Au, reflecting positive grade reconciliation. Stacking rates of 10,400 tpd in the fourth quarter were consistent with the third quarter and slightly above annual guidance. The recovery rate was 67% in the fourth quarter, lower than annual guidance, reflecting the timing of recoveries, with the highest grade ore stacked in December, which will be recovered in 2024. The full year recovery rate of 78% was slightly below guidance reflecting the above noted timing of higher grades stacked late in the year.

Mulatos Operational Review

Mulatos produced 14,400 ounces in the fourth quarter and 59,400 ounces for the full year. Production was lower than the prior year periods reflecting completion of mining from the El Salto portion of the pit in July. Stacking of remaining stockpiles was completed in the fourth quarter and residual leaching commenced in December 2023. The operation is expected to benefit from ongoing gold production at decreasing rates in 2024 through residual leaching of the leach pad.

Financial Review (Mulatos District)

Revenues of $99.8 million in the fourth quarter were 16% higher than the prior year period, reflecting higher realized gold prices. Revenues of $420.2 million for the full year, were 76% higher than the prior year, driven by significantly higher gold production and sales and the higher realized gold price.

Cost of sales of $68.3 million in the fourth quarter were 22% higher than in the prior year period due to a higher proportion of production from the main Mulatos operation, the stronger Mexican Peso, and ongoing inflationary pressures. For the full year, cost of sales of $265.9 million were 12% higher than the comparable period, due to the significant increase in production. On a per ounce basis, cost of sales were 31% lower than the prior year reflecting the greater contribution of low-cost ounces at La Yaqui Grande.

Total cash costs of $957 per ounce and mine-site AISC of $1,030 per ounce in the fourth quarter were higher than the prior year period due to a higher proportion of production from the main Mulatos operation, the stronger Mexican Peso, and ongoing inflationary pressures. Total cash costs for the full year were $883 per ounce, below annual guidance, driven by the outperformance of La Yaqui Grande with higher grades and stacking rates. Mine-site AISC of $967 per ounce for the full year were in line with annual guidance.

Total cash costs and mine-site AISC for the Mulatos District are expected to increase slightly in 2024 reflecting additional production from residual leaching of the main Mulatos leach pad, which also drove the increase in production guidance from a year ago. The ounces recovered through residual leaching carry higher reported mine-site AISC of approximately $1,850 per ounce. The majority of these costs were previously incurred and recorded in inventory. The cash component to recover these ounces in 2024 is expected to be approximately $800 per ounce providing stronger free cash flow than implied by the higher reportable costs.

Capital expenditures totaled $8.4 million in the fourth quarter, including sustaining capital of $1.8 million, and $5.5 million of capitalized exploration focused on drilling at PDA. For the full year, capital spending totaled $30.4 million, including $11.8 million of capitalized exploration. Total sustaining and growth capital spending was in line with guidance for the full year. Capitalized exploration was higher than initially budgeted, reflecting increased spending following up on continued exploration success at PDA.

The Mulatos District generated mine-site free cash flow of $27.4 million in the fourth quarter, and $142.1 million for the full year, driven by the high-margin production growth from La Yaqui Grande. Mulatos paid cash taxes of $8.4 million during 2023. Given the increased profitability of the operation, the Company expects to make significantly

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higher cash tax payments in Mexico in 2024. This includes the 2023 year end tax payment due in the first quarter, which is expected to be approximately $40 million.

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Fourth Quarter 2023 Development Activities

Island Gold (Ontario, Canada)

Phase 3+ Expansion

On June 28, 2022, the Company reported results of the Phase 3+ Expansion Study (“P3+ Expansion Study”) conducted on its Island Gold mine, located in Ontario, Canada.

The Phase 3+ Expansion to 2,400 tpd from the current rate of 1,200 tpd will involve various infrastructure investments. These include the installation of a shaft, paste plant, expansion of the mill as well as accelerated development to support the higher mining rates. Following the completion of the expansion in 2026, the operation will transition from trucking ore and waste up the ramp to skipping ore and waste to surface through the new shaft infrastructure, driving production higher and costs significantly lower.

Construction continued through the fourth quarter of 2023, including the start of shaft sinking in December, which was a significant milestone for the project. Further details on progress to the end of the year are summarized below:

•Completed the grid power tie-in for the shaft site and upgraded voltage regulation facility

•Commissioned the shaft sinking plant

•Mechanical and electrical outfitting for hoist house and headframe substantially complete

•Completed structural steel, roofing, interior and exterior cladding for the warehouse

•Completed buried services required for shaft sink, with first blast occurring in December

•Paste plant detailed engineering 75% complete; issuance of long lead time equipment procurement packages is ongoing with construction activities expected to begin in the second half of 2024

•Mill expansion basic engineering completed, and detailed engineering commenced in December with overall engineering being 40% complete. Issuance of long lead time equipment procurement packages is ongoing with construction activities on the mill expansion expected to commence in the second quarter of 2024

•Advanced lateral development to support higher mining rates with the Phase 3+ Expansion

The Phase 3+ Expansion remains on schedule to be completed during the first half of 2026. During the fourth quarter of 2023, the Company spent $59.7 million on the Phase 3+ Expansion and capital development. As of December 31, 2023, 51% of the total initial growth capital of $756 million has been spent and committed on the project. Capital spending is tracking well for work completed to date; however, continuing labour cost pressures may impact future project costs. Progress on the Expansion is detailed as follows:

(in US$M) Growth capital (including indirects and contingency)	P3+ 2400 Study1	Spent to date2	Committed to date	% of Spent & Committed
Shaft & Shaft Surface Complex	229	143	63	90%
Mill Expansion	76	5	15	26%
Paste Plant	52	1	2	6%
Power Upgrade	24	8	6	58%
Effluent Treatment Plant	16	—	—	—
General Indirect Costs	64	33	5	59%
Contingency3	55	—
Total Growth Capital	$516	$190	$91	54%
Underground Equipment & Infrastructure	79	32	—	41%
Accelerated Capital Development	162	71	—	44%
Total Growth Capital (including Accelerated Spend)	$756	$293	$91	51%

1.Phase 3+ 2400 Study is as of January 2022. Phase 3+ capital estimate based on USD/CAD exchange $0.78:1. Spent to date based on average USD/CAD of $0.76:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at December 31, 2023 of $0.76:1.

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2.Amount spent to date accounted for on an accrual basis, including working capital movements.

3.Contingency has been allocated to the various areas.

Growth capital spending at Island Gold on the Phase 3+ Expansion is expected to be between $210 million and $230 million in 2024. Capital spending is expected to remain at similar levels in 2025 and then drop considerably in 2026 once the expansion is completed during the first half of 2026.

Shaft site area - February 2024

Lynn Lake (Manitoba, Canada)

In March 2023, the Company achieved a significant permitting milestone for the Lynn Lake project with a positive Decision Statement issued by the Department of Environment and Climate Change Canada based on the completed Federal Environmental Impact Statement ("EIS"), and Environment Act Licenses issued by the Province of Manitoba. Additionally, during the second quarter, the Company finalized an Impact Benefit Agreement and participated in a signing ceremony with Marcel Colomb First Nation, the most proximate First Nation to the project. As previously disclosed, the Mathias Colomb Cree Nation has brought an application for judicial review of the Decision Statement issued by the Department of Environment and Climate Change and an internal appeal of the Environment Act Licenses issued by the Province of Manitoba. At this time, the application and appeal are not expected to impact Lynn Lake project timelines. The Company continues to actively engage with the Mathias Colomb Cree Nation during this period.

On August 2, 2023, the Company reported the results of an updated Feasibility Study ("2023 Study") conducted on the project which replaces the previous Feasibility Study completed in 2017 ("2017 Study"). The 2023 Study incorporates a 44% larger Mineral Reserve and 14% increase in milling rates to 8,000 tpd supporting a larger, longer-life, low-cost operation. The 2023 Study has been updated to reflect the current costing environment, as well as a significant amount of additional engineering, on-site geotechnical investigation work, and requirements outlined during the permitting process with the EIS granted in March.

2023 Study Highlights:

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Higher production: average annual gold production of 207,000 ounces over the first five years and 176,000 ounces over the initial 10 years

•The 10-year average represents a 23% increase over the annual average of 143,000 ounces in the 2017 Study

Low-cost profile: average mine-site all-in sustaining costs of $699 per ounce over the first 10-years and $814 per ounce over the life of mine

•Average mine-site all-in sustaining costs decreased 6% from the 2017 Study over the initial 10-years with economies of scale provided by the larger operation, and higher average grades, more than offsetting cost inflation

Larger, longer-life operation supported by 44% larger Mineral Reserve with further upside potential

•44% larger Mineral Reserve totaling 2.3 million ounces grading 1.52 g/t Au (47.6 million tonnes ("mt"))

•17-year mine life, up from 10 years in the 2017 Study

•Life of mine production of 2.2 million ounces, a 46% increase from 1.5 million ounces reported in 2017

Modest increase in capital intensity with larger operation and 46% increase in life of mine production partly offsetting inflation

•Initial capital of $632 million, and life of mine capital including sustaining capital and reclamation of $832 million, increased from the 2017 Study reflecting inflation and scope changes with the larger operation and Mineral Reserve

•Total life of mine capital of $381 per ounce increased 17% from $325 per ounce in the 2017 Study with the larger Mineral Reserve and economies of scale partly offsetting the significant industry-wide capital inflation experienced since 2017

Project de-risked given advanced level of engineering, additional geotechnical work, and EIS approval

•Detailed engineering 75% complete; basic engineering 100% complete as of December 2023

•EIS approval and Provincial licenses received in March 2023 with requirements outlined through the permitting process incorporated into the 2023 Study

Attractive economics with significant long-term exploration upside potential

•After-tax net present value (“NPV”) (5%) of $428 million (base case gold price assumption of $1,675 per ounce and USD/CAD foreign exchange rate of $0.75:1); after-tax internal rate of return (“IRR”) of 17%

•After-tax NPV (5%) of $670 million, and an after-tax IRR of 22%, at current gold prices of approximately $1,950 per ounce

•Payback of less than four years at the base case gold price of $1,675 per ounce and less than three years at a $1,950 per ounce gold prices

Significant near-mine and regional exploration upside potential

•The Lynn Lake project encompasses most of the east-trending, 125 km long, Lynn Lake Greenstone Belt in northwestern Manitoba, with a total of 58,000 hectares of mineral tenure, representing significant exploration potential, including:

◦Gordon deposit: higher-grade gold mineralization extended outside of Mineral Reserves and Resources in the northeastern extent of the planned Gordon pit, in an area modeled as waste in the 2023 Study

◦Burnt Timber and Linkwood: potential for smaller, higher-grade Mineral Resource that could be trucked and processed at the planned MacLellan mill later in the mine life

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◦Regional targets: extensive pipeline of highly prospective exploration targets at various stages of exploration across the Lynn Lake greenstone belt. This includes the Maynard and Tulune targets where ongoing drilling continues to intersect gold mineralization. Both targets are within trucking distance of the MacLellan mill

Low Greenhouse Gas (“GHG”) emission intensity

•18% decrease in GHG emissions per ounce from the 2017 Study reflecting the incorporation of electric shovels and drills at MacLellan, and productivity improvements with the larger operation

•58% lower emissions per ounce produced than the industry average. The project will be connected to Manitoba’s electric grid, of which nearly all electricity is produced from clean, renewable power, supporting the company-wide target of a 30% reduction in absolute GHG emissions by 2030

Development spending (excluding exploration) was $3.0 million in the fourth quarter of 2023 on engineering to support the updated Feasibility Study. For the full year, development spending (excluding exploration) was $11.6 million.

Capital spending on the Lynn Lake project, excluding exploration, is expected to total $25 million in 2024. This is up from 2023 reflecting planned upgrades to the site access and infrastructure. With approval of the EIS received in March 2023, and the positive Feasibility Study completed in August 2023, the focus in 2024 will be on further de-risking and advancing the project ahead of an anticipated construction decision in 2025. This includes finishing detailed engineering, which is 75% complete, upgrading road access, and early work on the power line upgrade. The majority of the $25 million capital budget in 2024 is spending included as initial capital in the 2023 Feasibility Study.

With $224.8 million of cash as of December 31, 2023, no debt, strong ongoing free cash flow generation, and significant free cash flow growth expected from Island Gold in 2026 and beyond, the Company is well positioned to fund development of Lynn Lake internally.

Kirazlı (Çanakkale, Türkiye)

On October 14, 2019, the Company suspended all construction activities on its Kirazlı project following the Turkish government's failure to grant a routine renewal of the Company’s mining licenses, despite the Company having met all legal and regulatory requirements for their renewal. In October 2020, the Turkish government refused the renewal of the Company’s Forestry Permit. The Company had been granted approval of all permits required to construct Kirazlı including the Environmental Impact Assessment approval, Forestry Permit, and GSM (Business Opening and Operation) permit, and certain key permits for the nearby Ağı Dağı and Çamyurt Gold Mines. These permits were granted by the Turkish government after the project earned the support of the local communities and passed an extensive multi-year environmental review and community consultation process.

On April 20, 2021, the Company announced that its Netherlands wholly-owned subsidiaries Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V. (the “Subsidiaries”) would be filing an investment treaty claim against the Republic of Türkiye for expropriation and unfair and inequitable treatment. The claim was filed under the Netherlands-Türkiye Bilateral Investment Treaty (the “Treaty”). Alamos Gold Holdings Coöperatief U.A. and Alamos Gold Holdings B.V. had their claim against the Republic of Türkiye registered on June 7, 2021 with the International Centre for Settlement of Investment Disputes (World Bank Group).

Bilateral investment treaties are agreements between countries to assist with the protection of investments. The Treaty establishes legal protections for investment between Türkiye and the Netherlands. The Subsidiaries directly own and control the Company’s Turkish assets. The Subsidiaries invoking their rights pursuant to the Treaty does not mean that they relinquish their rights to the Turkish project, or otherwise cease the Turkish operations. The Company will continue to work towards a constructive resolution with the Republic of Türkiye.

The Company incurred $1.3 million in the fourth quarter related to ongoing care and maintenance and arbitration costs to progress the Treaty claim, which was expensed. For the full year, the Company incurred $2.9 million.

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Fourth Quarter 2023 Exploration Activities

Island Gold (Ontario, Canada)

Total exploration expenditures during the fourth quarter were $4.2 million, of which $3.3 million was capitalized. For 2023, exploration expenditures totaled $14.8 million, of which $11.1 million was capitalized, consistent with the annual budget. The focus of the 2023 exploration program was on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure through a more cost-effective expanded underground drilling program that will leverage existing underground infrastructure.

As announced earlier this week, the program was successful with high-grade Mineral Reserves and Resources added across all categories to now total 6.1 million ounces, a 16% increase from the end of 2022. This included an 18% increase in Mineral Reserves to 1.7 million ounces (5.2 mt grading 10.30 g/t Au), a 146% increase in Measured and Indicated Mineral Resources to 0.7 million ounces (2.6 mt grading 8.73 g/t Au) and a 4% increase in Inferred Mineral Resources to 3.7 million ounces (7.9 mt grading 14.58 g/t Au).

The majority of these high-grade Mineral Reserve and Resource additions were in proximity to existing production horizons and infrastructure. This included additions within the main Island Gold structure as well as within the hanging wall and footwall. Given their proximity to existing infrastructure, these ounces are expected to be low cost to develop and could be incorporated into the mine plan and mined within the next several years, further increasing the value of the operation.

A regional exploration program was also completed in 2023 with the focus on evaluating and advancing exploration targets outside the Island Gold Deposit on the 55,300 ha Island Gold property. The program was successful in defining high-grade mineralization at two targets near the Island Gold mine. This included the Pine Zone, located 4 km northeast of Island Gold, and the 88-60 Zone, located 7 km from Island Gold, in proximity to the historic Cline and Edwards mines (see press release dated November 9, 2023).

A total of 9,378 m of underground exploration drilling in 30 holes was completed in the fourth quarter. Additionally, a total of 9,481 m of underground delineation drilling was completed in 34 holes, focused on in-fill drilling to convert Mineral Resources to Mineral Reserves. For the full year, 157 holes totaling 39,110 m were completed as part of the underground exploration program, and 155 holes totaling 31,636 m as part of the underground delineation drilling program. A total of 139 m of underground exploration drift development was also completed during the fourth quarter, totaling 404 m as of year end.

As announced in the February 13, 2024 press release, underground exploration drilling continues to extend high-grade gold mineralization across the Island Gold Deposit within the main E1E and C-Zones, as well as several hanging wall and footwall structures in proximity to existing underground infrastructure.

Island Gold Main zone exploration highlights: high-grade mineralization extended outside of Mineral Reserves and Resources in the E1E and C-Zones. These zones are the main structures which host the majority of currently defined Mineral Reserves and Resources at Island Gold. Previously reported highlights include1:

•Island East (E1E-Zone)

•34.48 g/t Au (34.48 g/t cut) over 2.82 m (840-632-49);

•20.85 g/t Au (20.85 g/t cut) over 2.41 m (1040-619-20);

•19.22 g/t Au (19.22 g/t cut) over 2.05 m (945-624-34); and

•16.13 g/t Au (16.13 g/t cut) over 2.45 m (840-530-09).

•Island West (C-Zone)

•106.04 g/t Au (48.86 g/t cut) over 2.38 m (490-456-13); and

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•19.56 g/t Au (19.56 g/t cut) over 3.81 m (790-479-40).

Island Gold Hanging wall and Footwall exploration highlights: high-grade gold mineralization intersected within several recently defined hanging wall and footwall zones across the main Island Gold Deposit. These zones represent a significant opportunity to add near mine Mineral Reserves and Resources which would be low-cost to develop and produce given their proximity to existing infrastructure. This includes the NS1 Zone which was discovered early in 2023 and was being developed and mined by the end of the year. Previously reported highlights include1:

•Island West Hanging Wall Zones

B Zone

•29.33 g/t Au (23.89 g/t cut) over 6.93 m (790-479-34);

•40.36 g/t Au (40.36 g/t cut) over 3.91 m (790-479-40);

•65.23 g/t Au (24.36 g/t cut) over 2.28 m (900-506-09);

NS1 Zone: currently defined over a North-South strike of approximately 70 m and vertical continuity of over 450 m, and remains open up and down dip

•23.34 g/t Au (12.56 g/t cut) over 4.03 m (900-506-10);

•17.30 g/t Au (8.61 g/t cut) over 3.41 m (900-506-11A);

•12.33 g/t Au (12.33 g/t cut) over 3.96 m (900-506-07); and

•10.46 g/t Au (10.46 g/t cut) over 4.17 m (900-506-08).

•Island East Footwall Zones

E1D1 Zone

•67.08 g/t Au (13.21 g/t cut) over 2.56 m (1040-619-22);

•50.10 g/t Au (12.67 g/t cut) over 2.35 m (1040-619-31); and

•14.78 g/t Au (14.39 g/t cut) over 2.17 m (1040-619-20).

E1D Zone

•228.50 g/t Au (70.63 g/t cut) over 2.79 m (945-624-31A); and

•52.31 g/t Au (15.13 g/t cut) over 2.06 m (945-624-32).

Other Hanging Wall and Footwall intersections: drilling continues to intersect high-grade mineralization in proximity to existing underground infrastructure in yet to be defined zones. These are part of more than 2,000 intersections above 3 g/t Au outside of existing Mineral Reserves and Resources in the hanging wall and footwall, highlighting the opportunity for significant near-mine additions as ongoing drilling further defines these areas. Previously reported highlights include2:

Footwall

•1389.65 g/t Au over 2.90 m (620-595-02);

•39.42 g/t Au over 2.45 m (840-632-49);

•25.85 g/t Au over 3.65 m (840-632-41);

•18.71 g/t Au over 3.45 m (1015-640-06); and

•16.05 g/t Au over 2.75 m (840-632-41).

Hanging Wall

•103.37 g/t Au over 2.90 m (900-506-13);

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•52.65 g/t Au over 2.15 m (900-506-06); and

•17.33 g/t Au over 2.70 m (900-506-13).

1 All reported composite intervals are calculated true width of the mineralized zones, unless otherwise stated. Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to: Island West (C-zone) and Island Main @ 225 g/t Au; Island Main and East (E1E Zone) @ 185 g/t Au; E1D Zone @ 100 g/t Au; B Zone, E1D1 zone and NS1 @ 90 g/t Au.

2 All reported composite intervals are core length, true width is unknown at this time, and gold grades are reported as uncut).

Young-Davidson (Ontario, Canada)

Total exploration expenditures during the fourth quarter were $1.7 million of which $1.3 million was capitalized. For 2023, exploration spending totaled $8.0 million of which $5.1 million was capitalized, consistent with budget.

During the fourth quarter of 2023, two underground exploration drills completed 5,325 m in 12 holes from the 9220 West exploration drift and the 9025 East Footwall. Drilling is targeting syenite-hosted mineralization as well as continuing to test mineralization in the footwall sediments and in the hanging wall mafic-ultramafic stratigraphy. For the full year, a total of 23,205 m of mine exploration drilling was completed in 56 holes.

In addition, 7,052 m of surface drilling was completed in 21 holes in 2023, primarily focused on the MCM-target area, immediately east and adjacent to the Young-Davidson deposit.

Mulatos District (Sonora, Mexico)

During the fourth quarter, exploration spending at Mulatos totaled $6.0 million of which $5.5 million was capitalized. For 2023, exploration spending totaled $21.7 million of which $11.8 million was capitalized.

During the fourth quarter of 2023, exploration activities continued at PDA and the near-mine area with 15,937 m of drilling completed in 62 holes. Drilling in the fourth quarter focused on in-fill drilling the GAP-Victor portion of the Mineral Resource. The 2023 exploration program was successful in driving a 33% increase in Mineral Reserves at PDA to 1.0 million ounces (5.4 mt grading 5.61 g/t Au) with grades also increasing 16%. This growth in higher-grade Mineral Reserves will be incorporated into an updated development plan which is expected to be completed in the first quarter of 2024.

The regional drilling program was paused during the fourth quarter to complete ground geophysical surveys in the Capulin and Cerro Pelon areas. Drilling at regional targets will resume in the first quarter of 2024.

For the full year, a total of 56,712 m of drilling was completed in 196 holes at PDA including 10 geotechnical holes totaling 2,221 m. A total of 25,459 m of drilling in 79 holes was also completed at several targets across the Mulatos District.

Lynn Lake (Manitoba, Canada)

Exploration spending totaled $0.7 million in the fourth quarter and $6.6 million for the full year, all of which was capitalized. The 2023 drilling campaign was completed by the end of the second quarter comprising 7,979 m of drilling in 29 holes. In the fourth quarter, exploration activities focused on interpretation of results from the 2023 drilling programs, and from the geological mapping, sampling and hand trenching programs completed in the second and third quarters of 2023. Targeting and planning was also completed in the fourth quarter, ahead of the planned 2024 infill drilling program at the Burnt Timber and Linkwood deposits.

Review of Fourth Quarter Financial Results

During the fourth quarter of 2023, the Company sold 129,005 ounces of gold for operating revenues of $254.6 million. This represented a 10% increase from the prior year period due to a higher realized gold price, offset by a 3% decrease in ounces sold.

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Cost of sales (which includes mining and processing costs, royalties, and amortization expense) were $166.7 million in the fourth quarter, 9% higher than the prior year period. Key drivers of changes to cost of sales as compared to the prior year period were as follows:

Mining and processing costs were $113.4 million, 7% higher than the prior year period. The increase primarily reflects the impact of continuing labour and other inflationary pressures on mining and processing costs across the operations. Inflationary pressures and operating costs remained in line with expectations in 2023. The impact of the stronger Mexican peso relative to the annual cost guidance was partly mitigated by the Company's hedge position.

Total cash costs of $900 per ounce and AISC of $1,233 per ounce were higher than the prior year period due to the continuing inflationary pressures on operating costs, and lower grades mined at Island Gold.

Royalty expense was $2.7 million in the quarter, slightly higher than the prior year period of $2.2 million due to the higher average realized gold price.

Amortization of $50.6 million, or $392 per ounce in the quarter was higher than the prior year period due to the larger production contribution from Young-Davidson which has a higher depletable cost base.

The Company recognized earnings from operations of $71.9 million in the fourth quarter, 17% higher than the prior year period, as a result of the higher realized gold price, and margin expansion, driven by low-cost production growth from La Yaqui Grande.

The Company reported net earnings of $47.1 million in the fourth quarter, compared to $40.6 million in the prior year period. Adjusted earnings1 in the fourth quarter were $49.2 million, or $0.12 per share, which included adjustments for unrealized net foreign exchange gains recorded within deferred taxes, and on net monetary assets and liabilities, resulting primarily from the strengthening of both the Canadian dollar and the Mexican peso, and a reduction in the non-cash fair value adjustments on the milestone payments related to the sale of the Esperanza project.

Review of 2023 Financial Results

During the year ended December 31, 2023, the Company sold 526,258 ounces for record operating revenues of $1.0 billion, 25% higher than the prior year period, driven by increased production from La Yaqui Grande, and a higher average realized gold price.

Cost of sales (which includes mining and processing costs, royalties, and amortization expense) for the full year were $637.7 million, a 5% increase compared to the prior year. Cost of sales in the prior year were impacted by a net realizable value adjustment on the Mulatos heap leach inventory of $33.9 million. In addition to the prior year inventory adjustment, key drivers of cost of sales changes as compared to the prior year were as follows:

Mining and processing costs increased to $437.3 million from $394.4 million in the prior year. The increase primarily reflects a full year of operations at La Yaqui Grande in 2023, as well as the impact of labour and other inflation effects on mining and processing costs across the Company's operations. The impact of the stronger Mexican peso relative to the annual cost guidance was partly mitigated by the Company's hedge position on the Mexican peso.

Total cash costs of $850 per ounce and AISC of $1,160 per ounce for 2023 were both lower than the prior year, primarily reflecting the increased contribution of low cost production from La Yaqui Grande.

Royalty expense was $10.2 million, a 12% increase compared to $9.1 million in the prior year, due to the higher average realized gold price.

Amortization of $190.2 million was higher than the prior year of $171.5 million, driven by a 15% increase in ounces sold. Amortization of $361 per ounce was lower than the prior year amortization of $376 per ounce due to the increased contribution from La Yaqui Grande which has a lower depletable cost base.

The Company recognized earnings from operations of $318.1 million, a significant increase from $111.5 million in the prior year, driven by the Company's record production, and expanded margins. The prior year was also

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impacted by the net realizable value adjustments on the Mulatos heap leach inventory, as well as an impairment expense related to the sale of the Esperanza project of $38.2 million.

The Company reported net earnings of $210.0 million compared to $37.1 million in the prior year. The stronger net earnings in 2023 reflect the Company's record operating performance and margin expansion. The prior year was also impacted by the net realizable value adjustment on the Mulatos heap leach inventory, and the impairment expense on the sale of the Esperanza project. On an adjusted basis1, earnings for 2023 were $208.4 million, or $0.53 per share, which included adjustments for unrealized foreign exchange gains recorded in deferred taxes of $16.3 million and other losses, net of tax, of $16.6 million.

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

Associated Documents

This press release should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023 and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company's website, www.alamosgold.com, in the "Investors" section under "Reports and Financials", and on SEDAR+ (www.sedarplus.com) and EDGAR (www.sec.gov).

Reminder of Fourth Quarter and Year-End 2023 Results Conference Call

The Company's senior management will host a conference call on Thursday, February 22, 2024 at 10:00 am ET to discuss the fourth quarter and year-end 2023 results. Participants may join the conference call via webcast or through the following dial-in numbers:

Toronto and International:                (416) 340-2217

Toll free (Canada and the United States):         (800) 806-5484

Participant passcode:                    7181034#

Webcast:                         www.alamosgold.com

A playback will be available until March 24, 2024 by dialling (905) 694-9451 or (800) 408-3053 within Canada and the United States. The pass code is 7488420#. The webcast will be archived at www.alamosgold.com.

Qualified Persons

Chris Bostwick, FAusIMM, Alamos’ Senior Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 ("Qualified Person"), has reviewed and approved the scientific and technical information contained in this press release.

About Alamos

Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people and is committed to the highest standards of sustainable development. The Company’s shares are traded on the TSX and NYSE under the symbol “AGI”.

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TRADING SYMBOL: TSX:AGI NYSE:AGI

FOR FURTHER INFORMATION, PLEASE CONTACT:

Scott K. Parsons

Senior Vice President, Investor Relations

(416) 368-9932 x 5439

The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed, to be, forward-looking statements and are based on expectations, estimates and projects as at the date of this press release. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", “assume”, "believe", "anticipate", "intend", "objective", "estimate", “potential”, "forecast", "budget", “target”, "goal", “on track”, “on pace”, “outlook”, “continue”, “ongoing”, “plan” or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms.

Such statements include, but may not be limited to, guidance and expectations pertaining to: free cash flow, mine-site free cash flow, gold production, total cash costs, all-in sustaining costs, mine-site all-in sustaining costs, capital expenditures, total sustaining and growth capital, capitalized exploration; achieving annual guidance; expected completion of the acquisition of Orford Mining Corporation by Alamos; increases to production, value of operation and decreases to costs resulting from intended completion of the Phase 3+ Expansion at Island Gold; intended infrastructure investments in, method of funding for, and timing of the completion of, the Phase 3+ Expansion; timing of construction decision for the Lynn Lake project; the expectation that the Lynn Lake project will be an attractive, low-cost long-life growth project in Canada with significant exploration upside; expenditures on the development of the Lynn Lake project; the effect of court and administrative proceedings in Manitoba on project timelines for the Lynn Lake project; exploration potential, budgets, focuses, programs, targets and projected exploration results; returns to stakeholders; gold prices; potential for further growth from PDA, a new development plan for PDA and the expected timing of its completion; mine life, including an anticipated mine life extension at Mulatos; Mineral Reserve life; Mineral Reserve and Resource grades; reserve and resource estimates; mining and milling rates; the Company’s approach to reduction of its environmental footprint (including new initiatives and target reduction in greenhouse gas emissions), community relations and governance as well as other general information as to strategy, plans or future financial or operating performance, such as the Company’s expansion plans, project timelines, production plans and expected sustainable productivity increases, expected increases in mining activities and corresponding cost efficiencies, forecasted cash shortfalls and the Company’s ability to fund them, cost estimates, sufficiency of working capital for future commitments and other statements that express management’s expectations or estimates of future plans and performance.

Alamos cautions that forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.

Risk factors that may affect Alamos’ ability to achieve the expectations set forth in the forward-looking statements in this press release include, but are not limited to: changes to current estimates of mineral reserves and resources; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates which may be impacted by unscheduled maintenance, weather issues, labour and contractor availability and other operating or technical difficulties); operations may be exposed to new diseases, epidemics and pandemics, including any ongoing effects and potential further effects of COVID-19; the impact of COVID-19 or any other new illness, epidemic or pandemic on the broader market and the trading price of the Company's shares; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico, the United States and Türkiye; the duration of any ongoing or new regulatory responses to COVID-19 or any other new illness, epidemic or pandemic; government and the Company’s attempts to reduce the spread of any illness, epidemic or pandemic which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver gold doré bars; fluctuations in the price of gold or certain other commodities such as,

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diesel fuel, natural gas, and electricity; changes in foreign exchange rates (particularly the Canadian Dollar, Mexican peso, U.S. dollar and Turkish lira); the impact of inflation; changes in the Company's credit rating; any decision to declare a quarterly dividend; employee and community relations; not receiving the requisite approvals for completion of the transaction pursuant to which Alamos would acquire Orford Mining Corporation; litigation and administrative proceedings (including but not limited to the investment treaty claim announced on April 20, 2021 against the Republic of Türkiye by the Company’s wholly-owned Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V., the application for judicial review of the positive Decision Statement issued by the Department of Environment and Climate Change Canada commenced by the Mathias Colomb Cree Nation (MCCN) in respect of the Lynn Lake project and the MCCN’s corresponding internal appeal of the Environment Act Licenses issued by the Province of Manitoba for the project); disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays with the Phase 3+ expansion project at the Island Gold mine; court or other administrative decisions impacting the Company’s approved Environmental Impact Study and/or issued project permits, construction decisions and any development of the Lynn Lake project; delays in the development or updating of mine plans; changes with respect to the intended method of accessing and mining the deposit at PDA and changes related to the intended method of processing any ore from the deposit of PDA; the risk that the Company’s mines may not perform as planned; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining necessary licenses and permits, including the necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Company’s development stage and operating assets; labour and contractor availability (and being able to secure the same on favourable terms); contests over title to properties; expropriation or nationalization of property; inherent risks and hazards associated with mining and mineral processing including environmental hazards, industrial hazards, industrial accidents, unusual or unexpected formations, pressures and cave-ins; changes in national and local government legislation, controls or regulations in Canada, Mexico, Türkiye, the United States and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; failure to comply with environmental and health and safety laws and regulations; disruptions in the maintenance or provision of required infrastructure and information technology systems; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. The litigation against the Republic of Türkiye, described above, results from the actions of the Turkish government in respect of the Company’s projects in the Republic of Türkiye. Such litigation is a mitigation effort and may not be effective or successful. If unsuccessful, the Company’s projects in Türkiye may be subject to resource nationalism and further expropriation; the Company may lose any remaining value of its assets and gold mining projects in Türkiye and its ability to operate in Türkiye. Even if the litigation is successful, there is no certainty as to the quantum of any damages award or recovery of all, or any, legal costs. Any resumption of activities in Türkiye, or even retaining control of its assets and gold mining projects in Türkiye can only result from agreement with the Turkish government. The investment treaty claim described in this press release may have an impact on foreign direct investment in the Republic of Türkiye which may result in changes to the Turkish economy, including but not limited to high rates of inflation and fluctuation of the Turkish Lira which may also affect the Company’s relationship with the Turkish government, the Company’s ability to effectively operate in Türkiye, and which may have a negative effect on overall anticipated project values.

Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release are set out in the Company's latest 40-F/Annual Information Form and Management’s Discussion and Analysis, each under the heading “Risk Factors”, which are available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this press release.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred Resources

Measured, Indicated and Inferred Resources: All resource and reserve estimates included in this press release and documents referenced in this press release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The U.S. Securities and Exchange Commission (the “SEC”) has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards.

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Investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable.

International Financial Reporting Standards: The consolidated financial statements of the Company have been prepared by management in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (note 2 and 3 to the consolidated financial statements for the year ended December 31, 2023). These accounting principles differ in certain material respects from accounting principles generally accepted in the United States of America. The Company’s reporting currency is the United States dollar unless otherwise noted.

Non-GAAP Measures and Additional GAAP Measures

The Company has included certain non-GAAP financial measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:

•adjusted net earnings and adjusted earnings per share;

•cash flow from operating activities before changes in working capital and taxes received;

•company-wide free cash flow;

•total mine-site free cash flow;

•mine-site free cash flow;

•total cash cost per ounce of gold sold;

•AISC per ounce of gold sold;

•Mine-site AISC per ounce of gold sold;

•sustaining and non-sustaining capital expenditures; and

•earnings before interest, taxes, depreciation, and amortization ("EBITDA")

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are dully noted and retrospectively applied as applicable.

Adjusted Net Earnings and Adjusted Earnings per Share

“Adjusted net earnings” and “adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS which exclude the following from net earnings (loss):

•Foreign exchange (gain) loss

•Items included in other loss

•Certain non-recurring items

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•Foreign exchange (gain) loss recorded in deferred tax expense

•The income and mining tax impact of items included in other loss

Net earnings (loss) have been adjusted, including the associated tax impact, for the group of costs in “other loss” on the consolidated statement of comprehensive income. Transactions within this grouping are: the fair value changes on non-hedged derivatives; the renunciation of flow-through exploration expenditures; loss on disposal of assets; and Turkish Projects holding costs and arbitration costs. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings.

The Company uses adjusted net earnings for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of adjusted net earnings. Consequently, the presentation of adjusted net earnings enables shareholders to better understand the underlying operating performance of the core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.

Adjusted net earnings is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure.

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
Net earnings (loss)	$47.1	$40.6	$210.0	$37.1	($66.7)
Adjustments:
Inventory net realizable value adjustment, net of taxes	—	—	—	22.4	—
Impairment charge, net of taxes	—	—	—	26.7	213.8
Foreign exchange (gain) loss	(0.3)	0.2	(1.9)	(1.7)	0.9
Other loss	21.2	6.6	23.8	5.1	7.2
Unrealized foreign exchange (gain) loss recorded in deferred tax expense	(12.3)	(12.2)	(16.3)	19.4	6.9
Other income and mining tax adjustments	(6.5)	(1.5)	(7.2)	(1.1)	—
Adjusted net earnings	$49.2	$33.7	$208.4	$107.9	$162.1
Adjusted earnings per share - basic	$0.12	$0.09	$0.53	$0.28	$0.41

Cash Flow from Operating Activities before Changes in Working Capital and Cash Taxes

“Cash flow from operating activities before changes in working capital and cash taxes” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in working capital and taxes received to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Cash flow from operating activities before changes in working capital” is a non-GAAP financial measure with no standard meaning under IFRS.

The following table reconciles the non-GAAP measure to the consolidated statements of cash flows.

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Cash flow from operating activities	$124.1	$102.3	$472.7	$298.5
Add: Changes in working capital and taxes paid	(3.9)	7.0	46.2	63.1
Cash flow from operating activities before changes in working capital and taxes paid	$120.2	$109.3	$518.9	$361.6

Company-wide Free Cash Flow

“Company-wide free cash flow" is a non-GAAP performance measure calculated from the consolidated operating cash flow, less consolidated mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash company-wide. Company-wide free cash flow

30 | Alamos Gold Inc

is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Company-wide free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Cash flow from operating activities	$124.1	$102.3	$472.7	$298.5
Less: mineral property, plant and equipment expenditures	(109.7)	(84.8)	(348.9)	(313.7)
Company-wide free cash flow	$14.4	$17.5	$123.8	($15.2)

Mine-site Free Cash Flow

"Mine-site free cash flow" is a non-GAAP financial performance measure calculated as cash flow from mine-site operating activities, less mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Consolidated Mine-Side Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$124.1	$102.3	$472.7	$298.5
Add: operating cash flow used by non-mine site activity	10.6	15.7	49.5	48.3
Cash flow from operating mine-sites	$134.7	$118.0	$522.2	$346.8
Mineral property, plant and equipment expenditure	$109.7	$84.8	$348.9	$313.7
Less: capital expenditures from development projects, and corporate	(3.4)	($4.8)	(18.2)	(22.2)
Capital expenditure and capital advances from mine-sites	$106.3	$80.0	$330.7	$291.5
Total mine-site free cash flow	$28.4	$38.0	$191.5	$55.3

Young-Davidson Mine-Site Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$59.0	$44.6	$184.8	$172.8
Mineral property, plant and equipment expenditure	(24.0)	(20.6)	(67.2)	(71.5)
Mine-site free cash flow	$35.0	$24.0	$117.6	$101.3

Island Gold Mine-Site Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$39.9	$39.1	$164.9	$148.1
Mineral property, plant and equipment expenditure	(73.9)	(53.9)	(233.1)	(157.3)
Mine-site free cash flow	($34.0)	($14.8)	($68.2)	($9.2)

Mulatos District Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$35.8	$34.3	$172.5	$25.9
Mineral property, plant and equipment expenditure	(8.4)	(5.5)	(30.4)	(62.7)
Mine-site free cash flow	$27.4	$28.8	$142.1	($36.8)

31 | Alamos Gold Inc

Total Cash Costs per ounce

Total cash costs per ounce is a non-GAAP term typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. This non-GAAP term is also used to assess the ability of a mining company to generate cash flow from operations. Total cash costs per ounce includes mining and processing costs plus applicable royalties, and net of by-product revenue and net realizable value adjustments. Total cash costs per ounce is exclusive of exploration costs.

Total cash costs per ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

All-in Sustaining Costs per ounce and Mine-site All-in Sustaining Costs

The Company adopted an “all-in sustaining costs per ounce” non-GAAP performance measure in accordance with the World Gold Council published in June 2013. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in sustaining costs per ounce” as determined by the Company compared with other mining companies. In this context, “all-in sustaining costs per ounce” for the consolidated Company reflects total mining and processing costs, corporate and administrative costs, share-based compensation, exploration costs, sustaining capital, and other operating costs.

For the purposes of calculating "mine-site all-in sustaining costs" at the individual mine-sites, the Company does not include an allocation of corporate and administrative costs and share-based compensation, as detailed in the reconciliations below.

Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature. Non-sustaining capital expenditures are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where the these projects will materially benefit the mine site. Capitalized exploration expenditures are expenditures that meet the IFRS definition for capitalization, and are incurred to further expand the known Mineral Reserve and Resource at existing operations or development projects. For each mine-site reconciliation, corporate and administrative costs, and non-site specific costs are not included in the all-in sustaining cost per ounce calculation.

All-in sustaining costs per gold ounce is intended to provide additional information only and does not have any standardized  meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.  

Total Cash Costs and All-in Sustaining Costs per Ounce Reconciliation Tables

The following tables reconciles these non-GAAP measures to the most directly comparable IFRS measures on a Company-wide and individual mine-site basis.

32 | Alamos Gold Inc

Total Cash Costs and AISC Reconciliation - Company-wide
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
(in millions, except ounces and per ounce figures)
Mining and processing	$113.4	$105.6	$437.3	$394.4	$351.5
Royalties	2.7	2.2	10.2	9.1	11.7
Total cash costs	116.1	107.8	447.5	403.5	363.2
Gold ounces sold	129,005	133,164	526,258	456,574	457,517
Total cash costs per ounce	$900	$810	$850	$884	$794
Total cash costs	$116.1	$107.8	$447.5	$403.5	$363.2
Corporate and administrative (1)	7.6	7.2	27.6	25.9	24.5
Sustaining capital expenditures (2)	26.6	26.5	104.2	95.2	113.4
Share-based compensation	6.3	7.1	21.7	18.3	11.1
Sustaining exploration	0.8	0.7	2.7	2.5	4.9
Accretion of decommissioning liabilities	1.7	2.2	6.8	4.2	2.4
Total all-in sustaining costs	$159.1	$151.5	$610.5	$549.6	$519.5
Gold ounces sold	129,005	133,164	526,258	456,574	457,517
All-in sustaining costs per ounce	$1,233	$1,138	$1,160	$1,204	$1,135

(1)Corporate and administrative expenses exclude expenses incurred at development properties.

(2)Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at growth projects and certain expenditures at operating sites which are deemed expansionary in nature. Total sustaining capital expenditures for the period are as follows:

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
(in millions)
Capital expenditures per cash flow statement	$109.7	$84.8	$348.9	$313.7	$348.6
Less: non-sustaining capital expenditures at:
Young-Davidson	(10.1)	(5.4)	(18.2)	(22.7)	(44.8)
Island Gold	(63.0)	(43.8)	(189.2)	(120.8)	(71.9)
Mulatos District	(6.6)	(4.3)	(19.1)	(52.8)	(97.0)
Corporate and other	(3.4)	(4.8)	(18.2)	(22.2)	(21.5)
Sustaining capital expenditures	$26.6	$26.5	$104.2	$95.2	$113.4

Young-Davidson Total Cash Costs and Mine-site AISC Reconciliation
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions, except ounces and per ounce figures)
Mining and processing	$42.8	$41.1	$166.2	$163.4
Royalties	1.4	1.1	5.3	5.3
Total cash costs	$44.2	$42.2	$171.5	$168.7
Gold ounces sold	48,052	44,781	182,796	192,186
Total cash costs per ounce	$920	$942	$938	$878
Total cash costs	$44.2	$42.2	$171.5	$168.7
Sustaining capital expenditures	13.9	15.2	49.0	48.8
Accretion of decommissioning liabilities	0.1	0.1	0.4	0.3
Total all-in sustaining costs	$58.2	$57.5	$220.9	$217.8
Gold ounces sold	48,052	44,781	182,796	192,186
Mine-site all-in sustaining costs per ounce	$1,211	$1,284	$1,208	$1,133

33 | Alamos Gold Inc

Island Gold Total Cash Costs and Mine-site AISC Reconciliation
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions, except ounces and per ounce figures)
Mining and processing	$22.8	$23.0	$82.7	$80.6
Royalties	0.8	0.7	2.7	2.6
Total cash costs	$23.6	$23.7	$85.4	$83.2
Gold ounces sold	30,464	39,145	127,629	130,652
Total cash costs per ounce	$775	$605	$669	$637
Total cash costs	$23.6	$23.7	$85.4	$83.2
Sustaining capital expenditures	10.9	10.1	43.9	36.5
Accretion of decommissioning liabilities	0.1	—	0.5	0.2
Total all-in sustaining costs	$34.6	$33.8	$129.8	$119.9
Gold ounces sold	30,464	39,145	127,629	130,652
Mine-site all-in sustaining costs per ounce	$1,136	$863	$1,017	$918

Mulatos District Total Cash Costs and Mine-site AISC Reconciliation
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions, except ounces and per ounce figures)
Mining and processing	$47.8	$41.5	$188.4	$150.4
Royalties	0.5	0.4	2.2	1.2
Total cash costs	$48.3	$41.9	$190.6	$151.6
Gold ounces sold	50,489	49,238	215,833	133,736
Total cash costs per ounce	$957	$851	$883	$1,134
Total cash costs	$48.3	$41.9	$190.6	$151.6
Sustaining capital expenditures	1.8	1.2	11.3	9.9
Sustaining exploration	0.4	0.2	0.9	0.7
Accretion of decommissioning liabilities	1.5	2.1	5.9	3.7
Total all-in sustaining costs	$52.0	$45.4	$208.7	$165.9
Gold ounces sold	50,489	49,238	215,833	133,736
Mine-site all-in sustaining costs per ounce	$1,030	$922	$967	$1,241

EBITDA

EBITDA represents net earnings before impairment charges, interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

EBITDA does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

34 | Alamos Gold Inc

The following is a reconciliation of EBITDA to the consolidated financial statements:

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Net earnings	$47.1	$40.6	$210.0	$37.1
Add back:
Inventory net realizable value adjustment	—	—	—	33.9
Impairment expense	—	—	—	38.2
Finance (income) expense	(0.2)	2.2	2.5	5.7
Amortization	50.6	45.6	190.2	171.5
Deferred income tax expense	4.6	2.7	31.0	54.6
Current income tax (recovery) expense	(0.5)	9.3	52.7	10.7
EBITDA	$101.6	$100.4	$486.4	$351.7

Additional GAAP Measures

Additional GAAP measures are presented on the face of the Company’s consolidated statements of comprehensive income (loss) and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following additional GAAP measures are used and are intended to provide an indication of the Company’s mine and operating performance:

•Earnings from operations - represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, loss on redemption of senior secured notes and income tax expense

35 | Alamos Gold Inc

Unaudited Consolidated Statements of Financial Position, Comprehensive

Income, and Cash Flow

ALAMOS GOLD INC.

Consolidated Statements of Financial Position

(Unaudited - stated in millions of United States dollars)

	December 31, 2023	December 31, 2022
A S S E T S
Current Assets
Cash and cash equivalents	$224.8	$129.8
Equity securities	13.0	18.6
Amounts receivable	53.4	37.2
Inventory	271.2	234.2
Other current assets	23.6	16.2
Assets held for sale	—	5.0
Total Current Assets	586.0	441.0
Non-Current Assets
Mineral property, plant and equipment	3,360.1	3,173.8
Deferred income taxes	9.0	—
Other non-current assets	46.1	59.4
Total Assets	$4,001.2	$3,674.2
L I A B I L I T I E S
Current Liabilities
Accounts payable and accrued liabilities	$195.0	$172.7
Income taxes payable	40.3	0.7
Current portion of decommissioning liability	12.6	8.5
Total Current Liabilities	247.9	181.9
Non-Current Liabilities
Deferred income taxes	703.6	660.9
Decommissioning liabilities	124.2	108.1
Other non-current liabilities	2.0	2.2
Total Liabilities	1,077.7	953.1
E Q U I T Y
Share capital	$3,738.6	$3,703.8
Contributed surplus	88.6	90.7
Accumulated other comprehensive loss	(26.9)	(24.8)
Deficit	(876.8)	(1,048.6)
Total Equity	2,923.5	2,721.1
Total Liabilities and Equity	$4,001.2	$3,674.2

36 | Alamos Gold Inc

ALAMOS GOLD INC.

Consolidated Statements of Comprehensive Income

(Unaudited - stated in millions of United States dollars, except share and per share amounts)

	For three months ended		For twelve months ended
	December 31,	December 31,	December 31,	December 31,
	2023	2022	2023	2022
OPERATING REVENUES	$254.6	$231.9	$1,023.3	$821.2
COST OF SALES
Mining and processing	113.4	105.6	437.3	394.4
Inventory net realizable value adjustment	—	—	—	33.9
Royalties	2.7	2.2	10.2	9.1
Amortization	50.6	45.6	190.2	171.5
	166.7	153.4	637.7	608.9
EXPENSES
Exploration	2.1	2.6	18.2	18.4
Corporate and administrative	7.6	7.2	27.6	25.9
Share-based compensation	6.3	7.1	21.7	18.3
Impairment charge	—	—	—	38.2
	182.7	170.3	705.2	709.7
EARNINGS BEFORE INCOME TAXES	71.9	61.6	318.1	111.5
OTHER EXPENSES
Finance income (expense)	0.2	(2.2)	(2.5)	(5.7)
Foreign exchange gain (loss)	0.3	(0.2)	1.9	1.7
Other loss	(21.2)	(6.6)	(23.8)	(5.1)
EARNINGS FROM OPERATIONS	$51.2	$52.6	$293.7	$102.4
INCOME TAXES
Current income tax recovery (expense)	0.5	(9.3)	(52.7)	(10.7)
Deferred income tax expense	(4.6)	(2.7)	(31.0)	(54.6)
NET EARNINGS	$47.1	$40.6	$210.0	$37.1
Items that may be subsequently reclassified to net earnings:
Net change in fair value of currency hedging instruments, net of taxes	4.3	10.0	8.3	(5.9)
Net change in fair value of fuel hedging instruments, net of taxes	(0.2)	(0.4)	(0.2)	(0.3)
Items that will not be reclassified to net earnings:
Unrealized loss on equity securities, net of taxes	(1.5)	(1.4)	(10.5)	(20.5)
Total other comprehensive income (loss)	$2.6	$8.2	($2.4)	($26.7)
COMPREHENSIVE INCOME	$49.7	$48.8	$207.6	$10.4
EARNINGS PER SHARE
– basic	$0.12	$0.10	$0.53	$0.09
– diluted	$0.12	$0.10	$0.53	$0.09

37 | Alamos Gold Inc

ALAMOS GOLD INC.

Consolidated Statements of Cash Flows

(Unaudited - stated in millions of United States dollars)

	For three months ended		For twelve months ended
	December 31,	December 31,	December 31,	December 31,
	2023	2022	2023	2022
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net earnings for the period	$47.1	$40.6	$210.0	$37.1
Adjustments for items not involving cash:
Amortization	50.6	45.6	190.2	171.5
Impairment charge	—	—	—	38.2
Inventory net realizable value adjustment	—	—	—	33.9
Foreign exchange (gain) loss	(0.3)	0.2	(1.9)	(1.7)
Current income tax (recovery) expense	(0.5)	9.3	52.7	10.7
Deferred income tax expense	4.6	2.7	31.0	54.6
Share-based compensation	6.3	7.1	21.7	18.3
Finance (income) expense	(0.2)	2.2	2.5	5.7
Other items	12.6	1.6	12.7	(6.7)
Changes in working capital and taxes paid	3.9	(7.0)	(46.2)	(63.1)
	124.1	102.3	472.7	298.5
INVESTING ACTIVITIES
Mineral property, plant and equipment	(109.7)	(84.8)	(348.9)	(313.7)
Proceeds from sale of Esperanza	—	—	—	5.0
Proceeds from disposition of equity securities	—	—	0.1	—
Investment in equity securities	(0.1)	(0.1)	(2.8)	(4.0)
Manitou transaction costs	—	—	(0.2)	—
	(109.8)	(84.9)	(351.8)	(312.7)
FINANCING ACTIVITIES
Dividends paid	(8.6)	(8.8)	(35.3)	(35.1)
Repurchase and cancellation of common shares	—	—	—	(8.2)
Proceeds from issuance of flow-through shares	—	—	—	10.4
Proceeds from the exercise of options and warrants	3.0	4.6	9.3	5.3
Credit facility interest and transaction fees	—	(0.8)	—	(0.8)
	(5.6)	(5.0)	(26.0)	(28.4)
Effect of exchange rates on cash and cash equivalents	0.2	0.7	0.1	(0.1)
Net increase (decrease) in cash and cash equivalents	8.9	13.1	95.0	(42.7)
Cash and cash equivalents - beginning of period	215.9	116.7	129.8	172.5
CASH AND CASH EQUIVALENTS - END OF PERIOD	$224.8	$129.8	$224.8	$129.8

38 | Alamos Gold Inc

EX-99.2

ALAMOS GOLD INC.

Management’s Discussion and Analysis

(in United States dollars, unless otherwise stated)

For the Year ended December 31, 2023

ALAMOS GOLD INC.

For the Year ended December 31, 2023

Table of Contents

Overview of the Business	3
Highlight Summary	4
2023 Highlights	6
Environment, Social and Governance Summary Performance	8
Business Developments	9
Outlook and Strategy	10
Young-Davidson Mine ("Young-Davidson")	12
Island Gold Mine ("Island Gold")	14
Mulatos Mine ("Mulatos")	15
Fourth Quarter 2023 Development Activities	18
Fourth Quarter 2023 Exploration Activities	21
Key External Performance Drivers	24
Summarized Financial and Operating Results	25
Review of Fourth Quarter Financial Results	25
Review of 2023 Financial Results	26
Consolidated Expenses and Other	27
Consolidated Income Tax Expense	28
Financial Condition	28
Liquidity and Capital Resources	28
Outstanding Share Data	30
Related Party Transactions	30
Off-Balance Sheet Arrangements	30
Financial Instruments	30
Summary of Quarterly Financial and Operating Results	31
Non-GAAP Measures and Additional GAAP Measures	32
Accounting Estimates, Policies and Changes	37
Internal Control over Financial Reporting	37
Changes in Internal Control over Financial Reporting	38
Disclosure Controls	38
Limitations of Controls and Procedures	38
Risk Factors and Uncertainties	38
Cautionary Note to United States Investors	51
Cautionary Note Regarding Forward-Looking Statements	52

2023Management’s Discussion and Analysis

This Management’s Discussion and Analysis (“MD&A”), dated February 21, 2024, relates to the financial condition and results of the consolidated operations of Alamos Gold Inc. (“Alamos” or the “Company”), and should be read in conjunction with the Company’s consolidated financial statements for the years ended December 31, 2023 and December 31, 2022 and notes thereto. The financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS” or “GAAP”). All results are presented in United States dollars (“US dollars” or “$”), unless otherwise stated. References to CAD $ represents Canadian dollars.

Statements are subject to the risks and uncertainties identified in the Cautionary Note Regarding Forward-Looking Statements section of this document. United States investors are also advised to refer to the section entitled Cautionary Note to United States Investors on page 51.

Overview of the Business

Alamos is a Canadian-based intermediate gold producer with diversified North American production from the Young-Davidson and Island Gold mines in Northern Ontario, Canada and the Mulatos District in Sonora State, Mexico. In addition, Alamos has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people and is committed to the highest standards of sustainable development and ethical business practices.

The Company’s common shares are listed on the Toronto Stock Exchange (TSX: AGI) and the New York Stock Exchange (NYSE: AGI). Further information about Alamos can be found in the Company’s regulatory filings, including the Company's Annual Information Form, available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.alamosgold.com.

3

2023Management’s Discussion and Analysis

Highlight Summary

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Financial Results (in millions)
Operating revenues	$254.6	$231.9	$1,023.3	$821.2
Cost of sales (1)	$166.7	$153.4	$637.7	$608.9
Earnings from operations	$71.9	$61.6	$318.1	$111.5
Earnings before income taxes	$51.2	$52.6	$293.7	$102.4
Net earnings	$47.1	$40.6	$210.0	$37.1
Adjusted net earnings (2)	$49.2	$33.7	$208.4	$107.9
Earnings before interest, taxes, depreciation and amortization (2)	$101.6	$100.4	$486.4	$351.7
Cash provided by operations before working capital and taxes paid (2)	$120.2	$109.3	$518.9	$361.6
Cash provided by operating activities	$124.1	$102.3	$472.7	$298.5
Capital expenditures (sustaining) (2)	$26.6	$26.5	$104.2	$95.2
Capital expenditures (growth) (2) (3)	$73.0	$50.2	$216.7	$191.9
Capital expenditures (capitalized exploration)	$10.1	$8.1	$28.0	$26.6
Free cash flow (2)	$14.4	$17.5	$123.8	($15.2)
Operating Results
Gold production (ounces)	129,500	134,200	529,300	460,400
Gold sales (ounces)	129,005	133,164	526,258	456,574
Per Ounce Data
Average realized gold price	$1,974	$1,741	$1,944	$1,799
Average spot gold price (London PM Fix)	$1,971	$1,726	$1,941	$1,800
Cost of sales per ounce of gold sold  (includes amortization) (1)	$1,292	$1,152	$1,212	$1,334
Total cash costs per ounce of gold sold (2)	$900	$810	$850	$884
All-in sustaining costs per ounce of gold sold (2)	$1,233	$1,138	$1,160	$1,204
Share Data
Earnings per share, basic and diluted	$0.12	$0.10	$0.53	$0.09
Adjusted earnings per share, basic (2)	$0.12	$0.09	$0.53	$0.28
Weighted average common shares outstanding (basic) (000’s)	396,577	393,034	395,509	392,172
Financial Position (in millions)
Cash and cash equivalents			$224.8	$129.8

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

(3)Includes growth capital from operating sites.

4

2023Management’s Discussion and Analysis

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Gold production (ounces)
Young-Davidson	49,800	44,600	185,100	192,200
Island Gold	31,600	40,500	131,400	133,700
Mulatos District (7)	48,100	49,100	212,800	134,500
Gold sales (ounces)
Young-Davidson	48,052	44,781	182,796	192,186
Island Gold	30,464	39,145	127,629	130,652
Mulatos District	50,489	49,238	215,833	133,736
Cost of sales (in millions) (1)
Young-Davidson	$64.6	$62.2	$248.2	$250.5
Island Gold	$33.8	$35.2	$123.6	$120.4
Mulatos District	$68.3	$56.0	$265.9	$238.0
Cost of sales per ounce of gold sold (includes amortization) (1)
Young-Davidson	$1,344	$1,389	$1,358	$1,303
Island Gold	$1,110	$899	$968	$922
Mulatos District	$1,353	$1,137	$1,232	$1,780
Total cash costs per ounce of gold sold (2)
Young-Davidson	$920	$942	$938	$878
Island Gold	$775	$605	$669	$637
Mulatos District	$957	$851	$883	$1,134
Mine-site all-in sustaining costs per ounce of gold sold (2),(3)
Young-Davidson	$1,211	$1,284	$1,208	$1,133
Island Gold	$1,136	$863	$1,017	$918
Mulatos District	$1,030	$922	$967	$1,241
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions)(2)
Young-Davidson (4)	$24.0	$20.6	$67.2	$71.5
Island Gold (5)	$73.9	$53.9	$233.1	$157.3
Mulatos District (6)	$8.4	$5.5	$30.4	$62.7
Other	$3.4	$4.8	$18.2	$22.2

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Includes capitalized exploration at Young-Davidson of $1.3 million and $5.1 million for the three months and year ended December 31, 2023, respectively ($1.5 million and $5.0 million for the three months and year ended December 31, 2022, respectively).

(5)Includes capitalized exploration at Island Gold of $3.3 million and $11.1 million for the three months and year ended December 31, 2023, respectively ($4.9 million and $18.8 million for the three months and year ended December 31, 2022, respectively).

(6)Includes capitalized exploration at Mulatos District of $5.5 million and $11.8 million for the three months and year ended December 31, 2023, respectively ($1.7 million and $2.8 million for the three months and year ended December 31, 2022, respectively).

(7)The Mulatos District includes both the Mulatos pit, as well as La Yaqui Grande.

5

2023Management’s Discussion and Analysis

Fourth Quarter and Full Year 2023 Highlights

Operational and Financial Highlights

•Produced a record 529,300 ounces of gold in 2023, achieving the top end of increased production guidance and representing a 15% increase from 2022. This included a strong finish to the year from all three operations with fourth quarter production of 129,500 ounces

•The Mulatos District exceeded guidance, producing 212,800 ounces in 2023, a 58% increase from the prior year, reflecting a strong performance from La Yaqui Grande in its first full year of production. The higher margin ounces from La Yaqui Grande drove a significant increase in mine-site free cash flow1 to $142.1 million, including $27.4 million in the fourth quarter

•Young-Davidson produced 185,100 ounces in 2023, meeting guidance and generating record mine-site free cash flow1 of $117.6 million. This marked the third consecutive year mine-site free cash flow has exceeded $100 million, demonstrating the strong ongoing performance and consistency of the operation, including $35.0 million in the fourth quarter

•Island Gold produced 131,400 ounces in 2023, meeting guidance and continuing to self fund the majority of $178.1 million of growth capital invested in the Phase 3+ Expansion during the year

•Total cash costs1 of $850 per ounce, all-in sustaining costs ("AISC"1) of $1,160 per ounce, and cost of sales of $1,212 per ounce for the full year were in line with guidance. Fourth quarter total cash costs of $900 per ounce, and AISC of $1,233 per ounce were consistent with quarterly guidance

•Record financial performance with full year gold sales totaling 526,258 ounces at an average realized price of $1,944 per ounce for record revenue of $1.0 billion, a 25% increase from 2022. This included fourth quarter sales of 129,005 ounces at an average realized price of $1,974 per ounce, generating $254.6 million in revenue. The average realized gold price was $3 per ounce above the London PM fix for both the quarter and the year

•Record annual cash flow from operating activities of $472.7 million (including $518.9 million, or $1.31 per share before changes in working capital1), a 58% increase from 2022. Fourth quarter cash flow from operating activities was $124.1 million ($120.2 million, or $0.30 per share, before changes in working capital1)

•Strong free cash flow1 of $123.8 million in 2023 while funding the Phase 3+ Expansion at Island Gold

•Realized adjusted net earnings1 of $208.4 million, or $0.53 per share1 in 2023. Reported net earnings were $210.0 million, or $0.53 per share

•Realized adjusted net earnings1 for the fourth quarter of $49.2 million, or $0.12 per share1. Adjusted net earnings includes adjustments for net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange of $12.6 million, offset by other adjustments, net of taxes totaling $14.7 million. Reported net earnings were $47.1 million, or $0.12 per share

•Cash and cash equivalents increased $95.0 million, or 73%, to $224.8 million at year end, with no debt and $13.0 million in equity securities

•Paid dividends of $39.4 million, or $0.10 per share for the full year

6

2023Management’s Discussion and Analysis

Growth Projects, Mineral Reserves and Resources and Other Highlights

•Issued three-year guidance on January 10, 2024, which included increased production guidance for 2024 of between 485,000 and 525,000 ounces. Production is expected to increase 7% by 2026, with AISC decreasing 11% reflecting low cost production growth from Island Gold with the completion of the Phase 3+ Expansion

•Reported year-end 2023 Mineral Reserves of 10.7 million ounces of gold, a 2% increase from 2022, with grades also increasing 1%. This marked the fifth consecutive year Mineral Reserves have grown for a combined increase of 10% with grades also increasing 9% over that time frame. Additionally, Measured and Indicated Mineral Resources increased 12% to 4.4 million ounces, with grades increasing 9%, and Inferred Mineral Resources increased 3% to 7.3 million ounces, at 1% higher grades

•Advanced construction of the Phase 3+ Expansion with completion of key shaft site infrastructure in 2023 including the headframe and hoist house. Construction remains on schedule with shaft sinking commencing in December and engineering on the mill and paste plant well underway

•Received approval of the updated Closure Plan Amendment from the Ontario Government in December allowing for the start of construction on the larger mill expansion and paste plant as outlined in the Phase 3+ Expansion study

•Achieved a significant permitting milestone for the Lynn Lake project in March with a positive Decision Statement issued by the Department of Environment and Climate Change Canada based on the completed Federal Environmental Impact Statement, and Environment Act Licenses issued by the Province of Manitoba

•Completed an updated Feasibility Study on the Lynn Lake project in August outlining a larger, longer-life, low-cost operation with attractive economics and significant exploration upside. Lynn Lake is expected to produce an average of 176,000 ounces of gold per year at mine-site AISC of $699 per ounce over its initial 10 years

•Completed the acquisition of Manitou Gold in May, adding significant exploration potential across the Michipicoten Greenstone Belt by more than tripling the regional land package adjacent to and along strike from Island Gold

•Publication of Alamos’ inaugural Climate Change Report, outlining corporate governance around climate-related risks and opportunities, and issued the 2022 Environmental, Social and Governance ("ESG") Report, outlining the Company’s progress on its ESG performance

•Announced the acquisition of Orford Mining in January 2024, through which the Company will consolidate its existing ownership of Orford shares and add the highly prospective Qiqavik Gold Project, located in Quebec, Canada. The Company expects to issue approximately 0.9 million shares for total consideration of approximately $12 million with the transaction expected to close in April 2024

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

7

2023Management’s Discussion and Analysis

Environment, Social and Governance Summary Performance

Health and Safety

•Total recordable injury frequency rate1 ("TRIFR") of 1.45 in the fourth quarter, a decrease from 1.84 in the third quarter of 2023

•Lost time injury frequency rate1 ("LTIFR") of 0.10, an increase from 0.09 in the third quarter of 2023

•Full year TRIFR of 1.50 and LTIFR of 0.07, a reduction of 6% and an increase of 7%, respectively, from 2022

•Mulatos received the Silver Helmet Award from CAMIMEX for the second consecutive year. The Silver Helmet Award recognizes high safety standards & processes in the mining sector in Mexico

During the fourth quarter of 2023, TRIFR decreased with 15 recordable injuries, as compared to 21 in the prior quarter, and one lost time injury, contributing to a significant improvement in annual safety performance.

Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone is continually reminded of the importance of keeping themselves and their colleagues healthy and injury-free. The Company’s overarching commitment is to have all employees and contractors return Home Safe Every Day.

Environment

•Zero significant environmental incidents and zero reportable spills in the fourth quarter and full year

•Updated Closure Plan Amendment received for Island Gold, allowing for construction of the larger mill expansion and paste plant, as outlined in the Phase 3+ Expansion study

•Completed year one of Alamos’ Independent Tailings Review Board work

•Alamos’ climate change risk assessment was updated to evaluate the effects of material risks and opportunities on the Company’s strategy and financial position, using updated climate scenarios and industry practices. This exercise is expected to be completed in the first quarter of 2024 and will incorporate climate risk into Alamos’ financial performance, corporate strategy and mitigation plans in line with IFRS S2 and recommendations of the Taskforce on Climate-Related Financial Disclosure ("TCFD")

The Company is committed to preserving the long-term health and viability of the natural environment that surrounds its operations and projects. This includes investing in new initiatives to reduce our environmental footprint with the goal of minimizing the environmental impacts of our activities and offsetting any impacts that cannot be fully mitigated or rehabilitated.

Community

Ongoing donations, medical support and infrastructure investments were provided to local communities, including:

•Various sponsorships to support local youth sports teams and community events, and donations to local charities and organizations around the Company's mines

•Scholarships awarded to local students in Matarachi, and students in Canada as part of the Young Mining Professionals Scholarship Program

•Health campaigns in Matarachi including full body health assessments for several hundred residents, and vaccination campaigns for influenza and COVID

•Ongoing support to our community beekeeping project involving both the Mulatos Mine and participants from Matarachi

•Community clean-up in Mulatos and Matarachi in preparation for the Day of the Dead and Mexican Revolution holidays

The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company continues to engage with local communities to understand local challenges and priorities. Ongoing investments in local infrastructure, health care, education, cultural and community programs remain a focus of the Company.

Governance and Disclosure

•Published Alamos’ 2022 ESG Report, outlining the Company’s progress on its ESG performance in accordance with the Sustainability Accounting Standards Board Metals & Mining Industry Standard, the recommendations of the TCFD, and the Global Reporting Initiative Standards for sustainability reporting “Core” requirements. It focuses on economic, environmental, social and governance topics and indicators that are of the greatest interest to Alamos’ stakeholders

•The Mulatos mine was awarded the Empresa Socialmente Responsible award by the Mexican Center for Philanthropy for the 15th consecutive year, and the Ethics and Values in Industry award from CONCAMIN for the fourth consecutive year

The Company maintains the highest standards of corporate governance to ensure that corporate decision-making reflects its values, including the Company’s commitment to sustainable development. During the quarter, the Company continued to advance its implementation of the Responsible Gold Mining Principles, developed by the World Gold Council as a framework that sets clear expectations as to what constitutes responsible gold mining.

(1) Frequency rate is calculated as incidents per 200,000 hours worked.

8

2023Management’s Discussion and Analysis

2023 Business Developments

2023 Year-End Mineral Reserve and Resource Update

On February 20, 2024, the Company reported its updated Mineral Reserves and Resources as of December 31, 2023. Highlights include the following:

•Global Proven and Probable Mineral Reserves increased 2% to 10.7 million ounces of gold (202 million tonnes (“mt”) grading 1.65 grams per tonne of gold (“g/t Au”)), with grades increasing 1%, reflecting higher grade additions at Island Gold and Puerto Del Aire (“PDA”) and growth at Lynn Lake. Mineral Reserve additions more than replaced depletion at a rate of 132%

◦Island Gold’s Mineral Reserves increased 18% to 1.7 million ounces (5.2 mt grading 10.30 g/t Au), marking the 11th consecutive year of growth

◦Puerto Del Aire’s ("PDA") Mineral Reserves increased 33% to 1.0 million ounces (5.4 mt grading 5.61 g/t Au) with a 16% increase in grades

◦Lynn Lake’s Mineral Reserves increased 13% to 2.3 million ounces (47.6 mt grading 1.52 g/t Au)

•Island Gold’s Mineral Reserves and Resources increased 16% to 6.1 million ounces driven by significant high-grade additions near existing infrastructure within the main zone and recently defined zones in hanging wall and footwall

•PDA Mineral Reserves and Resources increased 26% to 1.2 million ounces. A development plan incorporating the larger and higher-grade Mineral Reserve is expected to be completed later this quarter

•Global Measured and Indicated Mineral Resources increased 12% to 4.4 million ounces (108 mt grading 1.27 g/t Au), with grades increasing 9% reflecting higher-grade additions at Island Gold and growth at Young-Davidson

•Global Inferred Mineral Resources increased 3% to 7.3 million ounces (128 mt grading 1.77 g/t Au), reflecting increases at Island Gold and Lynn Lake

Acquisition of Orford Mining

On January 15, 2024, the Company entered into a definitive agreement (the “Agreement”) pursuant to which the Company will acquire all of the issued and outstanding shares of Orford Mining Corporation ("Orford") by way of a court-approved plan of arrangement (the “Transaction"). The acquisition will consolidate Alamos’ existing ownership of Orford shares through which the Company will add the highly prospective Qiqavik Gold Project, located in Quebec, Canada. Alamos will also be acquiring interests in several exploration stage critical mineral and gold projects in Quebec, including West Raglan, the Joutel Properties, and Nunavik Lithium. Under the terms of the Agreement, Orford shareholders will receive 0.005588 of the Company's common shares for each Orford share, representing a value of C$0.10 per Orford share at the time of announcement. The Company currently owns 61,660,902 Orford shares, representing approximately 27.5% of Orford’s basic common shares outstanding. Excluding the Company’s existing ownership of Orford, it expects to issue approximately 0.9 million shares for total consideration of approximately $12.0 million. The Company expects the transaction to close in April 2024.

Lynn Lake Feasibility Study

On August 2, 2023, the Company reported the results of an updated Feasibility Study conducted on the Lynn Lake project ("2023 Study"). The 2023 Study replaces the previous Feasibility Study completed in 2017 ("2017 Study") and incorporates a 44% larger Mineral Reserve and 14% increase in milling rates to 8,000 tpd, supporting a larger, longer-life, low-cost operation with attractive economics and significant exploration upside.

The 2023 Study demonstrates higher average annual gold production of 207,000 ounces over the first five years and 176,000 ounces over the initial ten years, a 23% increase from the 2017 study. Mine-site all-in sustaining costs are estimated to average $699 per ounce over the first ten years, and $814 per ounce over the life of mine. This represents a 6% decrease from the 2017 Study over the initial 10 years, with economies of scale provided by the larger operation, and higher average grades, more than offsetting cost inflation.

Acquisition of Manitou Gold

On May 23, 2023, the Company completed the acquisition of all of the issued and outstanding shares of Manitou Gold Inc. (“Manitou”) by way of a court-approved plan of arrangement (the “Manitou Transaction”). The acquisition consolidated Alamos’ existing ownership of Manitou shares and increased its regional land package around Island Gold with the addition of the Goudreau Property which totals 40,000 hectares (“ha”) adjacent to, and along strike from the Island Gold Mine. Alamos' land package around Island Gold has more than tripled to 55,277 ha, adding significant exploration potential across the relatively under explored Michipicoten Greenstone Belt. The Company issued $13.4 million in shares to complete the Manitou Transaction.

9

2023Management’s Discussion and Analysis

Outlook and Strategy

2024 Guidance
	Young-Davidson	Island Gold	Mulatos	Lynn Lake	Total
Gold production (000's ounces)	180 - 195	145 - 160	160 - 170		485 - 525
Cost of sales, including amortization(in millions)(3)					$620
Cost of sales, including amortization ($ per ounce)(3)					$1,225
Total cash costs ($ per ounce)(1)	$950 - $1,000	$550 - $600	$925 - $975	—	$825 - $875
All-in sustaining costs ($ per ounce)(1)					$1,125 - $1,175
Mine-site all-in sustaining costs ($ per ounce)(1)(2)	$1,175 - $1,225	$875 - $925	$1,000 - $1,050	—
Capital expenditures (in millions)
Sustaining capital(1)	$40 - $45	$50 - $55	$3 - $5	—	$93 - $105
Growth capital(1)	$20 - $25	$210 - $230	$2 - $5	—	$232 - $260
Total Sustaining and Growth Capital (1) - producing mines	$60 - $70	$260 - $285	$5 - $10	—	$325 - $365
Growth capital - development projects				$25	$25
Capitalized exploration(1)	$10	$13	$9	$9	$41
Total capital expenditures and capitalized exploration(1)	$70 - $80	$273 - $298	$14 - $19	$34	$391 - $431

(1)Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this MD&A for a description of these measures.

(2)For the purposes of calculating mine-site all-in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and administrative and share based compensation expenses to the mine sites.

(3)Cost of sales includes mining and processing costs, royalties, and amortization expense, and is calculated based on the mid-point of total cash cost guidance.

The Company’s objective is to operate a sustainable business model that supports growing returns to all stakeholders over the long-term, through growing production, expanding margins, and increasing profitability. This includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re-investing in high-return internal growth opportunities, and supporting higher returns to shareholders.

2023 Year in Review

With the strong finish to the year, the Company delivered record operational and financial performance in 2023. This included record annual production of 529,300 ounces which drove record revenues of $1.0 billion and record operating cash flows of $472.7 million. Full year production was 15% higher than 2022 and achieved the high end of increased guidance. Costs were also in line with annual guidance. Reflecting the strong operational and financial performance, and balanced approach to growth, the Company generated consolidated free cash flow of $123.8 million in 2023 while investing in the Phase 3+ Expansion.

La Yaqui Grande continued to outperform, contributing to a 58% increase in production from the Mulatos District, at 22% lower costs. This exceeded annual production guidance, driving a substantial increase in mine-site free cash flow from Mulatos to $142.1 million. Young-Davidson delivered its third consecutive year of mine-site free cash flow in excess of $100 million and is well positioned to deliver similar levels of free cash flow over the long-term. Island Gold continued to perform well while self-funding the majority of the Phase 3+ Expansion capital. The expansion remains on track for completion in 2026 with significant progress made through 2023. All the major components of the shaft site infrastructure have now been completed, including the headframe and hoist house, which enabled the start of shaft sinking in December 2023.

Additionally, the Company delivered on a number of key catalysts, supporting ongoing value creation within its pipeline of growth projects. This included achieving a significant permitting milestone and completing an updated Feasibility Study on the Lynn Lake project, which outlined a larger, longer-life, low-cost operation with attractive economics and significant exploration upside. The Company also demonstrated another year of exploration success, most notably at Island Gold and Puerto Del Aire ("PDA") driving a further increase in high-grade Mineral Reserves and Resources. The increase in high-grade Mineral Reserves at PDA is being incorporated into a development plan to be completed during the first quarter of 2024 which is expected to outline a significant mine life extension at Mulatos.

As announced earlier this week, Global Mineral Reserves increased to 10.7 million ounces of gold (202 mt grading 1.65 g/t Au), a 2% increase from 2022, with a further 1% increase in grades. This marks the fifth consecutive year of growth in Mineral Reserves for a combined increase of 10% over that time frame. Grades have also increased 9% over that period as Mineral Reserves continue to grow both in size and quality. The increase in 2023 driven by higher-grade additions at Island Gold and PDA, as well as growth at Lynn Lake.

Island Gold's tremendous pace of growth continued in 2023 with an 18% increase in Mineral Reserves to 1.7 million ounces, and 16% increase in combined Mineral Reserves and Resources to 6.1 million ounces. PDA's Mineral Reserves increased 33% to 1.0 million ounces with grades increasing a further 16%. Both deposits remain open in multiple directions, highlighting the significant potential for this growth to continue. Reflecting the continued exploration success and growth potential, the Company has increased its 2024 exploration budget to the largest in its history.

10

2023Management’s Discussion and Analysis

2024 Outlook

The Company provided three-year production and operating guidance in January 2024, which outlined growing production at declining costs over the next three years. Refer to the Company’s January 10, 2024 guidance press release for a summary of the key assumptions and related risks associated with the comprehensive 2024 guidance and three-year production, cost and capital outlook. Gold production in 2024 is expected to range between 485,000 and 525,000 ounces, a 3% increase from the previous three-year guidance provided in January 2023 (based on the mid-point). Total cash costs and AISC are expected to be consistent with 2023.

The increased production guidance was driven by higher expected production from the Mulatos District through residual leaching of the Mulatos leach pad. La Yaqui Grande is expected to supply approximately 75% of Mulatos District production at a similar low-cost structure as 2023. The remaining production is expected to come from residual leaching of the main Mulatos leach pad which carries higher reported AISC, though with the majority of these costs previously incurred, the recovery of these ounces is expected to be very profitable from a cash flow perspective.

Production is expected to be slightly higher during the first half of 2024, with the recovery of ounces through residual leaching at Mulatos expected to decline through the year. First quarter production is expected to be between 123,000 and 133,000 ounces with total cash costs and AISC above the top end of annual guidance reflecting a larger proportion of production coming through residual leaching at Mulatos and slightly lower planned grades at Young-Davidson. Consistent with annual guidance, costs are expected to trend lower through the year reflecting declining rates of production from residual leaching at Mulatos.

Production is expected to increase 7% by 2026 to between 520,000 and 560,000 ounces, with AISC decreasing 11% to between $975 and $1,075 per ounce reflecting low-cost production growth from Island Gold with the completion of the Phase 3+ Expansion. The three year guidance excludes the higher grade PDA project which represents potential production upside at Mulatos as early as 2026. This upside is expected to be outlined in a development plan for PDA to be released during the first quarter of 2024. Looking beyond 2026, the Lynn Lake project is expected to support further potential growth as early as the second half of 2027.

Capital spending is expected to increase from 2023 reflecting inflation, higher capital at Island Gold and Lynn Lake, and an increased capitalized exploration budget. Capital spending on the Lynn Lake project is expected to more than double the amount spent in 2023. Spending at Lynn Lake will be focused on upgrades to site access and infrastructure, including early work on the power line upgrade, in advance of a construction decision anticipated in 2025. Additionally, a portion of the 2024 exploration program will be focused on converting Mineral Resources at the Burnt Timber and Linkwood satellite deposits into a smaller, higher quality Mineral Reserve. A study incorporating these deposits into the Lynn Lake project is expected to be competed in the fourth quarter of 2024, and represents potential production and economic upside to the 2023 Feasibility Study.

Given the strong profitability of the Mulatos operation in 2023, the Company expects to pay significantly higher cash tax payments in Mexico in 2024, which includes the 2023 year-end tax payment due in the first quarter of approximately $40 million. Combined with an expected decrease in costs through the year, the Company expects stronger free cash flow starting in the second quarter of 2024.

The global exploration budget for 2024 is $62 million, a 19% increase from $52 million spent in 2023. The increase reflects expanded budgets across all key assets following up on broad-based exploration success in 2023. Island Gold and the Mulatos District account for approximately 60% of the total budget with $19 million planned for each asset. This is followed by $12 million at Young-Davidson, $9 million at Lynn Lake and $2 million at Golden Arrow.

The Company's liquidity position remains strong, ending the year with $224.8 million of cash and cash equivalents, $13.0 million in investments in equity securities, and no debt, an increase from $129.8 million at the end of 2022 reflecting strong free cash flow generation throughout the year. Additionally, the Company has a $500 million undrawn credit facility, providing total liquidity of $737.8 million.

11

2023Management’s Discussion and Analysis

Young-Davidson

The Young-Davidson mine is located near the town of Matachewan in Northern Ontario, Canada. The property consists of contiguous mineral leases and claims totaling 5,720 ha and is situated on the site of two past producing mines that produced over one million ounces of gold between 1934 and 1957. The Young-Davidson mine declared commercial production in 2013.

Young-Davidson Financial and Operational Review

	Three Months Ended December 31,				Years Ended December 31,
	2023		2022		2023		2022
Gold production (ounces)	49,800		44,600		185,100		192,200
Gold sales (ounces)	48,052		44,781		182,796		192,186
Financial Review (in millions)
Operating Revenues	$94.8		$78.1		$355.3		$347.8
Cost of sales (1)	$64.6		$62.2		$248.2		$250.5
Earnings from operations	$29.8		$15.6		$104.2		$93.0
Cash provided by operating activities	$59.0		$44.6		$184.8		$172.8
Capital expenditures (sustaining) (2)	$13.9		$15.2		$49.0		$48.8
Capital expenditures (growth) (2)	$8.8		$3.9		$13.1		$17.7
Capital expenditures (capitalized exploration) (2)	$1.3		$1.5		$5.1		$5.0
Mine-site free cash flow (2)	$35.0		$24.0		$117.6		$101.3
Cost of sales, including amortization per ounce of gold sold (1)	$1,344		$1,389		$1,358		$1,303
Total cash costs per ounce of gold sold (2)	$920		$942		$938		$878
Mine-site all-in sustaining costs per ounce of gold sold (2),(3)	$1,211		$1,284		$1,208		$1,133
Underground Operations
Tonnes of ore mined	687,738		661,012		2,878,155		2,783,831
Tonnes of ore mined per day	7,475		7,185		7,885		7,627
Average grade of gold (4)	2.39		2.32		2.20		2.30
Metres developed	2,045		2,731		9,085		11,664
Mill Operations
Tonnes of ore processed	724,670		697,816		2,878,047		2,859,608
Tonnes of ore processed per day	7,877		7,585		7,885		7,835
Average grade of gold (4)	2.38		2.31		2.20		2.31
Contained ounces milled	55,412		51,814		203,791		212,548
Average recovery rate	91	%	91	%	90	%	91	%

(1)Cost of sales includes mining and processing costs, royalties and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Grams per tonne of gold ("g/t Au").

Operational review

Young-Davidson produced 49,800 ounces of gold in the fourth quarter, a 12% increase compared to the prior year period, reflecting higher grades mined. With the strong finish to the year, Young-Davidson produced 185,100 ounces in 2023, achieving the low end of annual guidance.

Underground mining rates averaged 7,475 tpd in the fourth quarter, higher than the prior year period but below annual guidance due to maintenance on the headframe ore bin apron feeder. For the full year, mining rates averaged 7,885 tpd, consistent with guidance. Grades mined averaged 2.39 g/t Au in the fourth quarter, a 16% increase from the third quarter and a 3% increase compared to the prior year period. Grades increased as planned, reflecting the mining of higher grade stopes that had been deferred from the third quarter. Grades averaged 2.20 g/t Au for the year, in line with guidance.

Milling rates averaged 7,877 tpd in the fourth quarter, exceeding the prior year period as well as mining rates, with surface stockpiles supplementing mill feed. Milling rates averaged 7,885 tpd for the full year, consistent with the prior year and annual guidance. Mill recoveries averaged 91% in the quarter and 90% for the full year, both in line with guidance.

12

2023Management’s Discussion and Analysis

Financial Review

Fourth quarter revenues of $94.8 million were 21% higher than the prior year period, resulting from a higher realized gold price and a 7% increase in ounces sold. Full year revenues of $355.3 million were 2% higher than the prior year, due to the higher realized gold price, offset by less ounces sold.

Cost of sales of $64.6 million in the fourth quarter were 4% higher than the prior year period, resulting from higher unit costs and higher tonnage processed. Underground mining costs were CAD $55 per tonne in the quarter, an increase from earlier in the year reflecting fewer tonnes mined, as well as inflationary pressures, primarily labour. Cost of sales of $248.2 million for the full year were in line with the comparable period.

Total cash costs were $920 per ounce in the fourth quarter and $938 per ounce for the full year. Mine-site AISC were $1,211 per ounce in the quarter and $1,208 per ounce for the full year. Both metrics were consistent with annual guidance in the fourth quarter and full year. Full year costs were higher than the comparative periods due to inflationary pressures and slightly lower grades processed.

Capital expenditures in the fourth quarter included $13.9 million of sustaining capital and $8.8 million of growth capital. Additionally, $1.3 million was invested in capitalized exploration in the quarter. Capital expenditures, inclusive of capitalized exploration, totaled $67.2 million for the full year, a 6% decrease from the prior year and in line with annual guidance.

Young-Davidson continues to demonstrate strong operational and financial consistency with mine-site free cash flow of $35.0 million in the fourth quarter, and a record $117.6 million for 2023. This marked the third consecutive year the operation has generated more than $100 million of mine-site free cash flow. With a 15-year Mineral Reserve life, Young-Davidson is well positioned to generate similar levels of free cash flow over the long-term.

13

2023Management’s Discussion and Analysis

Island Gold

The Island Gold mine is a high grade, low cost underground mining operation located just east of the town of Dubreuilville, Ontario, Canada, 83km northeast of Wawa. Alamos holds 100% of all mining titles related to the Island Gold property, which comprises approximately 55,277 ha. The mine began production in October 2007.

During the second quarter of 2023, the Company completed the acquisition of Manitou. The acquisition increased its regional land package around Island Gold with the addition of the Goudreau Property. This includes 40,000 ha adjacent to, and along strike, from the Island Gold Mine, adding significant exploration potential across the relatively under explored Michipicoten Greenstone Belt.

Island Gold Financial and Operational Review

	Three Months Ended December 31,				Years Ended December 31,
	2023		2022		2023		2022
Gold production (ounces)	31,600		40,500		131,400		133,700
Gold sales (ounces)	30,464		39,145		127,629		130,652
Financial Review (in millions)
Operating Revenues	$60.0		$68.0		$247.8		$235.3
Cost of sales (1)	$33.8		$35.2		$123.6		$120.4
Earnings from operations	$25.3		$32.1		$120.5		$110.2
Cash provided by operating activities	$39.9		$39.1		$164.9		$148.1
Capital expenditures (sustaining) (2)	$10.9		$10.1		$43.9		$36.5
Capital expenditures (growth) (2)	$59.7		$38.9		$178.1		$102.0
Capital expenditures (capitalized exploration) (2)	$3.3		$4.9		$11.1		$18.8
Mine-site free cash flow (2)	($34.0)		($14.8)		($68.2)		($9.2)
Cost of sales, including amortization per ounce of gold sold (1)	$1,110		$899		$968		$922
Total cash costs per ounce of gold sold (2)	$775		$605		$669		$637
Mine-site all-in sustaining costs per ounce of gold sold (2),(3)	$1,136		$863		$1,017		$918
Underground Operations
Tonnes of ore mined	114,895		101,045		437,541		420,801
Tonnes of ore mined per day ("tpd")	1,249		1,098		1,199		1,153
Average grade of gold (4)	8.96		12.13		9.43		10.03
Metres developed	1,730		2,109		8,031		7,114
Mill Operations
Tonnes of ore processed	116,440		119,924		439,008		456,592
Tonnes of ore processed per day	1,266		1,304		1,203		1,251
Average grade of gold (4)	8.76		10.70		9.48		9.64
Contained ounces milled	32,797		41,274		133,826		141,530
Average recovery rate	98	%	97	%	97	%	96	%

(1)Cost of sales includes mining and processing costs, royalties, and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Grams per tonne of gold ("g/t Au").

Operational review

Island Gold produced 31,600 ounces in the fourth quarter of 2023, a 22% decrease from the prior year period, resulting from lower grades mined and processed, as planned. For the full year, Island Gold produced 131,400 ounces, achieving the mid-point of full year production guidance.

Underground mining rates averaged 1,249 tpd in the fourth quarter, exceeding annual guidance, and a 14% increase from the prior year period. Mining rates for the full year were in line with guidance. Grades mined averaged 8.96 g/t Au in the quarter, and 9.43 g/t Au for the full year, both consistent with annual guidance.

Mill throughput also exceeded guidance, averaging 1,266 tpd for the quarter. Mill throughput was lower than the prior year period, as the fourth quarter of 2022 included processing of approximately 5,800 tonnes of Island Gold stockpiled ore at the Young-Davidson mill. Mill recoveries averaged 98% in the fourth quarter and 97% for the full year, consistent with guidance.

14

2023Management’s Discussion and Analysis

Financial Review

Revenues of $60.0 million in the fourth quarter were 12% lower than the prior year period reflecting lower ounces sold, partly offset by higher realized gold prices. Revenues of $247.8 million for the full year were 5% higher than the prior year period primarily due to the higher realized gold prices.

Cost of sales of $33.8 million in the fourth quarter was 4% lower than the prior year period, resulting from the lower production in the quarter. For the full year, cost of sales were $123.6 million, 3% higher than the prior year period, driven by inflationary pressures on mining and processing costs.

Total cash costs of $775 per ounce and mine-site AISC of $1,136 per ounce in the fourth quarter were both higher than the prior year period reflecting lower production with the lower grades mined, ongoing inflationary pressures, primarily labour, as well as non-recurring costs associated with the transition from contractor to owner development and production drilling, which was completed in the quarter. Total cash costs of $669 per ounce and mine-site AISC of $1,017 per ounce for the full year were higher than the comparable period, and slightly above annual guidance.

Total capital expenditures were $73.9 million in the fourth quarter, including $59.7 million of growth capital and $3.3 million of capitalized exploration. Growth capital spending remained focused on the Phase 3+ Expansion shaft site infrastructure. This included the commissioning of the shaft sinking plant, completion of buried services and grid power tie-in for the shaft site and upgraded voltage regulation facility. The Phase 3+ Expansion achieved a significant milestone during the quarter with the start of shaft sinking in December. Additionally, capital spending was focused on lateral development and other surface infrastructure. For the full year, capital spending totaled $233.1 million, inclusive of capitalized exploration of $11.1 million, with the majority related to construction activities on the Phase 3+ Expansion. Capital spending for the year was in line with annual guidance.

Mine-site free cash flow was negative $34.0 million in the fourth quarter and negative $68.2 million for the full year given the significant capital investment related to the Phase 3+ Expansion. At current gold prices, Island Gold is expected to continue funding the majority of the Phase 3+ Expansion capital. The operation is expected to generate significant free cash flow from 2026 onward with the completion of the expansion.

15

2023Management’s Discussion and Analysis

Mulatos District

The Mulatos District (Mulatos and La Yaqui Grande mines) is located within the Salamandra Concessions in the Sierra Madre Occidental mountain range in the State of Sonora, Mexico. The Company controls a total of 28,972 hectares of mineral concessions within the Mulatos District. The Mulatos mine achieved commercial production in 2006, with La Yaqui Grande commencing operations in June 2022.

Mulatos District Financial and Operational Review

	Three Months Ended December 31,				Years Ended December 31,
	2023		2022		2023		2022
Gold production (ounces)	48,100		49,100		212,800		134,500
Gold sales (ounces)	50,489		49,238		215,833		133,736
Financial Review (in millions)
Operating Revenues	$99.8		$85.8		$420.2		$238.1
Cost of sales (1)	$68.3		$56.0		$265.9		$238.0
Earnings (loss) from operations	$31.0		$28.8		$144.4		($7.4)
Cash provided by operating activities	$35.8		$34.3		$172.5		$25.9
Capital expenditures (sustaining) (2)	$1.8		$1.2		$11.3		$9.9
Capital expenditures (growth) (2)	$1.1		$2.6		$7.3		$50.0
Capital expenditures (capitalized exploration) (2)	$5.5		$1.7		$11.8		$2.8
Mine-site free cash flow (2)	$27.4		$28.8		$142.1		($36.8)
Cost of sales, including amortization per ounce of gold sold (1)	$1,353		$1,137		$1,232		$1,780
Total cash costs per ounce of gold sold (2)	$957		$851		$883		$1,134
Mine site all-in sustaining costs per ounce of gold sold (2),(3)	$1,030		$922		$967		$1,241
La Yaqui Grande Mine
Open Pit Operations
Tonnes of ore mined - open pit (4)	920,058		1,034,974		3,867,172		2,271,387
Total waste mined - open pit (6)	4,918,849		6,133,308		22,069,019		23,602,762
Total tonnes mined - open pit	5,838,907		7,168,282		25,936,191		25,874,149
Waste-to-ore ratio (operating)	4.97		5.00		4.99		5.00
Crushing and Heap Leach Operations
Tonnes of ore stacked	954,127		1,020,449		3,936,145		2,147,558
Average grade of gold processed (5)	1.64		1.43		1.55		1.38
Contained ounces stacked	50,422		46,931		196,619		95,064
Average recovery rate	67	%	79	%	78	%	71	%
Ore crushed per day (tonnes)	10,400		11,100		10,800		7,809
Mulatos Mine
Open Pit Operations
Tonnes of ore mined - open pit (4)	—		1,065,739		2,250,380		3,666,515
Total waste mined - open pit (6)	—		756,749		1,309,034		5,994,109
Total tonnes mined - open pit	—		1,822,487		3,559,415		9,660,624
Waste-to-ore ratio (operating)	—		0.71		0.58		1.36
Crushing and Heap Leach Operations
Tonnes of ore stacked	758,627		1,477,642		4,488,365		6,020,558
Average grade of gold processed (5)	2.17		0.78		1.34		0.73
Contained ounces stacked	52,924		37,262		193,299		142,227
Average recovery rate	27	%	32	%	31	%	47	%
Ore crushed per day (tonnes)	8,200		16,100		12,300		16,500

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

(4)Includes ore stockpiled during the quarter.

(5)Grams per tonne of gold ("g/t Au").

(6)Total waste mined includes operating waste and capitalized stripping.

16

2023Management’s Discussion and Analysis

Mulatos District Operational Review

The Mulatos District produced 48,100 ounces in the fourth quarter, 2% lower than the prior year period, reflecting lower stacking rates with the end of mining in the main Mulatos open pit during the third quarter of 2023. Production for the full year totaled 212,800 ounces, exceeding the top end of annual guidance by 15%, driven by the strong performance from La Yaqui Grande.

La Yaqui Grande Operational Review

La Yaqui Grande produced 33,700 ounces in the fourth quarter, and 153,400 ounces for the full year, exceeding expectations, reflecting higher than planned mining rates and grades mined. Grades stacked averaged 1.64 g/t Au in the fourth quarter, and 1.55 g/t Au for the full year, both above annual guidance of 1.15 to 1.45 g/t Au, reflecting positive grade reconciliation. Stacking rates of 10,400 tpd in the fourth quarter were consistent with the third quarter and slightly above annual guidance. The recovery rate was 67% in the fourth quarter, lower than annual guidance, reflecting the timing of recoveries, with the highest grade ore stacked in December, which will be recovered in 2024. The full year recovery rate of 78% was slightly below guidance reflecting the above noted timing of higher grades stacked late in the year.

Mulatos Operational Review

Mulatos produced 14,400 ounces in the fourth quarter and 59,400 ounces for the full year. Production was lower than the prior year periods reflecting completion of mining from the El Salto portion of the pit in July. Stacking of remaining stockpiles was completed in the fourth quarter and residual leaching commenced in December 2023. The operation is expected to benefit from ongoing gold production at decreasing rates in 2024 through residual leaching of the leach pad.

Financial Review (Mulatos District)

Revenues of $99.8 million in the fourth quarter were 16% higher than the prior year period, reflecting higher realized gold prices. Revenues of $420.2 million for the full year, were 76% higher than the prior year, driven by significantly higher gold production and sales and the higher realized gold price.

Cost of sales of $68.3 million in the fourth quarter were 22% higher than in the prior year period due to a higher proportion of production from the main Mulatos operation, the stronger Mexican Peso, and ongoing inflationary pressures. For the full year, cost of sales of $265.9 million were 12% higher than the comparable period, due to the significant increase in production. On a per ounce basis, cost of sales were 31% lower than the prior year reflecting the greater contribution of low-cost ounces at La Yaqui Grande.

Total cash costs of $957 per ounce and mine-site AISC of $1,030 per ounce in the fourth quarter were higher than the prior year period due to a higher proportion of production from the main Mulatos operation, the stronger Mexican Peso, and ongoing inflationary pressures. Total cash costs for the full year were $883 per ounce, below annual guidance, driven by the outperformance of La Yaqui Grande with higher grades and stacking rates. Mine-site AISC of $967 per ounce for the full year were in line with annual guidance.

Total cash costs and mine-site AISC for the Mulatos District are expected to increase slightly in 2024 reflecting additional production from residual leaching of the main Mulatos leach pad, which also drove the increase in production guidance from a year ago. The ounces recovered through residual leaching carry higher reported mine-site AISC of approximately $1,850 per ounce. The majority of these costs were previously incurred and recorded in inventory. The cash component to recover these ounces in 2024 is expected to be approximately $800 per ounce providing stronger free cash flow than implied by the higher reportable costs.

Capital expenditures totaled $8.4 million in the fourth quarter, including sustaining capital of $1.8 million, and $5.5 million of capitalized exploration focused on drilling at PDA. For the full year, capital spending totaled $30.4 million, including $11.8 million of capitalized exploration. Total sustaining and growth capital spending was in line with guidance for the full year. Capitalized exploration was higher than initially budgeted, reflecting increased spending following up on continued exploration success at PDA.

The Mulatos District generated mine-site free cash flow of $27.4 million in the fourth quarter, and $142.1 million for the full year, driven by the high-margin production growth from La Yaqui Grande. Mulatos paid cash taxes of $8.3 million during 2023. Given the increased profitability of the operation, the Company expects to make significantly higher cash tax payments in Mexico in 2024. This includes the 2023 year end tax payment due in the first quarter, which is expected to be approximately $40 million.

17

2023Management’s Discussion and Analysis

Fourth Quarter 2023 Development Activities

Island Gold (Ontario, Canada)

Phase 3+ Expansion

On June 28, 2022, the Company reported results of the Phase 3+ Expansion Study (“P3+ Expansion Study”) conducted on its Island Gold mine, located in Ontario, Canada.

The Phase 3+ Expansion to 2,400 tpd from the current rate of 1,200 tpd will involve various infrastructure investments. These include the installation of a shaft, paste plant, expansion of the mill as well as accelerated development to support the higher mining rates. Following the completion of the expansion in 2026, the operation will transition from trucking ore and waste up the ramp to skipping ore and waste to surface through the new shaft infrastructure, driving production higher and costs significantly lower.

Construction continued through the fourth quarter of 2023, including the start of shaft sinking in December, which was a significant milestone for the project. Further details on progress to the end of the year are summarized below:

•Completed the grid power tie-in for the shaft site and upgraded voltage regulation facility

•Commissioned the shaft sinking plant

•Mechanical and electrical outfitting for hoist house and headframe substantially complete

•Completed structural steel, roofing, interior and exterior cladding for the warehouse

•Completed buried services required for shaft sink, with first blast occurring in December

•Paste plant detailed engineering 75% complete; issuance of long lead time equipment procurement packages is ongoing with construction activities expected to begin in the second half of 2024

•Mill expansion basic engineering completed, and detailed engineering commenced in December with overall engineering being 40% complete. Issuance of long lead time equipment procurement packages is ongoing with construction activities on the mill expansion expected to commence in the second quarter of 2024

•Advanced lateral development to support higher mining rates with the Phase 3+ Expansion

The Phase 3+ Expansion remains on schedule to be completed during the first half of 2026. During the fourth quarter of 2023, the Company spent $59.7 million on the Phase 3+ Expansion and capital development. As of December 31, 2023, 51% of the total initial growth capital of $756 million has been spent and committed on the project. Capital spending is tracking well for work completed to date; however, continuing labour cost pressures may impact future project costs. Progress on the Expansion is detailed as follows:

(in US$M) Growth capital (including indirects and contingency)	P3+ 2400 Study1	Spent to date2	Committed to date	% of Spent & Committed
Shaft & Shaft Surface Complex	229	143	63	90	%
Mill Expansion	76	5	15	26	%
Paste Plant	52	1	2	6	%
Power Upgrade	24	8	6	58	%
Effluent Treatment Plant	16	—	—	—
General Indirect Costs	64	33	5	59	%
Contingency3	55	—	—
Total Growth Capital	$516	$190	$91	54	%
Underground Equipment & Infrastructure	79	32	—	41	%
Accelerated Capital Development	162	71	—	44	%
Total Growth Capital (including Accelerated Spend)	$756	$293	$91	51	%

1.Phase 3+ 2400 Study is as of January 2022. Phase 3+ capital estimate based on USD/CAD exchange $0.78:1. Spent to date based on average USD/CAD of $0.76:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at December 31, 2023 of $0.76:1.

2.Amount spent to date accounted for on an accrual basis, including working capital movements.

3.Contingency has been allocated to the various areas.

Growth capital spending at Island Gold on the Phase 3+ Expansion is expected to be between $210 million and $230 million in 2024. Capital spending is expected to remain at similar levels in 2025 and then drop considerably in 2026 once the expansion is completed during the first half of 2026.

18

2023Management’s Discussion and Analysis

Shaft site area - February 2024

Lynn Lake (Manitoba, Canada)

In March 2023, the Company achieved a significant permitting milestone for the Lynn Lake project with a positive Decision Statement issued by the Department of Environment and Climate Change Canada based on the completed Federal Environmental Impact Statement ("EIS"), and Environment Act Licenses issued by the Province of Manitoba. Additionally, during the second quarter, the Company finalized an Impact Benefit Agreement and participated in a signing ceremony with Marcel Colomb First Nation, the most proximate First Nation to the project. As previously disclosed, the Mathias Colomb Cree Nation has brought an application for judicial review of the Decision Statement issued by the Department of Environment and Climate Change and an internal appeal of the Environment Act Licenses issued by the Province of Manitoba. At this time, the application and appeal are not expected to impact Lynn Lake project timelines. The Company continues to actively engage with the Mathias Colomb Cree Nation during this period.

On August 2, 2023, the Company reported the results of an updated Feasibility Study ("2023 Study") conducted on the project which replaces the previous Feasibility Study completed in 2017 ("2017 Study"). The 2023 Study incorporates a 44% larger Mineral Reserve and 14% increase in milling rates to 8,000 tpd supporting a larger, longer-life, low-cost operation. The 2023 Study has been updated to reflect the current costing environment, as well as a significant amount of additional engineering, on-site geotechnical investigation work, and requirements outlined during the permitting process with the EIS granted in March.

2023 Study Highlights:

Higher production: average annual gold production of 207,000 ounces over the first five years and 176,000 ounces over the initial 10 years

•The 10-year average represents a 23% increase over the annual average of 143,000 ounces in the 2017 Study

Low-cost profile: average mine-site all-in sustaining costs of $699 per ounce over the first 10-years and $814 per ounce over the life of mine

•Average mine-site all-in sustaining costs decreased 6% from the 2017 Study over the initial 10-years with economies of scale provided by the larger operation, and higher average grades, more than offsetting cost inflation

Larger, longer-life operation supported by 44% larger Mineral Reserve with further upside potential

•44% larger Mineral Reserve totaling 2.3 million ounces grading 1.52 g/t Au (47.6 million tonnes ("mt"))

•17-year mine life, up from 10 years in the 2017 Study

19

2023Management’s Discussion and Analysis

•Life of mine production of 2.2 million ounces, a 46% increase from 1.5 million ounces reported in 2017

Modest increase in capital intensity with larger operation and 46% increase in life of mine production partly offsetting inflation

•Initial capital of $632 million, and life of mine capital including sustaining capital and reclamation of $832 million, increased from the 2017 Study reflecting inflation and scope changes with the larger operation and Mineral Reserve

•Total life of mine capital of $381 per ounce increased 17% from $325 per ounce in the 2017 Study with the larger Mineral Reserve and economies of scale partly offsetting the significant industry-wide capital inflation experienced since 2017

Project de-risked given advanced level of engineering, additional geotechnical work, and EIS approval

•Detailed engineering 75% complete; basic engineering 100% complete as of December 2023

•EIS approval and Provincial licenses received in March 2023 with requirements outlined through the permitting process incorporated into the 2023 Study

Attractive economics with significant long-term exploration upside potential

•After-tax net present value (“NPV”) (5%) of $428 million (base case gold price assumption of $1,675 per ounce and USD/CAD foreign exchange rate of $0.75:1); after-tax internal rate of return (“IRR”) of 17%

•After-tax NPV (5%) of $670 million, and an after-tax IRR of 22%, at current gold prices of approximately $1,950 per ounce

•Payback of less than four years at the base case gold price of $1,675 per ounce and less than three years at a $1,950 per ounce gold prices

Significant near-mine and regional exploration upside potential

•The Lynn Lake project encompasses most of the east-trending, 125 km long, Lynn Lake Greenstone Belt in northwestern Manitoba, with a total of 58,000 hectares of mineral tenure, representing significant exploration potential, including:

◦Gordon deposit: higher-grade gold mineralization extended outside of Mineral Reserves and Resources in the northeastern extent of the planned Gordon pit, in an area modeled as waste in the 2023 Study

◦Burnt Timber and Linkwood: potential for smaller, higher-grade Mineral Resource that could be trucked and processed at the planned MacLellan mill later in the mine life

◦Regional targets: extensive pipeline of highly prospective exploration targets at various stages of exploration across the Lynn Lake greenstone belt. This includes the Maynard and Tulune targets where ongoing drilling continues to intersect gold mineralization. Both targets are within trucking distance of the MacLellan mill

Low Greenhouse Gas (“GHG”) emission intensity

•18% decrease in GHG emissions per ounce from the 2017 Study reflecting the incorporation of electric shovels and drills at MacLellan, and productivity improvements with the larger operation

•58% lower emissions per ounce produced than the industry average. The project will be connected to Manitoba’s electric grid, of which nearly all electricity is produced from clean, renewable power, supporting the company-wide target of a 30% reduction in absolute GHG emissions by 2030

Development spending (excluding exploration) was $3.0 million in the fourth quarter of 2023 on engineering to support the updated Feasibility Study. For the full year, development spending (excluding exploration) was $11.6 million.

Capital spending on the Lynn Lake project, excluding exploration, is expected to total $25 million in 2024. This is up from 2023 reflecting planned upgrades to the site access and infrastructure. With approval of the EIS received in March 2023, and the positive Feasibility Study completed in August 2023, the focus in 2024 will be on further de-risking and advancing the project ahead of an anticipated construction decision in 2025. This includes finishing detailed engineering, which is 75% complete, upgrading road access, and early work on the power line upgrade. The majority of the $25 million capital budget in 2024 is spending included as initial capital in the 2023 Feasibility Study.

With $224.8 million of cash as of December 31, 2023, no debt, strong ongoing free cash flow generation, and significant free cash flow growth expected from Island Gold in 2026 and beyond, the Company is well positioned to fund development of Lynn Lake internally.

Kirazlı (Çanakkale, Türkiye)

On October 14, 2019, the Company suspended all construction activities on its Kirazlı project following the Turkish government's failure to grant a routine renewal of the Company’s mining licenses, despite the Company having met all legal and regulatory requirements for their renewal. In October 2020, the Turkish government refused the renewal of the Company’s Forestry Permit. The Company had been granted approval of all permits required to construct Kirazlı including the Environmental Impact Assessment approval, Forestry Permit, and GSM (Business Opening and Operation) permit, and certain key permits for the

20

2023Management’s Discussion and Analysis

nearby Ağı Dağı and Çamyurt Gold Mines. These permits were granted by the Turkish government after the project earned the support of the local communities and passed an extensive multi-year environmental review and community consultation process.

On April 20, 2021, the Company announced that its Netherlands wholly-owned subsidiaries Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V. (the “Subsidiaries”) would be filing an investment treaty claim against the Republic of Türkiye for expropriation and unfair and inequitable treatment. The claim was filed under the Netherlands-Türkiye Bilateral Investment Treaty (the “Treaty”). Alamos Gold Holdings Coöperatief U.A. and Alamos Gold Holdings B.V. had their claim against the Republic of Türkiye registered on June 7, 2021 with the International Centre for Settlement of Investment Disputes (World Bank Group).

Bilateral investment treaties are agreements between countries to assist with the protection of investments. The Treaty establishes legal protections for investment between Türkiye and the Netherlands. The Subsidiaries directly own and control the Company’s Turkish assets. The Subsidiaries invoking their rights pursuant to the Treaty does not mean that they relinquish their rights to the Turkish project, or otherwise cease the Turkish operations. The Company will continue to work towards a constructive resolution with the Republic of Türkiye.

The Company incurred $1.3 million in the fourth quarter related to ongoing care and maintenance and arbitration costs to progress the Treaty claim, which was expensed. For the full year, the Company incurred $2.9 million.

Fourth Quarter 2023 Exploration Activities

Island Gold (Ontario, Canada)

Total exploration expenditures during the fourth quarter were $4.2 million, of which $3.3 million was capitalized. For 2023, exploration expenditures totaled $14.8 million, of which $11.1 million was capitalized, consistent with the annual budget. The focus of the 2023 exploration program was on defining new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure through a more cost-effective expanded underground drilling program that will leverage existing underground infrastructure.

As announced earlier this week, the program was successful with high-grade Mineral Reserves and Resources added across all categories to now total 6.1 million ounces, a 16% increase from the end of 2022. This included an 18% increase in Mineral Reserves to 1.7 million ounces (5.2 mt grading 10.30 g/t Au), a 146% increase in Measured and Indicated Mineral Resources to 0.7 million ounces (2.6 mt grading 8.73 g/t Au) and a 4% increase in Inferred Mineral Resources to 3.7 million ounces (7.9 mt grading 14.58 g/t Au).

The majority of these high-grade Mineral Reserve and Resource additions were in proximity to existing production horizons and infrastructure. This included additions within the main Island Gold structure as well as within the hanging wall and footwall. Given their proximity to existing infrastructure, these ounces are expected to be low cost to develop and could be incorporated into the mine plan and mined within the next several years, further increasing the value of the operation.

A regional exploration program was also completed in 2023 with the focus on evaluating and advancing exploration targets outside the Island Gold Deposit on the 55,300 ha Island Gold property. The program was successful in defining high-grade mineralization at two targets near the Island Gold mine. This included the Pine Zone, located 4 km northeast of Island Gold, and the 88-60 Zone, located 7 km from Island Gold, in proximity to the historic Cline and Edwards mines (see press release dated November 9, 2023).

A total of 9,378 m of underground exploration drilling in 30 holes was completed in the fourth quarter. Additionally, a total of 9,481 m of underground delineation drilling was completed in 34 holes, focused on in-fill drilling to convert Mineral Resources to Mineral Reserves. For the full year, 157 holes totaling 39,110m were completed as part of the underground exploration program, and 155 holes totaling 31,636 m as part of the underground delineation drilling program. A total of 139 m of underground exploration drift development was also completed during the fourth quarter, totaling 404 m as of year end.

As announced in the February 13, 2024 press release, underground exploration drilling continues to extend high-grade gold mineralization across the Island Gold Deposit within the main E1E and C-Zones, as well as several hanging wall and footwall structures in proximity to existing underground infrastructure.

Island Gold Main zone exploration highlights: high-grade mineralization extended outside of Mineral Reserves and Resources in the E1E and C-Zones. These zones are the main structures which host the majority of currently defined Mineral Reserves and Resources at Island Gold. Previously reported highlights include1:

•Island East (E1E-Zone)

•34.48 g/t Au (34.48 g/t cut) over 2.82 m (840-632-49);

•20.85 g/t Au (20.85 g/t cut) over 2.41 m (1040-619-20);

•19.22 g/t Au (19.22 g/t cut) over 2.05 m (945-624-34); and

•16.13 g/t Au (16.13 g/t cut) over 2.45 m (840-530-09).

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2023Management’s Discussion and Analysis

•Island West (C-Zone)

•106.04 g/t Au (48.86 g/t cut) over 2.38 m (490-456-13); and

•19.56 g/t Au (19.56 g/t cut) over 3.81 m (790-479-40).

Island Gold Hanging wall and Footwall exploration highlights: high-grade gold mineralization intersected within several recently defined hanging wall and footwall zones across the main Island Gold Deposit. These zones represent a significant opportunity to add near mine Mineral Reserves and Resources which would be low-cost to develop and produce given their proximity to existing infrastructure. This includes the NS1 Zone which was discovered early in 2023 and was being developed and mined by the end of the year. Previously reported highlights include1:

•Island West Hanging Wall Zones

B Zone

•29.33 g/t Au (23.89 g/t cut) over 6.93 m (790-479-34);

•40.36 g/t Au (40.36 g/t cut) over 3.91 m (790-479-40);

•65.23 g/t Au (24.36 g/t cut) over 2.28 m (900-506-09);

NS1 Zone: currently defined over a North-South strike of approximately 70 m and vertical continuity of over 450 m, and remains open up and down dip

•23.34 g/t Au (12.56 g/t cut) over 4.03 m (900-506-10);

•17.30 g/t Au (8.61 g/t cut) over 3.41 m (900-506-11A);

•12.33 g/t Au (12.33 g/t cut) over 3.96 m (900-506-07); and

•10.46 g/t Au (10.46 g/t cut) over 4.17 m (900-506-08).

•Island East Footwall Zones

E1D1 Zone

•67.08 g/t Au (13.21 g/t cut) over 2.56 m (1040-619-22);

•50.10 g/t Au (12.67 g/t cut) over 2.35 m (1040-619-31); and

•14.78 g/t Au (14.39 g/t cut) over 2.17 m (1040-619-20).

E1D Zone

•228.50 g/t Au (70.63 g/t cut) over 2.79 m (945-624-31A); and

•52.31 g/t Au (15.13 g/t cut) over 2.06 m (945-624-32).

Other Hanging Wall and Footwall intersections: drilling continues to intersect high-grade mineralization in proximity to existing underground infrastructure in yet to be defined zones. These are part of more than 2,000 intersections above 3 g/t Au outside of existing Mineral Reserves and Resources in the hanging wall and footwall, highlighting the opportunity for significant near-mine additions as ongoing drilling further defines these areas. Previously reported highlights include2:

Footwall

•1389.65 g/t Au over 2.90 m (620-595-02);

•39.42 g/t Au over 2.45 m (840-632-49);

•25.85 g/t Au over 3.65 m (840-632-41);

•18.71 g/t Au over 3.45 m (1015-640-06); and

•16.05 g/t Au over 2.75 m (840-632-41).

Hanging Wall

•103.37 g/t Au over 2.90 m (900-506-13);

•52.65 g/t Au over 2.15 m (900-506-06); and

•17.33 g/t Au over 2.70 m (900-506-13).

1 All reported composite intervals are calculated true width of the mineralized zones, unless otherwise stated. Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to: Island West (C-zone) and Island Main @ 225 g/t Au; Island Main and East (E1E Zone) @ 185 g/t Au; E1D Zone @ 100 g/t Au; B Zone, E1D1 zone and NS1 @ 90 g/t Au.

2 All reported composite intervals are core length, true width is unknown at this time, and gold grades are reported as uncut).

Young-Davidson (Ontario, Canada)

Total exploration expenditures during the fourth quarter were $1.7 million of which $1.3 million was capitalized. For 2023, exploration spending totaled $8.0 million of which $5.1 million was capitalized, consistent with budget.

22

2023Management’s Discussion and Analysis

During the fourth quarter of 2023, two underground exploration drills completed 5,325 m in 12 holes from the 9220 West exploration drift and the 9025 East Footwall. Drilling is targeting syenite-hosted mineralization as well as continuing to test mineralization in the footwall sediments and in the hanging wall mafic-ultramafic stratigraphy. For the full year, a total of 23,205 m of mine exploration drilling was completed in 56 holes.

In addition, 7,052 m of surface drilling was completed in 21 holes in 2023, primarily focused on the MCM-target area, immediately east and adjacent to the Young-Davidson deposit.

Mulatos District (Sonora, Mexico)

During the fourth quarter, exploration spending at Mulatos totaled $6.0 million of which $5.5 million was capitalized. For 2023, exploration spending totaled $21.7 million of which $11.8 million was capitalized.

During the fourth quarter of 2023, exploration activities continued at PDA and the near-mine area with 15,937 m of drilling completed in 62 holes. Drilling in the fourth quarter focused on in-fill drilling the GAP-Victor portion of the Mineral Resource. The 2023 exploration program was successful in driving a 33% increase in Mineral Reserves at PDA to 1.0 million ounces (5.4 mt grading 5.61 g/t Au) with grades also increasing 16%. This growth in higher-grade Mineral Reserves will be incorporated into an updated development plan which is expected to be completed in the first quarter of 2024.

The regional drilling program was paused during the fourth quarter to complete ground geophysical surveys in the Capulin and Cerro Pelon areas. Drilling at regional targets will resume in the first quarter of 2024.

For the full year, a total of 56,712 m of drilling was completed in 196 holes at PDA including 10 geotechnical holes totaling 2,221 m. A total of 25,459 m of drilling in 79 holes was also completed at several targets across the Mulatos District.

Lynn Lake (Manitoba, Canada)

Exploration spending totaled $0.7 million in the fourth quarter and $6.6 million for the full year, all of which was capitalized. The 2023 drilling campaign was completed by the end of the second quarter comprising 7,979 m of drilling in 29 holes. In the fourth quarter, exploration activities focused on interpretation of results from the 2023 drilling programs, and from the geological mapping, sampling and hand trenching programs completed in the second and third quarters of 2023. Targeting and planning was also completed in the fourth quarter, ahead of the planned 2024 infill drilling program at the Burnt Timber and Linkwood deposits.

23

2023Management’s Discussion and Analysis

Key External Performance Drivers

Gold Price

The Company’s financial performance is largely dependent on the price of gold, which directly affects the Company’s profitability and cash flow. The price of gold is subject to volatile price movements and is affected by numerous factors, such as the strength of the US dollar, supply and demand, interest rates, and inflation rates, all of which are beyond the Company’s control. During the fourth quarter of 2023, the Company realized an average gold price of $1,974 per ounce, $3 per ounce above the London PM Fix price, and a 13% increase compared to $1,741 per ounce in the prior year quarter.

As at December 31, 2023, the Company had 69,750 ounces hedged for 2024 which will ensure a minimum average realized gold price of $1,926 per ounce and a maximum average realized gold price of $2,356 per ounce, regardless of the movement in gold prices during the period.

Foreign Exchange Rates

At the Company’s mine sites, a significant portion of operating costs and capital expenditures are denominated in foreign currencies, primarily the Canadian dollar and Mexican peso ("MXN"). Fluctuations in the value of these foreign currencies compared to the US dollar can significantly impact the Company’s costs and cash flow. In the fourth quarter of 2023, the Canadian dollar averaged approximately $1.36 CAD to $1 USD, consistent with the fourth quarter of 2022. The Mexican peso averaged 17.55 MXN to $1 USD in the fourth quarter of 2023 compared to 19.68 MXN to $1 USD in the fourth quarter of 2022.

The Company recorded a foreign exchange gain of $0.3 million in the fourth quarter related to the translation of the Company's net monetary assets and liabilities resulting from the strengthening of both the Canadian dollar and the Mexican peso from the end of the third quarter by 2% and 3%, respectively; ending at $1.32 CAD and 16.95 MXN to $1 USD at December 31, 2023. Similarly, a foreign exchange gain of $1.9 million was recorded for the full year, driven by the fluctuations in the Canadian dollar and Mexican peso.

Additionally, the Company is further exposed to currency risk through non-monetary assets and liabilities of subsidiaries whose taxable profit or tax loss are denominated in non-US dollar currencies. Changes in exchange rates gives rise to temporary differences resulting in deferred tax assets and liabilities with the resulting deferred tax charged or credited to income tax expense. The movement of the CAD and MXN rates generated a non-cash foreign exchange gain of $12.3 million in the fourth quarter, and a $16.3 million foreign exchange gain for the full year, on the revaluation of monetary tax and deferred tax balances, which was recorded within deferred tax expense.

The Company actively manages its currency exposure through a hedging program, which resulted in realized foreign exchange gains of $1.9 million during the fourth quarter and $7.1 million for the full year, primarily related to the Mexican Peso. The Company applies hedge accounting; accordingly, these realized gains and losses have been applied against operating and capital costs at the operating mines.

24

2023Management’s Discussion and Analysis

Summarized Financial and Operating Results

(in millions, except ounces, per share amounts, average realized prices, AISC and total cash costs)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
Gold production (ounces)	129,500	134,200	529,300	460,400	457,200
Gold sales (ounces)	129,005	133,164	526,258	456,574	457,517
Operating Revenues	$254.6	$231.9	$1,023.3	$821.2	$823.6
Cost of sales (1)	$166.7	$153.4	$637.7	$608.9	$534.1
Earnings from operations	$71.9	$61.6	$318.1	$111.5	$14.9
Earnings before income taxes	$51.2	$52.6	$293.7	$102.4	$2.3
Net earnings (loss)	$47.1	$40.6	$210.0	$37.1	($66.7)
Adjusted net earnings (2)	$49.2	$33.7	$208.4	$107.9	$162.1
Earnings (loss) per share, basic and diluted	$0.12	$0.10	$0.53	$0.09	($0.17)
Adjusted earnings per share, basic (2)	$0.12	$0.09	$0.53	$0.28	$0.41
Total assets			$4,001.2	$3,674.2	$3,621.5
Total non-current liabilities			829.8	771.2	728.5
Cash flow from operations	$124.1	$102.3	$472.7	$298.5	$356.5
Dividends per share, declared and paid	0.025	0.025	0.10	0.10	0.10
Average realized gold price per ounce	$1,974	$1,741	$1,944	$1,799	$1,800
Cost of sales per ounce of gold sold, including amortization (1)	$1,292	$1,152	$1,212	$1,334	$1,167
Total cash costs per ounce of gold sold (2)	$900	$810	$850	$884	$794
All-in sustaining costs per ounce of gold sold (2)	$1,233	$1,138	$1,160	$1,204	$1,135

(1) Cost of sales includes mining and processing costs, royalties, and amortization expense. For the year ended December 31, 2022, cost of sales includes a $33.9 million non-cash inventory net realizable value adjustment.

(2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

Review of Fourth Quarter Financial Results

Operating Revenue

During the fourth quarter of 2023, the Company sold 129,005 ounces of gold for operating revenues of $254.6 million. This represented a 10% increase from the prior year period due to a higher realized gold price, offset by a 3% decrease in ounces sold.

Cost of Sales

Cost of sales were $166.7 million in the fourth quarter, 9% higher than the prior year period. Key drivers of changes to cost of sales as compared to the prior year period were as follows:

Mining and Processing

Mining and processing costs were $113.4 million, 7% higher than the prior year period. The increase primarily reflects the impact of continuing labour and other inflationary pressures on mining and processing costs across the operations. Inflationary pressures and operating costs remained in line with expectations in 2023. The impact of the stronger Mexican peso relative to the annual cost guidance was partly mitigated by the Company's hedge position.

Total cash costs of $900 per ounce and AISC of $1,233 per ounce were higher than the prior year period due to the continuing inflationary pressures on operating costs, and lower grades mined at Island Gold.

Royalties

Royalty expense was $2.7 million in the quarter, slightly higher than the prior year period of $2.2 million due to the higher average realized gold price.

Amortization

Amortization of $50.6 million, or $392 per ounce in the quarter was higher than the prior year period due to the larger production contribution from Young-Davidson which has a higher depletable cost base.

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2023Management’s Discussion and Analysis

Earnings from Operations

The Company recognized earnings from operations of $71.9 million in the fourth quarter, 17% higher than the prior year period, as a result of the higher realized gold price, and margin expansion, driven by low-cost production growth from La Yaqui Grande.

Net Earnings

The Company reported net earnings of $47.1 million in the fourth quarter, compared to $40.6 million in the prior year period. Adjusted earnings (1) in the fourth quarter were $49.2 million, or $0.12 per share, which included adjustments for unrealized net foreign exchange gains recorded within deferred taxes, and on net monetary assets and liabilities, resulting primarily from the strengthening of both the Canadian dollar and the Mexican peso, and a reduction in the non-cash fair value adjustments on the milestone payments related to the sale of the Esperanza project

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

Review of 2023 Financial Results

Operating Revenue

During the year ended December 31, 2023, the Company sold 526,258 ounces for record operating revenues of $1.0 billion, 25% higher than the prior year period, driven by increased production from La Yaqui Grande, and a higher average realized gold price.

Cost of Sales

Cost of sales for the full year were $637.7 million, a 5% increase compared to the prior year. Cost of sales in the prior year were impacted by a net realizable value adjustment on the Mulatos heap leach inventory of $33.9 million. In addition to the prior year inventory adjustment, key drivers of cost of sales changes as compared to the prior year were as follows:

Mining and Processing

Mining and processing costs increased to $437.3 million from $394.4 million in the prior year. The increase primarily reflects a full year of operations at La Yaqui Grande in 2023, as well as the impact of labour and other inflation effects on mining and processing costs across the Company's operations. The impact of the stronger Mexican peso relative to the annual cost guidance was partly mitigated by the Company's hedge position on the Mexican peso.

Total cash costs of $850 per ounce and AISC of $1,160 per ounce for 2023 were both lower than the prior year, primarily reflecting the increased contribution of low cost production from La Yaqui Grande.

Royalties

Royalty expense was $10.2 million, a 12% increase compared to $9.1 million in the prior year, due to the higher average realized gold price.

Amortization

Amortization of $190.2 million was higher than the prior year of $171.5 million, driven by a 15% increase in ounces sold. Amortization of $361 per ounce was lower than the prior year amortization of $376 per ounce due to the increased contribution from La Yaqui Grande which has a lower depletable cost base.

Earnings from Operations

The Company recognized earnings from operations of $318.1 million, a significant increase from $111.5 million in the prior year, driven by the Company's record production, and expanded margins. The prior year was also impacted by the net realizable value adjustments on the Mulatos heap leach inventory, as well as an impairment expense related to the sale of the Esperanza project of $38.2 million.

Net Earnings

The Company reported net earnings of $210.0 million compared to $37.1 million in the prior year. The stronger net earnings in 2023 reflect the Company's record operating performance and margin expansion. The prior year was also impacted by the net realizable value adjustment on the Mulatos heap leach inventory, and the impairment expense on the sale of the Esperanza project. On an adjusted basis, earnings for 2023 were $208.4 million, or $0.53 per share, which included adjustments for unrealized foreign exchange gains recorded in deferred taxes of $16.3 million and other losses, net of tax, of $16.6 million.

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2023Management’s Discussion and Analysis

Consolidated Expenses and Other

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Exploration expense	($2.1)	($2.6)	($18.2)	($18.4)
Corporate and administrative expense	(7.6)	(7.2)	(27.6)	(25.9)
Share-based compensation expense	(6.3)	(7.1)	(21.7)	(18.3)
Finance income (expense)	0.2	(2.2)	(2.5)	(5.7)
Foreign exchange gain (loss)	0.3	(0.2)	1.9	1.7
Other loss	(21.2)	(6.6)	(23.8)	(5.1)

Exploration

Exploration expense primarily relates to expenditures on early-stage exploration projects, regional exploration programs and corporate exploration support. The Company capitalizes near-mine exploration at its three operations and development projects. Exploration expense was consistent with the prior year as an expanded 2023 regional exploration program at Mulatos, offset lower regional spend at the Canadian operations.

Corporate and administrative

Corporate and administrative costs include expenses arising from the overall management of the business that are not part of direct mine operating costs. These costs are incurred at the corporate office located in Canada. Corporate and administrative costs in the fourth quarter were consistent with the prior year period. Costs were higher for the full year as compared to the prior year due to increased personnel and travel costs.

Share-based compensation

Share-based compensation expense of $6.3 million in the fourth quarter was lower than the prior year period due to the change in the Company's share price in the quarter and the corresponding impact on the revaluation of the liability for outstanding cash-based long-term incentives. An overall rising share price throughout 2023 resulted in share-based compensation expense of $21.7 million being higher than the prior year.

Finance expense

Finance expense primarily relates to standby fees on the credit facility and accretion expense arising on decommissioning liabilities, offset by interest earned on cash and cash equivalents. In the fourth quarter, the Company was in a net finance income position compared to the prior year period due to earning more interest income driven by rising interest rates and an increased cash balance. This was partially offset by higher accretion expense. For the full year, finance expense was lower than the prior year due to the higher interest income earned.

Foreign exchange gain (loss)

A foreign exchange gain of $0.3 million was recorded in the fourth quarter and a gain of $1.9 million for the year, compared to a foreign exchange loss of $0.2 million in the prior year period and a gain of $1.7 million for the year.

Other loss

The increase in other loss in the fourth quarter of 2023 and for the full year primarily arose from non-cash fair value adjustments on the milestone payments related to the sale of the Esperanza project of $11.0 million and $13.4 million, respectively.

27

2023Management’s Discussion and Analysis

Consolidated Income Tax Expense

The Company is subject to tax in various jurisdictions, including Mexico and Canada. There are a number of factors that can significantly impact the Company’s effective tax rate including the geographic distribution of income, varying rates in different jurisdictions, the non-recognition of tax assets, mining allowances, foreign currency exchange rate movements, changes in tax laws and the impact of specific transactions and assessments. Due to the number of factors that can potentially impact the effective tax rate and the sensitivity of the tax provision to these factors, it is expected that the Company’s effective tax rate will fluctuate in future periods.

For the year ended December 31, 2023, the Company recognized a current tax expense of $52.7 million and a deferred tax expense of $31.0 million, compared to a current tax expense of $10.7 million and deferred tax expense of $54.6 million in 2022. The significantly higher current tax expense in 2023 was driven by higher profitability and cashflow in Mexico.

The Company paid cash taxes of $8.3 million related to mining tax and income tax installment payments during 2023. Given the strong profitability of the Mulatos District in 2023, generating $142.1 million in free cash flow year to date, the Company expects to make significantly higher cash tax payments in Mexico in 2024, which includes the 2023 year end tax payment of approximately $40 million due in the first quarter.

The deferred tax expense was driven by the use of tax pools compared to accounting depreciation in the period given strong operating earnings in both Canada and Mexico, partially offset by foreign exchange gains on the strengthening of the Mexican peso and Canadian dollar.

The Company's Mulatos mine in Mexico, as well as the Young-Davidson and Island Gold mines in Canada, pay income taxes based on their tax functional currency which is the Mexican peso and Canadian dollar, respectively. The legal entity financial statements for Mulatos, Young-Davidson and Island Gold include foreign exchange and other income items that differ from the US dollar functional currency financial statements. The Company recognized a foreign exchange gain of $12.3 million in the fourth quarter and $16.3 million for the full year due to the foreign exchange movement.

Financial Condition

	December 31, 2023	December 31, 2022
Current assets	$586.0	$441.0	Current assets increased compared to 2022, primarily driven by record operating cash flow, partially offset by spending on the Phase 3+ Expansion at Island Gold.
Long-term assets	3,415.2	3,233.2	Long-term assets increased in 2023 primarily due to capital expenditures on the Phase 3+ Expansion at Island Gold, partially offset by amortization.
Total assets	$4,001.2	$3,674.2
Current liabilities	247.9	181.9	Current liabilities are higher than 2022, due to an increase in income tax payable in Mexico, and a higher share based payment liability driven by the increase in the Company's share price.
Non-current liabilities	829.8	771.2	Non-current liabilities are comprised of deferred taxes and decommissioning liabilities, and have increased as compared with the prior year due to an increase in the deferred tax liability driven by the strong operating performance across the Company's sites. Additionally the Company's non-current portion of the decommissioning liabilities increased by $16.1 million, net of accretion, compared to 2022, driven mainly by increased reclamation costs at the Mulatos District.
Total liabilities	1,077.7	953.1
Shareholders’ equity	2,923.5	2,721.1	The increase in Shareholders' equity was primarily driven by the earnings for the year.
Total liabilities and equity	$4,001.2	$3,674.2

Liquidity and Capital Resources

The Company’s strategy is based on achieving positive cash flow from operations to internally fund operating, capital and project development requirements, generate returns for its shareholders, and bolster the balance sheet. Material increases or decreases in the Company’s liquidity and capital resources will be substantially determined by the success or failure of the Company’s operations, exploration, and development programs, the ability to obtain equity or other sources of financing, the price of gold, and currency exchange rates.

As at December 31, 2023, the Company had cash and cash equivalents of $224.8 million and $13.0 million in equity securities, compared to $129.8 million and $18.6 million, respectively, at December 31, 2022. The Company has access to an undrawn

28

2023Management’s Discussion and Analysis

credit facility (the "Facility") of $500.0 million, not including the uncommitted $100.0 million accordion feature to increase the credit facility up to $600.0 million. The Facility bears interest at a rate of Adjusted Term SOFR Rate plus 1.875% on drawn amounts and stand-by fees of 0.42% on undrawn amounts. In February 2024, the Company extended the term of the revolving credit facility by one year to February 2028.

The Credit Facility is secured against all of the material present and future assets, property and undertakings of the Company. The Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset sales and liens. It contains financial covenant tests that include (a) a minimum interest coverage ratio of 3.0:1.0 and (b) a maximum net leverage ratio of 3.5:1.0, both as defined in the agreement. As at December 31, 2023, the Company is in compliance with the covenants.

On May 31, 2023, the Company filed a Base Shelf Prospectus and accompanying Registration Statement, which qualifies the issuance of up to US$500,000,000 Securities of the Company, or any combination thereof, and is effective for a period of 25 months. The Company filed the Base Shelf Prospectus and Registration Statement to maintain financial flexibility but has no present intentions to undertake an offering of securities.

In the opinion of management, the Company's liquidity position of $724.8 million at December 31, 2023, comprised of cash and cash equivalents and availability under the credit facility, together with cash flows from operations, is sufficient to support the Company's normal operating requirements and capital commitments on an ongoing basis.

Cash Flow

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Cash flow provided by operating activities	$124.1	$102.3	$472.7	$298.5
Cash flow used in investing activities	(109.8)	(84.9)	(351.8)	(312.7)
Cash flow used in financing activities	(5.6)	(5.0)	(26.0)	(28.4)
Effect of foreign exchange rates on cash	0.2	0.7	0.1	(0.1)
Net increase (decrease) in cash	8.9	13.1	95.0	(42.7)
Cash and cash equivalents, beginning of period	215.9	116.7	129.8	172.5
Cash and cash equivalents, end of period	$224.8	$129.8	$224.8	$129.8

Cash flow provided by operating activities

In the fourth quarter of 2023, operating activities generated cash flow of $124.1 million compared to $102.3 million in the same period of 2022, representing a 21% increase, due primarily to higher operating revenues and operating margin expansion. Cash flow provided by operations before working capital and taxes paid was $120.2 million in the fourth quarter compared to $109.3 million in the prior year period.

For the year ended December 31, 2023, operating activities generated record operating cash flows of $472.7 million compared to $298.5 million in the prior year driven by a 15% increase in ounces sold, and higher operating margins.

Cash flow used in investing activities

In the fourth quarter of 2023, capital expenditures of $109.7 million were higher than expenditures of $84.8 million in the prior year quarter, driven by the ramp up of spend at the Phase 3+ expansion at Island Gold in 2023.

For the year ended December 31, 2023, the Company invested $348.9 million in capital expenditures, compared to $313.7 million in the prior year. The increase was driven by higher capital expenditures at the Phase 3+ Expansion at Island Gold offset by lower capital spend at the Mulatos District following completion of construction of La Yaqui Grande in 2022.

Cash flow used in financing activities

During the fourth quarter, the Company declared a dividend of $0.025 per share, consistent with the first three quarters of 2023, bringing the year-to-date dividends paid to $39.4 million. Of this amount, $35.3 million was paid in cash and the remainder was issued in shares pursuant to the Company's dividend reinvestment plan. For the year ended December 31, 2023, the Company received proceeds from the exercise of stock options and warrants of $9.3 million.

29

2023Management’s Discussion and Analysis

Commitments

Contractual Obligations	Less than 1 year	2 - 3 years	4 - 5 years	More than 5 years	Total
Operating and financing leases	0.5	0.6	—	—	1.1
Accounts payable and accrued liabilities	195.0	—	—	—	195.0
Decommissioning liabilities	12.6	31.5	51.4	69.7	165.2
Capital commitments	87.5	32.7	—	—	120.2
	295.6	64.8	51.4	69.7	481.5

Contractual obligations exist with respect to royalties; however, gold production subject to royalty cannot be ascertained with certainty and the royalty rate varies with the gold price, therefore have been excluded from the table.

The Company has a number of mining service contracts that are based on variable measures, and not fixed payments. These contracts include measures such as tonnes mined, or metres developed. The expense relating to these variable payments and recognized as an operating expense was $104.2 million (year ended December 31, 2022 - $88.2 million). Total cash outflow for leases amount to $112.0 million for the year ended December 31, 2023 (2022 - payments of $96.1 million).

Outstanding Share Data

	February 21, 2024
Common shares	396,770,839
Stock options	2,766,377
Deferred share units	1,013,234
Performance share units	1,159,288
Restricted share units	1,911,738
	403,621,476

Related party transactions

There were no related party transactions during the period other than those disclosed in the Company’s consolidated financial statements for the years ended December 31, 2023 and 2022.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

Financial Instruments    

The Company seeks to manage its exposure to fluctuations in commodity prices, fuel prices and foreign exchange rates by entering into derivative financial instruments from time to time.

Commodity option and forward contracts

As at December 31, 2023, the Company held option contracts to protect against the risk of a decrease in the value of the gold price on a portion of gold sales. These option contracts, totaling 69,750 ounces, ensure a minimum average realized gold price of $1,926 per ounce and a maximum average realized gold price of $2,356 per ounce, regardless of the movement in gold prices during 2024. The fair value of these contracts was a liability of $0.8 million at December 31, 2023 (December 31, 2022 - $0.1 million). The options mature monthly throughout 2024.

For the year ended December 31, 2023, the Company realized losses of $0.1 million related to the settlement of option contracts (for the year ended December 31, 2022- realized gains of $3.5 million). Total unrealized losses for the year ended December 31, 2023 was $0.9 million (for the year ended December 31, 2022 - unrealized losses of $0.3 million). The Company has elected to not apply hedge accounting to the gold option contracts, with changes in fair value recorded in net earnings.

30

2023Management’s Discussion and Analysis

Foreign currency contracts

As at December 31, 2023, the Company held option contracts to protect against the risk of an increase in the value of the Canadian dollar and Mexican peso versus the US dollar. These option contracts are for the purchase of local currencies and the sale of US dollars, which settle on a monthly basis, and are summarized as follows:

Canadian dollar contracts:

Period Covered	Contract type	Contracts (CAD$ Millions)	Average minimum rate (USD/CAD)	Average maximum rate (USD/CAD)
2024	Collars	504.0	1.33	1.39

Mexican Peso contracts:

Period Covered	Contract type	Contracts (MXN Millions)	Average minimum rate (MXN/USD)	Average maximum rate (MXN/USD)
2024	Collars	330.0	18.14	20.53
2024	Forwards	125.0	17.77	17.77

The fair value of these contracts was an asset of $6.6 million at December 31, 2023 (December 31, 2022 - liability of $4.3 million). For the year ended December 31, 2023, the Company realized net gains of $7.1 million on the foreign currency contracts (for the year ended December 31, 2022 - realized net losses of $1.1 million).

The Company enters into option contracts to hedge against the risk of an increase in the price of diesel fuel. These option contracts are for the purchase of New York Harbour Ultra Low Sulfur Diesel ("ULSD") contracts, which settle on a monthly basis, and the Company believes this is an appropriate manner of managing price risk.These collars totaling 1,512,000 gallons, ensure a minimum purchase call option of $2.71 per gallon and a maximum average sold put options of $2.50 per gallon, regardless of the movement in fuel prices during 2024.

The fair value of these contracts was a liability of $0.2 million at December 31, 2023 (December 31, 2022 - nil). For the for the year ended December 31, 2023 there was a net nil impact related to the settled fuel contracts (for the year ended December 31, 2022 - realized gains of $2.9 million).

Summary of Quarterly Financial and Operating Results

	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Gold ounces produced	129,500	135,400	136,000	128,400	134,200	123,400	103,900	98,900
Gold ounces sold	129,005	132,633	131,952	132,668	133,164	122,780	102,164	98,466
Operating Revenues	$254.6	$256.2	$261.0	$251.5	$231.9	$213.6	$191.2	$184.5
Earnings (loss) from operations	$71.9	$82.6	$88.6	$75.0	$61.6	$29.9	$25.7	($5.7)
Net earnings (loss)	$47.1	$39.4	$75.1	$48.4	$40.6	($1.4)	$6.4	($8.5)
Earnings (loss) per share, basic	$0.12	$0.10	$0.19	$0.12	$0.10	$0.00	$0.02	($0.02)
Adjusted net earnings (1)	$49.2	$54.5	$59.3	$45.4	$33.7	$26.9	$29.3	$18.0
Adjusted earnings per share, basic (1)	$0.12	$0.14	$0.15	$0.12	$0.09	$0.07	$0.07	$0.05
Earnings before interest, taxes, depreciation and amortization (1)	$101.6	$126.0	$138.9	$119.9	$100.4	$96.4	$92.0	$62.9
Cash provided by operating activities	$124.1	$112.5	$141.8	$94.3	$102.3	$74.0	$75.7	$46.5
Average realized gold price	$1,974	$1,932	$1,978	$1,896	$1,741	$1,740	$1,871	$1,874

(1)Refer to the “Non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

Production and gold sales increased significantly following commencement of commercial production at La Yaqui Grande in June 2022, which has contributed low cost production growth.

Earnings (loss) from operations and cash flow from operating activities have remained relatively strong since mid-2022 as a result of a higher realized gold price, increased gold ounce production following achievement of commercial production at La Yaqui Grande, and margin expansion as the Company has focused on cost containment strategies across operations and the corporate office, despite ongoing inflationary pressures. In the second and third quarters of 2022, the Company recorded a non-cash net realizable adjustment on the Mulatos heap leach inventory of $22.3 million and $11.6 million, respectively, which negatively impacted earnings from operations in those periods. The loss from operations in the first quarter of 2022 was driven by the non-cash impairment expense of $38.2 million ($26.7 million after tax) on the sale of the Esperanza Project.

31

2023Management’s Discussion and Analysis

Non-GAAP Measures and Additional GAAP Measures

The Company has included certain non-GAAP financial measures to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:

•adjusted net earnings and adjusted earnings per share;

•cash flow from operating activities before changes in working capital and taxes received;

•company-wide free cash flow;

•total mine-site free cash flow;

•mine-site free cash flow;

•total cash cost per ounce of gold sold;

•AISC per ounce of gold sold;

•Mine-site AISC per ounce of gold sold;

•sustaining and non-sustaining capital expenditures; and

•earnings before interest, taxes, depreciation, and amortization ("EBITDA")

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are dully noted and retrospectively applied as applicable.

Adjusted Net Earnings and Adjusted Earnings per Share

“Adjusted net earnings” and “adjusted earnings per share” are non-GAAP financial measures with no standard meaning under IFRS which exclude the following from net earnings (loss):

•Foreign exchange (gain) loss

•Items included in other loss

•Certain non-recurring items

•Foreign exchange (gain) loss recorded in deferred tax expense

•The income and mining tax impact of items included in other loss

Net earnings (loss) have been adjusted, including the associated tax impact, for the group of costs in “other loss” on the consolidated statement of comprehensive income. Transactions within this grouping are: the fair value changes on non-hedged derivatives; the renunciation of flow-through exploration expenditures; loss on disposal of assets; and Turkish Projects holding costs and arbitration costs. The adjusted entries are also impacted for tax to the extent that the underlying entries are impacted for tax in the unadjusted net earnings.

The Company uses adjusted net earnings for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of adjusted net earnings. Consequently, the presentation of adjusted net earnings enables shareholders to better understand the underlying operating performance of the core mining business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.

Adjusted net earnings is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. The following table reconciles this non-GAAP measure to the most directly comparable IFRS measure.

32

2023Management’s Discussion and Analysis

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
Net earnings (loss)	$47.1	$40.6	$210.0	$37.1	($66.7)
Adjustments:
Inventory net realizable value adjustment, net of taxes	—	—	—	22.4	—
Impairment charge, net of taxes	—	—	—	26.7	213.8
Foreign exchange (gain) loss	(0.3)	0.2	(1.9)	(1.7)	0.9
Other loss	21.2	6.6	23.8	5.1	7.2
Unrealized foreign exchange (gain) loss recorded in deferred tax expense	(12.3)	(12.2)	(16.3)	19.4	6.9
Other income and mining tax adjustments	(6.5)	(1.5)	(7.2)	(1.1)	—
Adjusted net earnings	$49.2	$33.7	$208.4	$107.9	$162.1
Adjusted earnings per share - basic	$0.12	$0.09	$0.53	$0.28	$0.41

Cash Flow from Operating Activities before Changes in Working Capital and Cash Taxes

“Cash flow from operating activities before changes in working capital and cash taxes” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in working capital and taxes received to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Cash flow from operating activities before changes in working capital” is a non-GAAP financial measure with no standard meaning under IFRS.

The following table reconciles the non-GAAP measure to the consolidated statements of cash flows.

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Cash flow from operating activities	$124.1	$102.3	$472.7	$298.5
Add: Changes in working capital and taxes paid	(3.9)	7.0	46.2	63.1
Cash flow from operating activities before changes in working capital and taxes paid	$120.2	$109.3	$518.9	$361.6

Company-wide Free Cash Flow

“Company-wide free cash flow" is a non-GAAP performance measure calculated from the consolidated operating cash flow, less consolidated mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash company-wide. Company-wide free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Company-wide free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Cash flow from operating activities	$124.1	$102.3	$472.7	$298.5
Less: mineral property, plant and equipment expenditures	(109.7)	(84.8)	(348.9)	(313.7)
Company-wide free cash flow	$14.4	$17.5	$123.8	($15.2)

Mine-site Free Cash Flow

"Mine-site free cash flow" is a non-GAAP financial performance measure calculated as cash flow from mine-site operating activities, less mineral property, plant and equipment expenditures. The Company believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Mine-site free cash flow is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures of performance presented by other mining companies. Mine-site free cash flow should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

33

2023Management’s Discussion and Analysis

Consolidated Mine-Side Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$124.1	$102.3	$472.7	$298.5
Add: operating cash flow used by non-mine site activity	10.6	15.7	49.5	48.3
Cash flow from operating mine-sites	$134.7	$118.0	$522.2	$346.8
Mineral property, plant and equipment expenditure	$109.7	$84.8	$348.9	$313.7
Less: capital expenditures from development projects, and corporate	(3.4)	($4.8)	(18.2)	(22.2)
Capital expenditure and capital advances from mine-sites	$106.3	$80.0	$330.7	$291.5
Total mine-site free cash flow	$28.4	$38.0	$191.5	$55.3

Young-Davidson Mine-Site Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$59.0	$44.6	$184.8	$172.8
Mineral property, plant and equipment expenditure	(24.0)	(20.6)	(67.2)	(71.5)
Mine-site free cash flow	$35.0	$24.0	$117.6	$101.3

Island Gold Mine-Site Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$39.9	$39.1	$164.9	$148.1
Mineral property, plant and equipment expenditure	(73.9)	(53.9)	(233.1)	(157.3)
Mine-site free cash flow	($34.0)	($14.8)	($68.2)	($9.2)

Mulatos District Free Cash Flow	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions)
Cash flow from operating activities	$35.8	$34.3	$172.5	$25.9
Mineral property, plant and equipment expenditure	(8.4)	(5.5)	(30.4)	(62.7)
Mine-site free cash flow	$27.4	$28.8	$142.1	($36.8)

Total Cash Costs per ounce

Total cash costs per ounce is a non-GAAP term typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. This non-GAAP term is also used to assess the ability of a mining company to generate cash flow from operations. Total cash costs per ounce includes mining and processing costs plus applicable royalties, and net of by-product revenue and net realizable value adjustments. Total cash costs per ounce is exclusive of exploration costs.

Total cash costs per ounce is intended to provide additional information only and does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

All-in Sustaining Costs per ounce and Mine-site All-in Sustaining Costs

The Company adopted an “all-in sustaining costs per ounce” non-GAAP performance measure in accordance with the World Gold Council published in June 2013. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in sustaining costs per ounce” as determined by the Company compared with other mining companies. In this context, “all-in sustaining costs per ounce” for the consolidated Company reflects total mining and processing costs, corporate and administrative costs, share-based compensation, exploration costs, sustaining capital, and other operating costs.

34

2023Management’s Discussion and Analysis

For the purposes of calculating "mine-site all-in sustaining costs" at the individual mine-sites, the Company does not include an allocation of corporate and administrative costs and share-based compensation, as detailed in the reconciliations below.

Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature. Non-sustaining capital expenditures are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where the these projects will materially benefit the mine site. Capitalized exploration expenditures are expenditures that meet the IFRS definition for capitalization, and are incurred to further expand the known Mineral Reserve and Resource at existing operations or development projects. For each mine-site reconciliation, corporate and administrative costs, and non-site specific costs are not included in the all-in sustaining cost per ounce calculation.

All-in sustaining costs per gold ounce is intended to provide additional information only and does not have any standardized  meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.  

Total Cash Costs and All-in Sustaining Costs per Ounce Reconciliation Tables

The following tables reconciles these non-GAAP measures to the most directly comparable IFRS measures on a Company-wide and individual mine-site basis.

Total Cash Costs and AISC Reconciliation - Company-wide
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
(in millions, except ounces and per ounce figures)
Mining and processing	$113.4	$105.6	$437.3	$394.4	$351.5
Royalties	2.7	2.2	10.2	9.1	11.7
Total cash costs	116.1	107.8	447.5	403.5	363.2
Gold ounces sold	129,005	133,164	526,258	456,574	457,517
Total cash costs per ounce	$900	$810	$850	$884	$794
Total cash costs	$116.1	$107.8	$447.5	$403.5	$363.2
Corporate and administrative (1)	7.6	7.2	27.6	25.9	24.5
Sustaining capital expenditures (2)	26.6	26.5	104.2	95.2	113.4
Share-based compensation	6.3	7.1	21.7	18.3	11.1
Sustaining exploration	0.8	0.7	2.7	2.5	4.9
Accretion of decommissioning liabilities	1.7	2.2	6.8	4.2	2.4
Total all-in sustaining costs	$159.1	$151.5	$610.5	$549.6	$519.5
Gold ounces sold	129,005	133,164	526,258	456,574	457,517
All-in sustaining costs per ounce	$1,233	$1,138	$1,160	$1,204	$1,135

(1)Corporate and administrative expenses exclude expenses incurred at development properties.

(2)Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at growth projects and certain expenditures at operating sites which are deemed expansionary in nature. Total sustaining capital expenditures for the period are as follows:

	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022	2021
(in millions)
Capital expenditures per cash flow statement	$109.7	$84.8	$348.9	$313.7	$348.6
Less: non-sustaining capital expenditures at:
Young-Davidson	(10.1)	(5.4)	(18.2)	(22.7)	(44.8)
Island Gold	(63.0)	(43.8)	(189.2)	(120.8)	(71.9)
Mulatos District	(6.6)	(4.3)	(19.1)	(52.8)	(97.0)
Corporate and other	(3.4)	(4.8)	(18.2)	(22.2)	(21.5)
Sustaining capital expenditures	$26.6	$26.5	$104.2	$95.2	$113.4

35

2023Management’s Discussion and Analysis

Young-Davidson Total Cash Costs and Mine-site AISC Reconciliation
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions, except ounces and per ounce figures)
Mining and processing	$42.8	$41.1	$166.2	$163.4
Royalties	1.4	1.1	5.3	5.3
Total cash costs	$44.2	$42.2	$171.5	$168.7
Gold ounces sold	48,052	44,781	182,796	192,186
Total cash costs per ounce	$920	$942	$938	$878
Total cash costs	$44.2	$42.2	$171.5	$168.7
Sustaining capital expenditures	13.9	15.2	49.0	48.8
Accretion of decommissioning liabilities	0.1	0.1	0.4	0.3
Total all-in sustaining costs	$58.2	$57.5	$220.9	$217.8
Gold ounces sold	48,052	44,781	182,796	192,186
Mine-site all-in sustaining costs per ounce	$1,211	$1,284	$1,208	$1,133

Island Gold Total Cash Costs and Mine-site AISC Reconciliation
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions, except ounces and per ounce figures)
Mining and processing	$22.8	$23.0	$82.7	$80.6
Royalties	0.8	0.7	2.7	2.6
Total cash costs	$23.6	$23.7	$85.4	$83.2
Gold ounces sold	30,464	39,145	127,629	130,652
Total cash costs per ounce	$775	$605	$669	$637
Total cash costs	$23.6	$23.7	$85.4	$83.2
Sustaining capital expenditures	10.9	10.1	43.9	36.5
Accretion of decommissioning liabilities	0.1	—	0.5	0.2
Total all-in sustaining costs	$34.6	$33.8	$129.8	$119.9
Gold ounces sold	30,464	39,145	127,629	130,652
Mine-site all-in sustaining costs per ounce	$1,136	$863	$1,017	$918

Mulatos District Total Cash Costs and Mine-site AISC Reconciliation
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
(in millions, except ounces and per ounce figures)
Mining and processing	$47.8	$41.5	$188.4	$150.4
Royalties	0.5	0.4	2.2	1.2
Total cash costs	$48.3	$41.9	$190.6	$151.6
Gold ounces sold	50,489	49,238	215,833	133,736
Total cash costs per ounce	$957	$851	$883	$1,134
Total cash costs	$48.3	$41.9	$190.6	$151.6
Sustaining capital expenditures	1.8	1.2	11.3	9.9
Sustaining exploration	0.4	0.2	0.9	0.7
Accretion of decommissioning liabilities	1.5	2.1	5.9	3.7
Total all-in sustaining costs	$52.0	$45.4	$208.7	$165.9
Gold ounces sold	50,489	49,238	215,833	133,736
Mine-site all-in sustaining costs per ounce	$1,030	$922	$967	$1,241

36

2023Management’s Discussion and Analysis

EBITDA

EBITDA represents net earnings before impairment charges, interest, taxes, depreciation, and amortization. EBITDA is an indicator of the Company’s ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

EBITDA does not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other mining companies. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The following is a reconciliation of EBITDA to the consolidated financial statements:

(in millions)
	Three Months Ended December 31,		Years Ended December 31,
	2023	2022	2023	2022
Net earnings	$47.1	$40.6	$210.0	$37.1
Add back:
Inventory net realizable value adjustment	—	—	—	33.9
Impairment expense	—	—	—	38.2
Finance (income) expense	(0.2)	2.2	2.5	5.7
Amortization	50.6	45.6	190.2	171.5
Deferred income tax expense	4.6	2.7	31.0	54.6
Current income tax (recovery) expense	(0.5)	9.3	52.7	10.7
EBITDA	$101.6	$100.4	$486.4	$351.7

Additional GAAP Measures

Additional GAAP measures are presented on the face of the Company’s consolidated statements of comprehensive income (loss) and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following additional GAAP measures are used and are intended to provide an indication of the Company’s mine and operating performance:

•Earnings from operations - represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, loss on redemption of senior secured notes and income tax expense

Accounting Estimates, Policies and Changes

Many of the amounts included in the consolidated financial statements require management to make estimates and judgements. Accounting estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised.

Accounting Policies and Changes

The Company's material accounting policies and future changes in accounting policies are presented in the consolidated financial statements for the year ended December 31, 2023 as described in note 3 of the audited consolidated financial statements. The Company adopted amendments to accounting standards that were effective January 1, 2023, and are described in note 4 of the audited consolidated financial statements.

Internal Control over Financial Reporting

Management is responsible for the design, implementation and operating effectiveness of internal control over financial reporting. Under the supervision of the Chief Executive Officer and Chief Financial Officer, management evaluated the design and effectiveness of the Company’s internal control over financial reporting as of December 31, 2023. In making the assessment, management used the criteria set forth in Internal Control - Integrated Framework (2013), issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on a review of internal control procedures at the end of the period covered by this MD&A, management determined internal control over financial reporting was appropriately designed and operating effectively as at December 31, 2023.

37

2023Management’s Discussion and Analysis

KPMG LLP, an independent registered public accounting firm, has audited the effectiveness of the Company’s internal control over financial reporting, and has expressed their opinion in their report included with our annual consolidated financial statements filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

Changes in Internal Control over Financial Reporting

There were no material changes in the Company’s internal control over financial reporting that occurred during the three months ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Disclosure Controls

Management is also responsible for the design and effectiveness of disclosure controls and procedures. The Company’s Chief Executive Officer and Chief Financial Officer have each evaluated the effectiveness of the Company’s disclosure controls and procedures as at December 31, 2023 and have concluded that these disclosure controls and procedures were appropriately designed and operating effectively as at December 31, 2023.

Limitations of Controls and Procedures

The Company’s management, including the Chief Executive Officer and Chief Financial Officer, believe that internal controls over financial reporting and disclosure controls and procedures, no matter how well designed and operated, have inherent limitations. Therefore, even those systems determined to be properly designed and effective can provide only reasonable assurance that the objectives of the control system are met.

Risk Factors and Uncertainties

Risk Factors

The following is a discussion of risk factors relevant to the Company’s operations and future financial performance. Additional risks not currently known by the Company, or that the Company currently deems immaterial, may also impair the Company’s operations. You should carefully consider the risks and uncertainties described below as well as the other information contained and incorporated by reference in this MD&A.

The financing, exploration, development, and mining of any of the Company’s properties are subject to a number of risk factors, including, among other things, the price of gold, laws and regulations, technical and geological risks inherent to mining operations, political conditions, currency fluctuations, and the ability to hire qualified people and to obtain necessary services in jurisdictions where the Company operates. Before deciding to invest in securities of the Company, investors should consider carefully such risks and uncertainties.

Commodity and Currency Risks

In recent years financial conditions have been characterized by volatility, which in turn has resulted in volatility in commodity prices and foreign exchange rates, significant inflation, tightening of the credit market, increased counterparty risk, and volatility in the prices of publicly traded entities. The volatility in commodity prices and foreign exchange rates directly impacts the Company’s revenues, earnings, and cash flow.

The volatility of the price of gold and the price of other metals could have a negative impact on the Company’s future operations.

The value of the Company’s Mineral Resources and future operating profit and loss is significantly impacted by fluctuations in gold prices, over which the Company has no control. A reduction in the price of gold may prevent the Company’s properties from being economically mined, reduce the Company’s ability to generate cash flow to finance its operations and support development and expansion projects, or result in the write-off of assets whose value is impaired due to low gold prices. The price of gold may also have a significant influence on the market price of the Company’s common shares. The price of gold is affected by numerous factors beyond the Company’s control, such as the level of inflation, fluctuation of the United States dollar and foreign currencies, investment and physical demand, sale of gold by central banks, and the political and economic conditions of major gold producing countries throughout the world.

In addition to adversely affecting the Company’s Mineral Reserve and Mineral Resource estimates and financial condition, declining metal prices can impact operations by requiring a reassessment of the feasibility of a particular project, and the Company may determine that it is not feasible to continue commercial production at some or all its current producing or development projects. Even if a project is ultimately determined to be economically viable, the need to conduct such a

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reassessment may cause substantial delays and/or may interrupt operations until the reassessment can be completed, which may have a material adverse effect on the results of operations and financial condition.

The Company regularly engages in commodity hedging transactions intended to reduce the risk associated with fluctuations in commodity prices, however, there is no assurance that any such commodity-hedging transactions designed to reduce the risk associated with fluctuations in metal prices will be successful. The Company’s hedging program may not protect adequately against declines in the price of the hedged metal. Furthermore, although hedging may protect the Company from a decline in the price of the metal being hedged, it may also prevent it from benefiting from price increases

The Company is subject to currency fluctuations that may adversely affect the financial position of the Company.

The Company is subject to currency risks. The Company’s functional currency is the U.S. dollar, which is exposed to fluctuations against other currencies. The Company’s mining operations are located in Canada and Mexico, with additional development-stage assets in Canada, the United States, Mexico, and Türkiye, and as such many of its expenditures and obligations are denominated in Canadian dollars, Mexican pesos, and to a lesser extent Turkish lira and Euros. The Company maintains its principal office in Toronto (Canada), maintains cash accounts in U.S. dollars, Canadian dollars, Mexican pesos, and Turkish lira, and has monetary assets and liabilities in U.S. dollars and Canadian dollars, Mexican pesos, and Turkish lira.

The Company’s operating results and cash flow are significantly affected by changes in the U.S./Canadian dollar and U.S./Mexican peso exchange rates. Revenues are denominated in U.S. dollars, while most expenses are currently denominated in Canadian dollars and Mexican pesos. Exchange rate movements can therefore have a significant impact on most of the Company’s costs. The appreciation of non-U.S. dollar currencies against the U.S. dollar can increase the costs of production at Alamos’ mines, making these mines less profitable.

From time to time the Company may engage in foreign exchange hedging transactions intended to reduce the risk associated with fluctuations in foreign exchange rates, but there is no assurance that any such hedging transactions designed to reduce the risk associated with fluctuations in exchange rates will be successful and as such, operating costs and capital expenditures may be adversely impacted.

Financial, Finance and Tax Risks

The Company’s activities expose it to a variety of financial risks including interest rate risk, credit risk, and liquidity risk. The Company’s risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance. The Company may use derivative financial instruments to hedge certain risk exposures. The Company does not purchase derivative financial instruments for speculative investment purposes.

The Company’s revolving credit facility contains a number of restrictive covenants that impose significant operating and financial restrictions on the Company and may limit its ability to engage in acts that may be in the Company’s long-term best interest.

If utilized, the Company’s failure to comply with covenants in its revolving credit facility could result in an event of default which, if not cured or waived, could result in the acceleration of such debt. The restrictions include, without limitation, restrictions on its ability to:

•Incur additional indebtedness;

•Pay dividends or make other distributions or repurchase or redeem its capital stock;

•Prepay, redeem or repurchase certain debt;

•Make loans and investments;

•Sell, transfer or otherwise dispose of assets;

•Incur or permit to exist certain liens;

•Enter into certain transactions with affiliates;

•Enter into agreements restricting its subsidiaries’ ability to pay dividends; and

•Consolidate, amalgamate, merge or sell all or substantially all of the Company’s assets.

Liquidity Risks

Liquidity risk arises through the excess of financial obligations due over available financial assets at any point in time. The Company’s objective in managing liquidity risk is to maintain sufficient readily available cash reserves and credit in order to meet its liquidity requirements at any point in time. The total cost and planned timing of acquisitions and/or other development or construction projects is not currently determinable, and it is not currently known whether the Company will require external financing in future periods.

The Company is subject to taxation in multiple jurisdictions and adverse changes to the taxation laws of such jurisdictions could have a material adverse effect on its profitability.

The Company has operations and conducts business in multiple jurisdictions and it is subject to the taxation laws of each such jurisdiction. These taxation laws are complicated and subject to change. The Company may also be subject to review, audit, and assessment in the ordinary course. Any such changes in taxation law or reviews and assessments could result in higher taxes

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being payable or require payment of taxes due from previous years, which could adversely affect the Company’s profitability. Taxes may also adversely affect the Company’s ability to repatriate earnings and otherwise deploy its assets.

The Company may not be able to obtain the external financing necessary, including the issuance of shares, debt instruments or other securities convertible into shares, to continue its exploration and development activities on its mineral properties.

The ability of the Company to continue the exploration and development of its property interests will be dependent upon its ability to increase and rely on revenues from its existing production and planned expansions and potentially raise significant additional financing thereafter. The sources of external financing that the Company may use for these purposes may include project debt, corporate debt, or equity offerings. The Company cannot predict the potential need or size of future issuances of common shares or the issuance of debt instruments or other securities convertible into shares or the effect, if any, that this would have on the market price of the Company’s common shares. Any transaction involving the issuance of shares, or securities convertible into shares, could result in dilution, possibly substantial, to present and prospective security holders. Further, there is no assurance that the financing alternative chosen by the Company will be available to the Company, on favourable terms or at all. Depending on the alternative chosen, the Company may have less control over the management of its projects. There is no assurance that the Company will successfully increase revenues from existing and expanded production. Should the Company not be able to obtain such financing and increase its revenues, it may become unable to acquire and retain its exploration properties and carry out exploration and development on such properties, and its title interests in such properties may be adversely affected or lost entirely.

Production, Mining and Operating Risks

The Company is, and expects to continue to be, dependent on three mines for all of its commercial production.

The Young-Davidson, Island Gold, and Mulatos Mines account for all of the Company’s current commercial production and are expected to continue to account for all of its commercial production in the near term. Any adverse condition affecting mining, processing conditions, labour relations, supply chains, expansion plans, or ongoing permitting at Young-Davidson, Island Gold, or Mulatos could have a material adverse effect on the Company’s financial performance and results of operations.

Forecasts of future production are estimates based on interpretation and assumptions and actual production may be less than estimated.

The Company prepares estimates of future production for its operating mines. The Company cannot give any assurance that it will achieve its production estimates. The failure of the Company to achieve its production estimates could have a material and adverse effect on future cash flows, share price, profitability, results of operations, and financial condition. These production estimates are dependent on, among other things, the accuracy of Mineral Reserve estimates, leach pad inventory, assumptions with respect to development and expansion activities, the accuracy of assumptions regarding ore grades and recovery rates, ground conditions, physical characteristics of ores, such as hardness and the presence or absence of particular metallurgical characteristics and the accuracy of estimated rates and costs of mining and processing.

The Company’s actual production may vary from its estimates for a variety of reasons, including: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; short-term operating factors such as the need for sequential development of orebodies and the processing of new or different ore grades from those planned; mine failures, slope failures or equipment failures; industrial accidents; continued adverse impacts resulting from COVID-19, and the potential impacts of any new epidemic or pandemic which may develop; natural phenomena (including consequences of climate change) such as inclement weather conditions, floods, droughts, wildfires, rock slides and earthquakes; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages or permitting challenges related to power; lack of adequate housing for workers; shortages of principal supplies needed for operation, including explosives, fuels, chemical reagents, water, equipment parts and lubricants; labour shortages or strikes; civil disobedience and protests; and restrictions or regulations imposed by government agencies or other changes in the regulatory environments. Such occurrences could result in damage to mineral properties, interruptions or delays in production, injury or death to persons, damage, to property of the Company or others, monetary losses, and legal liabilities. These factors may cause a mineral deposit that has been mined profitably in the past to become unprofitable, forcing the Company to cease production. It is not unusual in new mining operations to experience unexpected problems during the start-up or expansion phase. Depending on the price of gold or other minerals, the Company may determine that it is impractical to commence or, if commenced, to continue commercial production at a particular site.

Mining operations and facilities are intensive users of electricity and carbon-based fuels. There can be no guarantee that the Company will be able to obtain all necessary permits or be able to enter into commercial arrangements for adequate electricity to conduct its future operations and expansion plans, including specifically the requirements for increased electricity capacity for any operational expansion at the Island Gold Mine. Energy prices can be affected by numerous factors beyond the Company’s control, including global and regional supply and demand, political and economic conditions, and applicable regulatory regimes. The prices of various sources of energy may increase significantly from current levels. An increase in energy prices for which the Company is not hedged could materially adversely affect the results of operations and financial condition.

The Company’s production costs are also affected by the prices of commodities consumed or used in operations, such as lime, cyanide, and explosives. The prices of such commodities are influenced by supply and demand trends affecting the mining industry in general and other factors outside the Company’s control such as inflation and ongoing and/or future supply chain

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challenges resulting from the COVID-19 pandemic. Increases in the price for materials consumed in mining and production activities could materially adversely affect the Company’s results of operations and financial condition.

Risks and costs relating to development, ongoing construction and changes to existing mining operations and development projects.

The Company’s ability to meet development and production schedules and cost estimates for its development and expansion projects cannot be assured. Changes in key operating and capital costs could result in unexpected costs or uneconomic operations and development projects. Many of these factors are beyond the Company’s control. Without limiting the generality of the foregoing, the Company has commenced an expansion of its operations (including the installation of a shaft, paste plant, and expansion of the mill and tailings facility) at its Island Gold Mine, and is engaged in exploration and development activities at its Lynn Lake Gold project in Manitoba. As a result of availability of supply and increasing economic inflation, the Company may experience significant increases in the price of labour, consumables and other raw materials and related manufactured goods, including steel. The Company may also experience delays due to any ongoing or new impacts of COVID-19 or any other epidemic or pandemic which may occur in the future on personnel and contractor availability.

Technical considerations, stakeholder engagement challenges (including as it pertains to First Nations communities surrounding Island Gold and Lynn Lake) for the expansion and exploration projects there, delays in obtaining governmental approvals, inability to obtain financing, or other factors could cause delays in current mining operations or in developing properties. Such delays could materially affect the financial performance of the Company.

The Company prepares estimates of operating costs and/or capital costs for each operation and project. No assurance can be given that such estimates will be achieved. Failure to achieve cost estimates or material increases in costs could have an adverse impact on future cash flows, profitability, results of operations, and financial condition.

Development projects are uncertain, and it is possible that actual capital and operating costs and economic returns will differ significantly from those estimated for a project prior to production.

Alamos has a number of development-stage projects in Canada, Mexico, the United States, and Türkiye. Mine development projects require significant expenditures during the development phase before production is possible. Development projects are subject to the completion of successful feasibility studies and environmental assessments, issuance of necessary governmental licences and permits, availability of adequate financing, and, in the case of the Company’s Turkish development stage projects, reaching an agreement with the Republic of Türkiye as to permitting, licensing and development. The economic feasibility of development projects is based on many factors such as estimation of Mineral Reserves, anticipated metallurgical recoveries, environmental considerations and permitting, future gold prices, and anticipated capital and operating costs of these projects. The Company’s development projects have no operating history upon which to base estimates of future production and cash operating costs. Particularly for development projects, estimates of Proven and Probable Mineral Reserves and cash operating costs are, to a large extent, based upon the interpretation of geologic data obtained from drill holes and other sampling techniques, and feasibility studies that derive estimates of cash operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the configuration of the ore body, expected recovery rates of gold from the ore, estimated operating costs, anticipated climatic conditions, and other factors. As a result, it is possible that actual capital and operating costs and economic returns will differ significantly from those currently estimated for a project prior to production.

Any of the following events, among others, could affect the profitability or economic feasibility of a project: unanticipated changes in grade and tonnes of ore to be mined and processed, unanticipated adverse geological conditions, unanticipated metallurgical recovery problems, incorrect data on which engineering assumptions are made, availability of labour, costs of processing and refining facilities, availability of economic sources of power, adequacy of water supply, availability of surface lands on which to locate processing and refining facilities, adequate access to the site, unanticipated transportation costs, government regulations and resource nationalism (including, but not limited to, regulations with respect to the environment, prices, royalties, duties, taxes, labour, permitting, restrictions on production, and quotas on exportation of minerals), fluctuations in gold prices, accidents, labour actions, and force majeure events.

It is not unusual in new mining operations to experience unexpected problems during the start-up phase, and delays can often occur at the start of production. It is likely that actual results for the Company’s projects will differ from current estimates and assumptions, and these differences may be material. In addition, experience from actual mining or processing operations may identify new or unexpected conditions that could reduce production below, or increase capital or operating costs above, current estimates. If actual results are less favourable than currently estimated, the Company’s business, results of operations, financial condition, and liquidity could be materially adversely affected.

The figures for the Company’s Mineral Reserves and Mineral Resources are estimates based on interpretation and assumptions and may yield less mineral production under actual conditions than is currently estimated.

The Company must continually replace Mineral Reserves depleted by production to maintain production levels over the long term. Mineral Reserves can be replaced by expanding known orebodies, locating new deposits, or making acquisitions. Exploration is highly speculative in nature. Alamos’ exploration projects involve many risks and are frequently unsuccessful. Once a site with mineralization is discovered, it may take several years from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change.

The Company’s Mineral Reserve and Mineral Resource estimates are estimates only and no assurance can be given that any particular level of recovery of gold or other minerals from Mineral Resources or Mineral Reserves will in fact be realized. There can also be no assurance that an identified mineral deposit will ever qualify as a commercially mineable (or viable) ore body that

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2023Management’s Discussion and Analysis

can be economically exploited. Additionally, no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. These estimates may require adjustments or downward revisions based upon further exploration or development work or actual production experience.

Estimates of Mineral Resources and Mineral Reserves can also be affected by such factors as environmental permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations, and work interruptions. In addition, the grade of ore ultimately mined may differ dramatically from that indicated by results of drilling, sampling, and other similar examinations. Short-term factors relating to Mineral Resources and Mineral Reserves, such as the need for the orderly development of ore bodies or the processing of new or different grades, may also have an adverse effect on mining operations and on the results of operations.

Material changes in Mineral Resources and Mineral Reserves, grades, stripping ratios, or recovery rates may affect the economic viability of projects. There is a risk that depletion of Mineral Reserves will not be offset by discoveries, acquisitions, or the conversion of Mineral Resources into Mineral Reserves. The Mineral Reserve base of Alamos’ mines may decline if Mineral Reserves are mined without adequate replacement and the Company may not be able to sustain production beyond the current mine lives, based on current production rates.

Mineral Resources and Mineral Reserves are reported as general indicators of mine life. Mineral Resources and Mineral Reserves should not be interpreted as assurances of mine life or the profitability of current or future operations. There is a degree of uncertainty attributable to the calculation and estimation of Mineral Resources and Mineral Reserves and corresponding grades being mined or dedicated to future production. Until ore is actually mined and processed, Mineral Reserves and grades must be considered as estimates only.

In addition, the quantity of Mineral Resources and Mineral Reserves may vary depending on metal prices. Extended declines in market prices for gold, silver, and copper may render portions of the Company’s mineralization uneconomic and result in reduced reported mineralization. Any material change in Mineral Resources and Mineral Reserves, grades, or stripping ratios may affect the economic viability of the Company’s projects.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource estimates for properties that have not commenced production are based, in many instances, on limited and widely spaced drill hole information, which is not necessarily indicative of the conditions between and around drill holes. Accordingly, such Mineral Resource estimates may require revision as more drilling information becomes available or as actual production experience is gained. No assurance can be given that all or any part of Mineral Resources constitute or will be converted into Mineral Reserves.

Legal, Permitting, Regulatory, Title and Political Risks

The Company’s operating and development properties are located in jurisdictions that are subject to changes in economic and political conditions and regulations in those countries.

The economics of the mining and extraction of precious metals are affected by many factors, including the costs of mining and processing operations, variations in grade of ore discovered or mined, fluctuations in metal prices, foreign exchange rates and the prices of goods and services, applicable laws and regulations, including regulations relating to royalties, allowable production and importing and exporting goods and services. Depending on the price of minerals, the Company may determine that it is neither profitable nor advisable to acquire or develop properties, or to continue mining activities.

The Company’s mineral properties are located in Canada, Mexico, Türkiye, and the United States. Economic, legal, and political conditions in these countries could adversely affect the business activities of the Company. These conditions are beyond the Company’s control, and there can be no assurances that any mitigating actions by the Company will be effective.

Changing laws, regulations, and restrictions relating to the mining industry or shifts in political conditions may increase the costs related to the Company’s activities including the cost of maintaining its properties. Operations may also be affected to varying degrees by changes in government legislation and regulations with respect to restrictions on production, price controls, export controls, permitting, licensing, income taxes, royalties, expropriation of property, the environment (including specifically enacted legislation to address climate change), labour and mine safety. In 2021, the Mexican government announced restrictions and increased environmental reviews of the mining sector resulting in uncertainty with respect to the timing of regulatory approvals, overall permitting of future open-pit mines and a prohibition on the acquisition of new mining concessions. . In May 2023, the Mexican Congress approved a decree that amended the Mexican mining regulation, which allows the Mexican State to strongly control new mining activity in Mexico, increasing obligations and restrictions.

The effect of these factors cannot be accurately predicted. Economic instability could result from current global economic conditions and could contribute to currency volatility and potential increases in income tax rates, both of which could significantly impact the Company’s profitability.

The Company’s activities are subject to extensive laws and regulations governing worker health and safety, employment standards, waste disposal, protection of historic and archaeological sites, mine development, protection of endangered and protected species, and other matters. Regulators have broad authority to shut down and/or levy fines against facilities that do not comply with regulations or standards.

Risk factors specific to certain jurisdictions are described throughout, including specifically: “Risks related to development-stage assets in Türkiye and related Investment Treaty Arbitration”, “Water Management at the Company’s Mining operations”, “Security in Mexico” and “The Company will be unable to undertake its required drilling and other development work on its properties if all

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2023Management’s Discussion and Analysis

necessary permits and licences are not granted.” The occurrence of the various factors and uncertainties related to economic and political risks of operating in the Company’s jurisdictions cannot be accurately predicted and could have a material adverse effect on the Company’s operations or profitability.

The Company will be unable to undertake its required drilling and other development work on its properties if all necessary permits and licenses are not granted.

The Company requires a number of approvals, licences, and permits for various aspects of its exploration, development and expansion. The Company is uncertain if all necessary permits will be maintained or obtained on acceptable terms or in a timely manner. Future changes in applicable laws and regulations or changes in their enforcement or regulatory interpretation could negatively impact current or planned exploration and development activities or any other projects with which the Company becomes involved. Any failure to comply with applicable laws and regulations or failure to obtain or maintain permits or licences, even if inadvertent, could result in the interruption of production, exploration or development, or material fines, penalties, or other liabilities. It remains uncertain if the Company’s existing permits or licences may be affected in the future or if the Company will have difficulties in obtaining all necessary permits and licences that it requires for its proposed or existing mining activities.

In order to maintain mining operating and/or exploration licences in good standing, operating and/or exploration licence holders must advance their projects efficiently, including by obtaining the necessary permits prior to stipulated deadlines. The Company has implemented plans to obtain all necessary permits and licences prior to the relevant deadlines. While the Company is confident in its ability to meet all required deadlines or milestones so as to maintain its licences in good standing, there is a risk that the relevant permitting and licensing authorities will not respond in a timely manner. There is no guarantee that the Company will be able to obtain the approvals, licences and permits as planned or, if unable to meet such deadlines, that negotiations for an extension will be successful in maintaining its permits and licences in good standing.

Security in Mexico

In recent years, criminal activity and violence have increased and continue to increase in parts of Mexico. The mining sector has not been immune to the impact of criminal activity and violence, including in the form of kidnapping for ransom and extortion by organized crime, direct armed robberies of mining operations, and the theft and robbery of supply convoys, including specifically for diesel. In April 2020, the Company suffered an armed robbery at its Mulatos Mine. There were no injuries, and the value of the loss was ultimately recovered. Ore from operations at La Yaqui Grande is required to be transported by truck to Mulatos for processing, which requires the use of community roads leading to an increased risk of theft. The Company maintains insurance and takes measures to protect employees, property, and production facilities from these and other security risks. There can be no assurance, however, that security incidents will not occur in the future, or that if they do, they will not have a material adverse effect on the Company’s operations.

Risk related to development stage assets inTürkiye and related Investment Treaty Arbitration

The Company indirectly through subsidiaries holds development stage mineral properties located in Türkiye. Economic and political conditions in Türkiye are adversely impacting the business activities of the Company. On October 14, 2019, the Company reported that it had suspended all construction activities at its Kirazlı Project in Türkiye pending the renewal of its mining operating licences which expired on October 13, 2019. On October 16, 2020, the Company received notice that the Turkish government would not be renewing the Company’s Forestry Permits for the Kirazlı Project because the mining operating licence had not been restored within a one-year timeframe of its expiry. The Forestry Permits and mining operating licence, among other regulatory requirements, have not subsequently been restored and there is no guarantee that the Company will ever have the required licences and permits to operate in Türkiye.

On April 20, 2021, as a result of the Turkish government’s actions in respect of the Company’s projects in the Republic of Türkiye, the Company’s wholly-owned Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A. and Alamos Gold Holdings B.V., announced the filing of a bilateral investment treaty claim (the “BIT Claim”) against the Republic of Türkiye for expropriation and unfair and inequitable treatment, among other things. The BIT Claim was registered in June 2021 with the International Centre for Settlement of Investment Disputes (World Bank Group). As a result, the Company incurred an after-tax impairment charge of $213.8 million in the second quarter of 2021.

The BIT Claim may not be effective or successful. If unsuccessful, the Company’s projects in Türkiye may be subject to resource nationalism and further expropriation; the Company may lose any remaining value of its assets and gold mining projects in Türkiye and its ability to operate in Türkiye or to put any of the Kirazli, Aği Daği or Çamyurt sites into production, resulting in the Company removing those three projects from its Total Mineral Reserves and Resources. If the BIT Claim is successful, there is no certainty as to the quantum or timing of any damages award or recovery of all, or any, legal costs. Any resumption of activities in Türkiye, or even retaining control of the Company’s assets and gold mining projects in Türkiye can only result from reaching an agreement with the Turkish government. Other factors related to the Turkish economy, including but not limited to high rates of inflation and fluctuation in the Turkish Lira may also affect the Company’s ability to effectively operate in Türkiye and could have a negative effect on overall anticipated project values.

Litigation could be brought against the Company and the resolution of current or future legal proceedings or disputes may have a material adverse effect on the Company’s future cash flows, results of operations or financial condition.

The Company could be subject to legal claims and/or complaints and disputes that result in litigation, including unexpected environmental remediation costs, arising out of the normal course of business. The results of ongoing litigation cannot be predicted with certainty. The costs of defending and settling litigation can be significant, even for claims that Alamos believes

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2023Management’s Discussion and Analysis

have no merit. There is a risk that if such claims are determined adversely to the Company, they could have a material adverse effect on the Company’s financial performance, cash flow, and results of operations.

Some of the Company’s mineral assets are located outside of Canada and are held indirectly through foreign affiliates.

It may be difficult, if not impossible, to enforce judgments obtained in Canadian courts predicated upon the civil liability provisions of the securities laws of certain provinces against the Company’s assets that are located outside of Canada.

Failure of the Company to comply with laws and regulations could negatively impact current or planned mining activities and exploration and developmental activities.

The Company’s mining, exploration, and development activities are subject to extensive laws and regulations concerning the environment, worker health and safety, employment standards, waste disposal, mine development, mine operation, mine closure, reclamation, and other matters. The Company requires permits and approvals from various regulatory authorities for many aspects of mine development, operation, closure, and reclamation. In addition to meeting the requirements necessary to obtain such permits and approvals, they may be invalidated if the applicable regulatory authority is legally challenged that it did not lawfully issue such permits and approvals. The ability of the Company to obtain and maintain permits and approvals and to successfully develop and operate mines may be adversely affected by real or perceived impacts associated with its activities that affect the environment and human health and safety at its development projects and operations and in the surrounding communities. The real or perceived impacts of the activities of other mining companies may also adversely affect the Company’s ability to obtain and maintain permits and approvals. The Company is uncertain as to whether all necessary permits will be maintained on acceptable terms or in a timely manner. Future changes in applicable laws and regulations or changes in their enforcement or regulatory interpretation could negatively affect current or planned mining, exploration, and developmental activities on the projects in which the Company is or may become involved. Any failure to comply with applicable laws and regulations or to obtain or maintain permits, even if inadvertent, could result in the interruption of mining, exploration, and developmental operations or in material fines, penalties, clean-up costs, damages, and the loss of key permits or approvals. While the Company has taken great care to ensure full compliance with its legal obligations, there can be no assurance that the Company has been or will be in full compliance with all of these laws and regulations, or with all permits and approvals that it is required to have. Environmental and regulatory review has also become a long, complex, and uncertain process that can cause potentially significant delays.

The Company cannot guarantee that title to its properties will not be challenged.

The validity of the Company’s mining claims and access rights can be uncertain and may be contested. Although the Company is satisfied it has taken reasonable measures to acquire the rights needed to undertake its operations and activities as currently conducted, some risk exists that some titles and access rights may be defective. No assurance can be given that such claims are not subject to prior unregistered agreements or interests or to undetected or other claims or interests which could be materially adverse to the Company. While the Company has used its best efforts to ensure title to all its properties and secured access to surface rights, these titles or rights may be disputed, which could result in costly litigation or disruption of operations. From time to time, a land possessor may dispute the Company’s surface access rights and, as a result, the Company may be barred from its legal occupation rights. Surface access issues have the potential to result in the delay of planned exploration programs, and these delays may be significant. The Company expects that it will be able to resolve these issues, however, there can be no assurance that this will be the case.

Additional future property acquisitions, relocation benefits, legal and related costs may be material. The Company may need to enter into negotiations with landowners and other groups in the host communities where its projects are located in order to conduct future exploration and development work. The Company cannot currently determine the expected timing, outcome of such negotiations, or costs associated with the relocation of property owners and possessors and potential land acquisitions. There is no assurance that future discussions and negotiations will result in agreements with landowners or other local community groups so as to enable the Company to conduct exploration and development work on these projects.

The Company provides significant economic and social benefits to its host communities and countries, which facilitates broad stakeholder support for its operations and projects. There is no guarantee however that local residents will support our operations or projects.

Relationships with Key Stakeholders

Indigenous title claims, rights to consultation/accommodation, and the Company’s relationship with local communities may affect the Company’s existing operations and development projects.

Governments in many jurisdictions must consult with indigenous peoples and nations with respect to grants of mineral rights and the issuance or amendment of project authorizations. Consultation and other rights of indigenous peoples and nations may require accommodations, including undertakings regarding employment, training, business opportunities royalty payments, and other matters. This may affect the Company’s ability to acquire, within a reasonable time frame, effective mineral titles in these jurisdictions, including in some parts of Canada, in which indigenous title is claimed, and may affect the timetable and costs of development of mineral properties or expansion of existing operations in these jurisdictions, including specifically with respect to the Company’s Island Gold Mine Phase 3+ expansion and its Lynn Lake project. Under applicable environmental and related mine permitting legislation, both Canadian federal and provincial governments may require indigenous consultation requirements beyond the scope expected by the Company. The risk of unforeseen indigenous title claims could also affect existing operations as well as development projects. These legal requirements may also affect the Company’s ability to expand or transfer existing operations or to develop new projects.

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2023Management’s Discussion and Analysis

The Company’s relationship with the communities in which it operates is critical to ensure the future success of its existing operations and the construction and development of its projects. There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities. Adverse publicity relating to the mining industry generated by non-governmental organizations and others could have an adverse effect on the Company’s reputation or financial condition and may impact its relationship with the communities in which it operates. While the Company is committed to operating in a socially responsible manner, there is no guarantee that the Company’s efforts in this regard will mitigate this potential risk.

The inability of the Company to maintain positive relationships with local communities and indigenous First Nations, including specifically with respect to the Company’s Canadian expansion or development-stage assets, may result in additional obstacles and timelines with respect to permitting, increased legal challenges, or other disruptive operational issues at any of the Company’s operating mines, and could have a significant adverse impact on the Company’s ability to generate cash flow, with a corresponding adverse impact to the Company’s share price and financial condition.

Exploration, development and production at the Company’s mining operations are dependent upon the efforts of its key personnel and its relations with its employees and any labor unions that represent employees.

The Company’s success is heavily dependent on its key personnel and on the ability to motivate, retain and attract highly skilled employees.

Relations between the Company and its employees may be affected by changes in the scheme of labour relations that may be introduced by Mexican or Canadian governmental authorities in whose jurisdictions the Company carries on operations. Such changes include, but are not limited to, changes in labour laws, outsourcing laws, social security laws, and employment standards. Changes in such legislation or in the relationship between the Company and its employees may have a material adverse effect on the Company’s business, results of operations, and financial condition. For example, April 2021, the Mexican Congress approved a bill to amend various federal laws including the Federal Labour Law.This change, has for the most part, severely regulated the use of service companies in Mexico, a structure commonly used in the mining sector that provides outsourced labour and required companies like Alamos to hire its employees directly, resulting in a requirement to pay profit-sharing required by Mexican laws to those employees, or the obligation to contract only contractors registered before the Labour Authorities in Mexico that authorizes them to provide a specific service. Based on the Company’s assessment, this change has not and is not expected to have a material impact on Alamos. Nonetheless, the risk exists that certain contractors could be deemed service companies, which could potentially have a significant financial impact. The full impact and enforcement of future changes are not known

In addition, the Company anticipates that as it expands its existing production and brings additional properties into production, and as the Company acquires additional mineral rights, the Company may experience significant growth in its operations. This growth may create new positions and responsibilities for management personnel and increase demands on its operating and financial systems, as well as require the hiring of a significant number of additional operations personnel. There can be no assurance that the Company will successfully meet these demands and effectively attract and retain any such additional qualified personnel. The failure to attract and retain such qualified personnel to manage growth effectively could have a material adverse effect on the Company’s business, financial condition, or results of operations.

Companies today are at much greater risk of losing control over how they are perceived as a result of social media and other web-based applications.

Damage to the Company’s reputation can be the result of the actual or perceived occurrence of any number of events and could include any negative publicity, whether true or not. Although the Company places a great emphasis on protecting its image and reputation, it does not ultimately have direct control over how it is perceived by others. Reputation loss, including specifically as a result of social media misinformation campaigns targeting the Company’s development projects in Türkiye, may lead to increased and continued challenges in developing and maintaining community relations, decreased investor confidence, and act as an impediment to the Company’s overall ability to advance its projects, thereby having a material adverse impact on financial performance, cash flows, and growth prospects.

The Company’s directors and officers may have interests that conflict with the Company’s interests.

Certain of the Company’s directors and officers serve as directors or officers of other public companies and as such it is possible that a conflict may arise between their duties as the Company’s directors or officers and their duties as directors or officers of these other companies.

Health and Environmental Risks

Alamos’ operations may be exposed to serious illness.

Ongoing and any future impacts of COVID-19, along with any other potential serious illness, epidemic or pandemic, could have material adverse impacts on the Company’s ability to operate and meet expected timelines for development and expansion projects (e.g., the Phase 3+ expansion project at the Island Gold mine) due to employee absences, disruption in supply chains, information technology system constraints, government interventions, market volatility, overall economic uncertainty and other factors currently unknown and not anticipated. Any such disruptions could potentially cause gold sales disruptions and could impact the ability to meet production, cost, and capital guidance. Alamos’ operations are located in relatively remote areas. The

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2023Management’s Discussion and Analysis

Company relies on various modes of transportation to house its employees, move around its people, its product, and the necessary supplies and inputs for its operations. At both Mulatos and Island Gold, the Company has a high concentration of personnel working and residing in close proximity to one another at the mine site (camps). Should an employee or visitor become infected with a serious illness that has the potential to spread rapidly, this could place Alamos’ workforce at risk. The Company takes every precaution to strictly follow industrial hygiene and occupational health guidelines. Approximately 50% of the Island Gold workforce comes from the local communities with the other 50% housed in a camp within the town of Dubreuilville and operating on a fly-in, fly-out basis from various other regions. In 2020, the Company experienced several outbreaks of COVID-19 at its mining operations resulting in, among other things, temporary closure of mining operations. There were no closures in 2021, 2022 or 2023, however, there continues to be a risk that a virus outbreak could occur again at any operating sites or in the local community which could result in the temporary closure of the Company’s operations. If any outbreaks occur, the government could order temporary suspensions requiring a shutdown of mining operations. Consequently, there can be no assurance that COVID-19 or another infectious illness will not materially impact Alamos’ personnel and ultimately its operation, cash flows, or financial condition.

The Company’s activities are subject to environmental laws and regulations that may increase its costs of doing business and restrict its operations.

The Company’s exploration and production activities are subject to regulation by governmental agencies under various environmental laws. These laws address noise, air emissions, water discharges, waste management, management of hazardous substances, management of tailings facilities, protection of natural resources, antiquities and endangered species, and reclamation of lands disturbed by mining operations. Environmental legislation in many countries is evolving and the trend has been towards stricter standards and enforcement, increased fines, penalties, and potential for facilities to be shut-down for non-compliance, more stringent environmental assessments of proposed projects, and increasing responsibility for companies and their officers, directors, and employees. Compliance with environmental laws and regulations may require significant capital outlays on behalf of the Company and may cause material changes or delays in the Company’s intended activities. There can be no assurance that future changes in environmental regulations will not adversely affect the Company’s business, and it is possible that future changes in these laws or regulations could have a significant adverse impact on some portion of the Company’s business, causing the Company to re-evaluate those activities at that time.

Failure to comply with such laws and regulations can have serious consequences, including damage to the Company’s reputation, stopping the Company from proceeding with the development of a project, negatively impacting the operation or further development of a mine, increasing the cost of development or production and litigation and regulatory actions against the Company. The Company cannot give any assurance that, notwithstanding its precautions, breaches of environmental laws (whether inadvertent or not) or environmental pollution will not materially and adversely affect its financial condition and its results from operations. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company’s operations. Environmental hazards may exist on the properties on which the Company holds interests that are unknown to the Company at present and which have been caused by previous or existing owners or operators of the properties. The Company may also acquire properties with known or undiscovered environmental risks. Any indemnification from the entity from which the Company has acquired such properties may not be adequate to pay all the fines, penalties, and costs (such as clean-up and restoration costs) incurred related to such properties. Some of the Company’s properties also have been used for mining and related operations for many years before acquisition and were acquired as is or with assumed environmental liabilities from previous owners or operators.

The Company’s failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. The Company may be required to compensate those suffering loss or damage by reason of its operations and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

Production at certain of the Company’s mines involves the use of various chemicals, including cyanide, which is a toxic material. Should cyanide or other toxic chemicals leak or otherwise be discharged from the containment system, the Company may become subject to liability for cleanup work that may not be insured. While appropriate steps will be taken to prevent discharges of pollutants into the groundwater and the environment, the Company may become subject to liability for hazards that it may not be insured against and such liability could be material.

Actual costs of reclamation are uncertain, and higher than expected costs could negatively impact the results of operations and financial position.

Land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize the long-term effects of land disturbance, and the Company is subject to such requirements at its mineral properties. Decommissioning liabilities include requirements to control the dispersion of potentially deleterious effluents and to reasonably re-establish pre-disturbance landforms and vegetation.

In order to carry out reclamation obligations arising from exploration, potential development activities, and mining operations, the Company must allocate financial resources that might otherwise be spent on further exploration and development programs. Reclamation costs are uncertain and planned expenditures may differ from the actual expenditures required. If the Company is required to carry out unanticipated reclamation work, its financial position could be adversely affected.

Water management at the Company’s mining operations

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2023Management’s Discussion and Analysis

The water collection, treatment, and disposal operations at the Company’s mines are subject to substantial regulation and involve significant environmental risks. If collection or management systems fail, overflow, or do not operate properly, untreated water or other contaminants could spill onto nearby properties or into nearby streams and rivers, causing damage to persons or property, injury to aquatic life, and economic damages.

Environmental and regulatory authorities in Mexico and Canada conduct periodic or annual inspections of the Young-Davidson, Island Gold, and Mulatos mines. As a result of these inspections, the Company is from time to time required to modify its water management program, complete additional monitoring work or take remedial actions with respect to the Company’s operations as it pertains to water management.

Liabilities resulting from damage, regulatory orders or demands, or similar, could adversely and materially affect the Company’s business, results of operations, and financial condition. Moreover, in the event that the Company is deemed liable for any damage caused by overflow, the Company’s losses or consequences of regulatory action might not be covered by insurance policies.

Problems with water sources could have a negative impact on the Company’s exploration programs and future operations.

The Company may not be able to secure the water necessary to conduct its activities as planned due to the potential for competing interests and demand for water, or due to the potential impact of drought and dry spells on water availability within local river basins, lakes, or aquifers. The Company will strive to ensure that its activities do not adversely impact the natural environment, community water sources and will seek to minimize freshwater withdrawals whenever possible. Future operations and activities may require that alternate water sources be provided to potentially affected communities at the Company’s expense.

Climate Change Risks and Strategy

The Company’s mining and processing operations are energy-intensive, resulting in a significant carbon footprint. The Company acknowledges climate change as an international and community concern and recognizes that its operations are subject to extensive transition and physical climate-related risks. As the Company adopts the recommendations of the Taskforce on Climate-related Financial Disclosure, it has expanded its disclosure beyond climate-related risks to also address climate governance, strategy, risk management, metrics, and targets.

Transition and Physical Climate-Related Risks

Transition risks are associated with society’s transition to a low-carbon economy. These risks are highly uncertain and may have an adverse effect on Company operations. Alamos operates in Canada and Mexico where both countries are signatories to the Paris Agreement to limit the global average temperature rise below 2 degrees Celsius and pursue efforts to limit the increase to 1.5 degrees Celsius. Both Canada and Mexico have implemented regulations to monitor, report and/or reduce greenhouse gas (“GHG”) emissions, and the costs required to comply are not anticipated to have a material adverse effect on the Company’s operations. In Canada, Young-Davidson and Island Gold previously reported emissions under the Output-Based Pricing System (“OBPS”) and effective January 1, 2022, transitioned to the Ontario Emissions Performance Standard (“EPS”). The EPS sets the price of excess emission units in lockstep with the federal backstop carbon price, which was CAD $65 per tonne of carbon dioxide equivalent (“CO2e”) in 2023 and is expected to increase to CAD $170 per tonne by 2030. Both Island Gold and Young-Davidson fall significantly below the emissions threshold for covered facilities under the EPS, though benefit by voluntarily opting in and avoiding the fuel charge component of the federal carbon pollution pricing system. The Company’s planned Lynn Lake project in Northern Manitoba will be an open pit mine and once operational is expected to be a significant energy consumer and exceed the threshold for reporting under the OBPS. As such, the carbon price is a significant and growing financial risk. The life of mine carbon cost under the OBPS was initially estimated to be CAD $63 million, though the Company is actively assessingelectrification opportunities that it anticipates will reduce the cost to approximately CAD $38 million.

In Mexico, a carbon tax applies to fossil fuels across all sectors at rates of approximately (for diesel) USD $3.31 per tonne of CO2e. A carbon market pilot led by the Mexican Ministry of Environment and Natural Resources (“SEMARNAT”) began in January 2020 and transitioned to an Emission Trading System (“ETS”) in 2023 but it is not anticipated to affect the Mulatos Mine as the ETS targets facilities generating over 100,000 tonnes CO2e per year from fixed sources. No carbon price has been established yet and the political uncertainty about future climate and energy policy is high. Costs to comply with current and future regulations are difficult to predict. Government requirements and regulations may be amended, become more stringent, or have other effects on the Company such as incremental increases in fuel prices, accelerating the adoption of lower-carbon technologies, and electrification. Difficulties in integrating new technologies with existing systems, such as electric mining equipment, or the cost and unproven nature of new technology could have a material adverse effect on the Company’s financial performance and its operational results.

Physical risks are associated with the physical effects of climate change on the Company. Physical risks can be event-driven (acute) or longer-term shifts (chronic) in climate patterns. These risks are highly uncertain, are particular to the unique geographic circumstances associated with each site and may have an adverse effect on Company operations. The Company has qualitatively assessed the impact of climate risks on its operations and development projects, using climate scenarios to project changes to climate indicators under 2˚C and 4˚C scenarios. The Company identified several risks and opportunities based on projected increases in the frequency and intensity of warm spells, cold spells, heavy precipitation, storms, wildfires, floods, and drought that can each impact Company assets and result in disruptions to mine permitting, operations, ore extraction, and mine closure, or impact employee safety and the local environment. The Company assessed risks at its Island Gold, Young-

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2023Management’s Discussion and Analysis

Davidson, and Mulatos mines, and one physical risk affecting the Mulatos Mine was determined to have a potential material financial impact on the Company. Mulatos is located in northwest Mexico where prolonged drought conditions are projected to increase, potentially affecting the availability of freshwater withdrawals for mining, processing, and refining activities in the dry season. In response, the Mulatos Mine is using existing water models to improve water management, updating engineering models to improve water efficiency, constructing a water treatment plant for La Yaqui Grande, and investigating options to reuse existing mine infrastructure as water reservoirs, which could increase the cost of treating water before and after use. While the Company has taken measures to mitigate the impact of weather on its operations, severe weather events and prolonged drought - particularly in northwest Mexico - could have an adverse impact on the Company’s ability to achieve production forecasts.. In Q4 2023, Alamos began work to update its climate scenario analysis and risk assessment to further evaluate the effects of material risks/opportunities on Alamos’ strategy and financial position, financial performance and cash flows over the short, medium and long-term. This exercise shall be completed in H1 2024.

Climate Change Governance

The Company’s commitment to protecting and preserving land, air, water, and energy resources is stated in the Company’s Sustainability Policy. The Technical and Sustainability Committee of the Board (the T&S Committee) provides oversight of climate change and climate-related impacts including GHG emissions, energy use, and water management. . In 2023, Alamos formalized its Climate Change Working Group, consisting of corporate representatives, mine site representatives, and development project representatives. The Working Group is tasked with ensuring implementation of the Company’s Energy & Greenhouse Gas Management Standard, the deployment of Alamos’ emissions reduction strategy, and the consistent measurement of energy use and GHG emissions across the Company. The Energy & Greenhouse Gas Management Standard informs the Company’s actions to reduce emission intensity, energy-related costs and mitigate risks related to climate change, energy security, supply, and cost. Accountable persons at each Company site are responsible for implementing the Standard and helping the Company meet its climate-related objectives and targets. Energy and climate performance are reported on an annual basis and included in the Company’s public Environmental, Social and Governance (“ESG”) reporting.

In 2023 Alamos also established its Climate Change Steering Committee, which provides strategic guidance and builds consensus on the development of new climate-related guidelines. The Steering Committee is made up of members of Alamos’ senior management team. Associated duties include reviewing the progress of the Climate Change Working Group in achieving Company goals. The Steering Committee communicates progress against goals and targets to the Board via the Technical and Sustainability Committee and Audit Committee three to four times per year.

Climate Change Risk Management

Alamos identifies and manages major risks, including significant climate-related risks, to the Company and its mine sites. The Enterprise Risk Management (“ERM”) process provides senior management and the Board with updates on the key, material risks facing the Company along with details of the risk assessments and corresponding management plans. Climate-related risks are integrated into the Company’s ERM process.

In 2020, the Company conducted an independent climate risk assessment to identify transition and physical risks affecting Company operations and development projects. Risks were determined by literature reviews, site interviews, peer reviews, and professional experience, and then analyzed based on future climate risk (i.e., the projected changes to climate-related factors impacting the system). Two climate scenarios were used: RCP8.5 to assess physical risks to Company sites, and the IEA Sustainable Development Scenario (“SDS”) to assess transition risks to Company operations. A 20-year planning horizon was used (2030-2040), aligned with the current life of mine for Company assets and allowing for meaningful comparison of scenarios for transition and physical risks under a similar time horizon. Physical risk indicators included water stress, drought, cold and warm spells, precipitation, wind, temperature, wildfire, and floods. Transition risk indicators included GHG emission regulations, renewable electricity generation shares, cost of renewable energy, cost of abatement, cost of fuels, fossil fuel subsidies, and carbon reduction policies. Climate-related risks were validated with Company sites and management, including assessments on likelihood, consequence, risk rating, and the effectiveness of existing controls. Climate-related risks are integrated into site and corporate risk registers for integration within strategic planning and enterprise risk management and are periodically reviewed and assessed based on on-site changes and the availability of new, improved data.

In mid-2022, Alamos released its target to reduce absolute GHG emissions of 30% compared to its 2020/21 average base year. The Company developed an implementation roadmap to meet this target, with very specific projects identified and costed. In mid-2023, Alamos published its inaugural Climate Change Report that describes further our climate-related governance, strategy, risk management, metrics and targets to meet the requirements of the TCFD.

Insurance and Compliance Risks

The Company may not have sufficient insurance coverage.

The mining industry is subject to significant risks that could result in damage to, or destruction of, mineral properties or producing facilities, personal injury or death, environmental damage, delays in mining, monetary losses, and possible legal liability.

The Company’s policies of insurance may not provide sufficient coverage for losses related to these or other risks. The Company’s insurance does not cover all risks that may result in loss or damages and may not be adequate to reimburse the Company for all losses sustained. In particular, the Company does not have coverage for certain environmental losses or certain types of earthquake damage. The occurrence of losses or damage not covered by insurance could have a material and adverse effect on the Company’s cash flows, results of operation, and financial condition.

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2023Management’s Discussion and Analysis

The Company’s business involves uninsurable risks.

In the course of exploration, development, and production of mineral properties, certain risks and, in particular, unexpected or unusual geological operating conditions including cave-ins, fires, flooding, and earthquakes may occur. It is not always possible to fully insure against such risks and the Company may decide not to take out insurance against such risks as a result of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increased costs and a decline in the value of the securities of the Company.

The Company may fail to maintain the adequacy of internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act of 2002 (“SOX”).

The Company has documented and tested, during its most recent fiscal year, its internal control procedures in order to satisfy the requirements of Section 404 of SOX. Both SOX and Canadian legislation require an annual assessment by management of the effectiveness of the Company’s internal control over financial reporting.

The Company may fail to maintain the adequacy of its internal control over financial reporting as such standards are modified, supplemented, or amended from time to time, and the Company may not be able to ensure that it can conclude on an ongoing basis that it has effective internal controls over financial reporting. The Company’s failure to satisfy the requirements of Section 404 of SOX and equivalent Canadian legislation on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm the Company’s business and negatively impact the trading price of the Company’s common shares or market value of its other securities. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm the Company’s operating results or cause it to fail to meet its reporting obligations.

The Company may be impacted by Anti-Bribery, Anti-Corruption and related business conduct laws.

The Canadian Corruption of Foreign Public Officials Act and the U.S. Foreign Corrupt Practices Act and anti-bribery and anti-corruption laws in other jurisdictions where the Company does business, prohibit companies and their intermediaries from making improper payments for the purposes of obtaining or retaining business or other commercial advantages. The Company’s policies, including without limitation its Anti-Bribery, Anti-Corruption and Anti-Competition policy and its Code of Business Conduct and Ethics, mandate compliance with these laws, the failure of which often carry substantial penalties. The Company operates in jurisdictions that have experienced governmental and private sector corruption to some degree, and, in certain circumstances, strict compliance with laws may conflict with certain local customs and practices. There can be no assurances that the Company’s internal control policies and procedures will always protect it from reckless or other inappropriate acts committed by the Company’s affiliates, employees, or agents. Violations of these laws, or allegations of such violations, could have a material adverse effect on the Company’s business, financial position, and results of operations.

Alamos’ critical operating systems may be compromised.

Cyber threats, including fraud resulting from cyber threats, have evolved in severity, frequency, and sophistication in recent years, and target entities are no longer primarily from the financial or retail sectors. Individuals engaging in cybercrime may target corruption of systems or data or theft of sensitive data. While the Company invests in robust security systems to detect and block inappropriate or illegal access to its key systems, including supervisory control and data acquisition operating systems at its operations, and regularly reviews policies, procedures, and protocols to ensure data and system integrity, there can be no assurance that critical systems will not be inadvertently or intentionally breached and compromised. This may result in business interruption losses, equipment damage, or loss of critical or sensitive information.

Senior leadership briefs the Company’s Audit Committee on information security matters at least once a year, and annual independent audits are conducted by the Company’s auditors. Additional independent cyber-specific audits are undertaken on an as-needed basis, and the Company has retained a third party to provide 24x7 managed detection and response services across the Company’s digital environment. A formal information security training and awareness program is compiled annually and executed in segments across the business.

Mining Industry Risks

The Company is in competition with other mining companies that have greater resources and experience.

The Company competes with other mining companies, many of which have greater resources and experience. Competition in the precious metals mining industry is primarily for mineral-rich properties which can be developed and produced economically; the technical expertise to find, develop, and produce such properties; the labour to operate the properties, and the capital for the purpose of financing development of such properties. Many competitors not only explore for and mine precious metals, but also conduct refining and marketing operations on a world-wide basis and some of these companies have much greater financial and technical resources than the Company. Such competition may result in the Company being unable to acquire desired properties, recruit or retain qualified employees or acquire the capital necessary to fund its operations and develop its properties. The Company’s inability to successfully compete with other mining companies for these mineral deposits could have a material adverse effect on the Company’s results of operations.

The Company may be unable to identify opportunities to grow its business or replace depleted Mineral Reserves, and it may be unsuccessful in integrating new businesses and assets that it may acquire in the future.

As part of the Company’s business strategy, it has sought and will continue to seek new operating, development, and exploration opportunities in the mining industry. In pursuit of such opportunities, the Company may fail to select appropriate acquisition candidates or negotiate acceptable arrangements, including arrangements to finance acquisitions or integrate the acquired

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2023Management’s Discussion and Analysis

businesses into its business. The Company cannot provide assurance that it can complete any acquisition or business arrangement that it pursues or is pursuing, on favourable terms, if at all, or that any acquisitions or business arrangements completed will ultimately benefit its business. Further, any acquisition the Company makes will require a significant amount of time and attention from its management, as well as resources that otherwise could be spent on the operation and development of its existing business.

Any future acquisitions would be accompanied by risks, such as a significant decline in the relevant metal price after the Company commits to complete an acquisition on certain terms; the quality of the mineral deposit acquired proving to be lower than expected; the difficulty of assimilating the operations and personnel of any acquired companies; the potential disruption of its ongoing business; the inability of management to realize anticipated synergies and maximize its financial and strategic position; the failure to maintain uniform standards, controls, procedures and policies; and the potential for unknown or unanticipated liabilities associated with acquired assets and businesses, including tax, environmental or other liabilities. There can be no assurance that any business or assets acquired in the future will prove to be profitable, that the Company will be able to integrate the acquired businesses or assets successfully or that the Company will identify all potential liabilities during the course of due diligence. Any of these factors could have a material adverse effect on its business, expansion, results of operations, and financial condition.

Mining is inherently dangerous and subject to conditions or events beyond the Company’s control, which could have a material adverse effect on its business and which conditions and events may not be insurable.

Mining involves various types of risks and hazards, including, but not limited to:

•Geotechnical risks, including rock falls, pit wall failures, and cave-ins;

•Environmental hazards;

•Industrial accidents;

•Metallurgical and other processing problems;

•Unusual or unexpected rock formations;

•Seismic activity;

•Flooding;

•Fires;

•Periodic interruptions due to inclement or hazardous weather conditions;

•Variations in grade, deposit size, continuity, and other geological problems;

•Mechanical equipment performance problems;

•Unavailability of materials and equipment;

•Theft of equipment, supplies, and bullion;

•Labour force disruptions;

•Civil strife; and

•Unanticipated or significant changes in the costs of supplies.

Most of these risks are beyond the Company’s control and could result in damage to, or destruction of, mineral properties, production facilities, or other properties; personal injury or death; loss of key employees; environmental damage; delays in mining; delays in production; increased production costs; monetary losses; and could impact the Company’s share price and possible legal liability.

The business of exploration for minerals and mining involves a high degree of risk, as few properties that are explored are ultimately developed into producing mines.

The Company is engaged in exploration, mine development, and the mining and production of precious metals, primarily gold, and is exposed to a number of risks and uncertainties that are common to other companies in the same business. Unusual or unexpected ground movements, fires, power outages, labour disruptions, flooding, cave-ins, landslides, and the inability to obtain suitable adequate machinery, equipment or labour are risks involved in the operation of mines and the conduct of exploration programs. The Company has relied upon, and may continue to rely upon, consultants and others for mine operating and exploration expertise. Few properties that are explored are ultimately developed into producing mines. Substantial expenditures are required to establish Mineral Reserves through drilling, to develop metallurgical processes to extract the metal from the ore, and in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineral deposit, the Company may not be able to raise sufficient funds for development. The economics of developing mineral properties is affected by many factors including the cost of operations, variations in the grade of ore mined, fluctuations in metal markets, costs of mining and processing equipment, and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. Where expenditures on a property have not led to the discovery of Mineral Reserves, spent costs will not usually be recoverable.

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2023Management’s Discussion and Analysis

The trading price of the Company’s common shares may be subject to large fluctuations and may increase or decrease in response to a number of events and factors.

These factors may include, but are not limited to:

•The price of gold and other metals;

•The Company’s operating performance and the performance of competitors and other similar companies;

•The public’s reaction to the Company’s press releases, other public announcements, and the Company’s filings with the various securities regulatory authorities;

•Changes in earnings estimates or recommendations by research analysts who track the Company’s common shares or the shares of other companies in the resource sector;

•Changes in general economic conditions;

•The arrival or departure of key personnel; and

•Acquisitions, strategic alliances, or joint ventures involving the Company or its competitors.

In addition, the market price of the Company’s shares is affected by many variables not directly related to the Company’s success and are therefore not within the Company’s control, including other developments that affect the market for all resource sector shares, the breadth of the public market for the Company’s shares, and the attractiveness of alternative investments. In addition, securities markets have recently experienced an extreme level of price and volume volatility, and the market price of securities of many companies has experienced wide fluctuations which have not necessarily been related to the operating performance, underlying asset values, or prospects of such companies. The effect of these and other factors on the market price of the common shares on the exchanges in which the Company trades has historically made the Company’s share price volatile and suggests that the Company’s share price will continue to be volatile in the future.

Cautionary Note to United States Investors

Measured, Indicated and Inferred Resources: All resource and reserve estimates included in this MD&A or documents referenced in this MD&A have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The U.S. Securities and Exchange Commission (the “SEC”) has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards.

Investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable.

International Financial Reporting Standards: The consolidated financial statements of the Company have been prepared by management in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (note 2 and 3 to the consolidated financial statements for the year ended December 31, 2023). These accounting principles differ in certain material respects from accounting principles generally accepted in the United States of America. The Company’s reporting currency is the United States dollar unless otherwise noted.

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2023Management’s Discussion and Analysis

Cautionary Note Regarding Forward-Looking Statements

This MD&A contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed, to be, forward-looking statements and are based on expectations, estimates and projects as at the date of this MD&A. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", “assume”, "believe", "anticipate", "intend", "objective", "estimate", “potential”, "forecast", "budget", “target”, "goal", “on track”, "on pace", “outlook”, “continue”, “ongoing”, “plan” or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms.

Such statements include, but may not be limited to, guidance and expectations pertaining to: free cash flow, gold production, total cash costs, all-in sustaining costs, mine-site all-in sustaining costs, capital expenditures, total sustaining and growth capital, capitalized exploration, and future fluctuations in the Company’s effective tax rate; achieving annual guidance;cash tax payments in Mexico; use of the Company’s Base Shelf Prospectus; expected completion of the acquisition of Orford Mining Corporation by Alamos; increases to production, value of operation and decreases to costs resulting from intended completion of the Phase 3+ Expansion at Island Gold; intended infrastructure investments in, method of funding for, and timing of the completion of, the Phase 3+ Expansion; planned tailings lift at Island Gold and timing for completion; timing of construction decision for the Lynn Lake project;the expectation that the Lynn Lake project will be an attractive, low-cost long-life growth project in Canada with significant exploration upside; expenditures on the development of the Lynn Lake project; the effect of court and administrative proceedings in Manitoba on project timelines for the Lynn Lake project; exploration potential, budgets, focuses, programs, targets and projected exploration results; returns to stakeholders; gold prices; potential for further growth from PDA, a new development plan for PDA and the expected timing of its completion; mine life, including an anticipated mine life extension at Mulatos; Mineral Reserve life; Mineral Reserve and Resource grades; reserve and resource estimates; mining and milling rates; the Company’s approach to reduction of its environmental footprint (including new initiatives and target reduction in greenhouse gas emissions), community relations and governance; management’s opinion that the Company’s liquidity position together with cash flow from operations is sufficient to support the Company’s normal operating requirements and capital commitments on an ongoing basis as well as other general information as to strategy, plans or future financial or operating performance, such as the Company’s expansion plans, project timelines, production plans and expected sustainable productivity increases, expected increases in mining activities and corresponding cost efficiencies, forecasted cash shortfalls and the Company’s ability to fund them, cost estimates, sufficiency of working capital for future commitments and other statements that express management’s expectations or estimates of future plans and performance.

Alamos cautions that forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company at the time of making such statements, are inherently subject to significant business, economic, technical, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information.

Risk factors that may affect Alamos’ ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: changes to current estimates of mineral reserves and resources; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates which may be impacted by unscheduled maintenance, weather issues, labour and contractor availability and other operating or technical difficulties); operations may be exposed to new diseases, epidemics and pandemics, including any ongoing effects and potential further effects of COVID-19; the impact of COVID-19 or any other new illness, epidemic or pandemic on the broader market and the trading price of the Company's shares; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico, the United States and Türkiye; the duration of any ongoing or new regulatory responses to COVID-19 or any other new illness, epidemic or pandemic; government and the Company’s attempts to reduce the spread of any illness, epidemic or pandemic which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver gold doré bars; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; changes in foreign exchange rates (particularly the Canadian Dollar, Mexican peso, U.S. dollar and Turkish lira); the impact of inflation; changes in the Company's credit rating; any decision to declare a quarterly dividend; employee and community relations;not receiving the requisite approvals for completion of the transaction pursuant to which Alamos would acquire Orford Mining Corporation; litigation and administrative proceedings (including but not limited to the investment treaty claim announced on April 20, 2021 against the Republic of Türkiye by the Company’s wholly-owned Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V., the application for judicial review of the positive Decision Statement issued by the Department of Environment and Climate Change Canada commenced by the Mathias Colomb Cree Nation (MCCN) in respect of the Lynn Lake project and the MCCN’s corresponding internal appeal of the Environment Act Licenses issued by the Province of Manitoba for the project); disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays with the Phase 3+ expansion project at the Island Gold mine; court or other administrative decisions impacting the Company’s approved Environmental Impact Study and/or issued project permits, construction decisions and any development of the Lynn Lake project; delays in the development or updating of mine plans; changes with respect to the intended method of accessing and mining the deposit at PDA and changes related to the

52

2023Management’s Discussion and Analysis

intended method of processing any ore from the deposit of PDA; the risk that the Company’s mines may not perform as planned; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining necessary licenses and permits, including the necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Company’s development stage and operating assets; labour and contractor availability (and being able to secure the same on favourable terms); contests over title to properties; expropriation or nationalization of property; inherent risks and hazards associated with mining and mineral processing including environmental hazards, industrial hazards, industrial accidents, unusual or unexpected formations, pressures and cave-ins; changes in national and local government legislation, controls or regulations in Canada, Mexico, Türkiye, the United States and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; failure to comply with environmental and health and safety laws and regulations; disruptions in the maintenance or provision of required infrastructure and information technology systems; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. The litigation against the Republic of Türkiye, described above, results from the actions of the Turkish government in respect of the Company’s projects in the Republic of Türkiye. Such litigation is a mitigation effort and may not be effective or successful. If unsuccessful, the Company’s projects in Türkiye may be subject to resource nationalism and further expropriation; the Company may lose any remaining value of its assets and gold mining projects in Türkiye and its ability to operate in Türkiye. Even if the litigation is successful, there is no certainty as to the quantum of any damages award or recovery of all, or any, legal costs. Any resumption of activities in Türkiye, or even retaining control of its assets and gold mining projects in Türkiye can only result from agreement with the Turkish government. The investment treaty claim described in this MD&A may have an impact on foreign direct investment in the Republic of Türkiye which may result in changes to the Turkish economy, including but not limited to high rates of inflation and fluctuation of the Turkish Lira which may also affect the Company’s relationship with the Turkish government, the Company’s ability to effectively operate in Türkiye, and which may have a negative effect on overall anticipated project values.

Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this MD&A are set out in the Company's latest 40-F/Annual Information Form under the heading “Risk Factors”, which is available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this MD&A.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Qualified Persons

Chris Bostwick, FAusIMM, Alamos’ Senior Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 ("Qualified Person"), has reviewed and approved the scientific and technical information contained in this MD&A.

53

EX-99.3

 ALAMOS GOLD INC.

Financial Statements

(in United States dollars, unless otherwise stated)

For the years ended December 31, 2023 and 2022  

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying consolidated financial statements of Alamos Gold Inc. (the “Company”) and the information in these annual consolidated financial statements are the responsibility of management and have been reviewed and approved by the Company’s board of directors (the “Board of Directors”). The consolidated financial statements have been prepared by management in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. In the preparation of these consolidated financial statements, estimates are sometimes necessary when transactions affecting the current accounting period cannot be finalized with certainty until future periods. Management believes that such estimates, which have been properly reflected in the accompanying consolidated financial statements, are based on the best estimates and judgements of management.

To discharge its responsibilities for financial reporting and safeguarding of assets, management depends on the Company’s systems of internal control over financial reporting. These systems are designed to provide reasonable assurance that the financial records are reliable and form a proper basis for the timely and accurate preparation of the consolidated financial statements. The Chief Executive Officer and Chief Financial Officer have assessed and concluded on the design, implementation and operating effectiveness of internal control over financial reporting as at December 31, 2023.

The Board of Directors oversees management’s responsibilities for the consolidated financial statements primarily through the activities of its Audit Committee, which is composed solely of directors who are neither officers nor employees of the Company. This Committee meets with management and the Company’s independent auditors, KPMG LLP, to ensure that management properly fulfill its financial reporting responsibilities, review the consolidated financial statements, and recommend approval by the Board of Directors. The Audit Committee provides full and unrestricted access to the independent auditors, and also meets with the independent auditors without the presence of management, to discuss the scope and results of their audits, the adequacy of internal control over financial reporting, and the quality of financial reporting.

The consolidated financial statements have been audited by KPMG LLP (Auditor Firm ID: 85), an independent registered public accounting firm, in accordance with the standards of the Public Company Accounting Oversight Board (United States).

"John A. McCluskey"

John A. McCluskey

President and Chief Executive Officer

"Gregory Fisher"

Gregory Fisher, CPA, CA

Chief Financial Officer

KPMG LLP Bay Adelaide Centre 333 Bay Street Suite 4600 Toronto ON M5H 2S5 Canada Telephone (416) 777-8500
Fax (416) 777-8818
Internet www.kpmg.ca

eort of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Alamos Gold Inc.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated statements of financial position of Alamos Gold Inc. (the Company) as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income, changes in equity, and cash flows for each of the years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and its financial performance and its cash flows for each of the years then ended, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 21, 2024, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of indicators of impairment or impairment reversal of mineral, property, plant and equipment of the Young-Davidson cash generating unit

As discussed in Note 3(f) and Note 5 to the consolidated financial statements, the Company reviews the carrying amounts of non-financial assets for impairment or impairment reversal at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable (or indicate that a previous impairment may have reversed). In making this determination, the Company considers both internal and external information to determine whether there is an indicator of impairment or impairment reversal and, accordingly, whether quantitative testing is required. The primary external factors considered are changes in forecast metal prices and the primary internal factors considered are current mine performance against expectations. As discussed in Note 8 to the consolidated financial statements, the carrying value of the Company’s mineral property, plant and equipment balance was $3,360.1 million as of December 31, 2023, of which $1,500.3 million related to the Young-Davidson cash generating unit (“CGU”).

We identified the evaluation of indicators of impairment or reversal of impairment of mineral property, plant and equipment of the Young-Davidson CGU as a critical audit matter. A high degree of auditor judgment was required to assess the Company’s

© 2024 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

determination of whether internal and external factors, including the impact of estimated future gold prices and operational and financial performance, resulted in indicators of impairment or impairment reversal.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s process to determine whether there is an indicator of impairment or impairment reversal. We compared the Company’s operational and financial performance of the Young-Davidson CGU to approved budgets and the December 31, 2022 impairment analysis. We involved valuation professionals with specialized skills and industry knowledge, who assisted in evaluating the estimated future gold prices by comparing them to publicly available information.

the Shareholders and Board of Directors of Alamos Gold Inc.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

We have served as the Company's auditor since 2005.

Toronto, Canada

February 21, 2024

n the Consolidated Financial Statements

© 2024 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

KPMG LLP Bay Adelaide Centre 333 Bay Street Suite 4600 Toronto ON M5H 2S5 Canada Telephone (416) 777-8500
Fax (416) 777-8818
Internet www.kpmg.ca

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of Alamos Gold Inc.

Opinion on Internal Control Over Financial Reporting

We have audited Alamos Gold Inc.’s (the Company) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the years in the two-year period ended December 31, 2023, and the related notes (collectively, the consolidated financial statements), and our report dated February 21, 2024 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, appearing under the heading Internal Control over Financial Reporting in Management’s Discussion and Analysis for the year ended December 31, 2023. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

February 21, 2024

© 2024 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

2023 FINANCIAL REPORT

ALAMOS GOLD INC.

Consolidated Statements of Financial Position

(Stated in millions of United States dollars)

	December 31, 2023	December 31, 2022
ASSETS
Current Assets
Cash and cash equivalents	$224.8	$129.8
Equity securities	13.0	18.6
Amounts receivable (note 6)	53.4	37.2
Inventory (note 7)	271.2	234.2
Other current assets	23.6	16.2
Asset held for sale	—	5.0
Total Current Assets	586.0	441.0
Non-Current Assets
Mineral property, plant and equipment (note 8)	3,360.1	3,173.8
Deferred income taxes (note 12)	9.0	—
Other non-current assets (note 9)	46.1	59.4
Total Assets	$4,001.2	$3,674.2
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities (note 10)	$195.0	$172.7
Income taxes payable	40.3	0.7
Current portion of decommissioning liabilities (note 11)	12.6	8.5
Total Current Liabilities	247.9	181.9
Non-Current Liabilities
Deferred income taxes (note 12)	703.6	660.9
Decommissioning liabilities (note 11)	124.2	108.1
Other non-current liabilities	2.0	2.2
Total Liabilities	1,077.7	953.1
EQUITY
Share capital (note 13)	$3,738.6	$3,703.8
Contributed surplus	88.6	90.7
Accumulated other comprehensive loss	(26.9)	(24.8)
Deficit	(876.8)	(1,048.6)
Total Equity	2,923.5	2,721.1
Total Liabilities and Equity	$4,001.2	$3,674.2

Commitments (notes 8, 18); subsequent events (notes 18, 21)

The accompanying notes form an integral part of these consolidated financial statements.

"John A. McCluskey"                    "Paul J. Murphy"

John A. McCluskey                    Paul J. Murphy

President and Chief Executive Officer            Chairman

6 Alamos Gold Inc.

2023 FINANCIAL REPORT

ALAMOS GOLD INC.

Consolidated Statements of Comprehensive Income

For the years ended December 31, 2023 and 2022

(Stated in millions of United States dollars, except share and per share amounts)

	December 31, 2023	December 31, 2022
OPERATING REVENUES	$1,023.3	$821.2
COST OF SALES
Mining and processing	437.3	394.4
Inventory net realizable value adjustment	—	33.9
Royalties	10.2	9.1
Amortization	190.2	171.5
	637.7	608.9
EXPENSES
Exploration	18.2	18.4
Corporate and administrative	27.6	25.9
Share-based compensation (note 13)	21.7	18.3
Impairment (note 8)	—	38.2
	705.2	709.7
EARNINGS FROM OPERATIONS	318.1	111.5
OTHER EXPENSES
Finance expense	(2.5)	(5.7)
Foreign exchange gain	1.9	1.7
Other loss (note 14)	(23.8)	(5.1)
EARNINGS BEFORE INCOME TAXES	$293.7	$102.4
INCOME TAXES (note 12)
Current income tax expense	(52.7)	(10.7)
Deferred income tax expense	(31.0)	(54.6)
NET EARNINGS	$210.0	$37.1
Items that may be subsequently reclassified to net earnings:
Net change in fair value of currency hedging instruments, net of taxes	8.3	(5.9)
Net change in fair value of fuel hedging instruments, net of taxes	(0.2)	(0.3)
Items that will not be reclassified to net earnings:
Unrealized loss on equity securities, net of taxes	(10.5)	(20.5)
Total other comprehensive loss	($2.4)	($26.7)
COMPREHENSIVE INCOME	$207.6	$10.4
EARNINGS PER SHARE (note 15)
– basic	$0.53	$0.09
– diluted	$0.53	$0.09

The accompanying notes form an integral part of these consolidated financial statements.

7 Alamos Gold Inc.

2023 FINANCIAL REPORT

ALAMOS GOLD INC.

Consolidated Statements of Changes in Equity
For the years ended December 31, 2023 and 2022
(Stated in millions of United States dollars)
	December 31, 2023	December 31, 2022
SHARE CAPITAL (note 13)
Balance, beginning of the year	$3,703.8	$3,692.9
Issuance of shares related to Manitou acquisition (note 8)	13.4	—
Repurchase and cancellation of common shares	—	(10.4)
Issuance of shares related to share-based compensation	8.4	5.3
Issuance of shares for dividend reinvestment and share purchase plan ("DRIP")	4.1	4.1
Issuance of shares for employee share purchase plan ("ESPP")	5.6	2.7
Transfer from contributed surplus of share-based compensation redeemed	3.9	2.3
Issuance of shares through flow-through share agreements	—	6.9
Exercise of Manitou warrants (note 8)	0.9	—
Cancellation of unexchanged post-amalgamation shares	(1.5)	—
Balance, end of year	$3,738.6	$3,703.8
CONTRIBUTED SURPLUS
Balance, beginning of the year	$90.7	$89.5
Share-based compensation	4.9	5.5
Transfer to share capital of share-based compensation redeemed	(3.9)	(2.3)
Distribution of share-based compensation	(3.1)	(2.0)
Balance, end of year	$88.6	$90.7
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Balance, beginning of the year on currency hedging instruments	($1.9)	$4.0
Net change in fair value of currency hedging instruments, net of tax	8.3	(5.9)
	$6.4	($1.9)
Balance, beginning of the year on fuel hedging instruments	$0.1	$0.4
Net change in fair value of fuel hedging instruments, net of tax	(0.2)	(0.3)
	($0.1)	$0.1
Balance, beginning of the year on equity securities	($23.0)	($2.5)
Reclassification of realized loss on sale of equity securities, net of tax	0.3	—
Unrealized loss on equity securities, net of tax of nil	(10.5)	(20.5)
	($33.2)	($23.0)
Balance, end of year	($26.9)	($24.8)
DEFICIT
Balance, beginning of the year	($1,048.6)	($1,048.7)
Dividends (note 13(d))	(39.4)	(39.2)
Repurchase and cancellation of common shares	—	2.2
Cancellation of unexchanged post-amalgamation shares (note 13)	1.5	—
Reclassification of realized loss on sale of equity securities, net of tax	(0.3)	—
Net earnings	210.0	37.1
Balance, end of year	($876.8)	($1,048.6)
TOTAL EQUITY	$2,923.5	$2,721.1

The accompanying notes form an integral part of these consolidated financial statements.

8 Alamos Gold Inc.

2023 FINANCIAL REPORT

ALAMOS GOLD INC.

Consolidated Statements of Cash Flows

For the years ended December 31, 2023 and 2022

(Stated in millions of United States dollars)

	December 31, 2023	December 31, 2022
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Net earnings	$210.0	$37.1
Adjustments for items not involving cash:
Amortization	190.2	171.5
Impairment	—	38.2
Inventory net realizable value adjustment	—	33.9
Foreign exchange gain	(1.9)	(1.7)
Current income tax expense	52.7	10.7
Deferred income tax expense	31.0	54.6
Share-based compensation	21.7	18.3
Finance expense	2.5	5.7
Other (note 16)	12.7	(6.7)
Changes in working capital and taxes paid (note 16)	(46.2)	(63.1)
	472.7	298.5
INVESTING ACTIVITIES
Mineral property, plant and equipment	(348.9)	(313.7)
Proceeds from sale of Esperanza Project (note 8)	—	5.0
Proceeds from disposition of equity securities	0.1	—
Investment in equity securities	(2.8)	(4.0)
Manitou transaction costs (note 8)	(0.2)	—
	(351.8)	(312.7)
FINANCING ACTIVITIES
Dividends paid	(35.3)	(35.1)
Proceeds from the exercise of options and warrants	9.3	5.3
Repurchase and cancellation of common shares	—	(8.2)
Proceeds from issuance of flow-through shares	—	10.4
Credit facility interest and transaction fees	—	(0.8)
	(26.0)	(28.4)
Effect of exchange rates on cash and cash equivalents	0.1	(0.1)
Increase (decrease) in cash and cash equivalents	95.0	(42.7)
Cash and cash equivalents - beginning of year	129.8	172.5
CASH AND CASH EQUIVALENTS - END OF YEAR	$224.8	$129.8

The accompanying notes form an integral part of these consolidated financial statements.

9 Alamos Gold Inc.

2023 FINANCIAL REPORT

ALAMOS GOLD INC.

Notes to Consolidated Financial Statements

December 31, 2023 and 2022

(In United States dollars, unless otherwise indicated, tables stated in millions of United States dollars)

1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS

Alamos Gold Inc. ("Alamos"), a company incorporated under the Business Corporation Act (Ontario), and its wholly-owned subsidiaries (collectively the “Company”), is a publicly traded company with common shares listed on the Toronto Stock Exchange (TSX:AGI) and the New York Stock Exchange (NYSE: AGI). The Company's registered office is located at 181 Bay Street, Suite 3910, Toronto, Ontario, M5J 2T3.

Alamos is a Canadian-based intermediate gold producer engaged in the acquisition, exploration, development and extraction of precious metals, with diversified North American production from the Young-Davidson and the Island Gold mines in Northern Ontario, Canada and the Mulatos District in Sonora State, Mexico. Additionally, Alamos has several development projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada.

2. BASIS OF PREPARATION

These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) effective as of December 31, 2023. IFRS comprises IFRSs, International Accounting Standards ("IASs"), and interpretations issued by the IFRS Interpretations Committee ("IFRICs") and the former Standing Interpretations Committee ("SICs").

These consolidated financial statements have been prepared using the historical cost convention, other than those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period and which are measured in accordance with the policies disclosed in note 3.

The consolidated financial statements were authorized for issue by the Board of Directors on February 21, 2024.

10 Alamos Gold Inc.

2023 FINANCIAL REPORT

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company, and are wholly-owned. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The Company's principal properties and material subsidiaries of the Company and their geographic locations at December 31, 2023 were as follows:

Direct parent company	Country of incorporation	Mining properties and projects owned
Alamos Gold Inc	Canada	Island Gold Mine             Young-Davidson Mine Lynn Lake project
Minas de Oro Nacional, S.A. de C.V.	Mexico	The Mulatos District
Dogu Biga Madencilik Sanayi Ticaret AS	Türkiye	Turkish properties

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

(b) Foreign currency

These consolidated financial statements are presented in United States dollars (“US dollars”), which is the functional currency of the Company and all of its subsidiaries.

Transactions in currencies other than the Company's or a subsidiary's functional currency (“foreign currencies”) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at that date. Foreign currency non-monetary items that are measured in terms of historical cost are not retranslated.

Exchange differences are recognized in net earnings in the period in which they arise. Exchange differences on foreign deferred tax assets and liabilities are presented as deferred income tax expense on the Consolidated Statements of Comprehensive Income.

(c) Cash and cash equivalents

The Company considers deposits in banks, certificates of deposits, and short-term investments with original maturities of three months or less from the acquisition date as cash and cash equivalents.

(d) Inventories

Parts and supplies inventory

Supplies inventory consists of mining supplies and consumables used in the operation of the mines, and is valued at the lower of average cost and net realizable value. Provisions are recorded to reflect present intentions for the use of slow moving and obsolete parts and supplies inventory.

Stockpile inventory

Stockpiles represent ore that has been mined and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile. Stockpile ore tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on the current mining cost per tonne incurred up to the point of stockpiling the ore, including applicable overhead, depletion and amortization relating to mining operations, to the extent determined recoverable, and are removed at the average cost per tonne. Stockpile inventory is measured at the lower of cost and net realizable value.

In-process inventory

The recovery of gold is achieved through milling and heap leaching processes. Costs are added to ore on leach pads and in the mill based on the current stockpiled mining cost and current processing cost, including applicable overhead, depletion and amortization relating to processing operations. Costs are removed from ore on leach pads and in the mill as ounces are recovered, based on the average cost per recoverable ounce of gold in-process inventory. In-process inventory is measured at the lower of cost and net realizable value.

Finished goods inventory

Finished goods inventory consists of dore bars containing predominantly gold by value which are generally refined off-site to return saleable metals. Dore inventory is valued at the lower of weighted average cost and net realizable value.

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For all classes of gold inventory, net realizable value is calculated as the difference between the estimated future metal revenue based on prevailing and/or long-term metal prices as appropriate, and estimated costs to complete production into a saleable form.

(e) Long-lived assets

Mineral property, plant and equipment

Mineral property, plant and equipment is recorded at cost less accumulated amortization and accumulated impairment losses. The initial cost of an asset is comprised of its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, and the initial estimate of any reclamation obligation. The purchase price is the fair value of consideration given to acquire the asset. The value of right-of-use assets are also included within property, plant and equipment. Subsequent costs are included in the asset’s carrying amount when it is probable that future economic benefits associated with the asset will flow to the Company, and the costs can be measured reliably. This would include costs related to the refurbishment or replacement of major components of an asset, when the refurbishment results in a significant extension in the physical life of the component. All other repairs and maintenance costs are recognized in net earnings as incurred.

The cost of property, plant and equipment, less any applicable residual value, is allocated over the estimated useful life of the asset on a straight-line basis, or on a unit-of-production basis if that method is more reflective of the allocation of benefits among periods. Amortization commences on an asset when it has been fully commissioned and is available for use. Amortization rates applicable to each category of property, plant and equipment, with the exception of land, are as follows:

Asset	Useful life
Leasehold improvements	Lease term
Mobile equipment	2-10 years
Other equipment	2-20 years
Processing plant	Unit-of-production
Shaft, underground infrastructure and mineral properties	Unit-of-production
Vehicles	3-7 years
Buildings	7-20 years
Office equipment	2-8 years

When components of an item of property, plant and equipment have different useful lives than those noted above, they are accounted for as separate items of property, plant and equipment. Each asset or component’s estimated useful life is determined considering its physical life limitations; however, this physical life cannot exceed the remaining life of the mine at which the asset is utilized. Estimates of remaining useful lives and residual values are reviewed annually and when events and circumstances indicate that such a review should be made. Any changes in estimates of useful lives are accounted for prospectively from the date of the change.

Acquisitions:

The purchase consideration of the acquisition of a mining property determined to be an asset acquisition is allocated to the individual assets acquired and liabilities assumed based on their relative fair values.

Exploration and evaluation expenditures

Expenditures incurred prior to the Company obtaining the right to explore are expensed in the period in which they are incurred.

Exploration and evaluation expenditures include costs such as exploratory drilling, sample testing, and costs of pre-feasibility and other technical studies. Exploratory drilling and other exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves and resources of which there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve, are expensed. Evaluation expenditures related to activities located within the boundary of a known mineral deposit as described above are capitalized and included in the carrying amount of the related mining property. Management uses the following criteria in its assessment of the boundary of the known mineral deposit: (i) geology: there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve. There is a history of conversion to reserves at operating mines; (ii) scoping, pre-feasibility or feasibility: there is a scoping study, pre-feasibility or preliminary feasibility study that demonstrates the additional reserves and resources will generate a positive commercial outcome. Known metallurgy provides a basis for concluding there is a significant likelihood of being able to recover the incremental costs of extraction and production; (iii) accessible facilities: the mineral deposit can be processed economically at accessible mining and processing facilities where applicable; (iv) life of mine plans: an overall life of mine plan and economic model to support the economic extraction of reserves and resources exists. A long-term life of mine plan and supporting geological model identifies the drilling and related development work required to expand or further define the existing ore body; and (v) authorizations: operating permits and feasible environmental programs exist or are obtainable. All capitalized exploration and evaluation assets are monitored for indications of impairment, to ensure that

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exploration activities related to the property are continuing and/or planned for the future. If an exploration property does not prove viable, an impairment loss is recognized in net earnings as the excess of the carrying amount over the recoverable amount (refer to note 3(f) for definition of recoverable amount) in the period in which that determination is made.

Capitalized exploration and evaluation assets are subsequently reclassified to mine development costs upon determining that the technical feasibility and commercial viability of extracting a mineral resource are demonstrable and the Board of Directors has approved project advancement. The Company performs an impairment test, based on the recoverable amount, prior to the reclassification of exploration and evaluation assets to mine development costs.

Mining interests and mine development costs

The Company may hold interests in mineral properties in various forms, including prospecting licenses, exploration and exploitation concessions, mineral leases and surface rights. The Company capitalizes payments made in the process of acquiring legal title to these properties.

Property acquisition and mine development costs are recorded at cost. Mine development costs incurred to expand operating capacity, develop new ore bodies or develop mine areas in advance of current production are capitalized. Mine development costs related to current period production are recorded in inventory. Borrowing costs for qualifying assets are capitalized to mine development costs while construction and development activities at the property are in progress. Items may be produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (such as samples produced when testing whether the asset is functioning properly). An entity recognizes the proceeds from selling any such items, and the cost of those items, in profit or loss in accordance with applicable Standards.

Subsequent to the commencement of commercial production, further development expenditures incurred with respect to a mining interest are capitalized as part of the mining interest, when it is probable that additional future economic benefits associated with the expenditure will flow to the Company. Otherwise, such expenditures are classified as mining and processing costs.

Once the asset is capable of operating as management has intended, mining interests are depleted over the life of the mine using the unit-of-production method based on estimated proven and probable mineral reserves of the mine and the portion of mineralization from measured, indicated and inferred mineral resources expected to be classified as mineral reserves, in applicable mines. The Company determines the portion of mineralization expected to be classified as mineral reserves by considering the degree of confidence in the economic extraction of the resource, which is affected by long-term metal price assumptions, cut-off grade assumptions, and drilling results. These assessments are made on a mine-by-mine basis.

The expected reserves used in depletion calculations are determined based on the facts and circumstances associated with the mining interest. Any changes in estimates of reserves are accounted for prospectively from the date of the change.

Capitalized stripping costs

Pre-production stripping costs are capitalized as part of the cost of constructing a mine.

Mining costs associated with stripping activities during the production phase of a mine are capitalized only if the Company can identify the component of the ore body for which access is obtained, the costs associated with the related stripping activities can be measured reliably, and the activities represent a future benefit to the mining interest, in that access is gained to sources of mineral reserves and resources that will be produced in future periods that would otherwise not have been accessible. Production stripping costs are allocated between inventory and capital based on the expected volume of waste extracted for a given volume of ore production. The expected volume of waste to be allocated to inventory is determined with reference to the life of mine stripping ratio of a particular mine or deposit, with the remaining amount allocated to capital. The amount of waste capitalized is calculated by multiplying the stripping tonnes mined during the period by the current mining cost per tonne in the open pit.

Capitalized stripping costs are depleted over the expected mineral reserves and resources benefiting from the stripping activity using the unit-of-production method based on estimated proven and probable mineral reserves, and the portion of mineralization expected to be classified as mineral reserves.

Investment tax credits

Investment tax credits are earned as a result of incurring eligible exploration and development expenses prior to commercial production. Investment tax credits are accounted for as a reduction to property, plant and equipment or mining interests.

Investment tax credits also arise as a result of incurring eligible research and development expenses and these credits are recorded as a reduction to the related expenses.

Derecognition

Upon replacement of a major component, or upon disposal or abandonment of a long-lived asset, the carrying amounts of the assets are derecognized with any associated gains or losses recognized in the Consolidated Statements of Comprehensive Income.

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(f) Impairment of non-financial assets

The carrying amounts of non-financial assets, excluding inventories and deferred income tax assets, are reviewed for impairment (or impairment reversal) at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable (or indicate that a previous impairment may have reversed). In making this determination, the Company considers both internal and external information, in accordance with IAS 36, Impairment of Assets, to determine whether there is an indicator of impairment or impairment reversal and, accordingly, whether quantitative testing is required. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the Cash Generating Unit ("CGU") level.

If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs of disposal and its value-in-use, an impairment expense is recognized as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGUs, if any, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.

Where the recoverable amount is assessed using discounted cash flow techniques, the estimates are based on detailed mine or production plans. The mine plan is the basis for forecasting production output in each future year and for forecasting production costs. For value-in-use calculations, production costs and output in the mine plan may be revised to reflect the continued use of the asset in its present form.

Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized. Goodwill impairments are not reversed.

(g) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources that can be reliably estimated will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Decommissioning liabilities

The Company’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. The timing of these expenditures is dependent upon a number of factors including the life of the mine, the operating license conditions, and the laws, regulations, and environment in which the mine operates.

Decommissioning liabilities are recognized at the time an environmental disturbance occurs and are measured at the Company’s best estimate of the expected future cash flows required to reclaim the disturbance for each mine operation, which are adjusted to reflect inflation, and discounted to their present value. The inflation rate used is determined based on external forecasts for inflation in the country in which the related mine operates. Expected future cash flows reflect the risks and probabilities that alternative estimates of cash flows could be required to settle the obligation. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money specific to the currency in which the cash flows are expected to be paid. The discount rate does not reflect risks for which the cash flows have been adjusted. Significant estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are based on existing environmental and regulatory requirements or, if more stringent, Company policies that give rise to a constructive obligation.

Upon initial recognition of a decommissioning liability, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost is recognized in mineral property and amortized in accordance with the Company's policy for the related asset.

The provision is progressively increased over the life of the operation as the effect of discounting unwinds, creating an expense included in finance expense on the Consolidated Statements of Comprehensive Income.

Decommissioning liabilities are adjusted for changes in estimates. Such adjustments, which are not the result of the current production of inventory, are accounted for as a change in the corresponding capitalized cost, except where a reduction in the provision is greater than the unamortized capitalized cost of the related assets. In instances where the capitalized cost of the related assets is nil, or will be reduced to nil, the remaining adjustment is recognized in net earnings. If reclamation and restoration costs are incurred as a consequence of the production of inventory, the costs are recognized as a cost of that inventory. Factors influencing such changes in estimates include revisions to estimated reserves, resources and lives of mines; developments in technologies; regulatory requirements and environmental management strategies; changes in estimated costs of anticipated activities, including the effects of inflation; and movements in interest rates affecting the discount rate applied.

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(h) Revenue recognition

Revenue from the sale of gold, including refined metal, and dore, is recognized when control over the metal is transferred to the customer. Transfer of control generally occurs when title has passed to the customer, the customer has assumed the significant risks and rewards of ownership of the asset and the Company has the right to payment for the delivery of the refined metal, or dore. On transfer of control, revenue and related costs can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Company as payment is received on the date of or within a few days of transfer of control.

(i) Earnings per share

Basic earnings per share is calculated based on the weighted average number of common shares and common share equivalents outstanding for the period. Diluted earnings per share is calculated using the treasury method, except when assessing the dilution impact equity-settled restricted share units, and performance shares units, where the if converted method is used. The treasury method assumes that outstanding stock options with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. The if converted method assumes that all equity settled restricted share units, and performance share units have been converted in determining fully diluted loss per share, except where such conversion would be antidilutive.

(j) Share-based compensation

The Company measures all equity-settled share-based awards made to employees and others providing similar services (collectively, “employees”) based on the fair value of the options or units on the date of grant.

The grant date fair value of options is estimated using an option pricing model and is recognized as compensation expense over the vesting period, based on the number of options that are expected to vest. A corresponding increase is recognized in equity. The grant date fair values of the Company’s equity-settled performance share units, and restricted share units are determined using an option pricing model and are recognized as compensation expense over the vesting period.

The Company awards cash-settled share-based compensation to directors and employees in the form of deferred share units and restricted share units. In accounting for these awards, the Company recognizes the fair value of the amount payable to employees, using the Black-Scholes option pricing model for certain units, as they are earned based on the estimated number of units that are expected to vest. Based on the plan, some units are initially measured at fair value and recognized as an obligation at the grant date using the Company's share price. The corresponding liability is re-measured at fair value on each reporting date and upon settlement, with changes in fair value recognized in Comprehensive Income for the period. The fair value of deferred share units and restricted share units is determined by reference to the Company’s share price when the units are awarded or re-measured.

The Company also maintains an employee share purchase plan. Under this plan, contributions by the Company’s employees are matched to a specific percentage by the Company and are recognized as an expense when the Company’s obligation to contribute arises.

(k) Income taxes

Income tax expense is comprised of current and deferred income tax. Current and deferred income taxes are recognized in earnings or loss except to the extent that they relate to a business combination, or to items recognized directly in equity or other comprehensive income ("OCI").

Current income taxes

Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with respect to previous years.

Deferred income taxes

Deferred tax assets and liabilities are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following do not result in deferred tax assets or liabilities:

•temporary differences arising from the initial recognition of assets or liabilities, not arising in a business combination, that does not affect accounting or taxable profit;

•taxable temporary differences arising from the initial recognition of goodwill; and

•taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary difference will not reverse in the foreseeable future.

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Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings or loss in the period that substantive enactment occurs except to the extent it relates to items recognized directly in equity or in other comprehensive income.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced to its recoverable amount. The Company makes estimates of the likelihood of whether or not all or some portion of each deferred income tax asset will be realized, which is impacted by interpretation of tax laws and regulations, historic and future expected levels of taxable income, timing of reversals of taxable temporary timing differences, and tax planning initiatives. Levels of future taxable income are affected by, among other things, market gold prices, production costs, quantities of proven and probable gold reserves, interest rates, and foreign currency exchange rates.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to the same taxable entity and income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis.

Uncertain tax positions

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective subsidiary’s country of domicile.

(l) Financial instruments

The Company’s financial instruments are classified and subsequently measured as follows:

Asset / Liability
Cash and cash equivalents	Amortized cost
Equity securities	Fair value through OCI
Amounts receivable	Amortized cost
Accounts payable and accrued liabilities	Amortized cost
Debt and financing obligations	Amortized cost
Non-hedged derivatives	Fair value through profit or loss
Cash flow hedging derivatives	Fair value through OCI
Esperanza Milestone Payments	Fair value through profit or loss

The Company's accounting policy for financial instruments is as follows:

Financial assets

Financial assets are classified as either financial assets at fair value through profit or loss, amortized cost, or fair value through other comprehensive income ("OCI"). The Company determines the classification of its financial assets at initial recognition.

i. Financial assets recorded at fair value through profit or loss

All financial assets not classified as amortized cost or fair value through other comprehensive income ("FVOCI") are classified and measured at fair value through profit or loss ("FVPL"). Gains or losses on these items are recognized in net earnings or loss.

ii. Amortized cost

Financial assets are classified at amortized cost if both of the following criteria are met and the financial assets are not classified or designated as at fair value through profit and loss: 1) the Company’s objective for these financial assets is to collect their contractual cash flows and 2) the asset’s contractual cash flows represent ‘solely payments of principal and interest’. The Company’s amounts receivable are recorded at amortized cost as they meet the required criteria.

iii. Fair value through OCI

For equity securities that are not held for trading, the Company can make an irrevocable election at initial recognition to classify the instruments at FVOCI, with all subsequent changes in fair value being recognized in other comprehensive income. This

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election is available for each separate investment. Under this FVOCI category, fair value changes are recognized in OCI while dividends are recognized in profit or loss. On disposal of the investment the cumulative change in fair value is not recycled to profit or loss, rather transferred to deficit. The Company has elected to account for equity securities within this manner.

iv. Reclassifications

Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets.

Financial liabilities

Financial liabilities, including accounts payable and accrued liabilities, as well as debt and financing obligations are accounted for at amortized cost.

Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. The amortization of debt issue costs is calculated using the effective interest method.

Derivative financial instruments

The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices, including the Company’s final product, consumables and other currencies against the US Dollars. Derivative financial instruments are measured at fair value at each reporting period.

Non-hedged derivative financial instruments

All derivative instruments not designated in a hedge relationship that qualify for hedge accounting are classified as financial instruments at fair value through profit or loss. Changes in fair value of non-hedging derivative financial instruments are included in net earnings or loss as non-hedging derivative gains or losses.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(m) Hedges

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivative hedging instruments to forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying transaction being hedged.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in fair value is recognized in other comprehensive income. For hedged items other than the purchase of non-financial assets, the amounts accumulated in other comprehensive income are reclassified to the consolidated statement of other comprehensive income when the underlying hedged transaction, identified at the inception of the hedge, affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the amounts accumulated in other comprehensive income are removed and added to the carrying amount of the non-financial asset.

Any ineffective portion of a hedge relationship is recognized immediately in net earnings or loss. When derivative contracts designated as cash flow hedges are terminated, expired, sold or no longer qualify for hedge accounting, hedge accounting is discontinued prospectively. Any amounts recorded in other comprehensive income up until the time the contracts do not qualify for hedge accounting remain in other comprehensive income.

Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in the period incurred and are recorded in net earnings or loss. If the forecasted transaction is no longer expected to occur, then the amounts accumulated in other comprehensive income are reclassified to net earnings or loss immediately.

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4. CHANGES IN ACCOUNTING STANDARDS

New Standards issued and adopted

The Company adopted the following accounting standards and amendments to accounting standards, effective January 1, 2023:

On May 23, 2023, the Company adopted International Tax Reform - Pillar Two Model (Amendments to IAS 12). The amendments provide a temporary mandatory exception, applied on a retrospective basis, to the accounting requirements for the deferred tax that arises from legislation implementing the top-up tax (Pillar Two legislation), so that an entity would neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes, and will account for it as a current tax when it is incurred. The Company holds investments in certain subsidiaries registered in the Netherlands which has enacted the Minimum Tax Act 2024, which is based on the EU Directive, and will introduce a Qualified Domestic Minimum Top-Up Tax (QDMTT) and an Income Inclusion Rule (IIR), both for reporting years starting on or after December 31, 2023, and an Undertaxed Payments Rule (UTPR) for reporting years starting on or after December 31, 2024. The Company is assessing the impact of the Pillar Two income taxes legislation on its future financial performance.

On May 7, 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The amendments narrow the scope of the initial recognition exemption (“IRE”) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the new standard did not materially impact the financial statements of the Company.

On February 12, 2021, the IASB issued Definition of Accounting Estimates (Amendments to IAS 8) and Disclosure Initiative – Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements). The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. The adoption of the new amendments has been applied to the disclosure of material accounting policies in note 3 of these financial statements however the amendments did not result in any change to the Company's accounting policies or application thereof.

Standards issued but not yet adopted

Standards issued, but not yet adopted include:

On January 23, 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements, to clarify the classification of liabilities as current or non-current. For the purposes of non-current classification, the amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments state that:

•settlement of a liability includes transferring a company’s own equity instruments to the counterparty, and

•when classifying liabilities as current or non-current a company can ignore only those conversion options that are recognized as equity

The amendments are effective for annual periods beginning on or after January 1, 2024. Early adoption is permitted. The Company does not anticipate the adoption of the new standard to impact the financial statements.

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5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Many of the amounts included in the Consolidated Statements of Financial Position require management to make estimates and judgements. Accounting estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised.

Critical accounting estimates

The following is a list of the accounting estimates that the Company believes are critical, due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset, liabilities, revenue or expense being reported. Actual results may differ from these estimates.

Amortization

The Company makes estimates of the quantities of proven and probable mineral reserves of its mines and the portion of mineral resources expected to be ultimately converted to mineral reserves. The estimation of quantities of mineral reserves and mineral resources is complex, requiring significant subjective assumptions that arise from the evaluation of geological, geophysical, engineering and economic data for a given ore body. This data could change over time as a result of numerous factors, including new information gained from development activities, evolving production history and a reassessment of the viability of production under different economic conditions. The Company forecasts prices of commodities, exchange rates, production costs, discount rates, and recovery rates. These estimates may change the economic status of mineral reserves and may result in mineral reserves and mineral resources being revised.

The Company uses estimated proven and probable mineral reserves, and an estimate of mineral resources as the basis for amortizing certain mineral property, plant and equipment. The physical life of these assets, and related components, may differ from the Company’s estimate, which would impact amortization expense. Plant and equipment not depleted on a unit of production basis based on recoverable ounces are depleted on a straight-line basis. Changes to estimates of the useful life and residual value may be impacted by the Company's mine plans and rate of usage of these plant and equipment.

Inventory

The Company accounts for its ore stockpiles and in-process precious metals inventory using a process flow for applicable costs appropriate to the physical transformation of ore through the mining, crushing, leaching from heap leach operations, milling and gold recovery process. The Company estimates the expected ultimate recovery based on laboratory tests and ongoing analysis of leach pad kinetics in order to estimate the recoverable metals at the end of each accounting period. If the Company determines at any time that the ultimate recovery should be adjusted downward, then the Company will adjust the average carrying value of a unit of metal content in the in-process inventory and adjust upward on a prospective basis the unit cost of subsequent production. Should an upward adjustment in the average carrying value of a unit of metal result in the carrying value exceeding the realizable value of the metal, the Company would write down the carrying value to the realizable value.

Decommissioning liabilities

The Company makes estimates of the timing and amount of expenditures required to settle the Company’s decommissioning liabilities. The principal factors that can cause expected future expenditures to change are: the construction of new processing facilities; changes in the quantities of material in reserves and a corresponding change in the life of mine plan; changing ore characteristics that ultimately impact the environment; changes in water quality that impact the extent of water treatment required; and changes in laws and regulations governing the protection of the environment. In general, as the end of the mine life nears, the reliability of expected cash flows increases, but earlier in the mine life, the estimation of a decommissioning liability is inherently more subjective.

Critical accounting judgements

The following are critical judgements that management has made in the process of applying accounting policies that may have a significant impact on the amounts recognized in the consolidated financial statements.

Indicators of impairment and reversal of impairment

The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are impaired or reversal of impairment is needed. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and are expected to affect the recoverable amount of CGUs. Internal sources of information the Company considers include the manner in which mineral properties and plant and equipment are being used or are expected to be used and indications of changes in the economic performance of the assets. The primary external factors considered are changes in forecast metal prices, changes in laws and regulations and the Company's market capitalization relative to its net asset carrying amount. Primary internal factors considered are the Company's current mine performance against expectations, changes in mineral reserves and resources, life of mine plans and exploration results.

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2023 FINANCIAL REPORT

6. AMOUNTS RECEIVABLE

	December 31, 2023	December 31, 2022
Sales tax receivables
Canada	$12.2	$15.1
Mexico	35.0	16.4
Other	0.7	1.1
Other receivables	5.5	4.6
	$53.4	$37.2

7. INVENTORY

	December 31, 2023	December 31, 2022
In-process precious metals	$195.3	$159.4
Ore in stockpiles	2.8	10.0
Parts and supplies	65.2	57.2
Dore, and refined precious metals	7.9	7.6
	271.2	234.2

The amount of inventories recognized in mining and processing costs for the year ended December 31, 2023, was $448.4 million (December 31, 2022 - $400.5 million). The amount of inventories recognized in amortization costs for the year ended December 31, 2023, was $190.2 million (December 31, 2022 - $171.5 million). Included in in-process precious metals are inventories totaling $58.0 million that are expected to be realized after more than one year.

The Company assesses the net realizable value of inventory at each reporting period. In the second and third quarters of 2022, given a decrease in the gold price at the period ends and higher costs at the Mulatos operation, the Company recorded a $33.9 million cumulative reduction in the carrying value of the in-process precious metals inventory at Mulatos. This was comprised of $27.6 million related to mining and processing costs and $6.3 million related to amortization.

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2023 FINANCIAL REPORT

8. MINERAL PROPERTY, PLANT AND EQUIPMENT

		Mineral property
	Plant and equipment	Depletable	Non-depletable	Exploration and evaluation	Total
Cost
At December 31, 2021	$1,629.3	$2,631.2	$285.6	$319.3	$4,865.4
Additions	40.2	143.8	123.7	22.1	329.8
Transfer of La Yaqui Grande assets1	121.0	19.0	(140.0)	—	—
Revisions to decommissioning liabilities	—	6.7	—	—	6.7
Disposals	(1.7)	—	—	—	(1.7)
Sale of Esperanza Project	(0.4)	—	—	(89.6)	(90.0)
At December 31, 2022	$1,788.4	$2,800.7	$269.3	$251.8	$5,110.2
Additions	51.5	109.5	174.7	32.2	367.9
Acquisition of Manitou Gold Inc. (i)	—	—	—	20.0	20.0
Transfers	4.0	—	(4.0)	—	—
Revisions to decommissioning liabilities (note 11)	—	8.6	—	—	8.6
Disposals	(35.5)	(1.3)	—	(1.4)	(38.2)
At December 31, 2023	$1,808.4	$2,917.5	$440.0	$302.6	$5,468.5
Accumulated amortization and impairment charges
At December 31, 2021	$717.8	$811.8	142.4	$84.9	$1,756.9
Amortization	91.7	89.4	—	—	181.1
Disposals	(1.2)	—	—	—	(1.2)
Impairment expense on Esperanza Project (iv)	—	—	—	38.2	38.2
Sale of Esperanza Project (iv)	(0.4)	—	—	(38.2)	(38.6)
At December 31, 2022	$807.9	$901.2	$142.4	$84.9	$1,936.4
Amortization	106.6	101.0	—	—	207.6
Disposals	(34.3)	(1.3)	—	—	(35.6)
At December 31, 2023	$880.2	$1,000.9	$142.4	$84.9	$2,108.4
Net carrying value
At December 31, 2022	$980.5	$1,899.5	$126.9	$166.9	$3,173.8
At December 31, 2023	$928.2	$1,916.6	$297.6	$217.7	$3,360.1

1.La Yaqui Grande commenced commercial production on June 20, 2022.

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2023 FINANCIAL REPORT

The net carrying values and capital additions by segment (note 17) are as follows:

	December 31, 2023		December 31, 2022
	Mineral Property, Plant and Equipment	Capital additions for the year ended1	Mineral Property, Plant and Equipment	Capital additions for the year ended1
Young-Davidson	$1,500.3	$73.5	1,504.7	68.4
Island Gold	1,397.7	243.4	1,174.6	185.1
Mulatos	293.0	29.9	343.8	58.8
Corporate and other	169.1	21.1	150.7	17.5
	$3,360.1	$367.9	$3,173.8	$329.8

1.Segment capital additions are presented on an accrual basis. Mineral property, plant and equipment in the consolidated statements of cash flows are presented on a cash expenditure basis. 

(i) Acquisition of Manitou Gold Inc.

On May 23, 2023, the Company acquired all the issued and outstanding common shares of Manitou Gold Inc. ("Manitou") not previously owned by the Company, by way of a plan of arrangement (the "Arrangement"). Under the terms of the Arrangement Manitou shareholders received 0.0035251 of an Alamos share for each Manitou share held. Prior to the closing of the Arrangement, the Company owned 65,211,077 Manitou shares, which represented approximately 19% of Manitou's basic common shares outstanding.

Upon closing of the transaction, the Company issued 984,760 common shares as part of the consideration. In addition, the Company issued 60,833 common shares as payment for the change of control obligations for departing management. Common shares issued were valued at the closing share price on May 23, 2023 of CAD $17.37. Total consideration for the acquisition was $16.7 million, including transaction costs of $0.2 million.

Management determined that the acquisition of Manitou did not meet the definition of a business combination in accordance with IFRS 3, Business Combinations. Accordingly, the Company has accounted for the transaction as an asset acquisition. The Manitou mineral property has been recognized as part of the Island Gold reportable operating segment (note 17). The allocation of the purchase price to the net assets acquired are as follows:

Consideration paid
Fair value of total shares issued (note 13)	$13.4
Fair value of 19% interest in Manitou prior to acquisition	3.1
Transaction costs	0.2
	$16.7
Net assets acquired
Mineral property, plant and equipment	$20.0
Current liabilities (a)	(1.5)
Decommissioning liabilities	(1.8)
	$16.7

(a) Included in current liabilities are $1.1 million of Canadian dollar denominated share purchase warrants which were recognized as a liability at the date of acquisition. During the year ended December 31, 2023, 61,683 warrants were exercised for gross proceeds of $0.7 million (note 13).

(ii) Royalties

The Company is obliged to make certain royalty payments on its mineral properties. The following table includes the significant royalties payable by the Company:

Location	Royalties payable
Mulatos	0.5% Extraordinary Mining Duty due to the Mexican government
Young-Davidson	1.5% net smelter royalty
Island Gold	2-3% net smelter royalties, dependent on claim

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2023 FINANCIAL REPORT

(iii) Other

The carrying value of construction in progress at December 31, 2023 was $299.0 million (December 31, 2022 - $155.8 million). and primarily relates to the Phase 3+ Expansion at Island Gold.

(iv) Sale of the Esperanza Project

On February 28, 2022, the Company announced that it has entered into a binding agreement to sell its non-core Esperanza Gold Project (“Esperanza”) located in Morelos State, Mexico to Zacatecas Silver Corp. (“Zacatecas Silver”) for total consideration of up to $60 million (the “Transaction”), including $5 million of cash. The Transaction closed on April 12, 2022. The Company measured the Esperanza asset group at the lower of carrying value and fair value less costs of disposal (“FVLCD”). The fair value of the expected purchase consideration was used as the basis for determining the asset group's fair value and an estimate of the disposal costs was used as the basis for the costs to sell. In performing this assessment, the Company concluded that the expected fair value less costs of disposal of the Esperanza asset group was lower than its carrying value. As a result, the Company recognized a pre‐tax impairment loss of $38.2 million in the first quarter of 2022, inclusive of $0.2 million of transaction costs incurred to date.

As part of the sale, the Company is entitled to receive additional consideration based on Zacatecas Silver achieving certain milestones ("Milestone Payments") (notes 9, 18). These proceeds are based on future events, which are not in the Company’s control, as such the Company remeasures these proceeds at fair value at each reporting date. The fair value of the Milestone Payments at December 31, 2023 was $5.7 million (December 31, 2022 - $19.1 million).

9. OTHER NON-CURRENT ASSETS

	December 31, 2023	December 31, 2022
Investment Tax Credits (Canada) (i)	$29.1	$28.2
Milestone Payments (ii)	5.7	19.1
Other	11.3	12.1
	$46.1	$59.4

(i) Investment Tax Credits

The Investment Tax Credits relate to Canadian exploration expenses incurred while determining the existence, location, extent or quality of mineral resources in Canada. The amount recognized relates to expenses incurred at the Young-Davidson mine, and will be utilized when the mine becomes cash tax payable.

(ii) Esperanza Milestone Payments

The Milestone Payments resulted from the sale of the Esperanza Project to Zacatecas Silver Corp. on April 12, 2022. The fair value of the Milestone Payments is recalculated at each reporting date, based on management's estimate of the timing and probability (notes 8, 18).

10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	December 31, 2023	December 31, 2022
Trade accounts payable and accrued liabilities	$167.8	$147.6
Royalties payable (note 8)	2.7	2.2
Derivative liabilities (note 18)	1.0	4.2
Share-based compensation liability	22.7	18.3
Share purchase warrants (note 8)	0.4	—
Current portion of equipment financing obligations	0.4	0.4
	$195.0	$172.7

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2023 FINANCIAL REPORT

11. DECOMMISSIONING LIABILITIES

Balance – current and non-current portion December 31, 2021	$106.1
Reclamation expenditures	(0.4)
Accretion expense	4.2
Revisions to expected discounted cash flows	6.7
Balance – current and non-current portion December 31, 2022	$116.6
Liability assumed on Manitou acquisition (note 8)	1.8
Reclamation expenditures	(0.3)
Accretion expense	6.8
Revisions to expected discounted cash flows1	11.9
Balance – current and non-current portion December 31, 2023	$136.8
Less: Current portion of decommissioning liability	(12.6)
Balance – non-current portion December 31, 2023	$124.2

1.Included in the revisions to expected discounted cash flows are costs of $3.3 million related to closed sites with a corresponding expense recorded in Other Loss (note 14).

All of the expenditures are expected to occur between 2024 and 2049. The discount rates used in discounting the estimated reclamation and closure cost obligations were between 3.0% and 7.4% for the year ended December 31, 2023 (2022 – 2.9% and 10.5%), and the inflation rate used was between 1.7% and 3.6% for the year ended December 31, 2023 (2022 – 1.9% and 9.5%).

The total undiscounted value of the decommissioning liabilities at December 31, 2023 was $165.2 million (2022 - $134.0 million).

12. INCOME TAXES

The following table represents the major components of income tax expense recognized in net earnings for the years ended December 31, 2023 and 2022:

	December 31, 2023	December 31, 2022
Current income tax expense	$52.7	$10.7
Deferred income tax expense	31.0	54.6
Income tax expense recognized in net earnings	$83.7	$65.3

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2023 FINANCIAL REPORT

The statutory tax rate for 2023 was 25.0% (2022 – 25.0%). The following table reconciles the expected income tax expense at the Canadian combined statutory income tax rate to the amounts recognized in net earnings for the years ended December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
Earnings before income taxes	$293.7		$102.4
Statutory tax rate	25.0	%	25.0	%
Expected income tax expense based on above rates	$73.4		$25.6
Effect of higher tax rates in foreign jurisdictions	3.9		(3.9)
Non-deductible expenses	5.0		4.3
Impact of local mining taxes	19.6		14.7
Impact of foreign exchange	(16.3)		19.4
Impact of renouncement of flow through share expenditures	—		2.1
Withholding tax	1.5		1.6
Change in unrecognized temporary differences	2.5		3.3
Other	(5.9)		(1.8)
Income tax expense	$83.7		$65.3

For balance sheet presentation purposes, the Mexico deferred tax asset of $9.0 million has been disclosed separately from the consolidated deferred tax liability. The change in consolidated deferred income tax liability and deferred tax balance by category, both below, are shown inclusive of the Mexico deferred tax asset.

The following table reflects the change in net deferred income tax liability at December 31, 2023 and December 31, 2022:

	December 31, 2023	December 31, 2022
Balance, beginning of year	$660.9	$623.2
Deferred income tax expense recognized in net earnings	31.0	54.6
Deferred income tax (recovery) expense recognized in OCI	2.7	(1.0)
Deferred tax liability derecognized on sale of Esperanza Project	—	(15.9)
Balance, end of year	$694.6	$660.9

The following summarizes the components of deferred income tax at December 31, 2023 and December 31, 2022:

	December 31, 2023	December 31, 2022
Mineral property, plant and equipment	$735.3	$683.0
Inventory capitalization	5.1	12.2
Other deductible temporary differences	(41.1)	(34.2)
Non-capital losses carried forward	(4.7)	(0.1)
Deferred income tax liability	$694.6	$660.9

The Company has Canadian tax losses of $6.3 million expiring between 2024 and 2040, Mexican tax losses of $40.9 million expiring between 2024 and 2031, United States tax losses of $19.4 million expiring between 2029 and 2038, as well as Turkish tax losses of $0.8 million expiring between 2024 and 2027.

The Company has unrecognized deferred income tax assets at December 31, 2023 in respect of aggregate loss carryforwards, deductible temporary differences and unused tax credits. The unrecognized loss carryforwards, deductible temporary differences and unused tax credits are $139.7 million (December 31, 2022 -$118.0 million).

At December 31, 2023, the Company has unrecognized deferred income tax liabilities on taxable temporary differences of $45.0 million (December 31, 2022 - $16.9 million) for taxes that would be payable on the unremitted earnings of certain subsidiaries of the Company.

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2023 FINANCIAL REPORT

13. SHARE CAPITAL

a)    Authorized share capital of the Company consists of an unlimited number of fully paid Class A common shares without par value.

	Number of Shares	Amount
Outstanding at December 31, 2021	391,889,733	$3,692.9
Shares issued through:
Share-based compensation plans	1,198,125	7.6
Shares repurchased and cancelled (i)	(1,100,000)	(10.4)
Flow-through share financing	922,483	6.9
DRIP (ii)	527,770	4.1
ESPP (iii)	373,806	2.7
Cancellation of unexchanged shares	(5,428)	—
Outstanding at December 31, 2022	393,806,489	$3,703.8
Shares issued through:
Share-based compensation plans	1,425,024	12.3
Manitou acquisition (note 8)	1,045,593	13.4
DRIP (ii)	353,084	4.1
ESPP (iii)	469,566	5.6
Exercise of Manitou warrants (note 8)	60,983	0.9
Cancellation of unexchanged shares	(203,755)	(1.5)
Outstanding at December 31, 2023	396,956,984	$3,738.6

(i) Normal Course Issuer Bid ("NCIB")

In December 2023, the Company renewed its NCIB permitting the purchase for cancellation of up to 34,485,405 common shares, representing 10% of the Company’s public float. The Company may purchase Common Shares under the NCIB up to December 23, 2024.

During the year ended December 31, 2023, the Company did not purchase any common shares (year ended December 31, 2022 - 1,100,000 common shares at a cost of $8.2 million or $7.41 per share).

(ii) DRIP

The Company allows existing shareholders to participate in a DRIP. This provides shareholders the option of increasing their investment in the Company by electing to receive common shares in place of cash dividends. The Company has the discretion to elect to issue such common shares at up to a 5% discount to the prevailing market price from treasury, or purchase the common shares on the open market. For the year ended December 31, 2023, the Company issued 353,084 shares pursuant to the DRIP, valued at $4.1 million.

(ii) ESPP

The Company has an ESPP which enables employees to purchase Class A common shares through payroll deduction. At the option of the Company, the common shares can be issued from treasury based on the volume weighted average closing price of the last five days prior to the end of the month or the shares may be purchased for plan participants in the open market. During the year ended December 31, 2023, the Company issued 469,566 shares from treasury pursuant to the ESPP (year ended December 31, 2022 - 373,806 shares).

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2023 FINANCIAL REPORT

b)    Stock options

The following is a continuity of the changes in the number of stock options outstanding:

	Number	Weighted average exercise price (CAD$)
Outstanding at December 31, 2021	4,601,726	$7.47
Granted	634,727	9.53
Exercised	(1,198,125)	5.89
Forfeited	(113,477)	6.68
Outstanding at December 31, 2022	3,924,851	$8.32
Granted	481,449	14.10
Exercised	(1,424,916)	8.01
Forfeited	(215,007)	10.40
Outstanding at December 31, 2023	2,766,377	$9.32

During the year ended December 31, 2023, the weighted average share price at the date of exercise for stock options exercised was CAD $16.82 per share (for the year ended December 31, 2022 - CAD $11.98 per share).

(i) Stock options granted

During the year ended December 31, 2023, the Company granted 481,449 stock options which are vested in tranches equally over three years (year ended December 31, 2022 - 634,727). The following table presents the weighted average fair value assumptions used in the Black-Scholes valuation:

For options granted in the year ended:	December 31, 2023		December 31, 2022
Weighted average share price at grant date (CAD$)	$14.10		$9.53
Risk-free rate	3.87	%	1.48	%
Expected dividend yield	0.96	%	1.20	%
Expected stock price volatility (based on historical volatility)	48	%	53	%
Expected life of option (months)	42		54
Weighted average per share fair value of stock options granted (CAD$)	$4.94		$3.80

Stock options outstanding and exercisable as at December 31, 2023:

	Outstanding			Exercisable
Range of exercise prices (CAD$)	Number of options	Weighted average exercise price (CAD$)	Weighted average remaining contractual life (years)	Number of options	Weighted average exercise price (CAD$)
$6.01 - $7.00	567,111	6.57	1.78	567,111	6.57
$7.01 - $8.00	396,373	7.63	3.02	396,373	7.63
$8.01 - $9.00	15,571	8.63	3.16	15,571	8.63
$9.01 - $11.00	1,355,873	9.47	4.61	663,694	9.41
$11.01 - $17.77	431,449	14.10	4.79	—	—
	2,766,377	$9.32	4.09	1,642,749	$7.99

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2023 FINANCIAL REPORT

c)    Other employee long-term incentives

The following is a continuity of the changes in the number of other long-term incentive plans ("LTI") outstanding for the years ended December 31, 2023 and 2022:

	Restricted share units ("RSU")	Deferred share units ("DSU")	Performance share units ("PSU")
Outstanding units, December 31, 2021	2,168,184	911,428	1,329,655
Granted	905,058	143,178	497,895
Forfeited	(296,907)	—	(72,522)
Settled	(641,786)	—	(404,603)
Outstanding units, December 31, 2022	2,134,549	1,054,606	1,350,425
Granted	747,993	112,653	369,589
Forfeited/expired	(383,686)	—	(134,563)
Settled	(587,118)	(154,025)	(426,163)
Outstanding units, December 31, 2023	1,911,738	1,013,234	1,159,288

The settlement of LTI is either in cash or equity depending on the features of the specific LTI plan. The settlement of DSUs is in cash, PSUs are equity or cash settled at the Company's discretion, and certain RSUs are cash settled with the remaining settled in cash or equity at the Company's discretion, depending on the year of grant.

PSUs and RSUs granted to non-executives vest on the third anniversary from the date of grant. RSUs granted to executives vest in three equal tranches commencing on the first anniversary of the grant date. Mandatory or elective DSUs vest immediately and the Board of Directors determines the vesting schedule for discretionary DSUs at the time of grant.

The weighted average grant date fair value of the RSUs, DSUs and PSUs granted during the year ended December 31, 2023 was $14.07, $14.35 and $14.10, respectively (year ended December 31, 2022 - $9.66, $9.67 and $9.65, respectively).

(d)    Dividends

During the year ended December 31, 2023, the Company declared dividends totaling $39.4 million, of which $35.3 million were paid in cash (2022 - $35.1 million paid in cash). The remaining $4.1 million were issued in the form of common shares pursuant to the Company's DRIP (2022 - $4.1 million in shares issued pursuant to the DRIP).

14. OTHER LOSS

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized loss on non-hedging derivatives	($0.9)	($0.3)
Reduction of obligation to renounce flow-through exploration expenditures	0.7	2.7
Turkish projects care and maintenance and arbitration costs	(2.9)	(5.0)
Fair value adjustment for sale of silver stream	—	2.6
Fair value adjustment for Milestone Payments (note 18)	(13.4)	(1.1)
Revision to reclamation for closed sites	(3.3)	—
Care and maintenance costs related to the El Chanate mine	(0.6)	(1.0)
Loss on disposal of assets	(1.9)	(0.7)
Other	(1.5)	(2.3)
	($23.8)	($5.1)

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2023 FINANCIAL REPORT

15. EARNINGS PER SHARE

	For the years ended
	December 31, 2023	December 31, 2022
Net earnings	$210.0	$37.1
Weighted average number of common shares outstanding (in thousands)	395,509	392,172
Basic earnings per share	$0.53	$0.09
Dilutive effect of potential common share equivalents (in thousands)	2,560	2,336
Diluted weighted average number of common shares outstanding (in thousands)	398,069	394,508
Diluted earnings per share	$0.53	$0.09

The following table lists the share units that were excluded from the computation of diluted earnings per share. The share units were excluded as the exercise price related to the particular security exceeded the average market price of the Company's common shares of CAD $16.42 for the year ended December 31, 2023 (2022 - CAD $10.26), or the inclusion of the share units had an anti-dilutive effect on net earnings.

Share units excluded from calculation of diluted earnings per share for the years ended:
(in thousands)	December 31, 2023	December 31, 2022
Stock options	4	30

16. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital and income taxes received or paid:

	For the years ended
	December 31, 2023	December 31, 2022
Amounts receivable	($13.6)	($8.8)
Inventory	(26.0)	(55.2)
Advances and prepaid expenses	(0.6)	2.3
Accounts payable and accrued liabilities	2.3	(0.1)
Cash taxes paid	(8.3)	(1.3)
	($46.2)	($63.1)

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2023 FINANCIAL REPORT

Other items:

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized gain on non-hedging derivatives	$0.9	$0.3
Reduction of obligation to renounce flow-through exploration expenditures	(0.7)	(2.7)
Proceeds from employee share purchase plan	4.7	2.8
Reclamation activities	(0.3)	(0.4)
Revision to reclamation for closed sites	3.3	—
Interest received	7.8	1.9
Credit facility standby fees	(2.1)	(2.1)
Distribution of share-based compensation	(15.8)	(8.5)
Fair value adjustment for sale of silver stream	—	(2.6)
Fair value adjustment for Milestone Payments (note 18)	13.4	1.1
Loss on disposal of assets	1.9	0.7
Other	(0.4)	2.8
	$12.7	($6.7)

17. SEGMENTED INFORMATION

(a) Segment revenues and results

Operating results of operating segments are reviewed by the Company’s chief operating decision maker, being the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segments and to assess their performance. The Company considers its reportable operating segments to be its operating mines and significant development projects. The Company operates in two principal geographical areas - Canada, and Mexico. The Young-Davidson and Island Gold mines operate in Canada, and the Mulatos mine operates in Sonora, Mexico.

Significant information relating to the Company's reporting operating segments is as follows:

Year Ended December 31, 2023
	Young-Davidson	Mulatos1	Island Gold	Corporate /other2	Total
Operating revenues	$355.3	$420.2	$247.8	—	$1,023.3
Cost of sales
Mining and processing	166.2	188.4	82.7	—	437.3
Royalties	5.3	2.2	2.7	—	10.2
Amortization	76.7	75.3	38.2	—	190.2
	248.2	265.9	123.6	—	637.7
Expenses
Exploration	2.9	9.9	3.7	1.7	18.2
Corporate and administrative	—	—	—	27.6	27.6
Share-based compensation	—	—	—	21.7	21.7
Earnings (loss) from operations	$104.2	$144.4	$120.5	($51.0)	$318.1
Finance expense					(2.5)
Foreign exchange gain					1.9
Other loss					(23.8)
Earnings before income taxes					$293.7

30 Alamos Gold Inc.

2023 FINANCIAL REPORT

Year Ended December 31, 2022
	Young-Davidson	Mulatos1	Island Gold	Corporate/other2	Total
Operating revenues	$347.8	$238.1	$235.3	—	$821.2
Cost of sales
Mining and processing	163.4	150.4	80.6	—	394.4
Inventory net realizable value adjustment	—	33.9	—	—	33.9
Royalties	5.3	1.2	2.6	—	9.1
Amortization	81.8	52.5	37.2	—	171.5
	250.5	238.0	120.4	—	608.9
Expenses
Exploration	4.3	7.5	4.7	1.9	18.4
Corporate and administrative	—	—	—	25.9	25.9
Share-based compensation	—	—	—	18.3	18.3
Impairment	—	—	—	38.2	38.2
Earnings (loss) from operations	$93.0	($7.4)	$110.2	($84.3)	$111.5
Finance expense					(5.7)
Foreign exchange gain					1.7
Other loss					(5.1)
Earnings before income taxes					$102.4

1. Mulatos includes the La Yaqui Grande operation.

2. Corporate and other consists of corporate balances and exploration, development projects and mines in reclamation.

(b) Segment assets and liabilities

	Total Assets		Total liabilities
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Young-Davidson	$1,693.2	$1,644.9	$381.8	$353.2
Island Gold	1,453.6	1,222.5	476.4	415.5
Mulatos 1	631.5	606.0	172.7	143.1
Corporate/other 2	222.9	200.8	46.8	41.3
Total assets and liabilities	$4,001.2	$3,674.2	$1,077.7	$953.1

1. Mulatos includes the La Yaqui Grande operation.

2. Corporate and other consists of corporate balances, exploration and development projects and mines in reclamation.

31 Alamos Gold Inc.

2023 FINANCIAL REPORT

18. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Fair values of financial instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. The Company does not have any non-recurring fair value measurements as at December 31, 2023. Levels 1 to 3 of the fair value hierarchy are defined based on the degree to which fair value inputs are observable or unobservable, as follows:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the net asset or liability, either directly or indirectly; and

•Level 3 inputs are unobservable (supported by little or no market activity).

	December 31, 2023			December 31, 2022
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets (liabilities)
Fair value through profit or loss
Milestone Payments (note 9)	—	—	5.7	—	—	19.1
Esperanza silver stream held for sale	—	—	—	—	—	5.0
Gold derivatives not designated as hedging instruments1	—	(0.8)	—	—	0.1	—
Share purchase warrants (note 8)	—	(0.4)	—	—	—	—
Fair value through OCI
Equity securities	13.0	—	—	18.6	—	—
Currency derivatives designated as hedging instruments1	—	6.6	—	—	(4.3)	—
Fuel derivatives designated as hedging instruments1	—	(0.2)	—	—	—	—
	$13.0	$5.2	$5.7	$18.6	($4.2)	$24.1

1On a gross basis, total derivatives recognized as at December 31, 2023 consist of total assets of $6.6 million, which is included in other current assets and total liabilities of $1.0 million, included in accounts payable and accrued liabilities (note 10) (December 31, 2022 - total assets of nil and total liabilities of $4.2 million).

The methods of measuring financial assets and liabilities have not changed during the year ended December 31, 2023.

The fair value of option and forwards (gold, fuel and currency) contracts are determined using a market approach with reference to observable market prices for similar assets traded in an active market. These are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results.

The fair value measurement of the Milestone Payments (note 9) is based on unobservable inputs and are therefore classified within Level 3 of the fair value hierarchy. The determination of the fair value of the Milestone Payments requires the Company to make certain estimates and judgements in relation to future events based on the current understanding of the facts and circumstances known to them. The fair value of the Milestone Payments was determined using discounted cash flows based on significant inputs and assumptions such as internally derived discount rate, an estimate of timelines to realize the payments and a success probability factor. Based on the Company's assessment of the fair value of the Milestone Payments at December 31, 2023, the Company reduced the applied success probability factor from 75% to 25% reflecting the current challenging capital markets for early stage exploration projects. As a result, the Company recognized a reduction in the fair value of the Milestone Payments of $11.0 million in the fourth quarter of 2023. The discount rate for the milestone payments is 14.75%. Changes to these inputs and assumptions could have a significant impact on the measurement of the financial assets. A 10% change in these assumptions would impact the Company's net earnings before tax by $0.8 million for the year ended December 31, 2023.

32 Alamos Gold Inc.

2023 FINANCIAL REPORT

Revolving Credit Facility

The Company has access to an undrawn credit facility (the "Facility") of $500.0 million, not including the uncommitted $100.0 million accordion feature to increase the credit facility up to $600.0 million. In February 2024, the Company extended the term of the revolving credit facility by one year to February 2028. The Facility bears interest at a rate of Adjusted Term SOFR Rate plus 1.875% on drawn amounts and stand-by fees of 0.42% on undrawn amounts.

The Facility is secured against all of the material present and future assets, property and undertakings of the Company. The Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset sales and liens. It contains financial covenant tests that include (a) a minimum interest coverage ratio of 3.0:1.0 and (b) a maximum net leverage ratio of 3.5:1.0, both as defined in the agreement. As at December 31, 2023, the Company is in compliance with the covenants.

Derivative Instruments designated as cash flow hedges

Currency option and forward contracts and fuel option contracts

The Company enters into option and forward contracts to hedge against the risk of an increase in the value of the Canadian dollar and Mexican peso versus the US dollar. These option and forward contracts are for the purchase of local currencies and the sale of US dollars, which settle on a monthly basis, and the Company believes this is an appropriate manner of managing currency risk. The Company has designated options and forwards as cash flow hedges for the highly probable Canadian dollar and Mexican peso.

The Company also enters into option contracts to hedge against the risk of an increase in the price of diesel fuel. These option contracts are for the purchase of New York Harbour Ultra Low Sulfur Diesel ("ULSD") contracts, which settle on a monthly basis, and the Company believes this is an appropriate manner of managing price risk. The Company has designated these options as cash flow hedges for the highly probable consumption of diesel.

These currency option and forward and fuel option derivatives meet the hedge effectiveness criteria and are designated in a hedge accounting relationship as a result of the following factors:

•An economic relationship exists between the hedged items and hedging instrument, as notional amounts match and both the hedged item and hedging instrument fair values move in response to the same risk (foreign exchange risk and diesel price risk). Cash flows in relation to the designated hedged item and hedging instrument are matched since the option and forward contracts (hedging instrument) matures during the same month as the operational cash flows (hedged item) are expected to be incurred.

•The hedge ratio is one to one for this hedging relationship, as the hedged item is foreign currency risk and diesel price risk that is hedged with a foreign currency or diesel fuel hedging instrument using one unit of both the hedged and hedging item respectively.

• Credit risk is not material in the fair value of the hedging relationship.

The Company has identified two sources of potential ineffectiveness: 1) the timing of cash flow differences between the expenditure and the related derivative and 2) the inclusion of credit risk in the fair value of the derivative not replicated in the hedged item. The Company expects the impact of these sources of hedge ineffectiveness to be minimal. The timing of hedge settlements and incurred expenditures are closely aligned, as they are expected to occur within 30 days of each other. As noted above, credit risk is not a material component of the fair value of the Company’s hedging instruments, as all counterparties are reputable Canadian banking institutions and are highly rated.

For the years ended December 31, 2023 and 2022, the Company did not recognize any ineffectiveness on the hedging instruments.

The effective portion of the changes in fair value of the currency option and forward contracts for the years ended December 31, 2023 and 2022 recorded in accumulated other comprehensive (loss) income is:

	December 31, 2023	December 31, 2022
Balance, beginning of the period	($1.9)	$4.0
Change in value on currency instruments	18.1	(8.5)
Less: realized loss on CAD currency instruments	1.0	5.0
Less: realized gain on MXN currency instruments	(8.1)	(3.9)
Deferred income tax related to hedging instrument	(2.7)	1.5
	$6.4	($1.9)

33 Alamos Gold Inc.

2023 FINANCIAL REPORT

The open contracts, which settle on a monthly basis, are summarized as at December 31, 2023:

Canadian dollar contracts:

Period Covered	Contract type	Contracts (CAD$ Millions)	Average minimum rate (USD/CAD)	Average maximum rate (USD/CAD)
2024	Collars	504.0	1.33	1.39

Mexican Peso contracts:

Period Covered	Contract type	Contracts (MXN Millions)	Average minimum rate (MXN/USD)	Average maximum rate (MXN/USD)
2024	Collars	330.0	18.14	20.53
2024	Forwards	125.0	17.77	17.77

As at December 31, 2023, the fair value of these contracts was an asset of $6.6 million (December 31, 2022 - liability of $4.3 million).

The effective portion of the changes in fair value of the fuel option contracts for the years ended December 31, 2023 and 2022 recorded in accumulated other comprehensive (loss) income is:

	December 31, 2023	December 31, 2022
Balance, beginning of the period	$0.1	$0.4
Change in value on fuel contracts	(0.2)	2.5
Less: realized gain on fuel contracts	—	(2.9)
Deferred income tax related to fuel contracts	—	0.1
	($0.1)	$0.1

As at December 31, 2023, the Company held contracts to protect against the risk of an increase in the price of fuel. These collars totalling 1,512,000 gallons, ensure a minimum purchase call option of $2.71 per gallon and a maximum average sold put options of $2.50 per gallon, regardless of the movement in fuel prices during 2024. The fair value of these contracts at December 31, 2023 was a $0.2 million liability (December 31, 2022 - $nil)

Derivative Instruments not designated as cash flow hedges

Gold option contracts

As at December 31, 2023, the Company held option contracts to protect against the risk of a decrease in the value of the gold price on a portion of gold sales. These option contracts totaling 69,750 ounces, ensure a minimum average realized gold price of $1,926 per ounce and a maximum average realized gold price of $2,356 per ounce, regardless of the movement in gold prices during 2024. The fair value of these contracts was a liability of $0.8 million at December 31, 2023 (December 31, 2022 - asset of $0.1 million). The options mature monthly throughout 2024.

For the year ended December 31, 2023, the Company realized losses of $0.1 million related to the settlement of option contracts (for the year ended December 31, 2022- realized gains of $3.5 million). Total unrealized losses for the year ended December 31, 2023 was $0.9 million (for the year ended December 31, 2022 - unrealized losses of $0.3 million). The Company has elected to not apply hedge accounting to the gold option contracts, with changes in fair value recorded in net earnings.

Financial instruments and related risks

In the normal course of operations, the Company is exposed to credit risk, liquidity risk and the following market risks: commodity price, market price, interest rate and foreign currency exchange rate. The Company has developed a risk management process to identify, analyze and assess these and other risks, and has formed a Risk Committee to monitor all significant risks to the Company. The Board of Directors has overall responsibility for the oversight of the Company’s risk management framework, and receives regular reports from the Risk Committee.

Commodity price risk

The profitability of the Company’s mining operations is significantly affected by changes in the market price for gold. Gold prices fluctuate on a daily basis and are affected by numerous factors beyond the Company’s control. The supply and demand for gold, the level of interest rates, the rate of inflation, investment decisions by large holders of gold, including governmental reserves, and the stability of exchange rates can all cause significant fluctuations in gold prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems, and political developments. From time to time, the Company will enter into collars, options or other financial instruments to manage short term commodity price fluctuations.

34 Alamos Gold Inc.

2023 FINANCIAL REPORT

For the year ended December 31, 2023, the Company’s revenues and cash flows were impacted by gold prices fluctuating from a low of $1,809 to a high of $2,090 per ounce. Metal price declines could cause the continued development of, and production from, the Company’s properties to be uneconomic.

Interest rate risk

Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. All of the Company’s outstanding debt obligations bear interest at fixed rates and are therefore not exposed to changes in future cash flows attributable to changes in market interest rates. The interest rate on the Facility is variable, however, the Facility was undrawn as at December 31, 2023.

The Company is exposed to interest rate risk on its cash and cash equivalents. The cash and cash equivalent interest earned is based on bank account interest rates which may fluctuate. A 100 basis point change in the interest rate would result in an increase or decrease of approximately $4.6 million in interest earned by the Company. The Company has not entered into any derivative contracts to manage this risk.

Foreign currency exchange rate risk

Metal sales revenues for the Company are denominated in US dollars. The Company is exposed to currency fluctuations relative to the US dollar on expenditures that are denominated in Canadian dollars and Mexican pesos. These potential currency fluctuations could have a significant impact on production costs and thereby, the profitability of the Company. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities.

A 10% strengthening or deterioration of these currencies against the US dollar at each balance sheet date would have resulted in a gain or loss recorded in net earnings by the amounts shown below. This analysis assumes that other variables, in particular interest rates, remain constant.

	December 31, 2023	December 31, 2022
Impact of a 10% change in foreign exchange rates
Canadian dollar	$10.0	$3.6
Mexican peso	1.3	0.3

The currencies of the Company's financial instruments and other foreign currency denominated liabilities based on notional amounts, denominated in U.S dollar equivalents were as follows:

	Canadian Dollars		Mexican Peso
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Cash and cash equivalents	$25.0	$21.6	$12.4	$4.1
Equity securities	13.0	18.6	—	—
Amounts receivable	14.9	16.6	38.6	21.5
Other monetary (liabilities) assets	(16.8)	9.8	(6.6)	(0.8)
Accounts payable and accrued liabilities	(124.1)	(102.7)	(16.4)	(19.3)
Income taxes payable	(0.1)	—	(40.2)	(0.7)
Total exposure to currency risk	(88.1)	(36.1)	(12.2)	4.8

Credit risk

Credit risk relates to receivables and other contracts, and arises from the possibility that any counterparty to an instrument fails to perform. For cash and cash equivalents, restricted cash, and receivables, the Company’s credit risk is limited to the carrying amount on the balance sheet. The Company manages credit risk by transacting with highly-rated counterparties and establishing a limit on contingent exposure for each counterparty based on the counterparty’s credit rating. Exposure on receivables is limited as the Company sells its products to a small number of organizations, on which the historical level of defaults is minimal.

35 Alamos Gold Inc.

2023 FINANCIAL REPORT

The Company's maximum exposure to credit risk is as follows:

	December 31, 2023	December 31, 2022
Cash and cash equivalents	$224.8	$129.8
Milestone Payments	5.7	19.1
Derivative assets	6.6	—
Other receivables	5.5	4.6
Total financial instrument exposure to credit risk	$242.6	$153.5

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages this risk through regular monitoring of its cash flow requirements to support ongoing operations and expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents.

The Company’s future operating cash flow and cash position are highly dependent on gold prices, as well as other factors. Taking into consideration the Company’s current cash position, volatile equity markets, and global uncertainty in the capital markets, the Company is continually reviewing expenditures and assessing business opportunities to enhance liquidity in order to ensure adequate liquidity and flexibility to support its growth strategy, including the development of its projects, while continuing production at its current operations. A period of continuously low gold prices may necessitate the deferral of capital expenditures which may impact the timing of development work and project completion, as well as production from mining operations. In addition, in such a price environment, the Company may be required to adopt one or more alternatives to increase liquidity.The Company ensures that there are sufficient committed loan facilities to meet its business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents.

(a) Contractual commitments

The following table shows the maturities of contractual commitments. The amount presented represents the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.

	Less than 1 year	2 - 3 years	4 - 5 years	More than 5 years	Total
Leases	0.5	0.6	—	—	1.1
Accounts payable and accrued liabilities	195.0	—	—	—	195.0
Decommissioning liabilities	12.6	31.5	51.4	69.7	165.2
Capital commitments	87.5	32.7	—	—	120.2
	$295.6	$64.8	$51.4	$69.7	$481.5

Contractual obligations exist with respect to royalties (note 8); however, gold production subject to royalty cannot be ascertained with certainty and the royalty rate varies with the gold price, therefore have been excluded from the table.

The Company has a number of mining service contracts that are based on variable measures, and not fixed payments. These contracts include measures such as tonnes mined, or metres developed. The expense relating to these variable payments and recognized as an operating expense was $104.2 million (year ended December 31, 2022 - $88.2 million). Total cash outflow for leases amounted to $112.0 million for the year ended December 31, 2023 (2022 - payments of $96.1 million).

19. MANAGEMENT OF CAPITAL

The Company defines capital that it manages as its shareholders equity as well as debt and financing obligations. The Company’s objectives when managing capital are to safeguard the Company's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders. At December 31, 2023, total managed capital was $2,923.5 million (2022 - $2,721.1 million).

The Company’s capital structure reflects the requirements of an entity focused on sustaining strong cash flows from its current mining operations and financing both internal and external growth opportunities and development projects. The Company faces lengthy development lead times as well as risks associated with increasing capital costs and project completion timing due to the availability of resources, permits and other factors beyond the Company’s control. The Company’s operations are also significantly affected by the volatility of the market price of gold.

36 Alamos Gold Inc.

2023 FINANCIAL REPORT

The Company continually assesses its capital structure and makes adjustments to it with reference to changes in economic conditions and risk characteristics associated with its underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, pay dividends, sell assets or enter into new debt arrangements.

The Company manages its capital structure by performing the following:

•Maintaining sufficient liquidity in order to address any potential operational disruptions or industry downturns;

•Preparing detailed budgets and cash flow forecasts for each mining operation, exploration project, development project and corporate activities that are approved by the Board of Directors;

•Regular internal reporting and Board of Directors’ meetings to review actual versus budgeted spending and cash flows; and

•Detailed project financial analysis to assess or determine new funding requirements.

There were no changes in the Company’s approach to managing capital during the year.

20. RELATED PARTY TRANSACTIONS

Remuneration of key management (includes the Company's directors and executive team) for the years ended:

Expense by nature for the years ended:	December 31, 2023	December 31, 2022
Short-term employee benefits	9.1	8.8
Share-based payments	16.6	8.7
	$25.7	$17.5

These transactions are in the normal course of operations and all of the transactions are measured at the exchange amount of consideration established and agreed to by the parties. The increase in share-based compensation expense for the year ended December 31, 2023, was primarily due to the Company's increased share price and higher relative total shareholder return performance.

21. SUBSEQUENT EVENT

Acquisiton of Orford Mining Corporation ("Orford")

On January 15, 2024, the Company announced that it had entered into a definitive agreement (the “Agreement”) pursuant to which the Company will acquire all of the issued and outstanding shares of Orford by way of a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, Orford shareholders will receive 0.005588 of the Company's common shares for each Orford share, representing a value of C$0.10 per Orford share at the time of the announcement. The Company currently owns 61,660,902 Orford shares, representing approximately 27.5% of Orford’s basic common shares outstanding. The Transaction is expected to close in April 2024.

37 Alamos Gold Inc.

EX-99.4

EXHIBIT 99.4

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statements on Form S-8 (File No. 333-206183), on Form F-10 (File No. 333-272309) and on Form F-3 (File No. 333-236697) of our reports dated February 21, 2024 with respect to the consolidated financial statements of Alamos Gold Inc. (the “Entity”), which comprise the consolidated statements of financial position as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the years then ended, and the related notes, and the effectiveness of internal control over financial reporting as of December 31, 2023, which reports appear in Exhibit 99.3 to this Form 6-K of the Entity dated February 22, 2024.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

February 22, 2024

© 2024 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

XML

Document and Entity Information Document	12 Months Ended
	Dec. 31, 2023
Document and Entity Information [Abstract]
Entity Registrant Name	ALAMOS GOLD INC
Entity Central Index Key	0001178819
Document Type	6-K
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Period End Date	Dec. 31, 2023

XML

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	85
Auditor Name	KPMG LLP
Auditor Location	Toronto, Canada

XML

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 224.8	$ 129.8
Equity securities	13.0	18.6
Amounts receivable (note 6)	53.4	37.2
Inventory (note 7)	271.2	234.2
Other current assets	23.6	16.2
Asset held for sale	0.0	5.0
Total Current Assets	586.0	441.0
Non-Current Assets
Mineral property, plant and equipment (note 8)	3,360.1	3,173.8
Deferred income taxes (note 12)	9.0	0.0
Other non-current assets (note 9)	46.1	59.4
Total Assets	4,001.2	3,674.2
Current Liabilities
Accounts payable and accrued liabilities (note 10)	195.0	172.7
Income taxes payable	40.3	0.7
Current portion of decommissioning liabilities (note 11)	12.6	8.5
Total Current Liabilities	247.9	181.9
Non-Current Liabilities
Deferred income taxes (note 12)	703.6	660.9
Decommissioning liabilities (note 11)	124.2	108.1
Other non-current liabilities	2.0	2.2
Total Liabilities	1,077.7	953.1
EQUITY
Share capital (note 13)	3,738.6	3,703.8
Contributed surplus	88.6	90.7
Accumulated other comprehensive loss	(26.9)	(24.8)
Deficit	(876.8)	(1,048.6)
Total Equity	2,923.5	2,721.1
Total Liabilities and Equity	$ 4,001.2	$ 3,674.2

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Profit or loss [abstract]
OPERATING REVENUES	$ 1,023.3	$ 821.2
COST OF SALES
Mining and processing	437.3	394.4
Inventory net realizable value adjustment	0.0	33.9
Royalties	10.2	9.1
Amortization	190.2	171.5
Cost of sales	637.7	608.9
EXPENSES
Exploration	18.2	18.4
Corporate and administrative	27.6	25.9
Share-based compensation (note 13)	21.7	18.3
Impairment (note 8)	0.0	38.2
Total expenses	705.2	709.7
EARNINGS FROM OPERATIONS	318.1	111.5
Finance expense	(2.5)	(5.7)
Foreign exchange gain	1.9	1.7
Other loss (note 14)	(23.8)	(5.1)
EARNINGS BEFORE INCOME TAXES	293.7	102.4
INCOME TAXES (note 12)
Current income tax expense	(52.7)	(10.7)
Deferred income tax expense	(31.0)	(54.6)
NET EARNINGS	210.0	37.1
Items that may be subsequently reclassified to net earnings:
Net change in fair value of currency hedging instruments, net of taxes	8.3	(5.9)
Net change in fair value of fuel hedging instruments, net of taxes	(0.2)	(0.3)
Items that will not be reclassified to net earnings:
Unrealized loss on equity securities, net of taxes	(10.5)	(20.5)
Total other comprehensive loss	(2.4)	(26.7)
COMPREHENSIVE INCOME	$ 207.6	$ 10.4
EARNINGS PER SHARE (note 15)
- basic (usd per share)	$ 0.53	$ 0.09
- diluted (usd per share)	$ 0.53	$ 0.09
Weighted average number of common shares outstanding (000's)
- basic (in shares)	395,509	392,172
- diluted (in shares)	398,069	394,508

XML

Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	SHARE CAPITAL	CONTRIBUTED SURPLUS	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Equity securities	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Currency hedging instruments	ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Fuel Hedging Instruments	DEFICIT
Beginning balance at Dec. 31, 2021		$ 3,692.9	$ 89.5		$ (2.5)	$ 4.0	$ 0.4	$ (1,048.7)
Changes in equity [abstract]
Issuance of shares related to Manitou acquisition (note 8)		0.0
Shares repurchased and cancelled (i)		(10.4)						2.2
Issuance of shares related to share-based compensation		5.3
Issuance of shares for dividend reinvestment and share purchase plan ("DRIP")		4.1
Issuance of shares for employee share purchase plan ("ESPP")		2.7
Transfer from contributed surplus of share-based compensation redeemed		2.3	(2.3)
Issuance of shares through flow-through share agreements		6.9
Exercise of Manitou warrants (note 8)		0.0
Cancellation of unexchanged shares		0.0						0.0
Share-based compensation			5.5
Distribution of share-based compensation	$ 8.5		(2.0)
Net change in fair value of currency hedging instruments, net of taxes	(5.9)					(5.9)
Net change in fair value of fuel hedging instruments, net of tax	(0.3)						(0.3)
Reclassification of realized loss on sale of equity securities, net of tax					0.0
Unrealized loss on equity securities, net of tax of nil	20.5				(20.5)
Dividends (note 13(d))	(35.1)	(4.1)						(39.2)
Reclassification of realized loss on sale of equity securities, net of tax								0.0
Net earnings	37.1							37.1
Ending balance at Dec. 31, 2022	2,721.1	3,703.8	90.7	$ (24.8)	(23.0)	(1.9)	0.1	(1,048.6)
Changes in equity [abstract]
Issuance of shares related to Manitou acquisition (note 8)		13.4
Shares repurchased and cancelled (i)		0.0						0.0
Issuance of shares related to share-based compensation		8.4
Issuance of shares for dividend reinvestment and share purchase plan ("DRIP")		4.1
Issuance of shares for employee share purchase plan ("ESPP")		5.6
Transfer from contributed surplus of share-based compensation redeemed		3.9	(3.9)
Issuance of shares through flow-through share agreements		0.0
Exercise of Manitou warrants (note 8)		0.9
Cancellation of unexchanged shares		(1.5)						1.5
Share-based compensation			4.9
Distribution of share-based compensation	15.8		(3.1)
Net change in fair value of currency hedging instruments, net of taxes	8.3					8.3
Net change in fair value of fuel hedging instruments, net of tax	(0.2)						(0.2)
Reclassification of realized loss on sale of equity securities, net of tax					0.3
Unrealized loss on equity securities, net of tax of nil	10.5				(10.5)
Dividends (note 13(d))								(39.4)
Reclassification of realized loss on sale of equity securities, net of tax								(0.3)
Net earnings	210.0							210.0
Ending balance at Dec. 31, 2023	$ 2,923.5	$ 3,738.6	$ 88.6	$ (26.9)	$ (33.2)	$ 6.4	$ (0.1)	$ (876.8)

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH PROVIDED (USED IN) BY OPERTING ACTIVITIES
Net earnings	$ 210.0	$ 37.1
Adjustments for items not involving cash:
Amortization	190.2	171.5
Impairment (note 8)	0.0	38.2
Inventory net realizable value adjustment	0.0	33.9
Foreign exchange gain	(1.9)	(1.7)
Current income tax expense	52.7	10.7
Deferred income tax expense	31.0	54.6
Share-based compensation	21.7	18.3
Finance expense	2.5	5.7
Other (note 16)	12.7	(6.7)
Changes in working capital and taxes paid (note 16)	(46.2)	(63.1)
Cash flows from (used in) operating activities	472.7	298.5
INVESTING ACTIVITIES
Mineral property, plant and equipment	(348.9)	(313.7)
Proceeds from sale of Esperanza Project (note 8)	0.0	5.0
Proceeds from disposition of equity securities	0.1	0.0
Investment in equity securities	(2.8)	(4.0)
Manitou transaction costs (note 8)	(0.2)	0.0
Cash flows from (used in) investing activities	(351.8)	(312.7)
FINANCING ACTIVITIES
Dividends paid	(35.3)	(35.1)
Proceeds from the exercise of options and warrants	9.3	5.3
Repurchase and cancellation of common shares	0.0	(8.2)
Proceeds from issuance of flow-through shares	0.0	10.4
Credit facility interest and transaction fees	0.0	(0.8)
Cash flows from (used in) financing activities	(26.0)	(28.4)
Effect of exchange rates on cash and cash equivalents	0.1	(0.1)
Increase (decrease) in cash and cash equivalents	95.0	(42.7)
Cash and cash equivalents - beginning of year	129.8	172.5
CASH AND CASH EQUIVALENTS - END OF YEAR	$ 224.8	$ 129.8

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Nature of Operations

12 Months Ended

Dec. 31, 2023

Disclosure of notes and other explanatory information [Abstract]

Nature of Operations

1. DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS

Alamos Gold Inc. ("Alamos"), a company incorporated under the Business Corporation Act (Ontario), and its wholly-owned subsidiaries (collectively the “Company”), is a publicly traded company with common shares listed on the Toronto Stock Exchange (TSX:AGI) and the New York Stock Exchange (NYSE: AGI). The Company's registered office is located at 181 Bay Street, Suite 3910, Toronto, Ontario, M5J 2T3.

Alamos is a Canadian-based intermediate gold producer engaged in the acquisition, exploration, development and extraction of precious metals, with diversified North American production from the Young-Davidson and the Island Gold mines in Northern Ontario, Canada and the Mulatos District in Sonora State, Mexico. Additionally, Alamos has several development projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada.

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Basis of Preparation

12 Months Ended

Dec. 31, 2023

Disclosure of notes and other explanatory information [Abstract]

Basis of Preparation

2. BASIS OF PREPARATION

These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) effective as of December 31, 2023. IFRS comprises IFRSs, International Accounting Standards ("IASs"), and interpretations issued by the IFRS Interpretations Committee ("IFRICs") and the former Standing Interpretations Committee ("SICs").

These consolidated financial statements have been prepared using the historical cost convention, other than those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period and which are measured in accordance with the policies disclosed in note 3.

The consolidated financial statements were authorized for issue by the Board of Directors on February 21, 2024.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Disclosure of significant accounting policies [Abstract]

Summary of Significant Accounting Policies

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES

(a) Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company, and are wholly-owned. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The Company's principal properties and material subsidiaries of the Company and their geographic locations at December 31, 2023 were as follows:

Direct parent company	Country of incorporation	Mining properties and projects owned
Alamos Gold Inc	Canada	Island Gold Mine             Young-Davidson Mine Lynn Lake project
Minas de Oro Nacional, S.A. de C.V.	Mexico	The Mulatos District
Dogu Biga Madencilik Sanayi Ticaret AS	Türkiye	Turkish properties

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

(b) Foreign currency

These consolidated financial statements are presented in United States dollars (“US dollars”), which is the functional currency of the Company and all of its subsidiaries.

Transactions in currencies other than the Company's or a subsidiary's functional currency (“foreign currencies”) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at that date. Foreign currency non-monetary items that are measured in terms of historical cost are not retranslated.

Exchange differences are recognized in net earnings in the period in which they arise. Exchange differences on foreign deferred tax assets and liabilities are presented as deferred income tax expense on the Consolidated Statements of Comprehensive Income.

(c) Cash and cash equivalents

The Company considers deposits in banks, certificates of deposits, and short-term investments with original maturities of three months or less from the acquisition date as cash and cash equivalents.

(d) Inventories

Parts and supplies inventory

Supplies inventory consists of mining supplies and consumables used in the operation of the mines, and is valued at the lower of average cost and net realizable value. Provisions are recorded to reflect present intentions for the use of slow moving and obsolete parts and supplies inventory.

Stockpile inventory

Stockpiles represent ore that has been mined and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile. Stockpile ore tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on the current mining cost per tonne incurred up to the point of stockpiling the ore, including applicable overhead, depletion and amortization relating to mining operations, to the extent determined recoverable, and are removed at the average cost per tonne. Stockpile inventory is measured at the lower of cost and net realizable value.

In-process inventory

The recovery of gold is achieved through milling and heap leaching processes. Costs are added to ore on leach pads and in the mill based on the current stockpiled mining cost and current processing cost, including applicable overhead, depletion and amortization relating to processing operations. Costs are removed from ore on leach pads and in the mill as ounces are recovered, based on the average cost per recoverable ounce of gold in-process inventory. In-process inventory is measured at the lower of cost and net realizable value.

Finished goods inventory

Finished goods inventory consists of dore bars containing predominantly gold by value which are generally refined off-site to return saleable metals. Dore inventory is valued at the lower of weighted average cost and net realizable value.

For all classes of gold inventory, net realizable value is calculated as the difference between the estimated future metal revenue based on prevailing and/or long-term metal prices as appropriate, and estimated costs to complete production into a saleable form.

(e) Long-lived assets

Mineral property, plant and equipment

Mineral property, plant and equipment is recorded at cost less accumulated amortization and accumulated impairment losses. The initial cost of an asset is comprised of its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, and the initial estimate of any reclamation obligation. The purchase price is the fair value of consideration given to acquire the asset. The value of right-of-use assets are also included within property, plant and equipment. Subsequent costs are included in the asset’s carrying amount when it is probable that future economic benefits associated with the asset will flow to the Company, and the costs can be measured reliably. This would include costs related to the refurbishment or replacement of major components of an asset, when the refurbishment results in a significant extension in the physical life of the component. All other repairs and maintenance costs are recognized in net earnings as incurred.

The cost of property, plant and equipment, less any applicable residual value, is allocated over the estimated useful life of the asset on a straight-line basis, or on a unit-of-production basis if that method is more reflective of the allocation of benefits among periods. Amortization commences on an asset when it has been fully commissioned and is available for use. Amortization rates applicable to each category of property, plant and equipment, with the exception of land, are as follows:

Asset	Useful life
Leasehold improvements	Lease term
Mobile equipment	2-10 years
Other equipment	2-20 years
Processing plant	Unit-of-production
Shaft, underground infrastructure and mineral properties	Unit-of-production
Vehicles	3-7 years
Buildings	7-20 years
Office equipment	2-8 years

When components of an item of property, plant and equipment have different useful lives than those noted above, they are accounted for as separate items of property, plant and equipment. Each asset or component’s estimated useful life is determined considering its physical life limitations; however, this physical life cannot exceed the remaining life of the mine at which the asset is utilized. Estimates of remaining useful lives and residual values are reviewed annually and when events and circumstances indicate that such a review should be made. Any changes in estimates of useful lives are accounted for prospectively from the date of the change.

Acquisitions:

The purchase consideration of the acquisition of a mining property determined to be an asset acquisition is allocated to the individual assets acquired and liabilities assumed based on their relative fair values.

Exploration and evaluation expenditures

Expenditures incurred prior to the Company obtaining the right to explore are expensed in the period in which they are incurred.

Exploration and evaluation expenditures include costs such as exploratory drilling, sample testing, and costs of pre-feasibility and other technical studies. Exploratory drilling and other exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves and resources of which there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve, are expensed. Evaluation expenditures related to activities located within the boundary of a known mineral deposit as described above are capitalized and included in the carrying amount of the related mining property. Management uses the following criteria in its assessment of the boundary of the known mineral deposit: (i) geology: there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve. There is a history of conversion to reserves at operating mines; (ii) scoping, pre-feasibility or feasibility: there is a scoping study, pre-feasibility or preliminary feasibility study that demonstrates the additional reserves and resources will generate a positive commercial outcome. Known metallurgy provides a basis for concluding there is a significant likelihood of being able to recover the incremental costs of extraction and production; (iii) accessible facilities: the mineral deposit can be processed economically at accessible mining and processing facilities where applicable; (iv) life of mine plans: an overall life of mine plan and economic model to support the economic extraction of reserves and resources exists. A long-term life of mine plan and supporting geological model identifies the drilling and related development work required to expand or further define the existing ore body; and (v) authorizations: operating permits and feasible environmental programs exist or are obtainable. All capitalized exploration and evaluation assets are monitored for indications of impairment, to ensure that

exploration activities related to the property are continuing and/or planned for the future. If an exploration property does not prove viable, an impairment loss is recognized in net earnings as the excess of the carrying amount over the recoverable amount (refer to note 3(f) for definition of recoverable amount) in the period in which that determination is made.

Capitalized exploration and evaluation assets are subsequently reclassified to mine development costs upon determining that the technical feasibility and commercial viability of extracting a mineral resource are demonstrable and the Board of Directors has approved project advancement. The Company performs an impairment test, based on the recoverable amount, prior to the reclassification of exploration and evaluation assets to mine development costs.

Mining interests and mine development costs

The Company may hold interests in mineral properties in various forms, including prospecting licenses, exploration and exploitation concessions, mineral leases and surface rights. The Company capitalizes payments made in the process of acquiring legal title to these properties.

Property acquisition and mine development costs are recorded at cost. Mine development costs incurred to expand operating capacity, develop new ore bodies or develop mine areas in advance of current production are capitalized. Mine development costs related to current period production are recorded in inventory. Borrowing costs for qualifying assets are capitalized to mine development costs while construction and development activities at the property are in progress. Items may be produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (such as samples produced when testing whether the asset is functioning properly). An entity recognizes the proceeds from selling any such items, and the cost of those items, in profit or loss in accordance with applicable Standards.

Subsequent to the commencement of commercial production, further development expenditures incurred with respect to a mining interest are capitalized as part of the mining interest, when it is probable that additional future economic benefits associated with the expenditure will flow to the Company. Otherwise, such expenditures are classified as mining and processing costs.

Once the asset is capable of operating as management has intended, mining interests are depleted over the life of the mine using the unit-of-production method based on estimated proven and probable mineral reserves of the mine and the portion of mineralization from measured, indicated and inferred mineral resources expected to be classified as mineral reserves, in applicable mines. The Company determines the portion of mineralization expected to be classified as mineral reserves by considering the degree of confidence in the economic extraction of the resource, which is affected by long-term metal price assumptions, cut-off grade assumptions, and drilling results. These assessments are made on a mine-by-mine basis.

The expected reserves used in depletion calculations are determined based on the facts and circumstances associated with the mining interest. Any changes in estimates of reserves are accounted for prospectively from the date of the change.

Capitalized stripping costs

Pre-production stripping costs are capitalized as part of the cost of constructing a mine.

Mining costs associated with stripping activities during the production phase of a mine are capitalized only if the Company can identify the component of the ore body for which access is obtained, the costs associated with the related stripping activities can be measured reliably, and the activities represent a future benefit to the mining interest, in that access is gained to sources of mineral reserves and resources that will be produced in future periods that would otherwise not have been accessible. Production stripping costs are allocated between inventory and capital based on the expected volume of waste extracted for a given volume of ore production. The expected volume of waste to be allocated to inventory is determined with reference to the life of mine stripping ratio of a particular mine or deposit, with the remaining amount allocated to capital. The amount of waste capitalized is calculated by multiplying the stripping tonnes mined during the period by the current mining cost per tonne in the open pit.

Capitalized stripping costs are depleted over the expected mineral reserves and resources benefiting from the stripping activity using the unit-of-production method based on estimated proven and probable mineral reserves, and the portion of mineralization expected to be classified as mineral reserves.

Investment tax credits

Investment tax credits are earned as a result of incurring eligible exploration and development expenses prior to commercial production. Investment tax credits are accounted for as a reduction to property, plant and equipment or mining interests.

Investment tax credits also arise as a result of incurring eligible research and development expenses and these credits are recorded as a reduction to the related expenses.

Derecognition

Upon replacement of a major component, or upon disposal or abandonment of a long-lived asset, the carrying amounts of the assets are derecognized with any associated gains or losses recognized in the Consolidated Statements of Comprehensive Income.

(f) Impairment of non-financial assets

The carrying amounts of non-financial assets, excluding inventories and deferred income tax assets, are reviewed for impairment (or impairment reversal) at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable (or indicate that a previous impairment may have reversed). In making this determination, the Company considers both internal and external information, in accordance with IAS 36, Impairment of Assets, to determine whether there is an indicator of impairment or impairment reversal and, accordingly, whether quantitative testing is required. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the Cash Generating Unit ("CGU") level.

If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs of disposal and its value-in-use, an impairment expense is recognized as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGUs, if any, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.

Where the recoverable amount is assessed using discounted cash flow techniques, the estimates are based on detailed mine or production plans. The mine plan is the basis for forecasting production output in each future year and for forecasting production costs. For value-in-use calculations, production costs and output in the mine plan may be revised to reflect the continued use of the asset in its present form.

Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized. Goodwill impairments are not reversed.

(g) Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources that can be reliably estimated will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Decommissioning liabilities

The Company’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. The timing of these expenditures is dependent upon a number of factors including the life of the mine, the operating license conditions, and the laws, regulations, and environment in which the mine operates.

Decommissioning liabilities are recognized at the time an environmental disturbance occurs and are measured at the Company’s best estimate of the expected future cash flows required to reclaim the disturbance for each mine operation, which are adjusted to reflect inflation, and discounted to their present value. The inflation rate used is determined based on external forecasts for inflation in the country in which the related mine operates. Expected future cash flows reflect the risks and probabilities that alternative estimates of cash flows could be required to settle the obligation. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money specific to the currency in which the cash flows are expected to be paid. The discount rate does not reflect risks for which the cash flows have been adjusted. Significant estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are based on existing environmental and regulatory requirements or, if more stringent, Company policies that give rise to a constructive obligation.

Upon initial recognition of a decommissioning liability, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost is recognized in mineral property and amortized in accordance with the Company's policy for the related asset.

The provision is progressively increased over the life of the operation as the effect of discounting unwinds, creating an expense included in finance expense on the Consolidated Statements of Comprehensive Income.

Decommissioning liabilities are adjusted for changes in estimates. Such adjustments, which are not the result of the current production of inventory, are accounted for as a change in the corresponding capitalized cost, except where a reduction in the provision is greater than the unamortized capitalized cost of the related assets. In instances where the capitalized cost of the related assets is nil, or will be reduced to nil, the remaining adjustment is recognized in net earnings. If reclamation and restoration costs are incurred as a consequence of the production of inventory, the costs are recognized as a cost of that inventory. Factors influencing such changes in estimates include revisions to estimated reserves, resources and lives of mines; developments in technologies; regulatory requirements and environmental management strategies; changes in estimated costs of anticipated activities, including the effects of inflation; and movements in interest rates affecting the discount rate applied.

(h) Revenue recognition

Revenue from the sale of gold, including refined metal, and dore, is recognized when control over the metal is transferred to the customer. Transfer of control generally occurs when title has passed to the customer, the customer has assumed the significant risks and rewards of ownership of the asset and the Company has the right to payment for the delivery of the refined metal, or dore. On transfer of control, revenue and related costs can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Company as payment is received on the date of or within a few days of transfer of control.

(i) Earnings per share

Basic earnings per share is calculated based on the weighted average number of common shares and common share equivalents outstanding for the period. Diluted earnings per share is calculated using the treasury method, except when assessing the dilution impact equity-settled restricted share units, and performance shares units, where the if converted method is used. The treasury method assumes that outstanding stock options with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. The if converted method assumes that all equity settled restricted share units, and performance share units have been converted in determining fully diluted loss per share, except where such conversion would be antidilutive.

(j) Share-based compensation

The Company measures all equity-settled share-based awards made to employees and others providing similar services (collectively, “employees”) based on the fair value of the options or units on the date of grant.

The grant date fair value of options is estimated using an option pricing model and is recognized as compensation expense over the vesting period, based on the number of options that are expected to vest. A corresponding increase is recognized in equity. The grant date fair values of the Company’s equity-settled performance share units, and restricted share units are determined using an option pricing model and are recognized as compensation expense over the vesting period.

The Company awards cash-settled share-based compensation to directors and employees in the form of deferred share units and restricted share units. In accounting for these awards, the Company recognizes the fair value of the amount payable to employees, using the Black-Scholes option pricing model for certain units, as they are earned based on the estimated number of units that are expected to vest. Based on the plan, some units are initially measured at fair value and recognized as an obligation at the grant date using the Company's share price. The corresponding liability is re-measured at fair value on each reporting date and upon settlement, with changes in fair value recognized in Comprehensive Income for the period. The fair value of deferred share units and restricted share units is determined by reference to the Company’s share price when the units are awarded or re-measured.

The Company also maintains an employee share purchase plan. Under this plan, contributions by the Company’s employees are matched to a specific percentage by the Company and are recognized as an expense when the Company’s obligation to contribute arises.

(k) Income taxes

Income tax expense is comprised of current and deferred income tax. Current and deferred income taxes are recognized in earnings or loss except to the extent that they relate to a business combination, or to items recognized directly in equity or other comprehensive income ("OCI").

Current income taxes

Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with respect to previous years.

Deferred income taxes

Deferred tax assets and liabilities are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following do not result in deferred tax assets or liabilities:

•temporary differences arising from the initial recognition of assets or liabilities, not arising in a business combination, that does not affect accounting or taxable profit;

•taxable temporary differences arising from the initial recognition of goodwill; and

•taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings or loss in the period that substantive enactment occurs except to the extent it relates to items recognized directly in equity or in other comprehensive income.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced to its recoverable amount. The Company makes estimates of the likelihood of whether or not all or some portion of each deferred income tax asset will be realized, which is impacted by interpretation of tax laws and regulations, historic and future expected levels of taxable income, timing of reversals of taxable temporary timing differences, and tax planning initiatives. Levels of future taxable income are affected by, among other things, market gold prices, production costs, quantities of proven and probable gold reserves, interest rates, and foreign currency exchange rates.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to the same taxable entity and income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis.

Uncertain tax positions

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective subsidiary’s country of domicile.

(l) Financial instruments

The Company’s financial instruments are classified and subsequently measured as follows:

Asset / Liability
Cash and cash equivalents	Amortized cost
Equity securities	Fair value through OCI
Amounts receivable	Amortized cost
Accounts payable and accrued liabilities	Amortized cost
Debt and financing obligations	Amortized cost
Non-hedged derivatives	Fair value through profit or loss
Cash flow hedging derivatives	Fair value through OCI
Esperanza Milestone Payments	Fair value through profit or loss

The Company's accounting policy for financial instruments is as follows:

Financial assets

Financial assets are classified as either financial assets at fair value through profit or loss, amortized cost, or fair value through other comprehensive income ("OCI"). The Company determines the classification of its financial assets at initial recognition.

i. Financial assets recorded at fair value through profit or loss

All financial assets not classified as amortized cost or fair value through other comprehensive income ("FVOCI") are classified and measured at fair value through profit or loss ("FVPL"). Gains or losses on these items are recognized in net earnings or loss.

ii. Amortized cost

Financial assets are classified at amortized cost if both of the following criteria are met and the financial assets are not classified or designated as at fair value through profit and loss: 1) the Company’s objective for these financial assets is to collect their contractual cash flows and 2) the asset’s contractual cash flows represent ‘solely payments of principal and interest’. The Company’s amounts receivable are recorded at amortized cost as they meet the required criteria.

iii. Fair value through OCI

For equity securities that are not held for trading, the Company can make an irrevocable election at initial recognition to classify the instruments at FVOCI, with all subsequent changes in fair value being recognized in other comprehensive income. This

election is available for each separate investment. Under this FVOCI category, fair value changes are recognized in OCI while dividends are recognized in profit or loss. On disposal of the investment the cumulative change in fair value is not recycled to profit or loss, rather transferred to deficit. The Company has elected to account for equity securities within this manner.

iv. Reclassifications

Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets.

Financial liabilities

Financial liabilities, including accounts payable and accrued liabilities, as well as debt and financing obligations are accounted for at amortized cost.

Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. The amortization of debt issue costs is calculated using the effective interest method.

Derivative financial instruments

The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices, including the Company’s final product, consumables and other currencies against the US Dollars. Derivative financial instruments are measured at fair value at each reporting period.

Non-hedged derivative financial instruments

All derivative instruments not designated in a hedge relationship that qualify for hedge accounting are classified as financial instruments at fair value through profit or loss. Changes in fair value of non-hedging derivative financial instruments are included in net earnings or loss as non-hedging derivative gains or losses.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

(m) Hedges

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivative hedging instruments to forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying transaction being hedged.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in fair value is recognized in other comprehensive income. For hedged items other than the purchase of non-financial assets, the amounts accumulated in other comprehensive income are reclassified to the consolidated statement of other comprehensive income when the underlying hedged transaction, identified at the inception of the hedge, affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the amounts accumulated in other comprehensive income are removed and added to the carrying amount of the non-financial asset.

Any ineffective portion of a hedge relationship is recognized immediately in net earnings or loss. When derivative contracts designated as cash flow hedges are terminated, expired, sold or no longer qualify for hedge accounting, hedge accounting is discontinued prospectively. Any amounts recorded in other comprehensive income up until the time the contracts do not qualify for hedge accounting remain in other comprehensive income.

Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in the period incurred and are recorded in net earnings or loss. If the forecasted transaction is no longer expected to occur, then the amounts accumulated in other comprehensive income are reclassified to net earnings or loss immediately.

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Critical Accounting Estimates and Judgements

12 Months Ended

Dec. 31, 2023

Disclosure of notes and other explanatory information [Abstract]

Critical Accounting Estimates and Judgements

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

Many of the amounts included in the Consolidated Statements of Financial Position require management to make estimates and judgements. Accounting estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised.

Critical accounting estimates

The following is a list of the accounting estimates that the Company believes are critical, due to the degree of uncertainty regarding the estimates or assumptions involved and the magnitude of the asset, liabilities, revenue or expense being reported. Actual results may differ from these estimates.

Amortization

The Company makes estimates of the quantities of proven and probable mineral reserves of its mines and the portion of mineral resources expected to be ultimately converted to mineral reserves. The estimation of quantities of mineral reserves and mineral resources is complex, requiring significant subjective assumptions that arise from the evaluation of geological, geophysical, engineering and economic data for a given ore body. This data could change over time as a result of numerous factors, including new information gained from development activities, evolving production history and a reassessment of the viability of production under different economic conditions. The Company forecasts prices of commodities, exchange rates, production costs, discount rates, and recovery rates. These estimates may change the economic status of mineral reserves and may result in mineral reserves and mineral resources being revised.

The Company uses estimated proven and probable mineral reserves, and an estimate of mineral resources as the basis for amortizing certain mineral property, plant and equipment. The physical life of these assets, and related components, may differ from the Company’s estimate, which would impact amortization expense. Plant and equipment not depleted on a unit of production basis based on recoverable ounces are depleted on a straight-line basis. Changes to estimates of the useful life and residual value may be impacted by the Company's mine plans and rate of usage of these plant and equipment.

Inventory

The Company accounts for its ore stockpiles and in-process precious metals inventory using a process flow for applicable costs appropriate to the physical transformation of ore through the mining, crushing, leaching from heap leach operations, milling and gold recovery process. The Company estimates the expected ultimate recovery based on laboratory tests and ongoing analysis of leach pad kinetics in order to estimate the recoverable metals at the end of each accounting period. If the Company determines at any time that the ultimate recovery should be adjusted downward, then the Company will adjust the average carrying value of a unit of metal content in the in-process inventory and adjust upward on a prospective basis the unit cost of subsequent production. Should an upward adjustment in the average carrying value of a unit of metal result in the carrying value exceeding the realizable value of the metal, the Company would write down the carrying value to the realizable value.

Decommissioning liabilities

The Company makes estimates of the timing and amount of expenditures required to settle the Company’s decommissioning liabilities. The principal factors that can cause expected future expenditures to change are: the construction of new processing facilities; changes in the quantities of material in reserves and a corresponding change in the life of mine plan; changing ore characteristics that ultimately impact the environment; changes in water quality that impact the extent of water treatment required; and changes in laws and regulations governing the protection of the environment. In general, as the end of the mine life nears, the reliability of expected cash flows increases, but earlier in the mine life, the estimation of a decommissioning liability is inherently more subjective.

Critical accounting judgements

The following are critical judgements that management has made in the process of applying accounting policies that may have a significant impact on the amounts recognized in the consolidated financial statements.

Indicators of impairment and reversal of impairment

The Company considers both external and internal sources of information in assessing whether there are any indications that CGUs are impaired or reversal of impairment is needed. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and are expected to affect the recoverable amount of CGUs. Internal sources of information the Company considers include the manner in which mineral properties and plant and equipment are being used or are expected to be used and indications of changes in the economic performance of the assets. The primary external factors considered are changes in forecast metal prices, changes in laws and regulations and the Company's market capitalization relative to its net asset carrying amount. Primary internal factors considered are the Company's current mine performance against expectations, changes in mineral reserves and resources, life of mine plans and exploration results.

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Amounts Receivable

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Amounts Receivable

6. AMOUNTS RECEIVABLE

	December 31, 2023	December 31, 2022
Sales tax receivables
Canada	$12.2	$15.1
Mexico	35.0	16.4
Other	0.7	1.1
Other receivables	5.5	4.6
	$53.4	$37.2

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Inventory

12 Months Ended

Dec. 31, 2023

Disclosure of inventories [Abstract]

Inventory

7. INVENTORY

	December 31, 2023	December 31, 2022
In-process precious metals	$195.3	$159.4
Ore in stockpiles	2.8	10.0
Parts and supplies	65.2	57.2
Dore, and refined precious metals	7.9	7.6
	271.2	234.2

The amount of inventories recognized in mining and processing costs for the year ended December 31, 2023, was $448.4 million (December 31, 2022 - $400.5 million). The amount of inventories recognized in amortization costs for the year ended December 31, 2023, was $190.2 million (December 31, 2022 - $171.5 million). Included in in-process precious metals are inventories totaling $58.0 million that are expected to be realized after more than one year.

The Company assesses the net realizable value of inventory at each reporting period. In the second and third quarters of 2022, given a decrease in the gold price at the period ends and higher costs at the Mulatos operation, the Company recorded a $33.9 million cumulative reduction in the carrying value of the in-process precious metals inventory at Mulatos. This was comprised of $27.6 million related to mining and processing costs and $6.3 million related to amortization.

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Mineral Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Mineral Property, Plant and Equipment

8. MINERAL PROPERTY, PLANT AND EQUIPMENT

		Mineral property
	Plant and equipment	Depletable	Non-depletable	Exploration and evaluation	Total
Cost
At December 31, 2021	$1,629.3	$2,631.2	$285.6	$319.3	$4,865.4
Additions	40.2	143.8	123.7	22.1	329.8
Transfer of La Yaqui Grande assets1	121.0	19.0	(140.0)	—	—
Revisions to decommissioning liabilities	—	6.7	—	—	6.7
Disposals	(1.7)	—	—	—	(1.7)
Sale of Esperanza Project	(0.4)	—	—	(89.6)	(90.0)
At December 31, 2022	$1,788.4	$2,800.7	$269.3	$251.8	$5,110.2
Additions	51.5	109.5	174.7	32.2	367.9
Acquisition of Manitou Gold Inc. (i)	—	—	—	20.0	20.0
Transfers	4.0	—	(4.0)	—	—
Revisions to decommissioning liabilities (note 11)	—	8.6	—	—	8.6
Disposals	(35.5)	(1.3)	—	(1.4)	(38.2)
At December 31, 2023	$1,808.4	$2,917.5	$440.0	$302.6	$5,468.5
Accumulated amortization and impairment charges
At December 31, 2021	$717.8	$811.8	142.4	$84.9	$1,756.9
Amortization	91.7	89.4	—	—	181.1
Disposals	(1.2)	—	—	—	(1.2)
Impairment expense on Esperanza Project (iv)	—	—	—	38.2	38.2
Sale of Esperanza Project (iv)	(0.4)	—	—	(38.2)	(38.6)
At December 31, 2022	$807.9	$901.2	$142.4	$84.9	$1,936.4
Amortization	106.6	101.0	—	—	207.6
Disposals	(34.3)	(1.3)	—	—	(35.6)
At December 31, 2023	$880.2	$1,000.9	$142.4	$84.9	$2,108.4
Net carrying value
At December 31, 2022	$980.5	$1,899.5	$126.9	$166.9	$3,173.8
At December 31, 2023	$928.2	$1,916.6	$297.6	$217.7	$3,360.1

1.La Yaqui Grande commenced commercial production on June 20, 2022.

The net carrying values and capital additions by segment (note 17) are as follows:

	December 31, 2023		December 31, 2022
	Mineral Property, Plant and Equipment	Capital additions for the year ended1	Mineral Property, Plant and Equipment	Capital additions for the year ended1
Young-Davidson	$1,500.3	$73.5	1,504.7	68.4
Island Gold	1,397.7	243.4	1,174.6	185.1
Mulatos	293.0	29.9	343.8	58.8
Corporate and other	169.1	21.1	150.7	17.5
	$3,360.1	$367.9	$3,173.8	$329.8

1.Segment capital additions are presented on an accrual basis. Mineral property, plant and equipment in the consolidated statements of cash flows are presented on a cash expenditure basis. 

(i) Acquisition of Manitou Gold Inc.

On May 23, 2023, the Company acquired all the issued and outstanding common shares of Manitou Gold Inc. ("Manitou") not previously owned by the Company, by way of a plan of arrangement (the "Arrangement"). Under the terms of the Arrangement Manitou shareholders received 0.0035251 of an Alamos share for each Manitou share held. Prior to the closing of the Arrangement, the Company owned 65,211,077 Manitou shares, which represented approximately 19% of Manitou's basic common shares outstanding.

Upon closing of the transaction, the Company issued 984,760 common shares as part of the consideration. In addition, the Company issued 60,833 common shares as payment for the change of control obligations for departing management. Common shares issued were valued at the closing share price on May 23, 2023 of CAD $17.37. Total consideration for the acquisition was $16.7 million, including transaction costs of $0.2 million.

Management determined that the acquisition of Manitou did not meet the definition of a business combination in accordance with IFRS 3, Business Combinations. Accordingly, the Company has accounted for the transaction as an asset acquisition. The Manitou mineral property has been recognized as part of the Island Gold reportable operating segment (note 17). The allocation of the purchase price to the net assets acquired are as follows:

Consideration paid
Fair value of total shares issued (note 13)	$13.4
Fair value of 19% interest in Manitou prior to acquisition	3.1
Transaction costs	0.2
	$16.7
Net assets acquired
Mineral property, plant and equipment	$20.0
Current liabilities (a)	(1.5)
Decommissioning liabilities	(1.8)
	$16.7

(a) Included in current liabilities are $1.1 million of Canadian dollar denominated share purchase warrants which were recognized as a liability at the date of acquisition. During the year ended December 31, 2023, 61,683 warrants were exercised for gross proceeds of $0.7 million (note 13).

(ii) Royalties

The Company is obliged to make certain royalty payments on its mineral properties. The following table includes the significant royalties payable by the Company:

Location	Royalties payable
Mulatos	0.5% Extraordinary Mining Duty due to the Mexican government
Young-Davidson	1.5% net smelter royalty
Island Gold	2-3% net smelter royalties, dependent on claim

(iii) Other

The carrying value of construction in progress at December 31, 2023 was $299.0 million (December 31, 2022 - $155.8 million). and primarily relates to the Phase 3+ Expansion at Island Gold.

(iv) Sale of the Esperanza Project

On February 28, 2022, the Company announced that it has entered into a binding agreement to sell its non-core Esperanza Gold Project (“Esperanza”) located in Morelos State, Mexico to Zacatecas Silver Corp. (“Zacatecas Silver”) for total consideration of up to $60 million (the “Transaction”), including $5 million of cash. The Transaction closed on April 12, 2022. The Company measured the Esperanza asset group at the lower of carrying value and fair value less costs of disposal (“FVLCD”). The fair value of the expected purchase consideration was used as the basis for determining the asset group's fair value and an estimate of the disposal costs was used as the basis for the costs to sell. In performing this assessment, the Company concluded that the expected fair value less costs of disposal of the Esperanza asset group was lower than its carrying value. As a result, the Company recognized a pre‐tax impairment loss of $38.2 million in the first quarter of 2022, inclusive of $0.2 million of transaction costs incurred to date.

As part of the sale, the Company is entitled to receive additional consideration based on Zacatecas Silver achieving certain milestones ("Milestone Payments") (notes 9, 18). These proceeds are based on future events, which are not in the Company’s control, as such the Company remeasures these proceeds at fair value at each reporting date. The fair value of the Milestone Payments at December 31, 2023 was $5.7 million (December 31, 2022 - $19.1 million).

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Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Other Non-Current Assets

	December 31, 2023	December 31, 2022
Investment Tax Credits (Canada) (i)	$29.1	$28.2
Milestone Payments (ii)	5.7	19.1
Other	11.3	12.1
	$46.1	$59.4

(i) Investment Tax Credits

The Investment Tax Credits relate to Canadian exploration expenses incurred while determining the existence, location, extent or quality of mineral resources in Canada. The amount recognized relates to expenses incurred at the Young-Davidson mine, and will be utilized when the mine becomes cash tax payable.

(ii) Esperanza Milestone Payments

The Milestone Payments resulted from the sale of the Esperanza Project to Zacatecas Silver Corp. on April 12, 2022. The fair value of the Milestone Payments is recalculated at each reporting date, based on management's estimate of the timing and probability (notes 8, 18).

Schedule of Other Non-Current Assets

	December 31, 2023	December 31, 2022
Investment Tax Credits (Canada) (i)	$29.1	$28.2
Milestone Payments (ii)	5.7	19.1
Other	11.3	12.1
	$46.1	$59.4

(i) Investment Tax Credits

The Investment Tax Credits relate to Canadian exploration expenses incurred while determining the existence, location, extent or quality of mineral resources in Canada. The amount recognized relates to expenses incurred at the Young-Davidson mine, and will be utilized when the mine becomes cash tax payable.

(ii) Esperanza Milestone Payments

The Milestone Payments resulted from the sale of the Esperanza Project to Zacatecas Silver Corp. on April 12, 2022. The fair value of the Milestone Payments is recalculated at each reporting date, based on management's estimate of the timing and probability (notes 8, 18).

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Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Accounts Payable and Accrued Liabilities

10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	December 31, 2023	December 31, 2022
Trade accounts payable and accrued liabilities	$167.8	$147.6
Royalties payable (note 8)	2.7	2.2
Derivative liabilities (note 18)	1.0	4.2
Share-based compensation liability	22.7	18.3
Share purchase warrants (note 8)	0.4	—
Current portion of equipment financing obligations	0.4	0.4
	$195.0	$172.7

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Decommissioning Liabilities

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure1 [Abstract]

Decommissioning Liabilities

11. DECOMMISSIONING LIABILITIES

Balance – current and non-current portion December 31, 2021	$106.1
Reclamation expenditures	(0.4)
Accretion expense	4.2
Revisions to expected discounted cash flows	6.7
Balance – current and non-current portion December 31, 2022	$116.6
Liability assumed on Manitou acquisition (note 8)	1.8
Reclamation expenditures	(0.3)
Accretion expense	6.8
Revisions to expected discounted cash flows1	11.9
Balance – current and non-current portion December 31, 2023	$136.8
Less: Current portion of decommissioning liability	(12.6)
Balance – non-current portion December 31, 2023	$124.2

1.Included in the revisions to expected discounted cash flows are costs of $3.3 million related to closed sites with a corresponding expense recorded in Other Loss (note 14).

All of the expenditures are expected to occur between 2024 and 2049. The discount rates used in discounting the estimated reclamation and closure cost obligations were between 3.0% and 7.4% for the year ended December 31, 2023 (2022 – 2.9% and 10.5%), and the inflation rate used was between 1.7% and 3.6% for the year ended December 31, 2023 (2022 – 1.9% and 9.5%).

The total undiscounted value of the decommissioning liabilities at December 31, 2023 was $165.2 million (2022 - $134.0 million).

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Income Taxes

12 Months Ended

Dec. 31, 2023

Disclosure of income tax [Abstract]

Income Taxes

12. INCOME TAXES

The following table represents the major components of income tax expense recognized in net earnings for the years ended December 31, 2023 and 2022:

	December 31, 2023	December 31, 2022
Current income tax expense	$52.7	$10.7
Deferred income tax expense	31.0	54.6
Income tax expense recognized in net earnings	$83.7	$65.3

The statutory tax rate for 2023 was 25.0% (2022 – 25.0%). The following table reconciles the expected income tax expense at the Canadian combined statutory income tax rate to the amounts recognized in net earnings for the years ended December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
Earnings before income taxes	$293.7		$102.4
Statutory tax rate	25.0	%	25.0	%
Expected income tax expense based on above rates	$73.4		$25.6
Effect of higher tax rates in foreign jurisdictions	3.9		(3.9)
Non-deductible expenses	5.0		4.3
Impact of local mining taxes	19.6		14.7
Impact of foreign exchange	(16.3)		19.4
Impact of renouncement of flow through share expenditures	—		2.1
Withholding tax	1.5		1.6
Change in unrecognized temporary differences	2.5		3.3
Other	(5.9)		(1.8)
Income tax expense	$83.7		$65.3

For balance sheet presentation purposes, the Mexico deferred tax asset of $9.0 million has been disclosed separately from the consolidated deferred tax liability. The change in consolidated deferred income tax liability and deferred tax balance by category, both below, are shown inclusive of the Mexico deferred tax asset.

The following table reflects the change in net deferred income tax liability at December 31, 2023 and December 31, 2022:

	December 31, 2023	December 31, 2022
Balance, beginning of year	$660.9	$623.2
Deferred income tax expense recognized in net earnings	31.0	54.6
Deferred income tax (recovery) expense recognized in OCI	2.7	(1.0)
Deferred tax liability derecognized on sale of Esperanza Project	—	(15.9)
Balance, end of year	$694.6	$660.9

The following summarizes the components of deferred income tax at December 31, 2023 and December 31, 2022:

	December 31, 2023	December 31, 2022
Mineral property, plant and equipment	$735.3	$683.0
Inventory capitalization	5.1	12.2
Other deductible temporary differences	(41.1)	(34.2)
Non-capital losses carried forward	(4.7)	(0.1)
Deferred income tax liability	$694.6	$660.9

The Company has Canadian tax losses of $6.3 million expiring between 2024 and 2040, Mexican tax losses of $40.9 million expiring between 2024 and 2031, United States tax losses of $19.4 million expiring between 2029 and 2038, as well as Turkish tax losses of $0.8 million expiring between 2024 and 2027.

The Company has unrecognized deferred income tax assets at December 31, 2023 in respect of aggregate loss carryforwards, deductible temporary differences and unused tax credits. The unrecognized loss carryforwards, deductible temporary differences and unused tax credits are $139.7 million (December 31, 2022 -$118.0 million).

At December 31, 2023, the Company has unrecognized deferred income tax liabilities on taxable temporary differences of $45.0 million (December 31, 2022 - $16.9 million) for taxes that would be payable on the unremitted earnings of certain subsidiaries of the Company.

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Share Capital

12 Months Ended

Dec. 31, 2023

Disclosure of share capital, reserves and other equity interest [Abstract]

Share Capital

13. SHARE CAPITAL

a)    Authorized share capital of the Company consists of an unlimited number of fully paid Class A common shares without par value.

	Number of Shares	Amount
Outstanding at December 31, 2021	391,889,733	$3,692.9
Shares issued through:
Share-based compensation plans	1,198,125	7.6
Shares repurchased and cancelled (i)	(1,100,000)	(10.4)
Flow-through share financing	922,483	6.9
DRIP (ii)	527,770	4.1
ESPP (iii)	373,806	2.7
Cancellation of unexchanged shares	(5,428)	—
Outstanding at December 31, 2022	393,806,489	$3,703.8
Shares issued through:
Share-based compensation plans	1,425,024	12.3
Manitou acquisition (note 8)	1,045,593	13.4
DRIP (ii)	353,084	4.1
ESPP (iii)	469,566	5.6
Exercise of Manitou warrants (note 8)	60,983	0.9
Cancellation of unexchanged shares	(203,755)	(1.5)
Outstanding at December 31, 2023	396,956,984	$3,738.6

(i) Normal Course Issuer Bid ("NCIB")

In December 2023, the Company renewed its NCIB permitting the purchase for cancellation of up to 34,485,405 common shares, representing 10% of the Company’s public float. The Company may purchase Common Shares under the NCIB up to December 23, 2024.

During the year ended December 31, 2023, the Company did not purchase any common shares (year ended December 31, 2022 - 1,100,000 common shares at a cost of $8.2 million or $7.41 per share).

(ii) DRIP

The Company allows existing shareholders to participate in a DRIP. This provides shareholders the option of increasing their investment in the Company by electing to receive common shares in place of cash dividends. The Company has the discretion to elect to issue such common shares at up to a 5% discount to the prevailing market price from treasury, or purchase the common shares on the open market. For the year ended December 31, 2023, the Company issued 353,084 shares pursuant to the DRIP, valued at $4.1 million.

(ii) ESPP

The Company has an ESPP which enables employees to purchase Class A common shares through payroll deduction. At the option of the Company, the common shares can be issued from treasury based on the volume weighted average closing price of the last five days prior to the end of the month or the shares may be purchased for plan participants in the open market. During the year ended December 31, 2023, the Company issued 469,566 shares from treasury pursuant to the ESPP (year ended December 31, 2022 - 373,806 shares).

b)    Stock options

The following is a continuity of the changes in the number of stock options outstanding:

	Number	Weighted average exercise price (CAD$)
Outstanding at December 31, 2021	4,601,726	$7.47
Granted	634,727	9.53
Exercised	(1,198,125)	5.89
Forfeited	(113,477)	6.68
Outstanding at December 31, 2022	3,924,851	$8.32
Granted	481,449	14.10
Exercised	(1,424,916)	8.01
Forfeited	(215,007)	10.40
Outstanding at December 31, 2023	2,766,377	$9.32

During the year ended December 31, 2023, the weighted average share price at the date of exercise for stock options exercised was CAD $16.82 per share (for the year ended December 31, 2022 - CAD $11.98 per share).

(i) Stock options granted

During the year ended December 31, 2023, the Company granted 481,449 stock options which are vested in tranches equally over three years (year ended December 31, 2022 - 634,727). The following table presents the weighted average fair value assumptions used in the Black-Scholes valuation:

For options granted in the year ended:	December 31, 2023		December 31, 2022
Weighted average share price at grant date (CAD$)	$14.10		$9.53
Risk-free rate	3.87	%	1.48	%
Expected dividend yield	0.96	%	1.20	%
Expected stock price volatility (based on historical volatility)	48	%	53	%
Expected life of option (months)	42		54
Weighted average per share fair value of stock options granted (CAD$)	$4.94		$3.80

Stock options outstanding and exercisable as at December 31, 2023:

	Outstanding			Exercisable
Range of exercise prices (CAD$)	Number of options	Weighted average exercise price (CAD$)	Weighted average remaining contractual life (years)	Number of options	Weighted average exercise price (CAD$)
$6.01 - $7.00	567,111	6.57	1.78	567,111	6.57
$7.01 - $8.00	396,373	7.63	3.02	396,373	7.63
$8.01 - $9.00	15,571	8.63	3.16	15,571	8.63
$9.01 - $11.00	1,355,873	9.47	4.61	663,694	9.41
$11.01 - $17.77	431,449	14.10	4.79	—	—
	2,766,377	$9.32	4.09	1,642,749	$7.99

c)    Other employee long-term incentives

The following is a continuity of the changes in the number of other long-term incentive plans ("LTI") outstanding for the years ended December 31, 2023 and 2022:

	Restricted share units ("RSU")	Deferred share units ("DSU")	Performance share units ("PSU")
Outstanding units, December 31, 2021	2,168,184	911,428	1,329,655
Granted	905,058	143,178	497,895
Forfeited	(296,907)	—	(72,522)
Settled	(641,786)	—	(404,603)
Outstanding units, December 31, 2022	2,134,549	1,054,606	1,350,425
Granted	747,993	112,653	369,589
Forfeited/expired	(383,686)	—	(134,563)
Settled	(587,118)	(154,025)	(426,163)
Outstanding units, December 31, 2023	1,911,738	1,013,234	1,159,288

The settlement of LTI is either in cash or equity depending on the features of the specific LTI plan. The settlement of DSUs is in cash, PSUs are equity or cash settled at the Company's discretion, and certain RSUs are cash settled with the remaining settled in cash or equity at the Company's discretion, depending on the year of grant.

PSUs and RSUs granted to non-executives vest on the third anniversary from the date of grant. RSUs granted to executives vest in three equal tranches commencing on the first anniversary of the grant date. Mandatory or elective DSUs vest immediately and the Board of Directors determines the vesting schedule for discretionary DSUs at the time of grant.

The weighted average grant date fair value of the RSUs, DSUs and PSUs granted during the year ended December 31, 2023 was $14.07, $14.35 and $14.10, respectively (year ended December 31, 2022 - $9.66, $9.67 and $9.65, respectively).

(d)    Dividends

During the year ended December 31, 2023, the Company declared dividends totaling $39.4 million, of which $35.3 million were paid in cash (2022 - $35.1 million paid in cash). The remaining $4.1 million were issued in the form of common shares pursuant to the Company's DRIP (2022 - $4.1 million in shares issued pursuant to the DRIP).

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Other Gain (Loss)

12 Months Ended

Dec. 31, 2023

Other Gain (Loss) [Abstract]

Other (Loss) Gain

14. OTHER LOSS

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized loss on non-hedging derivatives	($0.9)	($0.3)
Reduction of obligation to renounce flow-through exploration expenditures	0.7	2.7
Turkish projects care and maintenance and arbitration costs	(2.9)	(5.0)
Fair value adjustment for sale of silver stream	—	2.6
Fair value adjustment for Milestone Payments (note 18)	(13.4)	(1.1)
Revision to reclamation for closed sites	(3.3)	—
Care and maintenance costs related to the El Chanate mine	(0.6)	(1.0)
Loss on disposal of assets	(1.9)	(0.7)
Other	(1.5)	(2.3)
	($23.8)	($5.1)

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Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Earnings (Loss) Per Share

15. EARNINGS PER SHARE

	For the years ended
	December 31, 2023	December 31, 2022
Net earnings	$210.0	$37.1
Weighted average number of common shares outstanding (in thousands)	395,509	392,172
Basic earnings per share	$0.53	$0.09
Dilutive effect of potential common share equivalents (in thousands)	2,560	2,336
Diluted weighted average number of common shares outstanding (in thousands)	398,069	394,508
Diluted earnings per share	$0.53	$0.09

The following table lists the share units that were excluded from the computation of diluted earnings per share. The share units were excluded as the exercise price related to the particular security exceeded the average market price of the Company's common shares of CAD $16.42 for the year ended December 31, 2023 (2022 - CAD $10.26), or the inclusion of the share units had an anti-dilutive effect on net earnings.

Share units excluded from calculation of diluted earnings per share for the years ended:
(in thousands)	December 31, 2023	December 31, 2022
Stock options	4	30

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Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Disclosure of Cash Flow Statement [Abstract]

Supplemental Cash Flow Information

16. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital and income taxes received or paid:

	For the years ended
	December 31, 2023	December 31, 2022
Amounts receivable	($13.6)	($8.8)
Inventory	(26.0)	(55.2)
Advances and prepaid expenses	(0.6)	2.3
Accounts payable and accrued liabilities	2.3	(0.1)
Cash taxes paid	(8.3)	(1.3)
	($46.2)	($63.1)

Other items:

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized gain on non-hedging derivatives	$0.9	$0.3
Reduction of obligation to renounce flow-through exploration expenditures	(0.7)	(2.7)
Proceeds from employee share purchase plan	4.7	2.8
Reclamation activities	(0.3)	(0.4)
Revision to reclamation for closed sites	3.3	—
Interest received	7.8	1.9
Credit facility standby fees	(2.1)	(2.1)
Distribution of share-based compensation	(15.8)	(8.5)
Fair value adjustment for sale of silver stream	—	(2.6)
Fair value adjustment for Milestone Payments (note 18)	13.4	1.1
Loss on disposal of assets	1.9	0.7
Other	(0.4)	2.8
	$12.7	($6.7)

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Segmented Information

12 Months Ended

Dec. 31, 2023

Disclosure of entity's operating segments [Abstract]

Segmented Information

17. SEGMENTED INFORMATION

(a) Segment revenues and results

Operating results of operating segments are reviewed by the Company’s chief operating decision maker, being the Company’s Chief Executive Officer, to make decisions about resources to be allocated to the segments and to assess their performance. The Company considers its reportable operating segments to be its operating mines and significant development projects. The Company operates in two principal geographical areas - Canada, and Mexico. The Young-Davidson and Island Gold mines operate in Canada, and the Mulatos mine operates in Sonora, Mexico.

Significant information relating to the Company's reporting operating segments is as follows:

Year Ended December 31, 2023
	Young-Davidson	Mulatos1	Island Gold	Corporate /other2	Total
Operating revenues	$355.3	$420.2	$247.8	—	$1,023.3
Cost of sales
Mining and processing	166.2	188.4	82.7	—	437.3
Royalties	5.3	2.2	2.7	—	10.2
Amortization	76.7	75.3	38.2	—	190.2
	248.2	265.9	123.6	—	637.7
Expenses
Exploration	2.9	9.9	3.7	1.7	18.2
Corporate and administrative	—	—	—	27.6	27.6
Share-based compensation	—	—	—	21.7	21.7
Earnings (loss) from operations	$104.2	$144.4	$120.5	($51.0)	$318.1
Finance expense					(2.5)
Foreign exchange gain					1.9
Other loss					(23.8)
Earnings before income taxes					$293.7

Year Ended December 31, 2022
	Young-Davidson	Mulatos1	Island Gold	Corporate/other2	Total
Operating revenues	$347.8	$238.1	$235.3	—	$821.2
Cost of sales
Mining and processing	163.4	150.4	80.6	—	394.4
Inventory net realizable value adjustment	—	33.9	—	—	33.9
Royalties	5.3	1.2	2.6	—	9.1
Amortization	81.8	52.5	37.2	—	171.5
	250.5	238.0	120.4	—	608.9
Expenses
Exploration	4.3	7.5	4.7	1.9	18.4
Corporate and administrative	—	—	—	25.9	25.9
Share-based compensation	—	—	—	18.3	18.3
Impairment	—	—	—	38.2	38.2
Earnings (loss) from operations	$93.0	($7.4)	$110.2	($84.3)	$111.5
Finance expense					(5.7)
Foreign exchange gain					1.7
Other loss					(5.1)
Earnings before income taxes					$102.4

1. Mulatos includes the La Yaqui Grande operation.

2. Corporate and other consists of corporate balances and exploration, development projects and mines in reclamation.

(b) Segment assets and liabilities

	Total Assets		Total liabilities
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Young-Davidson	$1,693.2	$1,644.9	$381.8	$353.2
Island Gold	1,453.6	1,222.5	476.4	415.5
Mulatos 1	631.5	606.0	172.7	143.1
Corporate/other 2	222.9	200.8	46.8	41.3
Total assets and liabilities	$4,001.2	$3,674.2	$1,077.7	$953.1

1. Mulatos includes the La Yaqui Grande operation.

2. Corporate and other consists of corporate balances, exploration and development projects and mines in reclamation

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Financial Instruments and Risk Management

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial Instruments and Risk Management

18. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Fair values of financial instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. The Company does not have any non-recurring fair value measurements as at December 31, 2023. Levels 1 to 3 of the fair value hierarchy are defined based on the degree to which fair value inputs are observable or unobservable, as follows:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;

•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the net asset or liability, either directly or indirectly; and

•Level 3 inputs are unobservable (supported by little or no market activity).

	December 31, 2023			December 31, 2022
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets (liabilities)
Fair value through profit or loss
Milestone Payments (note 9)	—	—	5.7	—	—	19.1
Esperanza silver stream held for sale	—	—	—	—	—	5.0
Gold derivatives not designated as hedging instruments1	—	(0.8)	—	—	0.1	—
Share purchase warrants (note 8)	—	(0.4)	—	—	—	—
Fair value through OCI
Equity securities	13.0	—	—	18.6	—	—
Currency derivatives designated as hedging instruments1	—	6.6	—	—	(4.3)	—
Fuel derivatives designated as hedging instruments1	—	(0.2)	—	—	—	—
	$13.0	$5.2	$5.7	$18.6	($4.2)	$24.1

1On a gross basis, total derivatives recognized as at December 31, 2023 consist of total assets of $6.6 million, which is included in other current assets and total liabilities of $1.0 million, included in accounts payable and accrued liabilities (note 10) (December 31, 2022 - total assets of nil and total liabilities of $4.2 million).

The methods of measuring financial assets and liabilities have not changed during the year ended December 31, 2023.

The fair value of option and forwards (gold, fuel and currency) contracts are determined using a market approach with reference to observable market prices for similar assets traded in an active market. These are classified within Level 2 of the fair value hierarchy. The use of reasonably possible alternative assumptions would not significantly affect the Company’s results.

The fair value measurement of the Milestone Payments (note 9) is based on unobservable inputs and are therefore classified within Level 3 of the fair value hierarchy. The determination of the fair value of the Milestone Payments requires the Company to make certain estimates and judgements in relation to future events based on the current understanding of the facts and circumstances known to them. The fair value of the Milestone Payments was determined using discounted cash flows based on significant inputs and assumptions such as internally derived discount rate, an estimate of timelines to realize the payments and a success probability factor. Based on the Company's assessment of the fair value of the Milestone Payments at December 31, 2023, the Company reduced the applied success probability factor from 75% to 25% reflecting the current challenging capital markets for early stage exploration projects. As a result, the Company recognized a reduction in the fair value of the Milestone Payments of $11.0 million in the fourth quarter of 2023. The discount rate for the milestone payments is 14.75%. Changes to these inputs and assumptions could have a significant impact on the measurement of the financial assets. A 10% change in these assumptions would impact the Company's net earnings before tax by $0.8 million for the year ended December 31, 2023.

Revolving Credit Facility

The Company has access to an undrawn credit facility (the "Facility") of $500.0 million, not including the uncommitted $100.0 million accordion feature to increase the credit facility up to $600.0 million. In February 2024, the Company extended the term of the revolving credit facility by one year to February 2028. The Facility bears interest at a rate of Adjusted Term SOFR Rate plus 1.875% on drawn amounts and stand-by fees of 0.42% on undrawn amounts.

The Facility is secured against all of the material present and future assets, property and undertakings of the Company. The Facility contains various covenants customary for a loan facility of this nature, including limits on indebtedness, asset sales and liens. It contains financial covenant tests that include (a) a minimum interest coverage ratio of 3.0:1.0 and (b) a maximum net leverage ratio of 3.5:1.0, both as defined in the agreement. As at December 31, 2023, the Company is in compliance with the covenants.

Derivative Instruments designated as cash flow hedges

Currency option and forward contracts and fuel option contracts

The Company enters into option and forward contracts to hedge against the risk of an increase in the value of the Canadian dollar and Mexican peso versus the US dollar. These option and forward contracts are for the purchase of local currencies and the sale of US dollars, which settle on a monthly basis, and the Company believes this is an appropriate manner of managing currency risk. The Company has designated options and forwards as cash flow hedges for the highly probable Canadian dollar and Mexican peso.

The Company also enters into option contracts to hedge against the risk of an increase in the price of diesel fuel. These option contracts are for the purchase of New York Harbour Ultra Low Sulfur Diesel ("ULSD") contracts, which settle on a monthly basis, and the Company believes this is an appropriate manner of managing price risk. The Company has designated these options as cash flow hedges for the highly probable consumption of diesel.

These currency option and forward and fuel option derivatives meet the hedge effectiveness criteria and are designated in a hedge accounting relationship as a result of the following factors:

•An economic relationship exists between the hedged items and hedging instrument, as notional amounts match and both the hedged item and hedging instrument fair values move in response to the same risk (foreign exchange risk and diesel price risk). Cash flows in relation to the designated hedged item and hedging instrument are matched since the option and forward contracts (hedging instrument) matures during the same month as the operational cash flows (hedged item) are expected to be incurred.

•The hedge ratio is one to one for this hedging relationship, as the hedged item is foreign currency risk and diesel price risk that is hedged with a foreign currency or diesel fuel hedging instrument using one unit of both the hedged and hedging item respectively.

• Credit risk is not material in the fair value of the hedging relationship.

The Company has identified two sources of potential ineffectiveness: 1) the timing of cash flow differences between the expenditure and the related derivative and 2) the inclusion of credit risk in the fair value of the derivative not replicated in the hedged item. The Company expects the impact of these sources of hedge ineffectiveness to be minimal. The timing of hedge settlements and incurred expenditures are closely aligned, as they are expected to occur within 30 days of each other. As noted above, credit risk is not a material component of the fair value of the Company’s hedging instruments, as all counterparties are reputable Canadian banking institutions and are highly rated.

For the years ended December 31, 2023 and 2022, the Company did not recognize any ineffectiveness on the hedging instruments.

The effective portion of the changes in fair value of the currency option and forward contracts for the years ended December 31, 2023 and 2022 recorded in accumulated other comprehensive (loss) income is:

	December 31, 2023	December 31, 2022
Balance, beginning of the period	($1.9)	$4.0
Change in value on currency instruments	18.1	(8.5)
Less: realized loss on CAD currency instruments	1.0	5.0
Less: realized gain on MXN currency instruments	(8.1)	(3.9)
Deferred income tax related to hedging instrument	(2.7)	1.5
	$6.4	($1.9)

The open contracts, which settle on a monthly basis, are summarized as at December 31, 2023:

Canadian dollar contracts:

Period Covered	Contract type	Contracts (CAD$ Millions)	Average minimum rate (USD/CAD)	Average maximum rate (USD/CAD)
2024	Collars	504.0	1.33	1.39

Mexican Peso contracts:

Period Covered	Contract type	Contracts (MXN Millions)	Average minimum rate (MXN/USD)	Average maximum rate (MXN/USD)
2024	Collars	330.0	18.14	20.53
2024	Forwards	125.0	17.77	17.77

As at December 31, 2023, the fair value of these contracts was an asset of $6.6 million (December 31, 2022 - liability of $4.3 million).

The effective portion of the changes in fair value of the fuel option contracts for the years ended December 31, 2023 and 2022 recorded in accumulated other comprehensive (loss) income is:

	December 31, 2023	December 31, 2022
Balance, beginning of the period	$0.1	$0.4
Change in value on fuel contracts	(0.2)	2.5
Less: realized gain on fuel contracts	—	(2.9)
Deferred income tax related to fuel contracts	—	0.1
	($0.1)	$0.1

As at December 31, 2023, the Company held contracts to protect against the risk of an increase in the price of fuel. These collars totalling 1,512,000 gallons, ensure a minimum purchase call option of $2.71 per gallon and a maximum average sold put options of $2.50 per gallon, regardless of the movement in fuel prices during 2024. The fair value of these contracts at December 31, 2023 was a $0.2 million liability (December 31, 2022 - $nil)

Derivative Instruments not designated as cash flow hedges

Gold option contracts

As at December 31, 2023, the Company held option contracts to protect against the risk of a decrease in the value of the gold price on a portion of gold sales. These option contracts totaling 69,750 ounces, ensure a minimum average realized gold price of $1,926 per ounce and a maximum average realized gold price of $2,356 per ounce, regardless of the movement in gold prices during 2024. The fair value of these contracts was a liability of $0.8 million at December 31, 2023 (December 31, 2022 - asset of $0.1 million). The options mature monthly throughout 2024.

For the year ended December 31, 2023, the Company realized losses of $0.1 million related to the settlement of option contracts (for the year ended December 31, 2022- realized gains of $3.5 million). Total unrealized losses for the year ended December 31, 2023 was $0.9 million (for the year ended December 31, 2022 - unrealized losses of $0.3 million). The Company has elected to not apply hedge accounting to the gold option contracts, with changes in fair value recorded in net earnings.

Financial instruments and related risks

In the normal course of operations, the Company is exposed to credit risk, liquidity risk and the following market risks: commodity price, market price, interest rate and foreign currency exchange rate. The Company has developed a risk management process to identify, analyze and assess these and other risks, and has formed a Risk Committee to monitor all significant risks to the Company. The Board of Directors has overall responsibility for the oversight of the Company’s risk management framework, and receives regular reports from the Risk Committee.

Commodity price risk

The profitability of the Company’s mining operations is significantly affected by changes in the market price for gold. Gold prices fluctuate on a daily basis and are affected by numerous factors beyond the Company’s control. The supply and demand for gold, the level of interest rates, the rate of inflation, investment decisions by large holders of gold, including governmental reserves, and the stability of exchange rates can all cause significant fluctuations in gold prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems, and political developments. From time to time, the Company will enter into collars, options or other financial instruments to manage short term commodity price fluctuations.

For the year ended December 31, 2023, the Company’s revenues and cash flows were impacted by gold prices fluctuating from a low of $1,809 to a high of $2,090 per ounce. Metal price declines could cause the continued development of, and production from, the Company’s properties to be uneconomic.

Interest rate risk

Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. All of the Company’s outstanding debt obligations bear interest at fixed rates and are therefore not exposed to changes in future cash flows attributable to changes in market interest rates. The interest rate on the Facility is variable, however, the Facility was undrawn as at December 31, 2023.

The Company is exposed to interest rate risk on its cash and cash equivalents. The cash and cash equivalent interest earned is based on bank account interest rates which may fluctuate. A 100 basis point change in the interest rate would result in an increase or decrease of approximately $4.6 million in interest earned by the Company. The Company has not entered into any derivative contracts to manage this risk.

Foreign currency exchange rate risk

Metal sales revenues for the Company are denominated in US dollars. The Company is exposed to currency fluctuations relative to the US dollar on expenditures that are denominated in Canadian dollars and Mexican pesos. These potential currency fluctuations could have a significant impact on production costs and thereby, the profitability of the Company. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities.

A 10% strengthening or deterioration of these currencies against the US dollar at each balance sheet date would have resulted in a gain or loss recorded in net earnings by the amounts shown below. This analysis assumes that other variables, in particular interest rates, remain constant.

	December 31, 2023	December 31, 2022
Impact of a 10% change in foreign exchange rates
Canadian dollar	$10.0	$3.6
Mexican peso	1.3	0.3

The currencies of the Company's financial instruments and other foreign currency denominated liabilities based on notional amounts, denominated in U.S dollar equivalents were as follows:

	Canadian Dollars		Mexican Peso
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Cash and cash equivalents	$25.0	$21.6	$12.4	$4.1
Equity securities	13.0	18.6	—	—
Amounts receivable	14.9	16.6	38.6	21.5
Other monetary (liabilities) assets	(16.8)	9.8	(6.6)	(0.8)
Accounts payable and accrued liabilities	(124.1)	(102.7)	(16.4)	(19.3)
Income taxes payable	(0.1)	—	(40.2)	(0.7)
Total exposure to currency risk	(88.1)	(36.1)	(12.2)	4.8

Credit risk

Credit risk relates to receivables and other contracts, and arises from the possibility that any counterparty to an instrument fails to perform. For cash and cash equivalents, restricted cash, and receivables, the Company’s credit risk is limited to the carrying amount on the balance sheet. The Company manages credit risk by transacting with highly-rated counterparties and establishing a limit on contingent exposure for each counterparty based on the counterparty’s credit rating. Exposure on receivables is limited as the Company sells its products to a small number of organizations, on which the historical level of defaults is minimal.

The Company's maximum exposure to credit risk is as follows:

	December 31, 2023	December 31, 2022
Cash and cash equivalents	$224.8	$129.8
Milestone Payments	5.7	19.1
Derivative assets	6.6	—
Other receivables	5.5	4.6
Total financial instrument exposure to credit risk	$242.6	$153.5

Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages this risk through regular monitoring of its cash flow requirements to support ongoing operations and expansionary plans. The Company ensures that there are sufficient committed loan facilities to meet its business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents.

The Company’s future operating cash flow and cash position are highly dependent on gold prices, as well as other factors. Taking into consideration the Company’s current cash position, volatile equity markets, and global uncertainty in the capital markets, the Company is continually reviewing expenditures and assessing business opportunities to enhance liquidity in order to ensure adequate liquidity and flexibility to support its growth strategy, including the development of its projects, while continuing production at its current operations. A period of continuously low gold prices may necessitate the deferral of capital expenditures which may impact the timing of development work and project completion, as well as production from mining operations. In addition, in such a price environment, the Company may be required to adopt one or more alternatives to increase liquidity.The Company ensures that there are sufficient committed loan facilities to meet its business requirements, taking into account anticipated cash flows from operations and holdings of cash and cash equivalents.

(a) Contractual commitments

The following table shows the maturities of contractual commitments. The amount presented represents the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.

	Less than 1 year	2 - 3 years	4 - 5 years	More than 5 years	Total
Leases	0.5	0.6	—	—	1.1
Accounts payable and accrued liabilities	195.0	—	—	—	195.0
Decommissioning liabilities	12.6	31.5	51.4	69.7	165.2
Capital commitments	87.5	32.7	—	—	120.2
	$295.6	$64.8	$51.4	$69.7	$481.5

Contractual obligations exist with respect to royalties (note 8); however, gold production subject to royalty cannot be ascertained with certainty and the royalty rate varies with the gold price, therefore have been excluded from the table.

The Company has a number of mining service contracts that are based on variable measures, and not fixed payments. These contracts include measures such as tonnes mined, or metres developed. The expense relating to these variable payments and recognized as an operating expense was $104.2 million (year ended December 31, 2022 - $88.2 million). Total cash outflow for leases amounted to $112.0 million for the year ended December 31, 2023 (2022 - payments of $96.1 million).

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Management of Capital

12 Months Ended

Dec. 31, 2023

Disclosure of objectives, policies and processes for managing capital [abstract]

Management of Capital

19. MANAGEMENT OF CAPITAL

The Company defines capital that it manages as its shareholders equity as well as debt and financing obligations. The Company’s objectives when managing capital are to safeguard the Company's ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders. At December 31, 2023, total managed capital was $2,923.5 million (2022 - $2,721.1 million).

The Company’s capital structure reflects the requirements of an entity focused on sustaining strong cash flows from its current mining operations and financing both internal and external growth opportunities and development projects. The Company faces lengthy development lead times as well as risks associated with increasing capital costs and project completion timing due to the availability of resources, permits and other factors beyond the Company’s control. The Company’s operations are also significantly affected by the volatility of the market price of gold.

The Company continually assesses its capital structure and makes adjustments to it with reference to changes in economic conditions and risk characteristics associated with its underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, pay dividends, sell assets or enter into new debt arrangements.

The Company manages its capital structure by performing the following:

•Maintaining sufficient liquidity in order to address any potential operational disruptions or industry downturns;

•Preparing detailed budgets and cash flow forecasts for each mining operation, exploration project, development project and corporate activities that are approved by the Board of Directors;

•Regular internal reporting and Board of Directors’ meetings to review actual versus budgeted spending and cash flows; and

•Detailed project financial analysis to assess or determine new funding requirements.

There were no changes in the Company’s approach to managing capital during the year.

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Related Party Transactions

12 Months Ended

Dec. 31, 2023

Disclosure of related party [Abstract]

Related Party Transactions

20. RELATED PARTY TRANSACTIONS

Remuneration of key management (includes the Company's directors and executive team) for the years ended:

Expense by nature for the years ended:	December 31, 2023	December 31, 2022
Short-term employee benefits	9.1	8.8
Share-based payments	16.6	8.7
	$25.7	$17.5

These transactions are in the normal course of operations and all of the transactions are measured at the exchange amount of consideration established and agreed to by the parties. The increase in share-based compensation expense for the year ended December 31, 2023, was primarily due to the Company's increased share price and higher relative total shareholder return performance.

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Subsequent Event

12 Months Ended

Dec. 31, 2023

Disclosure of events after reporting period [Abstract]

Subsequent Event

21. SUBSEQUENT EVENT

Acquisiton of Orford Mining Corporation ("Orford")

On January 15, 2024, the Company announced that it had entered into a definitive agreement (the “Agreement”) pursuant to which the Company will acquire all of the issued and outstanding shares of Orford by way of a court-approved plan of arrangement (the “Transaction”). Under the terms of the Agreement, Orford shareholders will receive 0.005588 of the Company's common shares for each Orford share, representing a value of C$0.10 per Orford share at the time of the announcement. The Company currently owns 61,660,902 Orford shares, representing approximately 27.5% of Orford’s basic common shares outstanding. The Transaction is expected to close in April 2024.

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Disclosure of significant accounting policies [Abstract]

Basis of preparation

These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) effective as of December 31, 2023. IFRS comprises IFRSs, International Accounting Standards ("IASs"), and interpretations issued by the IFRS Interpretations Committee ("IFRICs") and the former Standing Interpretations Committee ("SICs").

These consolidated financial statements have been prepared using the historical cost convention, other than those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period and which are measured in accordance with the policies disclosed in note 3.

Basis of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company, and are wholly-owned. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The Company's principal properties and material subsidiaries of the Company and their geographic locations at December 31, 2023 were as follows:

Direct parent company	Country of incorporation	Mining properties and projects owned
Alamos Gold Inc	Canada	Island Gold Mine             Young-Davidson Mine Lynn Lake project
Minas de Oro Nacional, S.A. de C.V.	Mexico	The Mulatos District
Dogu Biga Madencilik Sanayi Ticaret AS	Türkiye	Turkish properties

All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Functional and presentation currency

Foreign currencyThese consolidated financial statements are presented in United States dollars (“US dollars”), which is the functional currency of the Company and all of its subsidiaries.

Translation of transactions and balances into the functional currency

Transactions in currencies other than the Company's or a subsidiary's functional currency (“foreign currencies”) are recognized at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at that date. Foreign currency non-monetary items that are measured in terms of historical cost are not retranslated.

Exchange differences are recognized in net earnings in the period in which they arise. Exchange differences on foreign deferred tax assets and liabilities are presented as deferred income tax expense on the Consolidated Statements of Comprehensive Income.

Cash and cash equivalents

Cash and cash equivalentsThe Company considers deposits in banks, certificates of deposits, and short-term investments with original maturities of three months or less from the acquisition date as cash and cash equivalents.

Inventories

Inventories

Parts and supplies inventory

Supplies inventory consists of mining supplies and consumables used in the operation of the mines, and is valued at the lower of average cost and net realizable value. Provisions are recorded to reflect present intentions for the use of slow moving and obsolete parts and supplies inventory.

Stockpile inventory

Stockpiles represent ore that has been mined and is available for further processing. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile. Stockpile ore tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on the current mining cost per tonne incurred up to the point of stockpiling the ore, including applicable overhead, depletion and amortization relating to mining operations, to the extent determined recoverable, and are removed at the average cost per tonne. Stockpile inventory is measured at the lower of cost and net realizable value.

In-process inventory

The recovery of gold is achieved through milling and heap leaching processes. Costs are added to ore on leach pads and in the mill based on the current stockpiled mining cost and current processing cost, including applicable overhead, depletion and amortization relating to processing operations. Costs are removed from ore on leach pads and in the mill as ounces are recovered, based on the average cost per recoverable ounce of gold in-process inventory. In-process inventory is measured at the lower of cost and net realizable value.

Finished goods inventory

Finished goods inventory consists of dore bars containing predominantly gold by value which are generally refined off-site to return saleable metals. Dore inventory is valued at the lower of weighted average cost and net realizable value.

For all classes of gold inventory, net realizable value is calculated as the difference between the estimated future metal revenue based on prevailing and/or long-term metal prices as appropriate, and estimated costs to complete production into a saleable form.

Mineral property, plant and equipment

Mineral property, plant and equipment

Mineral property, plant and equipment is recorded at cost less accumulated amortization and accumulated impairment losses. The initial cost of an asset is comprised of its purchase price or construction cost, any costs directly attributable to bringing the asset into operation, and the initial estimate of any reclamation obligation. The purchase price is the fair value of consideration given to acquire the asset. The value of right-of-use assets are also included within property, plant and equipment. Subsequent costs are included in the asset’s carrying amount when it is probable that future economic benefits associated with the asset will flow to the Company, and the costs can be measured reliably. This would include costs related to the refurbishment or replacement of major components of an asset, when the refurbishment results in a significant extension in the physical life of the component. All other repairs and maintenance costs are recognized in net earnings as incurred.

The cost of property, plant and equipment, less any applicable residual value, is allocated over the estimated useful life of the asset on a straight-line basis, or on a unit-of-production basis if that method is more reflective of the allocation of benefits among periods. Amortization commences on an asset when it has been fully commissioned and is available for use. Amortization rates applicable to each category of property, plant and equipment, with the exception of land, are as follows:

Asset	Useful life
Leasehold improvements	Lease term
Mobile equipment	2-10 years
Other equipment	2-20 years
Processing plant	Unit-of-production
Shaft, underground infrastructure and mineral properties	Unit-of-production
Vehicles	3-7 years
Buildings	7-20 years
Office equipment	2-8 years

When components of an item of property, plant and equipment have different useful lives than those noted above, they are accounted for as separate items of property, plant and equipment. Each asset or component’s estimated useful life is determined considering its physical life limitations; however, this physical life cannot exceed the remaining life of the mine at which the asset is utilized. Estimates of remaining useful lives and residual values are reviewed annually and when events and circumstances indicate that such a review should be made. Any changes in estimates of useful lives are accounted for prospectively from the date of the change.

Exploration and evaluation assets

Exploration and evaluation expenditures

Expenditures incurred prior to the Company obtaining the right to explore are expensed in the period in which they are incurred.

Exploration and evaluation expenditures include costs such as exploratory drilling, sample testing, and costs of pre-feasibility and other technical studies. Exploratory drilling and other exploration costs incurred on sites without an existing mine and on areas outside the boundary of a known mineral deposit which contain proven and probable reserves and resources of which there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve, are expensed. Evaluation expenditures related to activities located within the boundary of a known mineral deposit as described above are capitalized and included in the carrying amount of the related mining property. Management uses the following criteria in its assessment of the boundary of the known mineral deposit: (i) geology: there is sufficient geologic certainty of converting a mineral deposit into a proven and probable reserve. There is a history of conversion to reserves at operating mines; (ii) scoping, pre-feasibility or feasibility: there is a scoping study, pre-feasibility or preliminary feasibility study that demonstrates the additional reserves and resources will generate a positive commercial outcome. Known metallurgy provides a basis for concluding there is a significant likelihood of being able to recover the incremental costs of extraction and production; (iii) accessible facilities: the mineral deposit can be processed economically at accessible mining and processing facilities where applicable; (iv) life of mine plans: an overall life of mine plan and economic model to support the economic extraction of reserves and resources exists. A long-term life of mine plan and supporting geological model identifies the drilling and related development work required to expand or further define the existing ore body; and (v) authorizations: operating permits and feasible environmental programs exist or are obtainable. All capitalized exploration and evaluation assets are monitored for indications of impairment, to ensure that

exploration activities related to the property are continuing and/or planned for the future. If an exploration property does not prove viable, an impairment loss is recognized in net earnings as the excess of the carrying amount over the recoverable amount (refer to note 3(f) for definition of recoverable amount) in the period in which that determination is made.

Capitalized exploration and evaluation assets are subsequently reclassified to mine development costs upon determining that the technical feasibility and commercial viability of extracting a mineral resource are demonstrable and the Board of Directors has approved project advancement. The Company performs an impairment test, based on the recoverable amount, prior to the reclassification of exploration and evaluation assets to mine development costs.

Mining interests and mine development costs

Mining interests and mine development costs

The Company may hold interests in mineral properties in various forms, including prospecting licenses, exploration and exploitation concessions, mineral leases and surface rights. The Company capitalizes payments made in the process of acquiring legal title to these properties.

Property acquisition and mine development costs are recorded at cost. Mine development costs incurred to expand operating capacity, develop new ore bodies or develop mine areas in advance of current production are capitalized. Mine development costs related to current period production are recorded in inventory. Borrowing costs for qualifying assets are capitalized to mine development costs while construction and development activities at the property are in progress. Items may be produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (such as samples produced when testing whether the asset is functioning properly). An entity recognizes the proceeds from selling any such items, and the cost of those items, in profit or loss in accordance with applicable Standards.

Subsequent to the commencement of commercial production, further development expenditures incurred with respect to a mining interest are capitalized as part of the mining interest, when it is probable that additional future economic benefits associated with the expenditure will flow to the Company. Otherwise, such expenditures are classified as mining and processing costs.

Once the asset is capable of operating as management has intended, mining interests are depleted over the life of the mine using the unit-of-production method based on estimated proven and probable mineral reserves of the mine and the portion of mineralization from measured, indicated and inferred mineral resources expected to be classified as mineral reserves, in applicable mines. The Company determines the portion of mineralization expected to be classified as mineral reserves by considering the degree of confidence in the economic extraction of the resource, which is affected by long-term metal price assumptions, cut-off grade assumptions, and drilling results. These assessments are made on a mine-by-mine basis.

The expected reserves used in depletion calculations are determined based on the facts and circumstances associated with the mining interest. Any changes in estimates of reserves are accounted for prospectively from the date of the change.

Capitalized stripping costs

Capitalized stripping costs

Pre-production stripping costs are capitalized as part of the cost of constructing a mine.

Mining costs associated with stripping activities during the production phase of a mine are capitalized only if the Company can identify the component of the ore body for which access is obtained, the costs associated with the related stripping activities can be measured reliably, and the activities represent a future benefit to the mining interest, in that access is gained to sources of mineral reserves and resources that will be produced in future periods that would otherwise not have been accessible. Production stripping costs are allocated between inventory and capital based on the expected volume of waste extracted for a given volume of ore production. The expected volume of waste to be allocated to inventory is determined with reference to the life of mine stripping ratio of a particular mine or deposit, with the remaining amount allocated to capital. The amount of waste capitalized is calculated by multiplying the stripping tonnes mined during the period by the current mining cost per tonne in the open pit.

Capitalized stripping costs are depleted over the expected mineral reserves and resources benefiting from the stripping activity using the unit-of-production method based on estimated proven and probable mineral reserves, and the portion of mineralization expected to be classified as mineral reserves.

Investment tax credits

Investment tax credits

Investment tax credits are earned as a result of incurring eligible exploration and development expenses prior to commercial production. Investment tax credits are accounted for as a reduction to property, plant and equipment or mining interests.

Investment tax credits also arise as a result of incurring eligible research and development expenses and these credits are recorded as a reduction to the related expenses.

Derecognition

Derecognition

Upon replacement of a major component, or upon disposal or abandonment of a long-lived asset, the carrying amounts of the assets are derecognized with any associated gains or losses recognized in the Consolidated Statements of Comprehensive Income.

Impairment of non-financial assets and goodwill

Impairment of non-financial assets

The carrying amounts of non-financial assets, excluding inventories and deferred income tax assets, are reviewed for impairment (or impairment reversal) at each reporting date, or whenever events or changes in circumstances indicate the carrying amounts may not be recoverable (or indicate that a previous impairment may have reversed). In making this determination, the Company considers both internal and external information, in accordance with IAS 36, Impairment of Assets, to determine whether there is an indicator of impairment or impairment reversal and, accordingly, whether quantitative testing is required. Reviews are undertaken on an asset-by-asset basis, except where the recoverable amount for an individual asset cannot be determined, in which case the review is undertaken at the Cash Generating Unit ("CGU") level.

If the carrying amount of a CGU or non-financial asset exceeds the recoverable amount, being the higher of its fair value less costs of disposal and its value-in-use, an impairment expense is recognized as the excess of the carrying amount over the recoverable amount. With respect to CGUs, impairment losses are allocated first to reduce the carrying amount of any goodwill allocated to the CGUs, if any, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis.

Where the recoverable amount is assessed using discounted cash flow techniques, the estimates are based on detailed mine or production plans. The mine plan is the basis for forecasting production output in each future year and for forecasting production costs. For value-in-use calculations, production costs and output in the mine plan may be revised to reflect the continued use of the asset in its present form.

Non-financial assets that have previously been impaired are tested for a possible reversal of the impairment whenever events or changes in circumstances indicate that the impairment may have reversed, or may have partially reversed. In these instances, the impairment loss is reversed to the recoverable amount but not beyond the carrying amount, net of amortization, that would have arisen if the prior impairment loss had not been recognized. Goodwill impairments are not reversed.

Provisions

Provisions

Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources that can be reliably estimated will be required to settle the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.

Decommissioning liabilities

The Company’s mining and exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. The timing of these expenditures is dependent upon a number of factors including the life of the mine, the operating license conditions, and the laws, regulations, and environment in which the mine operates.

Decommissioning liabilities are recognized at the time an environmental disturbance occurs and are measured at the Company’s best estimate of the expected future cash flows required to reclaim the disturbance for each mine operation, which are adjusted to reflect inflation, and discounted to their present value. The inflation rate used is determined based on external forecasts for inflation in the country in which the related mine operates. Expected future cash flows reflect the risks and probabilities that alternative estimates of cash flows could be required to settle the obligation. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money specific to the currency in which the cash flows are expected to be paid. The discount rate does not reflect risks for which the cash flows have been adjusted. Significant estimates are involved in forming expectations of future activities and the amount and timing of the associated cash flows. Those expectations are based on existing environmental and regulatory requirements or, if more stringent, Company policies that give rise to a constructive obligation.

Upon initial recognition of a decommissioning liability, the corresponding cost is capitalized as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalized cost is recognized in mineral property and amortized in accordance with the Company's policy for the related asset.

The provision is progressively increased over the life of the operation as the effect of discounting unwinds, creating an expense included in finance expense on the Consolidated Statements of Comprehensive Income.

Decommissioning liabilities are adjusted for changes in estimates. Such adjustments, which are not the result of the current production of inventory, are accounted for as a change in the corresponding capitalized cost, except where a reduction in the provision is greater than the unamortized capitalized cost of the related assets. In instances where the capitalized cost of the related assets is nil, or will be reduced to nil, the remaining adjustment is recognized in net earnings. If reclamation and restoration costs are incurred as a consequence of the production of inventory, the costs are recognized as a cost of that inventory. Factors influencing such changes in estimates include revisions to estimated reserves, resources and lives of mines; developments in technologies; regulatory requirements and environmental management strategies; changes in estimated costs of anticipated activities, including the effects of inflation; and movements in interest rates affecting the discount rate applied.

(h) Revenue recognition

Revenue from the sale of gold, including refined metal, and dore, is recognized when control over the metal is transferred to the customer. Transfer of control generally occurs when title has passed to the customer, the customer has assumed the significant risks and rewards of ownership of the asset and the Company has the right to payment for the delivery of the refined metal, or dore. On transfer of control, revenue and related costs can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Company as payment is received on the date of or within a few days of transfer of control.

(i) Earnings per share

Basic earnings per share is calculated based on the weighted average number of common shares and common share equivalents outstanding for the period. Diluted earnings per share is calculated using the treasury method, except when assessing the dilution impact equity-settled restricted share units, and performance shares units, where the if converted method is used. The treasury method assumes that outstanding stock options with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. The if converted method assumes that all equity settled restricted share units, and performance share units have been converted in determining fully diluted loss per share, except where such conversion would be antidilutive.

Share-based compensation

Share-based compensation

The Company measures all equity-settled share-based awards made to employees and others providing similar services (collectively, “employees”) based on the fair value of the options or units on the date of grant.

The grant date fair value of options is estimated using an option pricing model and is recognized as compensation expense over the vesting period, based on the number of options that are expected to vest. A corresponding increase is recognized in equity. The grant date fair values of the Company’s equity-settled performance share units, and restricted share units are determined using an option pricing model and are recognized as compensation expense over the vesting period.

The Company awards cash-settled share-based compensation to directors and employees in the form of deferred share units and restricted share units. In accounting for these awards, the Company recognizes the fair value of the amount payable to employees, using the Black-Scholes option pricing model for certain units, as they are earned based on the estimated number of units that are expected to vest. Based on the plan, some units are initially measured at fair value and recognized as an obligation at the grant date using the Company's share price. The corresponding liability is re-measured at fair value on each reporting date and upon settlement, with changes in fair value recognized in Comprehensive Income for the period. The fair value of deferred share units and restricted share units is determined by reference to the Company’s share price when the units are awarded or re-measured.

The Company also maintains an employee share purchase plan. Under this plan, contributions by the Company’s employees are matched to a specific percentage by the Company and are recognized as an expense when the Company’s obligation to contribute arises.

Income taxes

Income taxes

Income tax expense is comprised of current and deferred income tax. Current and deferred income taxes are recognized in earnings or loss except to the extent that they relate to a business combination, or to items recognized directly in equity or other comprehensive income ("OCI").

Current income taxes

Current income tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with respect to previous years.

Deferred income taxes

Deferred tax assets and liabilities are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following do not result in deferred tax assets or liabilities:

•temporary differences arising from the initial recognition of assets or liabilities, not arising in a business combination, that does not affect accounting or taxable profit;

•taxable temporary differences arising from the initial recognition of goodwill; and

•taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint arrangements where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings or loss in the period that substantive enactment occurs except to the extent it relates to items recognized directly in equity or in other comprehensive income.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is reduced to its recoverable amount. The Company makes estimates of the likelihood of whether or not all or some portion of each deferred income tax asset will be realized, which is impacted by interpretation of tax laws and regulations, historic and future expected levels of taxable income, timing of reversals of taxable temporary timing differences, and tax planning initiatives. Levels of future taxable income are affected by, among other things, market gold prices, production costs, quantities of proven and probable gold reserves, interest rates, and foreign currency exchange rates.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off tax assets against tax liabilities and when they relate to the same taxable entity and income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis.

Uncertain tax positions

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expense already recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective subsidiary’s country of domicile.

Financial instruments

Financial instruments

The Company’s financial instruments are classified and subsequently measured as follows:

Asset / Liability
Cash and cash equivalents	Amortized cost
Equity securities	Fair value through OCI
Amounts receivable	Amortized cost
Accounts payable and accrued liabilities	Amortized cost
Debt and financing obligations	Amortized cost
Non-hedged derivatives	Fair value through profit or loss
Cash flow hedging derivatives	Fair value through OCI
Esperanza Milestone Payments	Fair value through profit or loss

The Company's accounting policy for financial instruments is as follows:

Financial assets

Financial assets are classified as either financial assets at fair value through profit or loss, amortized cost, or fair value through other comprehensive income ("OCI"). The Company determines the classification of its financial assets at initial recognition.

i. Financial assets recorded at fair value through profit or loss

All financial assets not classified as amortized cost or fair value through other comprehensive income ("FVOCI") are classified and measured at fair value through profit or loss ("FVPL"). Gains or losses on these items are recognized in net earnings or loss.

ii. Amortized cost

Financial assets are classified at amortized cost if both of the following criteria are met and the financial assets are not classified or designated as at fair value through profit and loss: 1) the Company’s objective for these financial assets is to collect their contractual cash flows and 2) the asset’s contractual cash flows represent ‘solely payments of principal and interest’. The Company’s amounts receivable are recorded at amortized cost as they meet the required criteria.

iii. Fair value through OCI

For equity securities that are not held for trading, the Company can make an irrevocable election at initial recognition to classify the instruments at FVOCI, with all subsequent changes in fair value being recognized in other comprehensive income. This

election is available for each separate investment. Under this FVOCI category, fair value changes are recognized in OCI while dividends are recognized in profit or loss. On disposal of the investment the cumulative change in fair value is not recycled to profit or loss, rather transferred to deficit. The Company has elected to account for equity securities within this manner.

iv. Reclassifications

Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets.

Financial liabilities

Financial liabilities, including accounts payable and accrued liabilities, as well as debt and financing obligations are accounted for at amortized cost.

Transaction costs associated with financial instruments, carried at fair value through profit or loss, are expensed as incurred, while transaction costs associated with all other financial instruments are included in the initial carrying amount of the asset or the liability. The amortization of debt issue costs is calculated using the effective interest method.

Derivative financial instruments

The Company may hold derivative financial instruments to hedge its risk exposure to fluctuations in commodity prices, including the Company’s final product, consumables and other currencies against the US Dollars. Derivative financial instruments are measured at fair value at each reporting period.

Non-hedged derivative financial instruments

All derivative instruments not designated in a hedge relationship that qualify for hedge accounting are classified as financial instruments at fair value through profit or loss. Changes in fair value of non-hedging derivative financial instruments are included in net earnings or loss as non-hedging derivative gains or losses.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

Hedges

Hedges

The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivative hedging instruments to forecasted transactions. Hedge effectiveness is assessed based on the degree to which the cash flows from the derivative contracts are expected to offset the cash flows of the underlying transaction being hedged.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in fair value is recognized in other comprehensive income. For hedged items other than the purchase of non-financial assets, the amounts accumulated in other comprehensive income are reclassified to the consolidated statement of other comprehensive income when the underlying hedged transaction, identified at the inception of the hedge, affects profit or loss. When hedging a forecasted transaction that results in the recognition of a non-financial asset, the amounts accumulated in other comprehensive income are removed and added to the carrying amount of the non-financial asset.

Any ineffective portion of a hedge relationship is recognized immediately in net earnings or loss. When derivative contracts designated as cash flow hedges are terminated, expired, sold or no longer qualify for hedge accounting, hedge accounting is discontinued prospectively. Any amounts recorded in other comprehensive income up until the time the contracts do not qualify for hedge accounting remain in other comprehensive income.

Gains or losses arising subsequent to the derivative contracts not qualifying for hedge accounting are recognized in the period incurred and are recorded in net earnings or loss. If the forecasted transaction is no longer expected to occur, then the amounts accumulated in other comprehensive income are reclassified to net earnings or loss immediately.

New Standards issued and adopted and Standards issued but not yet adopted

New Standards issued and adopted

The Company adopted the following accounting standards and amendments to accounting standards, effective January 1, 2023:

On May 23, 2023, the Company adopted International Tax Reform - Pillar Two Model (Amendments to IAS 12). The amendments provide a temporary mandatory exception, applied on a retrospective basis, to the accounting requirements for the deferred tax that arises from legislation implementing the top-up tax (Pillar Two legislation), so that an entity would neither recognize nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes, and will account for it as a current tax when it is incurred. The Company holds investments in certain subsidiaries registered in the Netherlands which has enacted the Minimum Tax Act 2024, which is based on the EU Directive, and will introduce a Qualified Domestic Minimum Top-Up Tax (QDMTT) and an Income Inclusion Rule (IIR), both for reporting years starting on or after December 31, 2023, and an Undertaxed Payments Rule (UTPR) for reporting years starting on or after December 31, 2024. The Company is assessing the impact of the Pillar Two income taxes legislation on its future financial performance.

On May 7, 2021, the IASB issued Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12). The amendments narrow the scope of the initial recognition exemption (“IRE”) so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. The adoption of the new standard did not materially impact the financial statements of the Company.

On February 12, 2021, the IASB issued Definition of Accounting Estimates (Amendments to IAS 8) and Disclosure Initiative – Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements). The amendments require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. The adoption of the new amendments has been applied to the disclosure of material accounting policies in note 3 of these financial statements however the amendments did not result in any change to the Company's accounting policies or application thereof.

Standards issued but not yet adopted

Standards issued, but not yet adopted include:

On January 23, 2020, the IASB issued amendments to IAS 1 Presentation of Financial Statements, to clarify the classification of liabilities as current or non-current. For the purposes of non-current classification, the amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must have substance and exist at the end of the reporting period. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments state that:

•settlement of a liability includes transferring a company’s own equity instruments to the counterparty, and

•when classifying liabilities as current or non-current a company can ignore only those conversion options that are recognized as equity

The amendments are effective for annual periods beginning on or after January 1, 2024. Early adoption is permitted. The Company does not anticipate the adoption of the new standard to impact the financial statements.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of significant accounting policies [Abstract]

Schedule of Subsidiaries

These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company, and are wholly-owned. Control exists when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. The Company's principal properties and material subsidiaries of the Company and their geographic locations at December 31, 2023 were as follows:

Direct parent company	Country of incorporation	Mining properties and projects owned
Alamos Gold Inc	Canada	Island Gold Mine             Young-Davidson Mine Lynn Lake project
Minas de Oro Nacional, S.A. de C.V.	Mexico	The Mulatos District
Dogu Biga Madencilik Sanayi Ticaret AS	Türkiye	Turkish properties

Disclosure of detailed information about property, plant and equipment

Amortization rates applicable to each category of property, plant and equipment, with the exception of land, are as follows:

Asset	Useful life
Leasehold improvements	Lease term
Mobile equipment	2-10 years
Other equipment	2-20 years
Processing plant	Unit-of-production
Shaft, underground infrastructure and mineral properties	Unit-of-production
Vehicles	3-7 years
Buildings	7-20 years
Office equipment	2-8 years

		Mineral property
	Plant and equipment	Depletable	Non-depletable	Exploration and evaluation	Total
Cost
At December 31, 2021	$1,629.3	$2,631.2	$285.6	$319.3	$4,865.4
Additions	40.2	143.8	123.7	22.1	329.8
Transfer of La Yaqui Grande assets1	121.0	19.0	(140.0)	—	—
Revisions to decommissioning liabilities	—	6.7	—	—	6.7
Disposals	(1.7)	—	—	—	(1.7)
Sale of Esperanza Project	(0.4)	—	—	(89.6)	(90.0)
At December 31, 2022	$1,788.4	$2,800.7	$269.3	$251.8	$5,110.2
Additions	51.5	109.5	174.7	32.2	367.9
Acquisition of Manitou Gold Inc. (i)	—	—	—	20.0	20.0
Transfers	4.0	—	(4.0)	—	—
Revisions to decommissioning liabilities (note 11)	—	8.6	—	—	8.6
Disposals	(35.5)	(1.3)	—	(1.4)	(38.2)
At December 31, 2023	$1,808.4	$2,917.5	$440.0	$302.6	$5,468.5
Accumulated amortization and impairment charges
At December 31, 2021	$717.8	$811.8	142.4	$84.9	$1,756.9
Amortization	91.7	89.4	—	—	181.1
Disposals	(1.2)	—	—	—	(1.2)
Impairment expense on Esperanza Project (iv)	—	—	—	38.2	38.2
Sale of Esperanza Project (iv)	(0.4)	—	—	(38.2)	(38.6)
At December 31, 2022	$807.9	$901.2	$142.4	$84.9	$1,936.4
Amortization	106.6	101.0	—	—	207.6
Disposals	(34.3)	(1.3)	—	—	(35.6)
At December 31, 2023	$880.2	$1,000.9	$142.4	$84.9	$2,108.4
Net carrying value
At December 31, 2022	$980.5	$1,899.5	$126.9	$166.9	$3,173.8
At December 31, 2023	$928.2	$1,916.6	$297.6	$217.7	$3,360.1

1.La Yaqui Grande commenced commercial production on June 20, 2022.

The net carrying values and capital additions by segment (note 17) are as follows:

	December 31, 2023		December 31, 2022
	Mineral Property, Plant and Equipment	Capital additions for the year ended1	Mineral Property, Plant and Equipment	Capital additions for the year ended1
Young-Davidson	$1,500.3	$73.5	1,504.7	68.4
Island Gold	1,397.7	243.4	1,174.6	185.1
Mulatos	293.0	29.9	343.8	58.8
Corporate and other	169.1	21.1	150.7	17.5
	$3,360.1	$367.9	$3,173.8	$329.8

1.Segment capital additions are presented on an accrual basis. Mineral property, plant and equipment in the consolidated statements of cash flows are presented on a cash expenditure basis.

Schedule of Investments By Classification

Asset / Liability
Cash and cash equivalents	Amortized cost
Equity securities	Fair value through OCI
Amounts receivable	Amortized cost
Accounts payable and accrued liabilities	Amortized cost
Debt and financing obligations	Amortized cost
Non-hedged derivatives	Fair value through profit or loss
Cash flow hedging derivatives	Fair value through OCI
Esperanza Milestone Payments	Fair value through profit or loss

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Amounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Receivables

	December 31, 2023	December 31, 2022
Sales tax receivables
Canada	$12.2	$15.1
Mexico	35.0	16.4
Other	0.7	1.1
Other receivables	5.5	4.6
	$53.4	$37.2

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Inventory (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of inventories [Abstract]

Schedule of Inventory

	December 31, 2023	December 31, 2022
In-process precious metals	$195.3	$159.4
Ore in stockpiles	2.8	10.0
Parts and supplies	65.2	57.2
Dore, and refined precious metals	7.9	7.6
	271.2	234.2

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Mineral Property, Pland and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

Amortization rates applicable to each category of property, plant and equipment, with the exception of land, are as follows:

Asset	Useful life
Leasehold improvements	Lease term
Mobile equipment	2-10 years
Other equipment	2-20 years
Processing plant	Unit-of-production
Shaft, underground infrastructure and mineral properties	Unit-of-production
Vehicles	3-7 years
Buildings	7-20 years
Office equipment	2-8 years

		Mineral property
	Plant and equipment	Depletable	Non-depletable	Exploration and evaluation	Total
Cost
At December 31, 2021	$1,629.3	$2,631.2	$285.6	$319.3	$4,865.4
Additions	40.2	143.8	123.7	22.1	329.8
Transfer of La Yaqui Grande assets1	121.0	19.0	(140.0)	—	—
Revisions to decommissioning liabilities	—	6.7	—	—	6.7
Disposals	(1.7)	—	—	—	(1.7)
Sale of Esperanza Project	(0.4)	—	—	(89.6)	(90.0)
At December 31, 2022	$1,788.4	$2,800.7	$269.3	$251.8	$5,110.2
Additions	51.5	109.5	174.7	32.2	367.9
Acquisition of Manitou Gold Inc. (i)	—	—	—	20.0	20.0
Transfers	4.0	—	(4.0)	—	—
Revisions to decommissioning liabilities (note 11)	—	8.6	—	—	8.6
Disposals	(35.5)	(1.3)	—	(1.4)	(38.2)
At December 31, 2023	$1,808.4	$2,917.5	$440.0	$302.6	$5,468.5
Accumulated amortization and impairment charges
At December 31, 2021	$717.8	$811.8	142.4	$84.9	$1,756.9
Amortization	91.7	89.4	—	—	181.1
Disposals	(1.2)	—	—	—	(1.2)
Impairment expense on Esperanza Project (iv)	—	—	—	38.2	38.2
Sale of Esperanza Project (iv)	(0.4)	—	—	(38.2)	(38.6)
At December 31, 2022	$807.9	$901.2	$142.4	$84.9	$1,936.4
Amortization	106.6	101.0	—	—	207.6
Disposals	(34.3)	(1.3)	—	—	(35.6)
At December 31, 2023	$880.2	$1,000.9	$142.4	$84.9	$2,108.4
Net carrying value
At December 31, 2022	$980.5	$1,899.5	$126.9	$166.9	$3,173.8
At December 31, 2023	$928.2	$1,916.6	$297.6	$217.7	$3,360.1

1.La Yaqui Grande commenced commercial production on June 20, 2022.

The net carrying values and capital additions by segment (note 17) are as follows:

	December 31, 2023		December 31, 2022
	Mineral Property, Plant and Equipment	Capital additions for the year ended1	Mineral Property, Plant and Equipment	Capital additions for the year ended1
Young-Davidson	$1,500.3	$73.5	1,504.7	68.4
Island Gold	1,397.7	243.4	1,174.6	185.1
Mulatos	293.0	29.9	343.8	58.8
Corporate and other	169.1	21.1	150.7	17.5
	$3,360.1	$367.9	$3,173.8	$329.8

1.Segment capital additions are presented on an accrual basis. Mineral property, plant and equipment in the consolidated statements of cash flows are presented on a cash expenditure basis.

Disclosure of significant royalties payable

The Company is obliged to make certain royalty payments on its mineral properties. The following table includes the significant royalties payable by the Company:

Location	Royalties payable
Mulatos	0.5% Extraordinary Mining Duty due to the Mexican government
Young-Davidson	1.5% net smelter royalty
Island Gold	2-3% net smelter royalties, dependent on claim

Schedule of asset acquisitions

The allocation of the purchase price to the net assets acquired are as follows:

Consideration paid
Fair value of total shares issued (note 13)	$13.4
Fair value of 19% interest in Manitou prior to acquisition	3.1
Transaction costs	0.2
	$16.7
Net assets acquired
Mineral property, plant and equipment	$20.0
Current liabilities (a)	(1.5)
Decommissioning liabilities	(1.8)
	$16.7

(a) Included in current liabilities are $1.1 million of Canadian dollar denominated share purchase warrants which were recognized as a liability at the date of acquisition. During the year ended December 31, 2023, 61,683 warrants were exercised for gross proceeds of $0.7 million (note 13).

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Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Other Non-Current Assets

	December 31, 2023	December 31, 2022
Investment Tax Credits (Canada) (i)	$29.1	$28.2
Milestone Payments (ii)	5.7	19.1
Other	11.3	12.1
	$46.1	$59.4

(i) Investment Tax Credits

The Investment Tax Credits relate to Canadian exploration expenses incurred while determining the existence, location, extent or quality of mineral resources in Canada. The amount recognized relates to expenses incurred at the Young-Davidson mine, and will be utilized when the mine becomes cash tax payable.

(ii) Esperanza Milestone Payments

The Milestone Payments resulted from the sale of the Esperanza Project to Zacatecas Silver Corp. on April 12, 2022. The fair value of the Milestone Payments is recalculated at each reporting date, based on management's estimate of the timing and probability (notes 8, 18).

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Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Subclassifications of assets, liabilities and equities [abstract]

Schedule of Accounts Payable and Accrued Liabilities

	December 31, 2023	December 31, 2022
Trade accounts payable and accrued liabilities	$167.8	$147.6
Royalties payable (note 8)	2.7	2.2
Derivative liabilities (note 18)	1.0	4.2
Share-based compensation liability	22.7	18.3
Share purchase warrants (note 8)	0.4	—
Current portion of equipment financing obligations	0.4	0.4
	$195.0	$172.7

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Decommissioning Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure1 [Abstract]

Schedule of Change in Asset Retirement Obligation

Balance – current and non-current portion December 31, 2021	$106.1
Reclamation expenditures	(0.4)
Accretion expense	4.2
Revisions to expected discounted cash flows	6.7
Balance – current and non-current portion December 31, 2022	$116.6
Liability assumed on Manitou acquisition (note 8)	1.8
Reclamation expenditures	(0.3)
Accretion expense	6.8
Revisions to expected discounted cash flows1	11.9
Balance – current and non-current portion December 31, 2023	$136.8
Less: Current portion of decommissioning liability	(12.6)
Balance – non-current portion December 31, 2023	$124.2

1.Included in the revisions to expected discounted cash flows are costs of $3.3 million related to closed sites with a corresponding expense recorded in Other Loss (note 14).

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of income tax [Abstract]

Major Components Of Tax Expense (Income)

The following table represents the major components of income tax expense recognized in net earnings for the years ended December 31, 2023 and 2022:

	December 31, 2023	December 31, 2022
Current income tax expense	$52.7	$10.7
Deferred income tax expense	31.0	54.6
Income tax expense recognized in net earnings	$83.7	$65.3

Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates And Average Effective Tax Rate

The statutory tax rate for 2023 was 25.0% (2022 – 25.0%). The following table reconciles the expected income tax expense at the Canadian combined statutory income tax rate to the amounts recognized in net earnings for the years ended December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
Earnings before income taxes	$293.7		$102.4
Statutory tax rate	25.0	%	25.0	%
Expected income tax expense based on above rates	$73.4		$25.6
Effect of higher tax rates in foreign jurisdictions	3.9		(3.9)
Non-deductible expenses	5.0		4.3
Impact of local mining taxes	19.6		14.7
Impact of foreign exchange	(16.3)		19.4
Impact of renouncement of flow through share expenditures	—		2.1
Withholding tax	1.5		1.6
Change in unrecognized temporary differences	2.5		3.3
Other	(5.9)		(1.8)
Income tax expense	$83.7		$65.3

Schedule of Change in Deferred Income Tax Liability

The following table reflects the change in net deferred income tax liability at December 31, 2023 and December 31, 2022:

	December 31, 2023	December 31, 2022
Balance, beginning of year	$660.9	$623.2
Deferred income tax expense recognized in net earnings	31.0	54.6
Deferred income tax (recovery) expense recognized in OCI	2.7	(1.0)
Deferred tax liability derecognized on sale of Esperanza Project	—	(15.9)
Balance, end of year	$694.6	$660.9

Schedule of Deferred Tax Assets and Liabilities

The following summarizes the components of deferred income tax at December 31, 2023 and December 31, 2022:

	December 31, 2023	December 31, 2022
Mineral property, plant and equipment	$735.3	$683.0
Inventory capitalization	5.1	12.2
Other deductible temporary differences	(41.1)	(34.2)
Non-capital losses carried forward	(4.7)	(0.1)
Deferred income tax liability	$694.6	$660.9

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Share Capital (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of share capital, reserves and other equity interest [Abstract]

Schedule of Common Stock Outstanding Roll Forward

	Number of Shares	Amount
Outstanding at December 31, 2021	391,889,733	$3,692.9
Shares issued through:
Share-based compensation plans	1,198,125	7.6
Shares repurchased and cancelled (i)	(1,100,000)	(10.4)
Flow-through share financing	922,483	6.9
DRIP (ii)	527,770	4.1
ESPP (iii)	373,806	2.7
Cancellation of unexchanged shares	(5,428)	—
Outstanding at December 31, 2022	393,806,489	$3,703.8
Shares issued through:
Share-based compensation plans	1,425,024	12.3
Manitou acquisition (note 8)	1,045,593	13.4
DRIP (ii)	353,084	4.1
ESPP (iii)	469,566	5.6
Exercise of Manitou warrants (note 8)	60,983	0.9
Cancellation of unexchanged shares	(203,755)	(1.5)
Outstanding at December 31, 2023	396,956,984	$3,738.6

Disclosure of number and weighted average exercise prices of share options

The following is a continuity of the changes in the number of stock options outstanding:

	Number	Weighted average exercise price (CAD$)
Outstanding at December 31, 2021	4,601,726	$7.47
Granted	634,727	9.53
Exercised	(1,198,125)	5.89
Forfeited	(113,477)	6.68
Outstanding at December 31, 2022	3,924,851	$8.32
Granted	481,449	14.10
Exercised	(1,424,916)	8.01
Forfeited	(215,007)	10.40
Outstanding at December 31, 2023	2,766,377	$9.32

Weighted average fair value assumptions used in the Black-Scholes valuation for stock options

The following table presents the weighted average fair value assumptions used in the Black-Scholes valuation:

For options granted in the year ended:	December 31, 2023		December 31, 2022
Weighted average share price at grant date (CAD$)	$14.10		$9.53
Risk-free rate	3.87	%	1.48	%
Expected dividend yield	0.96	%	1.20	%
Expected stock price volatility (based on historical volatility)	48	%	53	%
Expected life of option (months)	42		54
Weighted average per share fair value of stock options granted (CAD$)	$4.94		$3.80

Disclosure of number and weighted average remaining contractual life of outstanding share options

Stock options outstanding and exercisable as at December 31, 2023:

	Outstanding			Exercisable
Range of exercise prices (CAD$)	Number of options	Weighted average exercise price (CAD$)	Weighted average remaining contractual life (years)	Number of options	Weighted average exercise price (CAD$)
$6.01 - $7.00	567,111	6.57	1.78	567,111	6.57
$7.01 - $8.00	396,373	7.63	3.02	396,373	7.63
$8.01 - $9.00	15,571	8.63	3.16	15,571	8.63
$9.01 - $11.00	1,355,873	9.47	4.61	663,694	9.41
$11.01 - $17.77	431,449	14.10	4.79	—	—
	2,766,377	$9.32	4.09	1,642,749	$7.99

Stock options outstanding and exercisable by range of exercise prices

Stock options outstanding and exercisable as at December 31, 2023:

	Outstanding			Exercisable
Range of exercise prices (CAD$)	Number of options	Weighted average exercise price (CAD$)	Weighted average remaining contractual life (years)	Number of options	Weighted average exercise price (CAD$)
$6.01 - $7.00	567,111	6.57	1.78	567,111	6.57
$7.01 - $8.00	396,373	7.63	3.02	396,373	7.63
$8.01 - $9.00	15,571	8.63	3.16	15,571	8.63
$9.01 - $11.00	1,355,873	9.47	4.61	663,694	9.41
$11.01 - $17.77	431,449	14.10	4.79	—	—
	2,766,377	$9.32	4.09	1,642,749	$7.99

Continuity of the changes in the number of other long-term incentive plans (LTIP) outstanding

The following is a continuity of the changes in the number of other long-term incentive plans ("LTI") outstanding for the years ended December 31, 2023 and 2022:

	Restricted share units ("RSU")	Deferred share units ("DSU")	Performance share units ("PSU")
Outstanding units, December 31, 2021	2,168,184	911,428	1,329,655
Granted	905,058	143,178	497,895
Forfeited	(296,907)	—	(72,522)
Settled	(641,786)	—	(404,603)
Outstanding units, December 31, 2022	2,134,549	1,054,606	1,350,425
Granted	747,993	112,653	369,589
Forfeited/expired	(383,686)	—	(134,563)
Settled	(587,118)	(154,025)	(426,163)
Outstanding units, December 31, 2023	1,911,738	1,013,234	1,159,288

Schedule of Earnings (loss) per share

	For the years ended
	December 31, 2023	December 31, 2022
Net earnings	$210.0	$37.1
Weighted average number of common shares outstanding (in thousands)	395,509	392,172
Basic earnings per share	$0.53	$0.09
Dilutive effect of potential common share equivalents (in thousands)	2,560	2,336
Diluted weighted average number of common shares outstanding (in thousands)	398,069	394,508
Diluted earnings per share	$0.53	$0.09

Share units excluded from calculation of diluted earnings per share for the years ended:
(in thousands)	December 31, 2023	December 31, 2022
Stock options	4	30

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Other (Loss) Gain (Tables)

12 Months Ended

Dec. 31, 2023

Other Gain (Loss) [Abstract]

Schedule of Other Nonoperating Income (Expense)

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized loss on non-hedging derivatives	($0.9)	($0.3)
Reduction of obligation to renounce flow-through exploration expenditures	0.7	2.7
Turkish projects care and maintenance and arbitration costs	(2.9)	(5.0)
Fair value adjustment for sale of silver stream	—	2.6
Fair value adjustment for Milestone Payments (note 18)	(13.4)	(1.1)
Revision to reclamation for closed sites	(3.3)	—
Care and maintenance costs related to the El Chanate mine	(0.6)	(1.0)
Loss on disposal of assets	(1.9)	(0.7)
Other	(1.5)	(2.3)
	($23.8)	($5.1)

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Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share [abstract]

Schedule of Earnings (loss) per share

	For the years ended
	December 31, 2023	December 31, 2022
Net earnings	$210.0	$37.1
Weighted average number of common shares outstanding (in thousands)	395,509	392,172
Basic earnings per share	$0.53	$0.09
Dilutive effect of potential common share equivalents (in thousands)	2,560	2,336
Diluted weighted average number of common shares outstanding (in thousands)	398,069	394,508
Diluted earnings per share	$0.53	$0.09

Share units excluded from calculation of diluted earnings per share for the years ended:
(in thousands)	December 31, 2023	December 31, 2022
Stock options	4	30

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Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Cash Flow Statement [Abstract]

Schedules of Cash Flow, Supplemental Disclosures

	For the years ended
	December 31, 2023	December 31, 2022
Amounts receivable	($13.6)	($8.8)
Inventory	(26.0)	(55.2)
Advances and prepaid expenses	(0.6)	2.3
Accounts payable and accrued liabilities	2.3	(0.1)
Cash taxes paid	(8.3)	(1.3)
	($46.2)	($63.1)

Other items:

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized gain on non-hedging derivatives	$0.9	$0.3
Reduction of obligation to renounce flow-through exploration expenditures	(0.7)	(2.7)
Proceeds from employee share purchase plan	4.7	2.8
Reclamation activities	(0.3)	(0.4)
Revision to reclamation for closed sites	3.3	—
Interest received	7.8	1.9
Credit facility standby fees	(2.1)	(2.1)
Distribution of share-based compensation	(15.8)	(8.5)
Fair value adjustment for sale of silver stream	—	(2.6)
Fair value adjustment for Milestone Payments (note 18)	13.4	1.1
Loss on disposal of assets	1.9	0.7
Other	(0.4)	2.8
	$12.7	($6.7)

Schedule of Other Significant Noncash Transactions

Other items:

	For the years ended
	December 31, 2023	December 31, 2022
Unrealized gain on non-hedging derivatives	$0.9	$0.3
Reduction of obligation to renounce flow-through exploration expenditures	(0.7)	(2.7)
Proceeds from employee share purchase plan	4.7	2.8
Reclamation activities	(0.3)	(0.4)
Revision to reclamation for closed sites	3.3	—
Interest received	7.8	1.9
Credit facility standby fees	(2.1)	(2.1)
Distribution of share-based compensation	(15.8)	(8.5)
Fair value adjustment for sale of silver stream	—	(2.6)
Fair value adjustment for Milestone Payments (note 18)	13.4	1.1
Loss on disposal of assets	1.9	0.7
Other	(0.4)	2.8
	$12.7	($6.7)

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Segmented Information (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of entity's operating segments [Abstract]

Disclosure of operating segments [text block]

Year Ended December 31, 2023
	Young-Davidson	Mulatos1	Island Gold	Corporate /other2	Total
Operating revenues	$355.3	$420.2	$247.8	—	$1,023.3
Cost of sales
Mining and processing	166.2	188.4	82.7	—	437.3
Royalties	5.3	2.2	2.7	—	10.2
Amortization	76.7	75.3	38.2	—	190.2
	248.2	265.9	123.6	—	637.7
Expenses
Exploration	2.9	9.9	3.7	1.7	18.2
Corporate and administrative	—	—	—	27.6	27.6
Share-based compensation	—	—	—	21.7	21.7
Earnings (loss) from operations	$104.2	$144.4	$120.5	($51.0)	$318.1
Finance expense					(2.5)
Foreign exchange gain					1.9
Other loss					(23.8)
Earnings before income taxes					$293.7

Year Ended December 31, 2022
	Young-Davidson	Mulatos1	Island Gold	Corporate/other2	Total
Operating revenues	$347.8	$238.1	$235.3	—	$821.2
Cost of sales
Mining and processing	163.4	150.4	80.6	—	394.4
Inventory net realizable value adjustment	—	33.9	—	—	33.9
Royalties	5.3	1.2	2.6	—	9.1
Amortization	81.8	52.5	37.2	—	171.5
	250.5	238.0	120.4	—	608.9
Expenses
Exploration	4.3	7.5	4.7	1.9	18.4
Corporate and administrative	—	—	—	25.9	25.9
Share-based compensation	—	—	—	18.3	18.3
Impairment	—	—	—	38.2	38.2
Earnings (loss) from operations	$93.0	($7.4)	$110.2	($84.3)	$111.5
Finance expense					(5.7)
Foreign exchange gain					1.7
Other loss					(5.1)
Earnings before income taxes					$102.4

1. Mulatos includes the La Yaqui Grande operation.

2. Corporate and other consists of corporate balances and exploration, development projects and mines in reclamation.

(b) Segment assets and liabilities

	Total Assets		Total liabilities
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Young-Davidson	$1,693.2	$1,644.9	$381.8	$353.2
Island Gold	1,453.6	1,222.5	476.4	415.5
Mulatos 1	631.5	606.0	172.7	143.1
Corporate/other 2	222.9	200.8	46.8	41.3
Total assets and liabilities	$4,001.2	$3,674.2	$1,077.7	$953.1

1. Mulatos includes the La Yaqui Grande operation.

2. Corporate and other consists of corporate balances, exploration and development projects and mines in reclamation

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Financial Instruments and Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of detailed information about financial instruments [abstract]

Disclosure of fair value measurement of assets

	December 31, 2023			December 31, 2022
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets (liabilities)
Fair value through profit or loss
Milestone Payments (note 9)	—	—	5.7	—	—	19.1
Esperanza silver stream held for sale	—	—	—	—	—	5.0
Gold derivatives not designated as hedging instruments1	—	(0.8)	—	—	0.1	—
Share purchase warrants (note 8)	—	(0.4)	—	—	—	—
Fair value through OCI
Equity securities	13.0	—	—	18.6	—	—
Currency derivatives designated as hedging instruments1	—	6.6	—	—	(4.3)	—
Fuel derivatives designated as hedging instruments1	—	(0.2)	—	—	—	—
	$13.0	$5.2	$5.7	$18.6	($4.2)	$24.1

1On a gross basis, total derivatives recognized as at December 31, 2023 consist of total assets of $6.6 million, which is included in other current assets and total liabilities of $1.0 million, included in accounts payable and accrued liabilities (note 10) (December 31, 2022 - total assets of nil and total liabilities of $4.2 million).

Disclosure of fair value measurement of liabilities

	December 31, 2023			December 31, 2022
	Level 1	Level 2	Level 3	Level 1	Level 2	Level 3
Financial assets (liabilities)
Fair value through profit or loss
Milestone Payments (note 9)	—	—	5.7	—	—	19.1
Esperanza silver stream held for sale	—	—	—	—	—	5.0
Gold derivatives not designated as hedging instruments1	—	(0.8)	—	—	0.1	—
Share purchase warrants (note 8)	—	(0.4)	—	—	—	—
Fair value through OCI
Equity securities	13.0	—	—	18.6	—	—
Currency derivatives designated as hedging instruments1	—	6.6	—	—	(4.3)	—
Fuel derivatives designated as hedging instruments1	—	(0.2)	—	—	—	—
	$13.0	$5.2	$5.7	$18.6	($4.2)	$24.1

1On a gross basis, total derivatives recognized as at December 31, 2023 consist of total assets of $6.6 million, which is included in other current assets and total liabilities of $1.0 million, included in accounts payable and accrued liabilities (note 10) (December 31, 2022 - total assets of nil and total liabilities of $4.2 million).

Disclosure of detailed information about financial instruments

Disclosure of information about credit exposures designated as measured at fair value through profit or loss

The effective portion of the changes in fair value of the currency option and forward contracts for the years ended December 31, 2023 and 2022 recorded in accumulated other comprehensive (loss) income is:

	December 31, 2023	December 31, 2022
Balance, beginning of the period	($1.9)	$4.0
Change in value on currency instruments	18.1	(8.5)
Less: realized loss on CAD currency instruments	1.0	5.0
Less: realized gain on MXN currency instruments	(8.1)	(3.9)
Deferred income tax related to hedging instrument	(2.7)	1.5
	$6.4	($1.9)

The effective portion of the changes in fair value of the fuel option contracts for the years ended December 31, 2023 and 2022 recorded in accumulated other comprehensive (loss) income is:

	December 31, 2023	December 31, 2022
Balance, beginning of the period	$0.1	$0.4
Change in value on fuel contracts	(0.2)	2.5
Less: realized gain on fuel contracts	—	(2.9)
Deferred income tax related to fuel contracts	—	0.1
	($0.1)	$0.1

Schedule of Contracts Settled on Monthly Basis

The open contracts, which settle on a monthly basis, are summarized as at December 31, 2023:

Canadian dollar contracts:

Period Covered	Contract type	Contracts (CAD$ Millions)	Average minimum rate (USD/CAD)	Average maximum rate (USD/CAD)
2024	Collars	504.0	1.33	1.39

Mexican Peso contracts:

Period Covered	Contract type	Contracts (MXN Millions)	Average minimum rate (MXN/USD)	Average maximum rate (MXN/USD)
2024	Collars	330.0	18.14	20.53
2024	Forwards	125.0	17.77	17.77

Schedule of Foreign Currency Exchange Rate Risk

	December 31, 2023	December 31, 2022
Impact of a 10% change in foreign exchange rates
Canadian dollar	$10.0	$3.6
Mexican peso	1.3	0.3

Disclosure of credit risk exposure

The currencies of the Company's financial instruments and other foreign currency denominated liabilities based on notional amounts, denominated in U.S dollar equivalents were as follows:

	Canadian Dollars		Mexican Peso
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Cash and cash equivalents	$25.0	$21.6	$12.4	$4.1
Equity securities	13.0	18.6	—	—
Amounts receivable	14.9	16.6	38.6	21.5
Other monetary (liabilities) assets	(16.8)	9.8	(6.6)	(0.8)
Accounts payable and accrued liabilities	(124.1)	(102.7)	(16.4)	(19.3)
Income taxes payable	(0.1)	—	(40.2)	(0.7)
Total exposure to currency risk	(88.1)	(36.1)	(12.2)	4.8

The Company's maximum exposure to credit risk is as follows:

	December 31, 2023	December 31, 2022
Cash and cash equivalents	$224.8	$129.8
Milestone Payments	5.7	19.1
Derivative assets	6.6	—
Other receivables	5.5	4.6
Total financial instrument exposure to credit risk	$242.6	$153.5

Schedule of Maturities of Debt

The following table shows the maturities of contractual commitments. The amount presented represents the future undiscounted principal and interest cash flows, and therefore, do not equate to the carrying amounts on the consolidated statements of financial position.

	Less than 1 year	2 - 3 years	4 - 5 years	More than 5 years	Total
Leases	0.5	0.6	—	—	1.1
Accounts payable and accrued liabilities	195.0	—	—	—	195.0
Decommissioning liabilities	12.6	31.5	51.4	69.7	165.2
Capital commitments	87.5	32.7	—	—	120.2
	$295.6	$64.8	$51.4	$69.7	$481.5

XML

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of related party [Abstract]

Disclosure of transactions between related parties

Remuneration of key management (includes the Company's directors and executive team) for the years ended:

Expense by nature for the years ended:	December 31, 2023	December 31, 2022
Short-term employee benefits	9.1	8.8
Share-based payments	16.6	8.7
	$25.7	$17.5

XML

Summary of Significant Accounting Policies - Useful Lives (Details)	12 Months Ended
	Dec. 31, 2023
Minimum | Mobile equipment
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	2 years
Minimum | Other equipment
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	2 years
Minimum | Vehicles
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	3 years
Minimum | Buildings
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	7 years
Minimum | Office equipment
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	2 years
Maximum | Mobile equipment
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	10 years
Maximum | Other equipment
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	20 years
Maximum | Vehicles
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	7 years
Maximum | Buildings
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	20 years
Maximum | Office equipment
Disclosure of detailed information about property, plant and equipment [table]
Useful life measured as period of time, property, plant and equipment	8 years

XML

Amounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Receivables [Line Items]
Other receivables		$ 4.6
Trade and other current receivables	$ 53.4	37.2
Trade receivables
Receivables [Line Items]
Other receivables	5.5	4.6
Canada
Receivables [Line Items]
Sales tax receivables	12.2	15.1
Mexico
Receivables [Line Items]
Sales tax receivables	35.0	16.4
Other
Receivables [Line Items]
Sales tax receivables	$ 0.7	$ 1.1

XML

Inventory (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of inventories [Abstract]
In-process precious metals	$ 195.3	$ 159.4
Ore in stockpiles	2.8	10.0
Parts and supplies	65.2	57.2
Dore, and refined precious metals	7.9	7.6
Inventories	$ 271.2	$ 234.2

XML

Inventory (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of inventories [Line Items]
Mining and processing costs, inventories	$ 448.4	$ 400.5
Amortization	190.2	171.5
Amortization costs, inventories		171.5
In-process precious metals inventories to be realized after more than one year	58.0
Inventory net realizable value adjustment	$ 0.0	33.9
Mining and Processing Costs
Disclosure of inventories [Line Items]
Inventory net realizable value adjustment		27.6
Amortization
Disclosure of inventories [Line Items]
Inventory net realizable value adjustment		$ 6.3

XML

Other current assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Derivative assets (note 17)	$ 6.6	$ 0.0
Other current assets	$ 23.6	$ 16.2

XML

Mineral Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended		24 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	May 23, 2023
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment		$ 3,173.8
Impairment (note 8)		0.0	$ 38.2
Mineral property, plant and equipment		3,360.1	3,173.8	$ 3,360.1
Esperanza Project
Reconciliation of changes in property, plant and equipment [abstract]
Impairment (note 8)	$ 38.2			0.2
Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	4,865.4	5,110.2	4,865.4	4,865.4
Additions		367.9	329.8
Transfer of La Yaqui Grande Assets		0.0	0.0
Revisions		8.6	6.7
Disposals		(38.2)	(1.7)
Dryden option payment			(90.0)
Mineral property, plant and equipment		5,468.5	5,110.2	5,468.5
Accumulated amortization and impairment charges
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	(1,756.9)	(1,936.4)	(1,756.9)	(1,756.9)
Amortization		(207.6)	(181.1)
Disposals		35.6	1.2
Impairment (note 8)			38.2
Mineral property, plant and equipment		(2,108.4)	(1,936.4)	(2,108.4)
Right of Use Assets
Reconciliation of changes in property, plant and equipment [abstract]
Dryden option payment			38.6
Plant and equipment
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment		980.5
Mineral property, plant and equipment		928.2	980.5	928.2
Plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	1,629.3	1,788.4	1,629.3	1,629.3
Additions		51.5	40.2
Transfer of La Yaqui Grande Assets		4.0	121.0
Revisions		0.0	0.0
Disposals		(35.5)	(1.7)
Dryden option payment			(0.4)
Mineral property, plant and equipment		1,808.4	1,788.4	1,808.4
Plant and equipment | Accumulated amortization and impairment charges
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	(717.8)	(807.9)	(717.8)	(717.8)
Amortization		(106.6)	(91.7)
Disposals		34.3	1.2
Impairment (note 8)			0.0
Mineral property, plant and equipment		(880.2)	(807.9)	(880.2)
Plant and equipment | Right of Use Assets
Reconciliation of changes in property, plant and equipment [abstract]
Dryden option payment			0.4
Depletable
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment		1,899.5
Mineral property, plant and equipment		1,916.6	1,899.5	1,916.6
Depletable | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	2,631.2	2,800.7	2,631.2	2,631.2
Additions		109.5	143.8
Transfer of La Yaqui Grande Assets		0.0	19.0
Revisions		8.6	6.7
Disposals		(1.3)	0.0
Dryden option payment			0.0
Mineral property, plant and equipment		2,917.5	2,800.7	2,917.5
Depletable | Accumulated amortization and impairment charges
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	(811.8)	(901.2)	(811.8)	(811.8)
Amortization		(101.0)	(89.4)
Disposals		1.3	0.0
Impairment (note 8)			0.0
Mineral property, plant and equipment		(1,000.9)	(901.2)	(1,000.9)
Depletable | Right of Use Assets
Reconciliation of changes in property, plant and equipment [abstract]
Dryden option payment			0.0
Non-depletable
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment		126.9
Mineral property, plant and equipment		297.6	126.9	297.6
Non-depletable | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	285.6	269.3	285.6	285.6
Additions		174.7	123.7
Transfer of La Yaqui Grande Assets		(4.0)	(140.0)
Revisions		0.0	0.0
Disposals		0.0	0.0
Dryden option payment			0.0
Mineral property, plant and equipment		440.0	269.3	440.0
Non-depletable | Accumulated amortization and impairment charges
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	(142.4)	(142.4)	(142.4)	(142.4)
Amortization		0.0	0.0
Disposals		0.0	0.0
Impairment (note 8)			0.0
Mineral property, plant and equipment		(142.4)	(142.4)	(142.4)
Non-depletable | Right of Use Assets
Reconciliation of changes in property, plant and equipment [abstract]
Dryden option payment			0.0
Exploration and evaluation
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment		166.9
Mineral property, plant and equipment		217.7	166.9	217.7
Exploration and evaluation | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	319.3	251.8	319.3	319.3
Additions		32.2	22.1
Transfer of La Yaqui Grande Assets		0.0	0.0
Revisions		0.0	0.0
Disposals		(1.4)	0.0
Dryden option payment			(89.6)
Mineral property, plant and equipment		302.6	251.8	302.6
Exploration and evaluation | Accumulated amortization and impairment charges
Reconciliation of changes in property, plant and equipment [abstract]
Property, plant and equipment	$ (84.9)	(84.9)	(84.9)	(84.9)
Amortization		0.0	0.0
Disposals		0.0	0.0
Impairment (note 8)			38.2
Mineral property, plant and equipment		(84.9)	(84.9)	$ (84.9)
Exploration and evaluation | Right of Use Assets
Reconciliation of changes in property, plant and equipment [abstract]
Dryden option payment			$ 38.2
Manitou Gold Inc.
Reconciliation of changes in property, plant and equipment [abstract]
Mineral property, plant and equipment					$ 20.0
Manitou Gold Inc. | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Additions		20.0
Manitou Gold Inc. | Plant and equipment | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Additions		0.0
Manitou Gold Inc. | Depletable | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Additions		0.0
Manitou Gold Inc. | Non-depletable | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Additions		0.0
Manitou Gold Inc. | Exploration and evaluation | Cost
Reconciliation of changes in property, plant and equipment [abstract]
Additions		$ 20.0

XML

Mineral Property, Plant and Equipment (Net Value Carrying Values) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 3,360.1	$ 3,173.8
Mineral Property, Plant and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	3,360.1	3,173.8
Capital Additions
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	367.9	329.8
Corporate and other | Mineral Property, Plant and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	169.1	150.7
Corporate and other | Capital Additions
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	21.1	17.5
Operating segments | Young-Davidson | Mineral Property, Plant and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	1,500.3	1,504.7
Operating segments | Young-Davidson | Capital Additions
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	73.5	68.4
Operating segments | Island Gold | Mineral Property, Plant and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	1,397.7	1,174.6
Operating segments | Island Gold | Capital Additions
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	243.4	185.1
Operating segments | Mulatos1 | Mineral Property, Plant and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	293.0	343.8
Operating segments | Mulatos1 | Capital Additions
Disclosure of detailed information about property, plant and equipment [line items]
Property, plant and equipment	$ 29.9	$ 58.8

XML

Mineral Property, Plant and Equipment (Narrative) (Details) $ in Millions				12 Months Ended
	May 23, 2023 USD ($) shares	May 23, 2023 USD ($) $ / shares shares	Feb. 28, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Construction in progress				$ 299.0	$ 155.8
Cash and cash equivalents				224.8	129.8	$ 172.5
Total financial instrument exposure to credit risk				242.6	153.5
Milestone payments				5.7	19.1
Concentrate Receivable
Disclosure of detailed information about property, plant and equipment [line items]
Milestone payments					$ 19.1
Esperanza Project
Disclosure of detailed information about property, plant and equipment [line items]
Proceeds from disposal of non-current assets or disposal groups classified as held for sale and discontinued operations			$ 60.0
Cash and cash equivalents			$ 5.0
Manitou Gold Inc.
Disclosure of detailed information about property, plant and equipment [line items]
Number of Alamos shares for each Manitou share held | shares	0.0035251	0.0035251
Ownership interest (in shares) | shares	65,211,077	65,211,077
Ownership interest, common stock (percentage)	0.19	0.19
Common shares issued as part of consideration | shares	984,760	984,760
Common shares as payment for control obligations | shares	60,833	60,833
Share price (cad per share) | $ / shares		$ 17.37
Consideration transferred, acquisition-date fair value	$ 16.7	$ 16.7		16.7
Transaction costs	$ 0.2			$ 0.2

XML

Mineral Property, Plant and Equipment (Acquisition) (Details) - USD ($) $ in Millions		12 Months Ended
	May 23, 2023	Dec. 31, 2023	Dec. 31, 2022
Net assets acquired
Mineral property, plant and equipment		$ 3,360.1	$ 3,173.8
Manitou Gold Inc.
Total consideration
Fair value of total shares issued (note 13)	$ 13.4
Fair value of 19% interest in Manitou prior to acquisition	3.1
Transaction costs	0.2	0.2
Consideration transferred, acquisition-date fair value	16.7	$ 16.7
Net assets acquired
Current liabilities	(1.5)
Decommissioning liabilities	(1.8)
Identifiable assets acquired (liabilities assumed)	16.7
Exercise of warrants	1.1
Warrants exercised (in shares)		61,683
Proceeds from exercise of warrants		$ 0.7
Mineral property, plant and equipment	$ 20.0

XML

Mineral Property, Plant and Equipment (Royalties Payable) (Details)	Dec. 31, 2023
Mulatos1
Disclosure of detailed information about property, plant and equipment [line items]
Royalty rate	0.50%
Young-Davidson
Disclosure of detailed information about property, plant and equipment [line items]
Royalty rate	1.50%

XML

Other Non-Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Investment Tax Credits (Canada) (i)	$ 29.1	$ 28.2
Milestone payments	5.7	19.1
Other	11.3	12.1
Other non-current assets	$ 46.1	$ 59.4

XML

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Trade accounts payable and accrued liabilities		$ 167.8	$ 147.6
Royalties payable		2.7	2.2
Derivative liabilities (note 20)		1.0	4.2
Share-based compensation liability (note 16)		22.7	18.3
Share purchase warrants	$ 0.4
Current portion of equipment financing obligations		0.4	0.4
Accounts payable and accrued liabilities		$ 195.0	$ 172.7

XML

Decommissioning Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in other provisions [abstract]
Less: Current portion of decommissioning liability	$ (12.6)	$ (8.5)
Revision to reclamation for closed sites	3.3	0.0
Provision for decommissioning, restoration and rehabilitation costs [member]
Reconciliation of changes in other provisions [abstract]
Beginning balance	116.6	106.1
Reclamation expenditures	(0.3)	(0.4)
Accretion expense	6.8	4.2
Revisions to expected discounted cash flows	11.9	6.7
Liability assumed on Manitou acquisition (note 8)	1.8
Ending balance	136.8	$ 116.6
Less: Current portion of decommissioning liability	(12.6)
Balance – non-current portion December 31, 2023	$ 124.2

XML

Decommissioning Liabilities (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Line Items]
Estimated reclamation discount rate	3.00%	2.90%
Closure cost obligations discount rate	7.40%	10.50%
Decommissioning liabilities	$ 165.2	$ 134.0
Bottom of range
Asset Retirement Obligation Disclosure [Line Items]
Inflation rate	1.70%	1.90%
Top of range
Asset Retirement Obligation Disclosure [Line Items]
Inflation rate	3.60%	9.50%

XML

Income Taxes (Components of tax expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of income tax [Abstract]
Current income tax expense	$ 52.7	$ 10.7
Deferred income tax expense	31.0	54.6
Income tax expense recognized in net earnings	$ 83.7	$ 65.3

XML

Income Taxes (Tax Reconciliation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of income tax [Abstract]
Earnings before income taxes	$ 293.7	$ 102.4
Statutory tax rate	25.00%	25.00%
Expected income tax expense based on above rates	$ 73.4	$ 25.6
Effect of higher tax rates in foreign jurisdictions	3.9	(3.9)
Non-deductible expenses	5.0	4.3
Impact of local mining taxes	19.6	14.7
Impact of foreign exchange	(16.3)	19.4
Impact of renouncement of flow through share expenditures	0.0	2.1
Withholding tax	1.5	1.6
Change in unrecognized temporary differences	2.5	3.3
Other	(5.9)	(1.8)
Income tax expense recognized in net earnings	$ 83.7	$ 65.3

XML

Income Taxes (Schedule of Change in Deferred Income Tax Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in deferred tax liability (asset) [abstract]
Balance, beginning of year	$ 660.9	$ 623.2
Deferred income tax expense recognized in net earnings	31.0	54.6
Deferred income tax (recovery) expense recognized in OCI	2.7	(1.0)
Deferred tax liability derecognized on sale of Esperanza Project	0.0	(15.9)
Balance, end of year	$ 694.6	$ 660.9

XML

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes (note 12)	$ 9.0	$ 0.0
Non-capital losses carried forward	(703.6)	(660.9)
Deferred income tax liability	694.6	660.9	$ 623.2
Mineral property, plant and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes (note 12)	735.3	683.0
Inventory capitalization
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deferred income taxes (note 12)	5.1	12.2
Other deductible temporary differences
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Non-capital losses carried forward	(41.1)	(34.2)
Non-capital losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Non-capital losses carried forward	$ (4.7)	$ (0.1)

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Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Deductible temporary differences for which no deferred tax asset is recognised	$ 139.7	$ 118.0
Unrecognized tax liabilities	45.0	$ 16.9
Canada [Member] | Non-capital losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	6.3
Mexico [Member] | Non-capital losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	40.9
United States [Member] | Non-capital losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	19.4
Turkey [Member] | Non-capital losses carried forward
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unused tax losses for which no deferred tax asset recognised	$ 0.8

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Share Capital (Share Capital) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of number of shares outstanding [abstract]
Beginning balance	$ 2,721.1
Shares issued through:
Shares repurchased and cancelled (in shares)	0	(1,100,000)
Exercise of Manitou warrants (in shares)	60,983
Ending balance	$ 2,923.5	$ 2,721.1
Issued capital [member]
Reconciliation of number of shares outstanding [abstract]
Number of shares outstanding	393,806,489	391,889,733
Beginning balance	$ 3,703.8	$ 3,692.9
Shares issued through:
Share-based employment compensation plans (in shares)	1,425,024	1,198,125
Share-based compensation plans	$ 12.3	$ 7.6
Shares repurchased and cancelled (in shares)		(1,100,000)
Shares repurchased and cancelled (i)	0.0	$ (10.4)
Flow-through share financing (in shares)		922,483
Flow-through share financing	$ 0.0	$ 6.9
Stock Issued During Period, Share, Acquisition	1,045,593
Dividend reinvestment plan and share purchase plan (in shares)	353,084	527,770
DRIP (ii)	$ 4.1	$ 4.1
Shares issued through share purchase plan (in shares)	469,566	373,806
ESPP (iii)	$ 5.6	$ 2.7
Exercise of Manitou warrants (note 8)	0.9	0.0
Issuance of shares related to Manitou acquisition (note 8)	13.4	0.0
Cancellation of unexchanged shares	$ (1.5)	$ 0.0
Cancellation of unexchanged shares (in shares)	(203,755)	(5,428)
Number of shares outstanding	396,956,984	393,806,489
Ending balance	$ 3,738.6	$ 3,703.8

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Share Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity Financing [Line Items]
Stock Repurchased Authorization	34,485,405
Shares repurchased and cancelled (in shares)	0	1,100,000
Repurchased Shares Price Per Share		$ 7.41
Shares Repurchased		$ 8.2
Dividends recognised as distributions to owners		35.1
Dividends paid	$ (35.3)	$ (35.1)
Top of range
Equity Financing [Line Items]
Discount rate on prevailing market price from treasury	5.00%
Restricted share units ("RSU")
Equity Financing [Line Items]
Weighted average exercise price of other equity instruments granted in share-based payment arrangement	$ 14.07	$ 9.66
Deferred share units ("DSU")
Equity Financing [Line Items]
Weighted average exercise price of other equity instruments granted in share-based payment arrangement	14.35	9.67
Performance share units ("PSU")
Equity Financing [Line Items]
Weighted average exercise price of other equity instruments granted in share-based payment arrangement	$ 14.10	$ 9.65
SHARE CAPITAL
Equity Financing [Line Items]
Shares repurchased and cancelled (in shares)		1,100,000
Issuance of shares related to Manitou acquisition (note 8)	$ 13.4	$ 0.0
Dividend reinvestment plan and share purchase plan (in shares)	353,084	527,770
DRIP (ii)	$ 4.1	$ 4.1
Dividends recognised as distributions to owners		$ 4.1
Shares issued through share purchase plan (in shares)	469,566	373,806
DEFICIT
Equity Financing [Line Items]
Dividends recognised as distributions to owners	$ 39.4	$ 39.2

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Share Capital (Stock Options) (Details)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares
Disclosure of share capital, reserves and other equity interest [Abstract]
Number of options outstanding | shares	3,924,851	4,601,726
Granted | shares	481,449	634,727
Exercised | shares	(1,424,916)	(1,198,125)
Expired | shares	(215,007)	(113,477)
Number of options outstanding | shares	2,766,377	3,924,851
Weighted average exercise price of share options outstanding (CAD$)	$ 8.32	$ 7.47
Weighted average exercise price of share options granted (CAD$)	14.10	9.53
Weighted average exercise price of share options exercised (CAD$)	8.01	5.89
Weighted average exercise price of share options expired (CAD$)	10.40	6.68
Weighted average exercise price of share options outstanding (CAD$)	9.32	8.32
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise	$ 16.82	$ 11.98

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Share Capital (Fair Value Assumptions) (Details)	12 Months Ended
	Dec. 31, 2023 CAD ($) month shares $ / shares	Dec. 31, 2022 CAD ($) month shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Granted | shares	481,449	634,727
Weighted average share price at grant date (CAD$) | $ / shares	$ 14.10	$ 9.53
Risk-free rate	3.87%	1.48%
Expected dividend yield	0.96%	1.20%
Expected stock price volatility (based on historical volatility)	48.00%	53.00%
Expected life of option (months)	42	54
Weighted average per share fair value of stock options granted (CAD$) | $	$ 4.94	$ 3.80
Expected dividend yield	0.96%	1.20%
Risk-free rate	3.87%	1.48%
Expected life of option (months)	42	54

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Share Capital (Schedule of Stock Options Range for Outstanding and Exercisable Shares) (Details)	12 Months Ended
	Dec. 31, 2023 shares $ / shares	Dec. 31, 2022 shares $ / shares	Dec. 31, 2021 shares $ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares) | shares	2,766,377	3,924,851	4,601,726
Outstanding weighted average exercise price (CAD per share) | $ / shares	$ 9.32	$ 8.32	$ 7.47
Weighted average remaining contractual life of options outstanding (years)	4 years 1 month 2 days
Number of options exercisable (in shares) | shares	1,642,749
Exercisable weighted average exercise price (CAD per share)) | $ / shares	$ 7.99
$6.01 - $7.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares) | shares	567,111
Outstanding weighted average exercise price (CAD per share) | $ / shares	$ 6.57
Weighted average remaining contractual life of options outstanding (years)	1 year 9 months 10 days
Number of options exercisable (in shares) | shares	567,111
Exercisable weighted average exercise price (CAD per share)) | $ / shares	$ 6.57
$7.01 - $8.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares) | shares	396,373
Outstanding weighted average exercise price (CAD per share) | $ / shares	$ 7.63
Weighted average remaining contractual life of options outstanding (years)	3 years 7 days
Number of options exercisable (in shares) | shares	396,373
Exercisable weighted average exercise price (CAD per share)) | $ / shares	$ 7.63
$8.01 - $9.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares) | shares	15,571
Outstanding weighted average exercise price (CAD per share) | $ / shares	$ 8.63
Weighted average remaining contractual life of options outstanding (years)	3 years 1 month 28 days
Number of options exercisable (in shares) | shares	15,571
Exercisable weighted average exercise price (CAD per share)) | $ / shares	$ 8.63
$9.01 - $11.00
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares) | shares	1,355,873
Outstanding weighted average exercise price (CAD per share) | $ / shares	$ 9.47
Weighted average remaining contractual life of options outstanding (years)	4 years 7 months 9 days
Number of options exercisable (in shares) | shares	663,694
Exercisable weighted average exercise price (CAD per share)) | $ / shares	$ 9.41
$11.01 - $17.77
Disclosure of range of exercise prices of outstanding share options [line items]
Number of options outstanding (in shares) | shares	431,449
Outstanding weighted average exercise price (CAD per share) | $ / shares	$ 14.10
Weighted average remaining contractual life of options outstanding (years)	4 years 9 months 14 days
Number of options exercisable (in shares) | shares	0
Exercisable weighted average exercise price (CAD per share)) | $ / shares	$ 0

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Share Capital (Other employee long-term incentives) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted share units ("RSU")
Disclosure of classes of share capital [line items]
Shares outstanding	2,134,549	2,168,184
Granted	747,993	905,058
Forfeiture	(383,686)	(296,907)
Settled	(587,118)	(641,786)
Shares outstanding	1,911,738	2,134,549
Deferred share units ("DSU")
Disclosure of classes of share capital [line items]
Shares outstanding	1,054,606	911,428
Granted	112,653	143,178
Forfeiture	0	0
Settled	(154,025)	0
Shares outstanding	1,013,234	1,054,606
Performance share units ("PSU")
Disclosure of classes of share capital [line items]
Shares outstanding	1,350,425	1,329,655
Granted	369,589	497,895
Forfeiture	(134,563)	(72,522)
Settled	(426,163)	(404,603)
Shares outstanding	1,159,288	1,350,425

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Share Capital (Antidilutive Securities) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 shares
Employee Stock Option1
Earnings per share [line items]
Antidilutive securities	4

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Other (Loss) Gain (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of other gains and losses [Line Items]
Unrealized gain on non-hedging derivatives	$ (0.9)	$ (0.3)
Revision to reclamation for closed sites	(3.3)	0.0
Reduction of obligation to renounce flow-through exploration expenditures	0.7	2.7
Holding and Arbitration Costs	(2.9)	(5.0)
Loss on disposal of assets	1.9	0.7
Other	(1.5)	(2.3)
Other loss	(23.8)	(5.1)
Silver Stream
Disclosure of other gains and losses [Line Items]
Gain (loss) on fair value adjustment	0.0	2.6
Milestone Payments
Disclosure of other gains and losses [Line Items]
Unrealized gain on non-hedging derivatives	(13.4)	(1.1)
Holding Costs	$ (0.6)	$ (1.0)

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Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings per share [abstract]
Net earnings	$ 210.0	$ 37.1
Weighted average number of common shares outstanding (in shares)	395,509	392,172
Basic earnings per share (in dollars per share)	$ 0.53	$ 0.09
Dilutive effect of potential common share equivalents (in shares)	2,560	2,336
Diluted weighted average number of common shares outstanding (in shares)	398,069	394,508
Diluted earnings per share (in dollars per share)	$ 0.53	$ 0.09
Stock options		30

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Earnings (Loss) Per Share - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Earnings per share [abstract]
Weighted average share price (in dollars per share)	$ 16.42	$ 10.26

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of Cash Flow Statement [Abstract]
Amounts receivable	$ (13.6)	$ (8.8)
Inventory net realizable value adjustment	(26.0)	(55.2)
Advances and prepaid expenses	(0.6)	2.3
Accounts payable and accrued liabilities	2.3	(0.1)
Income taxes (paid) refunded	(8.3)	(1.3)
Increase (decrease) in working capital	$ (46.2)	$ (63.1)

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Supplemental Cash Flow Information (Other Non-cash Items) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of cash flow statement [Line Items]
Unrealized gain on non-hedging derivatives	$ (0.9)	$ (0.3)
Reduction of obligation to renounce flow-through exploration expenditures	0.7	2.7
Employee contributions	4.7	2.8
Adjustments for interest income	7.8	1.9
Adjustments for increase (decrease) in insurance, reinsurance and investment contract liabilities	(2.1)	(2.1)
Distribution of share-based compensation	15.8	8.5
Loss on disposal of assets	1.9	0.7
Other	(0.4)	2.8
Other adjustments for non-cash items	12.7	(6.7)
Revision to reclamation for closed sites	3.3	0.0
Silver Stream
Disclosure of cash flow statement [Line Items]
Gain (loss) on fair value adjustment	0.0	2.6
Milestone Payments
Disclosure of cash flow statement [Line Items]
Unrealized gain on non-hedging derivatives	(13.4)	(1.1)
Provision for decommissioning, restoration and rehabilitation costs [member]
Disclosure of cash flow statement [Line Items]
Reclamation expenses	$ 0.3	$ 0.4

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Segmented Information (Segment revenues and results) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of operating segments [line items]
Operating revenues	$ 1,023.3	$ 821.2
Cost of sales
Mining and processing	437.3	394.4
Inventory net realizable value adjustment	0.0	33.9
Royalties	10.2	9.1
Amortization	190.2	171.5
Cost of sales	637.7	608.9
Expenses
Exploration	18.2	18.4
Corporate and administrative	27.6	25.9
Share-based compensation	21.7	18.3
Impairment (note 8)	0.0	38.2
EARNINGS FROM OPERATIONS	318.1	111.5
Finance expense	(2.5)	(5.7)
Foreign exchange gain	1.9	1.7
Other loss	(23.8)	(5.1)
EARNINGS BEFORE INCOME TAXES	293.7	102.4
Impairment of El Chanate inventory		33.9
Corporate and other
Expenses
Exploration	1.7
Corporate and administrative	27.6
Share-based compensation	21.7
EARNINGS FROM OPERATIONS	(51.0)
Operating segments | Young-Davidson
Disclosure of operating segments [line items]
Operating revenues	355.3	347.8
Cost of sales
Mining and processing	166.2	163.4
Royalties	5.3	5.3
Amortization	76.7	81.8
Cost of sales	248.2	250.5
Expenses
Exploration	2.9	4.3
EARNINGS FROM OPERATIONS	104.2	93.0
Impairment of El Chanate inventory		0.0
Operating segments | Mulatos1
Disclosure of operating segments [line items]
Operating revenues	420.2	238.1
Cost of sales
Mining and processing	188.4	150.4
Royalties	2.2	1.2
Amortization	75.3	52.5
Cost of sales	265.9	238.0
Expenses
Exploration	9.9	7.5
EARNINGS FROM OPERATIONS	144.4	(7.4)
Impairment of El Chanate inventory		33.9
Operating segments | Island Gold
Disclosure of operating segments [line items]
Operating revenues	247.8	235.3
Cost of sales
Mining and processing	82.7	80.6
Royalties	2.7	2.6
Amortization	38.2	37.2
Cost of sales	123.6	120.4
Expenses
Exploration	3.7	4.7
EARNINGS FROM OPERATIONS	$ 120.5	110.2
Impairment of El Chanate inventory		0.0
Operating segments | Corporate and other
Expenses
Exploration		1.9
Corporate and administrative		25.9
Share-based compensation		18.3
Impairment (note 8)		38.2
EARNINGS FROM OPERATIONS		$ (84.3)

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Segmented Information (Segment assets and liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of operating segments [line items]
Total Assets	$ 4,001.2	$ 3,674.2
Total liabilities	1,077.7	953.1
Corporate and other
Disclosure of operating segments [line items]
Total Assets	222.9	200.8
Total liabilities	46.8	41.3
Operating segments | Young-Davidson
Disclosure of operating segments [line items]
Total Assets	1,693.2	1,644.9
Total liabilities	381.8	353.2
Operating segments | Mulatos1
Disclosure of operating segments [line items]
Total Assets	631.5	606.0
Total liabilities	172.7	143.1
Operating segments | Island Gold
Disclosure of operating segments [line items]
Total Assets	1,453.6	1,222.5
Total liabilities	$ 476.4	$ 415.5

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Financial Instruments and Risk Management (Fair Value for Assets and Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of fair value measurement of assets [line items]
Milestone payments	$ 5.7	$ 19.1
Asset held for sale	0.0	5.0
Total liabilities	1,077.7	953.1
Total Assets	4,001.2	3,674.2
Derivative assets (note 17)	6.6	0.0
Derivative liabilities (note 20)	1.0	4.2
Derivatives | Gold Options
Disclosure of fair value measurement of assets [line items]
Financial liabilities, at fair value	(0.8)
Derivatives | Currency Hedging Derivative Instruments
Disclosure of fair value measurement of assets [line items]
Financial liabilities, at fair value	6.6
Derivatives | Fuel Options
Disclosure of fair value measurement of assets [line items]
Financial assets, at fair value	(0.2)
Level 3 | Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Milestone payments		19.1
Asset held for sale	0.0	5.0
Fair value, net asset (liability)	5.7	24.1
Level 2 | Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Fair value, net asset (liability)	5.2	(4.2)
Level 2 | Recurring fair value measurement | Fair value through profit or loss | Gold Options
Disclosure of fair value measurement of assets [line items]
Total liabilities		0.1
Level 2 | Recurring fair value measurement | Fair value through profit or loss | Share Purchase Warrants
Disclosure of fair value measurement of assets [line items]
Financial liabilities, at fair value	(0.4)
Level 2 | Recurring fair value measurement | Fair value through OCI | Currency Hedging Derivative Instruments
Disclosure of fair value measurement of assets [line items]
Total liabilities		(4.3)
Level 1 | Recurring fair value measurement
Disclosure of fair value measurement of assets [line items]
Fair value, net asset (liability)	13.0	18.6
Level 1 | Recurring fair value measurement | Trading securities | Fair value through OCI
Disclosure of fair value measurement of assets [line items]
Total Assets	$ 13.0	$ 18.6

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Financial Instruments and Risk Management (Fair Value for Assets and Liabilities Narrative) (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about financial instruments [line items]
Probability factor		25.00%	75.00%
Decrease in fair value of milestone payments	$ 11.0
Discount rate, milestone payments	0.1475	0.1475
Profit (loss) before tax		$ 293.7	$ 102.4
Change in Assumptions, Effect
Disclosure of detailed information about financial instruments [line items]
Profit (loss) before tax		$ 0.8

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Financial Instruments and Risk Management (Revolving Credit Facility) (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt and Financing Obligations [Line Items]
Uncommitted accordion feature	$ 100,000,000
Line of credit, additional borrowing increase to capacity	$ 600,000,000
Revolving Credit Facility
Debt and Financing Obligations [Line Items]
Minimum interest coverage ratio	3.0
Maximum net leverage ratio	3.5
Bottom of range | Revolving Credit Facility
Debt and Financing Obligations [Line Items]
Commitment fee	0.42%
Top of range | Revolving Credit Facility
Debt and Financing Obligations [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000,000
LIBOR | Bottom of range | Revolving Credit Facility - Drawn Amounts
Debt and Financing Obligations [Line Items]
Borrowings, adjustment to interest rate basis	1.875%

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Financial Instruments and Risk Management (Hedging Instruments Recorded in AOCI) (Details) - Currency risk - Fair value hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Balance, beginning of the period	$ (1.9)	$ 4.0
Change in value on currency instruments	18.1	(8.5)
Deferred income tax related to hedging instrument	(2.7)	1.5
Balance, end of period	(6.4)	(1.9)
CAD Currency Instruments
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Change in value on currency instruments	1.0	5.0
MXN Currency Instruments
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
Change in value on currency instruments	$ (8.1)	$ (3.9)

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Financial Instruments and Risk Management (Fair Value And Presentation in the Balance Sheet Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Collars and Forwards
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value		$ 4.3
Derivatives | Currency Hedging Derivative Instruments
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	$ 6.6
Derivatives | Fuel Options
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	(0.2)
Derivatives | Gold Options
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	$ (0.8)

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Financial Instruments and Risk Management (Currency Contracts) (Details) - Dec. 31, 2023 - 2024 - Currency risk $ in Millions, $ in Millions	CAD ($)	$ / $	MXN ($)	$ / $
Collars
Disclosure of detailed information about hedged items [line items]
Notional amount	$ 504.0		$ 330.0
Collars | Bottom of range
Disclosure of detailed information about hedged items [line items]
Average rate of hedging instrument		133.00%		1814.00%
Collars | Top of range
Disclosure of detailed information about hedged items [line items]
Average rate of hedging instrument		139.00%		2053.00%
Forward contract
Disclosure of detailed information about hedged items [line items]
Notional amount | $			$ 125.0
Forward contract | Bottom of range
Disclosure of detailed information about hedged items [line items]
Average rate of hedging instrument				1777.00%
Forward contract | Top of range
Disclosure of detailed information about hedged items [line items]
Average rate of hedging instrument				1777.00%

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Financial Instruments and Risk Management (Fuel Option Contracts Rollforward) (Details) - Commodity price risk - Fair value hedges - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about hedged items [line items]
Change in value on currency instruments	$ (0.2)	$ 2.5
Fuel Contracts
Disclosure of detailed information about hedged items [line items]
Balance, beginning of the period	0.1	0.4
Change in value on currency instruments	0.0	(2.9)
Deferred income tax related to hedging instrument	0.0	0.1
Balance, end of period	$ (0.1)	$ 0.1

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Financial Instruments and Risk Management (Fuel Option Contracts Narrative) (Details) - Fuel Contract - Commodity price risk $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares $ / $ $ / $
Disclosure of detailed information about hedged items [line items]
Financial liabilities, at fair value | $	$ 0.2
2024
Disclosure of detailed information about hedged items [line items]
Number of Gallons Subject to Contract | $ / shares	1,512,000
Top of range | 2024
Disclosure of detailed information about hedged items [line items]
Average rate of hedging instrument	271.00%
Bottom of range | 2024
Disclosure of detailed information about hedged items [line items]
Average rate of hedging instrument	250.00%

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Financial Instruments and Risk Management (Derivative Instrument Not Designated as Cash Flow Hedged Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / oz oz	Dec. 31, 2022 USD ($)
Disclosure of detailed information about hedged items [line items]
Ounces Subject to Contract | oz	69,750
Unrealized gain on non-hedging derivatives	$ (0.9)	$ (0.3)
Expense relating to variable lease payments not included in measurement of lease liabilities	104.2	88.2
Derivatives | Gold Options
Disclosure of detailed information about hedged items [line items]
Financial liabilities, at fair value	(0.8)
Gold Options | Commodity price risk
Disclosure of detailed information about hedged items [line items]
Financial assets, at fair value		0.1
Gains (losses) on change in fair value of derivatives	0.1	3.5
Unrealized gain on non-hedging derivatives	$ 0.9	$ 0.3
Purchase Put Options | Gold Options | 2024 | Commodity price risk
Disclosure of detailed information about hedged items [line items]
Average realized price per ounce | $ / oz	1,926
Sold Call Option | Gold Options | 2024 | Commodity price risk
Disclosure of detailed information about hedged items [line items]
Average realized price per ounce | $ / oz	2,356

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Financial Instruments and Risk Management (Financial Instruments and Related Risks Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) $ / oz
Interest rate risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on interest earned | $	$ 4.6
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Potential percentage change in value	10.00%
Market risk | Gold Options | Bottom of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average realized price per ounce	1,809
Market risk | Gold Options | Top of range
Disclosure of nature and extent of risks arising from financial instruments [line items]
Average realized price per ounce	2,090

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Financial Instruments and Risk Management (Foreign Currency Exchange Rate Risk) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	$ 242.6	$ 153.5
Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on pre-tax earnings	10.0	3.6
Total financial instrument exposure to credit risk	88.1	36.1
Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on pre-tax earnings	1.3	0.3
Total financial instrument exposure to credit risk	12.2	4.8
Cash and cash equivalents | Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	25.0	21.6
Cash and cash equivalents | Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	12.4	4.1
Equity securities | Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	13.0	18.6
Equity securities | Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	0.0	0.0
Trade receivables | Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	14.9	16.6
Trade receivables | Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	38.6	21.5
Other monetary assets | Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	(16.8)	9.8
Other monetary assets | Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	6.6	0.8
Accounts Payable And Accrued Liabilities | Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	124.1	102.7
Accounts Payable And Accrued Liabilities | Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	16.4	19.3
Income Taxes Payable | Currency risk | Canadian dollar
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	0.1	0.0
Income Taxes Payable | Currency risk | Mexican peso
Disclosure of nature and extent of risks arising from financial instruments [line items]
Total financial instrument exposure to credit risk	$ 40.2	$ 0.7

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Financial Instruments and Risk Management (Credit Risk) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	$ 224.8	$ 129.8	$ 172.5
Milestone payments	5.7	19.1
Derivative assets (note 17)	6.6	0.0
Other receivables		4.6
Total financial instrument exposure to credit risk	242.6	153.5
Cash and cash equivalents
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents	224.8	129.8
Concentrate Receivable
Disclosure of detailed information about financial instruments [line items]
Milestone payments		19.1
Trade receivables
Disclosure of detailed information about financial instruments [line items]
Other receivables	$ 5.5	$ 4.6

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Financial Instruments and Risk Management (Contractual Commitments) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Operating and financing leases, less than 1 year	$ 0.5
Operating and financing leases, 2-3 years	0.6
Operating and financing leases, 4-5 years	0.0
Operating and financing leases, more than 5 years	0.0
Operating and financing leases, total	1.1
Accounts payable and accrued liabilities, less than 1 year	195.0	$ 172.7
Accounts payable and accrued liabilities, 2-3 years	0.0
Accounts payable and accrued liabilities, 4-5 years	0.0
Accounts payable and accrued liabilities, more than 5 years	0.0
Accounts payable and accrued liabilities, total	195.0
Decommissioning liability, less than 1 year	12.6
Decommissioning liability, 2-3 years	31.5
Decommissioning liability, 4-5 years	51.4
Decommissioning liability, more than 5 years	69.7
Decommissioning liability, total	165.2	$ 134.0
Capital commitments, less than 1 year	87.5
Capital commitments, 2-3 years	32.7
Capital commitments, 4-5 years	0.0
Capital commitments, more than 5 years	0.0
Capital commitments, total	120.2
Contractual obligation, less than 1 year	295.6
Contractual obligation, 2-3 years	64.8
Contractual obligation, 4-5 years	51.4
Contractual obligation, more than 5 years	69.7
Contractual obligation, total	$ 481.5

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Management of Capital (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Disclosure of objectives, policies and processes for managing capital [abstract]
Equity	$ 2,923.5	$ 2,721.1

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Related Party Transactions (Details) - Company's directors and executive team - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [line items]
Short-term employee benefits	$ 9.1	$ 8.8
Share-based payments	16.6	8.7
Amounts payable, related party transactions	$ 25.7	$ 17.5

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Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments [Line Items]
Royalties	$ 10.2	$ 9.1

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Subsequent Event (Details) - Major business combination - Orford Mining Corporation	Jan. 15, 2024 $ / shares shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued in business combination (in shares)	0.005588
Share price (cad per share) | $ / shares	$ 0.10
Number of shares in entity held by entity (in shares)	61,660,902
Percentage of shares held by entity	27.50%

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Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments [Table]
Expense relating to variable lease payments not included in measurement of lease liabilities	$ 104.2	$ 88.2
Cash outflow for leases	$ 112.0	$ 96.1