# ex99212312024mda

Source Brief: https://evesgoldminers.com/research/source-briefs/alamos-gold-2025-02-19-ex99212312024mda-9c5f841e
Original source: https://www.sec.gov/Archives/edgar/data/1178819/000117881925000031/ex99212312024mda.htm
Original published: 2025-02-19
EGM generated: 2026-09-04
Company: Alamos Gold (AGI)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# ex99212312024mda

Source: https://www.sec.gov/Archives/edgar/data/1178819/000117881925000031/ex99212312024mda.htm
Published: 2025-02-19T00:00:00+00:00
Fetched: 2026-05-05T09:21:39.762+00:00
Source artifact: 9c5f841e-d875-4f8c-945f-b79335a3b2fd
Normalizer input: text

## Content

# ex99212312024mda
EX-99.2
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ex99212312024mda.htm
EX-99.2
Document ALAMOS GOLD INC. Management’s Discussion and Analysis (in United States dollars, unless otherwise stated) For the Year ended December 31, 2024 ALAMOS GOLD INC. For the Year ended December 31, 2024 Table of Contents Overview of the Business 3 Highlight Summary 4 2024 Highlights 6 Environment, Social and Governance Summary Performance 8 Business Developments 9 Outlook and Strategy 11 Young-Davidson Mine ("Young-Davidson") 14 Island Gold Mine ("Island Gold") 16 Magino Mine ("Magino") 18 Mulatos District ("Mulatos District") 20 Fourth Quarter 2024 Development Activities 22 Fourth Quarter 2024 Exploration Activities 27 Key External Performance Drivers 30 Summarized Financial and Operating Results 31 Review of Fourth Quarter Financial Results 31 Review of 2024 Financial Results 32 Consolidated Expenses and Other 33 Consolidated Income Tax Expense 35 Financial Condition 35 Liquidity and Capital Resources 36 Outstanding Share Data 38 Related Party Transactions 38 Off-Balance Sheet Arrangements 38 Financial Instruments 38 Summary of Quarterly Financial and Operating Results 39 Non-GAAP Measures and Additional GAAP Measures 40 Accounting Estimates, Policies and Changes 47 Internal Control over Financial Reporting 47 Changes in Internal Control over Financial Reporting 48 Disclosure Controls 48 Limitations of Controls and Procedures 48 Risk Factors and Uncertainties 48 Cautionary Note to United States Investors 62 Cautionary Note Regarding Forward-Looking Statements 63 2024 Management’s Discussion and Analysis This Management’s Discussion and Analysis (“MD&A”), dated February 19, 2025, 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, 2024 and December 31, 2023 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. 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 62. Overview of the Business Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District (comprising the Island Gold and Magino mines) and Young-Davidson mine in Northern Ontario, Canada and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, the Lynn Lake project in Manitoba, Canada and the Puerto Del Aire (“PDA”) project in the Mulatos District. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development. 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 2024 Management’s Discussion and Analysis Highlight Summary Three Months Ended December 31, Years Ended December 31, 2024 2023 2024   2023   Financial Results (in millions) Operating revenues $375.8  $254.6  $1,346.9  $1,023.3  Cost of sales (1) $200.9  $166.7  $751.1  $637.7  Earnings from operations $158.4  $71.9  $561.9  $318.1  Earnings before income taxes $157.2  $51.2  $502.2  $293.7  Net earnings $87.6  $47.1  $284.3  $210.0  Adjusted net earnings (2) $103.2  $49.2  $328.9  $208.4  Adjusted earnings before interest, taxes, depreciation and amortization (2) $207.2  $103.6  $691.5  $487.3  Cash provided by operations before working capital and taxes paid (2) $207.9  $120.2  $726.2  $518.9  Cash provided by operating activities $192.2  $124.1  $661.1  $472.7  Capital expenditures (sustaining) (2)(3) $30.0  $26.6  $110.1  $104.2  Sustaining finance leases $5.2  $—  $10.6  $—  Capital expenditures (growth) (2) $101.2  $73.0  $279.5  $216.7  Capital expenditures (capitalized exploration) $7.5  $10.1  $28.0  $28.0  Free cash flow (2) $53.5  $14.4  $272.3  $123.8  Operating Results Gold production (ounces) 140,200  129,500  567,000  529,300  Gold sales (ounces) 141,258  129,005  560,234  526,258  Per Ounce Data Average realized gold price $2,632  $1,974  $2,379  $1,944  Average spot gold price (London PM Fix) $2,663  $1,971  $2,386  $1,941  Cost of sales per ounce of gold sold  (includes amortization) (1) $1,422  $1,292  $1,341  $1,212  Total cash costs per ounce of gold sold (2) $981  $900  $927  $850  All-in sustaining costs per ounce of gold sold (2) $1,333  $1,233  $1,281  $1,160  Share Data Earnings per share, basic $0.21  $0.12  $0.70  $0.53  Earnings per share, diluted $0.21  $0.12  $0.69  $0.53  Adjusted earnings per share, basic (2) $0.25  $0.12  $0.81  $0.53  Weighted average common shares outstanding (basic) (000’s) 420,192  396,577  408,165  395,509  Financial Position (in millions) Cash and cash equivalents $327.2  $224.8  (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) Sustaining capital expenditures include sustaining capital lease expenditures at Magino, which are not included as additions to mineral property, plant and equipment in cash flows used from investing activities.                                         4 2024 Management’s Discussion and Analysis Three Months Ended December 31, Years Ended December 31, 2024   2023   2024   2023   Gold production (ounces) Young-Davidson 45,700  49,800  174,000  185,100  Island Gold 39,400  31,600  155,000  131,400  Magino (9) 16,200  —  33,000  —  Mulatos District (8) 38,900  48,100  205,000  212,800  Gold sales (ounces) Young-Davidson 45,441  48,052  173,274  182,796  Island Gold 39,595  30,464  152,170  127,629  Magino (9) 16,505  —  31,271  —  Mulatos District (8) 39,717  50,489  203,519  215,833  Cost of sales (in millions) (1) Young-Davidson $65.9  $64.6  $261.9  $248.2  Island Gold $34.7  $33.8  $132.2  $123.6  Magino (9) $35.4  —  $73.9  —  Mulatos District (8) $64.9  $68.3  $283.1  $265.9  Cost of sales per ounce of gold sold (includes amortization) (1) Young-Davidson $1,450  $1,344  $1,511  $1,358  Island Gold $876  $1,110  $869  $968  Magino (9) $2,145  —  $2,363  —  Mulatos District (8) $1,634  $1,353  $1,391  $1,232  Total cash costs per ounce of gold sold (2) Young-Davidson $955  $920  $1,047  $938  Island Gold $594  $775  $592  $669  Magino (9) $1,672  —  $1,836  —  Mulatos District (8) $1,113  $957  $935  $883  Mine-site all-in sustaining costs per ounce of gold sold (2)(3) Young-Davidson $1,191  $1,211  $1,314  $1,208  Island Gold $791  $1,136  $865  $1,017  Magino (9) $2,666  —  $2,824  —  Mulatos District (8) $1,198  $1,030  $1,001  $967  Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2) Young-Davidson (4) $21.3  $24.0  $86.1  $67.2  Island Gold (5) $83.7  $73.9  $257.0  $233.1  Magino (7)(9)(10) $24.7  —  $38.6  —  Mulatos District (6)(8) $5.3  $8.4  $20.1  $30.4  Other $8.9  $3.4  $26.4  $18.2  (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 $2.0 million and $5.9 million for the three months and year ended December 31, 2024 ($1.3 million and $5.1 million for the three months and year ended December 31, 2023, respectively). (5) Includes capitalized exploration at Island Gold of $1.7 million and $12.4 million for the three months and year ended December 31, 2024 ($3.3 million and $11.1 million for the three months and year ended December 31, 2023, respectively). (6) Includes capitalized exploration at Mulatos District of $1.6 million and $7.5 million for the three months and year ended ended December 31, 2024 ($5.5 million and $11.8 million for the three months and year ended December 31, 2023). (7) Includes capitalized exploration at Magino of $2.2 million and $2.2 million for the three months and year ended ended December 31, 2024. (8) The Mulatos District includes La Yaqui Grande and Mulatos pit. (9) The 2024 full year results for Magino are for Alamos’ ownership period from July 12, 2024 to December 31, 2024. (10) Sustaining capital expenditures for Magino include certain finance leases classified as sustaining.                                         5 2024 Management’s Discussion and Analysis Fourth Quarter and Full Year 2024 Highlights Operational and Financial Highlights • Produced a record 567,000 ounces of gold in 2024, in-line with the mid-point of the revised guidance and a 7% increase from 2023. This reflected the inclus

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