# ex99212312025mda

Source Brief: https://evesgoldminers.com/research/source-briefs/alamos-gold-2026-02-18-ex99212312025mda-fb862591
Original source: https://www.sec.gov/Archives/edgar/data/1178819/000117881926000048/ex99212312025mda.htm
Original published: 2026-02-18
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

# ex99212312025mda

Source: https://www.sec.gov/Archives/edgar/data/1178819/000117881926000048/ex99212312025mda.htm
Published: 2026-02-18T00:00:00+00:00
Fetched: 2026-05-05T09:21:32.411+00:00
Source artifact: fb862591-9113-436e-9e69-37882145d884
Normalizer input: text

## Content

# ex99212312025mda
EX-99.2
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ex99212312025mda.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, 2025   ALAMOS GOLD INC. For the Year ended December 31, 2025 Table of Contents Overview of the Business 3 Highlight Summary 4 Fourth Quarter and Full Year 2025 Highlights 6 Environment, Social and Governance Summary Performance 8 Fourth Quarter 2025 Business Developments 9 Outlook and Strategy 12 Island Gold District ("Island Gold District") 15 Young-Davidson Mine ("Young-Davidson") 18 Mulatos District ("Mulatos District") 20 Fourth Quarter 2025 Development Activities 22 Fourth Quarter 2025 Exploration Activities 26 Key External Performance Drivers 28 Summarized Financial and Operating Results 29 Review of Fourth Quarter Financial Results 30 Review of 2025 Financial Results 31 Consolidated Expenses and Other 32 Consolidated Income Tax Expense 33 Financial Condition 33 Liquidity and Capital Resources 34 Outstanding Share Data 35 Related Party Transactions 36 Off-Balance Sheet Arrangements 36 Financial Instruments 36 Summary of Quarterly Financial and Operating Results 37 Non-GAAP Measures and Additional GAAP Measures 37 Accounting Estimates, Policies and Changes 44 Internal Control over Financial Reporting 44 Changes in Internal Control over Financial Reporting 44 Disclosure Controls 44 Limitations of Controls and Procedures 44 Risk Factors and Uncertainties 44 Cautionary Note to United States Investors 58 Cautionary Note Regarding Forward-Looking Statements 59 2025 Management’s Discussion and Analysis This Management’s Discussion and Analysis (“MD&A”), dated February 18, 2026, relates to the financial condition and results of the consolidated operations of Alamos Gold Inc. (“Alamos” or “Company”), and should be read in conjunction with the Company’s consolidated financial statements for the years ended December 31, 2025 and 2024 and notes thereto. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS" or "GAAP") as issued by the International Accounting Standards Board ("IASB"). All results are presented in United States dollars (“US dollars”, "USD" or “$”), unless otherwise stated. Statements are subject to the risks and uncertainties identified in the "Cautionary Note Regarding Forward-Looking Statements" section of this MD&A. United States investors are also advised to refer to the "Cautionary Note to United States Investors" section of this MD&A. 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 (comprising the Mulatos and La Yaqui Grande mines) in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Shaft Expansion (“Phase 3+ Shaft Expansion” or “Phase 3+ Expansion”) and the Island Gold District Expansion ("IGD Expansion") in the Island Gold District, 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 2025 Management’s Discussion and Analysis Highlight Summary Three Months Ended December 31, Years Ended December 31, 2025 2024 2025   2024   Financial Results (in millions) Operating revenues $575.3  $375.8  $1,808.8  $1,346.9  Cost of sales (1) $219.5  $200.9  $809.5  $751.1  Earnings from operations $330.9  $158.4  $1,097.5  $561.9  Earnings before income taxes $510.9  $157.2  $1,089.7  $502.2  Net earnings $434.9  $87.6  $885.8  $284.3  Adjusted net earnings (2) $227.6  $103.2  $587.1  $328.9  Adjusted earnings before interest, taxes, depreciation and amortization (2) $384.6  $207.2  $1,073.7  $691.5  Cash provided by operating activities $250.9  $192.2  $795.3  $661.1  Cash provided by operating activities before changes in working capital and taxes paid (2) $284.7  $207.9  $924.3  $726.2  Capital expenditures (sustaining) (2) $49.5  $30.0  $144.6  $110.1  Sustaining finance leases (2)(3) $3.9  $5.2  $16.5  $10.6  Capital expenditures (growth) (2) $97.0  $101.2  $318.2  $279.5  Capital expenditures (capitalized exploration) $11.0  $7.5  $44.3  $28.0  Free cash flow (2)(3) $156.9  $53.5  $351.7  $272.3  Operating Results Gold production (ounces) 141,500  140,200  545,400  567,000  Gold sales (ounces) 142,147  141,258  531,230  560,234  Per Ounce Data Average realized gold price (5) $3,998  $2,632  $3,372  $2,379  Average spot gold price (London PM Fix) $4,135  $2,663  $3,432  $2,386  Cost of sales per ounce of gold sold  (includes amortization) (1) $1,544  $1,422  $1,524  $1,341  Total cash costs per ounce of gold sold (2) $1,111  $981  $1,077  $927  All-in sustaining costs per ounce of gold sold (2) $1,592  $1,327  $1,524  $1,252  Share Data Earnings per share, basic $1.03  $0.21  $2.11  $0.70  Earnings per share, diluted $1.03  $0.21  $2.10  $0.69  Adjusted earnings per share, basic (2) $0.54  $0.25  $1.40  $0.81  Weighted average common shares outstanding (basic) (000’s) 420,386  420,192  420,444  408,165  Financial Position (in millions) Cash and cash equivalents (4) $623.1  $327.2  (1) Cost of sales includes mining and processing costs, royalties, and amortization expense. (2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures. (3) Sustaining finance leases at the Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing activities. (4) Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2024. (5) Average realized gold price for the three months and year ended December 31, 2025 included the delivery of ounces into the gold prepayment facility based on the prepaid price of $2,524 per ounce. (6) Comparative figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024.                                         4 2025 Management’s Discussion and Analysis Three Months Ended December 31, Years Ended December 31, 2025   2024   2025   2024   Gold production (ounces) Island Gold District (7) 60,000  55,600  250,400  188,000  Young-Davidson 41,400  45,700  153,400  174,000  Mulatos District (8) 40,100  38,900  141,600  205,000  Gold sales (ounces) Island Gold District (7) 62,002  56,100  241,359  183,441  Young-Davidson 42,287  45,441  153,382  173,274  Mulatos District (8) 37,858  39,717  136,489  203,519  Cost of sales (in millions) (1) Island Gold District (7) $93.0  $70.1  $344.2  $206.1  Young-Davidson $74.6  $65.9  $270.1  $261.9  Mulatos District (8) $51.4  $64.9  $194.7  $283.1  Cost of sales per ounce of gold sold (includes amortization) (1) Island Gold District (7) $1,500  $1,250  $1,426  $1,124  Young-Davidson $1,764  $1,450  $1,761  $1,511  Mulatos District (8) $1,358  $1,634  $1,426  $1,391  Total cash costs per ounce of gold sold (2) Island Gold District (7) $1,164  $911  $1,044  $804  Young-Davidson $1,234  $955  $1,244  $1,047  Mulatos District (8) $885  $1,113  $947  $935  Mine-site all-in sustaining costs per ounce of gold sold (2)(3) Island Gold District (7) $1,626  $1,342  $1,473  $1,199  Young-Davidson $1,835  $1,191  $1,633  $1,314  Mulatos District (8) $946  $1,198  $1,018  $1,001  Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2) Island Gold District (4)(7)(9) $107.0  $108.4  $346.5  $295.6  Young-Davidson (5) $33.2  $21.3  $93.6  $86.1  Mulatos District (6)(8) $11.2  $5.3  $30.1  $20.1  Other $10.0  $8.9  $53.4  $26.4  (1) Cost of sales includes mining and processing costs, royalties, and amortization expense. (2) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section 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 expense and corporate share-based compensation expense. (4) Includes capitalized exploration at Island Gold District of $4.4 million and $18.5 million for the three months and year ended December 31, 2025 ($3.9 million and $14.6 million for the three months and year ended December 31, 2024 ). (5) Includes capitalized exploration at Young-Davidson of $0.6 million and $9.7 million for the three months and year ended December 31, 2025 ($2.0 million and $5.9 million for the three months and year ended December 31, 2024). (6) Includes capitalized exploration at Mulatos District of $2.6 million and $12.7 million for the three months and year ended December 31, 2025 ($1.6 million and $7.5 million for the three months and year ended December 31, 2024). (7) The Island Gold District includes Island Gold and Magino mines for the three months and year ended December 31, 2025. Comparative figures reflect the inclusion of the Magino Mine as of its acquisition on July 12, 2024. (8) The Mulatos District includes Mulatos and La Yaqui Grande mines. (9) Sustaining capital expenditures for Island Gold District include certain finance leases classified as sustaining.                                     &#1

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