Alamos Gold Inc.

This conference is being recorded. Cette conférence est enregistrée. All participants, please stand by. Your conference is ready to begin. Good morning, ladies and gentlemen. I would now like to turn the meeting over to Scott Parsons, Alamos Senior Vice President of Corporate Development and Investor Relations. Please go ahead, sir.

Thank you, operator, and thanks to everybody for attending Alamos' third quarter 2025 conference call. In addition to myself, we have on the line today John McCluskey, President and Chief Executive Officer, Greg Fischer, Chief Financial Officer, and Luc Guimond, Chief Operating Officer. We will be referring to a presentation during the conference call that is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation news release and MD&A, as well as the risk factors set out in our annual information form. Technical information in this presentation has been reviewed and approved by Chris Boswick, our Senior VP Technical Services, and a qualified person. Also, please bear in mind that all of the dollar amounts mentioned in this conference call are in U.S. dollars, unless otherwise noted. Now I'll turn it over to John to provide you with an overview. Thank you, Scott.

Starting with slide three, before we go into the report for the quarter, I want to acknowledge that this has been far from a typical production year for Alamos. We experienced production downtime and lower production the first half of the year, which we were on pace to make up in the second half. Unfortunately, in recent weeks, downtime at the Maginot Mill and a seismic event at Island Gold will not give us the time to do so. As a result of these recent events, We've taken the prudent course and lowered guidance for the year by 6% from the midpoint of our original guidance. We have a reputation for taking a conservative approach to guiding the market, and we pride ourselves on providing consistently accurate guidance. Suffice to say, we will continue to make operational improvements to raise the accuracy of our forecasting, recognizing that occasionally mining can be unpredictable. It remains to be said that while these recent events have a short-term impact, they in no way take away from the quality of our mines and what is without question one of the strongest outlooks in the gold sector. We are already seeing significant improvements this month with better grades at Young-Davidson and throughput from the mines. This will ultimately support lower costs and an 18% production increase, leading to record production in the fourth quarter. Production in the third quarter totaled 141,700 ounces, a 3% increase from the second quarter, driven by stronger performances from Mulatto's and the Island Gold District. This was slightly below the low end of quarterly guidance, reflecting one week of unplanned downtime within the Maginot Mill during the last week of September. Reflecting lower costs from the Mulatto's District, total cash costs decreased 9% from the second quarter, and all in sustaining costs decreased 7%, both consistent with guidance. With higher production, a record gold price, and lower costs, we delivered record revenue, cash flow from operations, and record free cash flow of $130 million in the quarter. We expect a significant improvement in both our fourth quarter production and costs to drive new financial records at current gold prices. Turning to slide four, the majority of the third quarter we were on track to achieve our full year production guidance. Given the unplanned downtime of the Maginot Mill in the last week of September and the seismic event at our Island Gold operation in October, we're decreasing our 2025 production guidance to between 560 and 580,000 ounces. This represents a 6% decrease from our original guidance released in January. Late in September, a capacitor failure within the Maginot mill impacted the electrical drive for the Sagan ball mills. This led to one week of downtime and lower third quarter production than originally expected. The mill was restarted by the end of September and continues to demonstrate improvement in October. Due to the unplanned downtime, Island Gold's mill was restarted in late September to focus on processing higher grade underground ore. Given the record gold price environment, We will continue running both mills through the remainder of the year with the increased combined milling capacity supporting additional gold production, higher cash flow, and increased profitability. In mid-October, Dow and Goldmine experienced a seismic event, which is a normal part of operating an underground mine. No personnel or equipment were impacted, and mining rates are expected to continue within budgeted levels. However, this has delayed access to higher grades within one of our mining fronts. As a result, mine grades are expected to be lower than budgeted for the fourth quarter. Even with the lower than planned underground grades in the fourth quarter, we expect a substantial increase in production from Island Gold District, driven by higher combined milling rates. We expect similar increases at Young-Davidson, driven by higher mining rates and grades. and at Mulatto's with the recovery of higher grade ore stacked over the previous two quarters. All three operations are expected to contribute to an 18% increase in the fourth quarter production at lower costs, driving a further increase in free cash flow at current gold prices. Turning to slide five, short-term challenges we experienced this year have no impact on our strong long-term outlook, which remains firmly intact. The phase three plus expansion at Island Gold will be a key driver of our growing production and declining costs over the next several years. The expansion is progressing well and with expected completion in the second half of 2026. The Lynn Lake project is another important part of our organic growth. Forest fires in northern Manitoba limited our progress on this project this year, but we expect to ramp construction activities in the spring of next year. and initial production is now expected in 2029. This puts us on track to reach 900,000 ounces of lower cost annual production by the end of this decade. The Island Gold District expansion study currently underway is expected to outline further upside with the potential to increase consolidated production to 1 million ounces per year within a similar timeframe. We generated year-to-date free cash flow of nearly $200 million in 2025 and expect to generate growing free cash flow as we execute on this growth. Following the start-up of Lynn Lake, we expect to generate more than $1 billion of free cash flow annually at current bull prices. Looking at slide six, in addition to delivering on our organic growth plans, we continue to surface value from our portfolio of assets. This included announcing the sale of our Turkish development projects for a total cash consideration of $470 million. The transaction closed earlier this week and marks a positive outcome, realizing significant value for assets we had written off in 2021. We received $160 million on closing and the remainder $310 million will be received over the next two years. With our strong free cash flow during the third quarter and initial proceeds from the sale of our Turkish assets, our current cash balance has increased to over $600 million. We will be using the proceeds from the transaction and growing cash position to reduce our small debt position and we expect to be active on our share buyback. We were also recognized for the second consecutive year as a TSX 30 winner by the Toronto Stock Exchange for our strong share price performance of 310% over the trailing three years. The award is a testament to our long-term track record of outperformance, something we expect to continue to build upon as we deliver on our upcoming catalysts and organic growth plans. I'll now turn the call over to our CFO, Greg Fischer, to review our financial performance.