Reflecting on 2025, I am once again proud of the progress Alamos Gold has made and I’m equally energized by the road ahead. This past year was one of consolidation and discipline, building on the significant growth we achieved in 2024 and working steadily toward our plan to nearly double annual output to one million ounces by 2030.
A key milestone in 2025 was the publication of our formal sustainability strategy, building on the framework first introduced in last year’s ESG Report. The strategy establishes seven priority performance areas, each supported by defined objectives, assigned accountability, and a structured review process, with 2025 serving as the baseline year for measuring progress.
Under this framework, we advanced several initiatives aligned with our sustainability objectives. Key achievements included the launch of the Home Safe Eight program. Built around eight critical safety rules, the program targets high-risk activities where strict adherence significantly reduces the potential for injury or fatality.
These include:
- Energy Isolation – Always isolate and verify energy sources before starting work.
- Working at Heights – Follow all fall protection protocols.
- Safe Vehicle Operation / Interaction – Operate vehicles and equipment responsibly.
- Safety Devices – Never bypass or tamper with safety systems.
- Confined Space Entry – Only enter with proper training, testing, and monitoring.
- Lifting & Rigging – Always plan the lift and secure the area.
- PPE (Personal Protective Equipment) – Wear the right PPE for every task.
- Unsupported Areas – Never enter areas without proper structural support.
Safety is not just a priority, it is a core value that must be reflected in every aspect of our operations. Our Home Safe Every Day program, introduced more than a decade ago, underpins this commitment by fostering a culture of safety through comprehensive training, daily reinforcement of expectations, and leadership by example across the organization.
As a result of this program, we increased health and safety training for Alamos employees to more than 150,000 hours in 2025, representing nearly a 50% increase over the prior year.
Our dedication to the communities where we operate remains central to the identity of the Company. In 2025, we provided US$2.5 million in community investment, supporting local infrastructure, education, healthcare and other initiatives beneficial to the host areas. We also continued to prioritize local and national economic participation, with 98% of our procurement spent on in-country suppliers. This reflects Alamos’ belief that we should generate lasting economic value where we operate.
In terms of the environment, our teams achieved practical and efficient improvements across our sites. This year, we reduced energy use per tonne of ore mined by 12% compared to 2024, extending several years of steady progress.
The Mulatos District made significant progress in its decarbonization efforts in 2025, marking the first full year of operations connected to Mexico’s national electricity grid. This transition contributed to a 40% reduction in the site’s Scope 1 greenhouse gas emissions compared to the previous year. The success of this initiative reinforces our commitment to identifying and implementing impactful decarbonization opportunities across the business in support of our revised target to reduce greenhouse gas emissions intensity by 30% by 2030. Further details are provided in the Climate Change section of this report.
I am also pleased to report that, across our operations and projects, we are advancing progressive reclamation through a disciplined, best-practice approach that supports long-term environmental stewardship.
Sustainability is a foundational element of every project being advanced across the Company. In Canada, these include the Phase 3+ Expansion at the Island Gold District in Ontario, and the Lynn Lake Project in Manitoba, which is under construction and making significant progress. In Mexico, our Puerto Del Aire project marks an important transition for the Mulatos District toward underground mining and is expected to significantly extend the district’s mine life.
This progress has been underway as a result of the people at Alamos. As our operations and workforce continue to grow, so does our responsibility to the employees, contractors, and community members that play a part in making the Company what it is today. I would like to thank our entire team for the discipline, care, and commitment they demonstrated in 2025, and our Board for its continued guidance in support of our ESG objectives.
As we look to 2026, we remain focused on the fundamentals that have always guided us. This includes operating safely, engaging honestly with our communities, managing our environmental impact responsibly, and holding ourselves to a high standard of governance.
