Alamos Gold (AGI) is a leveraged bet on gold, offering amplified returns relative to simply holding gold, through multiple expansion. At 0.88x NAV, the stock trades at a cheap valuation relative to its mine-by-mine intrinsic value, with an upside potential even before any re-rating. With management guiding declining AISC and growing production through 2028, the company presents meaningful earnings upside even if gold prices simply sustain at current levels.