Slide 1: Island Gold & Young-Davidson Site Tours
Island Gold & Young-Davidson Site Tours June 20-21, 2023
Slide 2: Cautionary notes
Cautionary notes Cautionary notes This presentation, the information contained herein, any other materials provided in connection with this presentation and any oral remarks accompanying this presentation (collectively, the “Presentation”), has been prepared by Alamos Gold Inc. (“Alamos” or the “Com
Slide 3: Introduction
Introduction Greg Fisher Chief Financial Officer TSX:AGI ǀ NYSE:AGI 3
Slide 4: Growing, diversified, intermediate gold producer
Growing, diversified, intermediate gold producer Fully funded ~500k oz ~800k oz Longer-term organic growth 2023E gold production1 production potential Lynn Lake, Canada Island Gold, Canada Young-Davidson, Canada Declining ~$1,150 <$1,000 Quartz Mountain, USA cost profile 2023E AISC/oz1,2,3 2025+ AIS
Slide 5: High-return organic growth in low-risk jurisdictions
High-return organic growth in low-risk jurisdictions Island Gold Phase 3+ Expansion Puerto Del Aire (Mulatos) Lynn Lake Ontario, Canada Sonora, Mexico Manitoba, Canada IRR1,2: 23% IRR1,2: 25% IRR3: 13% IRR3: 22% New development plan NPV5% 1: $1.6B NPV5% 1: $2.0B NPV5% 3: $123M NPV5% 3: $290M Q4 2023
Slide 6: Growing, long-life North American production; declining cost profile
Growing, long-life North American production; declining cost profile 800 $1,204 $1,150 Lynn Lake4 700 $1,025 $1,000 13 year reserve life3 Production (000 oz Au) 600 500 Island Gold 17 year mine life3 400 300 Mulatos (excluding PDA) 5 year reserve life3,5 200 100 Young-Davidson 15 year reserve life3
Slide 7: Fully funded growth with strong ongoing free cash flow
Fully funded growth with strong ongoing free cash flow Consolidated free cash flow outlook (US$M)1,2 $200 $150 $100 $50 $0 2023E 2024E 2025E 2026+ US$1,750/oz Au US$1,850/oz Au US$1,950/oz Au Balanced approach to growth – no Strong ongoing free cash flow Significant free cash flow significant capita
Slide 8: Uniquely positioned growing intermediate gold producer
Uniquely positioned – growing intermediate gold producer in low-risk jurisdictions ✓ High-quality, long-life operations 80% AGI - NYSE GDX 60% GDXJ Gold (US$/oz) ✓ Low-risk jurisdictions 40% ✓ Fully funded, high-return growth 20% ✓ Expanding margins & profitability 0% ✓ Strong ongoing free cash flow
Slide 9: Island Gold – site tour
Island Gold – site tour Austin Hemphill General Manager TSX:AGI ǀ NYSE:AGI 9
Slide 10: Safety guidelines
Safety guidelines Underground and surface safety requirements: The personal protection equipment provided to you is required in all areas: 1. Tag in prior to going underground • Coveralls/Vests 2. Do not exit from vehicles in motion • Safety boots 3. Use 3 points of contact rule when entering/exitin
Slide 11: Table of Contents
Table of Contents 01 Island Gold Overview 02 Current operations ▪ Mining & processing ▪ 2023 production plan 03 Phase 3+ Expansion ▪ Overview ▪ Capital projects ▪ Economics ▪ Upside to P3+ Study 04 Exploration 05 Appendix 11
Slide 12: Island Gold – overview
Island Gold – overview Location: • Ontario, Canada - east of Dubreuilville, 83 km northeast of Wawa Ownership: • 100% interest Operation: • Underground – world’s sixth highest grade gold mine1 History: • Commercial production declared Oct 2007; 1.2M oz produced to date • ~2.5% NSR royalty with ~90%
Slide 13: Island Gold – animation
Island Gold – animation TSX:AGI ǀ NYSE:AGI 13
Slide 14: ESG – Environment – industry low GHG emission intensity
ESG – Environment – industry low GHG emission intensity Low GHG emissions intensity1 High water efficiency2 per ounce gold produced relative to sector average per ounce gold produced compared to sector average 0.7 0.63 14 12.8 tCO2e/oz produced 0.6 water withdrawal 12 0.5 10 0.4 7.6 m3/oz 8 0.3 6 0.
Slide 15: ESG – Safety - strong trend & performance
ESG – Safety - strong trend & performance Safety Focus on proactive wellness measures Lost Time Injury Frequency Rate 0.17 o Employee Wellness program 0.18 0.15 0.16 o Mental health 0.14 Zero 0.12 o On-site physiotherapy 0.1 lost time injuries in 2022 0.08 o Ergonomic assessments & injury prevention
Slide 16: ESG – Social - key focus on all stakeholders
ESG – Social - key focus on all stakeholders Social Fostering positive relationships with all stakeholders 516 41% o IBA’s/Partnership agreements with: of workforce local o Missanabie Cree First Nation Alamos employees (Dubreuilville, Wawa & White River) o Michipicoten First Nation o Batchewana Firs
Slide 17: Growing operation: gold production and mine-site AISC
Growing operation 160 $1,800 150 139 141 140 134 $1,452 $1,500 120 $1,185 Gold production (000 oz Au) 2 106 Mine-site AISC (US$/oz)1 $1,136 99 $1,200 100 83 $918 $863 80 $781 $900 $745 $656 $660 60 55 $600 42 42 40 34 $599 $300 20 0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Productio
Slide 18: Strong ongoing cash flow generation
Strong ongoing cash flow generation $182 $173 $148 $133 $101 $76 $59 $65 $53 $41 $26 $15 $10 -$2 -$9 -$27 -$33 -$42 -$43 -$66 -$69 -$81 -$120 -$157 3 2015 2016 2017 2018 2019 2020 2021 2022 1 2 2 Total capital (US$M) Operating cash flow (US$M) Mine-site free cash flow (US$M) Excluding $24M of explor
Slide 19: Ongoing exploration success driving growth in size & quality
Ongoing exploration success driving growth in size & quality Significant Growth Since Nov 2017 Acquisition Mineral Reserves M&I Mineral Resources 16 5.3M oz 5,000 Inferred Mineral Resources Mineral Reserve grade total Mineral Reserves & Resources, a 14 Inferred Resource grade 187% increase since 201
Slide 20: Phase 3+ Expansion – larger, longer-life & lower capital intensity
Phase 3+ Expansion – larger, longer-life & lower capital intensity Phase 3+ Expansion production & cost profile 1 400,000 $1,000 115% production growth to 287k oz/yr in 20261 350,000 300,000 $800 $576/oz Mine-site AISC (US$/oz) Gold Production (oz) 250,000 average mine-site AISC1,2,3 , 37% reduction
Slide 21: Growing valuation – Island Gold growth since acquisition
Growing valuation – Island Gold growth since acquisition Island Gold consensus NPV growth (US$M)1 +253% $1,947 $1,589 $1,346 $1,005 $710 $551 $565 2017 2018 2019 2020 2021 2022 2023 Phase I Expansion to Phase II Expansion to Phase III Expansion to Phase 3+ Expansion 1,100 tpd announced 1,200 tpd per
Slide 22: Island Gold – largest, most valuable operation in Canada not held by a major
Island Gold – largest, most valuable operation in Canada not held by a major Annual production - 6th largest Lowest cost Profitability - top 3 2022A Production3 2022A AISC1,3 Annual Profitability Operation Owner Operation Operation (US$M) (AISC Margin2 (koz) (US$/oz) x annual production) Canadian Ma
Slide 23: Current operation – mining & processing
Current operation – mining & processing TSX:AGI ǀ NYSE:AGI 23
Slide 24: Mining – ramp access; longitudinal retreat
Mining – ramp access; longitudinal retreat (modified avoca) • Longitudinal retreat long- West East hole open stoping (modified Avoca) Legend Mining • Transverse mining in wider Ramp & Development Mined out method zones Diabase Dyke • Alimak mining in western R & R Year End 2022 block • Mining rate 1
Slide 25: Mining – longitudinal retreat stope sequence
Mining – longitudinal retreat stope sequence • Mining starts at the extreme ends of the horizon and progresses toward centre • Higher grades toward centre of ore body creating some grade variability with mining sequence • Cement rockfill – allows for mining to greater widths & increased recovery of
Slide 26: Mining – quarterly performance
Mining – quarterly performance 1,400 Phase I Expansion Phase II Expansion 20.0 to 1,100 tpd to 1,200 tpd 18.0 1,200 16.0 1,000 14.0 Grade Mined (g/t Au) 12.0 Tonnes per day 800 10.0 600 8.0 400 6.0 4.0 200 2.0 0 0.0 Tonned Tonnes mined per day Mined Grades (g/t) • Mining rates have increased from 90
Slide 27: Mill performance
Mill performance 1,400 Phase I Expansion Phase II Expansion 100% to 1,100 tpd to 1,200 tpd 1,200 98% 1,186 tpd 1,000 96% Average mill throughput Tonnes per day post Phase II expansion Au Recovery 800 94% 600 92% 400 90% 96.4% 200 Average recoveries since 2012 0 88% Q2/17 Q1/20 Q1/15 Q2/15 Q3/15 Q4/1
Slide 28: 2023 guidance
2023 guidance • Production & AISC1 in-line 2022A 2023E Guidance Q1 2023A with P3+ Study Gold Production (k oz) 133.7 120 - 135 32.9 Total Cash Costs1 (US$/oz) $637 $600 - 650 $629 • Capital2 consistent with P3+ Mine-site AISC1 (US$/oz) $918 $950 - 1,000 $970 Study & up from 2022 reflecting ramp up o
Slide 29: 2023 production plan
2023 production plan Current Portal Access Shaft Location 400 East Horizon 660 Alimak 735 Ext Horizon Horizon 860 IG 850 West Horizon Horizon 920 IG Horizon E2 Ramp (Shaft Bottom Access) 29
Slide 30: 2023 production plan – upside within newly defined sub parallel structures
2023 production plan – upside within newly defined sub parallel structures • Significant opportunities within emerging & newly defined sub-parallel zones • NS1 Zone – emerging zone of high-grade mineralization • Not in Mineral Reserves or Resources or mine plan • Near-term upside potential 30
Slide 31: Phase 3+ Expansion - overview
Phase 3+ Expansion - overview JohnBourgeault Nathan Fitzgerald SVP, Projects Chief Mine Engineer TSX:AGI ǀ NYSE:AGI 31
Slide 32: Phase 3+ Expansion – overview of key changes
Phase 3+ Expansion – overview of key changes Current operation P3+ Expansion Mining rate • 1,200 tpd • 2,400 tpd Mining methodology • Longitudinal retreat long hole open stoping • unchanged Underground access • Ramp mining • Shaft Development • Accelerated development to support higher mining rate B
Slide 33: Phase 3+ Expansion - larger, more valuable operation
Phase 3+ Expansion - larger, more valuable operation P3 2000 (2020)5 P3+ 2400 (2022) % change Throughput (tpd) tpd 2,000 2,400 20% Larger operation Total production (life of mine) 000 oz Au 3,104 4,460 44% Bigger ore body Average production (post project) 2 000 oz Au 236 287 22% Total cash costs (po
Slide 34: Mining – P3+ Expansion mine plan as of 2022
Mining – P3+ Expansion mine plan as of 2022 Overview of 2022 P3+ plan: • Shaft operation • Paste backfill • Longitudinal retreat LHOS - unchanged TSX:AGI ǀ NYSE:AGI 34
Slide 35: Mining – accelerated development metres
Mining – accelerated development metres Total Development Metres 14,000 12,000 10,000 8,000 ~6km/yr average development at 1,200 tpd 6,000 4,000 2,000 0 2022A 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Development Metres • $162M in accelerated developm
Slide 36: Mining ramp up schedule – ore & grades mined
Mining ramp up schedule – ore & grades mined 2,800 14.0 13.0 2,400 12.0 2,000 10.6 g/t Au – Avg LOM grade 11.0 Grade mined, g/t Au Ore mined, tpd 10.0 1,600 9.0 1,200 8.0 800 7.0 6.0 400 5.0 0 4.0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Ore Mined P3
Slide 37: Annual gold production
Annual gold production 287k oz average annual production 125% increase from 17 year mine life with upside given post completion of expansion 2023 guidance ongoing Mineral Reserve & Resource growth 400 350 300 287k oz avg production Gold Production, 000 oz 250 200 150 100 50 0 2023 2024 2025 2026 202
Slide 38: Mine-site all-in sustaining costs
Mine-site all-in sustaining costs $576/oz average mine-site AISC 1 41% decrease from 2023 Shaft ensures stable unit post expansion2; industry low guidance costs as mining moves deeper $1,100 Mine-site all-in sustaining costs (US$/oz)1 $950 $800 1 $650 $576/oz avg mine-site AISC $500 $350 $200 2022A
Slide 39: Unit costs & currency sensitivities
Unit costs & currency sensitivities Island Gold Life of Mine Cost Structure Post P3+ Cost Mill Consumables Other Unit Costs 2023 4% 2022A completion decrease Fuel and gas 5% per tonne1 Guidance average2 from 2022A 5% Electricity 5% Labour Mining C$136 C$123 C$101 (26%) 34% Mill Processing C$49 C$44
Slide 40: Progress to date – new surface & underground infrastructure
Progress to date – new surface & underground infrastructure Administration buildings & New Warehouse Underground workshop New camp mine dry – 620L - bunkhouse & kitchen ✓ Completed 2021 ✓ Completed 2022 ✓ Completed 2022 ✓ Main camp completed 2021 ✓ Centralize team ✓ Improved inventory ✓ Increased ef
Slide 41: Phase 3+ Expansion – capital projects
Phase 3+ Expansion – capital projects John Fitzgerald SVP, Projects Trevor Gilchrist Project Director – Phase 3 TSX:AGI ǀ NYSE:AGI 41
Slide 42: Phase 3+ Expansion Study – capital projects
Phase 3+ Expansion Study – capital projects Expansion significantly de-risked given approach & progress to date Project significantly de-risked High degree of confidence in cost estimates ✓ Bulk of earthworks completed ✓ Tailings expanded – capacity within current ✓ Detailed engineering being advanc
Slide 43: Phase 3+ Expansion Study – consultant contributions
Phase 3+ Expansion Study – consultant contributions Item Consultant Shaft area engineering Hoist engineering & supply Shaft sinking engineering, supply & build Ventilation engineering Paste backfill plant & UDS engineering Water management & tailings dam engineering Mill expansion engineering Enviro
Slide 44: Progress to date – majority of earthworks completed
Progress to date – majority of earthworks completed Tailings upgrades & expansion completed ✓ Earthworks for life of mine footprint completed ✓ Sufficient capacity for existing Mineral Reserves & Resources within current footprint & additional raises ✓ Paste backfill will extend life of facility & r
Slide 45: Growth capital – Phase 3+ Expansion on track & on budget
Growth capital – Phase 3+ Expansion on track & on budget (in US$M) As of April 30, 2023 Growth Capital (including indirects & contingency) P3+ 2400 as of Jan 20221 Spent to Committed % Spent & date1 to date1 Committed On track & on budget Shaft & Shaft Surface Complex 229 78 80 69% Mill 76 2 1 4% 69
Slide 46: Sustaining capital – lower capital intensity
Sustaining capital – lower capital intensity (in US$M) P3+ 2400 Sustaining capital as of Jan 20221 Tailings Lifts 32 Decreasing capital intensity Underground Infrastructure 154 • 6% lower sustaining capital per ounce than Mobile Equipment 112 2020 P3 study Delineation Drilling 32 • 4% increase in Mi
Slide 47: Phase 3+ Expansion – surface plan
Phase 3+ Expansion – surface plan Mill TSX:AGI ǀ NYSE:AGI 47
Slide 48: Shaft area general arrangement
Shaft area general arrangement Shaft/headframe Water handling Warehouse facility Collar house N Hoist house Electrical house Substation Fuel station TSX:AGI ǀ NYSE:AGI 48
Slide 49: Shaft – hoisting plant
Shaft – hoisting plant • 2,000m design depth; initial sink to 1,373m 4,500 tpd capacity at initial 1,373 m depth • Ontario FOS all cases • 4200kW rating Production hoisting plant (ore & waste) 2,000 m hoisting design depth • 5m x 2m double drum • 2 x 12t skips at 15m/s on steel guides • Bottom dump
Slide 50: Shaft designed to accommodate future exploration success
Shaft designed to accommodate future exploration success TSX:AGI ǀ NYSE:AGI 50
Slide 51: Total material mined by year
Total material mined by year – sufficient hoisting & milling capacity 4,500 tpd Ore and Waste Mined (tpd) shaft capacity at 1,373m 4,500 depth 4,000 3,500 3,500 tpd 3,000 Average peak mining 2,500 rate 2027-2032 2,000 1,500 1,000 500 0 2022A 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 203
Slide 52: Shaft – headworks
Shaft – headworks Hoist house Steel headframe • 20m x 40m main hoistroom • 59m overall • Two hoists co-located • Sheave decks at 42m, 51m • Hoist and UG feed electrical room • Combined control room • Sinking compressor and laydown space Hoist drive cooling building Bin house Services tunnel from hea
Slide 53: Phase 3+ Expansion – project schedule
Phase 3+ Expansion – project schedule – progress to date $M $M % $M % Start End Shaft Site Area Phase 3+ Completed/ Spent & Study1,2 Spent2 Spent Committed2 Committed Date Date Procurement/ Earthworks Construction $21 $17 83% $2 93% Jan 2022 Sept 2024 Procurement/ Foundations Construction $17 $13 77
Slide 54: Phase 3+ Expansion – shaft site area progress to date
Phase 3+ Expansion – shaft site area progress to date ✓ Shaft pre-sink completed to 42m depth ✓ Hoist House structural steel erection & exterior cladding complete ✓ Winch House complete Galloway Hoist house ✓ Buried Services commenced for high Headframe steel priority areas ✓ 44kV powerline installa
Slide 55: Phase 3+ Expansion – project schedule
Phase 3+ Expansion – project schedule – progress to date Engineering Construction Phase 3+ Expansion projects Completion date completion % start date Mill Expansion Engineering 31% Q4 2023 Q1 2026 Paste Plant Engineering 38% Q4 2023 Q1 2026 Engineering 9% Q1 2022 Q3 2024 Power Upgrade Construction 5
Slide 56: Paste plant
Paste plant Paste plant & paste backfill – 2,400 tpd capacity • Increased mining recovery • Additional >140k oz gold recovered • Improvements in mining process • Faster stope cycling supporting higher mining rates • Increased geotechnical stability • Reduced tailings capacity requirements • 44% tail
Slide 57: Mill expansion to 2,400 tpd capacity components
Mill expansion to 2,400 tpd capacity Key component changes: New secondary cone crusher • Single stage crushing plant • Additional ball mill • Existing regrind mills redundant • Add 7 new leach tanks Additional ball mill • Repurpose existing CIP tanks to pre-ox, CN detox and process water New CIL tan
Slide 58: Mill expansion to 2,400 tpd capacity
Mill expansion to 2,400 tpd capacity $76M total capital to expand capacity to 2,400 tpd from 1,200 tpd • Engineering: 31% completion • Construction start date: Q4 2023 • Completion date: Q1 2026 TSX:AGI ǀ NYSE:AGI 58
Slide 59: Phase 3+ Expansion – project construction schedule
Phase 3+ Expansion – project construction schedule 2022 2023 2024 2025 2026 Milestones Start Finish Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Permit to start Construction (CPA) - Q1 2022 Construction Start (Earthworks) Q1 2022 Q4 2022 Shaft Surface Infrastructure & Pre-sink Q3 2022 Q4 20
Slide 60: Regulatory Permitting
Regulatory Permitting Majority of permitting requirements are Provincial – well understood jurisdiction ✓ Closure Plan Amendment – approved March 2022 • Allows for ramp up of construction activities including sinking of the shaft & related surface infrastructure • Other construction related permits
Slide 61: Economics & upside
Economics & upside Nathan Bourgeault Chief Mine Engineer TSX:AGI ǀ NYSE:AGI 61
Slide 62: Phase 3+ Study – attractive returns; leverage to rising gold prices
Phase 3+ Study – attractive returns; significant leverage to rising gold prices After-tax NPV 5% (US$M)1 After tax NPV 5% (US$M)1 IRR (%)1,2 $2,500 $2,374 $2,189 Gold price P3+ 2400 P3+ 2400 $2,004 $2,000 $1,818 $1,450 $1,258 20% $1,632 After-tax NPV 5% $1,500 $1,446 $1,550 $1,446 22% $1,258 $1,650
Slide 63: Phase 3+ Study – cash flow profile at $1,850/oz Au
Phase 3+ Study – cash flow profile at $1,850/oz Au $514 $456 $463 $460 $463 $450 $397 $380 $383 $377 $358 $350 $316 $326 $332 $315 $289 $281 $289 $294 $289 $262 $245 $235 $242 $232 $250 $215 $213 $220 $219 $148 $164 $157 $150 $103 $35 $50 -$50 -$9 -$19 -$4 -$12 -$31 -$45 -$36 -$45 -$34 -$27 -$62 -$5
Slide 64: Upside to P3+ Study
Upside to P3+ Study Growing concentration Reserve & Resource Reserve grade of high-grade stopes at Upside growth since P3+ increase depth & in proximity of 2022 study shaft • Deposit open laterally & at depth Opportunities • Near term opportunities within newly defined sub parallel zones • Continuou
Slide 65: Upside to P3+ Study – continued growth in Reserves, Resources & grades
Upside to P3+ Study – continued growth in Reserves, Resources & grades Mineral Reserves 16 M&I Mineral Resources Inferred Mineral Resources 5,000 Mineral Reserve grade Continued growth in Mineral Reserves & Resources Inferred Resource grade 14 Cumulative oz produced 4,000 12 3,454 3,529 4% 187% 3,20
Slide 66: Growing concentration of 20+ g/t stopes in proximity to shaft – YE 2020
Growing concentration of 20+ g/t stopes in proximity to shaft – YE 2020 2020 P3 mine plan Shaft location TSX:AGI ǀ NYSE:AGI 66
Slide 67: Growing concentration of 20+ g/t stopes in proximity to shaft – YE 2021
Growing concentration of 20+ g/t stopes in proximity to shaft – YE 2021 2022 P3+ mine plan TSX:AGI ǀ NYSE:AGI 67
Slide 68: Growing concentration of 20+ g/t stopes in proximity to shaft – YE 2022
Growing concentration of 20+ g/t stopes in proximity to shaft – YE 2022 2022 YE Reserves & Resources Growing concentration of high-grade stopes with 2022 YE update – upside to P3+ mine plan TSX:AGI ǀ NYSE:AGI 68
Slide 69: Ounces per vertical metre – increasing grade & ounces
Ounces per vertical metre – increasing grade & ounces below 1,000m level TSX:AGI ǀ NYSE:AGI 69
Slide 70: Ounces & grade per vertical metre – increasing with depth
Ounces & grade per vertical metre – increasing with depth High grade area in Limited 18 drilling 12,000 lower east zone Current lowest completed below production horizon 1,500m16level 15.36 (920L) 14.13 10,000 13.52 13.18 14 12.69 12.72 Ounces per Vertical Metre 8,000 11.40 12.58 12 10.06 Au Grade (
Slide 71: Continuous improvement initiatives
Continuous improvement initiatives Initiative Opportunity Electric vehicles • Electric vehicles post power upgrades • Conversion of mine air heating to natural gas from propane - cost savings & lower carbon Natural gas footprint Procurement synergies • $14M of cost mitigation identified between Youn
Slide 72: Exploration
Exploration Scott R.G. Parsons VP, Exploration TSX:AGI ǀ NYSE:AGI 72
Slide 73: Evolution of Island Gold – year-end 2016
Evolution of Island Gold – year-end 2016 (acquired November 2017) Mineral Reserves & Resources as of Dec 31, 2016 Category Tonnage Grade Au g/t Ounces Au Proven & 2,527,299 9.26 752,209 Probable Measured & 478,811 5.94 91,426 Indicated: Inferred: 3,041,836 10.18 995,717
Slide 74: Island Gold Mine – Mineral Reserves & Resources as of December 31, 2019
Island Gold Mine – Mineral Reserves & Resources as of December 31, 2019 Mineral Reserves & Resources as of Dec 31, 2019 Category Tonnage Grade Au g/t Ounces Au Proven & 3,642,900 10.37 1,215,100 Probable Measured & 878,600 6.51 184,000 Indicated: Inferred: 5,392,300 13.26 2,298,000
Slide 75: Island Gold – mine exploration 2022
Island Gold – mine exploration 2022 Jun 2023
Slide 76: Island Gold – 2022 Mineral Reserve & Resources additions
Island Gold – 2022 Mineral Reserve & Resources additions TSX:AGI ǀ NYSE:AGI 76
Slide 77: Island Gold – 2023 YTD exploration
Island Gold – 2023 YTD exploration • 45,000 m of UG exploration drilling • 444 m of UG exploration drift development • 36,000 m of UG delineation drilling
Slide 78: Island West 2023 exploration update
Island West 2023 exploration update
Slide 79: Island East 2023 exploration update
Island East 2023 exploration update
Slide 80: Island Gold Mine – NS1 Zone 3D oblique
Island Gold Mine – NS1 Zone 3D oblique NS1 Zone • Discovered late-2022, 750m Level orientation not previously 7.84 g/t recognized as a result of 4361t drilling azimuth. • Q1-Q2 exploration drilling and sills. • Further highlights the 770m Level significant potential for 15.20 g/t discovery of new, n
Slide 81: Island Gold Mine – exploration focus for H2 2023
Island Gold Mine – exploration focus for H2 2023 West 840 Exploration/945 E2 East 490/790 Exploration Target: Targets: - E1D Zone FW - North Shear Legend - NTH4 Zone FW - Extending Main C Ramp & Development 490 - Goudreau down-plunge FW Mined out - NS1 HW Diabase Dyke R & R Year End 2022 Mineral Res
Slide 82: Island Gold Mine – hanging wall & footwall intersections
Island Gold Mine – hanging wall & footwall intersections A Hanging Wall Footwall +/- 75 m section A’
Slide 83: Island Gold Mine – hanging wall & footwall intersections
Island Gold Mine – hanging wall & footwall intersections A Hanging Wall Footwall +/- 75 m section A’
Slide 84: Island Gold Mine – hanging wall & footwall intersections
Island Gold Mine – hanging wall & footwall intersections A Hanging Wall Footwall +/- 75 m section A’
Slide 85: Island Gold Mine – hanging wall & footwall intersections
Island Gold Mine – hanging wall & footwall intersections A Hanging Wall Footwall +/- 75 m section A’
Slide 86: Island Gold Mine – exploration focus for H2 2023
Island Gold Mine – exploration focus for H2 2023 490W Exploration DDB Targeting NS1 zone up plunge & accessory HW targeting on main 490 structures 790 785 790W Exploration End of Drift 840 Targeting HW structures & 840 Exploration - End of Drift North Shear with new FW Zone and North drilling for 92
Slide 87: Longitudinal of Canadian underground gold deposits
Longitudinal of Canadian underground gold deposits Red Lake - Campbell La Ronde Island Gold Mine • Commercial Production 1949 • Commercial Production 1988 • Commercial Production 2007 • Historical Production 20 Moz Au • Historical Production 6 Moz Au • Historical Production 1.2 Moz Au • Reserves 2.9
Slide 88: Island Gold Regional – Michipicoten Greenstone Belt
Island Gold Regional – Michipicoten Greenstone Belt (55,000 ha) Trillium Acquisition December 2020 (+5,500 ha) Manitou Acquisition May 2023 (+40,000 ha) 60km • Significant exploration potential across the relatively underexplored Michipicoten Greenstone Belt. • Alamos’ land package totals 55,277 hec
Slide 89: Island Gold Regional - exploration potential
Island Gold Regional - exploration potential • 50+ km strike along the most significant gold trend within the Michipicoten Greenstone Belt • Active exploration and drilling on seven Major 50+ km targets peripheral to Island Gold Mine, Gold Trend Renabie including the high-grade Pine-Breccia target C
Slide 90: Pine – Breccia Target
Pine – Breccia Target 2021/2022 Exploration Channel Sample Composites on Drone Imagery • Extensive stripping and channel sampling • Identification of new high-grade extension NEW – High-Grade Extension 2023 Exploration • Drilling to outline high-grade strike and plunge extensions Hole ID Length (m)
Slide 91: Evaluation & exploration of past producing mines
Evaluation & exploration of past producing mines Property-Scale Data • Trillium Acquisition (December 2020) included two historic past Compilation and 88-60 Target producers (Edwards & Cline Mines) Structural Modelling N • Comprehensive property-scale evaluation and modelling of priority Cline Mine
Slide 92: Evaluation & exploration of past producing mines
Evaluation & exploration of past producing mines Property-Scale Data • Trillium Acquisition (December 2020) included two historic past Compilation and 88-60 Target producers (Edwards & Cline Mines) Structural Modelling N • Comprehensive property-scale evaluation and modelling of priority Cline Mine
Slide 93: Appendix
Appendix TSX:AGI ǀ NYSE:AGI 93
Slide 94: Island Gold – recent history
Island Gold – recent history 2007 2017 2019 • Mineral Reserves 1 increased Island Gold began 2013 2015 • Phase I Expansion PEA to 1,100 2021 to 1.2m oz commercial production as a Initial 800 tpd tpd published • Mineral Reserves 1 and Announced Inferred Mineral • Inferred Mineral Resources 1 joint-ve
Slide 95: One of Canada’s highest-grade gold mines
One of Canada’s highest-grade gold mines Mineral Reserve Grade (g/t Au) +69% 16.3 15.1 10.8 9.2 8.3 6.9 6.5 6.4 6.4 6.0 5.8 5.7 5.3 5.2 4.4 4.1 2.8 2.4 1.6 Source: Company filings TSX:AGI ǀ NYSE:AGI 95
Slide 96: Phase 3+ Expansion Study – detailed mine plan
Phase 3+ Expansion Study – detailed mine plan 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Mill Feed mined (000’s tonnes) 438 438 439 479 699 876 878 876 876 876 878 876 876 876 878 875 874 542 Waste mined (000’s tonnes) 493 579 647 676 537 393 393 370 42
Slide 97: Phase 3+ Expansion Study – Mineable Resource
Phase 3+ Expansion Study – Mineable Resource Undiluted Resource Diluted and Recovered Resource December 31 2021 Used in P3+ Study Used in P3+ Study kTonnes Grade (g/t) kOunces kTonnes Grade (g/t) kOunces kTonnes Grade (g/t) kOunces Mineral Reserves Proven 834 9.33 250 834 9.33 250 Probable 3,278 10.
Slide 98: Phase 3+ Expansion Study – mine design
Phase 3+ Expansion Study – mine design Net Resource conversion: 87% Dilution: varies by zone 2 1 See Mineral Reserve and Resource estimates and associated footnotes in appendix 2 The Phase 3+ Expansion Study includes Inferred Mineral Resources that are considered too speculative geologically to have
Slide 99: Young-Davidson – site tour
Young-Davidson – site tour Léon Grondin-Leblanc General Manager, Young-Davidson 99
Slide 100: Safety guidelines
Safety guidelines Underground and surface safety requirements: The personal protection equipment provided to you is required in all areas: 1. Tag in prior to going underground • Coveralls/Vests 2. Do not exit from vehicles in motion • Safety boots 3. Use 3 points of contact rule when entering/exitin
Slide 101: Table of Contents
Table of Contents 01 Young-Davidson overview 02 Operational overview ▪ Mining & processing ▪ Capital & free cash flow ▪ Continuous improvement initiatives ▪ Opportunities 03 Exploration 04 Appendix 101
Slide 102: Young-Davidson – overview
Young-Davidson – overview Location: • Ontario, Canada Ownership: • 100% interest • Underground Operation: • One of Canada’s largest underground gold mines • Commercial production of underground operation declared 2013 History: • Produced one millionth ounce in 2018 Exploration • Large resource base;
Slide 103: ESG – leading on key environmental metrics
ESG – leading on key environmental metrics Environment 50,000 0.4 38,503 40,116 36,468 Initiatives: tCO2 total & per oz 40,000 32,918 0.3 0.30 • Established an Independent Tailings Review Board produced 30,000 0.2 20,000 0.21 0.19 (ITRB) Improving GHG 10,000 0.17 0.1 0 0 • SAGR technology for ammoni
Slide 104: ESG – Safety
ESG – Safety Focus on continuous improvement with Home Safe Every Day program Lost Time Injury Frequency Rate1 Total Recordable Injury 0.7 5 Frequency Rate1 0.6 4.5 0.5 4 3.5 Stable LTIFR 0.4 0.29 3 2.16 0.25 0.27 2.5 1.85 1.87 over past 3 years0.3 2 0.2 1.5 1 0.1 0.5 0 0 2020 2021 2022 2020 2021 20
Slide 105: ESG – Social
ESG – Social Social Fostering positive relationships with all stakeholders 756 10% o Partnerships with local communities Alamos employees of total workforce is female o Matachewan and Temagami First Nations o Keepers of the Circle – Aboriginal Women in Mining common core training o Regional economic
Slide 106: Operational overview – virtual site tour
Operational overview – virtual site tour 106
Slide 107: Long-life operation with strong track record of Mineral Reserve replacement
Long-life operation with strong track record of Mineral Reserve replacement 3,831 3,804 3,696 3,823 3,874 3,687 3,467 3,394 3,335 Koz Au 3,262 3,146 3,232 65 208 386 565 750 965 1,163 1,366 1,512 1,726 1,938 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Mineral Reserves Cumulative Depl
Slide 108: Mining – highly productive bulk mining supporting 8,000 tpd capacity
Mining – highly productive bulk mining supporting 8,000 tpd capacity Highly mechanized – low personnel requirements • Transverse long hole stoping • For wider zones (12-40m) • 94% of Mineral Reserve Mining • Paste backfill method • Mining recovery ~92%; dilution ~10% • Grades & tonnes have reconcile
Slide 109: Dual shaft system – excess skipping capacity post lower mine expansion
Dual shaft system – excess skipping capacity post lower mine expansion MCM Northgate Material movement Peak ore + waste Skipping Capacity Shaft Shaft movement requirements Ore mined +8,000 tpd Shaft system Dual drum hoist Friction hoist Waste mined +2,000 tpd Material movement Personnel & materials
Slide 110: Underground mining (tpd)
Mining Capacity of new lower- mine infrastructure 3.0 8,000 Capacity of decommissioned 7,000 upper-mine infrastructure 2.5 6,000 Underground mining (tpd) 5,000 g/t Au 2.0 4,000 3,000 2,000 1.5 1,000 0 1.0 Underground TPD Processed Grade • Completion of lower mine expansion debottlenecked underground
Slide 111: Mill capacity of 8,000 tpd
Mill capacity of 8,000 tpd • Mill throughput consistently matching mining rates post expansion • Mill recoveries consistently averaging between 90-92% 8,000 7,000 6,000 Mill Throughput (tpd) 5,000 4,000 3,000 2,000 1,000 0 111
Slide 112: Tailings – sufficient capacity for existing Mineral Reserves & Resources
Tailings – sufficient capacity for existing Mineral Reserves & Resources TIA-1 – new life of mine tailings facility TIA-7 • TIA1 – new life of mine tailings facility • Construction completed 2021, began depositing tailings April 2023 • Centre-line design with 25 Mt capacity - footprint sufficient fo
Slide 113: 2023 guidance – consistent performer
2023 guidance – consistent performer • Gold production over next 2023E 2024E 2025E 2022A Q1 2023A three years expected to be Guidance Guidance Guidance consistent with 2022, reflecting similar grades, mining & Gold Production (k oz) 192 185 - 200 45 185 - 200 185 - 200 processing rates Total Cash Co
Slide 114: Unit costs & currency sensitivities
Unit costs & currency sensitivities YD Cost Structure - 2023 Unit costs per tonne (C$) 2021A 2022A 2023E Q1 2023A LOM Contractors General and Admin 5% Miscellaneous 2% 2% Underground $46 $48 $50 $52 $50 Diesel and Gases Mill Processing1 $18 $21 $22 $23 $22 5% Electricity Personnel Costs Administrati
Slide 115: Capital outlook
Capital outlook Capital Estimates (US$M)1 2023E 2024 – 2025E average Sustaining $50-55 $50-55 Growth $5-10 $5-10 Total $55-65 $55-65 • Steady state capital spending with all major capital projects completed • Lower mine expansion completed in 2020; TIA1 construction completed in 2021 1. Capital esti
Slide 116: Consistent performer with completion of lower mine expansion
Consistent performer with completion of lower mine expansion Production & mine-site AISC 60,000 $2,000 50,000 $1,600 Mine-site AISC (US$/oz1) Gold production (oz Au) 40,000 $1,200 30,000 $800 20,000 $400 10,000 0 $0 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21
Slide 117: Free cash flow summary – quarterly
Free cash flow summary – quarterly Mine-site free cash flow (US$M)1 $25 $15 $5 -$5 -$15 -$25 • Transition to lower mine infrastructure driving strong free cash flow • $25M average quarterly mine site free cash flow1 following completion of lower mine expansion in July 2020 1 Please refer to Cautiona
Slide 118: Young-Davidson free cash flow summary – annual
Young-Davidson free cash flow summary – annual $189 $173 $114 $113 $99 $98 $101 $100 $101 $34 $11 $13 $4 $0 ($80) ($72) ($95) ($87) ($89) ($100) ($102) 2016 2017 2018 2019 2020 2021 2022 1 2 3 Total capital (US$m) Operating cash flow (US$m) Mine-site free cash flow (US$m) • Mine-site free cash of ov
Slide 119: 2023 production & development
2023 production & development 119
Slide 120: Grade profile - higher grades in YD West
Grade profile - higher grades in YD West Increasing concentration of higher grades stopes in YD West to support higher production 2027+ Average grade through Mineralised Zone – 2022 Year End Fully Depleted Resource TSX:AGI ǀ NYSE:AGI 120
Slide 121: Continuous improvement initiatives
Continuous improvement initiatives Initiative Opportunity • Three battery powered personnel carriers currently in use Electric vehicles • Opportunities for additional electric & hybrid vehicles • Conversion of underground heating to natural gas from propane Natural gas • Cost savings & lower carbon
Slide 122: Opportunities
Opportunities Opportunities Details • Permitted to 12,000 tpd Mill expansion • Modest capital for potential expansion to 9,000 tpd • Golden Arrow • MCM Area Sources of supplemental mill feed • YD open pit • Regional exploration targets • Deposit open at depth & to the west Significant exploration up
Slide 123: Opportunities – mill expansion potential
Opportunities – mill expansion potential Addition of Secondary crushing • Permitted to 12,000 tpd • Evaluating expansion to 9,000 tpd • Addition of secondary crushing Evaluating additional flotation on surface & leaching capacity • Additional leaching capacity • Modest capital investment • Undertaki
Slide 124: Opportunities – additional mill feed
Opportunities – additional mill feed Matheson Golden • Open pit project within trucking distance of YD Timmins Arrow • Supplemental mill feed to YD Golden Arrow project • 95 km from YD; 1 km from Trans-Canada highway • Acquired in March 2021 Young-Davidson History • C$20M invested over past 10 years
Slide 125: Opportunities – additional mill feed
Opportunities – additional mill feed • Near surface historical underground mine • Historical production of 366k oz with grades MCM area averaging 3.3 g/t Au • Potential to be trucked to surface through ramp • Will not displace skipping capacity • Pushback opportunity YD open pit • M&I Mineral Resour
Slide 126: Exploration
Exploration Scott RG Parsons VP, Exploration 126
Slide 127: Young Davidson – 2023 near-mine exploration
Young Davidson – 2023 near-mine exploration 3.79 g/t Au (3.14 g/t cut) over 95.00 m (50.67m true width) including 11.15 g/t MCM Target Au (7.72 g/t cut) over 17.00 m (9.07 m tw) (YMEX22-9220-060) 4,500m 9710 9590 Target Target 400m 2023 Exploration Drilling 3,100m • Underground Exploration Drilling
Slide 128: Young Davidson – hanging wall & footwall targets
Young Davidson – hanging wall & footwall targets A A A’ • Higher-grade structures intersected in the hanging wall and footwall in 2020/21 from the 8960-level A’ • Exploration drift development underway at depth to the west to more effectively test these structures
Slide 129: Young Davidson – 2023 near-mine exploration
Young Davidson – 2023 near-mine exploration Plan View MCM Mine • Operated from 1934-1953, producing 370koz (3.5Mt @ 3.27 g/t Au). • 85% Syenite/15% Mafic MCM Young Davidson
Slide 130: Young Davidson – MCM targeting
Young Davidson – MCM targeting YD MCM MCM Mine 2 km MCM Production Boundary • Operated from 1934- 1953, producing 370koz (3.5Mt @ 3.27 g/t Au). • 85% Syenite/15% Mafic QBX Modelling Mafic-hosted quartz No data stringers, pervasive Fe- carbonate, pyrite-gold 1 km mineralization. Higher No data grades
Slide 131: Young Davidson – MCM targeting
Young Davidson – MCM targeting YD MCM MCM Mine 2 km MCM Production Boundary • Operated from 1934- 1953, producing 370koz (3.5Mt @ 3.27 g/t Au). • 85% Syenite/15% Mafic QBX Modelling Mafic-hosted quartz No data stringers, pervasive Fe- carbonate, pyrite-gold 1 km mineralization. Higher No data grades
Slide 132: Young Davidson – MCM targeting
Young Davidson – MCM targeting 1km
Slide 133: Young Davidson – regional exploration
Young Davidson – regional exploration (6,000 hectares) Welsh-Suave NE Target NW Target UMF UMF UMF North Zone Scary Hill Fault Camking 14 Zone Unofficial Resource 400k tonnes @ 1.5g/t MCM Young Davidson UMF YD Mine Break SW Window Huronian
Slide 134: Young-Davidson – regional exploration North & 14-Zones
Young-Davidson – regional exploration North & 14-Zones Historical Significant Intercepts: • Mineralization in syenite and mafic volcanics along ultramafic contacts • The majority of historic drilling tested from surface to 120m depth. Zones are open at depth and along strike. North Zone: • 1.04 g/t
Slide 135: Appendix
Appendix 135
Slide 136: Young-Davidson – recent history
Young-Davidson – recent history 2012 2017 • Q1 - mill commissioned • Produced a record 200k oz 2005 2008 • Apr 30: first gold pour • Generated record $34M 2022 Northgate • NXG reports total • Sept 1: commercial 2015 free cash flow1 2020 (NXG) acquired 2nd consecutive YD mine & UG resource of 2010 pr
Slide 137: Detailed historical operating results
Detailed historical operating results Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Gold production (oz) 41,000 39,100 49,000 50,900 45,000 45,000 50,000 48,000 28,700 23,100 36,400 48,000 48,000 45,100 50,000 51,900 51,
Slide 138: Mill flow sheet
Mill flow sheet Process Line CYCLONE OVERFLOW Carbon Line Primary Cyclone Trash Eluate Solution Line Screen MIRON BELT CYCLONE UNDERFLOW AUTO Conditioning Regrind Cyclone SAMPLER Tank Regrind cyc MILL FEED SAG Mill Floatation Cells circulating load: Flotation Concentrate Mill Process Primary Thicken
Slide 139: Total Proven & Probable Mineral Reserves
Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD MINERAL RESERVES (as at December 31, 2022) Proven Reserves Probable Reserves Total Proven and Probable Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000's) (g/t Au) (000
Slide 140: Total Measured & Indicated Mineral Resources
Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2022) Measured Resources Indicated Resources Total Measured and Indicated Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000's) (g/t Au) (000's) (000's) (g/t Au) (000's) (000'
Slide 141: Total Inferred Mineral Resources
Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2022) Tonnes Grade Ounces (000's) (g/t Au) (000's) Young-Davidson - Surface 31 0.99 1 Young-Davidson - Underground 1,586 2.89 147 Total Young-Davidson 1,617 2.85 148 Golden Arrow 2,028 1.07 70 Island Gold 8,066 13.6
Slide 142: Notes to Mineral Reserve and Resource estimates
Notes to Mineral Reserve and Resource estimates Qualified Persons Chris Bostwick, FAusIMM, Alamos Gold’s Senior Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Chris Bostwick is a Qualified Person within the meani
Slide 143: Cautionary Note to U.S. Investors
Cautionary Note to U.S. Investors All resource and reserve estimates included in this Presentation have been prepared in accordance with Canadian National Instrument 43-101 -Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the
Slide 144: Scott K. Parsons, CFA
Scott K. Parsons, CFA SVP, Investor Relations 416.368.9932 x 5439 sparsons@alamosgold.com 144