Slide 1: Island Gold Phase 3+ Expansion Study
Island Gold Phase 3+ Expansion Study June 29, 2022 TSX:AGI ǀ NYSE:AGI 1
Slide 2: 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 “Company”) solely for
Slide 3: Our team
Our team Toronto John A. McCluskey - President & CEO Jamie Porter - CFO Peter MacPhail - COO Chris Bostwick - SVP, Technical Services Luc Guimond - VP, Operations Scott R.G. Parsons - VP, Exploration Scott K. Parsons - VP, Investor Relations Island Gold Austin Hemphill - General Manager Nathan Bourg
Slide 4: Schedule
Schedule • Introduction • Island Gold overview • Phase 3+ Expansion Study • Overview & assumptions 8:30 -10:00am • Detailed review • Economics & capital allocation outlook • Exploration • Q&A (please dial 416-406-0743 or 800-952-5114; Passcode: 2341899#) TSX:AGI ǀ NYSE:AGI 4
Slide 5: Introduction
Introduction John A. McCluskey President & Chief Executive Officer TSX:AGI ǀ NYSE:AGI 5
Slide 6: 2022 catalysts
2022 catalysts ✓ February 2022 ✓ June 2022 ✓ June 2022 o H2 2022 Mineral Reserves La Yaqui Grande Island Gold Lynn Lake 4% increase to 10.3M oz; initial production Phase 3+ Expansion EIS approval 5% higher grades1 announced La Yaqui Grande initial production declared June 20, 2022 Groundbreaking for
Slide 7: Phase 3+ Expansion Study - highlights
Phase 3+ Expansion Study - highlights • Expansion to 2,400 tpd driving 20% production growth over longer mine life • 287k oz average annual gold production2 – 22% increase from P3 2020 study • 18 year mine life – 4 year increase from P3 2020 study • Industry low costs with higher productivity offset
Slide 8: Largest, most valuable operation in Canada not held by a major
Largest, most valuable operation in Canada not held by a major Annual production - 7th largest Lowest cost Profitability - top 5 2021A Production3 2021A AISC1,3 Annual Profitability Operation Owner Operation Operation ($000’s) (AISC Margin2 x (koz) (US$/oz) annual production) Agnico Eagle (50%) / Ca
Slide 9: Largest, most valuable operation in Canada not held by a major
Largest, most valuable operation in Canada not held by a major $400 Bubble size based on the annual Lower AISC1,3 profitability (AISC margin2 x Island Gold annual production3) $600 (Post Expansion) Macassa Meliadine $800 LaRonde Complex Detour Lake Island Gold AISC (US$/oz)1 Canadian Malartic $1,000
Slide 10: Growing, long-life North American production; declining cost profile
Growing, long-life North American production; declining cost profile 800 $1,215 $1,125 Lynn Lake3 700 $1,000 13 year reserve life2 Production (000 oz Au) 600 500 Island Gold 18 year mine life2 400 300 Mulatos 6 year reserve life2,4 200 100 Young-Davidson 15 year reserve life2 0 2022E 2023E 2024E 202
Slide 11: Island Gold – overview
Island Gold – overview Jamie Porter Chief Financial Officer TSX:AGI ǀ NYSE:AGI 11
Slide 12: Island Gold – animation
Island Gold – animation TSX:AGI ǀ NYSE:AGI 12
Slide 13: Island Gold – overview
Island Gold – overview Location: Ontario, Canada Stage: Producing Ownership: 100% interest Operation: Underground • World’s sixth highest grade gold mine1 • Located east of town of Dubreuilville, Ontario, 83km northeast of Wawa • Commercial production declared October 2007; 1.1m oz produced to date
Slide 14: Ongoing exploration success driving growth in size & quality
Ongoing exploration success driving growth in size & quality Significant Growth Since Nov 2017 Acquisition 5,000 Mineral Reserves M&I Mineral Resources 16 5.1m oz Inferred Mineral Resources Mineral Reserve grade Total Mineral Reserves & Resources, a 14 4,000 Inferred Resource grade 176% increase sin
Slide 15: Growing operation
Growing operation 160 150 $1,500 $1,452 139 141 140 $1,185 $1,200 $1,136 Gold production (000 oz Au) 2 120 106 Mine-site AISC (US$/oz)1 99 100 $863 $900 83 80 $781 $745 $656 $660 55 $599 $600 60 42 42 40 34 $300 20 0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Production Mine-site AISC (US$
Slide 16: Strong free cash flow
Strong free cash flow 1 Total capital (US$M) $182 2 $173 Operating cash flow (US$M) Mine-site free cash flow (US$M) 2 $133 $101 $76 $59 $65 $53 $41 $26 $10 -$2 -$33 -$43 -$66 -$69 -$81 -$120 3 2016A 2017A 2018A 2019A 2020A 2021A 1 Includes capitalized exploration 2 Please refer to Cautionary Notes o
Slide 17: Growing valuation – Island Gold growth since acquisition
Growing valuation – Island Gold growth since acquisition Acquisition (2017) Phase 3 Expansion (2020)4 Phase 3+ Expansion (2022) +249% +191% $230 $230 Island Gold (US$M) $101 $2,004 $1,632 $71 $1,303 $569 Acquisition Cost (2017) & Royalty & NPI 2020 Phase III Expansion NPV5% 2022 Phase 3+ Expansion N
Slide 18: Phase 3+ Expansion Study - overview
Phase 3+ Expansion Study - overview Chris Bostwick SVP, Technical Services TSX:AGI ǀ NYSE:AGI 18
Slide 19: Why Phase 3+ Expansion Study?
Why Phase 3+ Expansion Study? Growth in Mineral Reserve Opportunities to Inflation & Resource base optimize operation ▪ Mineral Reserves & ▪ Accelerated access to ▪ Expansion updated to Resources1 increased higher grade additions in reflect current costing 37% since 2020 study Island East environmen
Slide 20: Growing ore body – 2020 mine plan
Growing ore body – 2020 mine plan 2020 TSX:AGI ǀ NYSE:AGI 20
Slide 21: Growing ore body – 2022 mine plan
Growing ore body – 2022 mine plan 2022 TSX:AGI ǀ NYSE:AGI 21
Slide 22: Key changes with Phase 3+ Expansion
Key changes with Phase 3+ Expansion P3 Expansion (2020) Scope changes P3+ Expansion Mineral Reserve & • 3.2m oz mineable resource • 4.6m oz mineable resource Resource growth • 2,000 tpd Mining rate • 2,400 tpd • Longitudinal retreat long hole open stoping • 28km additional development LOM – larger m
Slide 23: 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 24: Phase 3+ Expansion Study – assumptions
Phase 3+ Expansion Study – assumptions Base case assumptions: • Mineable Resource • Mineral Reserves + 87% of M&I and Inferred Mineral Resources (as of December 31, 2021) • Gold price: US$1,650/oz1 • Consistent with consensus long term gold price assumptions • US$/C$: $0.78:11 • Life of mine plan an
Slide 25: Focus since November 2017 acquisition
Focus since November 2017 acquisition ✓ Successful integration ✓ Expand exploration efforts Year 1 ✓ Grow Mineral Reserve and Resource base (2018) ✓ Complete Phase I expansion to 1,100 tpd ✓ Continuous improvement initiatives (haulage optimization, supply chain management, mine ops dashboard) ✓ Cont
Slide 26: Phase 3+ Expansion Study – planning process
Phase 3+ Expansion Study – planning process • Mine design • Orebody divided into mineable shapes • Cut-off and recovery applied • Lateral development laid out, access ramps, vent raises, ore passes • Ventilation circuits designed and simulated • Mine sequencing • Sequence is resource driven (equipme
Slide 27: Phase 3+ Expansion Study – capital estimates
Phase 3+ Expansion Study – capital estimates • Phase 3 Expansion – design engineering & costing completed to pre-feasibility level • Phase 3+ Expansion – majority of design engineering & costing completed to feasibility level • Key components including shaft, headframe, hoist house estimates at deta
Slide 28: Phase 3+ Expansion – cost & capital estimates
Phase 3+ Expansion – cost & capital estimates • Bulk of earthworks completed • Tailings expanded – capacity within current footprint for Phase 3+ mine plan • Shaft site cleared & grubbed & site prep underway • Mill expansion area on bedrock • Brownfield expansion – operating mine • Progress to date
Slide 29: Progress to date – tailings upgrades & expansion of footprint complete
Progress to date – tailings upgrades & expansion of footprint complete 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 l
Slide 30: Progress to date – shaft site clearing & prep work well underway
Progress to date – shaft site clearing & prep work well underway Shaft site clearing & prep work • 40% completion of earthworks • Shaft pre-sink to start August 2022 • Shaft sink start Q3 2023 • Initial production from shaft Q1 2026 TSX:AGI ǀ NYSE:AGI 30
Slide 31: Progress to date – new camp completed
Progress to date – new camp completed New camp constructed including bunkhouse & kitchen • Main camp completed 2021 • 262 room capacity • Centralized workforce on site, eliminating need for camp in town • Modern, expanded kitchen & recreational facilities • Construction camp P3+ project workforce to
Slide 32: Progress to date – new warehouse & admin buildings
Progress to date – new warehouse & admin buildings New administration buildings & mine dry New Warehouse • Centralize team • Improved inventory management & cost savings • Completed 2021 • Completed 2022 TSX:AGI ǀ NYSE:AGI 32
Slide 33: Progress to date – underground work shop completed
Progress to date – underground work shop completed Underground workshop – 620L • Increased efficiency • Maintenance completed underground • Critical spares located underground • Completed 2022 TSX:AGI ǀ NYSE:AGI 33
Slide 34: Phase 3+ Expansion – capital committed to date
Phase 3+ Expansion – capital committed to date P3+ project capital: 32% committed to date • Shaft site preparation (earthworks) • Shaft sinking • Headframe • Hoist plant • Cement batch plant & supply • Concrete construction of shaft complex • Powerline, substation & electrical distribution infrastru
Slide 35: Phase 3+ Expansion Study – consultant contributions
Phase 3+ Expansion Study – consultant contributions Item Consultant Overall Infrastructure Design & Engineering Hoist Engineering & Build Sinking Engineering, Design & Build Ventilation Engineering Paste Fill Plant & Underground Distribution System Design Water Management and Tailings Dam Mill Expan
Slide 36: 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 37: 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 38: Historical conversion of Inferred Mineral Resources >100%
Historical conversion of Inferred Mineral Resources >100% 3,500 Inferred Mineral Resource1 and Depletion Replacement 13.6 g/t Au 14.4 g/t Au High quality inferred Mineral Resource grading 13.6 g/t Au 3,000 Mineral Reserve additions by year since Inferred 2,500 Mineral Resource declared (koz) 13.2 g/
Slide 39: Mining
Mining Nathan Bourgeault Chief Mine Engineer Island Gold TSX:AGI ǀ NYSE:AGI 39
Slide 40: Mining – P3 Expansion mine plan as of 2020
Mining – P3 Expansion mine plan as of 2020 Overview of 2020 plan: • Shaft installation • Paste backfill • Longitudinal retreat long hole open stoping • 3.2m oz Au mineable resource • 95km of total development 1 Total capital includes indirect costs TSX:AGI ǀ NYSE:AGI 40
Slide 41: Mining – P3+ Expansion mine plan as of 2022
Mining – P3+ Expansion mine plan as of 2022 Overview of 2022 P3+ plan: • Shaft, paste backfill, longitudinal retreat LHOS - unchanged Scope changes from P3 2020: • 43% increase in mineable resource to 4.6m oz Au • 28km of additional development • $100M sustaining capital brought forward into growth
Slide 42: Mining – ramp up schedule – ore mined
Mining – ramp up schedule – ore mined Ore Mined (tpd) 2,800 2,400 2,000 1,600 1,200 800 400 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Ore Mined P3+ 2400 Total Ore Mined P3 2000 • Similar ramp up schedule as P3 2000 Expansion to completion of sh
Slide 43: Mining – accelerated development metres
Mining – accelerated development metres Total Development Metres 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 P3+ 2400 P3 2000 • 30% increase in development metres to 124km with P3+ reflecting 43% increase in
Slide 44: Grade distribution – shaft provides early access to +20 g/t Au stopes
Grade distribution – shaft provides early access to +20 g/t Au stopes 2020 Shaft location TSX:AGI ǀ NYSE:AGI 44
Slide 45: Growing concentration of 20+ g/t stopes in proximity to shaft
Growing concentration of 20+ g/t stopes in proximity to shaft 2022 Accessing higher grade stopes 2023-2024 TSX:AGI ǀ NYSE:AGI 45
Slide 46: Grade profile
Grade profile Accelerated access to higher grade More consistent grade profile; at or portions of ore body in 2023 & 2024 above Mineral Reserve grade 2024 to 2035 15.0 14.0 13.0 12.0 Grade (g/t Au) 11.0 10.6 g/t Au – Avg LOM grade 10.0 9.0 8.0 7.0 6.0 2022 2023 2024 2025 2026 2027 2028 2029 2030 203
Slide 47: Annual gold production
Annual gold production Annual Gold Production (000 oz) 287k oz average annual production1, 22% increase Average LOM Average Post Project Completion from P3 2000; 121% increase from 2022 guidance Project Completion Date P3 2000 201 236 2025 P3+ 2400 255 287 2026 58% increase in LOM production 2022 on
Slide 48: Operating costs
Operating costs TSX:AGI ǀ NYSE:AGI 48
Slide 49: Industry low costs
Industry low costs AISC1 per ounce Change from P3 2000 (US$/oz) $627 $54 $610 -$44 -$20 -$8 P3 2000 Economies of Scale Change in Royalty Grade Inflation P3+ 2400 Accounting Economies of scale operating at 2,400 tpd & higher grades offset inflation 1 Please refer to Cautionary Notes on non-GAAP Measu
Slide 50: Unit cost summary
Unit cost summary (in C$/tonne) P3 20001 P3+ 2400 Island Gold Life of Mine Cost Structure Mining (less cap dev) $98 $101 Mill Other Milling $31 $35 Consumables 5% 4% Admin $39 $37 Misc G&A Subtotal Operating Cost $168 $173 8% Labour Silver Credit -$1 -$1 34% Contractors Royalties $17 $6 9% Total Ope
Slide 51: Unit operating costs
Unit operating costs Unit Operating Cost (C$/tonne)1 Average Average Post Project Completion Consistent cost structure to P3 2000 LOM2 Project Completion3 Date P3 2000 $184 $179 2025 Shaft ensures stable costs as mining P3+ 2400 $178 $174 2026 moves deeper $240 $220 Operating Costs/Tonne CAD $200 $1
Slide 52: Mine-site all-in sustaining costs
Mine-site all-in sustaining costs Mine-site All-in Sustaining Costs (US$/oz)1 Average LOM2 Average Post Project Completion3 Project Completion Date $576/oz average mine-site AISC (post project); P3 2000 $627 $559 2025 industry low & consistent with P3 2000 P3+ 2400 $610 $576 2026 $1,100 Mine-site al
Slide 53: Ounces per vertical metre – increasing grade & ounces below 1,000m level
Ounces per vertical metre – increasing grade & ounces below 1,000m level TSX:AGI ǀ NYSE:AGI 53
Slide 54: Ounces & grade by vertical metre
Ounces & grade by vertical metre Limited drilling Increasing grade & ounces per vertical completed below 1,500m level metre below 1,000m level High grade area in 1,000,000 Current lowest lower east zone 16 14.6 production horizon (920L) 13.3 14 800,000 12.3 12.2 11.9 11.4 11.5 12 10.9 11.0 11.3 10.8
Slide 55: Capital
Capital Chris Bostwick SVP, Technical Services TSX:AGI ǀ NYSE:AGI 55
Slide 56: Phase 3+ Expansion – surface plan
Phase 3+ Expansion – surface plan Mill Paste Plant Existing Portal Shaft Area TSX:AGI ǀ NYSE:AGI 56
Slide 57: Shaft area general arrangement
Shaft area general arrangement N Scope changes from P3 2020 • Bin house – more efficient transfer ore & waste to trucks on surface • Hoist drive cooling building TSX:AGI ǀ NYSE:AGI 57
Slide 58: Shaft – production hoisting plant (ore & waste)
Shaft – production hoisting plant (ore & waste) • 5m x 2m double drum • 2,000m design depth 4,500 tpd capacity at initial 1,373 m depth • Initial sink to 1,373m • Ontario FOS all cases 2,000 m design depth • 2 x 12t skips at 15m/s on steel guides • 4200kW rating • Bottom dump skips with scrolls • 19
Slide 59: Shaft designed to accommodate future exploration success
Shaft designed to accommodate future exploration success TSX:AGI ǀ NYSE:AGI 59
Slide 60: Total material mined by year – sufficient hoisting & milling capacity
Total material mined by year – sufficient hoisting & milling capacity Development & Stoping Ore Mined (tpd) 2,800 2,400 2,000 1,600 1,200 800 400 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 4,500 tpd Development Ore Mined Stoping Ore Mined shaft capaci
Slide 61: Shaft – service hoisting plant (personnel & materials)
Shaft – service hoisting plant (personnel & materials) • 4.5m x 1.8m single drum • 2,000 m design depth • Ontario FOS in all cases • 2500kW rating • 8t double deck cage, 33 persons/deck, • 10 m/s on timber guides with dogs • Personnel & palletized loads • 7.5 trips/hour at 1,305m (main shaft station
Slide 62: Shaft – headworks
Shaft – headworks • Hoist house • 20m x 40m main hoistroom 59m steel headframe; two • Two hoists co-located co-located hoists Bin house – more efficient transfer of • Hoist and UG feed electrical room ore & waste to trucks • Combined control room on surface • Sinking compressor and laydown space • S
Slide 63: 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 64: Processing
Processing TSX:AGI ǀ NYSE:AGI 64
Slide 65: Mill expansion to 2,400 tpd capacity
Mill expansion to 2,400 tpd capacity Key component changes: Modify • New two-stage crushing plant • Additional ball mill New Equipment New • Convert existing circuit to two trains Equipment • Refurbish existing regrind mills • Convert 5 leach tanks to CIL & add 3 new larger tanks Modify • New packag
Slide 66: Mill expansion to 2,400 tpd capacity
Mill expansion to 2,400 tpd capacity Scope changes from P3 2020 • New crushing circuit New Equipment • New covered stockpile • Convert existing leach tanks to CIL & add 3 new tanks • 5t ADR plant vs 3t Advantage of expansion vs new mill • Lower capex more than offset lower opex with new mill • Two t
Slide 67: Capital summary
Capital summary (in US$ millions) P3 20001 P3+ 2400 Drivers of increase in capital Total capital as of Jan 2020 as of Jan 2022 • 43% larger Mineable Resource • 20% expansion to 2,400 tpd – scope changes Growth capital $538 $756 • Industry-wide inflation Sustaining capital $576 $777 Total capital $1,
Slide 68: Growth capital comparison to Phase 3 Expansion (P3 2000)
Growth capital comparison to Phase 3 Expansion (P3 2000) Growth Capital Change from P3 20001 (US$M) $1,000 $900 $859 $75 $800 $100 $756 $146 -$103 $700 $600 $538 $500 $400 $300 $200 $100 $0 P3 2000 Scope Change and Accelerated Inflation Total 2020 and 2021 Spend P3+ 2400 Larger Resource Development
Slide 69: Sustaining capital comparison to Phase 3 Expansion (P3 2000)
Sustaining capital comparison to Phase 3 Expansion (P3 2000) Sustaining Capital Change from P3 20001 (US$ M) $900 $63 $850 $800 $211 $777 -$73 $700 $600 $576 $500 $400 $300 $200 $100 $0 P3 2000 Larger Resource Inflation Total 2020 and 2021 Spend P3+ 2400 1 The 2020 Phase 3 Expansion Study (P3 2000)
Slide 70: Growth capital
Growth capital (in US$ millions) P3 20001 P3+ 2400 Growth Capital (including indirects & contingency) as of Jan 2020 as of Jan 2022 $100m increase in growth capital Shaft Surface Complex 34 59 related to accelerated development Shaft 184 170 Mill 34 76 & infrastructure to support higher Paste Plant
Slide 71: Sustaining capital
Sustaining capital (in US$ millions) P3 20001 P3+ 2400 Sustaining capital as of Jan 2020 as of Jan 2022 Tailings Lifts 17 32 Underground Infrastructure 130 154 Mobile Equipment 112 112 43% larger mineable resource main Delineation Drilling 20 32 driver of increase given additional Capital Developmen
Slide 72: Phase 3+ Expansion – project schedule
Phase 3+ Expansion – project 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) - 2022-03 Construction Start (Earthworks) 2022-03 2022-09 Shaft Surface Infrastructure & Pre-sink 2022-06 2023-06 Shaft Sink
Slide 73: Environmental
Environmental TSX:AGI ǀ NYSE:AGI 73
Slide 74: Phase 3+ Expansion – shaft will significantly reduce greenhouse gas emissions
Phase 3+ Expansion – shaft will significantly reduce greenhouse gas emissions Total tCO2e 800,000 700,000 -35% 35% reduction in total LOM carbon emissions 600,000 500,000 vs maintaining current ramp access operation at 400,000 1,200 tpd 300,000 200,000 100,000 - P3 1200 P3+ 2400 5 haul trucks to sup
Slide 75: Island Gold – industry low emission intensity
Island Gold – industry low emission intensity Emission Intensity (tCO2e/oz Au) 1 0.79 0.8 • Island Gold an industry leader in terms of low 0.6 0.47 emission intensity 0.4 • P3+ expansion will increase lead -31% • Key component of 30% reduction target in 0.2 0.16 0.11 company-wide GHG emissions by 20
Slide 76: Permitting
Permitting Closure Plan Amendment – Provincial Permits Outstanding approved March 2022 • Closure Plan Amendment #2 • Effluent Treatment Plant & related facilities, Paste Plant • Allows for ramp up of (new location), & other surface infrastructure changes not construction activities included in initi
Slide 77: Economics
Economics Jamie Porter Chief Financial Officer TSX:AGI ǀ NYSE:AGI 77
Slide 78: Economic review – Phase 3+ Expansion bigger, more valuable operation
Economic review – Phase 3+ Expansion bigger, more valuable operation P3 Expansion (2020) P3+ Expansion P3 20003 P3+ 2400 Total Gold Production 000 oz 3,104 4,460 Revenue US$ M $5,182 $7,216 Operating Costs US$ M $1,376 $1,882 Total Capital US$ M $1,114 $1,533 Total Operating Costs & Capital US$ M $2
Slide 79: Cumulative free cash flow profile at $1,650/oz Au
Cumulative free cash flow profile at $1,650/oz Au P3+ 2400 Cumulative after-tax free cash flow (US$M)1 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 -$500 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 35% increase in life of mine free cash flow reflecting big
Slide 80: Phase 3+ Expansion – best option to maximize value
Phase 3+ Expansion – best option to maximize value today & over the long term Why Phase 3+ Expansion • Stronger economics – highest IRR, FCF, & NPV • Higher production, while maintaining industry low costs • Lower capital intensity • Significantly reduced carbon footprint & exposure to diesel price
Slide 81: Phase 3+ Expansion – greater exposure to higher gold prices
Phase 3+ Expansion – greater exposure to higher gold prices After-tax NPV 5% (US$M)1 $2,400 $2,189 After tax NPV 5% (US$M)1 IRR (%)1,2 $2,004 $2,000 $1,818 $1,632 $1,648 Gold price P3+ 2400 P3 20003 P3+ 2400 P3 20003 $1,533 $1,600 $1,446 After-tax NPV 5% $1,418 $1,450 $1,258 $1,072 20% 17% $1,258 $1
Slide 82: Capital allocation outlook
Capital allocation outlook TSX:AGI ǀ NYSE:AGI 82
Slide 83: Phase 3+ Expansion – cash flow profile at $1,650/oz Au
Phase 3+ Expansion – cash flow profile at $1,650/oz Au $446 $394 $401 $398 $399 $342 $327 $328 $324 $306 $269 $271 $270 $280 $283 $235 $246 $251 $246 $226 $225 $207 $205 $196 $186 $188 $184 $169 $164 $133 $139 $86 -$2 -$19 -$4 -$12 -$43 -$45 -$36 -$45 -$34 -$27 -$61 -$62 -$57 -$63 -$58 -$52 -$97 -$1
Slide 84: Phase 3+ Expansion – cash flow profile at $1,850/oz Au
Phase 3+ Expansion – cash flow profile at $1,850/oz Au $514 $463 $460 $463 $456 $397 $377 $358 $380 $383 $332 $316 $326 $315 $289 $281 $289 $294 $289 $262 $245 $219 $235 $242 $232 $215 $213 $220 $164 $164 $157 $103 $35 -$19 -$4 -$12 -$43 -$31 -$45 -$36 -$45 -$34 -$27 -$62 -$57 -$63 -$58 -$52 -$72 -$
Slide 85: Consolidated cash flow outlook – balanced approach to growth
Consolidated cash flow outlook – balanced approach to growth Consolidated free cash flow outlook (US$M)1,2 $200 $150 $100 $50 $0 -$50 2022 2023 2024 2025+ $1,650/oz Au $1,750/oz Au $1,850/oz Au Balanced approach to growth – no Strong ongoing free cash flow Significant free cash flow significant capi
Slide 86: Exploration
Exploration Scott R.G. Parsons VP, Exploration TSX:AGI ǀ NYSE:AGI 86
Slide 87: Evolution of Island Gold – year-end 2016 (acquired November 2017)
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 88: 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 89: Island Gold Mine – Mineral Reserves & Resources as of December 31, 2021
Island Gold Mine – Mineral Reserves & Resources as of December 31, 2021 510,600 t at 12.57 g/t Au, 206,400 oz Au (Gain of 206,400 oz Au) 3,961,700 t at 15.48 g/t Au, 1,972,300 oz Au (Gain of 424,400 oz Au) Mineral Reserves & Resources as of Dec 31, 2021 Category Tonnage Grade Au g/t Ounces Au 93,400
Slide 90: Island Gold Mine – Island East 2021 Drilling Highlights
Island Gold Mine – Island East 2021 Drilling Highlights Legend Au Cut (g/t) < 4.0 4.0 < 10.0 10.0 < 30.0 >= 30.0 Au Cut * True Width (gm/t) <8 8 < 20 20 < 60 >= 60 MH25-08 Ramp & Development 71.21 g/t Au (39.24 g/t Au cut) Mined out / 21.33m Diabase Dyke R & R Year End 2020 Mineral Reserves Mineral
Slide 91: Island Gold Mine – 2022 surface & underground exploration target areas
Island Gold Mine – 2022 surface & underground exploration target areas Mineral Reserves & Resources as of Dec 31, 2021 Category Tonnage Grade Au g/t Ounces Au Proven & 4,111,800 10.12 1,338,500 Probable Measured & 1,096,300 8.12 286,300 Indicated: Inferred: 7,905,600 13.59 3,453,800
Slide 92: Longitudinal of Canadian underground gold deposits
Longitudinal of Canadian underground gold deposits • Underground gold deposits in Canadian shield can extend well below a depth of 3km • Island Gold has been drilled to a depth of 1.7km & remains open laterally & down plunge
Slide 93: Island Gold Property – significant regional exploration potential
Island Gold Property – significant regional exploration potential Legend Rock Sample Au (g/t) DH Desurveyed Assays Au (g/t) 0.5 - 0.75 0.5 - 0.75 Alamos Tenure 0.75 - 2 0.75 - 2 Alamos Trillium Property 2-5 2-5 Mineralized Zones 5 - 15 5 - 15 >= 15 >= 15
Slide 94: Questions
Questions To ask a question please dial Webcast & 416-406-0743 or 800-952-5114 Conference line Passcode: 2341899# TSX:AGI ǀ NYSE:AGI 94
Slide 95: Appendix
Appendix TSX:AGI ǀ NYSE:AGI 95
Slide 96: Phase 3+ Expansion – detailed mine plan
Phase 3+ Expansion – 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) 493 579 647 676 537 393 393 370 427 412
Slide 97: Sensitivity analysis
Sensitivity analysis After-Tax FCF (US$M) Gold Price After-Tax FCF (US$M) Capital $2,786 $1,450 $1,550 $1,650 $1,750 $1,850 $2,786 80% 90% 100% 110% 120% 0.70 $2,408 $2,697 $2,986 $3,276 $3,565 80% $3,255 $3,149 $3,041 $2,935 $2,829 0.75 $2,282 $2,572 $2,861 $3,150 $3,440 90% $3,127 $3,020 $2,913 $2
Slide 98: Total Proven & Probable Mineral Reserves
Total Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD MINERAL RESERVES (as at December 31, 2021) 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 99: Total Measured & Indicated Mineral Resources
Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2021) 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 100: Total Inferred Mineral Resources
Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2021) Tonnes Grade Ounces (000's) (g/t Au) (000's) Young-Davidson – Surface 31 0.99 1 Young-Davidson – Underground 2,062 3.02 200 Total Young-Davidson 2,093 2.99 201 Island Gold 7,906 13.59 3,454 Mulatos 507 0.92 15
Slide 101: 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 presentation. Chris Bostwick is a Qualified Person within the meani
Slide 102: 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 103: Scott K. Parsons, CFA
Scott K. Parsons, CFA VP, Investor Relations 416.368.9932 x 5439 sparsons@alamosgold.com TSX:AGI ǀ NYSE:AGI 103