Slide 1: Young-Davidson & Island Gold Site Tours
Young-Davidson & Island Gold Site Tours June 11-12, 2019
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: Introduction
Introduction Jamie Porter Chief Financial Officer3
Slide 4: Strong platform for delivering long-term value
Strong platform for delivering long-term value Growing, diversified, long-life gold production • 480-520k oz from four North American mines Expanding margins • $920-$960/oz AISC1 in 2019, declining through 2021 Peer leading growth • Portfolio of six low-cost development projects Strong, debt free ba
Slide 5: Diversified asset base; low political risk profile
Diversified asset base; low political risk profile North American focused production Mexico 35% ~500k oz Lynn Lake, Canada Canada Island Gold, Canada 65% Young-Davidson, Canada Diversified asset base Kirazlı, Turkey Quartz Mountain, USA Asset NPV by Country1 Mexico Ağı Dağı, Turkey 17% Canada 63% Mu
Slide 6: Diversified, long-life production; growing cash flow
Diversified, long-life production; growing cash flow Young-Davidson – Ontario, Canada • • Large, bulk tonnage, low-cost underground gold mine 13 year reserve life1 with significant resource & exploration upside 500 koz stable, long term production • Lower mine expansion to drive strong FCF growth in
Slide 7: Peer leading, multi-stage, fully funded growth
Peer leading, multi-stage, fully funded growth Quartz Mountain Esperanza Longer term value creation Mulatos District Exploration opportunities Island Gold Exploration Lynn Lake 13% After-tax IRR1 Çamyurt 253% Peer leading, After-tax IRR1 high return Ağı Dağı 39% After-tax IRR1 growth 44% Kirazlı • C
Slide 8: Expanding margins at operating mines; low-cost growth
Expanding margins at operating mines; low-cost growth Kirazlı – initial production late 2020 Young-Davidson – completion of lower mine infrastructure H1 2020 Island Gold – Phase II expansion Mulatos – end of 5% NSR royalty; grid power; initial production from Cerro Pelon Island Gold – Phase I expans
Slide 9: Strong balance sheet – debt-free
Strong balance sheet – debt-free Cash & Total Liquidity Balance Sheet Cash & Cash Eq.1,2 US$181 million $181 Total Liquidity3 US$581 million Total Debt US$0 1,3 $581m Capital Structure Shares Outstanding (Basic) 389.0 million $400 Shares Outstanding (Fully Diluted) 398.1 million Recent Share Price (
Slide 10: Track record of adding value on aggregate & per share basis
Track record of adding value on aggregate & per share basis Gold Production (000 oz Au) Mineral Reserves (m oz Au) Cash provided by operations before changes in WC (US$m) +259% 505 +460% +316% $212 9.7 140 $51 1.7 1 2 2014A 2018A 2014A 2018A 2014A 2018A Cash Flow Per Share Gold Production Per Share
Slide 11: Long-term track record of delivering shareholder value
Long-term track record of delivering shareholder value Long-term track record of outperformance 1 2 Average annualized return since 2003 Consensus P/NAV 2.03 12% 8% 1.07 0.82 0% Highest Peer Intermediate Peer AGI AGI (TSX) S&P Global Gold Index Gold (US$/oz) Average Short-term underperformance; comp
Slide 12: Alamos – value creation opportunities
Alamos – value creation opportunities Diversified intermediate gold producer Low-cost growth profile Strong balance sheet to support growth Long-term track record of delivering shareholder value Catalysts Young-Davidson – stronger operational performance Young-Davidson – completion of lower mine Isl
Slide 13: Young-Davidson Site Tour
Young-Davidson Site Tour Luc Guimond Leon Leblanc General Manager, Young-Davidson Underground Mine Superintendent13
Slide 14: Safety Guidelines
Safety Guidelines Your safety is our priority • In case of emergency, stay calm, follow instructions from your tour guide. Each area is equipped with a fire extinguisher • The personal protection equipment provided to you is required in all areas: • Coveralls/Vests • Safety boots • Hard hat • Safety
Slide 15: Young-Davidson – overview
Young-Davidson – overview Location: Ontario, Canada Stage: Producing Ownership: 100% interest Operation: Underground • One of Canada’s largest underground gold mines • Stable jurisdiction, close to major centres • 13 year mine life based on YE 2018 reserves • Large resource base & exploration potent
Slide 16: Young-Davidson regional map
Regional map Kidd Creek Mine Historic Production from U/G Mines of Timmins Clavos Mine Black Fox Holloway & Kirkland Lake(1) Bell Creek Mine Taylor Mine 20 Mine Hoyle Pond Holt Mine 15 Timmins Dome Mine Ounces (Millions) West Hollinger Mine Active 10 Mine Mine 5 Macassa Mine 0 Hallnor Pamour Preston
Slide 17: Recent history
Recent history 2017 2012 • Produced a record 200k oz • Q1 - mill commissioned • Generated record $34m free • Apr 30: first gold pour 2015 cash flow1 2008 • Sept 1: commercial Alamos & AuRico • Completed MCM waste pass 2005 • NXG reports total UG production (mill & OP) merged in & raise bore of NG sh
Slide 18: Sustainability
Sustainability Fostering positive relationships with all stakeholders • Environmental • Using SAGR technology for ammonia removal in final effluent • Partnerships with local communities • Matachewan and Temagami First Nations – key partnerships in support of TIA 1 permitting efforts • Regional econo
Slide 19: Workforce
Workforce All Employees per location as of March 31, 2019 Other, 6.1% Elk Lake , 3.6% Sudbury, 5.0% Timmins, 7.7% New Liskeard, 16.8% Kirkland Lake & Area, 49.9% Matachewan, 10.8% Elk Lake Kirkland Lake & Area Matachewan New Liskeard Timmins Sudbury Other • 630 Alamos employees • 81% of workforce lo
Slide 20: Mining
Mining 20
Slide 21: Mining – highly productive bulk mining
Mining – highly productive bulk mining Mining method • Transverse long hole stoping • For wider zones (12-40m) • 94% of mineral reserve • 30m sub levels – increasing to 35m sub levels in lower mine • Paste backfill • Mining recovery ~92%; dilution ~10% • Grades & tonnes have reconciled well with blo
Slide 22: Processing
Processing 22
Slide 23: Processing – mill throughput & recoveries
Processing – mill throughput & recoveries 9,000 100% 8,000 95% 7,000 6,000 90% Mill throughput (tpd) Recoveries (%) 5,000 85% 4,000 3,000 80% 2,000 75% 1,000 0 70% Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Mill throu
Slide 24: Increase in underground mining rates driving processed grade higher
Increase in underground mining rates driving processed grade higher 9,000 3.0 8,000 2.8 2.6 7,000 2.4 Processed tonnes per day 6,000 2.2 5,000 2.0 g/t Au 4,000 1.8 3,000 1.6 2,000 1.4 1,000 1.2 0 1.0 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/1
Slide 25: 2019 guidance – improving costs
2019 guidance – improving costs 2018A 2019E Guidance Q1 2019A Gold Production (k oz) 180 180-190 45 Cost of Sales1 (US$/oz) $1,266 $1,220 $1,293 Total Cash Costs2 (US$/oz) $822 $750-$790 $839 Mine-site AISC2,3 (US$/oz) $1,017 $940-$980 $1,068 Underground throughput (tpd) 6,248 6,500 6,540 Undergroun
Slide 26: 2019 guidance consistent with 2-year average
2019 guidance consistent with 2-year average Production (oz Au) UG Throughput (TPD) 2-year quarterly avg.: 47,500 2-year quarterly avg.: 6,443 60,000 8,000 7,000 50,000 6,000 40,000 5,000 30,000 4,000 3,000 20,000 2,000 10,000 1,000 0 0 2 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 2019E Q
Slide 27: Capital outlook
Capital outlook 2018A 2019E Guidance 2020E Guidance Sustaining Capital (US$m) $36 $35 - $40 $35 - $40 Growth Capital (US$m) $51 $45 - $50 $25 - $30 Total Capital (US$m) $87 $80 - $90 $60 - $70 2019 & 2020 major capital projects • TIA1 – new LOM tailings facility • Completion of lower mine constructi
Slide 28: TIA – new life of mine tailings facility
TIA 1 – new life of mine tailings facility • Fully permitted – Schedule 2 Amendment received December 2018 • Footprint sufficient for existing mineral reserves and resources • Total construction capital for TIA 1 (2019-2021): $23m; including $6m in 2019 • Existing TIA 7 facility construction complet
Slide 29: Lower mine expansion
Lower mine expansion 8940L loading pocket 8940L loading pocket 29
Slide 30: Lower mine expansion schedule – H1 2020 tie-in on track
Lower mine expansion schedule – H1 2020 tie-in on track % 2016 2017 2018 2019 2020 Completion Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 MCM Shaft Commissioned 100% MCM Waste Pass Commissioned 100% 8900 Level Development 100% Northgate Shaft Deepening Setup/Civil Work 100% Pilot Hol
Slide 31: Lower mine expansion – shaft bottom
Lower mine expansion – shaft bottom • Shaft bottom steel completed • Loading pocket completed • 8940L load outs progressing 31
Slide 32: Lower mine expansion – 8990L crusher excavation complete
Lower mine expansion – 8990L crusher excavation complete • Cut # 1 Complete • Ground Support complete • Coarse Ore bin Pilot Complete • Bulkhead complete • Wall cables complete • Cut # 2 Completed. • Ground support complete. • Head block complete • Wall cables complete • Cut # 3 complete • Crusher p
Slide 33: Lower mine expansion – NG shaft bins rockwork complete
Lower mine expansion – 8940 to 9000L NG shaft bins rockwork complete NG Bin #2 - rockwork / ground support completed NG Bin #3 - rockwork / ground support completed View looking up the Bin View looking up the Bin 33
Slide 34: Lower mine expansion – tie-in on track for H1 2020
Lower mine expansion – tie-in on track for H1 2020 Mid Shaft Loading Pocket (9500 L) • Remove skips • Remove head, tail and guide ropes Total duration: ~ 3 months • Install winches and work platform Mid Shaft Ore Handling Removal • Remove shaft bottom steel Upper Northgate Pentice Excavation & Groun
Slide 35: Post tie-in efficiencies
Post tie-in efficiencies i ALamos GoLp INc. 35
Slide 36: Increased automation in lower mine
Increased automation in lower mine Multiple draw points from multiple ore chutes Upper mine Ore trucked 600m to coarse ore bin infrastructure Coarse ore bin Skipped to surface Crusher Multiple ore chutes feed directly to coarse ore bin minimal re-handling Increased Lower mine automation; Coarse ore
Slide 37: More skipping inventory capacity
More skipping inventory capacity Upper mine • 500t fine ore bin capacity; • 1hr skipping inventory 500T FINE ORE BIN Lower mine • 6,000 t fine ore bin capacity • 12 hr skipping inventory +5,500 t - Northgate shaft Increase in bin capacity - 9025 Level rock breaker 1,000T ORE/WASTE BIN -8990 Level Cr
Slide 38: Less development
Less development • 30 m sub level spacings Upper mine Above 9410 - 16 levels 450m vertical distance - 9410 level • 35m sub level spacings • 6km LOM reduction in lateral development Lower mine - 9410 level Less development per vertical metre Below 9410 - 16 levels 530m vertical distance C$30M Savings
Slide 39: Larger stopes
Larger stopes Upper mine Standard drill pattern at stope centre in upper mine • Average stope ~24,000 tonnes • 30m High x 20m Wide x 15m Thick • ~ 100 stopes/year required for 6,500 tpd 30.0m Lower mine Standard drill pattern at • Average stope ~37,000 tonnes stope centre in lower mine • 35m High x
Slide 40: Increased skipping capacity
Increased skipping capacity Upper mine • 17.5t skip capacity • 151.6 second cycle time • 7,652 tpd capacity Lower mine +40% • 24.5t skip capacity – 40% increase More ore per skip; more • increased volume – longer skips than offsetting longer • Increased weight – longer ropes cycle time • 165.6 secon
Slide 41: Animation of lower mine expansion
Animation of lower mine expansion 41
Slide 42: Dual shaft system – excess skipping capacity post tie-in
Dual shaft system – excess skipping capacity post tie-in Combined Northgate Shaft MCM Shaft Required Ore + Waste Movement Skipping Capacity Ore + waste Waste co-disposed Total ore + skipped required waste Shaft system Friction hoist Dual drum hoist Material Waste + men & Ore + waste movement materia
Slide 43: Lower mine expansion to drive costs lower
Lower mine expansion to drive costs lower 2019E mining cost per tonne C$50/t Upper mine Lower mine Incremental improvement C$2.00/tonne; excluding productivity Material handling trucking conveying improvements C$10/t decrease LOM Mid shaft ore trucking below 9590 L trucking scoop C$1.00/tonne No dow
Slide 44: Capital outlook – declining intensity
Capital outlook – declining intensity Capital Estimates (US$m)1 2019E 2020E 2021 – 2026E Average >2026E Sustaining $35-40 $35-40 $35-40 $30-40 Expansion $45-50 $25-30 $5-10 $0 Total $80-90 $60-70 $40-50 $30-40 • TIA 1 construction • TIA 1 construction Major capital projects • Lower mine infrastructu
Slide 45: Young-Davidson free cash flow summary
Young-Davidson free cash flow summary $114 $99 $98 $84 $63 $34 $11 $4 -$24 -$74 -$80 -$87 -$95 -$108 -$137 2014A 2015A 2016A 2017A 2018A 1 1 Total capital (US$m) Operating cash flow (US$m) Mine-site free cash flow (US$m) 1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Mea
Slide 46: Exploration
< 2 r=) © - 2 2 x Ww ALaMos GOLD INc.
Slide 47: Significant exploration potential
Significant exploration potential Northgate YDM PIT Shaft MCM Historic MCM Historic YD Shaft Mine Mine No exploration drilling since 6L 10100L 2012 10000mL 10000mL 9920L 11L Resources 257A 9800L converting to 257A 9710L reserves with 262 YDFS-9C stope definition 265 262 9590L YM13-413 YDFS-10A 9590L
Slide 48: Plan view showing 8990 diamond drilling sections
Plan view showing 8990 diamond drilling sections (2018-2019 drilling) 8990 Ramp Min zone outline Legend: Min Zone Diabase Syenite Sediment Mafic 48
Slide 49: Diabase dyke vertical section
Vertical section-2 showing both surface & recent drilling results YM19-8990-028 2.19g/t / 57.56m YD13-275B 2.61g/t/77m or 5.31g/t/32m 8990 Level YM19-8990-029 3.66g/t / 50.5m Diabase dyke YM19-8990-030 3.39g/t / 49.2m 2.38g/t / 6.45m YM19-8990-031A Legend: 2.27g/t / 64m Or Min Zone 2.66g/t/41m Diaba
Slide 50: Underground Tour
Underground Tour Upper mine • 9530 Crusher • 9500 Loading pocket • 9440 New maintenance shop • 9440 Remote mucking stope Lower mine • New shaft ore bins 9000 L • New loading pocket 8940 L • New crusher excavation 8990 L 50
Slide 51: Appendix – Young-Davidson
Appendix – Young-Davidson 51
Slide 52: Young-Davidson – increasing grade & productivity
Young-Davidson – increasing grade & productivity Underground ramp up driving production higher 60,000 8,000 Gold production (oz) 50,000 7,000 Underground TPD 40,000 6,000 30,000 5,000 20,000 4,000 10,000 3,000 0 2,000 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/1
Slide 53: Unit costs & currency sensitivities
Unit costs & currency sensitivities Unit Costs 2019 Estimate Life of Mine per tonne Underground C$50 C$40 2019 Cost Structure Mill Processing1 C$18 C$16 Other 13% Administration1 C$5 C$5 Footnotes: Contractors Labour 1. Per tonne processed 6% 35% Hydro 8% Significant Leverage to C$/US$ • 95%+ of all
Slide 54: Mill flowsheet: 8,000 tpd capacity
Mill flowsheet: 8,000 tpd capacity Process Line Carbon Line Primary Cyclone Trash Eluate Solution Line Screen Conditioning Regrind Cyclone Tank MILL FEED Mill Water Tank Ore SAG Mill Primary Floatation Cells Flotation Concentrate Cyclone Pump Cell Cell Thickener Box 1 2 Cell Cell 3 4 Flotation Taili
Slide 55: Increased skipping rates
Increased skipping rates Northgate Shaft Instantaneous Skipping Rates Upper mine Lower mine Depth Time Depth Time 10,400m 18m 33.6s 18m 15.2s 190m 20.8s 10,200m 190m 23.3s 3600/151.6s = 23.75 skips/hr 3600/165.6s = 21.74 skips/hr 10,000m 23.75 skips/hr x 17.5 t/skip less 21.74 skips/hr x 24.5 t/skip
Slide 56: Increased skipping capacity
Increased skipping capacity Northgate Upper Mine Average TPD 14,000 Tonnes per Day Hoisted 12,000 10,000 823 196 230 8,000 891 9,792 6,000 7,652 4,000 Max Rate 8.4% Planned 2.0% Unplanned 2.4% Operating Delays 9.1% Bins Empty Actual Rate Mantenance Maintenance Northgate Lower Mine Average TPD 14,000
Slide 57: Island Gold Site Tour
Island Gold Site Tour Austin Hemphill General Manager, Island Gold57
Slide 58: Safety guidelines
Safety guidelines Your safety is our priority • In case of emergency, stay calm, follow instructions from your tour guide. Each area is equipped with a fire extinguisher • The personal protection equipment provided to you is required in all areas: • Coveralls/Vests • Safety boots • Hard hat • Safety
Slide 59: Island Gold – overview
Island Gold – overview Location: Ontario, Canada Stage: Producing Ownership: 100% interest Operation: Underground • One of Canada’s highest grade & lowest cost gold mines • Located 83km northeast of Wawa, just east of the town of Dubreuilville, Ontario • Commercial production declared October 2007 •
Slide 60: Island Gold – location
Island Gold – location Highly Productive Gold Mining >25 Moz gold produced since 1985 District >35 Moz in defined mineral reserves Hoyle Pond, Newmont Goldcorp 11 Hearst Detour Lake Mine, Detour Gold Bell Creek, Pan American Sugar Zone, Harte Gold ONTARIO Smooth Rock Falls Black Fox, McEwen Cochrane
Slide 61: Sustainability
Sustainability Fostering positive relationships with all stakeholders • Environmental • Installation of CO2 system for ammonia control • Indigenous communities • Community Benefit Agreement with Missanabie Cree First Nation • Cultural awareness training in partnership with MCFN • Hiring and training
Slide 62: Workforce
Workforce All employees per location as of May 31, 2019 Montreal & Area Greater Toronto Area 1% OTHER 4% 1% Timmins & Area 6% Dubreuilville Rouyn-Noranda & Area 5% 28% • 340 Alamos employees Thunder Bay & Area • 6% of total workforce are FN band members 6% • 52% of total workforce is local (Dubreuil
Slide 63: Island Gold – history
Island Gold – history 2013 2017 2019 • Announced Inferred mineral resources of 508,000 oz Au grading 10.73 g/t for the • Phase I Expansion PEA to 1,100 tpd • Mineral Reserves1,2 increased to 1m oz Island Gold Deep C Zone published • Inferred Mineral Resources1,2 increased 2008 2015 • In October anno
Slide 64: Significant growth in Reserves & Resources since 2017 acquisition
Significant growth in Reserves & Resources since 2017 acquisition Mineral Reserves and Resources Over Time (koz) 3,000 12 +34% Reserves M&I Resources Increase in mineral reserves3 Inferred Resources 2,500 Mineral Reserve grade Cumulative oz produced 10 2,000 1,573 +12% 8 Increase in mineral reserve
Slide 65: One of Canada’s highest grade gold mines
One of Canada’s highest grade gold mines Mineral Reserve Grade (g/t Au) 21.9 +61% 12.6 12.0 10.3 9.2 9.2 7.6 7.0 7.0 6.8 6.5 6.4 6.3 5.7 4.5 4.1 3.2 2.7 2.7 1.6 Source: 2018 company filings 65
Slide 66: Growing production, declining costs
Growing production, declining costs 160 $1,600 135-145 $1,452 140 $1,400 120 $1,185 $1,200 $1,136 106 Gold production (000 oz Au) 99 100 $1,000 AISC (US$/oz) 83 80 $781 $800 $745 $750 60 55 $599 $600 48 46 42 42 39 40 40 $400 29 34 20 $200 - $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 67: Growing free cash flow
Growing free cash flow 1 Total capital (US$m) 2 Operating cash flow (US$m) 2 Mine-site free cash flow (US$m) $107 $76 $59 $41 $34 $26 $15 $10 -$2 -$27 -$33 -$42 -$43 -$66 -$73 3 2015 2016 2017 2018 2019E • Record FCF expected in 2019 including $19m exploration spend and $50-60m capital budget 1 Incl
Slide 68: Mining & processing
Mining & processing m ALamos GoLp INc.
Slide 69: Mining – longitudinal retreat (modified avoca)
Mining – longitudinal retreat (modified avoca) Mining method: • Longitudinal retreat long-hole open stoping (modified Avoca) • Transverse mining in wider zones • Alimak mining in western block Current production fleet: • 3x AD30 Trucks • 10x MT42 Trucks • 8x 6 yd Scoops • 4x 7 yd Scoops Mining fleet
Slide 70: Mining – longitudinal retreat stope sequence
Mining – longitudinal retreat stope sequence • Mining starts at the extreme ends of the horizon and progresses toward centre • Higher grades toward centre of ore body creating some grade variability with mining sequence • Adding cement rockfill – allows for mining to greater widths & increased recov
Slide 71: Mining – cemented rock fill
Mining – cemented rock fill Addition of CRF in certain areas • Increased sill pillar recovery (67% recovery vs 50% recovery) • Higher cost offset by improved recovery • Allows mining to greater widths • 860 West Transverse Block • Reduced operating risk • Hanging wall failure • Unplanned material mo
Slide 72: Mining – CRF plant
Mining — CRF plant ™ -ALaMos GoLp INc. 72
Slide 73: Mining – performance
Mining – performance Development & Stoping Ore Mined (tonnes) Ore & Waste Mined (tonnes) 450,000 900,000 400,000 800,000 350,000 700,000 300,000 600,000 250,000 500,000 200,000 400,000 150,000 300,000 100,000 200,000 50,000 100,000 0 0 2016 2017 2018 2019E 2016 2017 2018 2019E Development Ore Stopin
Slide 74: Strong long-term KPI trends
Strong long-term KPI trends Production (koz Au) Milling Rates (TPD) Total Cash Costs (US$/oz) 160 1,200 $1,200 140 1,000 $1,000 120 800 $800 100 80 600 $600 60 400 $400 40 200 $200 20 0 - $0 2013 2014 2015 2016 2017 2018 2019E 2013 2014 2015 2016 2017 2018 2019E 2013 2014 2015 2016 2017 2018 2019E M
Slide 75: 2019 guidance – growing production & free cash flow
2019 guidance – growing production & free cash flow 2018A 2019E Guidance Q1 2019A Gold Production (k oz) 105.8 135-145 35.6 Cost of Sales1 (US$/oz) $1,009 $855 $852 Total Cash Costs2 (US$/oz) $589 $460 - 500 $497 Mine-site AISC2 (US$/oz) $781 $730 - 770 $649 Underground mining rate (tpd) 943 1,100 1
Slide 76: Unit costs & currency sensitivities
Unit costs & currency sensitivities Unit Costs 2019 Cost Structure 2018 2019 Guidance per tonne1 Underground C$153 C$135 Mill Consumables Mill Processing C$32 C$30 Fuel 2% Mining 3% Consumables Administration C$15 C$20 6% Electricity & Heating 7% Maintenance Labour & Related 8% 43% Significant Lever
Slide 77: 2019 capital guidance
2019 capital guidance Capital Expenditures (US$m) 2018A 2019 Guidance Sustaining Capital (US$m) $20 $35 – 40 Growth Capital (US$m) $30 $15 – 20 Total Capital (US$m)1 $51 $50 – 60 • Investing to support growing operation & longer mine life • Additional underground development to support growing miner
Slide 78: 2019 production plan
2019 production plan im -ALaMos GoLp INc. [Alimak Zone = ‘7,030 tonnes }740 Horizon 84,469 tonnes, _[860 West Horizon 119,349 tonne: Extension Horizon 98,658 tonnes ul '860 East Horizon ..|73,940 tonnes} NN N CRF Mined Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 78
Slide 79: 860 west horizon
m™ 860 west horizon x ALamos GoLp INc. pha be 800-C-151 800C-183 eenoN Sooo" ; 7 4,978 t , : , cise? ots sa 4 birt 3,606 t 8.25 gpt 20.97 gpt_ ‘417-44 gpt ad Se OR Bea 8.15 gpt 7 (Mined) 800 LEVEL fest [faye |B. 08-154 820-C-155 | 820-T-502 ]820-T-504 |820-T-505 |ao0-1-507 373 qt | 4°40 opt 3.96 gpt
Slide 80: 2019 capital projects
2019 capital projects • $7m investment in surface infrastructure to support growing mine life • New Warehouse • New kitchen • New bunkhouse • Administration building upgrades 80
Slide 81: 2019 capital projects – tailings
2019 capital projects • Expanding tailings capacity to accommodate growth in mineral reserves and resources • 2019 first phase of expansion • 2020 second phase of expansion • ~$20m total capital 2019 & 2020 • With current footprint and additional raises, sufficient capacity for existing mineral rese
Slide 82: Next phase expansions
Next phase expansions Focus since November 2017 acquisition ✓ Successful integration ✓ Expand exploration efforts Year 1 ✓ Grow mineral reserve and resource base ✓ Complete Phase I expansion to 1,100 tpd ✓ Continue expanded exploration effort ✓ Complete permitting of Phase II expansion to 1,200 tpd
Slide 83: Phase II expansion
Phase II expansion • Amended permits to operate at 1,200 tpd received May 2019 • Current expanded mill capacity ~1,200 tpd – no additional capital required • Current mine infrastructure can support ~1,200 tpd – no additional capital required • ~4 extra trips per day from truck fleet (42t trucks) • M
Slide 84: Mill flow sheet – additional capacity
Mill flow sheet – additional capacity • Cone head modification (short head to standard) • Change Trash Screen • Increase capacity by opening • Convert Leach #5 in CIL screen size • New primary mill in close loop with cyclone (not shown) • Additional ball mill used as a primary mill • Reconfiguration
Slide 85: Mill performance
Mill performance 100% 99% 1,000 98% 97% 96% 800 1,140 tpd 95% Average mill throughput post 94% Sept 2018 completion of 93% 600 Phase I expansion 92% 91% 400 90% 89% 96.5% 88% Average recoveries since 2012 200 87% 86% 85% - Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13
Slide 86: Phase III expansion
Phase III expansion LEGEND Ramp & Development Plunge of Au Mineralization Mined out • Will be dictated by: Proven Reserves (June 2018) Probable Reserves (June 2018) Indicated Resources (June 2018) • Ongoing exploration success Inferred Resources (June 2018) Diabase Dyke • Ultimate size of ore body •
Slide 87: Phase III expansion scenarios under review
Phase III expansion scenarios under review Increasing Operating Cost Increasing Capital Cost Ramp Haulage 840L Conveyor 1500m Shaft • Concurrent schedule • Limited disruption to current • No surface haulage • Lowest ventilation production • Potential exploration platform requirement • Utilizes exist
Slide 88: Phase III expansion – ramp haulage scenario long section
Phase III expansion – ramp haulage scenario long section 88
Slide 89: Phase III expansion – conveyor scenario long section
Phase III expansion – conveyor scenario long section 89
Slide 90: Phase III expansion – shaft scenario long section
Phase III expansion – shaft scenario long section 90
Slide 91: Island Gold – exploration
Island Gold – exploration Raynald Vincent Scott R.G. Parsons Chief Geologist, Island Gold Director, Exploration 91
Slide 92: Geology – prolific gold-producing region
Geology – prolific gold-producing region Schreiber Hemlo Marathon Island Gold Mine White River 17 Renabie Superior Lake Cline Proterozoic Rocks Edwards Archean Granitoid Plutons Mishi Archean Metasedimentary Terranes Archean Greenstone Belts Fault Wawa Eagle River Gold Past Producer Gold Producer 25
Slide 93: Island Gold Project – land tenure (9,011 hectares)
Island Gold Project – land tenure (9,011 hectares – Jan 2019) Dubreuilville Edwards Cline Emily Bay Showing Magino Island Gold Mine 2 km Ego Deposit ALAMOS GOLD PROPERTIES OTHER OWNERS Patented Leases Legacy Unpatented Mining Claim Unpatented Mining Claim cells 93
Slide 94: Geology – adjacent past producers in high grade system
Geology – adjacent past producers in high grade system Edwards 166 k oz au Cline 144 k oz au Property outline Kremzar 47 k oz au SW NE Island Gold Ramp Herman Lake Stock Goudreau Zone Maskinonge Stock Webb Lake Stock Gabbro Sill Magino open pit project Island Gold Mine Diabase Dyke 662 k oz Au produ
Slide 95: Island Gold – cross section looking west
Island Gold – cross section looking west Typical Cross Section Surface Crown pillar Island Main mineralized zones 340m Level Inflection - 500 m Zone Typical Cross Section 620m Explo. Island Lower Drift mineralized zones 840m Explo. LOCATION PLAN Drift - 1000 m Granodiorite Webb lake 200 m - 1500 m 9
Slide 96: Geology & exploration – gold occurrence
Geology & exploration – gold occurrence • Gold is mainly contained in high-grade quartz veins located inside plurimetric shear zones with altered host rocks (API) • Number and thickness of quartz veins are more important in the core of the C Zone at depth. DDH: MH16-03: C vein – milky white color +
Slide 97: Evolution of Island Gold – 2010
Evolution of Island Gold – 2010 W LOCHALSH ISLAND EXT1 EXT2 GOUDREAU Surface E Crown pillar 190 m Level 340 m Level GD-10-02 - 500 m 10.4/5.1 (2.9) GD-10-07 GD-10-05 GD-10-10 4.0/4.4 (2.4) 5.0/1.2 (0.7) 8.6/3.3 (1.7) GD-10-06 7.9/1.4 (0.9) 6.0/0.6 (0.4) GD-10-09 GD-10-08 8.1/19.5 (9.6) 7.5/1.8 (1.1)
Slide 98: Evolution of Island Gold – year-end 2016
Evolution of Island Gold – year-end 2016 (acquired November 2017) W LOCHALSH ISLAND EXT1 EXT2 GOUDREAU Surface E Crown pillar 190 m Level 340 m Level EXPANSION CASE PEA AREA - 500 m 620 m Level 740 m Level 840 m Level - 1000 m Legend Ramp & Development Mined out Proven Reserves Probable Reserves - 1
Slide 99: Evolution of Island Gold – year-end 2018
Evolution of Island Gold – year-end 2018 W LOCHALSH ISLAND EXT1 EXT2 GOUDREAU Surface E Crown pillar 190 m Level 340 m Level - 500 m 620 m Level 740 m Level 840 m Level - 1000 m Legend Ramp & Development Mined out Proven Reserves (Dec 2018) Probable Reserves (Dec 2018) - 1500 m Indicated Resources (
Slide 100: Island Gold C and E1E Zones Longitudinal – Exploration Highlights
Island Gold C and E1E Zones Longitudinal – Exploration Highlights W LOCHALSH ISLAND EXT 1 EXT 2 E LEGEND E Ramp & Development Plunge of Au Mineralization Au Cut (g/t) Au Cut * True Width (gm/t) (Looking North) Mined out < 4.0 <8 GOUDREAU Proven Reserves (Dec. 31, 2018) 4.0 < 10.0 8 < 20 Probable Res
Slide 101: Island Gold E1E Zone Longitudinal – Main and Eastern Extension
Island Gold E1E Zone Longitudinal – Main and Eastern Extension W 620m Level E (Looking North) 840m Level PREVIOUSLY MH18-03 UNTESTED AREA 46.11 g/t Au (25.81 g/t Au cut) / 4.67m MH18-05 102.74 g/t Au (58.62 g/t Au cut) / 3.94m - 1000 m 100 m - 1000 m MH18-04 31.66 g/t Au (31.66 g/t Au cut) / 2.95m M
Slide 102: Island Gold C Zone Longitudinal – Western Extension
Island Gold C Zone Longitudinal – Western Extension W E - 500 m (Looking North) LEGEND E Ramp & Development Plunge of Au Mineralization Au Cut (g/t) Au Cut * True Width (gm/t) 580 Level Mined out < 4.0 <8 Proven Reserves (Dec. 31, 2018) 4.0 < 10.0 8 < 20 Probable Reserves (Dec. 31, 2018) 10.0 < 30.0
Slide 103: Island Gold Longitudinal – Gold Metal Factor February, 2016
Island Gold Longitudinal – Gold Metal Factor February, 2016 W LOCHALSH ISLAND EXT 1 EXT 2 GOUDREAU E (Looking North) Crown pillar Metal Factor Grade (g Au/t) x true width (metres) (Cut 95g) 327 30 340 Level 20 GD-630-02 11.90 g/t Au cut / 0.6m - 500 m - 1,000 m PEA 10 Cut off (4.0 g/t Au / 2.0 m) 62
Slide 104: Island Gold Longitudinal – Gold Metal Factor June, 2019
Island Gold Longitudinal – Gold Metal Factor June, 2019 W LOCHALSH ISLAND EXT 1 EXT 2 GOUDREAU E (Looking North) 340 Level - 500 m 620 Level 860 Level - 1000 m MH18-05 102.74 g/t Au (58.62 g/t Au cut) / 3.94m MH18-04 31.66 g/t Au (31.66 g/t Au cut) / 2.95m MH17-06 2 LEGEND 24.08 g/t Au (14.21 g/t Au
Slide 105: Island Gold Deposit – 3D view
Island Gold Deposit – 3D view LOCHALSH ISLAND EXT 1 EXT 2 GOUDREAU LEGEND Ramp & Development 340m Level Mined out Proven Reserves (Dec 2018) Probable Reserves (Dec 2018) Indicated Resources (Dec 2018) -500 mInferred Resources (Dec 2018) 620m Level 860m Level N E 105
Slide 106: 2019 exploration budget summary
2019 exploration budget summary Island Gold Mine - 2019 Exploration Budget Exploration Activity US$M Surface Directional Drilling $10 Underground Exploration Drilling $2 Underground Exploration Drift (917 m) $5 Regional Exploration/Geological Model $2 Total $19 Island Gold Mine Mid-Long Term Island
Slide 107: Island Gold longitudinal – 2019 exploration
Island Gold longitudinal – 2019 exploration W E Surface LOCHALSH ISLAND EXT1 EXT2 GOUDREAU 190 Level Planned Development 2019 340 Level 2019 UG Exploration 490 Level drilling -500 m Exploration drift (10,000m) -500 m 620 Level 2019 UG Exploration drilling (10,000m) 840 Level 2019 UG 2019 Surface Exp
Slide 108: Island Gold longitudinal – 2020 exploration
Island Gold longitudinal – 2020 exploration W LOCHALSH ISLAND EXT 1 EXT 2 E (Looking North) GOUDREAU Planned Development 340m Level 2020 UG 2019 Exploration drilling 2020 - 500 m 470m Level 2020 UG Exploration drilling 620m Level 2020 UG Exploration drilling 790m Level 840m Level 2020 UG - 1000 m Ex
Slide 109: Regional exploration
Regional exploration • Large land package – 9,011 hectares • Significant regional exploration potential • Property-scale AGG HeliFALCON® Survey completed in fall-2018 (2170 line-km, 100-m line spacing) - highest-resolution airborne gravity gradiometry data Edwards 166 k oz au Cline 144 k oz au prese
Slide 110: Appendix – Island Gold
Appendix – Island Gold 110
Slide 111: Island Gold – historical operational results
Island Gold – historical operational results 40,000 $2,000 12 1,400 35,000 $1,800 10 1,200 $1,600 30,000 $1,400 1,000 8 25,000 $1,200 800 20,000 $1,000 6 $800 600 15,000 4 $600 400 10,000 $400 2 200 5,000 $200 0 $0 0 0 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/
Slide 112: Proven & Probable Mineral Reserves
Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD MINERAL RESERVES (as at December 31, 2018) 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's) Yo
Slide 113: Total Measured & Indicated Mineral Resources
Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2018) 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 114: Total Inferred Mineral Resources
Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at December 31, 2018) Tonnes Grade Ounces (000's) (g/t Au) (000's) Young-Davidson – Surface 31 0.99 1 Young-Davidson – Underground 3,498 2.75 310 Total Young-Davidson 3,528 2.74 311 Island Gold 4,178 11.71 1,573 Mulatos 8,369 0.92
Slide 115: Notes to Mineral Reserve and Resource estimates
Notes to Mineral Reserve and Resource estimates Qualified Persons Chris Bostwick, FAusIMM, Alamos Gold’s 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 meaning of C
Slide 116: Scott K. Parsons, CFA
Scott K. Parsons, CFA VP, Investor Relations 416.368.9932 x 5439 sparsons@alamosgold.com 116