Corporate Presentation January 2019

Transcription

1 Corporate Presentation January 09

2 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 information purposes. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. This presentation does not constitute an offering of securities and the information contained herein is subject to the information contained in the Company s continuous disclosure documents available on the SEDAR website at or on EDGAR at Cautionary Notes This Presentation contains statements that constitute forward-looking information as defined under applicable Canadian and U.S. securities laws. All statements in this Presentation other than statements of historical fact, which address events, results, outcomes or development that Alamos expects to occur are, or may be deemed to be forward-looking statements. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", "believe", "anticipate, intend", "estimate", "forecast", "budget", contemplate, continue, plans or variations of such words and phrases and similar expressions or statements that certain actions, events or results may", "could, would", "might" or "will" be taken, occur or be achieved or the negative connotation of such terms. Forward-looking statements include information related to Alamos net asset value, operating cash flow, free cash flow, forecast gold production, mineral reserves, mineral resources, exploration potential, gold grades, recoveries, waste-to-ore ratios, total cash cost, all-in sustaining costs, debt levels and future plans and objectives based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management that involve various risks and uncertainties. Alamos cautions that forward-looking statements are necessarily based upon several factors and assumptions that, while considered reasonable by Alamos at the time of making such statements, are inherently subject to significant business, economic, legal, political and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors and assumptions include, but are not limited to: changes to current estimates of mineral reserves and mineral resources; the speculative nature of mineral exploration and development, risks in obtaining and maintaining necessary licenses, permits and authorizations for the Company s development stage and operating assets; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates which may be impacted by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); fluctuations in the price of gold; changes in foreign exchange rates; the impact of inflation; employee and community relations; litigation; disruptions affecting operations; inherent risks associated with mining and mineral processing; the risk that the Company s mines may not perform as planned; increased costs associated with mining inputs and labour; contests over title to properties; changes in national and local government legislation (including tax legislation), the costs and timing of construction and development of new deposits; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. Additional risk factors affecting Alamos are set out in the Company s latest Annual Information Form and Management s Discussion and Analysis, each under the heading Risk Factors available on the SEDAR website at or on EDGAR at and should be reviewed in conjunction with this Presentation. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Market data and other statistical information used throughout this Presentation are based on internal company research, independent industry publications, government publications, reports by market research firms or their published independent sources. Industry publications, governmental publications, market research surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Although Alamos believes such information is accurate and reliable, it has not independently verified any of the data from third party sources cited or used for the Company s management s industry estimates, nor has Alamos ascertained the underlying economic assumptions relied upon therein. While Alamos believes internal company estimates are reliable, such estimates have not been verified by any independent sources, and Alamos makes no representations as to the accuracy of such estimates. Note to U.S. Investors Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this presentation are defined in accordance with National Instrument 43-0 Standards of Disclosure for Mineral Projects ( NI 43-0 ) under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum s Standards, Best Practices and Guidance for Mineral Resources and Mineral Reserves. The United States Securities and Exchange Commission (the SEC ) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Alamos may use certain terms, such as Measured Mineral Resources, Indicated Mineral Resources, Inferred Mineral Resources and Probable Mineral Reserves that the SEC does not recognize (these terms may be used in this Presentation and are included in the Company s public filings, which have been filed with the SEC and the securities commissions or similar authorities in Canada). Cautionary non-gaap Measures and Additional GAAP Measures Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-gaap and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Cash flow from operating activities before changes in non-cash working capital is a non-gaap performance measure that could provide an indication of the Company s ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to cash provided by (used in) operating activities as presented on the Company s consolidated statements of cash flows. cash flow per share is calculated by dividing cash flow from operations before changes in working capital by the weighted average number of shares outstanding for the period. Free cash flow is a non-gaap performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company s consolidated statements of cash flows and that would provide an indication of the Company s ability to generate cash flows from its mineral projects. Mine site free cash flow is a non-gaap measure which includes cash flow from operating activities at, less capital expenditures at each mine site. Return on equity is defined as earnings from continuing operations divided by the average total equity for the current and previous year. Mining cost per tonne of ore and cost per tonne of ore are non-gaap performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. Cost per tonne of ore is usually affected by operating efficiencies and waste-to-ore ratios in the period. Total cash costs per ounce, all-in sustaining costs per ounce, and mine-site all-in sustaining costs as used in this analysis are non-gaap terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-gaap terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, total cash costs reflects mining and processing costs allocated from in-process and dore inventory associated and associated royalties with ounces of gold sold in the period. Total cash costs per ounce are exclusive of exploration costs. All-in sustaining costs per ounce include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. Mine-site all-in sustaining costs include total cash costs, exploration, and sustaining capital costs for the mine-site, but exclude an allocation of corporate and administrative and share based compensation. Adjusted net earnings and adjusted earnings per share are non-gaap financial measures with no standard meaning under IFRS. Adjusted net earnings excludes the following from net earnings: foreign exchange gain (loss), items included in other loss, certain non-reoccurring items and foreign exchange gain (loss) recorded in deferred tax expense. Adjusted earnings per share is calculated by dividing adjusted net earnings by the weighted average number of shares outstanding for the period. Additional GAAP measures that are presented on the face of the Company s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. This includes Earnings from operations, which is intended to provide an indication of the Company s operating performance and represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. A reconciliation of historical non-gaap and additional GAAP measures are detailed in the Company s Management s Discussion and Analysis available at Technical Information 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 Canadian Securities Administrator s National Instrument 43-0 ( NI 43-0 ). The Qualified Persons for the NI 43-0 compliant mineral reserve and resource estimates are detailed in the tables in the appendix of this Presentation. All figures in US$ unless otherwise indicated.

3 Strong platform for delivering long-term value Growing, diversified, long-life gold production k oz from four North American mines Expanding margins $90-$960/oz AISC in 09, declining through 0 Peer leading growth Portfolio of six low-cost development projects Strong, debt free balance sheet $06m cash & $606m total liquidity to support growth Track record of delivering shareholder value Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. Includes cash and cash equivalents as of December 3, 08 based on unaudited management estimate. Total liquidity also includes undrawn $400m credit facility. 3

4 Q4 08 results met production guidance Q3 08 YTD Q A 08E Gold production (ounces) 379,400 5, , , ,000 5 Gold sales (ounces) 378,78 3,64 509,88 - Average realized gold price (US$/oz) $,90 $,44 $,78 - Cost of sales (US$/oz, includes amortization) $,4 - - $,45 6 Total cash costs (US$/oz) 3 $ $80 6 All-in sustaining costs (US$/oz),3 $ $990 6 Operating revenues (US$M) $489 $63 $65 - Adjusted net (loss) earnings (US$M) 3 $ Adjusted earnings per share 3 $ Cash provided by operations before changes in working capital (US$M) 3 $ Cash flow per share 3 $ Capital expenditures (US$M) 4 $ $ Mine-site free cash flow 3 $ Net cash (US$M) $5 $06 $06-5,600 oz Stronger Q4 08 driven by improvements at YD & record production from Island Gold 505,000 oz Record production; met production guidance fourth consecutive year Schedule Amendment for new LOM tailings facility received for Young-Davidson Cerro Pelon EIA & CUS approval; construction underway Cost of sales includes mining and processing costs, royalties and amortization. Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses. For the purposes of calculating all-in sustaining costs at individual mine sites, the Company does not include corporate and administrative and share based compensation expenses. 3 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 4 Includes capitalized exploration of $5 million 5 Production guidance increased from k oz to k oz in May 08 6 Cost of sales guidance increased from $,075/oz to $,45/oz, Total cash cost guidance increased from $740/oz to $80/oz and AISC guidance increased from $950/oz to $990/oz in October 08 7 Total capital expenditures guidance decreased from original guidance of $9-$3m 4

5 09 outlook stable production, declining costs, expanding margins Gold Production (000 oz) Total Cash Costs (US$/oz) $80-0% $ AISC Margin,,4 (US$/oz) 08A 09E 08E 09E $88 +8% $30 Cost of Sales 3 (US$/oz) -6% $,45 $,080 AISC, (US$/oz) -5% $990 $ E 09E 08E 09E 08E Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses. 3 Cost of sales includes mining and processing costs, royalties and amortization. 4 AISC Margin calculated as realized gold price less AISC. For 08E this assumes a realized gold price $,78/oz and 09E this assumes a gold price of $,50/oz. 09E 5

6 Diversified asset base; low political risk profile North American focused production Mexico 35% ~500k oz Lynn Lake, Canada Island Gold, Canada Canada 65% Quartz Mountain, USA Young-Davidson, Canada Kirazlı, Turkey Ağı Dağı, Turkey Diversified asset base Asset NPV by Country Mexico 7% Canada 63% Mulatos, Mexico Çamyurt, Turkey El Chanate, Mexico Turkey 0% Esperanza, Mexico Long-life reserve base Mineral Reserves by Country Turkey 8% Canada 6% Producing Assets Exploration / Development Assets Source: Consensus analyst estimates Proven & Probable mineral reserves total 9.9 million ounces of gold (03.5 mt at.5 g/t Au) Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. Mexico 0% 9.9m oz 6

7 Diversified, long-life production; growing cash flow Young-Davidson Ontario, Canada Large, bulk tonnage, low-cost underground gold mine 4 year reserve life with significant resource & exploration upside Lower mine expansion to drive strong FCF growth in H 00 Island Gold Ontario, Canada High-grade, low-cost underground gold mine Seven year reserve life with significant upside via.4m oz resource Phase I Expansion to,00 tpd to drive 30%+ production growth in 09 Phase II expansion permit to,00 tpd expected by end of 09 Mulatos Sonora, Mexico Open-pit, heap leach gold mine Eight year reserve life, longer than at start of production in 005 ~$430m of free cash flow generated to date Declining costs end of 5% royalty & lower cost production from CP & LYG El Chanate Sonora, Mexico Open-pit, heap leach gold mine Mature operation, mining operations ceased October 08 Stronger FCF at end of mine life through residual leaching 500 koz stable, long term production base Declining cost & capital profile Growing cash flow generation Mineral reserve life based on mineral reserves as of Dec 3 07, except Island Gold which is as of June 30, 08. See mineral reserve and resource estimates and associated footnotes in appendix. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 7

8 Young-Davidson completion of lower mine expansion Raise bore of lower third of Northgate shaft complete Completion of lower mine infrastructure & tie-in of upper & lower mine scheduled for H 00 Lower costs & capital expected to drive significant free cash flow growth in H 00 Total capital (US$m) Operating cash flow (US$m) Mine-site free cash flow (US$m) $4 $99 $84 $63 $34 $4 -$4 -$74 -$80 -$95 -$08 -$37 04A 05A 06A 07A Tonnes per day 8,000 7,000 6,000 5,000 4,000 3,000,000,000 0 Q/3 Q/3 Q3/3 Q4/3 Q/4 Q/4 Q3/4 Q4/4 Q/5 Q/5 Q3/5 Q4/5 Q/6 Q/6 Q3/6 Q4/6 Q/7 Q/7 Q3/7 Q4/7 Q/8 Q/8 Q3/8 Q4/ g/t Au Underground TPD Mill TPD Processed Grade Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 8

9 Young-Davidson transition to lower mine infrastructure Upper mine infrastructure 6,000 tpd design capacity 7.5t skips 500t fine ore bin capacity Trucking vs. conveying Short-term utilize until 00 Lower mine infrastructure 8,000 tpd design capacity 4.5t skips 6,000t fine ore bin capacity Conveying vs trucking Larger, more productive stopes Long term H 00 onward Higher production, lower costs & capital intensity = strong free cash flow growth 9

10 Young-Davidson lower mine expansion to drive costs lower 09E mining cost per tonne C$50/t Upper mine Lower mine Incremental improvement Material handling trucking conveying Mid shaft ore trucking below 9590 L trucking scoop C$.00/tonne Fine ore bin capacity 500t 6,000t C$.00/tonne; excluding productivity improvements No downtime between blasting & shift changes Skip size 7.5t 4.5t +,343 tpd capacity Sub level spacing 30m 35m Average stope size 4,000 t 37,000 t 6 km less development; C$0 million capital plus C$0.5/tonne operating cost savings less stopes mined (slots/binder/cablebolts) (C$0.5/tonne) C$0/t decrease LOM Economies of scale 6,500 tpd 8,000 tpd Long term average mining cost per tonne Fixed costs across more tonnes (C$6.50/tonne) C$40/t 0

11 Island Gold Phase I expansion to,00 tpd Phase I expansion to,00 tpd completed September 08 Q4 08 average mining & milling rates >,00 tpd Higher throughput & grades expected to drive stronger production, lower costs & significant free cash flow growth in 09 Phase II expansion permit to,00 tpd expected by end of 09 Phase III expansion study underway Total capital (US$m) Operating cash flow (US$m) Mine-site free cash flow (US$m) $59 Growing Production Profile $5 $4 $ % $ $7 -$33 -$4 -$43 05A 06A 07A A 08A 09E Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. Operating results from Island Gold prior to its acquisition has been included for comparative purposes. Production attributable to Alamos totals 9,000 oz in 07 following the closing of the Richmont Mines acquisition on Nov. 3, 07. Gold Production (k oz)

12 Island Gold growing in size & quality Mineral Reserves & Resources Over Time (koz) Significant Growth Since 07 Acquisition,350,00 Reserves M&I Resources Inferred Resources Mineral Reserve grade Cumulative oz produced 0,850,80 9,600 koz Au,350, (50) (400) (650) ,003 9, Jun-8, Grade (g/t Au) +8% Increase in mineral reserves 3 +7% Increase in mineral reserve grades 3 +4% Increase in M&I & +8% increase in inferred mineral resources 3 See mineral reserve and resource estimates and associated footnotes in appendix. Includes Proven & Probable mineral reserves of 959,000 oz (.8 mt at 0.69 g/t Au), Measured & Indicated mineral resources of,000 oz (0.8 mt at 8.8 g/t Au) & Inferred mineral resources of.m oz (3.7 mt at 9.99 g/t Au) 3 Since completion of acquisition of Island Gold in November 07.

13 Peer leading, multi-stage, fully funded growth Quartz Mountain Esperanza Mulatos District Exploration Island Gold Exploration Lynn Lake Çamyurt Ağı Dağı Kirazlı 3% After-tax IRR 53% After-tax IRR 39% After-tax IRR 44% After-tax IRR Longer term value creation opportunities Peer leading, high return growth Young-Davidson Island Gold Mulatos Completion of lower mine expansion Phase II expansion Development of higher grade satellite deposits 4 year reserve life 7 year reserve life 8 year reserve life Long-life, North American production; declining cost & capital profile After-tax IRR for Turkish and Lynn Lake projects based on gold and silver prices of $,50 and $6 per ounce, respectively. For more details, see press releases dated February 5 &, 07 and December 4, 07. Mineral reserve life based on mineral reserves as of Dec 3 07, except Island Gold which is as of June 30, 08. See mineral reserve and resource estimates and associated footnotes in appendix. 3

14 Kirazlı low-cost, high-return, fully funded growth Bypass road (as of Dec 08) 00% complete GSM permit granted Mobilizing for full-scale construction H 09 Low capital intensity $5m initial capital; fully funded Water reservoir (as of Dec 08) 50% complete 44% after-tax IRR 04 koz Au average annual production at mine-site AISC of $373/oz H 00 Initial production Please refer to press releases dated Feb 5 and Feb, 07 regarding Kirazli & Agi Dagi feasibility studies & Camyurt preliminary economic assessment. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 4

15 Expanding margins at operating mines; low-cost growth Kirazlı initial production H 00 Young-Davidson completion of lower mine infrastructure H 00 Island Gold Phase II expansion Mulatos end of 5% NSR royalty; grid power; initial production from Cerro Pelon Island Gold Phase I expansion Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 5

16 Strong balance sheet debt-free Cash & Total Liquidity Balance Sheet $06m Cash & Cash Eq., Total Liquidity 3 US$06 million US$606 million $400m $606m,3 Total Debt Capital Structure Shares Outstanding (Basic) Shares Outstanding (Fully Diluted) US$0 39. million 40. million Recent Share Price (TSX) 4 C$5.09 Undrawn Credit Facility As of December 3, 08 Cash & cash equivalents Market Capitalization ~C$.0 billion Long-term history of financial conservatism 5 US$m $600 $400 $00 $0 $44 $87 $99 $33 $365 $40 $358 $90 $66 $37 $4 -$00 -$400 -$35 -$ Unaudited management estimate as of December 3, 08. Cash & cash equivalents as of December 3, Total liquidity includes cash, and cash equivalents and undrawn $400m credit facility for Alamos Gold as of December 3, As of January, 09 5 Source: Factset Cash & Short-Term Investments Debt 6

17 Track record of adding value on aggregate & per share basis Gold Production (000 oz Au) 505 Mineral Reserves (M oz Au) 9.9 Cash provided by operations before changes in WC (US$M) +6% +47% +305% $ $5 04A 08 04A Jun-8 04A 08E,3 Gold Production Per Share (oz/sh x 000).0.9 Mineral Reserves Per Share (oz/sh x 000) Cash Flow Per Share (US$, basic) +7% +87% +3% $0.40 $ A 08E 04A Jun-8 04A 08E,3 See mineral reserve and resource estimates and associated footnotes in appendix. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures operating cash flow and cash flow per share based on Bloomberg consensus analyst estimates as of January, 09. 7

18 Long-term track record of delivering shareholder value Long-term track record of outperformance Average Annualized Return since Consensus P/NAV % 9% % AGI (TSX) S&P Global Gold Index Gold (US$/oz) Highest Peer Intermediate Peer Average AGI Short-term underperformance; compelling valuation opportunity As of January 9, 09 Source: Factset consensus estimates as of January 9, 09. Intermediate peer group includes BTO, NGD, THO, DGC, PAAS, IMG, OGC, KL and SSRM 8

19 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 Island Gold Phase II expansion & ongoing exploration Cerro Pelon permitted & under development Young-Davidson completion of lower mine expansion Island Gold Phase III expansion study & ongoing exploration La Yaqui Grande EIA approval Cerro Pelon initial production Lynn Lake optimization study Kirazlı initial low-cost production

20 Appendices 0

21 Board of Directors and Executive and Management Team Board of Directors Paul J. Murphy John A. McCluskey Mark J. Daniel Elaine Ellingham David Fleck David Gower Claire M. C. Kennedy Ronald E. Smith Kenneth Stowe Chairman Director Director Director Director Director Director Director Director Executive and Management Team John A. McCluskey Jamie Porter Peter MacPhail Christine Barwell Chris Bostwick Luis Chavez President and CEO Chief Financial Officer Chief Operating Officer VP, Human Resources VP, Technical Services Senior VP, Mexico Andrew Cormier Nils Engelstad Greg Fisher Scott Parsons Chris Rockingham Colin Webster VP, Development & Construction VP, General Counsel VP, Finance VP, Investor Relations VP, Exploration VP, Sustainability & External Affairs

22 09 guidance 09 Guidance 08 Young-Davidson Mulatos Island Gold El Chanate Turkey Other () Total Revised Guidance Gold production (000 s oz) (actual) Cost of Sales (in millions) (4) $6 $65 $3 $6 $540 $549 Cost of Sales ($/oz) (4) $,0 $,065 $880 $,300 $,080 $,45 Total cash costs ($/oz) () $ $ $ $,00 $ $80 All-in sustaining costs ($/oz) () $ $990 Mine-site all-in sustaining costs ($/oz) (),(3) $ $ $ $,00 Amortization costs ($/oz) () $450 $5 $400 $00 $350 $335 Capital expenditures (in millions) Sustaining capital () $35-40 $5 $35-40 $75-85 $68-77 Growth capital () $45-50 $45-50 (5) $5-0 $75 $35 $5-30 $49-59 Total capital () $80-90 $50-55 $50-60 $75 $35 $90-35 $7-36 Corporate & Administrative (in millions) $0 $8. Refer to the "Non-GAAP Measures and Additional GAAP" disclosure.. Includes capitalized exploration at all operating sites and development projects (excluding Turkey which is separately disclosed). 3. For the purposes of calculating mine-site all-in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and administrative and share based compensation expenses to the mine sites. 4. Cost of sales includes mining and processing costs, royalties, and amortization expense, and is calculated based on the mid-point of guidance. 5. Includes capital spending at Cerro Pelon and La Yaqui Grande of approximately $33 million

23 09 guidance capital budget 09 Guidance Revised 08 Guidance Sustaining Capital Growth Capital Total Total Operating Mines (US$M) Young-Davidson $35 - $40 $45 - $50 $80 - $90 $70 - $80 Island Gold $35 - $40 $5 - $0 $50 - $60 $50 - $55 Mulatos () $5 $45 - $50 $50 - $55 $39 - $43 Total Operating Mines $75 - $85 $05 - $0 $80 - $05 $59 - $78 Development Projects (US$M) Kirazlı - $75 $75 $5 Lynn Lake - $5 $5 $8 Esperanza & Quartz Mountain - $3 $3 $ Total Development Projects - $83 $83 $35 Capitalized Exploration (US$M) Island Gold - $8 $8 $ Lynn Lake - $6 $6 $4 Mulatos - $3 $3 $7 Total Capitalized Exploration - $7 $7 $3 Total Consolidated Budget $75 - $85 $5 - $30 $90 - $35 $7-$36 Higher total capital budget in 09 reflecting construction of Cerro Pelon & Kirazlı projects Lower rate of capital spending expected in 00 following completion of expansion at YD & construction of Kirazlı Development of Cerro Pelon and La Yaqui Grande of $33m is included in Mulatos growth capital Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3

24 Young-Davidson flagship, long-life production Location: Ontario, Canada Ownership: 00% interest Stage: Producing Operation: Underground One of Canada s largest underground gold mines 4 year mine life based on YE 07 mineral reserves Large resource base & exploration potential to support mine life extension Significant Canadian dollar exposure; ~95% of costs 07A 08E Q4/8 08A 09E Gold Production (k oz) Cost of Sales (US$/oz) $,078 $,5 - - $,0 Total Cash Costs,3 (US$/oz) $658 $ $ Mine-site AISC,3 (US$/oz) $834 $ $ Total Capital (US$m) $80 $ $80-90 Mine-site FCF (US$m) $ Gold Reserves & Resources 4 Tonnes (000) Grade (g/t Au) oz Au (000) P&P Underground Reserves 40,0.67 3,440 M&I Underground Resources, ,9 Inferred Underground Resources 3, Cost of sales includes mining and processing costs, royalties and amortization. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Excludes Net Realizable Value ( NRV ) inventory adjustments. See associated MD&A for a full reconciliation. 4 See mineral reserve and resource estimates and associated footnotes in appendix. 4

25 Young-Davidson development schedule Commissioning of MCM shaft Transition to 00% owner development Raise boring of lower NG shaft Completion of MCM waste pass Shaft bottom infrastructure Northgate shaft changeover to shaft bottom Northgate shaft hoisting from 8900L Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. Declining capital intensity 5

26 Young-Davidson increasing grade & productivity Underground ramp up driving production higher 60,000 8,000 Gold production (oz) 50,000 40,000 30,000 0,000 0,000 0 Q3/4 Q4/4 Q/5 Q/5 Q3/5 Q4/5 Q/6 Q/6 Q3/6 Q4/6 Q/7 Q/7 Q3/7 Q4/7 Q/8 Q/8 Q3/8 Q4/8 7,000 6,000 5,000 4,000 3,000,000 Underground TPD Gold ounces produced Tonnes mined per day Q3/4 Q4/4 Q/5 Q/5 Q3/5 Q4/5 Q/6 Q/6 Q3/6 Q4/6 Q/7 Q/7 Q3/7 Q4/7 Q/8 Q/8 Q3/8 Q4/8 Gold production (oz) 40,538 40,945 38,098 39,365 38,0 44,694 39,065 4,644 43,69 44,66 40,400 47,300 55,800 56,500 4,000 39,00 49,000 50,900 Cost of sales (US$/oz) $,370 $, $,6 $,98 $,65 $986 $,058 $,8 $,03 $,077 $,48 $,3 $966 $,07 $,73 $,350 $,76 - Total cash costs per oz. (,3) $73 $79 $745 $697 $68 $67 $66 $738 $607 $667 $70 $677 $57 $690 $84 $890 $84 - Mine-site AISC per oz. (,3) $959 $9 $987 $,008 $979 $980 $846 $965 $849 $96 $85 $895 $ 744 $859 $994 $,083 $,09 - Underground mine Tonnes mined per day 3,753 4,40 4,30 5,49 5,08 5,9 5,776 6,3 5,467 6,675 6,400 6,377 6,544 7,7 6,50 6,087 6,005 6,40 Grades (g/t) Development metres 3,69 3,438 3,409 3,789 3,69 3,769 3,490 3,68,677 3,044 3,4 3,45 3,344,776 3,44 3,079,8 - Unit UG mining costs (US$/t) $4 $39 $39 $33 $3 $9 4 $3 $34 $34 $3 $36 $33 $34 $34 $43 $4 $4 - Unit UG mining costs (CAD$/t) $45 $44 $48 $4 $4 $38 4 $4 $44 $45 $4 $47 $44 $43 $44 $54 $53 $54 - Mill processing facility Tonnes processed per day 7,670 7,757 7,86 7,677 7,680 7,630 7,34 7,006 6,833 7,55 7,78 6,97 7,553 7,786 7,437 6,574 7,93 8,04 Grades (inc. OP stockpile) Recoveries (%) 90% 88% 86% 88% 9% 9% 90% 9% 93% 90% 89% 9% 93% 9% 90% 9% 93% 9% Cost of sales includes mining and processing costs, royalties and amortization. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Excludes Net Realizable Value ( NRV ) inventory adjustments. See associated MD&A for a full reconciliation. 4 Excludes hydro rebate not attributable to Q4/5 6

27 Island Gold high-grade, low-cost production Location: Ontario, Canada Ownership: 00% interest Stage: Producing Operation: Underground One of Canada s highest grade & lowest cost gold mines Phase I expansion to drive production higher & costs lower Significant upside potential reflecting inclusion of all mineral resources & ongoing exploration success Significant exploration potential laterally & at depth 07A 08E Q4/8 08A 09E Gold Production (k oz) Cost of Sales (US$/oz) - $, $880 Total Cash Costs 3 (US$/oz) $470 $ $ Mine-site AISC 3 (US$/oz) $599 $ $ Total Capital 4,5 (US$m) $33 $ $50-60 Exploration Spending 5 (US$m) $4 $8 - - $9 Mine-site FCF 3 (US$m) $ Gold Reserves & Resources 6 Tonnes (000) Grade (g/t Au) P&P Underground Reserves, M&I Underground Resources oz Au (000) Inferred Underground Resources 3, ,80 Operating results from Island Gold prior to its acquisition has been included for comparative purposes. Production attributable to Alamos totals 9,000 oz in 07 following the closing of the Richmont Mines acquisition on Nov. 3, 07. Cost of sales includes mining and processing costs, royalties and amortization. 3 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 4 Excludes capitalized exploration. 5 Exploration spending in Q3/8 totaled $5m including $4.7m of capitalized exploration. Total capital in Q3/8 excludes capitalized exploration 6 See mineral reserve and resource estimates and associated footnotes in appendix. 7 Since 985. Marathon Hemlo, Barrick Eagle River, Wesdome Highly Productive Gold Mining District Magino, Argonaut km Mine/ Project City ONTARIO 7 Wawa Lake Superior >5 Moz gold produced 7 Island Gold 7 Hearst >35 Moz in defined reserves Borden, Goldcorp 0 Cote, IAMGOLD Hoyle Pond, Goldcorp Bell Creek, Tahoe Smooth Rock Falls Timmins West, Tahoe 0 Porcupine, Goldcorp Timmins Dome Mine, Goldcorp 44 Iroquois Falls Cochrane Taylor, Kirkland Lake Detour Lake Mine, Detour Gold Black Fox, McEwen Holloway, Kirkland Lake Holt, Kirkland Lake Macassa, Kirkland Lake Young-Davidson Pamour (PJV), Goldcorp 7

28 One of Canada s highest grade gold mines Mineral Reserve Grade (g/t Au) % Source: Company filings 8

29 Island Gold Main Zone Longitudinal 9

30 Island Gold Main Zone Longitudinal Main Extension 30

31 Island Gold Main Zone Longitudinal Eastern Extension 3

32 Island Gold Main Zone Longitudinal Western Extension 3

33 Island Gold historical operational results 35,000 30,000 5,000 0,000 5,000 0,000 5,000 0 $,000 $,800 $,600 $,400 $,00 $,000 $800 $600 $400 $00 $ ,400,00, Gold production (oz) Mine-site AISC (US$/oz) Tonnes processed per day Milled Grades (g/t) Q3/4 Q4/4 Q/5 Q/5 Q3/5 Q4/5 Q/6 Q/6 Q3/6 Q4/6 Q/7 Q/7 Q3/7 Q4/7 Q/8 Q/8 Q3/8 Q4/8 Gold production (oz),4 8,974 0,764 4,997 5,076 4,03 6,589 8,67 4,03 4,086 3,77 6,0 6,659,063 8,00 6,700,000 9,000 Cost of sales (US$/oz) $,000 $,07 $,085 - Total cash costs (US$/oz) (,3) $83 $,44 $,34 $77 $675 $763 $486 $588 $76 $69 $504 $43 $53 $49 $553 $587 $67 - Mine-site AISC (US$/oz) (,3) $,065 $,809 $,480 $,059 $963 $,83 $68 $799 $,00 $683 $640 $503 $708 $574 $633 $668 $,05 - Underground mine Tonnes mined per day ,09,48 97, ,6 Grades (g/t) Development metres,40,754,048,597,87,486,35,73,749,35,083,773,383,667,555,77,59 - Unit UG mining costs (CAD$) $3 $35 $34 $39 $40 $77 $46 $35 $5 $6 $5 $9 $7 $7 $5 $55 $6 - Mill processing facility Tonnes processed per day ,06,46 Grades (g/t) Recoveries (%) 97.3% 95.3% 97.% 96.8% 97.% 96.0% 96.3% 96.5% 96.4% 96.9% 96.7% 97.6% 97.0% 95.9% 96.0% 96.7% 96.0% 96% Cost of sales includes mining and processing costs, royalties and amortization. Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 33

34 Island Gold Phase I Expansion PEA Summary TOTAL MINING Tonnes Mined T 364, , , ,00 40,500 40,300 40,500 34,800 3,096,700 Tonnes Mined TPD 999,04,,8,00,0,00 939,06 Grade Mined g/t Au MILLING Tonnes Milled T 333,00 356,500 40,500 40,600 40,500 40,500 40, ,300 3,09,500 Tonnes Milled TPD ,00,03,00,00,00,080,059 Grade Milled g/t Au Recovery % Gold Produced oz 90,400 94,000 38,00 07,800 38,600 45,400 5,400 86,000 95,800 COSTS C$ Mining Costs $/t milled Milling Costs $/t milled G&A $/t milled Royalties $550 Gold Price $/t milled Total Operating Costs $/t milled Total Cash Costs C$/oz AISC C$/oz 993,89 884, Sustaining Capex C$ x 000,87 39,945 4,0 38,979 4,379 5,55 4,87,467 67,537 Growth Capex C$ x ,98 7,373,07,790, ,5 COSTS US$ Total Cash Costs US$/oz AISC US$/oz Sustaining Capex US$ x 000 6,68 9,589 30,50 8,873 0,65 4, 3,0,086 4,0 Growth Capex US$ x 000 6,606 0,77 793,36, ,483 Exchange rate:.35 C$ to.00 US$. Please refer to the press release entitled Richmont Mines Reports Strong Results from the Island Gold Mine Expansion Case Preliminary Economic Assessment dated May 9, 07, filed on SEDAR 34

35 Mulatos our founding operation Location: Sonora, Mexico Ownership: 00% interest Stage: Producing Operation: Open pit, heap leach & high grade mill Initial production 005 ~$430m of free cash flow generated to date Declining cost profile; 5% NSR royalty nearing completion Large underexplored land package (8,773 ha) 07A 08E Q4/8 08A 09E Gold Production (k oz) Cost of Sales (US$/oz) $96 $, $,065 Total Cash Costs (US$/oz) $775 $ $ Mine-site AISC (US$/oz) $835 $ $ Total Capital 3,4 (US$m) $37 $ $50-55 Exploration Spending 4 (US$m) $4 $3 - - $6 Mine-site FCF (US$m) $ Gold Reserves & Resources 5 Tonnes Grade oz Au (000) (g/t Au) (000) P&P Reserves 49,860.8,888 M&I Resources 74,958.3,73 Inferred Resources 0, Cost of sales includes mining and processing costs, royalties and amortization. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Capital spending guidance for 08 & 09 includes capital spending for Cerro Pelon and La Yaqui Grande but excludes capitalized exploration. 4 Exploration spending in Q3/8 totaled $.9m including $0.3m of capitalized exploration. Total capital in 08 excludes capitalized exploration 5 See mineral reserve and resource estimates and associated footnotes in appendix 35

36 Mulatos district exploration potential La Yaqui & Cerro Pelon Mulatos District Proven & Probable Mineral Reserves,00,000 Measured & Indicated Mineral Resources Inferred Mineral Resources Mulatos mine , La Yaqui Grande La Yaqui Phase I 879k oz Combined mineral reserves, at La Yaqui & Cerro Pelon, a 300% increase since 04 District potential See Large underexplored land package; >70% of past drilling focused near Mulatos mine mineral reserve and resource estimates and associated footnotes in appendix. Proven & Probable reserves of 709,000 oz (5.8 mt at.40 g/t Au), Measured & Indicated resources of 09,000 oz (3.0 mt at. g/t Au) & Inferred resources of 9,000 oz (0.3 mt at 0.97 g/t Au) for La Yaqui and Proven & Probable reserves of 70,000 oz (3.3 mt at.63 g/t Au), Measured & Indicated resources of 47,000 oz (0.6 mt at.56 g/t Au) & Inferred resources of 4,000 oz (0. mt at.3 g/t Au) for Cerro Pelon. Includes 36

37 Mulatos District 37

38 El Chanate Location: Sonora, Mexico Ownership: 00% interest Stage: Producing Operation: Open pit, heap leach Ceased mining operations in Q4 08 & transitioned to residual leaching Stronger free cash flow at end of mine life through residual leaching $3m site free cash flow generated in 07 $,90/oz minimum realized gold price in 08 with production hedged 5 07A 08E Q4/8 08A 09E Gold Production (k oz) Cost of Sales (US$/oz) $,59 $, $,300 Total Cash Costs,3 (US$/oz) $,88 $, $,00 Mine-site AISC,3 (US$/oz) $,8 $, $,00 Total Capital (US$m) $ Mine-site FCF (US$m) $ Gold Reserves & Resources 4 Tonnes (000) Grade (g/t Au) P&P Reserves Open Pit, P&P Reserves Leach Pad Inventory M&I Resources 5, oz Au (000) Cost of sales includes mining and processing costs, royalties and amortization. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Excludes Net Realizable Value ( NRV ) inventory adjustments. See associated MD&A for a full reconciliation. 4 See mineral reserve and resource estimates and associated footnotes in appendix. 5 El Chanate s 08 production has been hedged through gold collar contracts which ensure a minimum gold price of $,90 per ounce and participation up to $,479 per ounce for the remainder of

39 Development Kirazlı, Ağı Dağı & Çamyurt Location: Turkey Ownership: 00% interest Stage: Development Operation: Open pit, heap leach Kirazlı & Ağı Dağı EIAs approved Kirazlı GSM & Forestry Permits granted Kirazlı & Ağı Dağı feasibility studies completed February 07 outlining 85% increase in combined after-tax NPV 8% Tax incentives & mining law supportive of industry Kirazlı 07 Positive Economic Studies Feasibility Study Ağı Dağı Feasibility Study Çamyurt PEA Mine Life Years Average Annual Production oz Au 04,000 77,600 93,00 oz Ag 67, ,00 403,000 Average grade g/t Au Mine-site AISC US$m $373 $4 $645 Initial Capex US$m $5 $50 $0 Total Capex US$m $80 $33 $6 After-tax NPV 5% US$m $3 $360 $ After-tax NPV 8% US$m $87 $98 $86 After-tax IRR % 44% 39% 53% Gold Price Assumption US$/oz $,50 $,50 $,50 >39% After-tax IRR for each of Kirazlı, Ağı Dağı & Çamyurt Low cost, high return growth Please refer to press releases dated Feb 5 and Feb, 07 regarding Kirazli & Agi Dagi feasibility studies & Camyurt preliminary economic assessment. The 85% increase is compared to the 0 pre-feasibility study Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 39

40 Kirazlı, Ağı Dağı & Çamyurt Economic Studies 07 Feasibility Study - 07 Preliminary Economic Assessment - 07 Kirazlı Ağı Dağı Çamyurt Production Mine life (years) Total gold production (ounces) 540, , ,00 Total silver production (ounces) 3,4,000,365,00,6,600 Average annual production (ounces) Gold 04,000 77,600 93,00 Silver 67, ,00 403,000 Total ore mined (tonnes) 6,00,000 54,36,000 6,580,000 Total waste mined (tonnes) 37,900,000 55,893,000 30,874,000 Total material mined (tonnes) 64,000,000 0,54,000 47,454,000 Waste-to-ore ratio Average grade (grams per tonne) Gold Silver Recovery (%) Gold 8% 80% 76% Silver 3% 5% 48% Average throughput (tpd) 5,000 30,000 5,000 Operating Costs Total cost per tonne of ore 3 $8.49 $6.46 $4.03 Total cash cost (per ounce sold) 4 $339 $374 $604 Mine-site all-in sustaining cost (per ounce sold) 4 $373 $4 $645 Capital Costs (millions) Pre-production capital expenditure $5.9 $50.3 $0. Sustaining capital expenditure $8. $33.9 $9.4 Reclamation costs (net of salvage value) $9.9 $8.8 $5.9 Total capital expenditure $79.8 $3.9 $5.5 Economic Analysis IRR (after-tax) 44.3% 38.7% 53.0% 0% discount rate (after-tax, millions) $99.3 $49.8 $73.8 5% discount rate (after-tax millions) $.9 $360. $.4 8% discount rate (after-tax, millions) $86.5 $97.6 $86. Gold price assumption (average, per ounce sold) $,50 $,50 $,50 Silver price assumption (average, per ounce sold) $6.00 $6.00 $6.00 Exchange Rate (Turkish Lira/US Dollar).90:.90:.90: Average annual production is based on five full years of production for Kirazlı and Ağı Dağı and excludes pre-commercial production Reported waste-to-ore ratio is over the life of mine. The waste-to-ore ratio during commercial production is 0.70: for Ağı Dağı and.9: for Kirazlı in the 07 feasibility study 3 Total unit cost per tonne of ore excludes silver as a by-product credit 4 Total cash costs and mine-site all-in sustaining costs include silver as a by-product credit 40

41 Development Lynn Lake, Esperanza & Quartz Mountain Lynn Lake Location: Manitoba, Canada Ownership: 00% interest Stage: Permitting Operation: Open pit Esperanza Location: Morelos State, Mexico Ownership: 00% interest Stage: Permitting Operation: Open pit, heap leach Quartz Mountain Location: Oregon, United States Ownership: Right to earn a 00% interest 4 Stage: Advanced Exploration High grade, open pit with significant exploration potential Existing infrastructure in place Low cost hydroelectric power Feasibility study results announced Dec 07 Average production: 43 koz (Years -0) LOM Mine-site AISC : $745 After-tax NPV5%: $3m; IRR: 3% Tonnes Grade Oz Au (000) (g/t Au) (g/t Ag) (000 Au) (000 Ag) P&P Reserves 4 6, ,65,578 M&I Resources 4 7, Inf. Resources 45,93..80, Excellent infrastructure; low technical risk Low capital intensity & operating costs Average annual production potential > 00k oz AISC expected to be lowest quartile Tonnes Grade Oz Au (000) (g/t Au) (g/t Ag) (000 Au) (000 Ag) M&I Resources 4 34, ,083 8,936 Inf. Resources Located on northern extension of prolific Basin & Range Province of Nevada Low strip ratio, favourable metallurgy 3 Acquisition cost $3.5m 5 Tonnes Grade Oz Au (000) (g/t Au) (000 Au) M&I Resources 4, Inferred Resources 39,05 0.9,47 Lynn Lake December 07 feasibility study based on gold and silver price assumptions of $50 and $6 per ounce, respectively. See press release dated December 4, 07 for more details. Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Historic column recovery tests for gold at Quartz Mountain varied between 74% and 88% for the felsic rock hosted mineralization; see Orsa Ventures press release dated February, 03 4 See mineral reserve and resource estimates and associated footnotes in appendix. 5 Additional C$3m due on completion of feasibility study & C$5m or % NSR upon successful permitting 4

42 Lynn Lake Feasibility Study 07 Feasibility Study Highlights - December 07 Production Mine life (years) 0.4 Total gold production (000 ounces),495 Total silver production (000 ounces),63 Average annual gold production Years to 6 (000 ounces) 70 Years to 0 (000 ounces) 43 Total ore mined (000 tonnes) 6,803 Total waste mined (000 tonnes) 95,88 Total material mined (000 tonnes),99 Waste-to-ore ratio 7.8 Average grade (grams per tonne) Gold.89 Silver.99 Recovery (%) Gold (Average MacLellan and Gordon) 9% Silver (MacLellan only) 49% Average mill throughput (tonnes per day ( tpd )) 7,000 Operating Costs Total cost per tonne of ore 3 $36.06 Total cash cost (per ounce sold) 4 $645 Mine-site all-in sustaining cost (per ounce sold) 4 $745 Capital Costs (millions) Pre-production capital expenditure $338.0 Sustaining capital expenditure $6.6 Reclamation costs $. Total capital expenditure $485.6 Base Case Economic Analysis IRR (after-tax).5% 0% discount rate (millions, after-tax) $79.0 5% discount rate (millions, after-tax) $3.4 Gold price assumption (average, per ounce sold) $,50 Silver price assumption (average, per ounce sold) $6.00 Exchange Rate (US Dollar/Canadian Dollar) Average annual production excludes pre-commercial production. Reported waste-to-ore ratio is over the life of mine and includes overburden as waste. The waste-to-ore ratio during commercial production is 7.06: 3. Total unit cost per tonne ( t ) of ore includes royalties and silver as a by-product credit 4. Total cash costs and mine-site all-in sustaining costs include royalties and silver as a by-product credit 4

43 Sustainability Our Objectives As we pursue further growth, we will continue to measure our success as an organization by our performance in achievement of our sustainability objectives: Protecting the health and well-being of our employees Creating shared value with our host communities and countries Ensuring that our operations are net-positive for the environment Over the years, Alamos has been recognized for its achievements in these areas: Clean Industry Certification from PROFEPA Alamos was certified as an Industria Limpia (clean industry) in recognition of the excellence of environmental management CSR Award from Mexican Center for Philanthropy (CEMEFI) Signifies exceptional record of CSR performance; 07 marked the 9 th consecutive year for Alamos 43

44 High quality, long-life reserve base Ounces Au (Millions) Proven & Probable Mineral Reserves, +67% Long reserve life on operating assets Safe jurisdictions 8% Mineral Reserves located in North America including 6% in Canada Reserve Life Index (on Operating Assets) Reserve life index (years) DGC ELD GUY GG AGI NGD ABX AUY NEM KGC IMG AEM SMF BTO KL For more information, see press release dated February, 08 Alamos Reports Mineral Reserves and Resources for the Year-Ended 07 and mineral reserve and resource estimates and associated footnotes in appendix. Year end 07 Proven & Probable mineral reserves totaled 9.8 million ounces of gold (03.4 mt at.50 g/t Au). 3 Source: TD Securities. 07 Y/E operating gold reserves/09e gold production; adjusted for asset sales. 44

45 Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD MINERAL RESERVES 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) Young-Davidson - Surface Young-Davidson - Underground 4,688.75,98 5,33.63,4 40,0.67 3,440 Total Young-Davidson 5,545.65,35 5,33.63,4 40, ,467 Island Gold , , Mulatos Main Pits 3, , , San Carlos Underground Stockpiles 8, , La Yaqui , , La Yaqui Grande , , Cerro Pelon , , Total Mulatos 3, ,394.4,39 49,860.8,888 El Chanate - Open Pit, , , El Chanate - Leach Pad Inv Total El Chanate,09-04,49-3, MacLellan 9, , , Gordon, , , Total Lynn Lake, , ,803.89,65 Ağı Dağı, ,9 0.66,30 54, ,66 Kirazlı , , Total Turkey, , ,767 80, ,83 Alamos - Total 45,40. 3, 58, ,683 03, ,904 PROVEN AND PROBABLE SILVER MINERAL RESERVES Proven Reserves Probable Reserves Total Proven and Probable Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000's) (g/t Ag) (000's) (000's) (g/t Ag) (000's) (000's) (g/t Ag) (000's) La Yaqui , , La Yaqui Grande , ,853 4, ,853 MacLellan 9,55 5.0,538 8, ,040 8, ,578 Ağı Dağı, , ,69 54, ,459 Kirazlı , ,70 6,04.0 0,078 Alamos - Total, ,90 0, ,09 4, ,39 45

46 Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES 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's) (g/t Au) (000's) Young-Davidson - Surface ,4.8 5, Young-Davidson - Underground 7, , , ,9 Total Young-Davidson 7, , ,3 3.3,36 Island Gold Mulatos 7, ,504.08,40 69,467.0,46 San Carlos UG La Yaqui , , Cerro Pelon Carricito , , Total Mulatos 8, ,65.,37 74,958.3,73 El Chanate, , , MacLellan - Open Pit,0.86 6, , MacLellan - Underground - - -, , Gordon Burnt Timber - - -, , Linkwood Total Lynn Lake, , , Esperanza 9, , , ,083 Ağı Dağı , , Kirazlı , , Çamyurt , , Total Turkey, , ,08 58, ,08 Quartz Mountain , , Alamos - Total 4,37.50,996 66,35.0 5,47 07,7. 7,467 MEASURED AND INDICATED SILVER MINERAL RESOURCES Measured Resources Indicated Resources Total Measured and Indicated Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (000's) (g/t Ag) (000's) (000's) (g/t Ag) (000's) (000's) (g/t Ag) (000's) La Yaqui Grande ,045,40 3,045,40 MacLellan - Open Pit, , , MacLellan - Underground - - -, , Esperanza 9, ,48 5, ,455 34, ,936 Ağı Dağı ,334.9,47 34,887.8,445 Kirazli , , Çamyurt , ,404 7, ,497 Alamos - Total, ,975 78, ,36 0, ,335 46

47 Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES Tonnes Grade Ounces (000's) (g/t Au) (000's) Young-Davidson - Surface Young-Davidson - Underground 3, Total Young-Davidson 3, Island Gold 3, ,80 Mulatos 8, San Carlos UG La Yaqui Cerro Pelon Carricito Total Mulatos 0, El Chanate MacLellan - Open Pit MacLellan - Underground Gordon Burnt Timber 3, Linkwood, Total Lynn Lake 45,93.,646 Esperanza Ağı Dağı 6, Kirazlı 5, Çamyurt, Total Turkey 5, Quartz Mountain 39,05 0.9,47 Alamos - Total 8,68. 5,063 INFERRED SILVER MINERAL RESOURCES Tonnes Grade Ounces (000's) (g/t Ag) (000's) La Yaqui Grande MacLellan - Open Pit MacLellan - Underground Esperanza Ağı Dağı 6,760.85,534 Kirazlı 5, ,638 Çamyurt, Alamos - Total 7, ,74 47

48 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 Canadian Securities Administrator s National Instrument 43-0 ( NI 43-0 ). The Qualified Persons for the National Instrument 43-0 compliant mineral reserve and resource estimates are detailed in the following table. Resources Jeffrey Volk, CPG, FAusIMM Director - Reserves and Resource, Alamos Gold Inc. Young-Davidson, El Chanate, San Carlos U/G, Lynn Lake Raynald Vincent, P.Eng., M.G.P. Chief Geologist - Island Gold Island Gold Marc Jutras, P.Eng Principal, Ginto Consulting Inc. Mulatos Pits, Cerro Pelon, La Yaqui, Carricito, Esperanza, Ağı Dağı, Kirazlı, Çamyurt, Quartz Mountain Reserves Chris Bostwick, FAusIMM VP Technical Services, Alamos Gold Inc. Young-Davidson, El Chanate, San Carlos Underground, Lynn Lake Leon LeBlanc, P.Eng Chief Engineer - Island Gold Island Gold Herb Welhener, SME-QP VP, Independent Mining Consultants Inc. Mulatos Pits, Cerro Pelon, La Yaqui, Ağı Dağı, Kirazlı Notes to Mineral Reserveand Resource Tables: The effective date for the Company s Mineral Reserves and Resources is December 3, 07, except for Island Gold which has an effective date of June 30, 08. The Company s mineral reserves and mineral resource are classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum s CIM Standards on Mineral Resources and Reserves, Definition and Guidelines as per Canadian Securities Administrator s NI 43-0 requirements. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resources are exclusive of mineral reserves. Mineral reserve cut-off grade for the Mulatos Mine, the Cerro Pelon Pit, the La Yaqui Pits, the Kirazlı Pit and the Ağı Dağı Pit are determined as a net of process value of $0.0 per tonne for each model block All Measured, Indicated and Inferred open pit mineral resources are pit constrained with the exception of those outside the Mulatos Main Pits on the Mulatos property which have no economic restrictions and are tabulated by gold cut-off grade. Mineral reserve estimates assumed a gold price of $,50 per ounce and mineral resource estimates assumed a gold price of $,400 per ounce. Metal prices, cut-off grades and metallurgical recoveries are set out in the table below. El Chanate reserve ounces include a December 3, 07 inventory 80,300 recoverable ounces in the heap leach pad Resources Reserves Gold Price Cut-off Gold Price Cut-off Met Recovery Mulatos: Mulatos Main Open Pit $, $,50 see notes >50% San Carlos Underground $,400.5 $, % Cerro Pelon $, $,50 see notes 75% La Yaqui $, $,50 see notes 75% Carricito $, n/a n/a n/a Young-Davidson - Surface $, $, % Young-Davidson - Underground $,400.3 $,50.9 9% Island Gold $, $, % El Chanate $, $, % Lynn Lake - MacLellan $, $, % Lynn Lake - MacLellan Underground $,400.0 n/a n/a n/a Lynn Lake - Gordon $, $, % Esperanza $, n/a n/a 60-7% Ağı Dağı $, $,50 see notes 80% Kirazli $, $,50 see notes 8% Çamyurt $, n/a n/a 78% Quartz Mountain $, Oxide, 0.6 Sulfide n/a n/a 65-80% 48

49 Scott K. Parsons, CFA VP, Investor Relations x 5439 sparsons@alamosgold.com 49