Cautionary Notes Cautionary Notes Note to U.S. Investors Cautionary non-gaap Measures and Additional GAAP Measures

Transcription

1 Corporate Presentation March 2018

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, this Presentation ) has been prepared by Alamos Gold Inc. ( Alamos ) 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 at Cautionary Notes Certain statements in this presentation are forward-looking statements, including within the meaning of applicable laws. All statements other than statements of historical fact included in this presentation, including, without limitation, statements 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 of Alamos are forward-looking statements 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. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as expects or does not expect, is expected, anticipates or does not anticipate, plans, estimates or intends, or stating that certain actions, events or results may, could, would, might, or will be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Alamos cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Alamos actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, gold and silver price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimated Mineral Reserves and Mineral Resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled Risk Factors in Alamos Annual Information Form for the year ended December 31, 2016, which along with other documents setting out risk factors affecting the Company is available on the SEDAR website at should be reviewed in conjunction with the information found in this presentation. Although Alamos has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. 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 our 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 Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Unites 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 public filings of Alamos, 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. 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. 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 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 ( NI ). The Qualified Persons for the National Instrument compliant mineral reserve and resource estimates are detailed in the tables in the appendix of this presentation. Information pertaining to the geological and exploration content has been reviewed and approved by Aoife McGrath, Alamos' Vice President, Exploration, a Qualified Person. All figures in US$ unless otherwise indicated. 2

3 Strong Platform for Delivering Long Term Value Growing, diversified gold production 480, ,000 oz from four North American mines Expanding margins $950/oz AISC 1 in 2018, declining through 2020 Peer leading growth Portfolio of six low-cost development projects Strong, debt free balance sheet $237m cash 2 & $637m total liquidity to support growth Track record of delivering shareholder value 1 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 2 Includes cash, cash equivalents and equity securities of as of December 31, Total liquidity also includes undrawn $400m credit facility. 3

4 2017 Scorecard Record Q4 & 2017 Performance Gold Production (000 oz) +28% 2015A 2016A 2017A Operating revenues (US$M) $355.1 $482.2 $ A 2016A 2017A 2018E $1,091 AISC 1,2 (US$/oz) -6% $1,010 $933 $950 Cash provided by operations before changes in WC (US$M) 1 $65.3 $148.0 $183.3 Cash flow per share (basic) 1 $0.34 $0.56 $ A 2016A 2017A 2018E Cost of Sales 1,3 (US$/oz) $1,241 $1,103-3% $1,062 $1,075 Mine-site free cash flow (US$M) 1 ($39.6) $35.4 $77.5 Growing production, declining costs, increasing profitability 2015A 2016A 2017A 2018E 1 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 2 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 Cost of sales includes mining and processing costs, royalties and amortization. 4

5 Years Ounces Au (Millions) 2017 Scorecard Strong Outlook 2.1m oz Increase in mineral reserves through Island Gold, La Yaqui Grande & Lynn Lake Kirazlı site development underway Proven & Probable Mineral Reserves 1,2 +67% La Yaqui initial production early September ahead of schedule Mineral Reserve Life Index 1, For more information, see press release dated February 21, 2018 Alamos Reports Mineral Reserves and Resources for the Year-Ended 2017 and mineral reserve and resource estimates and associated footnotes in appendix. 2 Year end 2017 Proven & Probable mineral reserves total 9.8 million ounces of gold (203.4 mt at 1.50 g/t Au). 3 Mineral Reserve Life Index defined as year end mineral reserves divided by the mid point of 2017 gold production guidance (2015 = 5.9m oz/415k oz; 2016 = 7.7m oz/415k oz; 2017 = 9.8m oz/500k oz) +5 High quality, long life reserve base 5

6 Top 10 North American Gold Producer YOUNG-DAVIDSON (ONTARIO, CANADA) 2018E Au Production koz 2018E Au Mine-site AISC US$850/oz ISLAND GOLD (ONTARIO, CANADA) 2018E Au Production koz 2018E Au Mine-site AISC US$825/oz North American Production Mexico 40% Canada 60% KIRAZLI (TURKEY) Permitting 3 Average Au Production 104 koz Mine-site AISC 2 $373/oz After-tax IRR +44% AĞI DAĞI (TURKEY) Permitting 3 Average Au Production 178koz Mine-site AISC 2 $411 After-tax IRR +39% Asset NPV by Geography 1 ÇAMYURT (TURKEY) Permitting 3 Average Au Production 93 koz Mine-site AISC 2 $645 After-tax IRR +253% Turkey 20% Mexico 23% Canada 57% LYNN LAKE (CANADA) Permitting 3 Average Au Production 143 koz (Years 1-10) Mine-site AISC 2 $745 After-tax IRR +13% MULATOS (SONORA, MEXICO) 2018E Au Production 2018E Au Mine-site AISC koz US$900/oz Asset NPV by Stage 1 ESPERANZA (MEXICO) Permitting Total Au M&I Resources 1.1 Moz 0.98 g/t) EL CHANATE (SONORA, MEXICO) 2018E Au Production koz 2018E Au Mine-site AISC US$1,200/oz Development 28% Production 72% QUARTZ MOUNTAIN (USA) Adv. Exploration Total Au M&I Resources 0.3 Moz 0.87 g/t) Total Au Inf. Resources 1.1 Moz g/t) 1 Source: Select street research 2 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Average annual production and mine-site AISC for Turkish projects and Lynn Lake are detailed in economic studies completed in Note: Mineral resources are exclusive of mineral reserves. See mineral reserve and resource estimates and associated footnotes in appendix. Producing Assets Exploration / Development Assets 6

7 Stable Operating Base; Peer Leading Growth Profile Controlled, disciplined, multi-stage growth Mulatos District Exploration Island Gold District Esperanza Quartz Mountain Permitting & Development Kirazlı Ağı Dağı Çamyurt Lynn Lake 44% After-tax IRR 1 39% After-tax IRR 1 253% After-tax IRR 1 13% After-tax IRR 1 >400 koz Combined annual production growth potential North American Production Young-Davidson Island Gold Mulatos El Chanate ~500 koz Stable, long-term production base; declining cost profile 1 After-tax IRR for Turkish and Lynn Lake projects based on gold and silver prices of $1,250 and $16 per ounce, respectively. For more details, see press releases dated February 15 & 22, 2017 and December 14,

8 Strong Balance Sheet Debt Free Cash & Total Liquidity Balance Sheet Cash & Cash Eq. 1,2 US$237 million $237m Total Liquidity 3 US$637 million $400m $637m 3 Total Debt Capital Structure Shares Outstanding (Basic) US$ million Shares Outstanding (Fully Diluted) million Undrawn Credit Facility Cash, cash equivalents & equity securities Recent Share Price (TSX) 4 Market Capitalization C$6.71 ~C$2.6 billion As of December 31, 2017 Net Cash / (Debt) (US$m) 5 $414 $274 $237 $193 $124 $83 -$572 -$678 -$792 -$1,700 2 IMG SSRM AGI KL CG THO ELD DGC OGC AEM BTO K NGD YRI 1 Unaudited management estimate as of December 31, Cash, cash equivalents & equity securities as of December 31, Total liquidity includes cash, cash equivalents, equity securities and undrawn $400m credit facility for Alamos Gold as of December 31, As of March 1, Source: Factset and company reports. As of December 31, 2017 for companies that have reported 2017 financials as of March 1, $42 -$167 -$167 -$362 8

9 NEM AEM BTO KL Senior Average PAAS OGC G Average ABX YRI K SMF NGD IMG SSRM AGI THO DGC Track Record of Delivering Shareholder Value 1950% 1450% 950% Alamos Gold Share Price (TSX) S&P/TSX Global Gold Index Gold (US$/oz) 13% Annualized return since % -50% % 272% 0% $118m Dividends paid to date Consensus P/NAV Compelling Valuation Opportunity As of March 1, Source: Factset consensus estimates as of March 1,

10 Operations Diversified North American Production Growing production Declining costs & capital Growing free cash flow Long life reserve base 10

11 Young-Davidson Flagship, Long-Life Production Location: Ontario, Canada Ownership: 100% interest Stage: Producing Operation: Underground One of Canada s largest underground gold mines 14 year mine life based on YE 2017 mineral reserves Large resource base & exploration potential to support mine life extension Significant Canadian dollar exposure; ~95% of costs 2016A 2017A 2018E Gold Production (k oz) Cost of Sales 1 (US$/oz) $1,087 $1,078 $1,075 Total Cash Costs 2,3 (US$/oz) $657 $658 $675 Mine-site AISC 2,3 (US$/oz) $897 $834 $850 Total Capital (US$m) $95 $80 $70-80 Mine-site FCF 2 (US$m) $4 $34 Gold Reserves & Resources 4 Tonnes (000) Grade (g/t Au) oz Au (000) P&P Underground Reserves 40, ,440 M&I Underground Resources 11, ,291 Inferred Underground Resources 3, Cost of sales includes mining and processing costs, royalties and amortization. 2 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. 11

12 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 Q1/17 Q2/17 Q3/17 Q4/17 Tonnes per day g/t Au Young-Davidson Ramp up of Underground Mining ~6,600 tpd Average underground mining rate in 2017 >7,000 tpd average underground mining rate expected in 2018 Production (000 oz) +28% A 2016A 2017A 2018E Mine-site AISC (US$/oz) 1-14% $986 $897 $834 $ A 2016A 2017A 2018E 8,000 7,000 6, Cost of Sales 2 (US$/oz) -7% $1,162 $1,087 $1,078 $1,075 Total Capital Spending (US$m) -31% $108 $95 $80 $ ,000 4,000 3, A 2016A 2017A 2018E 2015A 2016A 2017A 2018E 2, , $34m mine-site free cash flow 1 generated in 2017 Underground TPD Mill TPD Processed Grade 1 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 2 Cost of sales includes mining and processing costs, royalties and amortization 12

13 Island Gold High-Grade, Low Cost Production Location: Ontario, Canada Ownership: 100% interest Stage: Producing Operation: Underground One of Canada s highest grade & lowest cost gold mines PEA 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 Gold Reserves & Resources A 2017A 2018E Gold Production (k oz) Cost of Sales 2 (US$/oz) - - $1,175 Total Cash Costs 3 (US$/oz) $587 $470 $575 Mine-site AISC 3 (US$/oz) $745 $599 $825 Total Capital 4 (US$m) $43 $33 $50-55 Mine-site FCF 3 (US$m) ($2) $26 Tonnes (000) Grade (g/t Au) oz Au (000) P&P Underground Reserves 2, M&I Underground Resources Inferred Underground Resources 2, Operating results from Island Gold prior to its acquisition has been included for comparative purposes. Production attributable to Alamos totals 9,000 oz in 2017 following the closing of the Richmont Mines acquisition on Nov. 23, 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 exploration 5 See mineral reserve and resource estimates and associated footnotes in appendix. Marathon Hemlo, Barrick Eagle River, Wesdome Highly Productive Gold Mining District Magino, Argonaut km Mine/ Project City ONTARIO 17 Wawa Lake Superior >25 Moz gold produced 3 Island Gold Hearst >35 Moz in defined reserves Borden, Goldcorp 101 Cote, IAMGOLD Hoyle Pond, Goldcorp Bell Creek, Tahoe Smooth Rock Falls Timmins West, Tahoe 101 Porcupine, Goldcorp Timmins Dome Mine, Goldcorp 144 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 13

14 Macassa Brucejack Island Gold Eagle River Westwood Seabee Red Lake Hope Bay Meliadine Musselwhite Eleonore Lapa LaRonde Casa Berardi Black Fox Bell Creek Timmins West Young-Davidson Canadian Malartic Detour Lake Island Gold Growing Production, Declining Costs Mineral Reserve Grade (g/t Au) 1 PEA Expansion: Island Gold Operating Profile $825 $ $ % $655 $800 $700 $ $500 $400 $ A 2018E 2019E Gold Production (k oz) AISC (US$/oz) $200 $100 $ Source: Company filings Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 2 Note: 2019 estimates for Island Gold are based on 2017 PEA % expected production growth in % expected decrease in LOM AISC in 2019 Significant upside potential >800 koz of Inferred resources not factored into mine plan + ongoing exploration potential 14

15 oz Au Grade (g/t Au) Island Gold Growing in Size & Quality Dec 31, 2010 Proven Reserves (2017) Dec 31, 2017 Probable Reserves (2017) Indicated Resources (2017) Inferred Resources (2017) Ramp and Actual Development Mined Out EXPANSION CASE PEA AREA EXPANSION CASE PEA AREA 200 m 200 m Drill Hole Intersections Au g/t / Core length (true width) m Similar grades seen down plunge to southeast as were seen in early drilling within Expansion PEA area. Area being targeted now is of similar size. +383% Increase in mineral reserves since % Mineral reserve grade increase since ,000 1,800 1,600 1,400 1,200 1, Reserves M&I Resources Inferred Resources Mineral Reserves & Resources Over Time (koz) Mineral Reserve grade 564 1,037 1, See mineral reserve and resource estimates and associated footnotes in appendix. 2 Includes Proven & Probable reserves of 887,000 oz (2.7 mt at g/t Au), Measured & Indicated resources of 111,000 oz (0.6 mt at 5.86 g/t Au) & Inferred resources of 908,000 oz (3.0 mt at 9.55 g/t Au) ,

16 Dyke Island Gold Significant Ongoing Exploration Potential W LOCHALSH ISLAND EXT1 EXT2 GOUDREAU Surface E Crown pillar 190 m Level 340 m Level All Exploration Intersections & all / Delineation Intersections 200 m m Phase I Expansion PEA Area / /2.46 LC / m Proven Reserves (2017) Probable Reserves (2017) Indicated Resources (2017) Inferred Resources (2017) LC /2.27 Ramp and Actual Development Mined Out / m Level Explo. & Delineation Drift (X Zone) 22.28/7.71 Drill Hole Intersections Au g/t / true width (m) c.l. : Core length (m) > to to 8.0 < 3.7 MH7 (X zone) 17.85/1.68 MH7 (C zone) 2.35/ m / /7.60 MH /4.27 MH /3.76 Drillhole Intersection Au (cut 225 g/t) /4.14 MH1-11 (X zone) 20.78/ / / / /4.11 MH /7.03 MH2A /9.42 MH11-3 MH2A-13 (Dyked out) 8.86/6.39 MH /2.31 MH9-3 (X Zone) 16.11/1.98 Drillhole Intersection Au (cut 70 g/t) 860 m Level Planned Exploration Drift MH /12.18 MH9-3 (Dyked out) /3.53 MH8 4.60/2.24 MH /8.40 MH9-4 (Dyked out) 620 m Level Planned Exploration drift / /3.10 MH /2.56 GD /17.5 c.l. GD /8.33 c.l. MH /2.42 GD /5.74 c.l. MH /3.22 MH /2.30 GD /2.21 MH /3.57 GD /5.20 c.l. GD /0.43 Mineralized intercepts not yet included in resource calculations. One area of exploration focus in

17 Mulatos Our Founding Operation Location: Sonora, Mexico Ownership: 100% interest Stage: Producing Operation: Open pit, heap leach & high grade mill Initial production 2005 ~$400m of free cash flow 1 generated to date Declining cost profile; 5% NSR royalty nearing completion Large underexplored land package (28,773 ha) 2016A 2017A 2018E Gold Production (k oz) Cost of Sales 1 (US$/oz) $1,088 $961 $950 Total Cash Costs 2 (US$/oz) $838 $775 $800 Mine-site AISC 2 (US$/oz) $916 $835 $900 Total Capital 3 (US$m) $33 $44 $26-30 Mine-site FCF 2,4 (US$m) $27 $33 Gold Reserves & Resources 5 Tonnes Grade oz Au (000) (g/t Au) (000) P&P Reserves 49, ,888 M&I Resources 74, ,731 Inferred Resources 10, Cost of sales includes mining and processing costs, royalties and amortization. 2 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 3 Capital spending guidance for 2018 excludes capitalized exploration. 5 See mineral reserve and resource estimates and associated footnotes in appendix. 17

18 Mulatos District Exploration Potential 1,200 La Yaqui & Cerro Pelon Proven & Probable Mineral Reserves Measured & Indicated Mineral Resources Mulatos District 1,000 Inferred Mineral Resources 156 Mulatos mine ,2 La Yaqui Grande La Yaqui Phase I 879k oz Combined mineral reserves 1,2 at La Yaqui & Cerro Pelon, a 300% increase since 2014 District potential Large underexplored land package; >70% of past drilling focused near Mulatos mine 1 See mineral reserve and resource estimates and associated footnotes in appendix. 2 Includes Proven & Probable reserves of 709,000 oz (15.8 mt at 1.40 g/t Au), Measured & Indicated resources of 109,000 oz (3.0 mt at 1.11 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 170,000 oz (3.3 mt at 1.63 g/t Au), Measured & Indicated resources of 47,000 oz (0.6 mt at 2.56 g/t Au) & Inferred resources of 4,000 oz (0.1 mt at 1.23 g/t Au) for Cerro Pelon. 18

19 El Chanate Consistent Gold Producer Location: Sonora, Mexico Ownership: 100% interest Stage: Producing Operation: Open pit, heap leach $3m site free cash flow 2 generated in 2017 $1,270/oz minimum realized gold price in 2018 with production hedged 5 Significant free cash flow at end of mine life through residual leaching 2016A 2017A 2018E Gold Production (k oz) Cost of Sales 1 (US$/oz) $1,177 $1,259 $1,270 Total Cash Costs 2,3 (US$/oz) $1,052 $1,188 $1,200 Mine-site AISC 2,3 (US$/oz) $1,069 $1,218 $1,200 Total Capital (US$m) $1 $1 - Mine-site FCF 2 (US$m) $5 $3 Gold Reserves & Resources 4 Tonnes (000) Grade (g/t Au) oz Au (000) P&P Reserves Open Pit 2, P&P Reserves Leach Pad Inventory M&I Resources 5, Cost of sales includes mining and processing costs, royalties and amortization. 2 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 2017 and 2018 production has been hedged through gold collar contracts which ensure a minimum gold price of $1,270 per ounce and participation up to $1,444 per ounce in

20 Development Peer Leading Growth Profile 6 development projects Low cost, low capital intensity growth Capacity to double current rate of production 20

21 Development: Kirazlı, Ağı Dağı & Çamyurt Location: Turkey Ownership: 100% interest Stage: Development Operation: Open pit, heap leach Kirazlı & Ağı Dağı EIAs approved Kirazlı Forestry Permits granted January 2017 Kirazlı & Ağı Dağı feasibility studies completed February outlining 185% increase in combined after-tax NPV 8% Tax incentives & mining law supportive of industry Kirazlı 2017 Positive Economic Studies 1 Feasibility Study Ağı Dağı Feasibility Study Çamyurt PEA Mine Life Years Average Annual Production oz Au 104, ,600 93,200 oz Ag 617, , ,000 Average grade g/t Au Mine-site AISC 2 US$m $373 $411 $645 Initial Capex US$m $152 $250 $10 Total Capex US$m $180 $313 $26 After-tax NPV 5% US$m $223 $360 $111 After-tax NPV 8% US$m $187 $298 $86 After-tax IRR % 44% 39% 253% Gold Price Assumption US$/oz $1,250 $1,250 $1,250 >39% After-tax IRR for each of Kirazlı, Ağı Dağı & Çamyurt 1 Low cost, high return growth 1 Please refer to press releases dated Feb 15 and Feb 22, 2017 regarding Kirazli & Agi Dagi feasibility studies & Camyurt preliminary economic assessment. The 185% increase is compared to the 2012 pre-feasibility study 2 Please refer to Cautionary Notes on non-gaap Measures and Additional GAAP Measures. 21

22 Development: Lynn Lake, Esperanza & Quartz Mountain Lynn Lake Location: Manitoba, Canada Ownership: 100% interest Stage: Permitting Operation: Open pit Esperanza Location: Morelos State, Mexico Ownership: 100% interest Stage: Development Operation: Open pit, heap leach Quartz Mountain Location: Oregon, United States Ownership: Right to earn a 100% 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 Average production: 143 koz (Years 1-10) LOM Mine-site AISC 2 : $745 After-tax NPV5%: $123m; IRR: 13% Tonnes Grade Oz Au (000) (g/t Au) (g/t Ag) (000 Au) (000 Ag) P&P Reserves 4 26, ,625 2,578 M&I Resources 4 7, Inf. Resources 45, , Excellent infrastructure; low technical risk Low capital intensity & operating costs Average annual production potential > 100k oz AISC expected to be lowest quartile 2 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 12, Inferred Resources 39, ,147 1 Lynn Lake December 2017 feasibility study based on gold and silver price assumptions of $1250 and $16 per ounce, respectively. See press release dated December 14, 2017 for more details. 2 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 12, See mineral reserve and resource estimates and associated footnotes in appendix. 5 Additional C$3m due on completion of feasibility study & C$15m or 2% NSR upon successful permitting 22

23 Alamos Investment Case Diversified intermediate gold producer Low-cost growth profile Strong balance sheet to support growth Long term track record of delivering shareholder value Catalysts Q3 2017: Initial production at La Yaqui Q4 2017: Closing of Richmont acquisition Q4 2017: Met consolidated 2017 production guidance Q1 2018: 28% increase in combined mineral reserves 2018: Ongoing exploration at Island Gold and Mulatos 2018: Receipt of GSM permit for Kirazlı H2 2018: Completion of Phase I Mill Expansion at Island Gold 23

24 Appendices 24

25 Board of Directors and Executive and Management Team Board of Directors Paul J. Murphy John A. McCluskey Mark J. Daniel Patrick D. Downey 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 Aoife McGrath Scott Parsons Colin Webster VP, Development & Construction VP, General Counsel VP, Finance VP, Exploration VP, Investor Relations VP Sustainability & External Affairs 25

26 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 at Mulatos CSR Award from Mexican Center for Philanthropy (CEMEFI) Signifies exceptional record of CSR performance; 2016 marked the 8 th consecutive year for Alamos 26

27 2018 Guidance Alamos 2018 Guidance 2017 Guidance Young- Davidson Island Gold Mulatos El Chanate Total Total Gold production (000 s ounces) (actual) Cost of Sales (in millions) (4) $220 $112 $147 $57 $536 $442 Cost of Sales ($ per ounce) (4) $1,075 $1,175 $950 $1,270 $1,075 $1,065 Total cash costs ($ per ounce) (1) $675 $575 $800 $1,200 $740 $765 All-in sustaining costs ($ per ounce) (1) $950 $940 Mine-site all-in sustaining costs ($ per ounce) (1),(3) $850 $825 $900 $1, Capital expenditures (in millions) Sustaining capital (1) $35-40 $25-27 $ $68-77 $40-47 Growth capital (1) $35-40 $25-28 (2) $18-20 (2) - $78-88 $65-75 Total capital (1) $70-80 $50-55 $ $ $ Corporate & Administrative (in millions) $18 $ Guidance 2017 Guidance Sustaining Capital Growth Capital Total Total Development Projects (in millions) Turkey - $100 $100 $4 Lynn Lake - $8 $8 $9 La Yaqui Grande & Cerro Pelon - $13 $13 - Esperanza & Quartz Mountain - $2 $2 $3 Total Development Projects - $123 $123 $16 Capitalized Exploration (in millions) Island Gold - $12 $12 - Mulatos - $7 $7 $15 Lynn Lake - $4 $4 $4 Total Capitalized Exploration - $23 $23 $19 Total Consolidated Budget $68-77 $ $ $ Refer to the Cautionary non-gaap Measures and Additional GAAP Measures disclosure. 2. Excludes capitalized exploration. 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 27

28 Gold production (oz) Underground TPD Young-Davidson Increasing Grade & Productivity Underground ramp up driving production higher and unit costs lower 60,000 8,000 55,000 50,000 7,000 45,000 6,000 40,000 35,000 30,000 5,000 4,000 25,000 20,000 3,000 15,000 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 2,000 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 Gold production (oz) 35,104 40,166 40,538 40,945 38,098 39,365 38,201 44,694 39,065 42,644 43,629 44,662 40,400 47,300 55,800 56,500 Cost of sales 1 (US$/oz) $1,677 $1,625 $1,370 $1,211 $1,216 $1,298 $1,165 $986 $1,058 $1,182 $1,032 $1,077 $1,148 $1,113 $966 $1,107 Total cash costs per oz. (2,3) $1,009 $871 $723 $719 $745 $697 $681 $617 $616 $738 $607 $667 $710 $677 $572 $690 Mine-site AISC per oz. (2,3) $1,315 $1,144 $959 $912 $987 $1,008 $979 $980 $846 $965 $849 $926 $851 $895 $ 744 $859 Underground mine Tonnes mined per day 2,611 3,595 3,753 4,140 4,130 5,149 5,081 5,911 5,776 6,123 5,467 6,675 6,400 6,377 6,544 7,227 Grades (g/t) Development metres 3,772 3,545 3,269 3,438 3,409 3,789 3,619 3,769 3,490 3,168 2,677 3,044 3,242 3,425 3,344 2,776 Unit UG mining costs (US$) $46 $45 $41 $39 $39 $33 $32 $29 4 $31 $34 $34 $32 $36 $33 $34 $34 Unit UG mining costs (CAD$) $51 $49 $45 $44 $48 $41 $41 $38 4 $42 $44 $45 $42 $47 $44 $43 $44 Mill processing facility Tonnes processed per day 7,163 8,230 7,670 7,757 7,186 7,677 7,680 7,630 7,342 7,006 6,833 7,552 7,718 6,917 7,553 7,786 Grades (inc. OP stockpile) Recoveries (%) 87% 88% 90% 88% 86% 88% 92% 91% 90% 92% 93% 90% 89% 92% 93% 92% 1 Cost of sales includes mining and processing costs, royalties and amortization. 2 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 Q4/15 28

29 Young-Davidson Development Schedule Commissioning of MCM shaft Transition to 100% owner development Ramp up to 7,000 tpd 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 29

30 Young-Davidson Long Section Development of lower mine infrastructure to support: Higher underground mining rates stronger production Productivity improvements lower costs Declining capital intensity Strong free cash flow growth 30

31 Island Gold Regional Exploration 31

32 Island Gold Significant Exploration Potential Gold Metal Factor (Grade x True Width) - C & E1E Zones as of March 31, 2017 >750 k oz of Inferred mineral resources not included in PEA expansion plan Significant exploration potential laterally & at depth 32

33 Island Gold Ongoing Exploration Success Gold Metal Factor (Grade x True Width) - C & E1E Zones as of January 10, 2018 New highlight intercepts since July Delineation drilling within C-Zone g/t Au over 3.83 m ( ) g/t Au over 4.72 m ( ) g/t Au over 2.55 m ( ) g/t Au over m ( ) Exploration drilling g/t Au over m (MH11, E1E Zone) g/t Au over 5.44 m ( , C Zone) g/t Au over 2.86 m ( , C Zone) g/t Au over 6.80 m ( , G6 Zone) g/t Au over 7.71 m ( , X Zone) Grades & average thickness increasing at depth 1 For further details, refer to press release dated Jan 11, 2018 Alamos Reports Fourth Quarter 2017 Production and Provides 2018 Outlook Less than 15% of land package drilled 33

34 Island Gold 2018 Drilling Program Significant Exploration Potential at Depth and to the East W LOCHALSH ISLAND EXT1 EXT2 GOUDREAU Surface E 21 Zone UG (1,500m) Crown pillar 340 & 620 levels UG (15,000m) Shaft Zone UG (3,500m) m PEA AREA 840 Level UG (8,000m) RM & Access UG (2,000m) m LC /1.78 MH7 (X zone) 17.85/1.68 Surface Directional Drilling Infill (6,000m) Exploration (10,000m) Proven Reserves (2017) Probable Reserves (2017) Indicated Resources (2017) Inferred Resources (2017) Ramp and Actual Development Mined Out Surface Directional Drilling Exploration (15,000m) 200 m 34

35 Mulatos District 35

36 Kirazlı, Ağı Dağı & Çamyurt Economic Studies 2017 Feasibility Study Preliminary Economic Assessment Kirazlı Ağı Dağı Çamyurt Production Mine life (years) Total gold production (ounces) 540, , ,200 Total silver production (ounces) 3,141,000 2,365,200 1,612,600 Average annual production (ounces) 1 Gold 104, ,600 93,200 Silver 617, , ,000 Total ore mined (tonnes) 26,100,000 54,361,000 16,580,000 Total waste mined (tonnes) 37,900,000 55,893,000 30,874,000 Total material mined (tonnes) 64,000, ,254,000 47,454,000 Waste-to-ore ratio Average grade (grams per tonne) Gold Silver Recovery (%) Gold 81% 80% 76% Silver 31% 25% 48% Average throughput (tpd) 15,000 30,000 15,000 Operating Costs Total cost per tonne of ore 3 $8.49 $6.46 $14.03 Total cash cost (per ounce sold) 4 $339 $374 $604 Mine-site all-in sustaining cost (per ounce sold) 4 $373 $411 $645 Capital Costs (millions) Pre-production capital expenditure $151.9 $250.3 $10.2 Sustaining capital expenditure $18.1 $33.9 $9.4 Reclamation costs (net of salvage value) $9.9 $28.8 $5.9 Total capital expenditure $179.8 $312.9 $25.5 Economic Analysis IRR (after-tax) 44.3% 38.7% 253.0% 0% discount rate (after-tax, millions) $299.3 $492.8 $ % discount rate (after-tax millions) $222.9 $360.2 $ % discount rate (after-tax, millions) $186.5 $297.6 $86.2 Gold price assumption (average, per ounce sold) $1,250 $1,250 $1,250 Silver price assumption (average, per ounce sold) $16.00 $16.00 $16.00 Exchange Rate (Turkish Lira/US Dollar) 2.90:1 2.90:1 2.90:1 1 Average annual production is based on five full years of production for Kirazlı and Ağı Dağı and excludes pre-commercial production 2 Reported waste-to-ore ratio is over the life of mine. The waste-to-ore ratio during commercial production is 0.70:1 for Ağı Dağı and 1.19:1 for Kirazlı in the 2017 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 36

37 Lynn Lake Feasibility Study 2017 Feasibility Study Highlights - December 2017 Production Mine life (years) 10.4 Total gold production (000 ounces) 1,495 Total silver production (000 ounces) 1,263 Average annual gold production 1 Years 1 to 6 (000 ounces) 170 Years 1 to 10 (000 ounces) 143 Total ore mined (000 tonnes) 26,803 Total waste mined (000 tonnes) 195,188 Total material mined (000 tonnes) 221,991 Waste-to-ore ratio Average grade (grams per tonne) Gold 1.89 Silver 2.99 Recovery (%) Gold (Average MacLellan and Gordon) 92% 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 $126.6 Reclamation costs $21.1 Total capital expenditure $485.6 Base Case Economic Analysis IRR (after-tax) 12.5% 0% discount rate (millions, after-tax) $ % discount rate (millions, after-tax) $123.4 Gold price assumption (average, per ounce sold) $1,250 Silver price assumption (average, per ounce sold) $16.00 Exchange Rate (US Dollar/Canadian Dollar) Average annual production excludes pre-commercial production 2. 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 7.06:1 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 37

38 Island Gold Phase I Expansion PEA Summary TOTAL MINING Tonnes Mined T 364, , , , , , , ,800 3,096,700 Tonnes Mined TPD 999 1,014 1,112 1,118 1,100 1,102 1, ,061 Grade Mined g/t Au MILLING Tonnes Milled T 333, , , , , , , ,300 3,092,500 Tonnes Milled TPD ,100 1,103 1,100 1,100 1,100 1,080 1,059 Grade Milled g/t Au Recovery % Gold Produced oz 90,400 94, , , , , ,400 86, ,800 COSTS C$ Mining Costs $/t milled Milling Costs $/t milled G&A $/t milled Royalties $1550 Gold Price $/t milled Total Operating Costs $/t milled Total Cash Costs C$/oz AISC C$/oz 993 1, , Sustaining Capex C$ x ,827 39,945 41,201 38,979 14,379 5,552 4,187 1, ,537 Growth Capex C$ x ,918 27,373 1,071 1,790 1, ,152 COSTS US$ 1 Total Cash Costs US$/oz AISC US$/oz Sustaining Capex US$ x ,168 29,589 30,520 28,873 10,651 4,112 3,101 1, ,101 Growth Capex US$ x ,606 20, ,326 1, ,483 1 Exchange rate: 1.35 C$ to 1.00 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 29, 2017, filed on SEDAR 38

39 2017 Proven & Probable Mineral Reserves PROVEN AND PROBABLE GOLD MINERAL RESERVES (as at December 31, 2017) 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 14, ,298 25, ,142 40, ,440 Total Young-Davidson 15, ,325 25, ,142 40, ,467 Island Gold , , Mulatos Main Pits 3, , , San Carlos Underground Stockpiles 8, , La Yaqui , , La Yaqui Grande , , Cerro Pelon , , Total Mulatos 13, , ,329 49, ,888 El Chanate - Open Pit 1, , , El Chanate - Leach Pad Inv Total El Chanate 1, , , MacLellan 9, , , Gordon 2, , , Total Lynn Lake 11, , , ,625 Ağı Dağı 1, , ,130 54, ,166 Kirazlı , , Total Turkey 2, , ,767 80, ,831 Alamos - Total 45, , , , , ,832 PROVEN AND PROBABLE SILVER MINERAL RESERVES (as at Dec 31, 2017) 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 14, ,853 MacLellan 9, ,538 8, ,040 18, ,578 Ağı Dağı 1, , ,169 54, ,459 Kirazlı , ,720 26, ,078 Alamos - Total 12, , , , , ,319 39

40 2017 Total Measured & Indicated Mineral Resources MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at Dec 31, 2017) 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 , , Young-Davidson - Underground 7, , , ,291 Total Young-Davidson 7, , , ,361 Island Gold Mulatos 7, , ,140 69, ,461 San Carlos UG La Yaqui 0-0 3, , Cerro Pelon Carricito , , Total Mulatos 8, , ,372 74, ,731 El Chanate 2, , , MacLellan - Open Pit 2, , , MacLellan - Underground , , Gordon Burnt Timber , , Linkwood Total Lynn Lake 2, , , Esperanza 19, , , ,083 Ağı Dağı , , Kirazlı , , Çamyurt , , Total Turkey 1, , ,082 58, ,108 Quartz Mountain , , Alamos - Total 41, , , , , ,357 MEASURED AND INDICATED SILVER MINERAL RESOURCES (as at Dec 31, 2017) 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 , ,140 3, ,140 MacLellan - Open Pit 2, , , MacLellan - Underground , , Esperanza 19, ,482 15, ,455 34, ,936 Ağı Dağı , ,417 34, ,445 Kirazli , , Çamyurt , ,404 17, ,497 Alamos - Total 22, ,975 78, , , ,335 40

41 2017 Total Inferred Mineral Resources INFERRED GOLD MINERAL RESOURCES (as at Dec 31, 2017) Tonnes Grade Ounces (000's) (g/t Au) (000's) Young-Davidson - Surface Young-Davidson - Underground 3, Total Young-Davidson 3, Island Gold 2, Mulatos 8, San Carlos UG La Yaqui Cerro Pelon Carricito Total Mulatos 10, El Chanate MacLellan - Open Pit MacLellan - Underground Gordon Burnt Timber 23, Linkwood 21, Total Lynn Lake 45, ,646 Esperanza Ağı Dağı 16, Kirazlı 5, Çamyurt 2, Total Turkey 25, Quartz Mountain 39, ,147 Alamos - Total 127, ,791 INFERRED SILVER MINERAL RESOURCES (as at Dec 31, 2017) Tonnes Grade Ounces (000's) (g/t Ag) (000's) La Yaqui Grande MacLellan - Open Pit MacLellan - Underground Esperanza Ağı Dağı 16, ,534 Kirazlı 5, ,638 Çamyurt 2, Alamos - Total 27, ,174 41

42 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 ( NI ). The Qualified Persons for the National Instrument 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 Reserve and Resource Tables: The Company s mineral reserves and mineral resource as at December 31, 2017 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 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 $0.10 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 $1,250 per ounce and mineral resource estimates assumed a gold price of $1,400 per ounce. Metal prices, cut-off grades and metallurgical recoveries are set out in the table below. El Chanate reserve ounces include a December 31, 2017 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 $1, $1,250 see notes >50% San Carlos Underground $1, $1, % Cerro Pelon $1, $1,250 see notes 75% La Yaqui $1, $1,250 see notes 75% Carricito $1, n/a n/a n/a Young-Davidson - Surface $1, $1, % Young-Davidson - Underground $1, $1, % Island Gold $1, $1, % El Chanate $1, $1, % Lynn Lake - MacLellan $1, $1, % Lynn Lake - MacLellan Underground $1, n/a n/a n/a Lynn Lake - Gordon $1, $1, % Esperanza $1, n/a n/a 60-72% Ağı Dağı $1, $1,250 see notes 80% Kirazli $1, $1,250 see notes 81% Çamyurt $1, n/a n/a 78% Quartz Mountain $1, Oxide, 0.6 Sulfide n/a n/a 65-80% 42

43 Scott K. Parsons, CFA VP, Investor Relations x 5439 sparsons@alamosgold.com 43