November 2015 Corporate Presentation

Transcription

1 November 2015 Corporate Presentation

2 Cautionary Notes Cautionary Notes No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements in this presentation are forward-looking statements, including within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this presentation, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, 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 reserves and 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 both Alamos Gold Inc. s Annual Information Form for the year ended December 31, 2014 and the Annual Information Form for the year ended December 31, 2014 of AuRico Gold Inc., (each a predecessor to Alamos Gold Inc.), along with each of these entities subsequent public filings 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. 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 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 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. Additional GAAP measures that are presented on the face of the Company s consolidated statements of comprehensive income include Mine operating costs, Earnings from mine operations and Earnings from operations. These measures are intended to provide an indication of the Company s mine and operating performance. 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. 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. Cash operating costs per ounce, total cash costs per ounce and all-in sustaining costs per ounce 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, cash operating costs per ounce reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period. Cash operating costs per ounce may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed and gold recovery rates in the period. Total cash costs per ounce includes cash operating costs per ounce plus applicable royalties. Cash operating costs per ounce and 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. 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. For a reconciliation of non-gaap and GAAP measures, please refer to Alamos Managements Discussion and Analysis as presented on SEDAR and the Company s website. Technical Information Except as otherwise noted herein, 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 For more information, please refer to the Alamos Gold Inc. and AuRico Gold Inc Annual Information Forms and the technical reports referenced therein and in this presentation, available on SEDAR ( All figures in US$ unless otherwise indicated. 2

3 Strong Platform for Delivering Long Term Value Diversified gold production Three North American mines Peer leading growth Portfolio of low cost development projects Track record of delivering shareholder value Strong balance sheet Nearly $380m cash and $60m net cash 1 to support growth Safe jurisdictions More than 50% of valuation 2 and mineral reserves 3 located in Canada 1 As of June 30, Based on consensus analyst estimates. See page 8 for further detail. 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. 3

4 Best In Class Portfolio of Assets Diversified production Low cost growth Safe jurisdictions LYNN LAKE JV (25%) (2) MULATOS QUARTZ MOUNTAIN Stage Total Au Inf. Resources 2015E Au Production 2015E Au Cash Costs (1) 2P Au Reserves Total Au M&I Resources Total Au Inf. Resources EL CHANATE 2015E Au Production 2015E Au Cash Costs 2P Au Reserves Total Au M&I Resources Advanced Exploration 2.8MM oz k oz US$800/oz 1.7MM oz 2.8MM oz 0.3MM oz 65 75k oz US$ /oz 0.6MM oz 0.1MM oz Stage Est. Annual Production Est. Cash Costs Att. Au M&I Resources Att. Au Inf. Resources ESPERANZA Stage Est. Annual Production Est. Cash Costs Total Au M&I Resources Feasibility 145k oz US$530/oz 0.7MM oz 0.5MM oz Toronto Head Office Permitting +100k oz ~US$500/oz 1.1MM oz YOUNG DAVIDSON 2015E Au Production 2015E Au Cash Costs (1) 2P Au Reserves Total Au M&I Resources Total Au Inf. Resources AĞI DAĞI Note: Mineral resources are exclusive of mineral reserves. See mineral reserve and resource estimates and associated footnotes in appendix. (1) Exclusive of royalties. (2) Option to earn an additional 35% interest in the project. Estimated annual production is shown on a 100% basis k oz US$ /oz 3.8MM oz 1.5MM oz 0.3MM oz Stage Est. Annual Production Est. Cash Costs Total Au M&I Resources Total Au Inf. Resources KIRAZLI Stage Est. Annual Production Est. Cash Costs Total Au M&I Resources Total Au Inf. Resources ÇAMYURT Stage Total Au M&I Resources Total Au Inf. Resources Permitting 143k oz US$611/oz 1.7MM oz 0.2MM oz Permitting 99k oz US$515/oz 0.8MM oz 0.1MM oz Resource Dev. 0.5MM oz 0.1MM oz Producing Assets Exploration / Development Assets 4

5 Diversified North American Production 2015 Guidance Gold Production (000 oz) Total Cash Costs 1,2 (US$/oz) AISC 1,2 (US$/oz) Young Davidson Canada $ $950 1,050 Mulatos Mexico $865 $1,100 El Chanate Mexico $ $950 1,050 Total Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 2 Excludes 1.5% NSR royalty on Young Davidson 5

6 Leading Low Cost Growth Profile Controlled, disciplined, multi stage growth Existing production Young Davidson Mulatos El Chanate Growth at existing operations Ramp up at YD Mulatos satellite deposits Leading development pipeline Kirazlı Ağı Dağı Çamyurt Esperanza Advanced exploration Lynn Lake Quartz Mountain Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 6

7 7 Leading Low Cost Growth Profile 900 Combined annual production potential > 700k oz Production (000 oz Au) E

8 Safe Political Jurisdictions Consensus NPV by Geography Consensus NPV by Stage Assets in safe jurisdictions with bulk of valuation in producing mines Source: Consensus analyst estimates Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 8

9 Safe Political Jurisdictions Fraser Institute Investment Attractiveness Index Mining NAV Weighted 75 The Fraser Institute Investment Attractiveness Index is constructed by combining the Best Practices Mineral Potential Index, which rates regions based on their geologic attractiveness, and the Policy Perception Index, a composite index that measures the effects of government policy on attitudes toward exploration investment Detour Gold New Gold Yamana Alamos Kinross Pan American IAMGOLD B2Gold Randgold Centerra Tahoe Eldorado More favourable jurisdictional risk profile Source: Consensus analyst estimates and Fraser Institute Annual Survey of Mining Companies: 2014 Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 9

10 Strong Balance Sheet Balance Sheet Cash & Cash Eq. 1 Working Capital 1,3 Total Debt 1 Capital Structure US$379 million US$451 million US$316 million $379 m Shares Outstanding Warrants million 7.2 million $316 m Employee Options 15.1 million Fully Diluted Recent Share Price (TSX) million C$5.03 Cash As of June 30, 2015 Total Debt Market Capitalization ~C$1.3 billion 1 Unaudited managements estimate as of June 30, As of November 2, Working capital excludes AuRico private placement which was classified as available for sale securities with a fair market value of $79m as of June 30, No significant debt maturities until

11 Strong Balance Sheet Net Cash / (Debt) (US$m) $506 $215 $108 $106 $63 $62 ($136) ($289) ($298) ($552) ($958) ($1,740) Centerra Pan American Randgold IAMGOLD Alamos Tahoe Eldorado Detour B2Gold New Gold Kinross Yamana Well positioned to weather a challenging gold price environment Source: Factset and company disclosure. Based on unaudited financial statements for the period ending June 30, Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 11

12 Young Davidson Flagship, Long Life Production Location: Ontario, Canada Ownership: 100% interest Stage: Producing Operation: Underground One of Canada s largest underground gold mines 15 year mine life based on year end 2014 reserves Large resource base and exploration potential to support mine life extension E Q1/15A Q2/15A Gold Production (k oz) Total Cash Costs 1,2,4 (US$/oz) $825 $ $745 $697 AISC 1,2,4 (US$/oz) $1,075 $950 1,050 $987 $1,008 Gold Reserves & Resources 3 Tonnes (000) Grade (g/t) oz Au (000) P&P Underground Reserves 42, ,763 M&I Underground Resources 13, ,430 Inferred Underground Resources 3, Ore Tonnes per Day Production Ramp Up (Year End Exit Rates) 3,000 YE target of 2,000tpd 4,140 YE target of 4,000tpd 170 U/G miners 6, U/G miners Target 8, U/G miners E 2016E 1 Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures total cash cost and AISC guidance excludes 1.5% NSR royalty on Young Davidson. 3 See mineral reserve and resource estimates and associated footnotes in appendix. 4 Excludes Net Realizable Value ( NRV ) inventory adjustments. See associated MD&A for a full reconciliation. 12

13 Young Davidson Increasing Grade & Productivity Ramp up of underground mining rate to 8,000 tpd Growing Underground Ore Feed Driving productivity improvements and processed grade higher Growing production Declining costs Declining capital intensity Growing cash flow generation 100% 100% 82% 18% 83% 17% 77% 23% 79% 21% 63% 37% 64% 36% 56% 44% 55% 45% 47% 53% 25% 75% 12% 88% 100% Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q E 2016E 2017E Underground Open Pit incl. Stockpile Mill Grade Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Gold ounces produced 28,281 29,252 30,099 33,106 35,104 40,166 40,538 40,945 38,098 39,365 Total cash costs per oz. (1,2) $694 $716 $666 $850 $1,009 $871 $723 $719 $745 $697 All in sustaining costs per oz. (1,2) $1,059 $1,254 $1,357 $1,270 $1,315 $1,144 $959 $912 $987 $1,008 Underground mine Tonnes mined per day 1,130 1,611 1,417 2,590 2,611 3,595 3,753 4,140 4,130 5,149 Grades (g/t) Development metres 1,941 2,445 2,620 2,986 3,772 3,545 3,269 3,438 3,409 3,789 Mill processing facility Tonnes processed per day 6,466 7,017 6,747 6,969 7,163 8,230 7,670 7,757 7,186 7,677 Grades (incl. open pit stockpile) Recoveries (%) 86% 85% 89% 88% 87% 88% 90% 88% 86% 88% 1 Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 2 Excludes Net Realizable Value ( NRV ) inventory adjustments. See associated MD&A for a full reconciliation. 13

14 Young Davidson Favourable Canadian Dollar Exposure Gold Price Remains Strong in Canadian Dollar Terms $1,700 $1,600 Gold (US$/oz) Gold (C$/oz) $1,500 Gold Price $1,400 $1,300 $1,200 $1,100 $1,000 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep % of Costs are in Canadian Dollars Source: Factset Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 14

15 Mulatos Our Founding Operation Location: Sonora State, Mexico Ownership: 100% interest Stage: Producing Operation: Open pit, heap leach & high grade mill Mine life of 7 years based on YE 2014 reserves Generated ~$350m in free cash flow to date Large exploration package (30,325 ha/117 sq. miles) E Q1/15A Q2/15A Gold Production (k oz) Cash Operating Costs 1 (US$/oz) $639 $800 $728 $798 Total Cash Costs 1 (US$/oz) $703 $865 $805 $861 AISC 1 (US$/oz) $1,022 $1,100 $1,115 $1,154 Gold Reserves & Resources 2 Tonnes (000) Grade (g/t) oz Au (000) P&P Reserves 46, ,732 M&I Resources 80, ,806 Inferred Resources 8, Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 2 See mineral reserve and resource estimates and associated footnotes in appendix. Total cash costs 4% below full year guidance in H Heap leach grades stacked 9% above annual budget Mill improvements on track for stronger high grade production in H Higher recoveries expected in H2 Higher mill throughput expected in H2 ~45kt of high grade stockpiles at end of June 15

16 Mulatos Outlook Lower Costs in 2016 Higher Production, Lower Costs in Open Pit, Heap Leach Grade 2 (g/t) % 19% Guidance Mineral Reserve Grade (2014) Strip Ratio Guidance LOM Remaining Strip Ratio (2014) Low cost production growth from higher grade La Yaqui & Cerro Pelon satellite deposits Average production 33k oz per year Average total cash costs US$490/oz Significant exploration potential with new zones of mineralization recently discovered 3 Multiple high grade intercepts encountered in new zone at Cerro Pelon including: 14.47g/t Au over 50.3m 9.65 g/t Au over 34.6m 1 Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 2 See mineral reserve and resource estimates and associated footnotes in appendix. 3 See press release dated September 21, 2015 Alamos Announces Discovery of New Zones of Mineralization at Cerro Pelon and La Yaqui. 16

17 El Chanate Consistent Gold Producer Location: Sonora State, Mexico Ownership: 100% interest Stage: Producing Operation: Open pit, heap leach Consistent annual production of up to 75k oz Au since 2011 Record production of 23.2k oz in Q E Q1/15A Q2/15A Gold Production (k oz) Total Cash Costs 1,3 (US$/oz) $669 $ $585 $621 AISC 1,3 (US$/oz) $1,121 $950 1,050 $1,043 $878 Gold Reserves & Resources 2 Tonnes (000) Grade (g/t) oz Au (000) P&P Reserves 27, M&I Resources 2, Inferred Resources Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 2 See mineral reserve and resource estimates and associated footnotes in appendix. 3 Excludes Net Realizable Value ( NRV ) inventory adjustments. See associated MD&A for a full reconciliation. 17

18 2012 Positive Pre feasibility Study Summary 1 Kirazlı Ağı Dağı Turkey Low Cost Production Growth Location: Turkey Ownership: 100% interest Stage: Development Operation: Open pit, heap leach Kirazlı & Ağı Dağı EIA approvals reinstated New mining law supportive of industry Forestry fees recently reduced Mine Life Years 5 7 Average Annual Production oz Au 99, ,000 oz Ag 601, ,000 Average Throughput tpd 15,000 30,000 Average grade g/t Au Total Cash Costs 2 US$/oz $515 $611 Pre production Capex US$m $146.1 $278.3 Total Capex US$m $165.7 $326.6 Çamyurt significant upside to 2012 PFS Pit constrained M&I mineral resource of 508,641 oz grading 0.89 g/t Au 3 Grades 62% higher than Ağı Dağı 1 Please refer to press release dated June 28, 2012 on Turkey PFS and Çamyurt initial mineral resource estimate. 2 Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 3 See mineral reserve and resource estimates and associated footnotes in appendix. 18

19 Esperanza Gold Project Significant Growth Potential Location: Morelos State, Mexico Ownership: 100% interest Stage: Development Operation: Open pit, heap leach Excellent infrastructure; low technical risk Low capital intensity and operating costs Average annual production potential > 100,000 oz All in sustaining costs expected to be lowest quartile 1 Cutoff Tonnes Grade Contained Ounces (g/t Au) (000) (g/t Au) (g/t Ag) (000 Au) (000 Ag) Measured & Indicated , ,158 10,243 Inferred Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. 2 See mineral reserve and resource estimates and associated footnotes in appendix. 19

20 Lynn Lake Project High Grade, Open Pit Location: Manitoba, Canada Ownership: 25% interest (earn in up to 60%) Stage: Feasibility Operation: Open pit Strategic, low risk opportunity in early stage, highly prospective Lynn Lake Mining District One of the highest grade open pit deposits in Canada with significant exploration potential Existing infrastructure in place, low power rates of C$0.027/kwh 2014 Preliminary Economic Assessment Highlights (1) Mine Type Open Pit Au Grade (g/t) 2.2 Au M&I Resources (MM oz) 1.5 Avg. LOM Annual Mill Production (k oz) 145 Avg. LOM Cash Costs (C$/oz) $530 Initial Capex (C$MM) $185 Projected Mine Life (years) 12 NPV5% (C$MM) $257 Metal Price Assumptions (US$/oz) Au $1,100 / Ag $18 Life of Mine Production Profile (1) Carlisle Goldfields Acquisition Supersedes earn in agreement consolidating 100% interest in Lynn Lake Terms: Alamos common share & Alamos warrant per Carlisle share Total net consideration ~US$22.1 million Carlisle shareholder meeting mid December 1 For more information regarding the Lynn Lake District, please refer to the press release issued by Carlisle Goldfields dated February 27, 2014 titled Carlisle Announces Optimized PEA of the Farley and MacLellan deposits at Lynn Lake returns Post Tax IRR of 26.3% at US$1,100 gold price. 2 Please refer to Cautionary Notes on non GAAP Measures and Additional GAAP Measures. Gold (k ounces per year) Life of Mine (years) 20

21 Quartz Mountain Property Compelling Opportunity Location: Oregon, United States Ownership: Right to earn a 100% interest Stage: Advanced Exploration Located on northern extension of the prolific Basin and Range Province of Nevada Low strip ratio, favourable metallurgy 2 8,000m exploration program underway Acquisition cost $3.5m. Additional C$3m due on completion of feasibility study & C$15m or 2% NSR upon successful permitting Inferred Resource 1 Cutoff Tonnes Grade Contained Ounces (g/t Au) (000) (g/t Au) (000 Au) Total Oxide , ,297 Total Sulphide , ,551 Total Project n/a 110, ,848 Crone Hill Quartz Butte 1 See mineral reserve and resource estimates and associated footnotes in appendix. 2 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,

22 22 Alamos Investment Case Diversified intermediate gold producer Strong, low cost growth profile Strong balance sheet to support growth Long term track record of delivering shareholder value Catalysts Q2 2014: Acquired surface rights at La Yaqui & Cerro Pelon Q3 2014: Transitioned to underground mining at San Carlos Q2 2015: Ağı Dağı EIA approval reinstated Q2 2015: Kirazlı EIA approval reinstated Mid 2015: Closing of merger with AuRico Gold H2 2015: Ramp up of high grade mill production at Mulatos H2 2015: Ongoing ramp up of underground throughput at YD

23 Appendices

24 24 Board of Directors and Executive and Management Team Board of Directors Executive and Management Team Alan R. Edwards Chairman John A. McCluskey President and Chief Executive Officer John A. McCluskey Director Jamie Porter Chief Financial Officer Paul J. Murphy Director Peter MacPhail Vice President and Chief Operating Officer Mark J. Daniel Director Christine Barwell Vice President, Human Resources Patrick D. Downey Director Chris Bostwick Vice President, Technical Services David Fleck Director Luis Chavez Senior Vice President, Mexico David Gower Director Andrew Cormier Vice President, Development and Construction Ronald E. Smith Director Greg Fisher Vice President, Finance Kenneth Stowe Director Aoife McGrath Vice President, Exploration Scott Parsons Vice President, Investor Relations

25 Sustainability Completed first Annual Sustainability Report pursuant to GRI framework 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; 2014 marks the 6 th consecutive year for Alamos Certification under International Cyanide Management Code Voluntary initiative for gold mining industry and producers and transporters of cyanide; Alamos certified since March 2013 ISO 9001:2008 Certification International standard for quality management mining systems; 3rd year in a row for Alamos 25

26 26 Young Davidson Long Section Developing the Underground to Support Ramp up of Mining Rate to 8,000 tpd Higher underground mining rates driving: Milled grade higher Production growth Productivity improvements & declining costs Declining capital intensity post ramp up to 8,000 tpd

27 Mulatos District 27

28 Long Life Reserve Base Gold Mineral Reserves & Resources 1 Au oz (millions) P&P Mineral Reserves M&I Mineral Resources Inferred Mineral Resources Mineral Reserves Mineral Reserves & Resources Reserve Life Index (on Operating Assets) 2 Reserve life index (years) DGC ELD NEM AGI AUY KGC GG IMG AEM ABX SMF NGD P LSG 1 See mineral reserve and resource estimates and associated footnotes in appendix. 2 Source: TD Securities Y/E operating gold reserves/2016e gold production; adjusted for asset sales. 28

29 Proven and Probable Mineral Reserves PROVEN AND PROBABLE MINERAL RESERVES 1,2,3,4,5,6,7,8,9,10 AS AT DECEMBER 31, 2014 PROVEN 2 PROBABLE 2 PROVEN + PROBABLE 2 RESERVE TONNES GRADE CONTAINED TONNES GRADE CONTAINED TONNES GRADE CONTAINED AREA (000) (G/T AU) OUNCES (000) (G/T AU) OUNCES (000) (G/T AU) OUNCES Mulatos Mulatos Mine 3, 4, 5 6, ,549 29, ,429 36, ,087,978 UG Reserve , , ,426 Existing stockpiles 5, ,166 5, ,166 La Yaqui 7 1, ,826 1, ,826 Cerro Pelon 8 2, ,525 2, ,525 Total Mulatos 11, ,395 34, ,240,526 46, ,731,921 Young Davidson Surface 2, ,000 2, ,000 Underground 12, ,137,000 30, ,626,000 42, ,763,000 Total Young Davidson 15, ,198,000 30, ,626,000 45, ,823,000 El Chanate Total El Chanate 18, ,000 8, ,000 27, ,000 Total Alamos 45, ,161,395 74, ,040, , ,200,921

30 Total Measured and Indicated Mineral Resources TOTAL MEASURED & INDICATED MINERAL RESOURCES 1,2,3,4,5,6,7,8,9,10,11,12,13,14 AS AT DECEMBER 31, 2014 CUT OFF TONNES GRADE GRADE CONTAINED CONTAINED (G/T AU) (000) (G/T AU) (G/T AG) OUNCES AU OUNCES AG Mexico Mulatos , ,624,686 San Carlos UG ,513 El Realito 0.3 1, ,653 Carricito 0.3 1, ,687 Esperanza , ,083,366 8,936,201 El Chanate 2, ,000 Orion (50%) ,000 5,503,000 Total Mexico 117, ,022,905 14,439,201 Canada Young Davidson (Surface) 1, ,000 Young Davidson (Underground) 13, ,430,000 Lynn Lake (25%) 10, ,000 Total Canada 25, ,156,000 Turkey Ağı Dağı , ,694,736 11,849,336 Kirazli , ,877 9,201,790 Çamyurt , ,641 3,496,404 Total Turkey 140, ,961,254 24,547,530 USA Quartz Mtn. Total USA Total Alamos 9,140,159 38,986,731

31 Total Inferred Mineral Resources TOTAL INFERRED MINERAL RESOURCES 1,3,4,5,6,7,8,9,10,11,12,13,14 AS AT DECEMBER 31, 2014 CUT OFF TONNES GRADE GRADE CONTAINED CONTAINED (G/T AU) (000) (G/T AU) (G/T AG) OUNCES AU OUNCES AG Mexico Mulatos 0.5 6, ,576 San Carlos UG ,743 El Realito ,139 Carricito ,528 Esperanza , ,192 El Chanate ,000 Orion (50%) , ,000 Total Mexico 9, , ,192 Canada Young Davidson (Surface) ,000 Young Davidson (Underground) 3, ,000 Lynn Lake (25%) 12, ,000 Total Canada 16, ,000 Turkey Ağı Dağı , ,214 1,533,608 Kirazli 0.2 5, ,635 1,638,365 Çamyurt 0.2 2, , ,058 Total Turkey 25, ,831 3,690,031 USA Quartz Mtn oxide/ 0.58 sulphide 110, ,848,000 Total USA 110, ,848,000 Total Alamos 4,450,192 4,312,223

32 32 Notes to Mineral Reserve and Resource Estimates Notes to Mineral Reserve Estimates 1) The Company s mineral reserves as at December 31, 2014 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. (2) Tonnes are rounded to the closest 000s and grades are rounded to the closest 0.00 s. (3) The mineral reserve estimate for the Mulatos Mine incorporates the Estrella, Escondida, Puerto del Aire, El Salto, Mina Vieja, El Victor, and San Carlos areas. (4) Mineral reserve cut off grade for the Mulatos Mine is determined as a net of process value of $0.10 per tonne for each model block. The determination was based on a $1,250 per ounce gold price, a December 31, 2014 resource and recovery model, and the 2015 budget costs based on the actual cost figures from current mining operations. (5) Pit contained mineral reserves for the San Carlos include 740,000 tonnes grading 1.33 g/t Au for 31,566 ounces. (6) Underground reserves are design contained and reported at a 3.27 g/t Au cut off grade, with a 5% mining loss and 10% dilution at a 0.0 g/t Au grade, a 75% mill recovery, and an incremental cut off grade of 1.16 g/t Au. (7) Mineral reserve gold cut off grade for the La Yaqui Pit is a 0.30 g/t gold. The determination was based on a $1,250 per ounce gold price, a May 2009 resource model, gold recovery from mining operations, and the 2015 budget costs based on the actual cost figures from mining operations. (8) Mineral reserve gold cut off grade for the Cerro Pelon Pit is determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a $1,250 per ounce gold price, a November 2009 resource model, gold recovery from mining operations, and the 2015 budget costs based on the actual cost figures from mining operations. (9) El Chanate and Young Davidson assumed a gold price of $1,250 per ounce for reserves. (10) Mineral Reserves assume the following cut off grades and process recoveries: Young Davidson Surface: 0.50 gpt cut off, 91% mill recovery Young Davidson Underground: 1.90 gpt cut off, 91% mill recovery El Chanate: 0.15 gpt cut off, 30% 65% leach recovery Notes to Mineral Resource Estimates (1) The Company s mineral resources as at December 31, 2014 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. (2) In pit measured and indicated mineral resource blocks are exclusive of pit contained reserves. Mineral resources are exclusive of mineral reserves. (3) The updated mineral resource estimate at Mulatos incorporates the Estrella, Escondida, Puerto del Aire, El Salto, Mina Vieja, El Victor, and San Carlos areas. (4) Measured and indicated and inferred mineral resources outside of the Mulatos Mine have no economic restrictions and are tabulated by gold cut off grade. (5) Measured and indicated and inferred resources at Carricito and El Realito are pit constrained, applying a $1,400/oz gold price, 55 pit slopes, and a $2.52/t mining cost, $9.11/t process + G&A cost. (6) Measured and indicated and inferred resources for the Ağı Dağı project, which includes the Baba, Ayitepe, Deli, and Fire Tower zones, are pit constrained with cut off determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a US$1,400 per ounce gold price and a US$22.00 per ounce silver price, a December 31, 2013 resource model, pit slope angles ranging from 40 to 48, and estimated costs and recoveries based on the pre feasibility studyspecifications. The resources were then tabulated by gold cut off grade. (7) Measured and indicated, and inferred resources for the Kirazli project, including Rockpile, are pit constrained with cut off `determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a US$1,400 per ounce gold price and a US$22.00 per ounce silver price, a December 31, 2013 resource model, pit slope angles ranging from 38 to 48, and estimated costs and recoveries based on the prefeasibility study specifications. The resources were then tabulated by gold cut off grade. (8) Measured and indicated and inferred resources for the Çamyurt project are pit constrained with cut off determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a $1,400 per ounce gold price and a $22.00/oz silver price, a December 31, 2013 resource model, average pit slope angle of 45, and estimated costs and recoveries based on the pre feasibility study specifications. The resources were then tabulated by gold cut off grade. (9) El Chanate and Young Davidson assumed a gold price of $1,450 per ounce for resources. (10) Lynn Lake assumed a gold price of $1,555 per ounce for resources. (11) Orion assumed a gold price of $850 per ounce and a silver price of $13.00 per ounce for resources. (12) Mineral resources are not mineral reserves and do not have demonstrated economic viability. (13) Orion Mineral Resources are reflected on a 50% basis. Following the completion of a joint venture agreement, Minera Frisco, S.A.B. de C.V. has a 50% interest in the Orion project. (14) Lynn Lake Mineral Resources are reflected on a 25% basis. AuRico acquired a 25% interest in the Lynn Lake properties in November Except as otherwise noted herein, 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 For more information, please refer to the Alamos Gold Inc. and AuRico Gold Inc Annual Information Forms and the technical reports referenced therein and in this presentation, available on SEDAR (

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