ALAMOS GOLD INC.

AGI
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Alamos Gold : Corporate Presentation – November 2020 Download PDF ()

11/19/2020 | 05:43am

Corporate Presentation November 2020

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 www.sedar.com or on EDGAR at www.sec.gov.

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", "schedule", "estimate", "budget", "continue", "potential", "outlook", "plan" 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, capital expenditures, the Company's COVID-19 measures and outlook, Lynn Lake project, and future plans and objectives based on forecasts of future operational or financial results. 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 including the renewal of the Company's mining concessions in Turkey; timely resumption of construction and development at the Kirazlı project; Phase III expansion delays at the Island Gold mine; operations may be exposed to new diseases, epidemics and pandemics, including the effects and potential effects of the global COVID-19 widespread pandemic; the impact of the COVID-19 pandemic on the broader market and the trading price of the Company's shares; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for our operations) in Canada, Mexico, the United States and Turkey; the duration of regulatory responses to the COVID-19 pandemic; governments and the Company's attempts to reduce the spread of COVID-19 which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver gold dore bars; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; changes in foreign exchange rates; the impact of inflation; employee and community relations (including maintaining social license to operate in Turkey); litigation and administrative proceedings; 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); 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), controls or regulations in Canada, Turkey, the United States and other jurisdictions in which the Company does or may carry on business in the future; risk of loss due to sabotage, protests and other civil disturbances; 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 and the Company's ability to achieve the expectations set forth in the forward-looking statements contained in this Presentation are set out in the Company's latest 40F/Annual Information Form and Management's Discussion and Analysis, each under the heading "Risk Factors" available on the SEDAR website at www.sedar.com or on EDGAR at www.sec.gov, 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 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") 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" which differ materially from the definitions in SEC Industry Guide

  1. under the United States Securities Exchange Act of 1934, as amended. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Mineral Reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Disclosure of "contained ounces" in a Mineral Resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "Mineral Reserves" by SEC standards as in place tonnage and grade without reference to unit measures. The SEC has adopted final rules, effective February 25, 2019, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (the "SEC Modernization Rules"). The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide
  1. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to international standards. The SEC Modernization Rules will become mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021.

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-siteall-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 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-siteall-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 www.alamosgold.com.

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 43-101 ("NI 43-101"). The Qualified Persons for the NI 43-101 compliant mineral reserve and resource estimates are detailed in the tables in the appendix of this Presentation.

All figures in US$ unless otherwise indicated.

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2

Strong platform for delivering long-term value

Diversified, long-life

Expanding margins &

Strong, debt-free

Long-term track

gold production from

profitability

balance sheet to

record of creating

three North American

support growth

value for all

mines

stakeholders

2020 - transformational year

  • Island Gold - 0.9 million ounce increase in Mineral Reserves & Resources
  • Young-Davidson- lower mine expansion completed July 2020
  • Island Gold - Phase III Shaft Expansion announced July 2020
  • La Yaqui Grande construction decision announced late July 2020
  • Transitioned to strong free cash flow generation - Q3 2020

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Sustainability - creating shared value for all our stakeholders

Environmental

Social

Governance

o Zero significant environmental incidents in 2019

o Home Safe Every Day program: investing heavily in

o

90% Director Independence

a culture focused on safety first through safety &

o 69% recycled water use

leadership training

o

33% of independent board members comprised of

women

  1. 5% reduction in 2019 GHG intensity per oz of gold
  1. Carbon footprint & energy reduction initiatives o Connecting to grid power at Mulatos
    o Bio-diesel usage at YD & Island Gold o Battery plant project for peak load management at Young-Davidson
  1. 50% reduction in LTIFR in 2019 from 2018 1
  1. Awarded Best Corporate Social Responsibility Practice 2019 from Cemefi, AliaRSE and Forum
    Empresa for Alamos' voluntary relocation program of residents from Mulatos to Matarachi, Mexico
  1. Gender diversity policy: 50% of new director positions to be filled by female candidates
  1. 19% of employees in management positions comprised of women

o Empresa Socialmente Responsable (ESR) - CSR

o Alignment of executive pay to performance &

o Incorporating TCFD recommendations and climate-

Award received from Mexican Center for

shareholder interests

related risk into disclosures

Philanthropy for 12 consecutive years

o Advancement of Alamos' Sustainability

o Adopting innovative technologies: SAGR water

o $16m invested in 2019 towards community

Performance Management Framework

treatment plant at Young-Davidson

initiatives

o Independent annual assurance over compliance

o Responsible tailings management: support of

o Prioritize local employment & procurement

with WGC's Conflict-Free Gold Standard

Investor Mining & Tailings Safety Initiative

o 77% local & 99% in-countryemployment

o $196m spent in 2019 on local suppliers

o Alignment of practices to WGC's Responsible Gold

Mining Principles

1 Lost Time Injury Frequency Rate ("LTIFR") of 0.17 per 200,000 person-hours worked in 2019, down from 0.34 in 2018

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COVID-19: focused on the health & safety of our people & communities

Strict health & safety protocols at each operation

  • We continue to be diligent in taking precautions to help prevent the potential spread of COVID-19
  • All operations have returned to normal operating levels under strict health & safety protocols
  • On-sitetesting for COVID-19 implemented at Island Gold and Mulatos

COVID-19 testing facility at Island Gold

Supporting our communities

  • Our teams in Canada, Mexico, and Turkey have donated their time, medical equipment & supplies, food & funds to support:
    • Hospitals & medical clinics
    • Frontline workers
    • Vulnerable members of our communities

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Q3 2020 results - record free cash flow; well positioned to achieve guidance

Q3 2020A

Q3 2019A

Q3 YTD

Q3 YTD

Revised 2020

2020A

2019A

Guidance6

Gold production (000 oz)

117.1

121.9

306.4

372.4

405-435

Gold sales (000 oz)

116.0

119.4

302.5

367.6

-

Average realized gold price (US$/oz)

$1,882

$1,448

$1,724

$1,352

-

Cost of sales (US$/oz, includes amortization)1

$1,057

$1,066

$1,144

$1,049

$1,160

Total cash costs (US$/oz)3

$681

$730

$772

$720

$780-820

All-in sustaining costs (US$/oz)2,3

$949

$950

$1,052

$944

$1,030-1,070

Operating revenues (US$M)

$218

$173

$522

$497

-

Adjusted net earnings (US$M)3

$57

$23

$96

$51

-

Adjusted earnings per share3

$0.15

$0.06

$0.25

$0.13

-

Cash provided by operations

$130

$80

$256

$211

-

before changes in working capital (US$M)3

Cash flow per share3

$0.33

$0.20

$0.66

$0.54

-

Capital expenditures (US$M)4

$55

$66

$173

$191

$205-235

Mine-site free cash flow (US$M)3

$83

$24

$103

$44

-

Consolidated free cash flow (US$M) 3

$76

$2

$64

($8)

Cash & cash equivalents (US$M)5

$274

$183

$274

$183

-

1

Cost of sales includes mining and processing costs, royalties and amortization

4 Includes capitalized exploration of $2.9m in Q3/20, $4.3 m in Q3/19, $8.8m in the first nine months of 2020,

2

Total consolidated all-in sustaining costs include corporate and administrative and share based

$11.7m in the first nine months of 2019

compensation expenses. For the purposes of calculating all-in sustaining costs at individual mine sites, the

5 Comparative cash & cash equivalents period as of December 31, 2019

Company does not include corporate and administrative and share based compensation expenses

6 2020 guidance revised on July 29, 2020 reflecting COVID-19 related temporary operational suspensions &

3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

delays during Q2 2020

63%

Increase in operating cash flow3 to record $130m in Q3 2020

$76m

record quarterly free cash flow3

33%

Increase in dividend to an annual rate of $0.08/sh starting December 2020

Debt-free

Repaid $100m drawn on revolving credit facility October 2020

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Sustainable business model that can support growing returns over the long-term

Strong free cash flow outlook

  • Completion of lower mine expansion at Young-Davidson
  • Strong ongoing performances from Island Gold & Mulatos
  • $76m free cash flow1 in Q3 2020

Return capital to shareholders

  • 33% increase in dividend to $0.08/sh annually
  • 300% increase in dividend since 2018
  • Share buyback

Strengthen balance sheet

  • $73m increase in cash to $274m at end of Q3 2020
  • Maintain minimal to no debt - repaid revolver in October

Re-invest in high-return internal growth projects

  • Island Gold Phase III Expansion
  • La Yaqui Grande

Balanced approach to capital allocation supporting growth & higher returns to shareholders

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

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Diversified asset base; low political risk profile

Lynn Lake, Canada

Island Gold Mine Ontario, Canada

~500k oz1

Canada

100%

70%

Mexico

North American gold production

30%

Young-Davidson Mine

Ontario, Canada

Quartz Mountain, USA

Mulatos Mine

Sonora, Mexico

Esperanza, Mexico

Producing Assets

Exploration / Development Assets

  1. Approximate production from existing operations and geographical distribution starting 2021
  2. Source: Consensus analyst estimates
  3. Proven & Probable Mineral Reserves total 9.7 million ounces of gold (202.7 mt at 1.49 g/t Au)
  4. Average mine life based on existing operating mines

5Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

Turkish Development

85%

Projects

Consensus Net Asset Value North American including 70% Canadian2

12 year

Average mine life supported by 9.7m oz Mineral Reserve base3,4

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Young-Davidson - lower mine expansion driving strong free cash flow growth

  • One of Canada's largest underground gold mines
  • Transition to new, larger infrastructure completed July 2020
  • $11m mine-site free cash flow Q3/20; strong growth expected Q4/20
  • Production expected to increase to ~200k oz in 2021 at significantly lower costs
  • Capital trending lower to rate of $40-$50m per year

Total capital (US$m)

Operating cash flow (US$m)1

Mine-site free cash flow (US$m)1

$114

$113

$99

$98

$84

$51

$34

$4

$11

$13

-$24

-$31

-$95

-$80

-$87

-$82

-$108

-$100

2015A

2016A

2017A

2018A

2019A

2020 Q3 YTD

Northgate shaft

Underground mining rate (tpd)

shutdown to complete

lower mine expansion

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Q1/14

Q2/14

Q3/14

Q4/14

Q1/15

Q2/15

Q3/15

Q4/15

Q1/16

Q2/16

Q3/16

Q4/16

Q1/17

Q2/17

Q3/17

Q4/17

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

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Young-Davidson - transition to lower mine infrastructure completed July 2020

Upper mine infrastructure

Lower mine infrastructure

Lower mine infrastructure larger, more productive & highly

automated

Upper mine

Lower mine

%

infrastructure

infrastructure

Change

Timeline

Pre-July 2020

Long term - July

2020 onward

Design ore

6,000 tpd

8,000 tpd

+33%

capacity

Skip capacity

17.5t

24.5t

+40%

Fine ore bin

500t

6,000t

+1,100%

capacity

Lateral material

Trucking

Conveying

handling

Avg. stope size

24kt

37kt

+54%

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Island Gold - multi-phase growth

  • One of Canada's highest grade gold mines
  • Phase I expansion: record production of 150k oz & mine-site free cash flow of $65m in 2019
  • Phase II expansion: mining rates increasing to 1,200 tpd in 2020
    • Record $70m mine-site free cash flow generated Q3 2020 YTD
  • Phase III Shaft Expansion: mining rates increasing to 2,000 tpd in 2025

1

Total capital (US$m)

2

$133

Operating cash flow (US$m)

$124

2

Mine-site free cash flow (US$m)

$76

$65

$70

$59

$41

$15

$26

$10

-$2

-$27

-$33

-$42

-$43

-$54

-$66

-$69

2015A

2016A

2017A

2018A

2019A

2020 Q3 YTD

  1. Includes capitalized exploration
  2. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
  3. Operating results from Island Gold prior to its acquisition have 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, 2017

Growing production; declining cost profile 2,3

$803

$587

$589

$470

$495

150

99

106

83

55

2015A

2016A

2017A

2018A

2019A

Gold Production (k oz)

Total Cash Costs

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Island Gold - ongoing exploration success driving growth in size & quality

Significant Growth in Mineral Reserves & Resources Since November 2017 Acquisition

4,000

3,000

Mineral Reserves

M&I Mineral Resources Inferred Mineral Resources Mineral Reserve grade

12

10

koz Au

Cumulative oz produced

2,298

2,000

1,573

996

908

184

1,000

768

111

196

1,037

1,003

91

67

564

72

752

887

1,007

1,215

219

562

233

154

111

-

172

141

144

184

201

243

277

319

374

457

556

662

812

2011

2012

2013

2014

2015

2016

2017

2018

20192

+62%

or 463k oz increase in Mineral Reserves, net of mining depletion3

8

6

Au)

4

Grade (g/t

+131%

or 1.3m oz increase in Inferred Mineral

Resources3

~C$20/oz

Discovery cost over past five years

  1. See Mineral Reserve and Resource estimates and associated footnotes in appendix
  2. Includes Proven & Probable Mineral Reserves of 1.2m oz (3.6 mt at 10.37 g/t Au), Measured & Indicated Mineral Resources of 184,000 oz (0.9 mt at 6.51 g/t Au) & Inferred Mineral Resources of 2.3m oz (5.4 mt at 13.26 g/t Au)
  3. Since completion of acquisition of Island Gold in November 2017

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Island Gold - Phase III Shaft Expansion to 2,000 tpd

Strongest economics of five options considered

Highest annual production & lowest operating costs

Lowest combined LOM capital & operating costs

Most efficient & productive option

(oz)

Lowest headcount, mobile equipment, carbon intensity

production

Best upside to further Mineral Reserve & Resource growth

Mining below 1,400 m more efficient under shaft scenario

Gold

Expansion self financed by Island Gold at $1,750/oz Au

Phase III Expansion Operating Parameters & Economics6

Average annual production (000 oz)5

236

Average mine-site AISC (US$/oz)4,5

$534

Growth capital (US$M)

$514

Gold price assumption (US$/oz)

$1,450

$1,750

Average annual free cash flow (US$M)4,5

$170

$210

After-tax NPV5% (US$M)1

$1,019

$1,450

After-tax IRR1,2

17%

22%

  1. NPV and IRR are calculated for life of mine starting January 2020
  2. IRR is calculated on the differential after-tax cash flow between the Shaft Expansion scenario and the base case of continuing to mine at 1,200 tpd with ramp only access
  3. Acquisition cost based on the value of Richmont Mines on closing ($627 million), net of $58 million in cash on its balance sheet. Royalty repurchase in totaled $55 million
  4. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
  5. Annual averages are post completion of Shaft Expansion in 2025.
  6. Foreign exchange rate of US$/C$ is assumed to be 0.75:1

Shaft Expansion production & cost profile 4

350,000

$1,000

300,000

$900

$800

(US$/oz)

250,000

$700

200,000

AISC

$600

150,000

site-Mine

$500

100,000

$400

50,000

$300

-

$200

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

4

Gold Production (oz)

Mine-site AISC (US$/oz)

$1.45B

NPV5% & 22% IRR (after-tax; $1,750/oz Au)1,2,6

$624M

combined 2017 acquisition cost & 2020 royalty repurchase3

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Mulatos District - stable production; declining cost profile

  • Founding asset; produced 2 millionth oz of gold in 2019
  • Declining cost profile; connection to grid power & development of La Yaqui Grande
  • Cerro Pelon built for $25m in 2019; strong contributor to $64m mine-site FCF Q3 2020 YTD
  • La Yaqui Grande fully permitted, low-cost, high return project
    • Five-yearmine life with initial production expected Q3 2022
    • Expected to keep Mulatos production at ~150k oz per year at lower costs
    • Total initial capital expected to be self-financed by Mulatos at $1,750/oz Au

1

Total capital (US$m)

2

Operating cash flow (US$m)

2

Mine-site free cash flow (US$m)

$60

$86

$64

$71

$64

La Yaqui Grande

$27

$17

$36

$20

$42

Average annual production (000 oz)3

123

Average mine-site AISC (US$/oz)2,3

$578

Initial capital (US$M)3

$137

Total LOM capital (US$M)3

$196

-$13

-$29

-$22

-$33

-$35

-$47

-$44

-$54

2015A

2016A

2017A

2018A

2019A

2020 Q3 YTD

  1. Includes capitalized exploration
  2. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
  3. See La Yaqui Grande construction decision press release dated July 28, 2020 for more details. Base case assumptions for gold and silver price were $1,450 and $18 per ounce, respectively

Gold price assumption (US$/oz)

$1,450

$1,750

After-tax NPV5% (US$M)2,3

$165

$260

After-tax IRR 2,3

41%

58%

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Peer leading, multi-stage, fully funded growth

Young-Davidson

Island Gold

Quartz Mountain

Esperanza

Lynn Lake

13%

After-tax IRR ($1,250/oz Au)1

Çamyurt

253%

After-tax IRR ($1,250/oz Au)1

Ağı Dağı

39%

After-tax IRR ($1,250/oz Au)1

Kirazlı

44%

After-tax IRR ($1,250/oz Au)1

Completion of lower mine expansion in July 2020

13

year reserve life2

Phase II & Phase III expansions

16

year mine life with Phase III expansion

Longer term

value creation

opportunities

Peer leading,

high-return

growth; after- tax IRR 20%+ at $1,450/oz Au1

Long-life,North

American

production;

declining cost &

Mulatos

Development of higher grade La Yaqui Grande deposit; lower cost grid power

8

capital profile

year reserve life2

1 For more details on Turkish and Lynn Lake projects, see press releases dated February 15 & 22, 2017 and December 14, 2017, respectively. Base case assumptions for gold and silver price were $1,250 and $16 per ounce, respectively.

2 Mineral Reserve life based on Mineral Reserves as of December 31, 2019. See Mineral Reserve and Resource estimates and associated footnotes in appendix

TSX:AGI ǀ NYSE:AGI

15

Growth: Lynn Lake Project - low cost, high-grade, open pit

  • Favourable jurisdiction: Manitoba, Canada
  • High-grade,open pit with significant exploration potential across large land package (58,000 ha)
  • Existing infrastructure in place; low-cost hydroelectric power
  • Feasibility Study completed December 2017
  • Environmental Impact Statement submitted Q2 2020; Indigenous community engagement underway
  • Construction decision expected 2022

Gold Price ($/oz)

After-Tax NPV5% ($M)1

After-Tax IRR (%)1

$1,250

$123

12.5%

$1,400

$223

18.0%

$1,500

$290

21.5%

$1,750

$441

28.8%

$1,950

$572

34.8%

  1. See Lynn Lake December 2017 feasibility study as detailed in press release dated December 14, 2017 for more details. Base case assumptions for gold and silver price were $1,250 and $16 per ounce, respectively.
  2. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

170k oz

Average annual production over initial six years; 143koz average over 10 year life1

$338M

Initial capital; $486M total LOM capital1

$745/oz

Average LOM mine-site AISC1,2

22%

After-tax IRR at $1,500/oz gold price2

TSX:AGI ǀ NYSE:AGI

16

Growth: Turkish Development Projects - low-cost,high-return, fully funded

  • Kirazlı construction activities suspended pending renewal of mining concessions which expired October 13, 2019
  • Delay in concession renewal related to protests following a social media misinformation campaign
  • All conditions for concession renewal have been met
  • Federal Government & local communities supportive
  • ~$32m spent to date of initial capital estimate for Kirazlı of $152m1
  • Updated timeline and budget to be provided following renewal of concessions & restart of construction

2017 Economic Studies1

After-Tax NPV8% ($M)

After-Tax IRR (%)

Gold Price ($/oz)

Kirazlı

Ağı Dağı

Çamyurt

Kirazlı

Ağı Dağı

Çamyurt

Feasibility Study

Feasibility Study

PEA

Feasibility Study

Feasibility Study

PEA

$1,250

$187

$298

$86

44%

39%

253%

$1,450

$256

$408

$113

55%

48%

322%

$1,750

$345

$551

$154

70%

60%

424%

$1,950

$400

$642

$179

78%

67%

489%

1 Please refer to press releases dated Feb 15 and Feb 22, 2017 regarding Kirazli & Agi Dagi feasibility studies & Camyurt preliminary economic assessment. Base case assumptions for gold and silver price were $1,250 and $16 per ounce, respectively.

TSX:AGI ǀ NYSE:AGI

17

2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

US$174 million
US$674 million US$0
392.7 million
400.6 million C$12.16
~C$4.8 billion
33%
Increase in quarterly dividend to be paid December 2020

Strong balance sheet; long-term focus on returning capital to shareholders

Cash & Total Liquidity

Balance Sheet

Cash & Cash Eq.1,2

$174m

$674M1,2,3

Total Liquidity3

Total Debt2

Capital Structure

Shares Outstanding (Basic)

$500m

Shares Outstanding (Fully Diluted)

Recent Share Price (TSX)4

Undrawn Credit Facility

Cash & cash equivalents

As of September 30, 2020

Market Capitalization

Long-term track record of returning capital to shareholders

$0.02

$0.02

per share

Dividends per share Share buybacks per share

5

US$

$0.20

$0.20

$0.20

$0.12

$0.07

$0.04

2010

2011

2012

2013

2014

2015

  1. Unaudited as of September 30, 2020
  2. Cash & cash equivalents and debt as of September 30, 2020, adjusted for repayment of $100m on revolving facility on October 16, 2020
  3. Total liquidity includes cash, and cash equivalents as of September 30, 2020 and $500m credit facility, adjusted for repayment of $100m

on revolving credit facility on October 16, 2020

$0.01

$179M

$0.03

$0.08

$0.07

Returned to

$0.04

$0.02

$0.02

$0.02

2016

2017

2018

2019

6

7

shareholders through

2020E

2021E

dividends & buybacks

4 As of October 29, 2020

5 Calculated as total dollar amount invested in share buybacks divided by average shares outstanding over the period

6

2020E dividend based on quarterly dividend rate of $0.015 per share in the first, second and third quarter and $0.02 per share in the fourth quarter

18

7

TSX:AGI ǀ NYSE:AGI

2021E dividend based on quarterly dividend rate of $0.02 per share

Track record of adding value on aggregate & per share basis

Gold Production (000 oz Au)

+254%

495

140

2014A

2019A

Gold Production Per Share

(oz x 1000)

+15%

1.27

1.10

2014A

2019A2

  1. See Mineral Reserve and Resource estimates and associated footnotes in appendix
  2. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

Mineral Reserves (M oz Au)

+460%

9.7

1.7

1

2014A

2019A

Gold Reserves Per Share

(oz x 1000)

+83%

24.93

13.60

2014A

2019A 2

Cash provided by operations before changes in WC (US$M)

+482%

$297

$51

2014A

2019A2

Cash Flow Per Share

(US$, basic)

+90%

$0.76

$0.40

2014A

2019A2

TSX:AGI ǀ NYSE:AGI

19

Long-term track record of delivering shareholder value

Long-term track record of

outperformance

Average annualized return since 2003 1

15%

10%

3%

AGI (TSX)

S&P/TSX Global Gold

Gold (US$/oz)

Index

1.44

2

Consensus P/NAV

1.34

1.33

1.04

1.04

0.89

0.86

0.81

0.75

0.70

0.60

0.47

0.38

PAAS

Sr

BTO

YRI

NGD

SSRM

Int

AGI

EQX

CG

ELD

IMG

OGC

Average

Average

Strong outlook; compelling valuation opportunity

1 As of October 29, 2020

TSX:AGI ǀ NYSE:AGI

20

2 Source: Factset consensus estimates as of October 28, 2020. Intermediate average includes BTO, CG, ELD , EQX, IMG, NGD, PAAS, OGC, SSRM, YRI

Alamos - value creation opportunities

Diversified, long-life gold

Expanding margins &

production

profitability

Catalysts

Young-Davidson - lower mine expansion completed July 2020

Island Gold - Phase III expansion study completed July 2020

La Yaqui Grande - construction decision July 2020

Transition to strong free cash flow growth - H2 2020

Island Gold - ongoing exploration

Strong balance sheet to

Long-term track record

support growth

of creating value for all

stakeholders

TSX:AGI ǀ NYSE:AGI

21

Appendices

Board of Directors, Executive and Management Team

Board of Directors

Paul J. Murphy

John A. McCluskey

Elaine Ellingham

David Fleck

David Gower

Claire M. C. Kennedy

Monique Mercier

J. Robert S. Prichard

Ronald E. Smith

Kenneth Stowe

Chairman

Director

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

Nils Engelstad

Greg Fisher

Scott K. Parsons

Scott R.G. Parsons

Adrian Paulse

Rebecca Thompson

Colin Webster

VP, General Counsel

VP, Finance

VP, Investor Relations

VP, Exploration

VP, Information Technology

VP, Public Affairs

VP, Sustainability & External Affairs

23

Revised 2020 guidance

Revised 2020 Guidance5

Previous 2020

Guidance4,5

Young-Davidson

Mulatos

Island Gold4

Other

Total4

Total

Gold production (000's oz)

135-145

140-150

130-140

-

405-435

425-465

Cost of Sales (in millions) (3)

$209

$165

$113

-

$487

$491

Cost of Sales ($ per ounce) (3)

$1,490

$1,135

$840

-

$1,160

$1,103

Total cash costs ($ per ounce) (1)

$990-1,030

$840-880

$480-520

-

$780-820

$757-797

All-in sustaining costs ($ per ounce) (1)

-

-

-

-

$1,030-1,070

$1,007-1,047

Mine-siteall-in sustaining costs ($ per ounce) (1),(2)

$1,180-1,220

$940-980

$740-780

-

-

-

Amortization costs ($ per ounce) (1)

$480

$275

$340

-

$365

$340

Corporate & Administrative (in millions)

-

-

-

-

$20

$20

Capital expenditures (in millions)

Sustaining capital(1)

$30-35

$15-20

$35-40

-

$80-95

$80-95

Growth capital(1)

$45-50

$15-20

$35-40

$10

$105-120

$75-85

Capitalized exploration(1)

$1

-

$15

$4

$20

$25

Total capital expenditures(1)

$76-86

$30-40

$85-95

$14

$205-235

$180-205

  1. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.
  2. For the purposes of calculating mine-siteall-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.
  3. Cost of sales includes mining and processing costs, royalties, and amortization expense, and is calculated based on the mid-point of total cash cost guidance.

4 Island Gold and consolidated total cash costs and AISC reduced following repurchase and cancellation of 3% NSR royalty at Island Gold on March 16, 2020

TSX:AGI ǀ NYSE:AGI

24

5 2020 guidance revised on July 29, 2020 reflecting COVID-19 related temporary operational suspensions & delays during Q2 2020

Revised 2020 guidance - capital budget

Revised 2020 Guidance2

Previous 2020

Guidance2

Sustaining Capital

Growth Capital

Total

Total

Operating Mines (US$M)

Young-Davidson

$30-35

$45-50

$75-85

$75-85

Island Gold

$35-40

$35-40

$70-80

$50-60

Mulatos

$15-20

$15-20

$30-40

$20-25

Total - Operating Mines

$80-95

$95-110

$175-205

$145-170

Development Projects (US$M)

Turkey

-

$5

$5

$5

Lynn Lake

-

$3

$3

$3

Other

-

$2

$2

$2

Total - Development Projects

-

$10

$10

$10

Capitalized Exploration (US$M)

Young-Davidson

-

$1

$1

$1

Island Gold

-

$15

$15

$19

Mulatos

-

-

-

-

Lynn Lake

-

$4

$4

$5

Total - Capitalized Exploration

-

$20

$20

$25

Total Consolidated Budget

$80-95

$125-140

$205-235

$180-205

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

TSX:AGI ǀ NYSE:AGI

25

2 2020 guidance revised on July 29, 2020 reflecting COVID-19 related temporary operational suspensions & delays during Q2 2020

Young-Davidson - flagship, long-life production

Location: Ontario, Canada

Stage: Producing

Ownership: 100% interest

Operation: Underground

  • One of Canada's largest underground gold mines
  • 13 year mine life based on YE 2019 mineral reserves
  • Large resource base & exploration potential to support mine life extension
  • Significant Canadian dollar exposure; ~95% of costs

2018A

2019A

2020E4

Q3/20A

YTD 2020A

Gold Production (k oz)

180.0

188.0

135-145

36.4

88.2

Cost of Sales1 (US$/oz)

$1,266

$1,224

$1,490

$1,421

$1,617

Total Cash Costs2 (US$/oz)

$822

$800

$990-1,030

$923

$1,145

Mine-site AISC2 (US$/oz)

$1,017

$1,047

$1,180-1,220

$1,196

$1,370

Total Capital5 (US$m)

$87

$100

$76-86

$26

$82

Mine-site FCF2 (US$m)

$11

-

-

$11

($31)

Gold Reserves & Resources3

Tonnes

Grade

oz Au

(000)

(g/t Au)

(000)

P&P Mineral Reserves

37,710

2.60

3,146

M&I Mineral Resources

11,273

3.30

1,197

Inferred Mineral Resources

1,360

2.40

105

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

See Mineral Reserve and Resource estimates and associated footnotes in appendix

4

2020 guidance revised on July 29, 2020 reflecting COVID-19 related temporary operational suspensions & delays during Q2 2020

TSX:AGI ǀ NYSE:AGI

26

5

Includes capitalized exploration

Young-Davidson - lower mine expansion to drive costs lower

H2 2020E mining cost per tonne

C$50/t

Upper mine

Lower mine

Incremental improvement

Lateral material handling

trucking

conveying

C$2.00/tonne; excluding productivity

improvements

LOM

Mid shaft ore trucking from below

trucking

n/a

C$1.00/tonne

9590 L

decrease

Fine ore bin capacity

500t

6,000t

No hoisting downtime between

blasting & shift changes

C$10/t

Skip size

17.5t

24.5t

+ 2,343 tpd capacity

6 km less development; C$20 million

Sub level spacing

30m

35m

capital plus C$0.25/tonne operating

cost savings

less stopes mined

Average stope size

24,000t

37,000t

(slots/binder/cablebolts)

(C$0.25/tonne)

Economies of scale

6,500 tpd

8,000 tpd

Fixed costs across more tonnes

(C$6.50/tonne)

Long term average mining cost per tonne

C$40/t

TSX:AGI ǀ NYSE:AGI

27

Young-Davidson - increasing mining rates & productivity

Underground ramp up driving production higher

Gold production (oz)

60,000

8,000

50,000

7,000

40,000

6,000

30,000

5,000

20,000

4,000

10,000

3,000

0

2,000

Q3/14

Q4/14

Q1/15

Q2/15

Q3/15

Q4/15

Q1/16

Q2/16

Q3/16

Q4/16

Q1/17

Q2/17

Q3/17

Q4/17

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

Underground TPD

Gold ounces produced

Tonnes mined per day

Q2/15

Q3/15

Q4/15

Q1/16

Q2/16

Q3/16

Q4/16

Q1/17

Q2/17

Q3/17

Q4/17

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

Gold production (oz)

39,365

38,201

44,694

39,065

42,644

43,629

44,662

40,400

47,300

55,800

56,500

41,000

39,100

49,000

50,900

45,000

45,000

50,000

48,000

28,700

23,100

36,400

Cost of sales1 (US$/oz)

$1,298

$1,165

$986

$1,058

$1,182

$1,032

$1,077

$1,148

$1,113

$966

$1,107

$1,273

$1,350

$1,276

$1,184

$1,293

$1,278

$1,191

$1,149

$1,515

$2,059

$1,421

Total cash costs per oz. (2,3)

$697

$681

$617

$616

$738

$607

$667

$710

$677

$572

$690

$824

$890

$824

$764

$839

$822

$781

$766

$1,093

$1,564

$923

Mine-site AISC per oz.(2,3)

$1,008

$979

$980

$846

$965

$849

$926

$851

$895

$744

$859

$994

$1,083

$1,029

$974

$1,068

$1,077

$960

$1,083

$1,242

$1,809

$1,196

Underground mine

Tonnes mined per day

5,149

5,081

5,911

5,776

6,123

5,467

6,675

6,400

6,377

6,544

7,227

6,501

6,087

6,005

6,402

6,540

6,728

6,606

7,000

4,290

2,686

6,713

Grades (g/t)

2.6

2.6

2.6

2.6

2.4

2.8

2.4

2.6

2.6

2.9

2.7

2.4

2.4

2.6

2.7

2.5

2.4

2.6

2.7

2.2

2.5

2.24

Development metres

3,789

3,619

3,769

3,490

3,168

2,677

3,044

3,242

3,425

3,344

2,776

3,144

3,079

2,811

2,975

2,900

2,877

2,817

2,925

3,202

2,894

3,231

Unit UG mining costs (US$/t)

$33

$32

$294

$31

$34

$34

$32

$36

$33

$34

$34

$43

$41

$41

$38

$39

$40

$39

$39

$57

$82

$34

Unit UG mining costs (CAD$/t)

$41

$41

$384

$42

$44

$45

$42

$47

$44

$43

$44

$54

$53

$54

$51

$52

$53

$51

$51

$77

$114

$45

Mill processing facility

Tonnes processed per day

7,677

7,680

7,630

7,342

7,006

6,833

7,552

7,718

6,917

7,553

7,786

7,437

6,574

7,293

8,104

6,777

7,516

7,124

6,761

5,107

4,344

6,430

Grades (inc. OP stockpile)

2.0

1.9

2.2

2.1

2.1

2.4

2.2

2.2

2.5

2.7

2.6

2.2

2.2

2.4

2.4

2.5

2.3

2.5

2.7

1.9

1.85

2.19

Recoveries (%)

88%

92%

91%

90%

92%

93%

90%

89%

92%

93%

92%

90%

92%

93%

92%

90%

91%

92%

92%

91%

93%

93%

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

TSX:AGI ǀ NYSE:AGI

28

4 Excludes hydro rebate not attributable to Q4/15

Island Gold - high-grade,low-cost production

Location: Ontario, Canada

Stage: Producing

Ownership: 100% interest

Operation: Underground

  • One of Canada's highest grade & lowest cost gold mines
  • Phase III Shaft Expansion to 2,000 tpd announced July 2020
  • Significant upside potential reflecting inclusion of all Mineral Resources & ongoing exploration success
  • Significant exploration potential laterally & at depth

2018A

2019A

2020E7

Q3/20A

YTD 2020A

Gold Production (k oz)

105.8

150.4

130-140

39.6

97.8

Cost of Sales1 (US$/oz)

$1,009

$864

$840

$715

$806

Total Cash Costs2 (US$/oz)

$589

$495

$480-520

$394

$438

Mine-site AISC2 (US$/oz)

$781

$656

$740-780

$575

$653

Total Capital3,4 (US$m)

$51

$53

$70-80

$13

$46

Exploration Spending4 (US$m)

$17

$17

$17

$3

$8

Mine-site FCF2 (US$m)

$10

$65

-

$41

$70

Gold Reserves & Resources5

Tonnes

Grade

oz Au

(000)

(g/t Au)

(000)

P&P Mineral Reserves

3,643

10.37

1,215

M&I Mineral Resources

879

6.51

184

Inferred Mineral Resources

5,392

13.26

2,298

  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 capitalized exploration
  4. Exploration spending in Q3/20 totaled $3.0m including $2.9m of capitalized exploration
  5. See Mineral Reserve and Resource estimates and associated footnotes in appendix
  6. Since 1985
  7. 2020 guidance revised on July 29, 2020 reflecting COVID-19 related temporary operational suspensions & delays during Q2 2020

Highly Productive Gold Mining District

>25 Moz gold produced6

Hoyle Pond, Newmont

>35 Moz in defined reserves

Detour Lake Mine, Detour Gold

Bell Creek, Pan American

ONTARIO

Smooth Rock Falls

Black Fox, McEwen

Cochrane

Timmins West, Pan American

Marathon

Island Gold

Iroquois Falls

Holloway, Kirkland Lake

17

Timmins

Borden, Newmont

Hemlo, Barrick

Holt, Kirkland Lake

Wawa

101

Taylor,

Kirkland Lake

Eagle River, Wesdome

Dome Mine, Newmont

101

144

Magino, Argonaut

Macassa, Kirkland Lake

Lake Superior

Cote, IAMGOLD

Young-Davidson

0

50 100km

17

Porcupine, Newmont

Pamour (PJV), Newmont

Mine/

Project

City

TSX:AGI ǀ NYSE:AGI

29

One of Canada's highest-grade gold mines

Mineral Reserve Grade (g/t Au)

22.1

+62%

14.4

10.4

10.2

10.2

9.2

8.7

8.4

7.0

6.5

6.5

6.4

6.1

5.7

5.3

5.3

5.1

3.1

2.6

1.6

Source: Company filings

TSX:AGI ǀ NYSE:AGI

30

Island Gold Shaft Expansion - cash flow profile at $1,450/oz Au

S2000

$244

$270

$266

$229

$229

$223

$202

$188

$179

$173

$174

$161

$173

$153

$160

$134

$136

$132

$150

$151

$152

$122

$131

$103

$117

$68

$56

$68

$12

-$14

-$15

-$1

-$40

-$35

-$30

-$54

-$47

-$52

-$48

-$42

-$59

-$65

-$77

-$124

-$186

-$162

-$169

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Total capital (US$m)

Operating cash flow (US$m)

After-taxmine-site free cash flow (US$m)

  • Modest investment required at $1,450/oz Au
  • Spending on long lead items starting in 2021
  • $170M average annual after-tax FCF starting in 2025 (post project3)

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

2 LOM capital is from January 1, 2020 onward

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3 Annual average post completion of the shaft expansion in 2025

Island Gold Shaft Expansion - cash flow profile at $1,750/oz Au

S2000

$332

$301

$302

$291

$236

$253

$251

$239

$196

$214

$220

$223

$175

$177

$203

$192

$204

$207

$195

$172

$162

$173

$137

$161

$156

$86

$98

$86

$52

-$15

-$26

-$9

-$40

-$42

-$35

-$30

-$14

-$15

-$1

-$65

-$52

-$48

-$77

-$124

-$186

-$162

-$169

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Total capital (US$m)

Operating cash flow (US$m)

After-taxmine-site free cash flow (US$m)

  • Self-financedat $1,750/oz Au
  • $210M average annual after-tax FCF starting in 2025 (post project3)

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

2 LOM capital is from January 1, 2020 onward

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3 Annual average post completion of the shaft expansion in 2025

Island Gold Shaft Expansion - operating cost by level

Unit mining cost by elevation

Difference

(C$/tonne)

Elevation

R1200

R1600

S2000

S2000 vs

R1200

750m

$106

$104

$96

-$10

1000m

$124

$119

$98

-$26

1250m

$141

$135

$100

-$41

1500m

$159

$150

$102

-$57

  • Ramp access costs will continue to increase as mining goes deeper, limiting exposure to future exploration success at depth

Shaft provides relatively stable costs, protecting against rising costs at depth

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Island Gold Shaft Expansion - detailed mine plan

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Mill Feed mined (tonnes)

410,593

438,000 437,999 437,994 439,198 557,150

719,805

730,000

731,957

729,934

729,951

730,000

731,947

730,000

721,154

296,654

Waste mined (tonnes)

342,999

440,063

611,313

688,082

478,034

317,066

336,839

471,093

414,888

371,636

255,838

190,337

32,774

571

-

-

Total tonnes mined

753,592

878,063

1,049,312 1,126,076

917,233

874,216

1,056,643 1,201,093 1,146,845 1,101,570

985,789

920,337

764,721

730,571

721,154

296,654

Grades (g/t Au)

10.87

10.17

9.85

8.37

9.70

13.08

11.41

9.22

10.62

13.91

8.81

9.37

10.32

11.09

9.60

9.77

Gold production (oz)

137,720

138,231

133,802

113,743

132,131

226,081

254,866

208,849

241,279

314,971

199,445

212,271

234,370

251,179

214,715

89,925

Operating costs

Unit mining costs (C$/tonne)

$114

$103

$96

$97

$115

$108

$96

$84

$87

$91

$95

$95

$103

$103

$101

$92

Unit milling costs (C$/tonne)

$37

$33

$33

$33

$34

$33

$30

$30

$30

$30

$30

$30

$30

$30

$30

$33

Unit G&A costs (C$/tonne)

$49

$47

$47

$46

$48

$42

$36

$33

$34

$34

$35

$36

$39

$39

$39

$43

Total unit operating costs 2 (C$/tonne)

$214

$195

$188

$188

$211

$200

$177

$159

$165

$175

$173

$174

$187

$187

$183

$179

Total cash costs (US$/oz) 1

$478

$464

$460

$542

$527

$370

$375

$418

$375

$304

$475

$449

$438

$408

$460

$442

Mine-site AISC (US$/oz) 1

$779

$771

$818

$941

$899

$566

$531

$668

$573

$437

$651

$592

$497

$469

$465

$442

Capital expenditures

Sustaining capex (US$ M)

$41

$43

$48

$45

$49

$44

$40

$52

$48

$42

$35

$30

$14

$15

$1

$0

Growth capex (US$ M)

$36

$82

$139

$117

$120

$21

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

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2 Total unit operating costs are inclusive of royalties and silver credits which average a combined C$14/tonne over the life of mine

Island Gold Mine - 2020 exploration highlights

WE

Resources as of December 31st, 2019

Crown pillar

Category

Tonnage

Grade Au g/t

Ounces Au

Measured &

878,600

6.51

184,000

Indicated:

340 Level

Inferred:

5,392,300

13.26

2,298,000

- 500 m

620 Level

840 Level

Island East

- 1000 m

1000 Level

Ramp & Development

LEGEND

620-MH2-01

29.05 g/t Au (26.67 g/t Au cut)/ 4.86 m

Mined out

Au Cut (g/t)

Au Cut * True Width (gm/t)

Diabase Dyke

< 4.0

< 8

R & R Year End 2019

4.0 < 10.0

Proven Reserves

8 < 20

Probable Reserves

10.0 < 30.0

20 < 60

Measured Resources

>= 30.0

>= 60

Indicated Resources

Inferred Resources

HOLE-ID

g/t Au Uncut (g/t Au cut) / True Width

New Drillhole Intersections

metres

Island West

Assays

Assays

Island Main

Previously Released Drillhole Intersections

cut to

cut to

225 g/t Au

160 g/t Au

- 2000 m

250 m

2 km

- 500 m

583,300 t at 16.06 g/t Au, 301,200 oz Au

- 1000 m

MH21-04

44.30 g/t Au (44.30 g/t Au cut) / 2.25 m

1,194,700 t at 18.74 g/t Au, 719,800 oz Au

MH25-03

15.38 g/t Au (14.19 g/t Au cut) / 15.02 m

MH25-04

28.97 g/t Au (26.89 g/t Au cut) / 21.76 m

- 2000 m

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Island Gold Mine East areas - surface directional drilling results

W

620m Level

840m Level

583,300 t at 16.06 g/t Au, 301,200 oz Au

- 1000 m

MH21-04 44.30 g/t Au (44.30 g/t Au cut) / 2.25 m

620-MH2-01

29.05 g/t Au (26.67 g/t Au cut)/ 4.86 m

Ramp & Development

LEGEND

Mined out

Au Cut (g/t)

Au Cut * True Width (gm/t)

Diabase Dyke

< 4.0

< 8

R & R Year End 2019

4.0 < 10.0

Proven Reserves

8 < 20

Probable Reserves

10.0 < 30.0

20 < 60

Measured Resources

>= 30.0

>= 60

Indicated Resources

Inferred Resources

HOLE-ID

g/t Au Uncut (g/t Au cut) / True Width

New Drillhole Intersections

metres

Previously Released Drillhole Intersections

100 m

- 1000 m

1,194,700 t at 18.74 g/t Au, 719,800 oz Au

MH25-03

15.38 g/t Au (14.19 g/t Au cut) / 15.02 m

MH25-04

28.97 g/t Au (26.89 g/t Au cut) / 21.76 m

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Island Gold - historical operational results

40,000

$2,000

16

1,400

35,000

$1,800

14

1,200

$1,600

30,000

12

$1,400

1,000

25,000

$1,200

10

800

20,000

$1,000

8

15,000

$800

6

600

10,000

$600

4

400

$400

200

5,000

$200

2

0

$0

0

0

Q3/14

Q4/14

Q1/15

Q2/15

Q3/15

Q4/15

Q1/16

Q2/16

Q3/16

Q4/16

Q1/17

Q2/17

Q3/17

Q4/17

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

Q3/14

Q4/14

Q1/15

Q2/15

Q3/15

Q4/15

Q1/16

Q2/16

Q3/16

Q4/16

Q1/17

Q2/17

Q3/17

Q4/17

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

Gold production (oz)

Mine-site AISC (US$/oz)

Tonnes processed per day

Milled Grades (g/t)

Q4/14

Q1/15

Q2/15

Q3/15

Q4/15

Q1/16

Q2/16

Q3/16

Q4/16

Q1/17

Q2/17

Q3/17

Q4/17

Q1/18

Q2/18

Q3/18

Q4/18

Q1/19

Q2/19

Q3/19

Q4/19

Q1/20

Q2/20

Q3/20

Gold production (oz)

8,974

10,764

14,997

15,076

14,203

26,589

18,617

14,031

24,086

23,772

26,110

26,659 22,063

28,100 26,700 22,000 29,000

35,600 39,500

36,700 38,600 38,800

19,400

39,600

Cost of sales1 (US$/oz)

$1,000

$1,027

$1,085

$950

$852

$824

$860

$918

$780

$1,056

$715

Total cash costs (US$/oz) (2,3)

$1,144

$1,134

$772

$675

$763

$486

$588

$726

$619

$504

$431

$532

$419

$553

$587

$671

$570

$497

$473

$503

$507

$452

$501

$394

Mine-site AISC (US$/oz) (2,3)

$1,809

$1,480

$1,059

$963

$1,183

$618

$799

$1,010

$683

$640

$503

$708

$574

$633

$668

$1,051

$834

$649

$631

$693

$653

$670

$781

$575

Underground mine

Tonnes mined per day

399

552

759

669

657

853

911

735

977

1,019

1,148

917

1,026

941

902

814

1,116

1,083

991

978

1,116

1,240

819

1,209

Grades (g/t)

6.89

8.02

6.73

7.27

7.83

11.17

7.27

7.29

8.83

8.64

10.28

9.16

9.44

11.06

7.34

8.96

8.95

11.40

14.53

10.81

12.44

11.69

7.28

13.68

Development metres

1,754

2,048

1,597

1,872

1,486

2,325

2,273

1,749

2,351

2,083

1,773

1,383

1,667

1,555

1,771

1,591

1,560

1,557

1,568

1,211

1,831

1,952

931

1,430

Unit UG mining costs (CAD$)

$235

$234

$139

$140

$177

$146

$135

$151

$116

$125

$119

$127

$127

$151

$155

$162

$148

$150

$158

$171

$165

$120

$93

$106

Mill processing facility

Tonnes processed per day

507

487

787

722

656

834

878

640

903

926

940

925

919

912

976

1,016

1,146

1,133

1,130

1,115

1,021

1,164

810

1,103

Grades (g/t)

6.28

7.87

6.73

7.27

7.62

11.31

7.51

7.70

9.31

9.18

9.73

10.04

8.46

11.07

8.71

8.22

9.02

11.11

12.23

11.12

13.03

11.73

8.32

13.62

Recoveries (%)

95.3%

97.2%

96.8%

97.1%

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%

97%

97%

97%

97%

97%

96%

97%

1 Cost of sales includes mining and processing costs, royalties and amortization

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2 Please refer to Cautionary Notes on non‐GAAP Measures and Additional GAAP Measures

Mulatos - our founding operation

Location: Sonora, Mexico

Stage: Producing

Ownership: 100% interest

Operation: Open pit, heap leach

  • Initial production 2005
  • ~$480m of free cash flow2 generated to date
  • Declining cost profile with connection to grid power & development of La Yaqui Grande
  • No third party royalty
  • Large underexplored land package (28,773 ha)

2018A

2019A

2020E6

Q3/20A

YTD 2020A

Gold Production (k oz)

175.5

142.0

140-150

41.1

119.6

Cost of Sales1 (US$/oz)

$989

$982

$1,135

$1,069

$1,075

Total Cash Costs2 (US$/oz)

$786

$784

$840-880

$746

$772

Mine-site AISC2 (US$/oz)

$855

$868

$940-980

$928

$928

Total Capital3,4 (US$m)

$32

$53

$30-40

$9

$21

Exploration Spending4 (US$m)

$11

$5

$7

$1

$3

Mine-site FCF2 (US$m)

$36

($13)

-

$31

$64

Gold Reserves & Resources5

Tonnes

Grade

oz Au

(000)

(g/t Au)

(000)

P&P Mineral Reserves

41,172

1.18

1,563

M&I Mineral Resources

74,238

1.09

2,608

Inferred Mineral Resources

9,300

0.90

269

  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. Capital spending guidance for 2020 includes capital spending for Cerro Pelon and La Yaqui Grande but excludes capitalized exploration
  4. Exploration spending: 2018 totaled $10.5m including $2.9m of capitalized exploration; 2019 totaled $5.0m including $1.3m of capitalized exploration; 2020 guidance totals $7m, none of which is to be capitalized; Q3/20 totaled $0.6m, none of which was capitalized; YTD Q3/20 totaled $3.3m including $0.7m of capitalized exploration

5 See Mineral Reserve and Resource estimates and associated footnotes in appendix

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6 2020 guidance revised on July 29, 2020 reflecting COVID-19 related temporary operational suspensions & delays during Q2 2020

Mulatos - district exploration potential

La Yaqui Grande

La Yaqui Phase I

888k oz

Combined Mineral Reserves1,2 at La Yaqui & Cerro Pelon, a 304% 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 724,000 oz (19.2 mt at 1.17 g/t Au) for La Yaqui and Proven & Probable Reserves of 164,000 oz (2.6 mt at 1.94 g/t Au) for

Cerro Pelon

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La Yaqui Grande Internal Economic Study - 2020

La Yaqui Grande Project Highlights

Life of Mine1

Production

Mine life (years)

5

Total gold production (000 ounces)

616

Total silver production (000 ounces)

1,471

Average annual gold production (000 ounces)

123

Total ore mined (000 tonnes)

19,205

Average tonnes of ore mined & stacked (tonnes per day ("tpd"))

10,000

Average gold grade (grams per tonne)

1.17

Gold recovery (%)

85%

Silver recovery (%)

15%

Waste-to-ore ratio (Life of Mine including pre-strip)

5.50

Waste-to-ore ratio (post pre-strip)

4.04

Operating Costs

Mining costs per tonne of material (life of mine, including pre-stripping)

$2.42

Processing costs per tonne of ore

$5.05

G&A costs per tonne of ore

$2.34

Total cash cost (per ounce sold)2

$539

Mine-siteall-in sustaining cost (per ounce sold)2

$578

Capital Costs (millions) 1

Initial capital expenditure3

$137

Sustaining capital expenditure

$24

Reclamation

$35

Total capital expenditure, including reclamation

$196

Base Case Economic Analysis1

IRR (after-tax)

41%

NPV @ 0% discount rate (millions, after-tax)

$226

NPV @ 5% discount rate (millions, after-tax)

$165

Gold & silver price assumption (average, per ounce sold)

$1,450 / $18

Exchange Rate (Mexican Peso/US Dollar)

21

Economic Analysis at $1,750 per ounce Gold Price1

IRR (after-tax)

58%

NPV @ 0% discount rate (millions, after-tax)

$345

NPV @ 5% discount rate (millions, after-tax)

$260

Gold & silver price assumption (average, per ounce sold)

$1,750 / $18

Exchange Rate (Mexican Peso/US Dollar)

21

1.

Capital spending and economic analysis (NPV and IRR) are calculated starting January 1, 2020

2.

Total cash costs and mine-siteall-in sustaining costs include royalties and silver by-product credit

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3.

Initial capital is offset by $5 million of pre-production revenue less operating costs

Development - Kirazlı, Ağı Dağı & Çamyurt

Location: Turkey

Stage: Development

Ownership: 100% interest

Operation: Open pit, heap leach

  • Kirazlı EIA, GSM & Forestry Permits approved
  • Kirazlı & Ağı Dağı feasibility studies completed February 20171 outlining 185% increase in combined after-tax NPV8%
  • Tax incentives & mining law supportive of industry

Kirazlı

Ağı Dağı

2017 Positive Economic Studies1

Feasibility

Feasibility

Çamyurt PEA

Study

Study

Mine Life

Years

5

6

4

Average Annual Production

oz Au

104,000

177,600

93,200

oz Ag

617,300

444,200

403,000

Average grade

g/t Au

0.79

0.67

0.92

Mine-site AISC2

US$m

$373

$411

$645

Initial Capex

US$m

$152

$250

$10

Total Capex

US$m

$180

$313

$26

After-tax NPV5%

US$m

$223

$360

$111

After-tax NPV8%

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 & Çamyurt1

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.

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Kirazlı, Ağı Dağı & Çamyurt Economic Studies - 2017

Feasibility Study - 2017

Preliminary Economic Assessment - 2017

Kirazlı

Ağı Dağı

Çamyurt

Production

Mine life (years)

5

6

4

Total gold production (ounces)

540,000

937,300

373,200

Total silver production (ounces)

3,141,000

2,365,200

1,612,600

Average annual production (ounces)1

Gold

104,000

177,600

93,200

Silver

617,300

444,200

403,000

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)

64,000,000

110,254,000

47,454,000

Waste-to-ore ratio2

1.45

1.03

1.86

Average grade (grams per tonne)

Gold

0.79

0.67

0.92

Silver

12.0

5.4

6.3

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 ore3

$8.49

$6.46

$14.03

Total cash cost (per ounce sold)4

$339

$374

$604

Mine-siteall-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%

NPV @ 0% discount rate (after-tax, millions)

$299.3

$492.8

$173.8

NPV @ 5% discount rate (after-tax millions)

$222.9

$360.2

$111.4

NPV @ 8% 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

  1. 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
  2. Total unit cost per tonne of ore excludes silver as a by-product credit
  3. Total cash costs and mine-siteall-in sustaining costs include silver as a by-product credit

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Development - Lynn Lake, Esperanza & Quartz Mountain

Lynn Lake

Esperanza

Location: Manitoba, Canada

Location: Morelos State, Mexico

Ownership: 100% interest

Ownership: 100% interest

Stage: Permitting

Stage: Permitting

Operation: Open pit

Operation: Open pit, heap leach

Quartz Mountain

Location: Oregon, United States

Ownership: Right to earn a 100% interest4

Stage: Advanced Exploration

  • High grade, open pit with significant exploration potential
  • Existing infrastructure in place
  • Low cost hydroelectric power
  • Feasibility study results announced Dec 20171
    • Average production: 143 koz (Years 1-10)
    • LOM Mine-site AISC2: $745
    • After-taxNPV5%: $123m; IRR: 13%

Tonnes

Grade

Oz Au

(000)

(g/t Au)

(g/t Ag)

(000 Au)

(000 Ag)

P&P Reserves4

31,977

1.83

4.43

1,884

3,315

M&I Resources4

9,993

1.74

3.91

560

947

Inf. Resources

46,466

1.11

2.49

1,663

113

  • Excellent infrastructure; low technical risk
  • Low capital intensity & operating costs
  • Average annual production potential > 100k oz
  • AISC expected to be lowest quartile2

Tonnes

Grade

Oz Au

(000)

(g/t Au)

(g/t Ag)

(000 Au)

(000 Ag)

M&I Resources4

34,352

0.98

8.09

1,083

8,936

Inf. Resources

718

0.80

15.04

18

347

  • Located on northern extension of prolific Basin & Range Province of Nevada
  • Low strip ratio, favourable metallurgy3
  • Acquisition cost $3.5m5

Tonnes

Grade

Oz Au

(000)

(g/t Au)

(000 Au)

M&I Resources4

12,156

0.87

339

Inferred Resources

39,205

0.91

1,147

  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, 2013
  4. 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

TSX:AGI ǀ NYSE:AGI

43

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 production1

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 ratio2

7.28

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 ore3

$36.06

Total cash cost (per ounce sold)4

$645

Mine-siteall-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%

NPV @ 0% discount rate (millions, after-tax)

$279.0

NPV @ 5% 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)

0.75

  1. 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-siteall-in sustaining costs include royalties and silver as a by-product credit

TSX:AGI ǀ NYSE:AGI

44

Proven & Probable Mineral Reserves

PROVEN AND PROBABLE GOLD MINERAL RESERVES (as at December 31, 2019)

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

100

1.31

4

0

0.00

0

100

1.31

4

Young-Davidson - Underground

18,993

2.67

1,628

18,617

2.53

1,514

37,610

2.60

3,142

Total Young-Davidson

19,093

2.66

1,632

18,617

2.53

1,514

37,710

2.60

3,146

Island Gold

786

13.48

341

2,857

9.52

874

3,643

10.37

1,215

Mulatos Main Pits

1,137

0.95

35

7,669

0.88

216

8,806

0.89

251

Stockpiles

10,531

1.25

424

0

0.00

0

10,531

1.25

424

La Yaqui

0

0.00

0

0

0.00

0

0

0.00

0

La Yaqui Grande

0

0.00

0

19,205

1.17

724

19,205

1.17

724

Cerro Pelon

942

2.03

61

1,688

1.89

103

2,630

1.94

164

Total Mulatos

12,610

1.28

520

28,562

1.14

1,043

41,172

1.18

1,563

MacLellan

11,604

1.89

705

11,650

1.34

500

23,254

1.61

1,206

Gordon

2,311

2.82

210

6,412

2.27

468

8,723

2.42

678

Total Lynn Lake

13,916

2.05

915

18,061

1.67

968

31,977

1.83

1,884

Agi Dagi

1,450

0.76

36

52,911

0.66

1,130

54,361

0.67

1,166

Kirazli

670

1.15

25

33,191

0.68

727

33,861

0.69

752

Total Turkey

2,120

0.89

61

86,102

0.67

1,857

88,222

0.68

1,918

Alamos - Total

48,525

2.22

3,469

154,200

1.26

6,257

202,724

1.49

9,726

PROVEN AND PROBABLE SILVER MINERAL RESERVES (as at December 31, 2019)

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

0

0.00

0

0

0.00

0

0

0.00

0

La Yaqui Grande

0

0.00

0

19,205

15.88

9,805

19,205

15.88

9,805

Cerro Pelon

942

18.22

552

1,688

17.33

941

2,630

17.65

1,492

MacLellan

11,604

4.94

1,844

11,650

3.93

1,471

23,254

4.43

3,315

Ağı Dağı

1,450

6.22

290

52,911

5.39

9,169

54,361

5.41

9,459

Kirazli

670

16.94

365

33,191

9.27

9,892

33,861

9.42

10,257

Alamos - Total

14,666

6.47

3,051

118,645

8.20

31,278

133,311

8.01

34,328

TSX:AGI ǀ NYSE:AGI

45

Total Measured & Indicated Mineral Resources

MEASURED AND INDICATED GOLD MINERAL RESOURCES (as at December 31, 2019)

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

496

1.13

18

1,242

1.28

51

1,739

1.24

69

Young-Davidson - Underground

5,456

4.23

742

4,079

2.95

386

9,535

3.68

1,128

Total Young-Davidson

5,952

3.97

760

5,321

2.56

438

11,273

3.30

1,197

Island Gold

25

4.52

4

853

6.57

180

879

6.51

184

Mulatos

8,207

1.25

329

63,112

1.08

2,189

71,319

1.10

2,518

La Yaqui

0

0.00

0

1,321

1.02

43

1,321

1.01

43

Cerro Pelon

60

1.65

3

183

1.29

8

243

1.41

11

Carricito

58

0.82

2

1,297

0.82

34

1,355

0.83

36

Total Mulatos

8,325

1.25

334

65,913

1.07

2,274

74,238

1.09

2,608

MacLellan - Open Pit

1,986

1.65

105

4,700

1.46

221

6,686

1.52

326

MacLellan - Underground

0

0.00

0

843

4.52

122

843

4.52

122

Gordon

9

1.72

0

451

1.96

28

460

1.95

29

Burnt Timber

0

0.00

0

1,021

1.40

46

1,021

1.40

46

Linkwood

0

0.00

0

984

1.16

37

984

1.17

37

Total Lynn Lake

1,994

1.65

106

7,999

1.77

455

9,993

1.74

560

Esperanza

19,226

1.01

622

15,126

0.95

462

34,352

0.98

1,084

Ağı Dağı

553

0.44

8

34,334

0.46

510

34,887

0.46

518

Kirazli

0

0.00

0

3,056

0.42

42

3,056

0.43

42

Çamyurt

513

1.00

16

17,208

0.89

492

17,721

0.89

508

Total Turkey

1,066

0.70

24

54,598

0.59

1,044

55,664

0.60

1,068

Quartz Mountain

214

0.95

7

11,942

0.87

333

12,156

0.87

339

Alamos - Total

36,803

1.57

1,856

161,752

1.00

5,185

198,555

1.10

7,041

MEASURED AND INDICATED SILVER MINERAL RESOURCES (as at December 31, 2019)

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

0

0.00

0

1,321

8

340

1,321

8

340

Cerro Pelon

60

18.80

36

183

17

101

243

18

137

MacLellan - Open Pit

1,986

3.66

234

4,700

3.65

551

6,686

3.65

785

MacLellan - Underground

0

0.00

0

843

5.98

162

843

5.98

162

Esperanza

19,226

7.25

4,482

15,126

9.16

4,455

34,352

8.09

8,936

Ağı Dağı

553

1.59

28

34,334

2.19

2,417

34,887

2.18

2,445

Kirazli

0

0.00

0

3,056

2.71

266

3,056

2.71

266

Çamyurt

513

5.63

93

17,208

6.15

3,404

17,721

6.14

3,497

Alamos - Total

22,338

6.78

4,873

76,771

4.74

11,696

99,108

5.20

16,569

46

Total Inferred Mineral Resources

INFERRED GOLD MINERAL RESOURCES (as at December 31, 2019)

Tonnes

Grade

Ounces

(000's)

(g/t Au)

(000's)

Young-Davidson - Surface

31

0.99

1

Young-Davidson - Underground

1,329

2.43

104

Total Young-Davidson

1,360

2.40

105

Island Gold

5,392

13.26

2,298

Mulatos

8,122

0.92

239

La Yaqui Grande

241

0.88

7

Cerro Pelon

37

0.62

1

Carricito

900

0.74

22

Total Mulatos

9,300

0.90

269

MacLellan - Open Pit

1,292

1.36

56

MacLellan - Underground

116

3.82

14

Gordon

615

1.30

29

Burnt Timber

23,438

1.04

781

Linkwood

21,004

1.16

783

Total Lynn Lake

46,466

1.11

1,663

Esperanza

718

0.80

18

Ağı Dağı

16,760

0.46

245

Kirazli

7,694

0.61

152

Çamyurt

2,791

0.95

85

Total Turkey

27,245

0.55

482

Quartz Mountain

39,205

0.91

1,147

Alamos - Total

129,686

1.43

5,982

INFERRED SILVER MINERAL RESOURCES (as at December 31, 2019)

Tonnes

Grade

Ounces

(000's)

(g/t Ag)

(000's)

La Yaqui Grande

241

4.03

31

Cerro Pelon

37

3.66

4

MacLellan - Open Pit

1,292

2.43

101

MacLellan - Underground

116

3.13

12

Esperanza

718

15.04

347

Ağı Dağı

16,760

2.85

1,536

Kirazli

7,694

8.71

2,155

Çamyurt

2,791

5.77

518

Alamos - Total

29,649

4.93

4,704

TSX:AGI ǀ NYSE:AGI

47

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 43-101 ("NI 43-101"). The Qualified Persons for the National Instrument 43-101 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, 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, Lynn Lake

Nathan Bourgeault, 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, 2019 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 43-101 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.

Resources

Reserves

Gold Price

Cut-off

Gold Price

Cut-off

Met Recovery

Mulatos:

Mulatos Main Open Pit

$1,400

0.5

$1,250

see notes

>50%

Cerro Pelon

$1,400

0.3

$1,250

see notes

75%

La Yaqui

$1,400

0.3

$1,250

see notes

75%

Carricito

$1,400

0.3

n/a

n/a

n/a

Young-Davidson - Surface

$1,400

0.5

$1,250

0.5

91%

Young-Davidson - Underground

$1,400

1.3

$1,250

1.9

91%

Island Gold

$1,400

4.0

$1,250

2.82-4.89

96.5%

Lynn Lake - MacLellan

$1,400

0.42

$1,250

0.47

91-92%

Lynn Lake - MacLellan Underground

$1,400

2.0

n/a

n/a

n/a

Lynn Lake - Gordon

$1,400

0.62

$1,250

0.69

89-94%

Esperanza

$1,400

0.4

n/a

n/a

60-72%

Ağı Dağı

$1,400

0.2

$1,250

see notes

80%

Kirazlı

$1,400

0.2

$1,250

see notes

81%

Çamyurt

$1,400

0.2

n/a

n/a

78%

Quartz Mountain

$1,400

0.21 Oxide, 0.6 Sulfide

n/a

n/a

65-80%

TSX:AGI ǀ NYSE:AGI

48

Scott K. Parsons, CFA

VP, Investor Relations 416.368.9932 x 5439 sparsons@alamosgold.com

Disclaimer

Alamos Gold Inc. published this content on 13 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 10:42:01 UTC

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