Alamos Gold : First Quarter 2021 Results Presentation

First Quarter 2021 Results Presentation

April 29, 2021

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.comor 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", "assume", "inferred", "schedule", "estimate", "budget", "continue", "potential", "outlook", "trending", "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, mine life, 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, expected completion date of the shaft expansion project at Island Gold, 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 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 and employment 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. The actions described in this presentation to mitigate the effects of the actions of the Turkish government in respect of the Company's projects in the Republic of Turkey may not be effective or successful. If unsuccessful, the Company's projects in Turkey may be subject to resource nationalism and further expropriation; the Company may lose the full value of its assets and gold mining projects in Turkey and its ability to operate in Turkey. Even if successful, there is no certainty as to the quantum of any damages award, recovery of all, or any, legal costs. Any resumption of activities in Turkey, including renewal of the requisite operating licenses or permits, or even retaining control of its assets and gold mining projects in Turkey can only result from agreement with the Turkish government. The litigation described in this presentation may have an impact on foreign direct investment in the Republic of Turkey which may result in changes to the Turkish economy, including but not limited to high rates of inflation and fluctuation of the Turkish Lira which may also affect the Company's relationship with the Turkish government, the Company's ability to effectively operate in Turkey, and which may have a negative effect on overall anticipated project values. 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. 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. Alamos may use certain terms, such as "Measured Mineral Resources", "Indicated Mineral Resources", "Inferred Mineral Resources" and "Probable Mineral Reserves". 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.

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.	TSX:AGI ǀ NYSE:AGI	2

Q1 2021 highlights

	Q1 2021A	Q1 2020A	YoY % Change	2021 Guidance
Gold production (000 oz)	125.8	110.8	14%	470-510
Gold sales (000 oz)	126.5	111.9	13%	-
Total cash costs (US$/oz)1	$757	$759	0%	$710-760
All-in sustaining costs (US$/oz)1,2	$1,030	$1,010	2%	$1,025-1,075
AISC margin (US$/oz)1,2,3	$768	$572	34%	-
Cash flow from operations, before working capital and cash taxes (US$M)1	$120	$82	46%	-
Cash flow from operations (US$M)	$99	$57	74%	-
Consolidated free cash flow (US$M) 1	$10	($7)	-	-

• Strong operational performance with production & sales exceeding Q1/21 guidance; costs in line with annual guidance
• • Young-Davidson- record mining rates of 7,791 tpd, exceeding H1/21 target of 7,500 tpd with lower mine infrastructure performing very well
  • Island Gold - record quarterly production of 42.2 koz
• On track to achieve annual production & cost guidance
• Robust financial results with cash flow from operations (before working capital) increasing 46% YoY to $120m
• • Young-Davison& Island Gold generated $22m and $26m mine-site free cash flow, respectively
  • Consolidated free cash flow of $10m, net of $18m cash taxes in Mexico, primarily related to 2020, & ramp up in spending on organic growth projects
• Continued to advance La Yaqui Grande, Island Gold Phase III expansion, & Lynn Lake permitting

1. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
2. Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses
3. AISC margin calculated as realized gold price less AISC

Gold production (000 oz)

+ 14%	126
111
Q1/20	Q1/21

AISC margin (US$/oz)1,2,3

	+ 34%
	$768
$572
Q1/20	Q1/21

Cash flow from operations, before

working capital and cash taxes (US$M) 1

+ 46%	$120
$82
Q1/20	Q1/21

TSX:AGI ǀ NYSE:AGI

3

Turkey Bilateral Investment Treaty Claim

• $1B investment treaty claim will be filed against Republic of Turkey for expropriation & unfair & inequitable treatment of its Turkish gold projects1
• Construction of Kirazlı project suspended in October 2019 after government failed to grant routine renewal of the Company's mining licenses
• All conditions for the license renewal have been met & all permits required to construct Kirazlı had been received
• Permits granted after earning support of local communities & passing extensive multi-year environmental review & community consultation process
• >$250m invested in Turkish projects since 2010 during which time the Company has operated to the highest environmental & social standards
• Turkish government has failed to provide a reason for the non-renewal or a timeline with respect to an eventual renewal of the mining licenses

2017 Economic Studies2		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 release dated April 20, 2021					TSX:AGI ǀ NYSE:AGI	4
2 Please refer to press releases dated February 15 & 22, 2017 regarding Kirazlı & Ağı Dağı feasibility studies & Camyurt preliminary economic assessment. Base case assumptions for gold and silver price were $1,250 and $16 per ounce, respectively

Growing, long-life North American production; declining cost profile

~750k oz annual production potential by 2025 at ~$800/oz AISC1

Production (000 oz Au)

800

700

600

500

400

300

200

	Lynn Lake3
10 year reserve life2	~170k oz per year 2025+
	Mulatos
7 year reserve life2	~150k oz per year 2021+
	Island Gold
15 year mine life2	~138k oz in 2021
	~236k oz per year 2025+

100

14 year reserve life2

0

2020A

2021E

2022E

2023E

2024E

2025E

2026E

Young-Davidson

200k oz+ per year 2021+

• Advanced Island Gold Phase III expansion; additional upside to Phase III study with 1m oz of Mineral Reserves & Resources added in 2020
• La Yaqui Grande construction activities ramping up; on track for commercial production Q3 2022
• Lynn Lake permitting expected to be completed mid-2022; construction decision expected to follow
• ~50% production growth potential at ~24% lower AISC1 by 2025
• Organic, fully funded growth to support substantially higher free cash flow over the long-term

1	Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures
2	Mineral Reserve life based on Mineral Reserves as of December 31, 2020. Island Gold mine life based on Phase III Expansion Study. See Mineral Reserve and Resource estimates and associated footnotes in appendix	TSX:AGI ǀ NYSE:AGI	5
3 For more detail on Lynn Lake project, see press release dated December 14, 2017