Alamos Gold : Corporate Presentation - March 2024

Corporate

Presentation

MARCH 2024

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 the contained information. 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 atwww.sedarplus.ca or on EDGAR atwww.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 developments that Alamos expects to occur are, or may be deemed to be, "forward-looking statements" and are based on expectations, estimates and projections as at the date of this Presentation. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", "assume", "estimate", "budget", "continue", "plan", "potential", "outlook", "anticipate", "intend", "ongoing", "target", "on track", "on pace" 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.

Such statements include (without limitation) information, expectations and guidance as to strategy, plans, future financial and operating performance, such as expectations and guidance regarding: costs (including cash costs, AISC, mine-site AISC, capital expenditures, exploration spending), cost structure and anticipated declining cost profile; budgets; growth capital; sustaining capital; cash flow; NPV and IRR calculations; gold and other metal price assumptions; anticipated gold production, production rates, timing of production, further production potential and growth; foreign exchange rates; returns to stakeholders; the mine plan for and expected results from the Phase 3+ expansion at Island Gold and timing of its progress and completion; feasibility of, development of, and mine plan for, the Lynn Lake project; development plan for the Puerto Del Air (PDA) project (Mulatos); the Company's acquisition of Argonaut Gold Inc. including, without limitation, the receipt of court and regulatory approvals for the transaction, completion of the transaction, benefits and advantages of the transaction to shareholders, and synergies to be created by the integration of the Island Gold mine and the Magino mine such as the use of shared infrastructure and the unlocking of significant value as well as capital, operational and procurement savings and tax synergies; mining, milling and processing and rates; mined and processed gold grades and weights; mine and reserve life; reduction in greenhouse gas emissions; value and size of operations; effects on profitability; project-related risks; planned exploration, exploration potential and results, as well as any other statements related to the Company's production forecasts and plans, expected sustaining costs, expected improvements in cash flows and margins, expectations of changes in capital expenditures, expansion plans, project timelines, and expected sustainable productivity increases, expected increases in mining activities and corresponding cost efficiencies, cost estimates, sufficiency of working capital for future commitments, Mineral Reserve and Mineral Resource estimates, and other statements or information that express management's expectations or estimates of future performance, operational, geological 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, technical, 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, and undue reliance should not be placed on such statements and information.

Such factors include (without limitation): 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; operations may be exposed to new diseases, epidemics and pandemics, including any ongoing or future effects of COVID-19 (and any related ongoing or future regulatory or government responses) and its impact 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 operations) in Canada, Mexico, the United States and Türkiye, all of 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 doré 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; the impact of litigation and administrative proceedings (including but not limited to the investment treaty claim announced on April 20, 2021 against the Republic of Türkiye by the Company's wholly-owned Netherlands subsidiaries, Alamos Gold Holdings Coöperatief U.A, and Alamos Gold Holdings B.V., the application for judicial review of the positive Decision Statement issued by the Ministry of Environment and Climate Change Canada commenced by the Mathias Colomb Cree Nation (MCCN) in respect of the Lynn Lake Project and the MCCN's corresponding internal appeal of the Environment Act Licences issued by the Province of Manitoba for the project) and any resulting court, arbitral and/or administrative decisions; 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, weather issues, labour and contractor availability and other operating or technical difficulties); disruptions affecting operations; risks associated with the startup of new mines; not receiving requisite approvals required for completion of the transaction pursuant to which Alamos would acquire Argonaut Gold; delays in or with the Phase 3+ Expansion at Island Gold, construction decisions and any development of the Lynn Lake Gold Project, and/or the development or updating of mine plans; changes with respect to the intended method of accessing mining and processing ore from Lynn Lake and the deposit at PDA; exploration opportunities and potential in the Mulatos District, at Young Davidson, Island Gold and/or Magino mine not coming to fruition; 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, controls or regulations in Canada, Mexico, Türkiye, the United States and other jurisdictions in which the Company does or may carry on business in the future; risks related to climate change; 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 litigation against the Republic of Türkiye, described above, results from the actions of the Turkish government in respect of the Company's projects in the Republic of Türkiye. Such litigation is a mitigation effort and may not be effective or successful. If unsuccessful, the Company's projects in Türkiye may be subject to resource nationalism and further expropriation; the Company may lose any remaining value of its assets and gold mining projects in Türkiye and its ability to operate in Türkiye or to put any of the Kirazli, Aği Daği or Çamyurt sites into production, resulting in the Company removing those three projects from its Total Mineral Reserves and Resources. Even if successful, there is no certainty as to the quantum of any damages award or recovery of all, or any, legal costs. Any resumption of activities in Türkiye, or even retaining control of its assets and gold mining projects in Türkiye can only result from agreement with the Turkish government. The investment treaty claim described above may have an impact on foreign direct investment in the Republic of Türkiye which may result in changes to the Turkish economy, including but not limited to high rates of inflation and fluctuation in the Turkish Lira which may also affect the Company's relationship with the Turkish government, the Company's ability to effectively operate in Türkiye, and which may have a negative effect on overall anticipated project values.

Additional risk factors that may affect 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 atwww.sedarplus.ca or on EDGAR atwww.sec.gov, and should be reviewed in conjunction with the information, risk factors and assumptions found in 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, however such content providers do not guarantee the accuracy, adequacy, completeness, timeliness or availability of such content and generally disclaim liability for any errors, omissions or losses of any kind suffered in connection with the use of such content. 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

All resource and reserve estimates included in this Presentation have been prepared in accordance with Canadian National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") -CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. U.S. investors should review in detail the cautionary note set out on slide 61.

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 capital expenditures per ounce produced" is a non-GAAP term used to assess the level of capital intensity of a project and is calculated by taking the total growth and sustaining capital of a project divided by ounces produced life of mine. "Growth capital" are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where the projects will materially benefit the mine site. "Sustaining capital" are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company's development projects. "Total cash costs per ounce", "all-in sustaining costs per ounce", "mine-site all-in sustaining costs", and "all-in costs per ounce" as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, "total cash costs" reflects mining and processing costs allocated from in-process and doré 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-site all-in sustaining costs" include total cash costs, exploration, and sustaining capital costs for the mine-site, but exclude an allocation of corporate and administrative and share based compensation. "Capitalized exploration" are expenditures that meet the IFRS definition for capitalization, and are incurred to further expand the known Mineral Reserve and Resource at existing operations or development projects. "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 atwww.alamosgold.com.

Fully funded organic growth

2024E GOLD PRODUCTION1

~505k oz

LONGER-TERM PRODUCTION POTENTIAL

~800k oz

• 1 Based on mid-point of 2024 guidance

  Declining cost profile

  2024E AISC/OZ1,2,3

  ~$1,150

  2026+ AISC/OZ2,3

  ~$1,025

• 2 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses

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

• 4 Based on consensus analyst net asset value (NAV) estimates for mining assets

• 5 Average mine life based on Mineral Reserves for Young-Davidson, and Mineral Reserves and Resources for Island Gold as of December 31, 2023, assuming the same Resource conversion rate as in the Phase

  3+ Expansion Study

Alamos announced the friendly acquisition of Argonaut Gold on March 27, 2024. Please refer to press release with the same date

Uniquely positioned

AGI - NYSEGDXGDXJGold (US$/oz)S&P 500

Source: Capital IQ

Growth company

… with an attractive valuation

… in a supportive environment for gold

$2.7 billion of combined value created at Young-Davidson, Island Gold & Lynn Lake since acquisition1,2

Mulatos (US$M)

Acquisition Cost Consensus NPV1 Cumulative FCF2

$635

$10

Acquisition Cost

(2003)Consensus NPV & Cumulative FCF

• 1 Based on consensus analyst net present value (NPV) estimates

  Young-Davidson (US$M)

  $366

  $1,236

  $950

  Acquisition Cost

  (2015)Consensus NPV & Cumulative FCF

  Island Gold (US$M)

  $640

  (2017) & Royalty Repurchase (2020 & 2021) 3

  Acquisition Cost

• 2 Cumulative free cash flow (FCF) generated since acquisition as of Q4 2023. Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

• 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 & NPI repurchases totaled $71 million

$2,210

Consensus NPV & Cumulative FCF

Lynn Lake (US$M)

$35

Acquisition Cost (2014 & 2016) & Capital Invested

Consensus NPV

Island Gold + Magino - one of Canada's largest & lowest cost mines

Significant value creation

•

•

Solidifies leading Canadian intermediate producer status

Long-term upside potential

1 Island Gold: Proven & Probable Mineral Reserves total 1.7m oz Au (5.2 mt at 10.30 g/t Au); Measured & Indicated Mineral Resources total 716k oz Au

(2.6 mt at 8.73 g/t Au); Inferred Mineral Resources total 3.7m oz Au (7.9 mt at 14.58 g/t Au) as of December 31, 2023. See Mineral Reserve and Resource estimates and associated footnotes in appendix;

Magino: Proven & Probable Mineral Reserves total 2.4m oz Au (63.3 mt at 1.16 g/t Au); Measured & Indicated Mineral Resources total 4.6m oz Au (150.8 mt at 0.94 g/t Au); Inferred Mineral Resources total 843k oz Au (31.6 mt at 0.83 g/t Au) as of December 31, 2022. Magino's Mineral Resources are inclusive of Mineral Reserves. See Mineral Reserve and Resource estimates and associated footnotes in appendix

• 2 Island Gold mine life based on Mineral Reserves and Resources assuming Phase 3+ Expansion Study conversion rate. See Mineral Reserve & Resource estimates and associated footnotes in appendix; Magino's mine life based on 2022 Feasibility study

• 3 Synergies are pre-tax and undiscounted over life of mine; discounted value of synergies are $240M

• 4 Based on the midpoint of Alamos' and Argonaut's 2024 production guidance

• 5 Based on consensus analyst net asset value (NAV) estimates for mining assets

6 Source: CIBC, company reports (based on 2024 guidance)

Capital savings: ~$140M

• • through use central mill & tailings facility at Magino

• • Island Gold mill & ongoing tailings expansions no longer required

Operating savings: ~$375M

• • $25M annual operating savings over life of mine

• • lower processing costs through central Magino mill

• • lower consolidated mine-site G&A

Procurement savings

• • increased purchasing power with three Canadian operations in proximity

Tax synergies

• • Deferral of cash taxes in Canada with larger tax pools

1 Synergies pre-tax and undiscounted over life of mine; after-tax discounted value of synergies is $250m

Significant capital & operating savings through central, optimized Magino mill & tailings facility

2024 2025 2026+

Magino Mine

(tpd)

Magino Mill

(tpd)

11,200 12,400

Island Gold Mine

(tpd)

Island Gold

Magino

Underground mining rate potential beyond 2,400 tpd

Open pit ore mining rate potential beyond 10,000 tpd

• • 6.1M oz total Mineral Reserves & Resources1 supporting >20 year mine life at 2,400 tpd

• • 1M oz increase since completion of Phase 3+ Expansion Study in 2022

• • Significant exploration upside within main structure & in hanging wall & footwall

• • Shaft infrastructure can support 4,500 tpd capacity (ore + waste)

• • 15,000 - 20,000 tpd expansion scenarios under evaluation

• • Large Mineral Resource base to support expansion

• • Federal EIS approved to 35k tpd processing rate

• • Tailings facility permitted under Federal EIS to 150 Mt; well beyond current Magino & Island Gold requirements

1 Proven & Probable Mineral Reserves total 1.7m oz Au (5.2 mt at 10.30 g/t Au); Measured & Indicated Mineral Resources total 716k oz Au (2.6 mt at 8.73 g/t Au); Inferred Mineral Resources total 3.7m oz Au (7.9 mt at 14.58 g/t Au) as of

December 31, 2023. See Mineral Reserve and Resource estimates and associated footnotes in appendix

10

Attachments

• Original Link
• Original Document
• Permalink

Disclaimer

Alamos Gold Inc. published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 March 2024 14:59:28 UTC.