Alamos corp presentation jan 17 2017 final

January 2017 Corporate Presentation

2

Cautionary Notes

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Certain statements in this presentation are “forward-looking statements”, including within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements other than statements of historical

fact included in this presentation, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration

results, and future plans and objectives of Alamos, are forward-looking statements based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management

that involve various risks and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance

(often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results

“may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements.” Alamos cautions that forward-looking information involves known and

unknown risks, uncertainties and other factors that may cause Alamos' actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited

to, gold and silver price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimated

reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the

success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled “Risk Factors” in both Alamos Gold Inc.’s Annual Information Form for the year ended December 31,

2015 along with subsequent public filings available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this presentation. Although Alamos has attempted to identify

important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or

achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments,

circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information.

Note to U.S. Investors

Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this presentation

are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral

Resources and Mineral Reserves. The United States Securities and Exchange Commission (the “SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can

economically and legally extract or produce. Alamos may use certain terms, such as “measured mineral resources”, “indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves” that the SEC

does not recognize (these terms may be used in this presentation and are included in the public filings of Alamos, which have been filed with the SEC and the securities commissions or similar authorities in Canada).

Cautionary non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to

provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

“Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is

calculated by adding back the change in non-cash working capital to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Free cash flow” is a non-GAAP

performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company’s consolidated

statements of cash flows and that would provide an indication of the Company’s ability to generate cash flows from its mineral projects. “Mine site free cash flow” is a non-GAAP measure which includes cash flow from

operating activities at, less capital expenditures at each mine site. Return on Equity is defined as Earnings from Continuing Operations divided by the average Total Equity for the current and previous year. “Mining cost per

tonne of ore” and “Cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by

dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. “Total

cash costs per ounce”, “all-in sustaining costs per ounce”, and “mine-site all-in sustaining costs” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin

available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations.

There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “total cash costs” reflects mining and processing costs

allocated from in-process and dore inventory associated and associated royalties with ounces of gold sold in the period. Total cash costs per ounce are exclusive of exploration costs. “All-in sustaining costs per ounce”

include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. “Mine-site all-in sustaining costs” include total cash costs, exploration, and sustaining capital costs

for the mine-site, but exclude an allocation of corporate and administrative and share based compensation.

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance

with IFRS, but rather should be evaluated in conjunction with such IFRS measures. This includes “Earnings from operations”, which is intended to provide an indication of the Company’s operating performance, and

represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense. Non-GAAP and additional GAAP measures do not have a standardized

meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies. A reconciliation of historical non-GAAP and additional GAAP measures are available at

www.alamosgold.com.

Technical Information

Except as otherwise noted herein, Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this presentation. Chris

Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101. For more information, please refer to the Alamos Gold Inc. 2015 Annual Information Form and the

technical reports referenced therein and in this presentation, available on SEDAR (www.sedar.com).

All figures in US$ unless otherwise indicated.

Cautionary Notes

http://www.alamosgold.com/

http://www.sedar.com/

3

1 Based on 2017 Guidance2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.3 As of September 30, 2016

Strong Platform for Delivering Long Term Value

Diversified gold production

400,000 – 430,000 oz from three North American mines1

Expanding margins

$940/oz AISC, an expected 6% decrease from 20161,2

Peer leading growth

Portfolio of 6 low-cost development projects

Strong balance sheet

$287m cash and available-for-sale securities3 to support growth

Track record of delivering

shareholder value

4

2014A 2015A 2016A 2017E

Gold Production (000 oz)

TorontoHead Office

Diversified North American Gold Production

Based on 2017 Guidance. See press release dated January 6, 2017.1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.2 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.

Growing, diversified production

380392

400 – 430

+6%

MULATOS

2017E Au Production 150-160k oz

2017E Au Total Cash Costs1 US$815/oz

2017E Au Mine-site AISC1,2 US$890/oz

EL CHANATE


2017E Au Total Cash Costs1 US$1,200/oz

2017E Au Mine-site AISC1,2 US$1,200/oz

YOUNG-DAVIDSON


2017E Au Total Cash Costs1 US$625/oz

2017E Au Mine-site AISC1,2 US$775/oz

365

5

$57

$229

$310

2015A 2016A 2017E

$1,091

~$1,000

$940

2015A 2016A 2017E

$1,241

$1,091$1,065

2015A 2016E 2017E

Expanding Margins & Site Free Cash Flow

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 Total consolidated all-in sustaining costs include corporate and administrative and share based compensation expenses.4 AISC Margin calculated as realized gold price less AISC. For 2017E this assumes a $1,250/oz gold price

AISC2,3 (US$/oz)

-6%

Cost of Sales1 (US$/oz)

+35%

Declining costs & stronger gold price driving significant margin expansion

AISC Margin2,3,4 (US$/oz)

6

Leading development pipelineGrowth at existing

operations

ESPERANZA

Production79%

Development21%

Peer Leading Low-Cost Growth Profile

Controlled, disciplined, multi-stage growth

Advanced exploration

AĞI DAĞI

KIRAZLI

ÇAMYURT

Consensus NPV by Geography1

Consensus NPV by Stage1

Canada64%

Mexico24%

Turkey12%

QUARTZ MOUNTAIN

LYNN LAKE

MULATOS DISTRICT

Producing Assets

Development/Exploration Assets

YOUNG-DAVIDSONRAMP-UP

MULATOS: LA YAQUI & CERRO PELON

1 Consensus analyst estimatesPlease refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

7

Strong Balance Sheet

1 Unaudited management estimate as of September 30, 2016.2 Cash, cash equivalents & available for sale securities.3 As of January 16, 2017.

No debt maturities until 2020

Balance Sheet

Cash & Cash Eq.1,2 US$287 million

Working Capital1 US$368 million

Total Debt1 US$315 million

Capital Structure

Shares Outstanding 267.0 million

Warrants 11.8 million

Employee Options 9.6 million

Fully Diluted 290.0 million

Recent Share Price (TSX)3 C$10.92

Market Capitalization ~C$2.9 billion

$287 m$315 m

Cash Total Debt

As of September 30, 2016

2

8

960%

15%

241%

-50%

450%

950%

1450%

1950%

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Alamos Gold Inc. (TSX:AGI) - Share Price

S&P/TSX Global Gold Index

Gold (US$/oz)

Track Record of Delivering Shareholder Value

18%Annualized return

since 2003

MULATOS: BLUEPRINT FOR SUCCESS

LEADING GROWTH PROFILE WITH DISCIPLINED M&A STRATEGY

ROE AMONG BEST IN INDUSTRY 11% Alamos five year average ROE prior to merger4

$10mcost to acquire

Mulatos in 2003

$350mfree cash flow1

generated to date

$70minitial capital raised

to build Mulatos

6development

projects

$170mtotal combined acquisition cost

10.7mcombined M&I and Inferred resources2,3

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.2 Includes Measured and Indicated resources of 7.0m oz Au (227 mt at 0.96 g/t Au) and Inferred resources of 3.7m oz Au (116 mt at 0.99 g/t Au).3 See mineral reserve and resource estimates and associated footnotes in appendix.4 Alamos adopted AuRico Gold’s financials with the completion of the merger of the two companies in July 2015. Prior to the merger, Alamos’ five year average return on equity ending 2014 was 10.7%.

9

2016E

2016A

2016E

Q3 YTD 2016

2016 Scorecard – Production, Costs & Capital on Track

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 Cost of sales includes mining and processing costs, royalties and amortization.4 See mineral reserve and resource estimates and associated footnotes in appendix and press release dated September 12, 2016 “Alamos Reports Significant Interim Increase in Mineral Resources at La Yaqui”

8%decrease in 2016 AISC1 with a

further 6% decline expected in 2017

Production (oz Au)

Capital Spending (US$m)

AISC1,2 (US$/oz)

$22m Q3 YTD 2016 site free cash flow1 –

significant growth expected in 2017

392,000 ozMet 2016 production guidance


$1,091

$1,093

2016E

Q3 YTD 2016

370,000 – 400,000 oz

392,000 oz

$109m

$138m – $158m

$975

~$1,000

2016E

2016A

10

2016 Scorecard – Growth Projects

Permitting milestonesLa Yaqui Phase I EIA & Kirazlı Forestry Permits granted

80 89 89

149232

298

0

100

200

300

400

500

600

2014 2015 August 2016

Au

oz

(00

0)

Inferred Mineral Resources Indicated Mineral Resources

Proven & Probable Mineral Reserves

1

Surfacing value

Exploration success570% increase in combined mineral reserves & resources at La Yaqui since 20141

+570%

1 Includes Proven & Probable reserves of 89,000 oz (1.9 mt at 1.45 g/t Au), Measured and Indicated resources of 149,000 oz (4.1 mt at 1.14 g/t Au) and Inferred resources of 298,000 oz (5.5 mt at 1.68 g/t Au).For more information, see press releases dated September 12, 2016 “Alamos Reports Significant Interim Increase in Mineral Resources at La Yaqui” and March 24, 2016 “Alamos Reports Mineral Reserves and Resources for the Year-Ended 2015” and September 21, 2015 “Alamos Announces Discovery of New Zones of Mineralization at Cerro Pelon and La Yaqui”.See mineral reserve and resource estimates and associated footnotes in appendix.

La Yaqui Grande

La Yaqui Phase I

11

2015A 2016A 2017E

$1,241

$1,091$1,065

2015A 2016E 2017E 2015A 2016E 2017E

$1,091

~$1,000$940

2015A 2016A 2017E

2017 Guidance – Growing Production, Declining Costs

Gold Production (000 oz) AISC1,2 (US$/oz)

-6%

Total Capital Spending (US$m)

$138-158m4 $140-157m


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 Cost of sales includes mining and processing costs, royalties and amortization.4 Total capital spending for Alamos has been included for the periods prior to July 2, 2015 for comparative purposes only.

392

400 – 430

+6%

380

$190m

12

Young-Davidson – Flagship, Long-Life Production

Location: Ontario, Canada

Ownership: 100% interest

Stage: Producing

Operation: Underground

• One of Canada’s largest underground gold mines

• 15 year mine life based on year end 2015 reserves

• Large resource base and exploration potential to support mine life extension

Gold Reserves & Resources4 Tonnes (000)

Grade (g/t)

oz Au (000)

P&P Underground Reserves 44,290 2.69 3,837

M&I Underground Resources 7,955 3.45 883

Inferred Underground Resources 3,523 2.76 312

$20mreduction in capital expected in 2017

95%of costs are in Canadian Dollars – C$

gold price near historical highs

1 Cost of sales includes mining and processing costs, royalties and amortization.2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.3 Excludes Net Realizable Value (“NRV”) inventory adjustments. See associated MD&A for a full reconciliation.4 See mineral reserve and resource estimates and associated footnotes in appendix.

2015A Q4/16A 2016A 2016E 2017E

Gold Production (k oz) 160.4 44.7 170.0 170-180 200-210

Cost of Sales1 (US$/oz) $1,162 - - $1,034 $1,050

Total Cash Costs2,3 (US$/oz) $683 - - $600 $625

Mine-site AISC2,3 (US$/oz) $986 - - $825 $775

Total Capital (US$m) $108 - - $85-95 $70-80

13

Growing production; declining costs; declining capital intensity

>6,600 tpdaverage underground mining rate

in Q4 2016

Young-Davidson – Ramp up of Underground Mining

Owner developmenttransition completed in April 2016

MCM shaftcompleted commissioning Q1 2016

>7,000 tpdachieved 2016 year-end

underground mining rate target

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

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q1

/13

Q2

/13

Q3

/13

Q4

/13

Q1

/14

Q2

/14

Q3

/14

Q4

/14

Q1

/15

Q2

/15

Q3

/15

Q4

/15

Q1

/16

Q2

/16

Q3

/16

Q4

/16

Mill TPD Underground TPD

14

Mulatos – Our Founding Operation

Location: Sonora State, Mexico


Stage: Producing

Operation: Open pit, heap leach & high grade mill

• Mine life of 6 years based on YE 2015 reserves

• Generated ~$350m in free cash flow2 to date

• Large exploration package (28,773 ha)


Grade (g/t)

oz Au(000)

P&P Reserves 44,713 1.07 1,543

M&I Resources 81,126 1.14 2,972

Inferred Resources 13,773 1.25 555

$909/ozQ3 YTD 2016 AISC2, down 13% from

2015 levels

154k oz2016 production – exceeding

full year guidance

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 2016 and 2017 excludes capitalized exploration.4 See mineral reserve and resource estimates and associated footnotes in appendix.

2015A Q4/16A 2016A 2016E 2017E



Total Cash Costs2 (US$/oz) $869 - - $850 $815

Mine-site AISC2 (US$/oz) $1,047 - - $925 $890

Total Capital3 (US$m) $45 - - $25-35 $33-40

15

$1,047

$925

$890

2015A 2016E 2017E

220 259 259

47196

236

302

0

100

200

300

400

500

600

700

800

2014 2015 August 2016

00

0 o

z A

u

Inferred Mineral Resources Measured & Indicated Mineral Resources Proven & Probable Mineral Reserves

Mulatos – Declining Cost Profile

Focused cost reductions2017 AISC expected to decrease ~$160/ozfrom 2015

Higher mill productionTransition to concentrate production generating higher recoveries

Declining cost profileLow cost production from La Yaqui & Cerro Pelon; 5% royalty nearing completion

Ongoing exploration success Improved land access & renewed focus –2017 Mulatos exploration budget of $17m

Declining Costs

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures. 2 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses.3 Cost of sales includes mining and processing costs, royalties and amortization.4 For more information, see press releases dated September 12, 2016 “Alamos Reports Significant Interim Increase in Mineral Resources at La Yaqui” and March 24, 2016 “Alamos Reports Mineral Reserves and Resources for the Year-Ended 2015”5 2016 reserves & resources Include 5.2 mt at 1.56 g/t for 259k oz in the Proven & Probable category, 4.6 mt at 1.32 g/t for 196k oz in the Measured & Indicated categories and 5.6 mt at 1.67 g/t for 302k oz in the Inferred category.

La Yaqui & Cerro Pelon Reserve & Resource Growth4,5

+244%

Mine-site AISC1,2 (US$/oz) Cost of Sales3 (US$/oz)

-15%$1,116

$1,097

$1,015

2015A 2016E 2017E

16

La Yaqui & Cerro Pelon – Low Cost Production Growth

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures. 2 See mineral reserve and resource estimates and associated footnotes in appendix.

Gold Reserves & Resources2

Tonnes (000)

Grade (g/t)

oz Au

(000)

La Yaqui 1,912 1.45 89Cerro Pelon 3,253 1.63 170

Total P&P Reserves 5,165 1.56 259La Yaqui 4,050 1.14 149Cerro Pelon 572 2.57 47

Total M&I Resources 4,622 1.32 196La Yaqui 5,524 1.68 298Cerro Pelon 109 1.23 4

Total Inferred Resources 5,633 1.67 302

87% higher grade

Combined reserve grade 1.56 g/t, 87% above 2017 budget

Initial production H2-2017Phase I development of La Yaqui on track

~$400/ozLa Yaqui Phase I 2017 total cash costs1, 51% lower than 2017 Mulatos budget

District potentialLarge underexplored land package; >70% of past

drilling focused near Mulatos mine

Mulatos District

Mulatos mine

17

El Chanate – Consistent Gold Producer

Location: Sonora State, Mexico


Stage: Producing

Operation: Open pit, heap leach

• Positive free cash flow generation in 2015

• Significant free cash flow at end of mine life – low cost production through residual leaching

1 Cost of sales includes mining and processing costs, royalties and amortization.2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.3 Excludes Net Realizable Value (“NRV”) inventory adjustments. See associated MD&A for a full reconciliation.4 See mineral reserve and resource estimates and associated footnotes in appendix.5 ~75% of El Chanate’s 2017 expected production has been hedged through gold collars ensuring minimum gold price of $1,225/oz and participation up to $1,450/oz


Grade (g/t)

oz Au(000)

P&P Reserves – Open Pit 19,317 0.59 365

P&P Reserves – Leach Pad Inventory - - 98

M&I Resources 2,327 0.86 64

~75%2017 production hedged ensuring minimum gold price of $1,225/oz5

$5m Site free cash flow2 generated Q3

YTD 2016

2015A Q4/16A 2016A 2016E 2017E



Total Cash Costs2,3 (US$/oz) $808 - - $1,100 $1,200

Mine-site AISC2,3 (US$/oz) $978 - - $1,100 $1,200

Total Capital (US$m) $14 - - $1 $2

18

Development: Lynn Lake Project – High Grade, Open Pit

1 For more information regarding the Lynn Lake District, please refer to the press release issued by Carlisle Goldfields dated February 27, 2014 titled Carlisle Announces Optimized PEA of the Farley and MacLellan deposits at Lynn Lake returns Post-Tax IRR of 26.3% at US$1,100 gold price available on SEDAR.2 See mineral reserve and resource estimates and associated footnotes in appendix.3 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

Location: Manitoba, Canada


Stage: Feasibility

Operation: Open pit

• Located in the highly-prospective Lynn Lake Mining District

• One of the highest grade open pit deposits in Canada; significant exploration potential

• Existing infrastructure in place, low power rates of C$0.027/kwh

• Feasibility study expected in Q3 2017

Life of Mine Production Profile1

0

50

100

150

200

250

1 2 3 4 5 6 7 8 9 10 11 12

Go

ld (

k o

z p

er y

ear

)

Life of Mine (years)


Grade (g/t)

oz Au (000)

M&I Resources 40,303 2.03 2,629

Inferred Resources 50,704 1.28 2,089

19

Development: Kirazlı, Ağı Dağı & Çamyurt

1 Please refer to press release dated June 28, 2012 on Turkey PFS and Çamyurt initial mineral resource estimate. 2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.3 See mineral reserve and resource estimates and associated footnotes in appendix.

2012 Positive Pre-feasibility Study – Summary1

Kirazlı Ağı DağıMine Life Years 5 7

Average Annual Productionoz Au 99,000 143,000

oz Ag 601,000 271,000

Average Throughput tpd 15,000 30,000

Average grade g/t Au 0.75 0.55

Total Cash Costs2 US$/oz $515 $611

Pre-production Capex US$m $146.1 $278.3

Total Capex US$m $165.7 $326.6

Location: Turkey


Stage: Development


Kirazlı3

Tonnes Grade Contained Ounces

(000) (g/t Au) (g/t Ag) (000 Au) (000 Ag)

Measured & Indicated 32,734 0.72 8.74 758 9,202

Inferred 5,689 0.59 8.96 108 1,638

Ağı Dağı3

Measured & Indicated 90,052 0.59 4.09 1,695 11,849

Inferred 16,760 0.46 2.85 245 1,534

Çamyurt3

Measured & Indicated 17,721 0.89 6.14 509 3,496

Inferred 2,791 0.95 5.77 85 518

• Kirazlı Forestry Permits received Jan 2017

• Kirazlı & Ağı Dağı EIA’s approved

• Kirazlı & Ağı Dağı feasibility studies & Çamyurt PEA nearing completion

• New mining law supportive of industry

20

Development: Esperanza & Quartz Mountain

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures2 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, 20133 See mineral reserve and resource estimates and associated footnotes in appendix.4 Additional C$3m due on completion of feasibility study & C$15m or 2% NSR upon successful permitting

Location: Morelos State, Mexico


Stage: Development


• Excellent infrastructure; low technical risk

• Low capital intensity and operating costs

• Average annual production potential > 100,000 oz

• All-in sustaining costs expected to be lowest quartile1

Location: Oregon, United States

Ownership: Right to earn a 100% interest4

Stage: Advanced Exploration

• Located on northern extension of prolific Basin & Range

Province of Nevada

• Low strip ratio, favourable metallurgy2

• Acquisition cost $3.5m


(000) (g/t Au) (g/t Ag) (000 Au) (000 Ag)

Measured & Indicated3 34,352 0.98 8.09 1,083 8,936

Inferred 718 0.80 15.04 18 347

Quartz Butte

Crone Hill


(000) (g/t Au) (000 Au)

Measured & Indicated3 12,156 0.87 339

Inferred 39,205 0.91 1,147

Project: Esperanza

Project: Quartz Mountain

21

Alamos – Investment Case

Diversified intermediate gold producer

Low-cost growth profile

Strong balance sheet to support growth

Long term track record of delivering shareholder value

Catalysts

Q3 2016: 93% increase in combined resources at La Yaqui

Q4 2016: La Yaqui EIA approved

Q4 2016: Met consolidated 2016 production guidance

Q4 2016: Achieved year-end target of 7,000 tpd from UG at YD

Q1 2017: Received Forestry Permits for Kirazlı project

2017: Kirazlı & Ağı Dağı feasibility studies & Çamyurt PEA

Q3 2017: Lynn Lake feasibility study

H2 2017: Initial production at La Yaqui

22

Appendices

23

Board of Directors and Executive and Management Team

Paul J. Murphy Chairman

John A. McCluskey Director

Mark J. Daniel Director

Patrick D. Downey Director

David Fleck Director

David Gower Director

Claire M. C. Kennedy Director

Ronald E. Smith Director

Kenneth Stowe Director

John A. McCluskey President and Chief Executive Officer

Jamie Porter Chief Financial Officer

Peter MacPhail Chief Operating Officer

Christine Barwell Vice President, Human Resources

Chris Bostwick Vice President, Technical Services

Luis Chavez Senior Vice President, Mexico

Andrew Cormier Vice President, Development & Construction

Nils Engelstad Vice President, General Counsel

Greg Fisher Vice President, Finance

Aoife McGrath Vice President, Exploration

Scott Parsons Vice President, Investor Relations

Colin Webster Vice President, Sustainability & External Affairs

Board of Directors Executive and Management Team

24

Sustainability

• Our Objectives

• As we pursue further growth, we will continue to measure our success as an

organization by our performance in achievement of our sustainability objectives:

• Protecting the health and well-being of our employees

• Creating shared value with our host communities and countries

• Ensuring that our operations are net-positive for the environment

• Over the years, Alamos has been recognized for its achievements in these areas:

Clean Industry Certification from PROFEPA

• Alamos was certified as an Industria Limpia (clean industry)

in recognition of the excellence of environmental management

at Mulatos

CSR Award from Mexican Center for Philanthropy (CEMEFI)

• Signifies exceptional record of CSR performance;

• 2015 marked the 7th consecutive year for Alamos

25

1 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures. 2 Excludes capitalized exploration.3 For the purposes of calculating mine-site all-in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and administrative and share based compensation expenses to the mine sites.4 Cost of sales includes mining and processing costs, royalties, and amortization expense

2017 Guidance

2017 Guidance2016

Guidance

Young-Davidson Mulatos El Chanate Total Total

Gold production (000’s ounces) 200-210 150-160 50-60 400-430 392 (actual)

Cost of Sales (in millions) (4) $215 $157 $70 $442 $420

Cost of Sales ($/oz) (4) $1,050 $1,015 $1,265 $1,065 $1,091

Total cash costs ($/oz) (1) $625 $815 $1,200 $765 $800

All-in sustaining costs ($/oz) (1) $940 $975

Mine-site all-in sustaining costs ($/oz) (1),(3) $775 $890 $1,200 - -

Capital expenditures (in millions)

Sustaining capital(1) $30-35 $8-10 $2 $40-47 $51-61

Growth capital(1) $40-45 $25-30 (2) - $65-75 $60-70

Total – Operating Mines(1) $70-80 $33-40 $2 $105-122 $111-131

Total – Development Projects $35

Total Consolidated Budget $140-157 $138-158

Corporate & Administrative (in millions) $16 $16

26

$287

($315)

-$2,250

-$1,750

-$1,250

-$750

-$250

$250

$750

Randgold PanAmerican

Tahoe Centerra OceanaGold Alamos Detour B2Gold IAMGOLD Eldorado New Gold Kinross Yamana

Cash Total Debt

Strong Balance Sheet

1 Cash, cash equivalents & available for sale securitiesSource: Factset and company disclosure. Based on financial statements for the period ending September 30, 2016.Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.

Well positioned in any gold price environment

Cash1 / (Total Debt) (US$m)

1

27

Young-Davidson – Increasing Grade & Productivity

1 Cost of sales includes mining and processing costs, royalties and amortization.2 Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.3 Excludes Net Realizable Value (“NRV”) inventory adjustments. See associated MD&A for a full reconciliation.4 Excludes hydro rebate not attributable to Q4/15

Underground ramp up driving production higher and unit costs lower

Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16

Gold ounces produced 28,281 29,252 30,099 33,106 35,104 40,166 40,538 40,945 38,098 39,365 38,201 44,694 39,065 42,644 43,629 44,662

Cost of sales1 (US$/oz) Pre-commercial production $1,677 $1,625 $1,370 $1,211 $1,216 $1,298 $1,165 $986 $1,058 $1,182 $1,032

Total cash costs per oz. (2,3) $694 $716 $666 $850 $1,009 $871 $723 $719 $745 $697 $681 $617 $616 $738 $607

Mine-site AISC per oz.(2,3) $1,059 $1,254 $1,357 $1,270 $1,315 $1,144 $959 $912 $987 $1,008 $979 $980 $846 $965 $849

Underground mine

Tonnes mined per day 1,130 1,611 1,417 2,590 2,611 3,595 3,753 4,140 4,130 5,149 5,081 5,911 5,776 6,123 5,467 6,600

Grades (g/t) 2.7 2.5 2.8 3.1 2.8 3.3 3.1 3.0 3.0 2.6 2.6 2.6 2.6 2.4 2.8

Development metres 1,941 2,445 2,620 2,986 3,772 3,545 3,269 3,438 3,409 3,789 3,619 3,769 3,490 3,168 2,677

Unit UG mining costs (US$)Pre-commercial production

$46 $45 $41 $39 $39 $33 $32 $294 $31 $34 $34

Unit UG mining costs (CAD$) $51 $49 $45 $44 $48 $41 $41 $384 $42 $44 $45

Mill processing facility

Tonnes processed per day 6,466 7,017 6,747 6,969 7,163 8,230 7,670 7,757 7,186 7,677 7,680 7,630 7,342 7,006 6,833

Grades (inc. OP stockpile) 1.8 1.7 1.7 2.0 1.8 2.2 1.9 2.0 2.0 2.0 1.9 2.2 2.1 2.1 2.4

Recoveries (%) 86% 85% 89% 88% 87% 88% 90% 88% 86% 88% 92% 91% 90% 92% 93%

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

1,500

2,500

3,500

4,500

5,500

6,500

Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16

Un

it U

G m

inin

g co

sts

(US$

/t)

Un

de

rgro

un

d T

PD

Underground tonnes mined per day Unit UG mining costs (US$/t)

28

Young-Davidson – Development Schedule

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

Declining capital intensity

2016 2017 2018 2019

Commissioning of MCM shaft

Transition to 100% owner development

Ramp up to 7,000 tpd

• Raise boring of lower NG shaft

• Completion of MCM waste pass

• Shaft bottom infrastructure

• Northgate shaft hoisting from 8900L

29

Young-Davidson – Long Section

MCM

Wastepass

East

Wastepass

Productivity improvements & declining costs

Developing the underground to support ramp up of underground mining

Milled grade higher

Declining capital intensity

Higher underground mining rates driving:

Production growth

30

Mulatos District

31

Mulatos – La Yaqui Project Area

For more information, see press releases dated September 12, 2016 “Alamos Reports Significant Interim Increase in Mineral Resources at La Yaqui” and March 24, 2016 “Alamos Reports Mineral Reserves and Resources for the Year-Ended 2015” and September 21, 2015 “Alamos Announces Discovery of New Zones of Mineralization at Cerro Pelon and La Yaqui”.

32

Mulatos – La Yaqui Conceptual Cross Section Zone 1


33

Mulatos – La Yaqui Conceptual Cross Section Zone 2


34

Mulatos – Cerro Pelon Project Area

RESULTS IN RESERVE CONES

15PEL056: 46m @ 1.13g/t Au (2 – 48m)15PEL066: 27m @ 2.74g/t Au (34– 61m)15PEL069: 20m @ 2.54g/t Au (52 - 72m) &

34m @ 6.67g/t Au (134 - 168m)15PEL070: 44m @ 1.43g/t Au (11 – 55m)15PEL073: 33m @ 3.20g/t Au (4 – 37m)

RESULTS IN RESOURCE CONES

15PEL012: 50m @ 14.47g/t Au (157-207m)15PEL020: 35m @ 9.65g/t Au (157 - 192m)15PEL075: 9m @ 2.69g/t Au (121 - 130m)15PEL077: 52m @ 1.35g/t Au (41 - 93 m) &

6m @ 1.47g/t Au (97 - 103 m)15PEL085: 14m @ 10.63g/t Au (24 - 138m) 16PEL018: 47m @ 7.79g/t Au (88 – 135m)16PEL021: 41m @ 0.92g/t Au (81 - 122m)

See press release dated August 10, 2016 “Alamos Reports Second Quarter 2016 Results and Provides Exploration Update at Mulatos”.

35

Mulatos – Cerro Pelon Project Area

Conceptual Long Section (Looking West)

Highlight intercepts from the 2015 exploration program at Cerro Pelon, including several previously released results as indicated by *For more information, see press releases dated March 24, 2016 “Alamos Reports Mineral Reserves and Resources for the Year-Ended 2015” and September 21, 2015 “Alamos Announces Discovery of New Zones of Mineralization at Cerro Pelon and La Yaqui”.

36

Best In Class Portfolio of Assets

MULATOS


2017E Au Total Cash Costs US$815/oz

2P Au Reserves 1.5m oz (44.7mt @ 1.07 g/t)

Total Au M&I Resources 3.0m oz (81.1mt @ 1.14 g/t)

Total Au Inf. Resources 0.6m oz (13.8mt @ 1.25 g/t)

EL CHANATE


2017E Au Total Cash Costs US$1,200/oz



QUARTZ MOUNTAIN

Stage Advanced Exploration


Total Au Inf. Resources 1.1m oz (39.2mt @0.91 g/t)

YOUNG-DAVIDSON


2017E Au Total Cash Costs US$625/oz



Total Au Inf. Resources 0.3m oz (3.6mt @ 2.74g/t)

AĞI DAĞI

Stage Permitting

Est. Annual Production 143k oz

Est. Total Cash Costs US$611/oz



Producing Assets

Exploration / Development Assets

TorontoHead Office

ESPERANZA

Stage Permitting

Est. Annual Production +100k oz

Est. Total Cash Costs ~US$500/oz


KIRAZLI

Stage Permitting


Est. Total Cash Costs US$515/oz



ÇAMYURT

Stage Resource Dev.


Total Au Inf. Resources 0.1m oz (2.8mt @0.95 g/t)

LYNN LAKE

Stage Feasibility


Est. Total Cash Costs C$530/oz



Diversified production Low-cost growth Safe jurisdictions

Consensus NPV by Geography1

Consensus NPV by Stage1

Production79%

Development21%

Canada64%

Mexico24%

Turkey12%

Please refer to Cautionary Notes on non-GAAP Measures and Additional GAAP Measures.Note: Mineral resources are exclusive of mineral reserves. See mineral reserve and resource estimates and associated footnotes in appendix.1Consensus analyst estimates

37

Long Life Reserve Base

Reserve Life Index (on Operating Assets)2

Gold Mineral Reserves & Resources1

1 See mineral reserve and resource estimates and associated footnotes in appendix.2 Source: TD Securities. 2015 Y/E operating gold reserves/2017E gold production; adjusted for asset sales.

5.9 5.9

11.1

4.6

0

5

10

15

20

25

Mineral Reserves Mineral Reserves & Resources

Au

oz

(mill

ion

s)

Inferred Mineral Resources

M&I Mineral Resources

P&P Mineral Reserves

26.1

19.2

14.5 13.811.6 10.7 10.4 10.3 9.7 9.5

8.26.8

4.4

0

5

10

15

20

25

30

DGC ELD NEM AGI GG ABX KGC AUY AEM IMG SMF NGD P

Res

erv

e lif

e in

dex

(ye

ars)

38

2015 Proven and Probable Mineral Reserves

PROVEN AND PROBABLE MINERAL RESERVES

AS AT DECEMBER 31, 2015

PROVEN PROBABLE PROVEN + PROBABLE

TONNES GRADE CONTAINED TONNES GRADE CONTAINED TONNES GRADE CONTAINED

(000) (G/T AU)OUNCES

(000)(000) (G/T AU)

OUNCES(000)

(000) (G/T AU)OUNCES

(000)

Young-Davidson

Surface 1,396 0.82 37 - 0.00 - 1,396 0.82 37

Underground 14,282 2.73 1,255 30,008 2.68 2,582 44,290 2.69 3,837

Total Young-Davidson 15,678 2.56 1,292 30,008 2.68 2,582 45,686 2.64 3,874

Mulatos

Mulatos Main Pits 5,248 0.98 165 27,654 0.85 756 32,902 0.87 921

San Carlos Underground 83 15.49 42 77 7.66 19 161 11.73 61

Stockpiles 6,485 1.45 302 - - - 6,485 1.45 302

La Yaqui 474 1.52 23 1,438 1.42 66 1,912 1.45 89

Cerro Pelon 960 1.70 53 2,293 1.59 117 3,253 1.63 170

Total Mulatos 13,251 1.37 585 31,462 0.95 958 44,713 1.07 1,543

El Chanate

El Chanate Open Pit 11,480 0.55 204 7,837 0.64 161 19,317 0.59 365

El Chanate Leach Pad Inv. - - 98 - - - - - 98

Total El Chanate 11,480 0.82 302 7,837 0.64 161 19,317 0.75 463

Total Alamos 40,409 1.68 2,178 69,307 1.66 3,702 109,716 1.67 5,880

39

2015 Total Measured and Indicated Mineral Resources

MEASURED AND INDICATED GOLD MINERAL RESOURCES (AS AT DECEMBER 31, 2015)

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 69Young-Davidson – Underground 4,248 3.47 474 3,707 3.43 408 7,955 3.45 883

Total Young-Davidson 4,744 3.23 493 4,949 2.89 460 9,694 3.05 952

Mulatos 8,625 1.24 343 65,921 1.08 2,287 74,546 1.10 2,630San Carlos UG 236 6.03 46 367 5.42 64 603 5.66 110

La Yaqui - - - 4,050 1.14 149 4,050 1.14 149Cerro Pelon 117 2.75 10 455 2.52 37 572 2.57 47Carricito 58 0.82 2 1,297 0.82 34 1,355 0.82 36

Total Mulatos 9,036 1.38 401 72,090 1.11 2,571 81,126 1.14 2,972El Chanate 765 0.66 16 1,563 0.95 48 2,327 0.86 64Lynn Lake 15,010 1.99 960 25,293 2.05 1,669 40,303 2.03 2,629Esperanza 19,226 1.01 622 15,126 0.95 462 34,352 0.98 1,083

Orion - - - 554 3.66 65 554 3.66 65Ağı Dağı 2,008 0.67 44 88,044 0.58 1,651 90,052 0.59 1,695Kirazli 837 1.13 31 31,897 0.71 727 32,734 0.72 758Çamyurt 513 1.00 17 17,208 0.89 492 17,721 0.89 509

Total Turkey 3,358 0.84 91 137,149 0.65 2,871 140,507 0.66 2,961Quartz Mountain 214 0.95 7 11,942 0.87 333 12,156 0.87 339

Alamos - Total 52,353 1.54 2,588 268,665 0.98 8,477 321,018 1.07 11,066

MEASURED AND INDICATED SILVER MINERAL RESOURCES (AS AT DECEMBER 31, 2015)

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)

Esperanza 19,226 7.25 4,482 15,126 9.16 4,455 34,352 8.09 8,936

Orion - - - 554 309 5,503 554 309 5,503

Ağı Dağı 2,008 4.87 314 88,044 4.07 11,535 90,052 4.09 11,849

Kirazli 837 12.79 344 31,897 8.64 8,857 32,734 8.74 9,202

Çamyurt 513 5.63 93 17,208 6.15 3,404 17,721 6.14 3,496

Alamos - Total 22,584 7.21 5,233 152,829 6.87 33,754 175,413 6.91 38,987

40

2015 Total Inferred Mineral Resources

INFERRED GOLD MINERAL RESOURCES (AS AT DECEMBER 31, 2015)

TONNES GRADE OUNCES

(000'S) (G/T AU) (000'S)

Young-Davidson - Surface 31 0.99 1

Young-Davidson - Underground 3,523 2.76 312

Total Young-Davidson 3,554 2.74 313

Mulatos 7,078 0.90 205

San Carlos UG 162 4.93 26

La Yaqui 5,524 1.68 298

Cerro Pelon 109 1.23 4

Carricito 900 0.74 22

Total Mulatos 13,773 1.25 555

El Chanate 101 0.36 1

Lynn Lake 50,704 1.28 2,089

Esperanza 718 0.80 18

Orion 91 3.33 10

Ağı Dağı 16,760 0.46 245

Kirazli 5,689 0.59 108

Çamyurt 2,791 0.95 85

Total Turkey 25,240 0.54 438

Quartz Mountain 39,205 0.91 1,147

Alamos - Total 133,386 1.07 4,572

INFERRED SILVER MINERAL RESOURCES (as at DECEMBER 31, 2015)

TONNES GRADE OUNCES

(000'S) (G/T AG) (000'S)

Esperanza 718 15.04 347

Orion 91 95.00 275

Ağı Dağı 16,760 2.85 1,534

Kirazli 5,689 8.96 1,638

Çamyurt 2,791 5.77 518

Alamos - Total 26,049 5.15 4,312

41

Notes to Mineral Reserve and Resource Estimates

Notes to Mineral Reserve and Resource Tables:• The Company’s mineral reserves and mineral resource as at December 31, 2015 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. La Yaqui mineral resources are as at September 1, 2016.• 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 and the La Yaqui Pit are determined as a net of process value of $0.10 per tonne for each model block• All Measured, indicated and inferred mineral resources are pit constrained with the exception of the Mulatos Main Pits on the Mulatos property which have no economic restrictions and are tabulated at a

gold cut-off grade of 0.5 grams per tonne.• 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, except as follows: Orion assumed a gold price of $850 per

ounce and a silver price of $13.00 per ounce for resources. Lynn Lake assumed a gold price of $1,550 per ounce with an assumption of the Canadian dollar at parity with the United States dollar. Metal prices, cutoff grades and metallurgical recoveries are set out in the table below.

• El Chanate mineral reserve ounces include a December 31, 2015 inventory of 98,000 recoverable ounces contained within the heap leach pad.• Lynn Lake mineral resources represent 100% of the Lynn Lake Project. Alamos completed the acquisition of Carlisle Goldfields Limited (Lynn Lake Project) on January 7th, 2016.• Orion Mineral Resources are reflected on a 50% basis. Following the completion of a joint venture agreement, Minera Frisco, S.A.B. de C.V. has a 50% interest in the Orion project.

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 independent Qualified Person’s for the National Instrument 43-101 compliant mineral reserve and resource estimates are detailed in the following table.

Mineral Resources

Jeffrey Volk, CPG, FAusIMM Director - Reserves and Resource, Alamos Gold Inc. Young-Davidson, El Chanate, San Carlos U/G, Lynn Lake, Orion

Marc Jutras, P.Eng Principal, Ginto Consulting Inc.Mulatos Pits, Cerro Pelon, La Yaqui, Carricito, Esperanza, Ağı Dağı, Kirazli, Çamyurt, Quartz Mountain

Mineral Reserves

Chris Bostwick, FAusIMM VP Technical Services, Alamos Gold Inc. Young-Davidson, El Chanate, San Carlos Underground

Herb Welhener, SME-QP VP, Independent Mining Consultants Inc. Mulatos Pits, Cerro Pelon, La Yaqui

RESOURCES RESERVESGOLD PRICE CUTOFF GOLD PRICE CUTOFF MET RECOVERY

Mulatos:Mulatos Main Open Pit $1,400 0.5 $1,250 see notes >50%San Carlos Underground $1,400 2.5 $1,250 3.27 70%Cerro Pelon $1,400 0.3 $1,250 see notes 75%La Yaqui $1,400 0.3 $1,250 see notes 50-85%Carricito $1,400 0.3 n/a n/a >50%

Young-Davidson - Surface $1,400 0.5 $1,250 0.5 91%Young-Davidson - Underground $1,400 1.3 $1,250 1.9 91%El Chanate $1,400 0.15 $1,250 0.15 30-65%Lynn Lake $1,555 0.4 n/a n/a 89-92%Esperanza $1,400 0.4 n/a n/a 60-72%Orion $850 2.0 n/a n/a 92%Ağı Dağı $1,400 0.2 n/a n/a 80%Kirazli $1,400 0.2 n/a n/a 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%

42

Scott K. Parsons, CFAVP, Investor Relations416.368.9932 x 5439

[email protected]