May 2014 Corporate Presentation

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's 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 Alamos's Annual Information Form for the year ended December 31, 2012, which is 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.

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income include “Mine operating costs”, “Earnings from mine operations” and “Earnings from operations”. These measures are intended to provide an indication of the Company’s mine and operating performance. “Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows. “Mining cost per tonne of ore” and “Cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. “Cash operating costs per ounce”, “total cash costs per ounce” and “all-in sustaining costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of these metrics as determined by the Company compared with other mining companies. In this context, “cash operating costs per ounce” reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period. “Cash operating costs per ounce” may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed and gold recovery rates in the period. “Total cash costs per ounce” includes “cash operating costs per ounce” plus applicable royalties. Cash operating costs per ounce and total cash costs per ounce are exclusive of exploration costs. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies.

All figures in US$ unless otherwise indicated.

2

Cautionary Notes

3

Alamos Well Positioned for Low‐Cost Growth

• We remain a low‐cost, mid‐tier gold producer• Mexico (Sonora State): own and operate the Mulatos Mine

• 2014 guidance of 150,000‐170,000 ounces at an all‐in sustaining cost1 below $1,000 per ounce

• Q1 2014 production of 37,000 ounces at an all‐in sustaining cost1 of $908 per ounce

• Low cost production growth from Cerro Pelon and La Yaqui in 2016

• Growth pipeline that generates strong returns at the current gold price

• Turkey (Çanakkale): advanced‐stage development projects

• Mexico (Morelos State): Esperanza Gold Project

• United States (Oregon): Quartz Mountain

• Strong balance sheet

• $410m in cash and no debt2

• Continue to pay a US$0.10/share semi‐annual dividend – current yield of 2.2%1 Please refer to Cautionary Notes on non‐GAAP Measures and Additional GAAP Measures.2 As of March 31, 2014

4

Mulatos – Proven, Low Risk, High Reward Strategy

$10mcost to acquire Mulatos in 2003

$350mfree cash flow 

generated to date

$70minitial capital raised to 

build Mulatos

Long term track record of capital discipline….1 Please refer to Cautionary Notes on non‐GAAP Measures and Additional GAAP Measures. 

We intend on replicating this success many times over…

5

Leading Growth Profile – Proven Strategy

Open pit, heap leach projects

• Low capital intensity

• Low operating costs

• Low technical risk

• High ROI

Cerro Pelon & La Yaqui

Kirazlı

Ağı Dağı

Çamyurt

Esperanza

Quartz Mountain

Total acquisition cost 

• <$150m 

• ~$20/oz of 

resource1,2

…all generate cash flow at current gold price1  See mineral reserve and  resource estimates and associated footnotes in appendix.2 Based on total measured and indicated and inferred mineral resources at time of acquisition

0

100

200

300

400

500

2006 2007 2008 2009 2010 2011 2012 2013E 2014E

Prod

uctio

n (000

 oz A

u)

• Fully funded growth – cash of $410m and ongoing cash flow generation

• Further potential upside through Çamyurt & Quartz Mountain

6

Leading Growth Profile – Fully Funded

EsperanzaKirazlı & Ağı Dağı

Mulatos

Project: Open pit, heap leach

Location: Sonora State, Mexico

Ownership: 100% interest

Stage: Producing

Throughput: 17,700 tpd (700 tpd from mill)

• Among the lowest cost producers globally

• Mine life of 8 years based on reserves

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

• Large exploration package (30,325 ha/117 sq. miles)

7

Mulatos Mine – Our Foundation

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

0.85

0.93

2014 Budget 2013 Open Pit ReserveGrade

4.92

7.02

2012 2013

9%higher

Increase in mineral reserve grades at Mulatos expected to positively impact production and costs

8

2013 Reserve & Resource Update – High Grade Growth

43% increase

1  See mineral reserve and  resource estimates and associated footnotes in appendix.

San Carlos Underground  Mineral Reserve Grade1 (g/t Au)

Open Pit Mineral Reserve Grade1

Relative to 2014 Budget (g/t Au) 

9

Mulatos Mine – Q1 2014 Highlights & 2014 Guidance

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

Operating Data Q1 2014A 2014E Guidance

Production oz Au 37,000 150,000 ‐ 170,000Cash Operating Costs1 US$/oz $546 $630‐670Total Cash Costs1 US$/oz $617 $700‐740All‐in Sustaining Costs1 US$/oz $908 $960‐1,000

Combined Gold Recovery % 71% 75%Combined Throughput tpd 16,800 17,700Average Grade – Heap Leach Ore g/t Au 1.03 0.85Average Grade – Mill Ore g/t Au 3.28 5.3Waste‐to‐Ore Ratio 0.54:1 0.84:1

• Positive 21% grade reconciliation in ore stacked to leach pad in Q1

• Q1 costs below full year guidance on all fronts

• Remain a low cost producer with AISC1 of $908 per ounce in Q1

• Advanced development of San Carlos underground 

Escondida

+1 opt intercepts

Mineralized trends

LEGEND

PdAExtension

East Estrella

Cerro Pelon

Estrella

El Salto/Mina Vieja

El Victor

Gap

PdA

San Carlos

April 2013

Mexico: The High‐Grade Story Continues

• Mill feed: ~4 years @ 700 tpd based on reserves

• San Carlos on track for production in Q3 2014• UG mineral reserves 929,000 t @ 7.02 g/t Au (209,527 oz)1

• Further conversion potential – UG mineral M&I resources 625,000t @ 6.16 g/t Au (123,808 oz)1

11

Mulatos Mine – Transition Year

1  See mineral reserve and  resource estimates and associated footnotes in appendix.

Transitioning to underground mining for high grade mill feed

12

San Carlos on Track for Production in Q3 2014 

13

Mulatos Mine – Low Cost Production Growth in 2016

Cerro Pelon & La Yaqui Satellite Projects

• Production additive• Independent crushing circuit & heap leach pads• Combined production of ~60k oz/yr

• Higher grade• Combined mineral reserves of 4,247,000 tonnes @ 1.6 g/t Au (220,351 oz)1

• Robust economics• Modest capex and sub‐$400/oz total cash costs

• Initial production in 2016• Estimate 4 months to finalize legal proceedings to acquire surface rights• 18 months for permitting and construction

1  See mineral reserve and  resource estimates and associated footnotes in appendix.

Projects: Open pit, heap leach

Location: Turkey

Ownership: 100% interest

Stage: Development• Excellent infrastructure; low technical risk

• Initial production 18 months after permitted

14

Turkey – Low‐Cost Production Growth

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.

Çamyurt significant upside to 2012 PFS

• Pit‐constrained M&I mineral resource

of 508,877 oz grading 0.89 g/t Au3

2012 Positive Pre‐feasibility Study – Summary1

Kirazlı Ağı Dağı

Mine Life Years 5 7Average Annual Production oz Au 99,000 143,000

oz Ag 601,000 271,000Average Throughput tpd 15,000 30,000Average grade g/t Au 0.75 0.55Total Cash Costs2 US$/oz $515  $611 Pre‐production Capex US$m $146.1  $278.3 Total Capex US$m $165.7  $326.6 

Project: Open pit, heap leach

Location: Morelos State, Mexico

Ownership: 100% interest

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

15

Esperanza Gold Project – Significant Growth Potential

Cutoff Tonnes Grade Contained Ounces(g/t Au) (000) (g/t Au) (g/t Ag) (000 Au) (000 Ag)

Measured & Indicated2 0.4 46,677 0.82 7.1 1,237 10,644

Inferred2 0.4 3,974 0.85 8.8 109 1,122

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.

16

Quartz Mountain Property – Compelling Opportunity 

1 See mineral reserve and  resource estimates and associated footnotes in appendix.2 Historic column recovery tests for gold at Quartz Mountain varied between 74% and 88% for the felsic rock hosted mineralization; see Orsa Ventures press release dated February 12, 2013

Location: Oregon, United States

Ownership: Right to earn a 100% interest 

Stage: Advanced Exploration• Inferred resource of 2.85m oz of gold1 on northern extension of the 

prolific Basin and Range Province of Nevada

• Low strip ratio, favourable metallurgy2

• Aligned with our strategy of adding low cost, quality ounces to our 

pipeline, with significant potential upside

• Acquisition cost of $3.5m.  Additional C$3m due on completion of 

feasibility study and C$15m or 2% NSR upon successful permitting

Inferred Resource1 Cutoff Tonnes Grade Contained Ounces(g/t Au) (000) (g/t Au) (000 Au)

Total Oxide 0.21 64,148 0.63 1,297

Total Sulphide 0.58 46,300 1.04 1,551

Total Project n/a 110,448 0.80 2,848

$9.12

$3.22 $3.46

$5.90

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

Current Share Price Cash/Share Working Capital/Share Implied Value for Mulatos,Turkey, Esperanza & Quartz

Mountain

US$/sha

re

2 2

3

17

Alamos Gold – Value Proposition

1 Please refer to Cautionary Notes on non‐GAAP Measures and Additional GAAP Measures.2 Per basic share outstanding3 Share price as of May 1, 2014.  Implied value based on share price of US$9.12 less  current cash per share

3

18

Alamos Story Remains Intact

• Low cost production growth at Mulatos from Cerro Pelon & La Yaqui in 2016

• Leading growth profile with Turkey and Esperanza

• Strong balance sheet with fully funded development pipeline

• Lean capital structure – 127.4m shares outstanding (139.1m fd)

• Healthy semi‐annual dividend – current yield of 2.2%

• Upcoming catalysts

• H2 2014: Turkey update• Q3 2014: Cerro Pelon & La Yaqui PEA and surface rights update• Q1 2015: Esperanza prefeasibility study

19

Appendices

Sustainability

Our commitment to principles of sustainable development has been a critical factor in our success to date, enabling us to maintain our social license from a broad range of stakeholders, including our employees, our shareholders, and our host communities and countries. 

• Recently completed first Annual Sustainability Report pursuant to GRI framework• Our Objectives

• As we pursue further growth, we will continue to measure our success as an organization by our performance in achievement of our sustainability objectives:

• protecting the health and well‐being of our employees  • creating shared value with our host communities and countries• ensuring that our operations are net‐positive for the environment

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

• Clean Industry Certification from PROFEPA• Alamos was certified as an Industria Limpia (clean industry) in recognition of the excellence of 

environmental management at Mulatos. 

• CSR Award from Mexican Center for Philanthropy (CEMEFI)• Signifies exceptional record of CSR performance; 2013 marks the 5th consecutive year for Alamos

• Certification under International Cyanide Management Code• Voluntary initiative for gold mining industry and producers and transporters of cyanide; Alamos 

certified since March 2013

• ISO 9001:2008 Certification • International standard for quality management mining systems; 3rd year in a row for Alamos

21

Sustainability

Executive and Management Team

John A. McCluskey  President and Chief Executive Officer

Jamie Porter  Chief Financial Officer

Manley Guarducci  Vice President and Chief Operating Officer

Charles Tarnocai  Vice President, Corporate Development

Greg Fisher  Vice President, Finance

Christine Barwell  Vice President, Human Resources

Matthew Howorth   Vice President, Legal and Corporate Secretary

Andrew Cormier  Vice President, Development and Construction

22

Board of Directors and Executive and Management Team

Board of Directors

Mark Wayne  Chairman

John A. McCluskey  Director

David Gower   Director

Paul J. Murphy Director

Ken Stowe  Director

Anthony Garson Director

David Fleck Director

23

Cash & Cash Equivalents1 ~US$410 millionWorking Capital1 ~US$450 million

Debt None

Gold Hedging None

Semi‐Annual Dividend US$0.10/share

1 Unaudited – management’s estimate as of April 22, 2014.2 As of May 1, 2014.

Shares Outstanding1  127.4 millionWarrants1  7.2 million

Employee Options1  4.6 million

Fully Diluted  139.1 million

Recent Share Price (TSX)2 C$10.01

Market Capitalization  ~C$1.3 billion 

Robust Balance Sheet 

24

2013 Reserve & Resource Update – High Grade Growth

High grade mineral reserves

• 16% increase in ounces

• 41% increase in grade

Open pit mineral reserves

• 9% increase in grade relative to 2014 budget

M&I mineral resources

• 31% total increase

• 20% increase in Turkey

Inferred mineral resources

• 142% increase

TOTAL MINERAL RESERVES AND RESOURCES

20131 20122 % Change

PROJECT Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained

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

PROVEN AND PROBABLE MINERAL RESERVESMulatos Mine  45,053 0.93 1,345,222 59,683 0.90 1,728,059 ‐25% 3% ‐22%

UG Reserve 961 7.10 219,285 1,169 5.04 189,663 ‐18% 41% 16%

Existing stockpiles 4,508 1.68 243,640 3,721 1.90 227,364 21% ‐12% 7%

La Yaqui 1,574 1.58 79,826 1,574 1.58 79,826 0% 0% 0%

Cerro Pelon 2,673 1.64 140,525 2,673 1.64 140,525 0% 0% 0%

TOTAL 54,769 1.15 2,028,498 68,820 1.07 2,365,437 ‐20% 8% ‐14%

MEASURED AND INDICATED  MINERAL RESOURCES (exclusive of mineral reserves)Mulatos – OP & UG 73,761 1.06 2,515,192 81,783 1.01 2,643,276 ‐10% 5% ‐5%

Turkey 139,851 0.65 2,920,258 126,274 0.60 2,437,889 11% 8% 20%

Esperanza 46,677 0.82 1,237,000 ‐ ‐ ‐ ‐ ‐ ‐

TOTAL 260,289 0.80 6,672,450 208,057 0.76 5,081,165 25% 5% 31%

INFERRED MINERAL RESOURCESMulatos – OP & UG 10,689 0.93 320,958 17,531 0.893 501,548 ‐39% 5% ‐36%

Turkey 23,867 0.52 398,053 50,199 0.63 1,017,392 ‐52% ‐18% ‐61%

Esperanza 3,974 0.85 109,000 ‐ ‐ ‐ ‐ ‐ ‐

Quartz Mountain 110,448 0.80 2,848,000 ‐ ‐ ‐ ‐ ‐ ‐

TOTAL 148,978 0.77 3,676,011 67,730 0.70 1,518,940 120% 10% 142%1See mineral reserve and  resource estimates and associated footnotes in appendix.2For a detailed summary of the 2012 mineral reserves and resources, see press release dated April 1, 2013

0.59 0.451.04 1.56

0.92 0.96 1.52

3.681.58 1.93

1.66

3.18 4.404.98

5.08

6.67

1.92 1.692.05

2.392.39

2.392.37

2.03

0

2

4

6

8

10

12

2004 2007 2008 2009 2010 2011 2012 2013

Au oz (millions)

P&P Reserves

Measured & Indicated

Inferred

25

Growing Resource Base Enables Production Growth1

1 Please see mineral reserve and resource estimates and associated footnotes in appendix.

M&I resources  increased 24%1

Inferred resources1

increased 142% reflecting 

acquisitions of Esperanza & Quartz 

Mountain

511 14

8 8 13

292017

29 38 4242

52

1821

22 2120

20

16

0

10

20

30

40

50

60

70

80

90

100

2007 2008 2009 2010 2011 2012 2013

Au oz p

er 1,000

 sha

res

P&P Reserves (per 1,000 shares)

Measured & Indicated (per 1,000 shares)

Inferred (per 1,000 shares)

26

Resource Growth on an Aggregate and Per Share Basis1

1 Please see mineral reserve and resource estimates and associated footnotes in appendix.

1,28

0 

1,21

1 

1,17

2 

1,14

7 

1,11

9 

1,07

7 

1,04

7 

1,02

7 

1,01

9 

1,01

7 

1,00

3 

985 

957 

934 

921 

919 

912 

907 

881 

838 

0

200

400

600

800

1,000

1,200

1,400

JAG AUQ SGR IMG KGC AEM NEM TMM ABX LSG AGI GG SMF BTO ELD CG OSK P AUY NGD

2014E All‐in Sustaining

 Costs (U

S$/oz)

Operating Exploration G&A Other Sustaining

27

Remain Among the Lower All‐In Sustaining Cost Producers1

1 Please refer to Cautionary Notes on non‐GAAP Measures and Additional GAAP Measures. Source:  TD Securities estimates.

28

Track Record of Delivering Shareholder Value

Source:  Capital IQ

‐50%

‐25%

0%

25%

50%

75%

100%

125%

150%

175%

May‐09

Jul‐0

9

Sep‐09

Dec‐09

Feb‐10

Apr‐10

Jul‐1

0

Sep‐10

Dec‐10

Feb‐11

Apr‐11

Jul‐1

1

Sep‐11

Nov

‐11

Feb‐12

Apr‐12

Jul‐1

2

Sep‐12

Nov

‐12

Feb‐13

Apr‐13

Jul‐1

3

Sep‐13

Nov

‐13

Feb‐14

Apr‐14

Alamos Gold Inc. (TSX:AGI) ‐ Share Pricing S&P/TSX Global Gold Index ‐ Index Value Gold (COMEX ‐ C$/oz) ‐ Day Close Price

29

Mulatos Alteration Map

Mulatos District

30

Deli Pit

Baba PitAlteration Types

ArgillicAdvanced ArgillicSilica

2012 Resource Pit Outlines

N

Çamyurt Pit

Ağı Dağı Project: Map

301 Please refer to press release dated April 1, 2013 on Reserve and Resource calculations for 2012.

Propylitic

31

Alteration Types

ArgillicAdvanced ArgillicSilica

2012 Resource Pit Outlines

N

Kirazlı Pit

Kirazlı Project: Map

311 Please refer to press release dated April 1, 2013 on Reserve and Resource calculations for 2012.

32

2013 Mulatos Proven and Probable Mineral Reserves

(1) The Company’s mineral reserves as at December 31, 2013 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 National Instrument 43‐101 requirements. 

(2) Tonnes are rounded to the closest “000s” and grades are rounded to the closest “0.00”s. (3) The mineral reserve estimate for the Mulatos Mine incorporates the Estrella, Escondida, Puerto del Aire, El Salto, Mina Vieja, El Victor, and San Carlos areas. (4) Mineral reserve cut‐off grade for the Mulatos Mine is determined as a net of process value of $0.10 per tonne for each model block. The determination was based on a $1,250 per ounce gold 

price, a December 31, 2013 resource and recovery model, and the 2013 budget costs based on the actual cost figures from current mining operations. (5) Pit‐contained mineral reserves for San Carlos include 2,009,000 tonnes grading 0.77 g/t Au for 49,460 ounces. (6) Underground reserves are design‐contained and reported at a 2.5 g/t Au cut‐off grade, with a 5% mining loss and 10% dilution.(7) Underground reserves include 32,000 tonnes at Escondida Deep, grading 9.48 g/t Au for 9,758 ounces, and 929,000 tonnes at San Carlos grading 7.02 g/t Au for 209,527 ounces.(8) Mineral reserve gold cut‐off grade for the La Yaqui Pit is a 0.30 g/t gold. The determination was based on an $800 per ounce gold price, a May 2009 resource model, gold recovery at the mining 

operations, and the 2010 budget costs based on the actual cost figures from mining operations. (9) Mineral reserve gold cut‐off grade for the Cerro Pelon Pit is determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on an $800 per ounce 

gold price, a November 2009 resource model, gold recovery at the mining operations, and the 2010 budget costs based on the actual cost figures from mining operations.

 

Mulatos  Mine  3, 4, 5 6,700 1.10 235,940 38,353 0.90 1,109,282 45,053 0.93 1,345,222

UG Reserve6, 7 201 7.84 50,639 760 6.90 168,646 961 7.10 219,285Existing stockpiles 4,508 1.68 243,640 4,508 1.68 243,640La Yaqui  8 1,574 1.58 79,826 1,574 1.58 79,826

Cerro Pelon 9 2,673 1.64 140,525 2,673 1.64 140,525TOTAL 11,409 1.45 530,219 43,360 1.08 1,498,279 54,769 1.15 2,028,498

Proven and Probable Reserves 1,2,3,4,5,6,8,9                                           

as at December 31, 2013

Probable 2 Proven + Probable 2

Tonnes (000s)

Tonnes (000s)

Grade        (g/t Au)

Contained Ounces

Grade        (g/t Au)

Contained Ounces

Proven 2

Tonnes (000s)

Grade       (g/t Au)

Contained Ounces

Reserve Area

33

2013 Total Measured and Indicated Mineral Resources

(1) The updated mineral resource estimate at Mulatos incorporates the Estrella, Escondida, Puerto del Aire, El Salto, Mina Vieja, El Victor, and San Carlos areas. (2) In‐pit measured and indicated mineral resource blocks are exclusive of pit‐contained reserves. (3) Measured and indicated and inferred mineral resources outside of the Mulatos Mine have no economic restrictions and are tabulated by gold cut‐off grade. (4) Measured and indicated and inferred resources at Carricito and El Realito are pit‐constrained, applying a $1,400/oz gold price, 55° pit slopes, and a $2.52/t mining cost, $9.11/t process + 

G&A cost.(5) Measured and indicated and inferred resources for the Ağı Dağı project, which includes the Baba, Ayitepe, Deli, and Fire Tower zones, are pit constrained with cut‐off determined as a net of 

process value of $0.10 per tonne, for each model block. The determination was based on a US$1,400 per ounce gold price and a US$24.00 per ounce silver price, a December 31, 2013 resource model, pit slope angles ranging from 40° to 48°, and estimated costs and recoveries based on the pre‐feasibility study specifications. The resources were then tabulated by gold cut‐off grade. 

(6) Measured and indicated, and inferred resources for the Kirazli project, including Rockpile, are pit constrained with cut‐off determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a US$1,400 per ounce gold price and a US$24.00 per ounce silver price, a December 31, 2013 resource model, pit slope angles ranging from 38°to 48°, and estimated costs and recoveries based on the pre‐feasibility study specifications. The resources were then tabulated by gold cut‐off grade.

(7) Measured and indicated and inferred resources for the Çamyurt project are pit‐constrained with cut‐off determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a $1,400 per ounce gold price and a $24/oz silver price, a December 31, 2013 resource model, average pit slope angle of 45°, and estimated costs and recoveries based on the pre‐feasibility study specifications. The resources were then tabulated by gold cut‐off grade.

(8) The effective date of the Esperanza mineral resource is March 1, 2014, as stated in the NI 43‐101 technical report titled “Mineral Resource Estimation of the Esperanza Gold Project, Morelos State, Mexico, dated March 1, 2014.

(9) Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Mulatos 0.5 70,200 1.02 2,302,044San Carlos  UG 2.5 625 6.16 123,808El  Realito 0.3 1,581 1.06 53,653Carricito 0.3 1,355 0.82 35,687Esperanza 0.4 46,677 0.82 7.10 1,237,000 10,644,000Total 120,438 0.97 3,752,192 10,644,000

Ağı Dağı 0.2 88,204 0.58 4.00 1,638,911 11,356,774Kirazli 0.2 33,917 0.71 8.50 772,470 9,266,615Çamyurt 0.2 17,730 0.89 6.14 508,877 3,498,222Total 139,851 0.65 5.36 2,920,258 24,121,611

6,672,450 34,765,611

Mexico

Turkey

Combined Total

Total Measured & Indicated Mineral Resources 1,2,3,4,5,6,7,8,9

 as at December 31, 2013Cut‐off  (g/t 

Au)Tonnes (000s)

Grade   (g/t Au)

Grade   (g/t Ag)

Contained Ounces Au

Contained Ounces Ag

(1) The updated mineral resource estimate at Mulatos incorporates the Estrella, Escondida, Puerto del Aire, El Salto, Mina Vieja, El Victor, and San Carlos areas. (2) In‐pit measured and indicated mineral resource blocks are exclusive of pit‐contained reserves. (3) Measured and indicated and inferred mineral resources outside of the Mulatos Mine have no economic restrictions and are tabulated by gold cut‐off grade. (4) Measured and indicated and inferred resources at Carricito and El Realito are pit‐constrained, applying a $1,400/oz gold price, 55° pit slopes, and a $2.52/t mining cost, $9.11/t process + G&A cost.(5) Measured and indicated and inferred resources for the Ağı Dağı project, which includes the Baba, Ayitepe, Deli, and Fire Tower zones, are pit constrained with cut‐off determined as a net of process value of $0.10 

per tonne, for each model block. The determination was based on a US$1,400 per ounce gold price and a US$24.00 per ounce silver price, a December 31, 2013 resource model, pit slope angles ranging from 40°to 48°, and estimated costs and recoveries based on the pre‐feasibility study specifications. The resources were then tabulated by gold cut‐off grade. 

(6) Measured and indicated, and inferred resources for the Kirazli project, including Rockpile, are pit constrained with cut‐off determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a US$1,400 per ounce gold price and a US$24.00 per ounce silver price, a December 31, 2013 resource model, pit slope angles ranging from 38° to 48°, and estimated costs and recoveries based on the pre‐feasibility study specifications. The resources were then tabulated by gold cut‐off grade.

(7) Measured and indicated and inferred resources for the Çamyurt project are pit‐constrained with cut‐off determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a $1,400 per ounce gold price and a $24/oz silver price, a December 31, 2013 resource model, average pit slope angle of 45°, and estimated costs and recoveries based on the pre‐feasibility study specifications. The resources were then tabulated by gold cut‐off grade.

(8) The effective date of the Esperanza mineral resource is March 1, 2014, as stated in the NI 43‐101 technical report titled “Mineral Resource Estimation of the Esperanza Gold Project, Morelos State, Mexico, dated March 1, 2014.

(9) Mineral resources are not mineral reserves and do not have demonstrated economic viability.

34

2013 Total Inferred Mineral Resources

Mulatos 0.5 9,690 0.95 295,803San Carlos  UG 2.5 8 5.79 1,488El  Realito 0.3 91 0.73 2,139Carricito 0.3 900 0.74 21,528Esperanza 0.4 3,974 0.85 8.80 109,000 1,122,000Total 14,663 0.91 429,958 1,122,000

Ağı Dağı 0.2 15,204 0.41 2.71 202,266 1,322,910Kirazli 0.2 5,872 0.59 8.78 110,865 1,657,310Çamyurt 0.2 2,791 0.95 5.80 84,922 520,151Total 23,867 0.52 4.56 398,053 3,500,371

Quartz Mountain 0.21 oxide 0.58 sulphide

110,448 0.8 2,848,000

3,676,011 4,622,371

Contained Ounces Ag

Mexico

Turkey

United States

Combined Total

Total Inferred Mineral Resources 1,3,4,5,6,7,8,9

 as at December 31, 2013Cut‐off  (g/t 

Au)Tonnes (000s)

Grade   (g/t Au)

Grade   (g/t Ag)

Contained Ounces Au

Scott K. Parsons, CFADirector, Investor Relations

416.368.9932 x 439sparsons@alamosgold.com