14:35:23 EDT Sun 11 Apr 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Alamos Gold Inc
Symbol AGI
Shares Issued 392,776,822
Close 2021-02-23 C$ 9.47
Recent Sedar Documents

Alamos increases P&P reserves to 9.87 million oz Au

2021-02-23 17:20 ET - News Release

Mr. John McCluskey reports

ALAMOS GOLD REPORTS MINERAL RESERVES AND RESOURCES FOR THE YEAR-ENDED 2020

Alamos Gold Inc. has released its updated mineral reserves and resources as of Dec. 31, 2020. For a detailed summary by asset, refer to the attached tables. All amounts are in U.S. dollars, unless otherwise stated.

Highlights:

  • Island Gold's mineral reserves and resources increased a combined 1.0 million ounces, net of mining depletion, at a discovery cost of $8 per ounce, including:
    • 8-per-cent increase in proven and probable mineral reserves to 1.3 million ounces (4.2 million tonnes (mt) grading 9.71 grams per tonne of gold (g/t Au)), net of mining depletion;
    • 40-per-cent increase in inferred mineral resources to 3.2 million ounces (6.9 mt grading 14.43 g/t Au) with grades also increasing 9 per cent, reflecting further higher-grade additions in Island East;
    • Combined mineral reserves and resources now total 4.7 million ounces, a 27-per-cent increase from the end of 2019 and 155-per-cent increase from the 1.8 million ounces at the time of acquisition in 2017, net of 508,000 ounces of mining depletion;
    • Growth highlights significant upside potential to phase III expansion study, with the 2020 mineral reserve and resource additions expected to increase already attractive economics;
  • Global proven and probable mineral reserves of 9.9 million ounces of gold (204 mt grading 1.50 g/t Au), up from 9.7 million ounces at the end of 2019 with increases at Island Gold, Young-Davidson and Lynn Lake more than offsetting 555,000 ounces of mining depletion;
  • Global measured and indicated mineral resources of 6.9 million ounces of gold (196 mt grading 1.09 g/t Au), down 3 per cent reflecting the conversion to mineral reserves at Young-Davidson and Lynn Lake;
  • Global inferred mineral resources increased 16 per cent to 7.0 million ounces of gold (132 mt grading 1.65 g/t Au), with grades also increasing 15 per cent driven by significantly higher-grade additions at Island Gold which totalled 910,000 ounces grading 18.59 g/t Au;
  • Gold price assumptions unchanged from 2019 with $1,250 per ounce used for estimating mineral reserves and $1,400 per ounce used for estimating mineral resources;
  • Global exploration budget of $50-million in 2021, double the $25-million spent in 2020. Island Gold remains the primary focus with a $25-million budget, followed by $9-million budgeted at Mulatos, and $7-million at each of Young-Davidson and Lynn Lake.

"We had an excellent 2020 on the exploration front despite a smaller-than-planned program due to COVID-19. We more than replaced global mineral reserves, and added another million ounces of high-grade mineral reserves and resources at Island Gold," said John A. McCluskey, president and chief executive officer.

"Island Gold is now approaching five million ounces of combined mineral reserves and resources with excellent potential for this growth to continue with the deposit open laterally and at depth. This growth further increases the value of the operation beyond what was outlined in the phase III expansion study this past year and reaffirms the decision to put in a shaft," Mr. McCluskey added.

                               TOTAL MINERAL RESERVES AND RESOURCES                           
                                                    
                                                       2020                          2019                   
                                 Tonnes     Grade    Ounces    Tonnes     Grade    Ounces
                                  (000s)  (g/t Au)    (000s)    (000s)  (g/t Au)    (000s)
Proven and probable
gold mineral reserves
Young-Davidson                   41,191      2.44     3,232    37,710      2.60     3,146
Island Gold                       4,197      9.71     1,310     3,643     10.37     1,215
Mulatos mine                      5,447      0.93       163     8,806      0.89       251
Stockpiles                        8,854      1.30       369    10,531      1.25       424
La Yaqui Grande                  18,203      1.25       732    19,205      1.17       724
Cerro Pelon                       1,431      1.90        87     2,630      1.94       164
Total Mulatos                    33,935      1.24     1,351    41,172      1.18     1,563
MacLellan                        27,820      1.54     1,382    23,254      1.61     1,206
Gordon                            8,723      2.42       678     8,723      2.42       678
Total Lynn Lake                  36,542      1.75     2,060    31,977      1.83     1,884
Agi Dagi                         54,361      0.67     1,166    54,361      0.67     1,166
Kirazli                          33,861      0.69       752    33,861      0.69       752
Total Turkey                     88,222      0.68     1,918    88,222      0.68     1,918
Alamos -- total                 204,087      1.50    9,8702    02,724      1.49     9,726
Measured and indicated
gold mineral resources
(exclusive of
mineral reserves)
Young-Davidson -- surface         1,739      1.24        69     1,739      1.24        69
Young-Davidson -- underground     9,272      3.59     1,071     9,535      3.68     1,128
Total Young-Davidson             11,011      3.22     1,140    11,273      3.30     1,197
Island Gold                         718      7.18       166       879      6.51       184
Mulatos mine                     71,319      1.10     2,518    71,319      1.10     2,518
La Yaqui Grande                   1,237      0.80        32     1,321      1.01        43
Cerro Pelon                         282      1.54        14       243      1.41        11
Carricito                         1,355      0.83        36     1,355      0.83        36
Total Mulatos                    74,193      1.09     2,600    74,238      1.09     2,608
Lynn Lake                         8,178      1.74       457     9,993      1.74       560
Esperanza                        34,352      0.98     1,084    34,352      0.98     1,084
Turkey                           55,664      0.60     1,068    55,664      0.60     1,068
Quartz Mountain                  12,156      0.87       339    12,156      0.87       339
Alamos -- total                 196,272      1.09    6,8551    98,555      1.10     7,041
Inferred gold
mineral resources
Young-Davidson -- surface            31      0.99         1        31      0.99         1
Young-Davidson -- underground     2,301      2.88       213     1,329      2.43       104
Total Young-Davidson              2,331      2.86       214     1,360      2.40       105
Island Gold                       6,915     14.43     3,208     5,392     13.26     2,298
Mulatos mine                      8,122      0.92       239     8,122      0.92       239
La Yaqui Grande                     243      1.12         9       241      0.88         7
Cerro Pelon                          26      0.71         1        37      0.62         1
Carricito                           900      0.74        22       900      0.74        22
Total Mulatos                     9,291      0.91       271     9,300      0.90       269
Lynn Lake                        45,873      1.10     1,622    46,466      1.11     1,663
Esperanza                           718      0.80        18       718      0.80        18
Turkey                           27,245      0.55       482    27,245      0.55       482
Quartz Mountain                  39,205      0.91     1,147    39,205      0.91     1,147
Alamos -- total                 131,579      1.65    6,9621    29,686      1.43     5,982

Mineral reserves

Global proven and probable mineral reserves total 9.9 million ounces of gold as of Dec. 31, 2020, a slight increase from 9.7 million ounces at the end of 2019. This reflected increases at Island Gold, Young-Davidson and Lynn Lake, which more than offset mining depletion of 555,000 ounces in 2020.

Island Gold

Island Gold was once again the largest driver of global mineral reserve and resource growth in 2020. Despite a smaller-than-planned drill program due to COVID-19, Island Gold more than replaced mineral reserves, and delivered its largest annual increase in inferred mineral resources to date and at significantly higher grades. Mineral reserves increased 8 per cent in 2020 to 1.3 million ounces, despite the primary focus in 2020 being on mineral resource growth. The increase in mineral reserves included the addition of 239,000 ounces, which more than offset mining depletion of 144,000 ounces. Mineral reserve grades decreased slightly to 9.71 g/t Au due to higher grades mined in 2020 (11.18 g/t Au) as well as a reduction in the cut-off grade, reflecting lower expected costs following the completion of the phase III expansion in 2025. Since the acquisition of Island Gold in November, 2017, mineral reserves have increased 74 per cent, net of depletion, with mineral reserve grades increasing 6 per cent.

Young-Davidson

Young-Davidson more than replaced mining depletion in 2020 with mineral reserves increasing 3 per cent to 3.2 million ounces. The increase in mineral reserves, at slightly lower grades of 2.44 g/t Au, was driven by a decrease in the cut-off grade in 2020, which incorporated lower operating costs with the transition to the new lower mine infrastructure. There has not been significant exploration drilling completed at Young-Davidson since 2011. A small underground exploration program was initiated in 2020, and was successful in intersecting gold mineralization below the existing mineral reserves and resources. With the deposit open at depth and improved underground access now available in the lower mine, exploration activities will be expanded in 2021 with a $7-million program planned.

Mulatos

Mineral reserves at Mulatos decreased 212,000 ounces to 1.4 million ounces reflecting mining depletion. Combined mineral reserve grades increased 5 per cent to 1.24 g/t Au primarily due to a 7-per-cent increase in grades at La Yaqui Grande to 1.25 g/t Au. Very limited drilling was completed at Mulatos in 2020 due to COVID-19 with exploration activities suspended during the second quarter and not resuming until the fourth quarter. Exploration activities are expected to ramp up in 2021 with a larger $9-million budget.

Lynn Lake

Mineral reserves at Lynn Lake increased 9 per cent to 2.1 million ounces at slightly lower grades of 1.75 g/t Au. The increase in mineral reserves reflects exploration success within and adjacent to the MacLellan deposit. A larger $7-million budget is planned for Lynn Lake with the focus on testing additional targets in proximity to the MacLellan and Gordon deposits, recently identified regional targets, and the Burnt Timber and Linkwood deposits, which were not included in the 2017 feasibility study.

A $1,250-per-ounce gold price assumption was used in estimating 2020 mineral reserves, unchanged from 2019. A detailed summary of proven and probable mineral reserves as of Dec. 31, 2020, is presented in the associated table.

Mineral resources

Global measured and indicated mineral resources (exclusive of mineral reserves) totalled 6.9 million ounces as of Dec. 31, 2020. This is down 186,000 ounces, or 3 per cent, from 2019 reflecting the conversion of mineral resources to mineral reserves at Lynn Lake, Young-Davidson and Island Gold.

Global inferred mineral resources totalled 7.0 million ounces as of Dec. 31, 2020, a 16-per-cent increase from 2019. Grades also increased 15 per cent with both increases driven by the addition of 910,000 ounces at Island Gold at significantly higher grades.

The company's $1,400-per-ounce gold price assumption for estimating mineral resources is unchanged from 2019. Detailed summaries of the company's measured and indicated mineral resources, and inferred mineral resources as of Dec. 31, 2020, are presented in attached tables.

Island Gold

Island Gold's mineral reserves increased to 1.3 million ounces, an 8-per-cent increase from the end of 2019, net of mining depletion. Mineral reserve grades decreased 6 per cent to 9.71 g/t Au from the end of 2019 reflecting the above-noted higher grades mined during 2020 and decrease in cut-off grade through the incorporation of lower costs following the completion of the phase III expansion. The increases in mineral reserves were located within Island Main and the upper portion of Island East where the advancement of exploration drifts in these areas over the past year improved access for drilling from underground.

Measured and indicated mineral resources decreased 10 per cent to 166,000 ounces while grades increased 10 per cent to 7.18 g/t Au from the end of 2019. The decrease reflects the conversion to mineral reserves in Island Main and East.

Inferred mineral resources increased 40 per cent to 3.2 million ounces with grades increasing a further 9 per cent to 14.43 g/t Au compared with the end of 2019. The average grade of the 910,000-ounce increase was 18.59 g/t Au with the majority of these higher-grade additions coming from Island East in proximity to the planned shaft location. This represents the largest annual increase in inferred mineral resources to date and follows another substantial increase in 2019. Over the past two years, inferred mineral resources have more than doubled with grades increasing 23 per cent. Highlights of the 2020 increase in inferred mineral resources include:

  • 95,200 ounces added in the middle portion of Island East, closing what was previously a 300-metre gap between high-grade mineral resources in Island Main and East between depths of 850 m and 1,100 m. This area had not seen any drilling prior to 2019. It has since grown to include 396,400 ounces grading 14.09 g/t Au, and remains open both up and down plunge;
  • 589,900 ounces added in the lower portion of Island East, significantly increasing inferred mineral resources in this area to 1.3 million ounces grading 18.26 g/t Au. This included connecting the gap between it and mineral resources in the middle portion of Island East. High-grade inferred mineral resources were also added down plunge where drilling in the second half of 2020 returned some of the best surface exploration holes to date. This large, east-plunging, high-grade ore shoot is located in proximity to the planned shaft location, and remains open laterally, and up and down plunge;
  • 113,600 ounces added in Island West through limited drilling with much of the 2020 focus on Island East.

Inferred mineral resources at Island Gold continue to convert to mineral reserves at a rate of more than 83 per cent since the 2017 acquisition. These additions are all part of the same structure with consistent style of mineralization as existing mineral reserves. As such the company expects this high rate of conversion to continue as exploration drifts are advanced into these areas allowing for additional drilling from underground

Discovery costs averaged an attractive $8 per ounce in 2020 and have averaged $11 per ounce over the past three years.

A total of $25-million is budgeted for exploration at Island Gold in 2021, up from $13-million spent in 2020. The focus remains on continuing to define new near-mine mineral resources across the two-kilometre-long Island Gold Main zone which remains open laterally and down plunge. Additionally, a significantly larger regional exploration program is planned, which includes 25,000 m of drilling, with the objective of evaluating and advancing targets within the recently expanded, 15,000-hectare land package.

As outlined in the phase III expansion study in July, 2020, Island Gold has a 16-year mine life based on mineral reserves and resources as of the end of 2019. The increase in mineral reserves and resources in 2020 represents upside to the phase III mine plan, and is expected to significantly extend the mine life and further increase the value of the operation.

Since the acquisition of Island Gold in 2017:

  • Mineral reserves have increased 1.1 million ounces before mining depletion, or 600,000 ounces net of mining depletion, with mineral reserve grades increasing 6 per cent.
  • Measured and indicated mineral resources have increased 82 per cent or 75,000 ounces, with grades increasing 21 per cent.
  • Inferred mineral resources have increased 222 per cent or 2.2 million ounces, with grades increasing 42 per cent.

Young-Davidson

Mineral reserves at Young-Davidson increased 85,000 ounces to 3.2 million ounces of gold with additions of 231,000 ounces more than offsetting depletion of 146,000 ounces. As noted above, the increase in mineral reserves at slightly lower grades of 2.44 g/t Au was driven by a decrease in the cut-off grade, reflecting lower costs with the transition to the more productive lower mine infrastructure.

Based on expected underground mining rates of 8,000 tonnes per day, the mineral reserve life of the Young-Davidson mine has increased one year to approximately 14 years as of Dec. 31, 2020.

Measured and indicated mineral resources of 1.1 million ounces decreased slightly from a year ago, reflecting the conversion of mineral resource to mineral reserves. Inferred mineral resources increased to 200,000 ounces with grades increasing to 2.86 g/t Au.

With the completion of the lower mine expansion, an initial exploration drilling program was completed in 2020, yielding encouraging results below the 1,500 m level and in proximity to the new lower mine infrastructure. In addition to defining mineralization within the Young-Davidson syenite, drilling also intersected higher-grade gold mineralization in both the footwall and hangingwall of the syenite. Additional drilling will be required in 2021 to confirm the geometry of these structures and to further evaluate the potential continuity of gold mineralization within the structures.

The planned 2021 underground drilling program will test several target areas in proximity to the existing underground infrastructure with the deposit open at depth and to the west. A total of $7-million is budgeted for 2021, representing the first significant exploration program at Young-Davidson since 2011.

Mulatos

Total Mulatos district mineral reserves (including La Yaqui Grande and Cerro Pelon) decreased 212,000 ounces to 1.4 million ounces, reflecting mining depletion. Combined mineral reserve grades increased 5 per cent to 1.24 g/t Au, reflecting a 7-per-cent increase in grades at La Yaqui Grande to 1.25 g/t Au.

The remaining mineral reserve life of the Mulatos district is approximately seven years as of Dec. 31, 2020.

Measured and indicated mineral resources of 2.6 million ounces, and inferred mineral resources of 300,000 ounces at Mulatos are largely unchanged from the end of 2019.

A total of $9-million is budgeted for exploration at Mulatos in 2021 focusing on the Mulatos near-mine area as well as regional targets including Carricito and Halcon.

Lynn Lake

Mineral reserves at Lynn Lake increased 9 per cent, or 176,000 ounces, to 2.1 million ounces with grades decreasing slightly to 1.75 g/t Au. The additions were driven by exploration success in proximity to the MacLellan deposit, one of two deposits that were included in the 2017 feasibility study.

Measured and indicated mineral resources decreased 103,000 ounces to 460,000 ounces, reflecting the conversion to mineral reserves with grades unchanged at 1.74 g/t Au. Inferred mineral resources were largely unchanged at 1.6 million ounces grading 1.10 g/t Au with the bulk of this residing in the Burnt Timber and Linkwood deposits, which were not included in the 2017 feasibility study and represent potential upside.

Kirazli, Agi Dagi, Camyurt, Esperanza and Quartz Mountain

Mineral reserves and resources for the Kirazli, Agi Dagi, Camyurt, Esperanza and Quartz Mountain projects are unchanged from a year ago.

Qualified persons

Chris Bostwick, FAusIMM, Alamos Gold's vice-president, technical services, has reviewed and approved the scientific and technical information contained in this news release. Mr. Bostwick is a qualified person within the meaning of Canadian Securities Administrator's National Instrument 43-101. The qualified persons for the National Instrument 43-101-compliant mineral reserve and resource estimates are the following:

Resources:

Jeffrey Volk, CPG, FAusIMM, director, reserves and resource, Alamos Gold:  Young-Davidson, Lynn Lake

Raynald Vincent, PEng, MGP, chief geologist, Island Gold:  Island Gold

Marc Jutras, PEng, principal, Ginto Consulting Inc.:  Mulatos pits, Cerro Pelon, La Yaqui, Carricito, Esperanza, Agi Dagi, Kirazli, Camyurt, Quartz Mountain

Reserves:

Chris Bostwick, FAusIMM, vice-president, technical services, Alamos Gold:  Young-Davidson, Lynn Lake

Nathan Bourgeault, PEng, chief engineer, Island Gold:  Island Gold

Herb Welhener, SME-QP, VP, Independent Mining Consultants Inc.:  Mulatos pits, Cerro Pelon, La Yaqui, Agi Dagi, Kirazli

With the exception of Mr. Volk, Mr. Bostwick, Mr. Vincent and Mr. Bourgeault, each of the foregoing individuals are independent of Alamos Gold.

                              PROVEN AND PROBABLE GOLD RESERVES
                                  (as at Dec. 31, 2020) 
             
                         Proven reserves        Probable reserves  Total proven and probable
                  Tonnes    Grade Ounces   Tonnes    Grade Ounces   Tonnes     Grade  Ounces 
                   (000s) (g/t Au) (000s)   (000s) (g/t Au) (000s)   (000s)  (g/t Au)  (000s) 

Young-Davidson    20,614     2.50  1,657   20,577     2.38  1,574   41,191      2.44   3,232
Island Gold          894    10.95    315    3,303     9.37    995    4,197      9.71   1,310
Mulatos Main pits    668     0.97     21    4,779     0.92    142    5,447      0.93     163
Stockpiles         8,854     1.30    369        0     0.00      0    8,854      1.30     369
La Yaqui Grande        0     0.00      0   18,203     1.25    732   18,203      1.25     732
Cerro Pelon          502     1.89     31      929     1.91     57    1,431      1.90      87
Total Mulatos     10,024     1.30    420   23,911     1.21    931   33,935      1.24   1,351
MacLellan         12,059     1.83    710   15,761     1.33    672   27,820      1.54   1,382
Gordon             2,311     1.83    210    6,412     2.27    468    8,723      2.42     678
Total Lynn Lake   14,370     1.99    920   22,172     1.60  1,140   36,542      1.75   2,060
Agi Dagi           1,450     0.76     36   52,911     0.66  1,130   54,361      0.67   1,166
Kirazli              670     1.15     25   33,191     0.68    727   33,861      0.69     752
Total Turkey       2,120     0.89     61   86,102     0.67  1,857   88,222      0.68   1,918
Alamos -- total   48,022     2.18  3,373  156,065     1.29  6,498  204,087      1.50   9,870

                         PROVEN AND PROBABLE SILVER MINERAL RESERVES
                                    (as at Dec. 31, 2020)     
   
                         Proven reserves         Probable reserves  Total proven and probable
                  Tonnes    Grade Ounces   Tonnes    Grade  Ounces   Tonnes     Grade  Ounces 
                   (000s) (g/t Au) (000s)   (000s) (g/t Au)  (000s)   (000s)  (g/t Au)  (000s) 

La Yaqui Grande        0     0.00      0   18,203    19.55  11,442   18,203     19.55  11,442
Cerro Pelon          502    21.03    339      929    20.74     619    1,431     20.84     959
MacLellan         12,059     4.94  1,914   15,761     3.97   2,011   27,820      4.39   3,925
Agi Dagi           1,450     6.22    290   52,911     5.39   9,169   54,361      5.41   9,459
Kirazli              670    16.94    365   33,191     9.27   9,892   33,861      9.42  10,257
Alamos -- total   14,681     6.16  2,909  120,995     8.52  33,133  135,676      8.26  36,042

      PROJECT LIFE-OF-MINE MINERAL RESERVE WASTE-TO-ORE RATIOS
                      (as of Dec. 31, 2020)
Project                                        Waste-to-ore ratio           

Mulatos mine                                                 2.84                  
Cerro Pelon pit                                              1.71                  
La Yaqui Grande pit                                          6.02                  
Agi Dagi pits                                                1.03                  
Kirazli pit                                                  1.45                  
Lynn Lake pits                                               8.12                  

                                 MEASURED AND INDICATED GOLD MINERAL RESOURCES 
                                              (as at Dec. 31, 2020) 
              
                                  Measured resources      Indicated resources  Total measured and indicated
                              Tonnes    Grade Ounces   Tonnes    Grade Ounces     Tonnes     Grade   Ounces  
                               (000s) (g/t Au) (000s)   (000s) (g/t Au) (000s)     (000s)  (g/t Au)   (000s)
 
Young-Davidson -- surface        496     1.13     18    1,242     1.28     51      1,739      1.24       69
Young-Davidson -- underground  6,019     3.44    665    3,253     3.88    406      9,272      3.59    1,071
Total Young-Davidson           6,515     3.26    683    4,495     3.16    457     11,011      3.22    1,140
Island Gold                       14     4.61      2      704     7.23    164        718      7.18      166
Mulatos                        8,207     1.25    329   63,112     1.08  2,189     71,319      1.10    2,518
La Yaqui Grande                    0     0.00      0    1,237     0.81     32      1,237      0.80       32
Cerro Pelon                       74     1.92      5      208     1.39      9        282      1.54       14
Carricito                         58     0.82      2    1,297     0.82     34      1,355      0.83       36
Total Mulatos                  8,339     1.25    336   65,854     1.07  2,264     74,193      1.09    2,600
MacLellan -- open pit            902     2.07     60    3,532     1.71    194      4,434      1.78      254
MacLellan -- underground           0     0.00      0      123     3.54     14        123      3.54       14
Gordon                           105     1.86      6    1,511     2.06    100      1,617      2.05      106
Burnt Timber                       0     0.00      0    1,021     1.40     46      1,021      1.40       46
Linkwood                           0     0.00      0      984     1.16     37        984      1.17       37
Total Lynn Lake                1,007     2.04     66    7,172     1.70    391      8,178      1.74      457
Esperanza                     19,226     1.01    622   15,126     0.95    462     34,352      0.98    1,084
Agi Dagi                         553     0.44      8   34,334     0.46    510     34,887      0.46      518
Kirazli                            0     0.00      0    3,056     0.42     42      3,056      0.43       42
Camyurt                          513     1.00     16   17,208     0.89    492     17,721      0.89      508
Total Turkey                   1,066     0.70     24   54,598     0.59  1,044     55,664      0.60    1,068
Quartz Mountain                  214     0.95      7   11,942     0.87    333     12,156      0.87      339
Alamos -- total               36,381     1.49  1,740  159,891     1.00  5,115    196,272      1.09    6,855

                             MEASURED AND INDICATED SILVER MINERAL RESOURCES
                                            (as at Dec. 31, 2020) 

                               Measured resources      Indicated resources  Total measured and indicated
                          Tonnes    Grade  Ounces  Tonnes    Grade  Ounces     Tonnes     Grade   Ounces  
                           (000s) (g/t Ag)  (000s)  (000s) (g/t Ag)  (000s)     (000s)  (g/t Ag)   (000s) 

La Yaqui Grande                0     0.00       0   1,237       11     448      1,237        11      448
Cerro Pelon                   74    16.80      40     208       17     114        282        17      154
MacLellan -- open pit        902     8.55     248   3,532     4.64     527      4,434      5.44      775
MacLellan -- underground       0     0.00       0     123     6.05      24        123      6.05       24
Esperanza                 19,226     7.25   4,482  15,126     9.16   4,455     34,352      8.09    8,936
Agi Dagi                     553     1.59      28  34,334     2.19   2,417     34,887      2.18    2,445
Kirazli                        0     0.00       0   3,056     2.71     266      3,056      2.71      266
Camyurt                      513     5.63      93  17,208     6.15   3,404     17,721      6.14    3,497
Alamos -- total           21,268     7.15   4,890  74,824     4.84  11,655     96,092      5.36   16,545

              INFERRED GOLD MINERAL RESOURCES 
                    (as at Dec. 31, 2020)

                                  Tonnes     Grad   Ounces 
                                   (000s)  (g/t Au)  (000s) 

Young-Davidson -- surface             31      0.99       1
Young-Davidson -- underground      2,301      2.88     213
Total Young-Davidson               2,331      2.86     214
Island Gold                        6,915     14.43   3,208
Mulatos                            8,122      0.92     239
La Yaqui Grande                      243      1.12       9
Cerro Pelon                           26      0.71       1
Carricito                            900      0.74      22
Total Mulatos                      9,291      0.91     271
MacLellan -- open pit              1,227      1.11      44
MacLellan -- underground              72      3.69       9
Gordon                               132      1.36       6
Burnt Timber                      23,438      1.04     781
Linkwood                          21,004      1.16     783
Total Lynn Lake                   45,873      1.10   1,622
Esperanza                            718      0.80      18
Agi Dagi                          16,760      0.46     245
Kirazli                            7,694      0.61     152
Camyurt                            2,791      0.95      85
Total Turkey                      27,245      0.55     482
Quartz Mountain                   39,205      0.91   1,147
Alamos -- total                  131,579      1.65   6,962

             INFERRED SILVER MINERAL RESOURCES
                    (as at Dec. 31, 2020)

                                Tonnes      Grade     Ounces  
                                 (000s)   (g/t Ag)    (000s) 
 
La Yaqui Grande                    243       7.35        57
Cerro Pelon                         26       4.99         4
MacLellan -- open pit            1,227       1.98        78
MacLellan -- underground            72       3.26         8
Esperanza                          718      15.04       347
Agi Dagi                        16,760       2.85     1,536
Kirazli                          7,694       8.71     2,155
Camyurt                          2,791       5.77       518
Alamos -- total                 29,531       4.95     4,703

Notes to mineral reserve and resource tables

(1) The company's mineral reserves and mineral resources as at Dec. 31, 2020, 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) Mineral resources are not mineral reserves and do not have demonstrated economic viability.

(3) Mineral resources are exclusive of mineral reserves.

(4) Mineral reserve cut-off grades for the Mulatos mine, the Cerro Pelon pit, the La Yaqui pit, the Kirazli pit and the Agi Dagi pit are determined as a net of process value of 10 cents per tonne for each model block.

(5) All measured, indicated and inferred open-pit mineral resources are pit constrained with the exception of those outside the Mulatos Main pits on the Mulatos property, which have no economic restrictions and are tabulated by gold cut-off grade.

(6) With the exception of the Mulatos Main open pit, 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. As the Mulatos Main open pit has a mineral reserve life remaining of less than two years, a gold price of $1,400 was used.

About Alamos Gold Inc.

Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in Northern Ontario, Canada, and the Mulatos mine in Sonora state, Mexico. Additionally, the company has a significant portfolio of development-stage projects in Canada, Mexico, Turkey and the United States. Alamos employs more than 1,700 people and is committed to the highest standards of sustainable development. The company's shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol AGI.

We seek Safe Harbor.

© 2021 Canjex Publishing Ltd. All rights reserved.