1. ALAMOS GOLD INC.
TSX: AGI
John A McCluskey
A.
President & CEO
Jeremy Link
y
Manager, Investor Relations
November 23, 2009
Corporate Presentation
1
2. Forward Looking Statements
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This
presentation includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this
presentation, including without limitation statements regarding potential mineralization and reserves, exploration results, and future plans
and objectives of Al
d bj ti f Alamos, are fforward-looking statements th t i
d l ki t t t that involve various risks and uncertainties. Th mineral resources estimates
l i ik d t i ti The i l ti t
contained here in are only estimates and no assurance can be given that any particular level of recovery of minerals will be realized or that
an identified resource will ever qualify as a commercially mineable or viable deposit which can be legally and economically exploited. In
addition, the grade of mineralization ultimately mined may differ from the one indicated by drilling results and the difference may be
material. The estimated resources described herein should not be interpreted as assurances of mine life or of the profitability of future
operations.
There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Alamos’
expectations include, among others, risks related to international operations, the actual results of current exploration activities, conclusions
of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and silver, as well
as those factors discussed in the section entitled “Risk Factors” in Alamos’ Annual Information Form available on www.SEDAR.com. Although
Alamos has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources:
Certain tables may use the terms “Measured”, “Indicated” and “Inferred” Resources. United States investors are advised that while such
terms are recognized and required by Canadian regulations however the United States Securities and Exchange Commission does not
regulations, however,
recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States
investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral
Reserves. United States investors are also cautioned not to assume that all or any part of a Mineral Resource is economically or legally
mineable.
All figures are US$ unless otherwise indicated
2
3. Corporate Strategy
Focused on Sensible and Sustainable Growth
Double Gold Production to 300,000+ Ounces per Year by 2012
Continuing to improve heap-leach performance at Mulatos
Processing high-grade ore at Mulatos by 2012
high grade
Advance Aği Daği & Kirazli towards production for 20131
Grow Gold Reserves
Rapidly advance new and satellite projects up the development pipeline
Growth Through Acquisitions and Exploration
Focus on gold districts, not just gold projects
Geophysics, g
p y , geologic detective work, and drill, drill, drill!
g , , ,
Continue to Be a Low-Cost Producer
Expect to remain in the lowest quartile of total cash cost per ounce
Maintain a Solid Financial Profile
Strong cash balance, no debt, and remain unhedged to the price of gold
1 – Management estimate and conditional on closing of project acquisition
3
Financial Position & Capital Structure
Strongest Balance Sheet in Company’s History
Shares Outstanding1 108,833,406
Options1 6,437,500 (5.6%)
Fully Diluted 115,270,906
Recent Share Price2 C$11.70
Market Capitalization C$1.273 Billion
Cash E i l
C h & Equivalents1 > US$160 Milli ( ~$1.47 / share)
Million
Debt None
Gold Hedging None
1 – October 31, 2009
2 – November 16, 2009
4
2
4. Project Locations
Alamos is currently evaluating Agi Dagi and Kirazli under an option to purchase agreement from the vendors and
does not own these projects
5
Mulatos Mine
Located in northwestern Mexico in the State of Sonora,
near the border of Chihuahua State
Open pit, heap leach operation
~10-year reserve life at the end of 2008
2009 production guidance of160,000 to 170,000 ounces
Over 150,000 ounces produced by the end of October
Total cash cost guidance of $335 / ounce1
YTD total cash costs of $330 / ounce
Includes 5% royalty
1 - 2009 guidance based on $900 gold price, 5% royalty, and 2009 budget Mexican peso : US dollar
exchange rate of 12.6:1 6
3
6. 9
9
2008 Mulatos Mine Reserve and Resource Statement
Continuing to Replace Reserves and Grow Resources
5
2P Reserves
Measured & Indicated
4 Inferred
2.05
1.69
Ounces (millions)
3
2
1.66
3.02
1.93
1
1.04
0.45
0
2004 2007 2008
2008 Mulatos Mine Reserves and Resources as at December 31, 2008. See presentation
appendices for further details. 10
5
7. Mulatos Mine History
2005: First gold pour
H1-2006: Commercial production declared (April)
H1 2006:
H2-2006: Mine-teething and ramp-up issues
H2-2007: Turn around in-effect
2008: The “Comeback Kid”
Appreciated 58.23% during 2008
#2 performer in the S&P / TSX Composite Index
2009 and beyond: Organic growth, growth by acquisition
11
Relative Performance
100% 100%
75% 75%
50% 50%
25% 25%
0% 0%
-25% -25%
S&P / TSX Global Gold Miners Index
Alamos Gold
-50% -50%
2006 2007 2008 2009 2010
Source: Bloomberg, daily closing prices from January 1, 2005 to November 20, 2009
12
6
8. 2008
Record Performance
Produced 151,000 ounces of gold
Cash operating costs of $345 per ounce
Total cash costs of $389 per ounce
Sold 151,560 ounces at a realized average price of $877
per ounce
Earnings per share of $0.31
Appreciated 58.23% during 2008
#2 performer in the S&P / TSX Composite Index
index was down 35.03% in 2008
#2 performer in the S&P/TSX Global Gold Index
index gained 0.76% in 2008
13
2009 Year-to-Date
Record Performance Continues
Produced 130,500 ounces of gold in 2009 by end of Q3
Total cash costs of $330 / ounce (includes 5% royalty)
Cash operating costs of $
$284 / ounce
YTD-Q3 earnings per share of $0.34
$0.09 in Q1, $0.12 in Q2, $0.13 in Q3
Several exciting new discoveries at Mulatos
2 high-grade extensions to Escondida and a large
extension to PdA
Produced 19,500 ounces in October
>150,000 ounces produced YTD
On-track to meet guidance of 170,000 ounces at a total
cash cost of <$335 / ounce
14
7
10. Expanding Production from Existing Operations
What We Have Done to Improve Operating Performance
Initiatives Complete
Upgrade On-Site Facilities
Camp Improvements and Expansion 100%
New Warehouse & Offices 100%
Diesel Station, Laboratory, Truck Shop 100%
Power House Expansion >53%
Optimize the Crushing Circuit
Fourth Crusher 100%
Close Crushing Circuit (100% passing 3/8” screen) Installation Complete
Scoping Study for 33% Expansion Under Review
Improve Recovery Ratio
Inter-lift Liners 100%
Stacker – Conveyor System 100%
Drum Agglomeration 100%
16
Expanding Production from Existing Operations
What We Have Done to Improve Operating Performance
All Infrastructure Completed
Agglomeration Commissioned Lime Application Completed
17
1
11. Expanding Production from Existing Operations
What We Have Done to Improve Operating Performance
Stacking System Completed and Inter-lift Liners Installed
18
Recovery Ratio Improving
Ratio of Ounces Produced to Ounces Stacked
100% 100%
90% Drum Agglomeration Commenced 90%
80% Stacking System Installed 80%
70% Starting Using Interlift Liners 70%
60% 4th Crusher 60%
50% 50%
40% 40%
30% 30%
20% 20%
10% 10%
0% 0%
2006 2007 2008 2009
Monthly Recovery LOM Recovery Quarterly Moving Average
19
2
12. Improving Financial Performance
Increasing Cash Margins Support Expansion and Exploration
$/oz.
$1,200
$1,000
$1,000
$877
$800 $735
$579 $665
$488
$600 $313
$458
$76 $261
$400 $38
$44
$24
$50
$200 $382 $384 $345
$294 $285
$0
2005A 2006A 2007A 2008A 2009E
Cash Operating Cost Royalty (5%) Margin Realized Price
2009 estimate based on $1,000 gold price and 2009 budget Mexican peso : US
dollar exchange rate of 12.6:1 20
Lowest Quartile of Production Total Cash Cost1
Gold Co-Product Total Cash Cost for 2008
$800
$700
$600
$500
$400
$300
$ 00
$200
$100
$0
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1 Source: BMO Capital Markets Metals & Mining Research
21
3
13. Continue to be Low Total Cash Cost Producer1
Q2-2009 Total Cash Costs Amongst the Lowest in the Industry
$800
$700 $667
/oz)
Q2-20 Total Cash Costs (US$/
$600
$483
$500 $452 $466
$423 $433 $434
$390 $394
$400
$322 $324 $326
$300
009
$200
$100
$0
ELD AGI AEM G YRI NEM Wgt K ABX JAG IMG CG
Avg 1 Source: RBC CM Research (Aug 24, 2009)
22
Increasing Production
350,000
300,000
250,000
Production (oz.)
200,000
160,000 - 170,000
151,000
150,000
101,170 106,200
100,000
100 000
50,000
0
2006A 2007A 2008A 2009E 2010E 2011E 2012E
23
1
14. Organic Growth from Existing Operations
Mill to Process High-Grade Ore at Mulatos
Pro Forma Mill Production1
Effective Grade Annualized Production2
3
10.54 g/t Au 54,900 oz. Au
15 g/t Au 78,100 oz. Au
20 g/t Au 104,200 oz. Au
4
25.48 g/t Au 132,700 oz. Au
1 oz./t Au 162,000 oz. Au
1 Based on 500 tpd milling scenario with mill tailings being stacked on the heap leach pad
2 Some numbers may not compute due to rounding and truncation errors
3 Based on NI 43-101 compliant reserves of 289,000 tonnes of milling ore at an average drill-indicated grade of
10.54 g/t Au as of December 31, 2008
4 Calculated mean grade 2007 bulk sample that was approximately 50× that of the drilling samples
24
Gravity Mill to Process High Grade Ores
Base Case Economics
500 tpd Milling Operation (based upon 10.54 g/t Au)
Gravity Recovery: 90%
Initial Capital Cost1: $17.5 million (includes 20% contingency)
Mill Operating Costs2: $12.08 per tonne of ore
$39.62/oz. Au at 10.54 g/t Au
IRR of 101% at $700 gold, IRR of 150% at $950 gold3
2009 exploration results expected to increase mill life
1 Excludes pre-stripping, which is associated with the development of the entire Mulatos Pit Area, which contains
the Escondida deposit. A 3rd party contractor has been selected, and pre-stripping commenced in early Q4-2009.
2 Excludes mining costs.
3 Management estimates.
25
5
16. Reserves and Resources Outlook
Adding Ounces Through the Drill Bit
Significant district-wide exploration potential within
30,325 hectare land package
Focus primarily on upgrading near-pit resources to
F i il di i
reserves and making near-pit discoveries
Gap, Cerro Pelon, Escondida, PdA, PdA Extension, La Yaqui
Exploration drilling ongoing with three rigs:
San Carlos (2 RC)
Puerto del Aire Extension(1 RC)
2009 Exploration Budget of$10M:
> 65,000 m of drilling in over 330 drill holes completed this year
Plan to drill up to 75,000 m in 2009, nearly double 2008’s drilling
Advance select regional grassroots targets to the drill-ready stage
27
Aggressive Exploration Program to Drive Growth
Pipeline of Projects
Detection Discovery Definition Design Development
El Carricito
GRASS ROOTS
Las Carboneras
EXPLORATION
San Nicolas
MINERALIZED El Jaspe
El Halcon
INTERCEPTS
Los Bajios
STEP-OUT DRILLING OF
MULTIPLE El Realito
INTERCEPTS
RESOURCE San Carlos
Cerro Pelon
& RESERVE
Gap
DEFINITION La Yaqui
MINE HG Escondida
Puerto del Aire
DEVELOPMENT El Victor Pit
Mulatos Pit
28
14
17. Alamos’ 2009 & 2010 Exploration Programs
Mulatos District / Salamandra Concessions
29
2009 Exploration Activity – Greater Mulatos Pit Area
(View to South)
Cerro Pelon
Estrella
st e a
Puerto del Aire El Salto/
(PdA) Mina Vieja
PdA
Extension
Escondida
Gap
G
El Victor LEGEND
Mineralized trends
+1 opt intercepts
San Carlos 30
September 30, 2009
15
18. Cerro Pelon
3 km from the leach pad
Core drilling on 25-m centres delineated a continuous
oxidized zone of gold bearing vuggy silica:
gold-bearing
cumulative strike of 250 m, 30 to 80 m wide, and 70 to 150 m
thick
Typically grades between 2 and 3 g/t Au
Resource estimate in Q4-2009:
Majority of resources are expected to be classified within the
measured and indicated categories
Feasibility studies and development likely to
commence in 2010
31
32
16
19. Filling in the “Gap” Between the Mulatos and
El Victor Pits
Objective: Convert inferred resources to the measured
and indicated categories:
Core drilling on 50-m sections completed in Q1-2009
RC drilling on 25-m centres completed in Q3-2009
Goal: Confirm continuity between the Mulatos and El
Victor pits:
A single 2.1-km northeast trending mineralized horizon
Building a bigger and more efficient pit
Upside: Potential for a new high-grade zones:
Promising assay results
33
Escondida – Gap – El Victor
Silica Alteration
34
17
20. Northeast High-Grade and SW Extension of
Escondida Discoveries
Northeast discovery expected to significantly
increase the life of the Escondida milling operation
SW E i d dd h i lif f h
Extension expected to add to the mine-life of the
high-grade Escondida zone
Highlights the potential for more high-grade zones
Drill Indicated Dimensions
Strike Width Thickness
NE High-Grade Extension 70 m 50 m Up to 15 m
SW High-Grade Extension 30 m 30 m Up to 8 m
35
PdA Extension
Stepped out 750 m from the Mulatos Pit to the NE in early 2009
Drilling revealed a new, large system of intense silica alteration
Preliminary minimum drill-indicated dimensions:
> 750 m of strike
> 200 m of width
25 m to 125 m thick
Initial grades in the 1 to 3 g/t Au range
Localized high-grade zones
09PA144 intersected 50.30 m @ 10.06 g/t Au, including 16.77 m @
27.16 g/t
Exploration drilling is ongoing
36
18
21. PdA Extension Exploration Model
NE Longitudinal Section – Gold Grade Block Model
37
San Carlos
Advancing Another Near Pit Project
Phase I San Carlos drilling was completed in 2006
consisting of 33 RC holes (6,303 m):
35.0
35 0 m @ 2.99 g/t Au
2 99
48.8 m @ 4.69 g/t Au
4.6 m @ 36.11 g/t Au
Similar geologic characteristics and setting to high-grade
portion of Escondida:
High potential to be another high-grade zone
Phase II infill and step-out drilling ongoing with 2 RC rigs:
Exploration targeted at expanding resource and improving
resource confidence
Classified as 310,000 inferred ounces within the Company’s
December 31, 2008 resource statement
38
19
22. San Carlos
Advancing Another Near Pit Project
39
Main Growth Drivers for 2009 and 2010
Continue to Increase Production
and Reduce Costs
Commence Construction of High Grade Mill
Increase Near Pit Reserves
Advance Key Regional Exploration Targets
Accretive Acquisitions
40
20
23. Near-Term Catalysts
“Closing the Circuit” (100% passing 3/8" screen) Q4-2009
4 to 7% increase in recoveries expected
A
Assays results f
lt from NE PdA E t i
Extension O i
Ongoing
1 RC rig drilling now
Cerro Pelon Resource Estimate Q4-2009
4 km from SW of Mulatos Pit, exposed at surface
Assay results from San Carlos Ongoing
Potential for a new high-grade discoveries
2 RC rigs drilling now
Closing of the acquisition of the Agi Dagi and Kirazli Q4-2009
gold projects in Turkey
Phase I Drilling of El Carricito Regional Target Q1-2010
Favourable alteration, anomalous gold values
Massive footprint that has never been drilled
41
Appendices
Other Exploration and Development Projects
Resources at December 31, 2008
Proven and Probable Reserves at December 31, 2008
Management and Board of Directors
42
21
24. Other Exploration & Development Projects
Advancing Satellite Projects Up the Development Pipeline
El Carricito:
Carricito:
High-priority grassroots regional target with massive
alteration footprint
Soil geochemical sampling and mapping ongoing to identify
drill targets
Drilling expected to commence during Q1-2010
La Yaqui:
Being advanced up the development pipeline
San Carlos:
Drilling now
Re-modelling and re-estimation for 2010 reserve and
resource statement
43
Other Exploration & Development Projects
Advancing Satellite Projects Up the Development Pipeline
East Estrella
Geophysics
p y
Developing drill targets
Drilling expected to commence in Q1-2010
Las Carboneras
Early stage exploration
Surface geochem
Mapping
M i
El Halcon, El Jaspe, and El Realito
Halcon, Jaspe,
Undergoing complete re-evaluation
Additional drilling at El Halcon in Q1-2010
44
22
25. Proven and Probable Reserves at December 31, 20081,2
Proven Probable Proven & Probable
Tonnes
T Grade
G d Contained
C i d Tonnes
T Grade
G d Contained
C i d Tonnes
T Grade
G d Contained
C i d
Area (000s) (g/t Au) Ounces (000s) (g/t Au) Ounces (000s) (g/t Au) Ounces
Mulatos Pit 7,394 1.73 410,019 33,129 1.23 1,309,858 40,523 1.32 1,719,877
El Victor Pit 2,347 1.09 82,432 2,725 0.99 87,082 5,072 1.04 169,514
Existing 2,059 2.36 156,363 - - - 2,059 2.36 156,363
Stockpiles
Total 11,800 1.71 648,814 35,854 1.21 1,396,940 47,654 1.35 2,045,754
1.
Reserve cut-off is determined as a net of process value of $0.10 per tonne, for each model block. The determination was based on a $700 per
ounce gold price, a February 2009 recovery model, and November 2008 actual cost figures from current mining operations.
2.
The Company s reserves as at December 31, 2008 are classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum’s
Company’s Petroleum s
“CIM Standards on Mineral Resources and Reserves, Definition and Guidelines” as per Canadian Securities Administrator’s National Instrument 43-
101 (“NI 43-101”) requirements.
45
27. Management and Board of Directors
Executives and Management Directors
A.
John A McCluskey Mark Wayne
President and CEO Chairman
Jon Morda
Chief Financial Officer David Gower
Manley Guarducci
Vice P id t d Chief O
Vi President and Chi f Operating Officer
ti Offi Leonard Harris
Herve Thiboutot
Vice President of Exploration Eduardo Luna
Charles Tarnocai
Vice President of Corporate Development James M. McDonald
Jamie Porter
Vice President of Finance John F. Van De Beuken
Marc Jutras
Director of Mineral Resources John A. McCluskey
President and CEO
g
Ken Balleweg
Exploration Manager - Mexico
Sharon L. Fleming
Corporate Secretary
Jeremy Link
Investor Relations Manager
47
28. ALAMOS GOLD INC.
For more information, please contact:
Jeremy Link, M.Eng., P.Eng.
Manager, Investor Relations
416.368.9932 201
866.788.8801 201
. .
jlink@alamosgold.com
www.alamosgold.com
48
