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Alamos Gold Announces Groundbreaking for Phase III Expansion of Island Gold Mine in Ontario, Canada

Press Release

Mineral Reserves More than Replaced Across All Operations Driving a 4% Increase in Global Mineral Reserves at 5% Higher Grades  

TORONTO, Feb. 22, 2022  — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Resources as of December 31, 2021. For a detailed summary by asset, refer to the tables below.

Highlights

  • Global Proven and Probable Mineral Reserves increased 4% to 10.3 million ounces of gold (202 million tonnes (“mt”) grading 1.58 grams per tonne of gold (“g/t Au”)), with grades also increasing 5%, reflecting higher grade additions at Island Gold and Mulatos. Mineral Reserves were more than replaced at all operations and by 166% of depletion
    • Young-Davidson’s Mineral Reserves increased 5% to 3.4 million ounces (43.7 mt grading 2.42 g/t Au), extending its Mineral Reserve life to 15 years
    • Island Gold’s Mineral Reserves increased 2% to 1.3 million ounces (4.1 mt grading 10.12 g/t Au) with grades increasing 4%
    • Mulatos’ Mineral Reserves increased 14% to 1.5 million ounces (29.4 mt grading 1.64 g/t Au) with a 32% increase in grades reflecting the addition of higher-grade underground Mineral Reserves at Puerto Del Aire (“PDA”), which is adjacent to the main Mulatos pit
  • Island Gold continues to grow with Mineral Reserves and Resources increasing 8%, net of depletion, to now total 5.1 million ounces. This represents a 176% increase from the 1.8 million ounces at the time of acquisition in 2017, net of 654,000 ounces of mining depletion
    • Mineral Reserves and Resources increased across all categories, including a 2% increase in Mineral Reserves to 1.3 million ounces and an 8% increase in Inferred Mineral Resources to 3.5 million ounces (7.9 mt grading 13.59 g/t Au)
    • Updated mine plan to be released mid-2022, incorporating the 37%, or 1.4 million ounce, increase in high-grade Mineral Reserves and Resources since the completion of the Phase III Expansion study in July 2020
  • Global Measured and Indicated Mineral Resources of 4.5 million ounces of gold (128 mt grading 1.10 g/t Au), down from 6.9 million ounces reflecting the conversion to Mineral Reserves at PDA and Young-Davidson, as well as a reduction of non-pit constrained Mineral Resources from the Mulatos Main Pit area
  • Global Inferred Mineral Resources of 7.0 million ounces of gold (125 mt grading 1.74 g/t Au), up slightly from 2020 with grades increasing 6% reflecting high-grade additions at Island Gold
  • Gold price assumptions unchanged from 2020 with $1,250 per ounce used for estimating Mineral Reserves and $1,400 per ounce used for estimating Mineral Resources
  • Global exploration budget of $40 million in 2022, including $22 million budgeted at Island Gold, $7 million at Mulatos, $5 million at Young-Davidson and $3 million at Lynn Lake

“We had a very successful year on the exploration front, increasing Mineral Reserves at each of our operations and improving the quality of our global Mineral Reserve with higher grade additions. We have extended the mine lives at Young-Davidson and Mulatos, and also expect to extend Island Gold’s mine life as part of the updated mine plan to be released mid-year. With the 37% increase in Mineral Reserves and Resources since the completion of the Phase III expansion study in 2020, including higher-grade additions in proximity to the planned shaft, we expect the updated mine plan will demonstrate continued value growth at Island Gold,” said John A. McCluskey, President and Chief Executive Officer.

Read More: https://www.alamosgold.com/news-and-events/default.aspx#news–widget

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