Mulatos Gold Mine

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Alamos Gold Inc. has a 100% interest in the Mulatos Gold Mine which is a conventional open-pit, heap-leach operation with gold recovered through a carbon-in-column circuit. The project was originally contemplated as a 10,000 tpd operation though through various expansions and productivity improvements over the years, today operates at a throughput rate of 17,500 tpd (including 500 tpd from the gravity mill).

In addition to the existing heap leach operations at the Mulatos Mine, the Company processes high grade ore through a 500 tpd gravity mill. Ore is currently being sourced from the Escondida High-Grade Zone after which high grade ore will be sourced from underground at Escondida and San Carlos. Based on current proven and probable mineral reserves and current throughput rates, Mulatos has an expected mine life of approximately nine years.

The Mulatos project was acquired in February 2003 for $10 million. Following completion of a feasibility study, construction began in the third quarter of 2004. The mine was built at a cost of approximately $74 million with the first gold pour completed 2005 followed by commercial production on April 1, 2006. The operation was initially contemplated as a 10,000 tpd operation though with future expansion potential in mind, major components of Mulatos including the crusher/conveyor and gold recovery plant were sized for a 15,000 tpd operation. A number of expansions and productivity improvements have taken place through the years with the Company expecting daily crusher throughput to average approximately 17,500 tpd in 2013. In addition to the existing heap leach operations at the Mulatos Mine, between 2009 and 2012, the Company developed the Escondida high-grade zone at an approximate cost of $61 million and constructed a 500 tpd mill to process high-grade ore from Escondida at a cost of $20 million.