ALAMOS GOLD INC.

TSX: AGI

John A
A. McCluskey
President & CEO
Jeremy
y Link
Manager, Investor Relations
November 23, 2009
Corporate Presentation
1
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
d objectives
bj ti off Alamos,
Al are forward-looking
f d l ki statements
t t t that
th t involve
i l various
i risks
i k and
d uncertainties.
t i ti Th mineral
The i l resources estimates
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,
regulations however,
however the United States Securities and Exchange Commission does not
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
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
high-grade
grade ore at Mulatos by 2012
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,
p y ,ggeologic
g detective work,, and drill,, drill,, drill!
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
C h & Equivalents
E i l 1 > US$160 Million
Milli ( ~$1.47 / share)
Debt None
Gold Hedging None
1 – October 31, 2009
2 – November 16, 2009

2
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

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
Alamos Gold: Mulatos Mine & Salamandra Concessions
7
7

8
8

4
 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)

2
1.66

3.02
1.93

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
Mulatos Mine History

2005: First gold pour

H1-2006:
H1 2006: Commercial production declared (April)
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
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
ALAMOS GOLD INC.

Operations
15
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
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
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

$200
$ 00

$100

$0
E

R
Z
Y

R X
I

G G

EM

N
ZL
G

EM
D

FI

SG
L

SS
G

LD

G
G

B
R

G
LG

SM
U

VE B
SG

A
C
EL

G
IA
N
PO

B
A
C

G
R
A
PL

A
A

A A

G
A

H
K
R
A

A
K

G
G
N

1 Source: BMO Capital Markets Metals & Mining Research

21

3
Continue to be Low Total Cash Cost Producer1
Q2-2009 Total Cash Costs Amongst the Lowest in the Industry
$800

$700 $667
009 Total Cash Costs (US$//oz)

$600

$483
$500 $452 $466
$423 $433 $434
$390 $394
$400
$322 $324 $326
$300

$200
Q2-20

$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
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
ALAMOS GOLD INC
NC.

Resource Growth Through

Exploration 26
Reserves and Resources Outlook
Adding Ounces Through the Drill Bit
Significant district-wide exploration potential within
30,325 hectare land package
F
Focus primarily
i il on upgrading
di near-piti resources to
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
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

G
Gap

El Victor LEGEND
Mineralized trends

+1 opt intercepts

San Carlos 30
September 30, 2009

15
Cerro Pelon
3 km from the leach pad
Core drilling on 25-m centres delineated a continuous
gold bearing vuggy silica:
oxidized zone of 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
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
Northeast High-Grade and SW Extension of
Escondida Discoveries
Northeast discovery expected to significantly
increase the life of the Escondida milling operation
E i expected
SW Extension d to add
dd to the
h mine-life
i lif off the
h
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
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
2 99 g/t Au
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
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
Near-Term Catalysts
“Closing the Circuit” (100% passing 3/8" screen) Q4-2009
4 to 7% increase in recoveries expected

A
Assays lt ffrom NE PdA Extension
results E t i 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
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
M
Mapping
i
El Halcon,
Halcon, El Jaspe,
Jaspe, and El Realito
Undergoing complete re-evaluation
Additional drilling at El Halcon in Q1-2010

44

22
 Proven and Probable Reserves at December 31, 20081,2

Proven Probable Proven & Probable

T
Tonnes G d
Grade C
Contained
i d T
Tonnes G d
Grade C
Contained
i d T
Tonnes G d
Grade C
Contained
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
Company’ss reserves as at December 31, 2008 are classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum
Petroleum’ss
“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
Resources at December 31, 2008
Exclusive of Reserves

Measured Indicated Measured + Indicated Inferred

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

2.00 731 3.200 75,201 2,533 3.155 256,938 3,264 3.165 332,139 2,310 3.353 265,051

1.50 1,370 2.503 110,270 4,872 2.458 384,969 6,242 2.468 495,239 3,696 2.736 340,590

1 00
1.00 3 466
3,466 1 714
1.714 190 993
190,993 11 623
11,623 1 723
1.723 643 968
643,968 15 089
15,089 1 721
1.721 834 961
834,961 8 665
8,665 1 853
1.853 529 692
529,692

0.70 6,679 1.286 276,148 23,709 1.264 963,287 30,388 1.269 1,239,435 17,453 1.335 761,342

0.50 10,673 1.026 352,172 41,972 0.968 1,306,416 52,645 0.980 1,658,588 32,580 0.986 1,043,857

0.30 16,102 0.813 421,051 76,538 0.706 1,736,131 92,640 0.724 2,157,182 70,148 0.664 1,508,202

46
Management and Board of Directors
Executives and Management Directors

John A.
A McCluskey Mark Wayne
President and CEO Chairman
Jon Morda
Chief Financial Officer David Gower
Manley Guarducci
Vi President
Vice P id t and
d Chi
Chieff Operating
O ti Officer
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
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