Alamos Gold : Annual Information Form 2020

Brookfield Place, 181 Bay Street, Suite 3910

Toronto, Ontario, M5J 2T3

416-368-9932

ANNUAL INFORMATION FORM

for the year ended December 31, 2020

March 23, 2021

TABLE OF CONTENTS
PRELIMINARY NOTES........................................................................................................................................................	4
GLOSSARY OF TECHNICAL TERMS................................................................................................................................	7
CORPORATE STRUCTURE.................................................................................................................................................	9
Name and Incorporation..........................................................................................................................................................	9
Intercorporate Relationships....................................................................................................................................................	9
GENERAL DEVELOPMENT OF THE BUSINESS.............................................................................................................	9
Three-YearHistory..................................................................................................................................................................	10
Risk Factors.............................................................................................................................................................................	12
MINERAL PROPERTIES.......................................................................................................................................................	27
YOUNG-DAVIDSONMINE.................................................................................................................................................	28
Summary..................................................................................................................................................................................	28
Property Description, Location and Access ............................................................................................................................	28
History.....................................................................................................................................................................................	29
Geological Setting, Mineralization and Deposit Types...........................................................................................................	29
Exploration..............................................................................................................................................................................	30
Drilling.....................................................................................................................................................................................	30
Sampling, Analysis and Data Verification..............................................................................................................................	30
Mineral Processing and Metallurgical Testing .......................................................................................................................	31
Mineral Reserve and Mineral Reserve Estimation..................................................................................................................	32
Mining Operations...................................................................................................................................................................	32
Milling Operations...................................................................................................................................................................	32
Infrastructure, Permitting and Compliance Activities.............................................................................................................	33
Capital and Operating Costs....................................................................................................................................................	33
2021 Outlook...........................................................................................................................................................................	33
ISLAND GOLD MINE...........................................................................................................................................................	34
Summary..................................................................................................................................................................................	34
Property Description, Location and Access.............................................................................................................................	34
History.....................................................................................................................................................................................	35
Geological Setting, Mineralization and Deposit Types...........................................................................................................	36
Exploration..............................................................................................................................................................................	36
Drilling.....................................................................................................................................................................................	37
Sampling, Analysis and Data Verification..............................................................................................................................	37
Mineral Processing and Metallurgical Testing........................................................................................................................	38
Mineral Reserve and Mineral Reserve Estimation..................................................................................................................	38
Mining Operations...................................................................................................................................................................	39
Processing and Recovery Operations......................................................................................................................................	39
Infrastructure, Permitting and Compliance Activities.............................................................................................................	39
Capital and Operating Costs....................................................................................................................................................	39
2021 Outlook...........................................................................................................................................................................	40
MULATOS MINE...................................................................................................................................................................	40
Summary..................................................................................................................................................................................	40
Project Description, Location and Access...............................................................................................................................	41
History.....................................................................................................................................................................................	41
Geological Setting, Mineralization and Deposit Types...........................................................................................................	42
Exploration..............................................................................................................................................................................	42
Drilling.....................................................................................................................................................................................	43
2021 Exploration Outlook for Mulatos....................................................................................................................................	44

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Sampling, Analysis and Data Verification..............................................................................................................................	44
Mineral Processing and Metallurgical Testing........................................................................................................................	45
Mineral Resource and Mineral Reserve Estimates..................................................................................................................	46
Mining Operations...................................................................................................................................................................	46
Processing and Recovery Operations......................................................................................................................................	46
Infrastructure, Permitting and Compliance Activities.............................................................................................................	46
Capital and Operating Costs....................................................................................................................................................	47
2021 Outlook...........................................................................................................................................................................	47
OTHER MINERAL PROPERTIES........................................................................................................................................	48
Lynn Lake (Manitoba, Canada)...............................................................................................................................................	48
Kirazlı, Aği Daği, and Çamyurt (Turkey)...............................................................................................................................	48
DECEMBER 31, 2020 RESERVES AND RESOURCES......................................................................................................	49
Qualified Person(s) Disclosure................................................................................................................................................	52
Uses of Gold............................................................................................................................................................................	53
Sales and Refining...................................................................................................................................................................	53
Employees................................................................................................................................................................................	53
DIVIDENDS............................................................................................................................................................................	54
DESCRIPTION OF CAPITAL STRUCTURE.......................................................................................................................	54
MARKET FOR SECURITIES................................................................................................................................................	54
DIRECTORS AND OFFICERS..............................................................................................................................................	55
AUDIT COMMITTEE............................................................................................................................................................	59
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS......................................................	60
TRANSFER AGENT AND REGISTRAR.............................................................................................................................	60
LEGAL PROCEEDINGS........................................................................................................................................................	60
MATERIAL CONTRACTS....................................................................................................................................................	60
INTERESTS OF EXPERTS....................................................................................................................................................	61
ADDITIONAL INFORMATION...........................................................................................................................................	61
SCHEDULE "A".....................................................................................................................................................................	62

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ANNUAL INFORMATION FORM

("AIF")

ALAMOS GOLD INC.

(the "Company")

PRELIMINARY NOTES

Effective Date of Information

The information in this AIF is current as of March 23, 2021, unless otherwise stated herein.

Currency and Exchange Rates

All dollar amounts in this AIF are expressed in United States dollars, unless otherwise indicated ("CAD" denotes Canadian dollars). The following table sets forth the value of the Canadian dollar expressed in United States dollars on December 31 of each year and the average, high and low exchange rates during the year indicated based on the daily exchange rate as reported by the Bank of Canada.

Canadian Dollars into United	2020	2019	2018
States Dollars
Closing	$0.7854	$0.7699	$0.7330
Average	$0.7461	$0.7537	$0.7721
High	$0.7863	$0.7699	$0.8138
Low	$0.6898	$0.7353	$0.7330

The exchange rate on March 23, 2021, as reported by the Bank of Canada for the conversion of United States dollars into Canadian dollars was USD$0.7961 equals CAD$1.00.

Imperial Equivalents

For ease of reference, the following factors for converting metric measurements to imperial equivalents are provided:

To Convert From	To Imperial	Multiply by
Metric
Hectares	Acres	2.471
Metres (m)	Feet (ft.)	3.281
Kilometres (km)	Miles	0.621
Tonnes	Tons (2000 pounds)	1.102
Grams/tonne	Ounces/ton (troy/ton)	0.029

Forward-Looking Statements

This AIF contains forward-looking statements within the meaning of the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws, concerning the Company's plans for its properties and other matters. All statements other than statements of historical fact included in this AIF, including, without limitation, statements regarding forecasted gold production, gold grades, achieving projected recovery rates, anticipated production rates and mine life, operating efficiencies, costs and expenditures, changes in Mineral Resources and conversion of Mineral Resources to Proven and Probable Mineral Reserves, waste-to-ore ratios, expected project development timelines (including permitting timelines) and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable, and assumptions of management.

Exploration results that include geophysics, sampling, and drill results on wide spacing may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of Mineral Resource. A Mineral Resource that is classified as "Inferred" or "Indicated" has a great amount of uncertainty as to its existence and economic and legal feasibility. It cannot be assumed that any or part of an "Indicated Mineral Resource" or "Inferred Mineral Resource" will ever be upgraded

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to a higher category of Mineral Resource. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Proven and Probable Mineral Reserves.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. In addition, we caution you that our forward-looking statements are subject to the ongoing and developing circumstances related to the COVID-19 pandemic, which may have a material adverse effect on our business, operations and future financial results. 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 the Company's expectations include risks related to the on-going business of the Company, including 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 risk factors described in the section entitled "Risk Factors" in this AIF. Although the Company 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.

Mineral Reserve and Resource Estimates

Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this AIF have been prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States Securities Exchange Act of 1934, as amended. The U.S. Securities and Exchange Commission (the "SEC") has adopted final rules, effective February 25, 2019, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act ("Regulation S-K1300"). Regulation S-K 1300 replaces the historical property disclosure requirements included in SEC Industry Guide 7. Under Regulation S-K 1300, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to international standards. Regulation S-K 1300 is mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021.

The terms "Mineral Reserve", "Proven Mineral Reserve" and "Probable Mineral Reserve" are defined in accordance with NI 43-101 and the CIM Standards. These definitions differ materially from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a "final" or "bankable" feasibility study was required to report Mineral Reserves, the three-year historical average price was used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must have been filed with the appropriate governmental authority. In addition, the terms "Mineral Resource", "Measured Mineral Resource", "Indicated Mineral Resource" and "Inferred Mineral Resource" are defined in and required to be disclosed by NI 43-101 and the CIM Standards; however, these terms were not defined terms under SEC Industry Guide 7 and were normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into Mineral Reserves. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in very limited circumstances. Disclosure of "contained ounces" in a Mineral Resource is permitted disclosure under Canadian regulations; however, SEC Industry Guide 7 only permitted issuers to report mineralization that does not constitute "Mineral Reserves" by SEC Industry Guide 7 standards as in place tonnage and grade without reference to unit measures.

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