6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2013

Commission File Number: 001-35783

Alamos Gold Inc.

(Translation of registrant’s name into English)

130 Adelaide Street West, Suite 2200

Toronto, Ontario, Canada

M5H 3P5

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ¨            Form 40-F  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨             No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	Press Release, dated July 25, 2013.
99.2	Unaudited Condensed Interim Consolidated Financial Statements.
99.3	Management’s Discussion and Analysis.
99.4	Form 52-109F2 – Certification of Interim Filings – CEO.
99.5	Form 52-109F2 – Certification of Interim Filings – CFO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Alamos Gold Inc.
Date: July 25, 2013	By:	/s/ Matthew Howorth
	Name:	Matthew Howorth
	Title:	Vice-President, Legal

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE        

130 Adelaide Street West, Suite 2200

Toronto, Ontario M5H 3P5

Telephone: (416) 368-9932 or 1 (866) 788-8801

All amounts are in United States dollars, unless otherwise stated.

Alamos Reports Strong Second Quarter 2013 Results

Low cost structure continues to drive industry leading margins

Toronto, Ontario (July 25, 2013) – Alamos Gold Inc. (TSX: AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended June 30, 2013 and reviewed its operating, exploration and development activities. All amounts are expressed in United States dollars unless otherwise specified.

“Production of 53,000 ounces in the second quarter of 2013 was the highest ever achieved by the Company in a second quarter while total cash costs of $448 per ounce and all-in sustaining costs of $682 per ounce remain well below guidance. Despite the sharp drop in the price of gold in the second quarter, we continue to generate strong margins driven by our industry low cost structure with operating cash flow before non-cash changes in working capital of $33.8 million. Given our strong operational results through the first half of 2013, the company is well positioned to meet or exceed its full year 2013 production guidance of between 180,000 and 200,000 ounces of gold at a total cash cost of between $500 and $520 per ounce of gold sold,” said John A. McCluskey, President and Chief Executive Officer.

“Subsequent to the quarter we announced the friendly agreement to acquire Esperanza Resources whose flagship Esperanza gold project is an excellent strategic fit within our existing portfolio and one of the best undeveloped opportunities and significant open pit targets in Mexico, in our view. We have followed Esperanza’s progress for some time and believe this relatively small, accretive, bolt-on transaction has the potential to grow our production in Mexico by more than 50%, or nearly 30% on a consolidated basis,” Mr. McCluskey added.

Second Quarter 2013 Highlights

Financial Performance

• Sold 55,000 ounces of gold at an average realized price of $1,423 per ounce for quarterly revenues of $78.3 million

• Realized proceeds of over $111.1 million on the disposition of the Company’s investment in the common shares of Aurizon Mines Limited (“Aurizon”)

• Recognized quarterly earnings of $8.8 million ($0.07 per basic share). Earnings were adversely impacted by a number of adjustments, including a $6.8 million ($0.05 per basic share) accounting loss on the disposition of the Aurizon investment and total foreign exchange related losses of $4.9 million ($0.04 per basic share)

• Generated cash from operating activities before changes in non-cash working capital of $33.8 million ($0.26 per basic share); after changes in non-cash working capital of $13.2 million ($0.10 per basic share)

• Increased cash and cash equivalents to $466.4 million, and working capital to $505.5 million at June 30, 2013

• Repurchased 211,300 shares under its normal course issuer bid at cost of $2.6 million

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Operational Performance

• Produced 53,000 ounces of gold, a 10% increase from the second quarter of 2012

• Achieved average crusher throughput of 17,600 tonnes per day (“tpd”), above the Company’s annual guidance of 17,500 tpd for the third consecutive quarter

• Reported lower than budgeted costs in all categories, including cash operating costs (exclusive of the 5% royalty) of $378 per ounce of gold sold, total cash costs (including royalties) of $448 per ounce of gold sold, all-in sustaining costs of $682 per ounce of gold sold, and all-in costs of $861 per ounce of gold sold (refer to the “Cautionary non-GAAP Measures and Additional GAAP Measures” note at the end of this press release for a description of, and reconciliation of these amounts to those reported in the Company’s financial statements)

Subsequent to quarter-end:

• Announced the friendly acquisition of Esperanza Resources Corporation (“Esperanza”) and its wholly-owned Esperanza gold project (formerly referred to as the Cerro Jumil gold project) in Morelos State, Mexico for cash consideration of approximately CAD$69.4 million, in addition to the issuance of approximately seven million warrants of Alamos (exercise price of CAD$29.48)

• The approval of the environmental impact assessment (“EIA”) report for the Kirazlı project remains outstanding. As a result, the Company now expects first production from the Kirazlı project to be deferred until the first half of 2015 (previously end of 2014). The Company is in regular contact with the Turkish Ministry of the Environment and expects that the Kirazlı EIA will be approved in 2013

Second Quarter 2013 Financial Results

The Company continued to generate strong operating margins in the second quarter of 2013 as a result of continued low cash costs. Despite a substantial drop in the price of gold, the Company generated strong cash from operating activities in the second quarter of 2013. Cash from operating activities before changes in non-cash working capital in the second quarter of 2013 of $33.8 million ($0.26 per share) decreased 19% relative to the same period of 2012 as a result of lower gold prices. After changes in non-cash working capital, cash provided by operating activities dropped significantly to $13.2 million from $44.1 million in the second quarter of the prior year. Cash flow from operations were negatively impacted by lower realized gold prices, as well as a $12.3 million payment of withholding taxes which will be recovered throughout the remainder of 2013.

Earnings before income taxes in the second quarter of 2013 were $19.1 million or $0.15 per basic share, compared to $38.7 million or $0.32 per basic share in the second quarter of 2012. On an after-tax basis, earnings in the second quarter of 2013 of $8.8 million, or $0.07 per basic share, decreased 64% over the comparable period of 2012 as a result of lower realized gold prices, accounting losses on the disposition of the Company’s investment in Aurizon, foreign exchange losses, increased amortization costs and a higher effective tax rate.

On a year-to-date basis, both cash flows from operations and earnings have been substantially reduced compared to the prior year as a result of lower gold prices, increased amortization, foreign exchange and other losses and a higher effective tax rate.

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Capital expenditures in the second quarter of 2013 totalled $15.2 million. Sustaining capital spending in Mexico in the second quarter of 2013 included operating and expansion capital of $4.5 million, consisting of $1.8 million for component changes on mobile equipment, $0.6 million for the addition of interlift liners on the leach pad, and $2.1 million invested in other smaller capital projects.

In addition, the Company invested $4.8 million in Mexico focused on continuing development of the El Salto portion of the Mulatos pit, pit design and stability work at Escondida and $1.5 million in capitalized exploration. The Company also invested $5.8 million in development projects in Turkey, focused on exploration, engineering and permitting work.

Key financial highlights for the three and six months ended June 30, 2013 and 2012 are presented at the end of this release in Table 1. The unaudited interim consolidated statements of financial position, comprehensive income, and cash flows for the three and six months ended June 30, 2013 and 2012 are presented at the end of this release in Table 2.

Second Quarter 2013 Operating Results

Gold production of 53,000 ounces in the second quarter of 2013 increased 10% compared to 48,200 ounces in the second quarter of 2012. On a year to date basis, gold production increased 22% to 108,000 ounces. Higher gold production in the second quarter of 2013 relative to the second quarter of 2012 was attributable to both a higher recovery ratio and improved crusher throughput.

Crusher throughput in the second quarter of 2013 averaged 17,600 tpd, 5% higher than 16,800 tpd in the same period of last year and slightly above the annual average budgeted rate of 17,500 tpd. This was the third consecutive quarter in which crusher throughput exceeded 17,500 tpd. During the second quarter of 2013, mill throughput met budgeted levels of 500 tpd.

The grade of the crushed ore stacked on the leach pad in the second quarter of 2013 of 1.10 g/t Au was higher than the full year budgeted grade of 0.98 g/t Au, but lower than the grade in the second quarter of 2012 of 1.15 g/t Au.

The grade of the Escondida high-grade zone mined and milled in the second quarter of 2013 was 10.94 g/t Au, in line with the Company’s full year budgeted average grade of 11 g/t Au, and a significant improvement from the grade milled in the first quarter of 2013 of 6.59 g/t Au. The Company expects to have sufficient Escondida high-grade zone reserves to continue processing until the first quarter of 2014, at which point the Escondida Deep zone is expected to provide additional feed to continue mill production to the end of the second quarter of 2014. Subsequently, the Company intends to transition to processing high grade from the San Carlos zone once the Escondida Deep zone is depleted.

The reconciliation of mined blocks to the block model for the Global Mulatos Pit, including Escondida, for the quarter ended June 30, 2013 was -2%, +5% and +3% for tonnes, grade and ounces respectively. During the second quarter of 2013, and consistent with the first quarter, the Company encountered higher than expected grades in the low-grade portion of the pit.

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TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Since the start of mining activities in 2005, the Mulatos project-to-date reconciliation is +3%, +6%, and +9% for tonnes, grade and ounces, respectively. Positive variances indicate that the Company is mining more gold than was indicated in the reserve model.

The recovery ratio in the second quarter and year to date in 2013 of 75% is consistent with the Company’s budget and higher than in the corresponding periods of 2012.

Cash operating costs (exclusive of the 5% royalty) of $378 per ounce of gold sold in the second quarter of 2013 were significantly below the Company’s guidance of $415 to $435 per ounce for the second consecutive quarter. Cash operating costs were 19% higher compared with costs reported in the second quarter of 2012 as a result of higher input costs, including labour, cyanide and diesel, as well as slightly lower grades of ore mined, offset by an improved recovery ratio. Including the 5% royalty, total cash costs were $448 per ounce of gold sold in the second quarter of 2013.

Key operational metrics and production statistics for the second quarter and year to date in 2013 compared to the same periods of 2012 are presented in Table 3 at the end of this press release.

Turkey Developments

In December 2012, as part of the permitting process, the Company submitted an Environmental Impact Assessment (“EIA”) Report on the Kirazlı Project. The EIA report is currently in the final stage of the approval process. While the approval will not be finalized until certain additional signatures are received from Turkish officials, the substantive aspects of the EIA review process have been successfully completed. The Ministry of the Environment, which is the government agency responsible for EIA approval, appointed representatives of government agencies and local authorities to a 17-person EIA Commission that reviewed the Kirazlı EIA submission. In late January 2013, a meeting was held by the EIA Commission, which concluded in its minutes: “The [Kirazlı] project has been reviewed and evaluated by the Commission and the review and evaluation process has been finalized. The EIA Report has been found sufficient by the Commission and it has been accepted as final.” The Company has been informed that a subsequent mandatory 10-day public notice period produced no opposition or comments of any kind.

The Company is awaiting approval of the Kirazlı EIA and based on the delays experienced to-date, has extended its forecast for first production from the Kirazlı project to the first half of 2015 (from late 2014). The Company is optimistic that approval is forthcoming and expects to receive the EIA approval by the end of 2013.

In the second quarter, the Company submitted its EIA for the Ağı Dağı project, and anticipates that a decision from the Turkish Government will be received in a similar time frame to the Kirazlı process.

Acquisition of Esperanza

On July 12, 2013, the Company and Esperanza jointly announced that they have entered into a definitive agreement (the “Esperanza Agreement”) pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Esperanza by way of a court-approved plan of arrangement.

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TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Esperanza is a precious metals exploration and development company focused on advancing its principal property, the wholly-owned Esperanza gold project (formerly referred to as the Cerro Jumil gold project) in Morelos State, Mexico.

Pursuant to the terms of the Esperanza Agreement, Esperanza shareholders will receive C$0.85 in cash for each common share of Esperanza held, representing a premium of approximately 38% to Esperanza’s 30-day volume-weighted average price (“VWAP”) for the period ending July 11, 2013. The transaction values Esperanza’s equity at approximately C$69.4 million on a fully diluted in-the-money basis. In addition, Alamos will issue approximately five million Alamos warrants, in the aggregate, to Esperanza shareholders and approximately two million Alamos warrants, in the aggregate, to holders of Esperanza warrants. The Alamos warrants will be listed on the Toronto Stock Exchange.

Highlights of the Transaction:

• Esperanza gold project is an attractive, open pit, heap leach project with all-in sustaining costs expected to be below $900 per ounce, high margins and potential for further growth;

• Adds measured and indicated resources of 1.5 million ounces of gold and 16 million ounces of silver in Mexico, further growing Alamos’ presence in Mexico, a geopolitically stable mining jurisdiction;

• Esperanza shareholders receive a premium of approximately 38% to Esperanza’s 30-day volume weighted average price;

• Enhances Alamos’ project pipeline by adding an asset with annual average production potential of over 100,000 ounces, with both total cash costs and all-in sustaining costs in the lowest quartile;

• Ability to utilize Alamos’ mine permitting and development teams, which include significant open pit, heap leach expertise, to advance the Esperanza gold project to production;

• Ability to fund development and construction of the Esperanza gold project through Alamos’ existing cash resources;

• Considerable exploration potential on all assets; and

• Accretive to Alamos’ net asset value, earnings and cash flow with virtually no dilution to Alamos shareholders.

On closing, Alamos will assume ownership of Esperanza’s 100%-owned Esperanza gold project as well as other various interests of Esperanza in Mexico and Peru. The Esperanza gold project is an advanced stage gold project in Morelos, Mexico, with a resource of 1.5 million ounces of gold and 16 million ounces of silver. In September 2011, Esperanza completed a Preliminary Economic Assessment (“PEA”) on the Esperanza gold project outlining an initial six-year mine life with expected production of a total of 0.6 million ounces of gold at an average rate of 103,000 ounces per year and average cash costs of US$499 per ounce (net of by-product credits). Applying a conservative gold price assumption of US$1,150 per ounce, the September 2011 PEA base case shows that the Esperanza gold project has an after-tax internal rate of return of 26% and an after-tax 5% net present value of in excess of C$122 million. Upon successful acquisition, the Company intends to work on revising the EIA for the Esperanza gold project for resubmission.

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TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Acquisition of Orsa Ventures

On July 23, 2013, the Company and Orsa entered into a definitive agreement (the “Orsa Agreement”) pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Orsa by way of a court-approved plan of arrangement.

Orsa is a junior exploration company focused on advancing its precious metal properties located in the Western United States. Upon closing, Alamos will assume ownership of Orsa’s right to earn a 100% interest in the Quartz Mountain Property in Oregon as well as other assets in Oregon and Nevada.

Pursuant to the terms of the Orsa Agreement, Orsa shareholders will receive C$0.10 in cash for each common share of Orsa held. The transaction values Orsa’s equity at approximately C$3.5 million on a fully diluted in-the-money basis.

Second Quarter 2013 Exploration Update

Total exploration expenditures in the second quarter of 2013 were $3.6 million. In Mexico, total exploration spending was $2.5 million. This included $1.8 million of drilling costs at East Estrella, Mina Vieja, El Salto, and San Carlos, which were capitalized and $0.7 million of early-stage exploration and administration costs, which were expensed. Total exploration spending in Turkey was $1.1 million, of which $0.7 million related to development work at Çamyurt, Ağı Dağı and Kirazlı was capitalized and $0.4 million related to drilling at earlier-stage targets was expensed.

Exploration – Mexico

Exploration expenditures in Mexico in the second quarter of 2013 totalled $2.5 million. The Company has completed 13,109 metres (“m”) of reverse circulation and core drilling in 62 holes in the second quarter for a total of 25,366 m completed in 129 drill holes during first half of 2013. The primary focus in the second quarter was on completing infill and step-out drilling programs at East Estrella, and continued deep directional drilling at San Carlos; however, targets were also assessed at Mina Vieja and El Salto adjacent to the open pit. Five drill rigs were active during the second quarter, with multiple rigs allocated to drilling at San Carlos for both exploration and the collection of metallurgical samples.

East Estrella

Exploration drilling directly east of the Mulatos pit southeast wall continued through the quarter. A new target in the East Estrella area was recently identified by work in the hanging wall of the fault that bounds the mineral resource. This new target is an area of shallow gold mineralization directly to the northeast of the mineral resource. It is characterized by pervasive advanced argillic alteration, as well as a previously unrecognized style of crustiform banded quartz veins.

San Carlos

Drilling at San Carlos has completed until the end of the rainy season. Work in the second quarter targeted the deep high-grade gold mineralization extending to the east of both the open pit and underground mineral resource and reserve areas. High-grade intercepts have

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TRADING SYMBOL:    TSX:AGI      NYSE:AGI

been encountered up to 500 m from the existing open pit boundary. This extension of San Carlos provides excellent potential for adding high-grade underground ounces in close proximity to planned infrastructure.

Exploration – Turkey

Exploration expenditures in Turkey totalled $1.1 million in the second quarter of 2013. Two drill rigs were active throughout the second quarter, drilling a total of 4,963 m in 40 drill holes for a total of 8,307 m completed in 59 drill holes in the first half of 2013.

Outlook

Having produced 108,000 ounces at a total cash cost of $448 per ounce of gold sold in the first half of 2013, the Company is on track to meet or exceed its full year 2013 production guidance of between 180,000 and 200,000 ounces of gold at an average total cash cost of between $500 and $520 per ounce of gold sold. Factoring in exploration spending, corporate and administrative costs, share based compensation and sustaining capital costs, the Company expects to report all-in sustaining costs of between $785 and $825 per ounce of gold sold for 2013.

In the second quarter of 2013, the gold price experienced significant volatility and decreased from over $1,600 per ounce to $1,200 per ounce. Alamos’ disciplined approach to growth and continuous improvement initiatives consistently result in industry-leading operating costs, positioning the Company to generate strong operating margins even in a lower gold price environment. As a result, the current downturn in the gold price has a limited impact on the Company’s current operating and development plans.

In Mexico, the Company is focused on maintaining crusher throughput at current levels in order to achieve budgeted 2013 production levels. The Escondida high-grade deposit is expected to continue to provide high grade mill feed until early 2014, at which point the Escondida Deep zone will be accessed to provide mill feed for an additional quarter. The Company is expecting to receive the permit to begin development of the El Victor and San Carlos deposit areas in the third quarter of 2013, following which development activities will commence in anticipation of processing high grade from San Carlos in mid-2014. The current focus of exploration at Mulatos is on continuing to delineate high-grade mineral reserves to continue to provide mill feed beyond the life of the Escondida high-grade deposit.

With the recently announced acquisition of Esperanza, the Company has grown its development pipeline substantially. The Esperanza gold project has the potential to grow production in Mexico by more than 50%, or nearly 30% on a consolidated basis. The transaction is expected to close by early September, following which we will work on revising the EIA report for planned resubmission with a construction decision to follow in 2015.

In Turkey, the EIA report on the Kirazli Project is in the final stage of the approval process. While the substantive aspects of the EIA review process have been successfully completed, the Company is awaiting formal approval of the EIA from the Ministry of the Environment. Given the delays experienced to date, the Company now expects production from the Kirazlı project to commence in the first half of 2015, rather than the end of 2014. The Company is in regular contact with the Ministry of the Environment in Turkey and expects that the EIA for the Kirazlı project will be approved in 2013.

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TRADING SYMBOL:    TSX:AGI      NYSE:AGI

In the second quarter, the Company submitted its EIA for Ağı Dağı, the Company’s second late-stage development project in Turkey. The Company anticipates that a decision from the Turkish Government will be received in a similar time frame to the Kirazlı process.

The Company continues to strengthen its financial position despite the recent drop in the gold price. The Company ended the quarter with approximately $466 million in cash and short-term investments, over $505.5 million in working capital and no debt. The Company pays a substantial dividend and has been active with its share buyback program. Alamos’ financial strength and flexibility and low cost operating structure provide it with the ability to aggressively pursue its capital allocation plans, including future organic growth and acquisitions.

Associated Documents

This press release should be read in conjunction with the Company’s interim consolidated financial statements for the three and six month periods ended June 30, 2013 and June 30, 2012 and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company’s website, www.alamosgold.com, in the “Investor Centre” tab in the “Reports and Financial Statements” section, and on SEDAR (www.sedar.com) and EDGAR (www.sec.gov).

Reminder of Second Quarter 2013 Results Conference Call

The Company’s senior management will host a conference call on Thursday, July 25, 2013 at 12:00 pm ET to discuss the second quarter 2013 financial results and update operating, exploration, and development activities.

Participants may join the conference call by dialling (416) 340-8061 or (866) 225-0198 for calls within Canada and the United States, or via webcast at www.alamosgold.com.

A playback will be available until August 8, 2013 by dialling (905) 694-9451 or (800) 408-3053 within Canada and the United States. The pass code is 3913460. The webcast will be archived at www.alamosgold.com.

About Alamos

Alamos is an established Canadian-based gold producer that owns and operates the Mulatos Mine in Mexico, and has exploration and development activities in Mexico and Turkey. The Company employs more than 600 people and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighbouring communities. Alamos has approximately $475 million in cash and cash equivalents, is debt-free, and unhedged to the price of gold. As of July 23, 2013, Alamos had 127,348,988 common shares outstanding (132,413,188 shares fully diluted), which are traded on the TSX and NYSE under the symbol “AGI”.

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TRADING SYMBOL:    TSX:AGI      NYSE:AGI

FOR FURTHER INFORMATION, PLEASE CONTACT:

Scott K. Parsons

Manager, Investor Relations

(416) 368-9932 x 439

The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact included in this release, including without limitation statements regarding forecast gold production, gold grades, recoveries, waste-to-ore ratios, total cash costs, potential mineralization and reserves, exploration results, and future plans and objectives of Alamos, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to mining and processing of mined ore, 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 reserves, 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 spacings 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 to a higher category of 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 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.

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. 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.

Note to U.S. Investors

Alamos prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this presentation are defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The United States Securities and Exchange Commission (the “SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically

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and legally extract or produce. Alamos may use certain terms, such as “measured mineral resources”, “indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves” that the SEC does not recognize (these terms may be used in this presentation and are included in the public filings of Alamos, which have been filed with the SEC and the securities commissions or similar authorities in Canada).

Cautionary non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies.

(i) Cash flow from operating activities before changes in non-cash working capital

“Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows.

The following table reconciles the non-GAAP measure to the consolidated statements of cash flows.

	Q2 2013			Q2 2012		YTD 2013			YTD 2012
Cash flow from operating activities – IFRS (000)	$	13,157		$	44,063	$	46,114		$	80,145
Changes in non-cash working capital (000)		(20,616	)		2,202		(28,065	)		(6,644	)
Cash flow from operating activities before changes in non-cash working capital (000)	$	33,773		$	41,861	$	74,179		$	86,789

(ii) Mining cost per tonne of ore

“Mining cost per tonne of ore” and “Cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. The following table reconciles the non-GAAP measure to the consolidated statements of comprehensive income

	Q2 2013			Q2 2012		YTD 2013		YTD 2012
Mining and processing costs – IFRS (000)	$	20,804		$	16,150	$	39,763	$	31,169
Inventory adjustments and period costs (000)		(254	)		869		515		145
Total cost (000)	$	20,550		$	17,019	$	40,278	$	31,314
Tonnes Ore stacked / milled (000)		1,598			1,531		3,212		2,781
Total cost per tonne of ore	$	12.86		$	11.12	$	12.54	$	11.26

(iii) Cash operating costs per ounce and total cash costs per ounce

“Cash operating costs per ounce” and “total cash costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of “cash operating costs per ounce” as determined by the Company compared with other

10  |  ALAMOS GOLD  INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

mining companies. In this context, “cash operating costs per ounce” reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period. “Cash operating costs per ounce” may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed and gold recovery rates in the period. “Total cash costs per ounce” includes “cash operating costs per ounce” plus applicable royalties. Cash operating costs per ounce and total cash costs per ounce are exclusive of exploration costs.

The following table reconciles these non-GAAP measure to the consolidated statements of comprehensive income.

	Q2 2013		Q2 2013		YTD 2013		YTD 2012
Mining and processing costs – IFRS (000)	$	20,804	$	16,150	$	39,763	$	31,169
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
Total Cash operating costs per ounce	$	378	$	323	$	368	$	340
Mining and processing costs – IFRS (000)	$	20,804	$	16,150	$	39,763	$	31,169
Royalties – IFRS (000)		3,841		4,230		8,663		7,661
Total Cash costs (000)	$	24,645	$	20,380	$	48,426	$	38,830
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
Total Cash costs per ounce	$	448	$	408	$	448	$	423

(iv) All-in sustaining cost per ounce

Effective 2013, in conjunction with a non-GAAP initiative being undertaken by the gold mining industry, the Company is adopting an “all-in sustaining cost per ounce” non-GAAP performance measure. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in sustaining cost per ounce” as determined by the Company compared with other mining companies. In this context, “all-in sustaining cost per ounce” reflects total mining and processing costs, corporate and administrative costs, exploration costs, sustaining capital, and other operating costs. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature.

The following table reconciles these non-GAAP measure to the consolidated statements of comprehensive income.

	Q2 2013		Q2 2012		YTD 2013		YTD 2012
Mining and processing costs (000)	$	20,804	$	16,150	$	39,763	$	31,169
Royalties (000)		3,841		4,230		8,663		7,661
Corporate and administration (000) (1)		4,574		2,886		11,831		5,550
Share-based compensation (000)		1,205		1,361		420		3,928
Exploration costs (000) (2)		2,399		2,017		4,471		4,300
Reclamation cost accretion (000)		226		129		452		256
Sustaining capital expenditures (000)		4,468		4,897		8,555		7,851
	$	37,517	$	31,670	$	74,155	$	60,715
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
All-in sustaining cost per ounce	$	682	$	633	$	687	$	662

⁽¹⁾  Excludes corporate and administration costs incurred at the Company’s development projects

⁽²⁾  Excludes exploration associated with the Company’s development projects

11  |  ALAMOS GOLD INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

(v) All-in cost

Effective 2013, in conjunction with a non-GAAP initiative being undertaken by the gold mining industry, the Company is adopting an “all-in cost per ounce” non-GAAP performance measure; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in cost per ounce” as determined by the Company compared with other mining companies. In this context, “all-in cost per ounce” reflects total all-in sustaining cash costs, plus capital, operating, and exploration costs associated with the Company’s development projects.

	Q2 2013		Q2 2012		YTD 2013		YTD 2012
All-in sustaining cost (above)	$	37,517	$	31,670	$	74,155	$	60,715
Add: Development and expansion capital (000)		8,183		4,079		15,715		14,827
Add: Turkey / other exploration (000)		1,201		2,143		2,204		3,731
Add: Turkey G&A (000)		470		310		1,049		575
		47,371		38,202		93,123		79,848
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
All-in cost per ounce	$	861	$	764	$	862	$	870

(vi) Other additional GAAP measures

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following additional GAAP measures are used and are intended to provide an indication of the Company’s mine and operating performance:

• Mine operating costs – represents the total of mining and processing, royalties, and amortization expense

• Earnings from mine operations – represents the amount of revenues in excess of mining and processing, royalties, and amortization expense.

• Earnings from operations – represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense.

12  |  ALAMOS GOLD  INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Table 1: Financial Highlights

	Q2 2013			Q2 2012		YTD 2013			YTD 2012
Cash provided by operating activities before changes in non-cash working capital (000)(1) (2)	$	33,773		$	41,861	$	74,179		$	86,789
Changes in non-cash working capital	($	20,616	)	$	2,202	($	28,065	)	($	6,644	)
Cash provided by operating activities (000)	$	13,157		$	44,063	$	46,114		$	80,145
Earnings before income taxes (000)	$	19,069		$	38,703	$	57,867		$	78,165
Earnings (000)	$	8,828		$	24,684	$	34,817		$	54,154
Earnings per share
- basic	$	0.07		$	0.21	$	0.27		$	0.45
- diluted	$	0.07		$	0.20	$	0.27		$	0.45
Comprehensive income (000)	$	11,496		$	24,276	$	35,881		$	53,574
Weighted average number of common shares outstanding
- basic		127,518,000			119,636,000		127,099,000			119,288,000
- diluted		127,634,000			120,676,000		127,247,000			120,507,000
Assets (000) (3)						$	872,652		$	753,856

⁽¹⁾  A non-GAAP measure calculated as cash provided by operating activities as presented on the consolidated statements of cash flows and adding back changes in non-cash working capital.

⁽²⁾  Refer to “Cautionary non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release for a description and calculation of this measure.

⁽³⁾  Assets are shown as at June 30, 2013 and December 31, 2012.

13  |  ALAMOS GOLD INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Table 2: Unaudited Consolidated Statements of Financial Position, Comprehensive

Income, and Cash Flows

ALAMOS GOLD INC.

Consolidated Statements of Financial Position

(Unaudited - stated in thousands of United States dollars)

	June 30, 2013		December 31, 2012
ASSETS
Current Assets
Cash and cash equivalents	$	466,412	$	306,056
Short-term investments		—		47,654
Available-for-sale securities		—		10,340
Amounts receivable		9,533		7,647
Advances and prepaid expenses		15,262		3,207
Other financial assets		484		1,118
Inventory		42,144		42,046
Total Current Assets		533,835		418,068
Non-Current Assets
Other non-current assets		1,814		1,058
Exploration and evaluation assets		139,088		127,015
Mineral property, plant and equipment		197,915		207,715
Total Assets	$	872,652	$	753,856
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$	22,457	$	24,874
Income taxes payable		5,905		15,497
Total Current Liabilities		28,362		40,371
Non-Current Liabilities
Deferred income taxes		34,990		38,365
Decommissioning liability		14,133		13,934
Other liabilities		600		714
Total Liabilities		78,085		93,384
EQUITY
Share capital	$	505,042	$	393,752
Contributed surplus		24,066		22,606
Accumulated other comprehensive loss		—		(1,064	)
Retained earnings		265,459		245,178
Total Equity		794,567		660,472
Total Liabilities and Equity	$	872,652	$	753,856

14  |  ALAMOS GOLD  INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

ALAMOS GOLD INC.

Consolidated Statements of Comprehensive Income

(Unaudited - stated in thousands of United States dollars, except per share amounts)

	For the three-month periods ended						For the six-month periods ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
OPERATING REVENUES	$	78,273		$	80,889		$	164,545		$	151,145
MINE OPERATING COSTS
Mining and processing		20,804			16,150			39,763			31,169
Royalties		3,841			4,230			8,663			7,661
Amortization		16,462			12,679			29,397			20,457
		41,107			33,059			77,823			59,287
EARNINGS FROM MINE OPERATIONS		37,166			47,830			86,722			91,858
EXPENSES
Exploration		1,384			2,828			2,172			4,311
Corporate and administrative		5,045			3,194			12,879			6,125
Share-based compensation		1,205			1,361			420			3,928
		7,634			7,383			15,471			14,364
EARNINGS FROM OPERATIONS		29,532			40,447			71,251			77,494
OTHER INCOME (EXPENSES)
Finance income		635			865			1,318			1,713
Financing expense		(229	)		(134	)		(476	)		(267	)
Foreign exchange loss		(3,631	)		(2,615	)		(6,962	)		(1,416	)
Other (loss) income		(7,238	)		140			(7,264	)		641
EARNINGS BEFORE INCOME TAXES FOR THE PERIOD		19,069			38,703			57,867			78,165
INCOME TAXES
Current tax expense		(12,381	)		(12,005	)		(26,425	)		(15,311	)
Deferred tax recovery (expense)		2,140			(2,014	)		3,375			(8,700	)
EARNINGS FOR THE PERIOD	$	8,828		$	24,684		$	34,817		$	54,154
Other comprehensive income (loss)
- Unrealized loss on securities		—			(408	)		(1,604	)		(487	)
- Reclassification of realized losses (gains) on available-for-sale securities included in earnings		2,668			—			2,668			(93	)
COMPREHENSIVE INCOME FOR THE PERIOD	$	11,496		$	24,276		$	35,881		$	53,574
EARNINGS PER SHARE
– basic	$	0.07		$	0.21		$	0.27		$	0.45
– diluted	$	0.07		$	0.20		$	0.27		$	0.45
Weighted average number of common shares outstanding
- basic		127,518,000			119,636,000			127,099,000			119,288,000
- diluted		127,634,000			120,676,000			127,247,000			120,507,000

15  |  ALAMOS GOLD INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

ALAMOS GOLD INC.

Consolidated Statements of Cash Flows

(Unaudited - stated in thousands of United States dollars)

	For the three-month periods ended						For the six-month periods ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Earnings for the period	$	8,828		$	24,684		$	34,817		$	54,154
Adjustments for items not involving cash:
Amortization		16,462			12,679			29,397			20,457
Financing expense		229			134			476			267
Unrealized foreign exchange loss (gain)		1,864			1,062			4,994			(196	)
Deferred tax (recovery) expense		(2,140	)		2,014			(3,375	)		8,700
Share-based compensation		1,205			1,361			420			3,928
Loss (gain) on sale of securities		6,840			—			6,840			(504	)
Other		485			(73	)		610			(17	)
Changes in non-cash working capital:
Fair value of forward contracts		781			—			856			—
Amounts receivable		(5,841	)		(4,803	)		(10,686	)		(9,808	)
Inventory		(2,963	)		(1,038	)		(3,342	)		(3,528	)
Advances and prepaid expenses		(12,506	)		(592	)		(12,056	)		(1,027	)
Accounts payable and accrued liabilities, and income taxes payable		(87	)		8,635			(2,837	)		7,719
		13,157			44,063			46,114			80,145
INVESTING ACTIVITIES
Sales of securities		111,116			—			111,116			3,338
Short-term investments (net)		—			(1,626	)		47,654			7,783
Decommissioning liability		(99	)		(739	)		(271	)		(767	)
Exploration and evaluation assets		(5,772	)		(2,284	)		(12,073	)		(5,315	)
Mineral property, plant and equipment		(9,461	)		(7,965	)		(17,098	)		(21,148	)
		95,784			(12,614	)		129,328			(16,109	)
FINANCING ACTIVITIES
Common shares issued		815			5,358			982			14,501
Shares repurchased and cancelled		(2,624	)		—			(2,624	)		—
Dividends paid		(12,749	)		(11,950	)		(12,749	)		(11,950	)
		(14,558	)		(6,592	)		(14,391	)		2,551
Effect of exchange rates on cash and cash equivalents		(1,245	)		(945	)		(695	)		140
Net increase in cash and cash equivalents		93,138			23,912			160,356			66,727
Cash and cash equivalents – beginning of the period		373,274			212,286			306,056			169,471
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	466,412		$	236,198		$	466,412		$	236,198

16  |  ALAMOS GOLD  INC

TRADING SYMBOL:    TSX:AGI      NYSE:AGI

Table 3: Production Summary & Statistics ⁽¹⁾

Production summary	Q2 2013			Q2 2012			YTD 2013			YTD 2012
Ounces produced (1)		53,000			48,200			108,000			88,700
Crushed ore stacked on leach pad (tonnes) (2)		1,552,000			1,486,000			3,124,000			2,711,000
Grade (g/t Au)		1.10			1.15			1.18			1.16
Contained ounces stacked		54,800			54,900			117,900			101,000
Crushed ore milled (tonnes)		46,000			44,500			91,600			69,600
Grade (g/t Au)		10.94			10.78			8.78			10.56
Contained ounces milled		16,200			15,400			25,800			23,600
Recovery ratio (ratio of total ounces produced to contained ounces stacked and milled)		75	%		68	%		75	%		71	%
Total ore mined (tonnes)		1,900,000			1,498,000			3,410,000			2,765,000
Waste mined (tonnes)		907,000			1,013,000			1,609,000			1,788,000
Total mined (tonnes)		2,807,000			2,511,000			5,019,000			4,553,000
Waste-to-ore ratio		0.48			0.68			0.47			0.65
Ore crushed per day (tonnes) – combined		17,600			16,800			17,700			15,300

⁽¹⁾  Reported gold production for Q2 2012 and YTD 2012 has been adjusted to reflect final refinery settlement. Reported gold production for Q2 2013 and YTD 2013 is subject to final refinery settlement and may be adjusted.

⁽²⁾  Excludes mill tailings stacked on the heap leach pad during the period.

17  |  ALAMOS GOLD INC

EX-99.2

Exhibit 99.2

SECOND QUARTER 2013 REPORT

June 30, 2013

(Based on International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and stated in thousands of United States dollars, unless otherwise indicated)

INDEX

Unaudited Condensed Interim Consolidated Financial Statements

• Consolidated Statements of Financial Position

• Consolidated Statements of Comprehensive Income

• Consolidated Statements of Changes in Equity

• Consolidated Statements of Cash Flows

• Notes to the Condensed Interim Consolidated Financial Statements

SECOND QUARTER REPORT 2013

ALAMOS GOLD INC.

Consolidated Statements of Financial Position

(Unaudited - stated in thousands of United States dollars)

	June 30, 2013		December 31, 2012
ASSETS
Current Assets
Cash and cash equivalents	$	466,412	$	306,056
Short-term investments		—		47,654
Available-for-sale securities (note 4)		—		10,340
Amounts receivable		9,533		7,647
Advances and prepaid expenses		15,262		3,207
Other financial assets (note 4)		484		1,118
Inventory (note 5)		42,144		42,046
Total Current Assets		533,835		418,068
Non-Current Assets
Other non-current assets (note 5)		1,814		1,058
Exploration and evaluation assets (note 6)		139,088		127,015
Mineral property, plant and equipment (note 7)		197,915		207,715
Total Assets	$	872,652	$	753,856
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities	$	22,457	$	24,874
Income taxes payable		5,905		15,497
Total Current Liabilities		28,362		40,371
Non-Current Liabilities
Deferred income taxes		34,990		38,365
Decommissioning liability (note 9)		14,133		13,934
Other liabilities		600		714
Total Liabilities		78,085		93,384
EQUITY
Share capital (note 10a)	$	505,042	$	393,752
Contributed surplus		24,066		22,606
Accumulated other comprehensive loss		—		(1,064	)
Retained earnings		265,459		245,178
Total Equity		794,567		660,472
Total Liabilities and Equity	$	872,652	$	753,856
Commitments and Contingencies (note 12)
Subsequent events (note 13)

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

2       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

ALAMOS GOLD INC.

Consolidated Statements of Comprehensive Income

(Unaudited - stated in thousands of United States dollars, except per share amounts)

	For the three-month periods ended						For the six-month periods ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
OPERATING REVENUES	$	78,273		$	80,889		$	164,545		$	151,145
MINE OPERATING COSTS
Mining and processing		20,804			16,150			39,763			31,169
Royalties (note 12 a)		3,841			4,230			8,663			7,661
Amortization		16,462			12,679			29,397			20,457
		41,107			33,059			77,823			59,287
EARNINGS FROM MINE OPERATIONS		37,166			47,830			86,722			91,858
EXPENSES
Exploration		1,384			2,828			2,172			4,311
Corporate and administrative		5,045			3,194			12,879			6,125
Share-based compensation (note 10)		1,205			1,361			420			3,928
		7,634			7,383			15,471			14,364
EARNINGS FROM OPERATIONS		29,532			40,447			71,251			77,494
OTHER INCOME (EXPENSES)
Finance income		635			865			1,318			1,713
Financing expense		(229	)		(134	)		(476	)		(267	)
Foreign exchange loss		(3,631	)		(2,615	)		(6,962	)		(1,416	)
Other (loss) income		(7,238	)		140			(7,264	)		641
EARNINGS BEFORE INCOME TAXES FOR THE PERIOD		19,069			38,703			57,867			78,165
INCOME TAXES
Current tax expense		(12,381	)		(12,005	)		(26,425	)		(15,311	)
Deferred tax recovery (expense)		2,140			(2,014	)		3,375			(8,700	)
EARNINGS FOR THE PERIOD	$	8,828		$	24,684		$	34,817		$	54,154
Other comprehensive income (loss)
- Unrealized loss on securities		—			(408	)		(1,604	)		(487	)
- Reclassification of realized losses (gains) on available-for-sale securities included in earnings		2,668			—			2,668			(93	)
COMPREHENSIVE INCOME FOR THE PERIOD	$	11,496		$	24,276		$	35,881		$	53,574
EARNINGS PER SHARE (note 10e)
- basic	$	0.07		$	0.21		$	0.27		$	0.45
- diluted	$	0.07		$	0.20		$	0.27		$	0.45
Weighted average number of common shares outstanding
- basic		127,518,000			119,636,000			127,099,000			119,288,000
- diluted		127,634,000			120,676,000			127,247,000			120,507,000

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

3       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

ALAMOS GOLD INC.

Consolidated Statements of Changes in Equity

For the six-month periods ended June 30, 2013 and 2012

(Unaudited - stated in thousands of United States dollars)

	Number of shares outstanding			Share capital			Contributed surplus			Accumulated other comprehensive loss			Retained earnings			Total Equity
Balance at January 1, 2012		118,383,008		$	355,524		$	27,861		$	(1,080	)	$	151,245		$	533,550
Share-based compensation		—			—			2,875			—			—			2,875
Shares issued on exercise of options		1,473,700			19,531			(5,030	)		—			—			14,501
Dividends		—			—			—			—			(11,950	)		(11,950	)
Earnings		—			—			—			—			54,154			54,154
Other comprehensive income (tax impact; nil)		—			—			—			(580	)		—			(580	)
Balance at June 30, 2012		119,856,708		$	375,055		$	25,706		$	(1,660	)	$	193,449		$	592,550
	Number of shares outstanding			Share capital			Contributed surplus			Accumulated other comprehensive loss			Retained earnings			Total Equity
Balance at January 1, 2013		120,871,408		$	393,752		$	22,606		$	(1,064	)	$	245,178		$	660,472
Share-based compensation		—			—			1,840			—			—			1,840
Shares issued in purchase agreements (note 4b)		6,584,380			110,765			—			—			—			110,765
Shares repurchased and cancelled (note 10b)		(211,300	)		(837	)		—			—			(1,787	)		(2,624	)
Shares issued on exercise of options		104,500			1,362			(380	)		—			—			982
Dividends		—			—			—			—			(12,749	)		(12,749	)
Earnings		—			—			—			—			34,817			34,817
Other comprehensive income (tax impact; nil)		—			—			—			1,064			—			1,064
Balance at June 30, 2013		127,348,988		$	505,042		$	24,066		$	—		$	265,459		$	794,567

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

4       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

ALAMOS GOLD INC.

Consolidated Statements of Cash Flows

(Unaudited - stated in thousands of United States dollars)

	For the three-month periods ended						For the six-month periods ended
	June 30, 2013			June 30, 2012			June 30, 2013			June 30, 2012
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES
Earnings for the period	$	8,828		$	24,684		$	34,817		$	54,154
Adjustments for items not involving cash:
Amortization		16,462			12,679			29,397			20,457
Financing expense		229			134			476			267
Unrealized foreign exchange loss (gain)		1,864			1,062			4,994			(196	)
Deferred tax (recovery) expense		(2,140	)		2,014			(3,375	)		8,700
Share-based compensation		1,205			1,361			420			3,928
Loss (gain) on sale of securities		6,840			—			6,840			(504	)
Other		485			(73	)		610			(17	)
Changes in non-cash working capital:
Fair value of forward contracts		781			—			856			—
Amounts receivable		(5,841	)		(4,803	)		(10,686	)		(9,808	)
Inventory		(2,963	)		(1,038	)		(3,342	)		(3,528	)
Advances and prepaid expenses		(12,506	)		(592	)		(12,056	)		(1,027	)
Accounts payable and accrued liabilities, and income taxes payable		(87	)		8,635			(2,837	)		7,719
		13,157			44,063			46,114			80,145
INVESTING ACTIVITIES
Sales of securities		111,116			—			111,116			3,338
Short-term investments (net)		—			(1,626	)		47,654			7,783
Decommissioning liability		(99	)		(739	)		(271	)		(767	)
Exploration and evaluation assets		(5,772	)		(2,284	)		(12,073	)		(5,315	)
Mineral property, plant and equipment		(9,461	)		(7,965	)		(17,098	)		(21,148	)
		95,784			(12,614	)		129,328			(16,109	)
FINANCING ACTIVITIES
Common shares issued		815			5,358			982			14,501
Shares repurchased and cancelled		(2,624	)		—			(2,624	)		—
Dividends paid		(12,749	)		(11,950	)		(12,749	)		(11,950	)
		(14,558	)		(6,592	)		(14,391	)		2,551
Effect of exchange rates on cash and cash equivalents		(1,245	)		(945	)		(695	)		140
Net increase in cash and cash equivalents		93,138			23,912			160,356			66,727
Cash and cash equivalents - beginning of the period		373,274			212,286			306,056			169,471
CASH AND CASH EQUIVALENTS - END OF PERIOD	$	466,412		$	236,198		$	466,412		$	236,198
Supplemental information:
Interest paid	$	—		$	—		$	—		$	—
Interest received	$	554		$	545		$	1,204		$	1,030
Income taxes paid	$	11,137		$	2,056		$	27,508		$	7,912

The accompanying notes form an integral part of these condensed interim consolidated financial statements.

5       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

ALAMOS GOLD INC.

Notes to Condensed Interim Consolidated Financial Statements

June 30, 2013 and 2012

(Unaudited - stated in United States dollars, unless otherwise indicated)

1. NATURE OF OPERATIONS

Alamos Gold Inc., a resident Canadian company, and its wholly-owned subsidiaries (collectively the “Company”) are engaged in the acquisition, exploration, development and extraction of precious metals in Mexico and Turkey. The Company owns and operates the Mulatos mine and holds the mineral rights to the Salamandra group of concessions in the State of Sonora, Mexico, which includes several known satellite gold occurrences. In addition, the Company owns the Ağı Dağı, Kirazlı and Çamyurt gold development projects in Turkey.

2. BASIS OF PREPARATION

Statement of Compliance

These condensed interim consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting (“IAS 34”), and as such do not contain all disclosures required for annual financial statements.

The policies applied in these condensed interim consolidated financial statements are consistent with the policies disclosed in Notes 2 and 3 of the consolidated financial statements for the year ended December 31, 2012. These condensed interim consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2012.

The condensed interim consolidated financial statements were authorized for issue by the Board of Directors on July 23, 2013.

Accounting Policies in effect January 1, 2013

(i) IFRS 12 Disclosure of Interests in Other Entities was released in May 2011 and is effective for annual periods beginning on or after January 1, 2013, with early adoption permitted. IFRS 12 contains the disclosure requirements for entities that have interests in subsidiaries, joint arrangements (i.e. joint operations or joint ventures), associates and/or unconsolidated structured entities. Interests are widely defined as contractual and non-contractual involvement that exposes an entity to variability of returns from the performance of the other entity. The required disclosures aim to provide information in order to enable users to evaluate the nature of, and the risks associated with, an entity’s interest in other entities, and the effects of those interests on the entity’s financial position, financial performance and cash flows. Given the nature of the Company’s interests in other entities, the amendments did not have an impact on the Company’s financial position or performance.

(ii) IFRS 13 Fair Value Measurement was issued in May 2011 and is effective prospectively for annual periods beginning on or after January 1, 2013. The disclosure requirements of IFRS 13 need not be applied in comparative information for periods before initial application. IFRS 13 replaces the fair value measurement guidance contained in individual IFRSs with a single source of fair value measurement guidance. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements to provide information that enables financial statement users to assess the methods and inputs used to develop fair value measurements and, for recurring fair value measurements that use significant unobservable inputs (Level 3), the effect of the measurements on earnings or other comprehensive income. IFRS 13 establishes

6       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

‘how’ to measure fair value when it is required or permitted by other IFRSs. IFRS 13 does not introduce new requirements to measure assets or liabilities at fair value, nor does it eliminate the practicability exceptions to fair value measurements that currently exist in certain standards. The amendments did not have an impact on the Company’s financial position or disclosures.

(iii) Amendments to IAS 1 Presentation of Financial Statements was issued in June 2011 and is effective for annual periods beginning on or after July 1, 2012. The amendments require that an entity present separately the items of OCI that may be reclassified to earnings in the future from those that would never be reclassified to earnings. Consequently an entity that presents items of OCI before related tax effects will also have to allocate the aggregated tax amount between these categories. The existing option to present the earnings and other comprehensive income in two statements has remained unchanged. The amendments did not have an impact on the Company’s financial position or presentation.

(iv) IFRS 10 Consolidated Financial Statements is effective for annual periods beginning on or after January 1, 2013, with early adoption permitted. IFRS 10 replaces the guidance in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities (“SPE’s”). IFRS 10 provides a single model to be applied in the control analysis for all investees, including entities that currently are SPEs in the scope of SIC-12. In addition, the consolidation procedures are carried forward substantially unmodified from IAS 27. Given the nature of the Company’s organizational structure, the amendments did not have a material impact on the Company’s financial position or presentation.

3. FUTURE ACCOUNTING POLICY CHANGES ISSUED BUT NOT YET IN EFFECT

The following are new pronouncements approved by the IASB. The following new standards and interpretations are not yet effective and have not been applied in preparing these financial statements, however, they may impact future periods.

(i) IFRS 9 Financial Instruments (Revised) was issued by the IASB in October 2010. It incorporates revised requirements for the classification and measurement of financial liabilities, and carrying over the existing derecognition requirements from IAS 39 Financial Instruments: Recognition and Measurement. The revised financial liability provisions maintain the existing amortised cost measurement basis for most liabilities. New requirements apply where an entity chooses to measure a liability at fair value through profit or loss – in these cases, the portion of the change in fair value related to changes in the entity’s own credit risk is presented in other comprehensive income rather than within profit or loss. IFRS 9 (2010) is effective for annual periods beginning on or after January 1, 2015. The impact of IFRS 9 on the Company’s financial instruments has not yet been determined.

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SECOND QUARTER REPORT 2013

4. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

a) Financial Assets and Liabilities

The carrying value of the Company’s financial instruments is classified into the following categories:

	June 30, 2013			December 31, 2012
	($000)			($000)
Fair value through profit or loss (“FVTPL”) (1)		466,412			353,710
Derivative instruments designated as FVTPL (2)		484			1,118
Available-for-sale securities		—			10,340
Loans and receivables(3)		9,533			7,647
Derivative contracts designated as FVTPL(4)		(856	)		—
Other financial liabilities (5)		(27,880	)		(40,662	)

⁽¹⁾  Includes cash of $353.8 million (December 31, 2012 – $141.4 million), cash equivalents of $112.6 million (December 31, 2012 – $164.6 million) and short-term investments of $ nil (December 31, 2012 – $47.7 million).

⁽²⁾  Includes the Company’s investment in the warrants of a publicly traded company. During the six-month period ended June 30, 2013, a $0.6 million loss was recorded in other income on the revaluation of the warrants (six-month period ended June 30, 2012 – $0.1 million gain).

⁽³⁾  As permitted by Mexican tax law, the Company offset $8.8 million of Mexican value-added tax receivables against its current taxes payable liability in 2013 (December 31, 2012 – $16.4 million) which is not reflected in the Consolidated Statements of Cash Flows. Advances and prepaid expenses contain non-financial assets and include $11.8 million of withholding taxes.

⁽⁴⁾  Includes dual currency notes and foreign currency forward contracts which, for accounting purposes, are not designated as effective hedges. These are classified within accounts payable and accrued liabilities in the consolidated statements of financial position.

⁽⁵⁾  Includes all other accounts payable and accrued liabilities, dividends payable, income taxes payable, and certain other liabilities.

For all financial assets and liabilities listed above, fair value approximates carrying value as at June 30, 2013 and December 31, 2012.

b) Aurizon offer

On January 14, 2013, the Company announced an offer to acquire Aurizon Mines Ltd. (“Aurizon”) for approximately CAD$780 million in cash and shares (the “Offer”). In connection with the Offer, in January 2013, the Company issued 6,584,380 common shares pursuant to share purchase agreements entered into between Alamos and certain current and former shareholders of Aurizon (the “Vendors”) for the purchase of 23,507,283 common shares of Aurizon. The purchase price payable by Alamos to each of the Vendors was CAD$4.65 per Aurizon Share. The purchase price was to be satisfied by the delivery of Alamos Shares at an exchange ratio of 0.2801 of an Alamos Share for each Aurizon Share, valued at CAD$16.60 per Alamos share, for a total of $110.8 million. Prior to the Offer, the Company acquired 3,000,000 shares of Aurizon between October 2012 and December 2012 at an average cost of CAD$3.78, for total holdings of 26,507,283 common shares of Aurizon. On March 19, 2013, the Company terminated the Offer.

On June 3, 2013, Aurizon announced the completion of the acquisition of its common shares by Hecla Mining Company (“Hecla”). As a result, the Company received $87.0 million cash and 7,516,377 common shares of Hecla in exchange for the 26,507,283 common shares of Aurizon, for total consideration of $116.1 million. The Company recorded a loss of $0.5 million within Other loss and a cumulative $4.3 million foreign exchange loss on the Aurizon transaction on June 3, 2013.

Between June 11, 2013 and June 30, 2013, the Company sold the 7,516,377 common shares of Hecla for total proceeds of $22.8 million, and recorded a loss of $6.3 million in Other loss in the Consolidated Statements of Comprehensive Income. The Company did not hold any common shares of Hecla at June 30, 2013.

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SECOND QUARTER REPORT 2013

c) Derivative Financial Instruments

The Company may utilize financial instruments to manage the risks associated with fluctuations in the market price of gold and foreign exchange rates. As at June 30, 2013, the Company had forward gold sales contracts representing 1,000 ounces of gold outstanding. The mark-to-market loss associated with these contracts as at June 30, 2013 was nominal. At December 31, 2012, the Company had no outstanding gold forward contracts.

At June 30, 2013, the Company had an outstanding contract to deliver $5 million Canadian dollars (“CAD”) in exchange for a fixed amount of USD at September 18, 2013, with CAD:USD rate 1.02:1. The mark-to-market gain associated with this contract as at June 30, 2013 was $0.2 million (December 31, 2012 – nil). This foreign currency forward contract is not designated as a hedge for accounting purposes.

At June 30, 2013, the Company had outstanding a $15 million dual currency note, with a maturity date of July 16, 2013. The mark-to-market loss associated with this contract as at June 30, 2013 was $1.0 million (December 31, 2012 – nil). This contract is not designated as a hedge for accounting purposes.

5. INVENTORY

	June 30, 2013			December 31, 2012
	($000)			($000)
Precious metals dore and refined precious metals		9,490			8,640
In-process precious metals		12,003			14,785
Ore in stockpiles		1,814			1,058
Parts and supplies		20,651			18,621
		43,958			43,104
Less: Non-current portion		(1,814	)		(1,058	)
	$	42,144		$	42,046

The amount of inventory charged to operations as mining and processing costs during the three and six-month periods ended June 30, 2013 was $20.9 million and $40.3 million, respectively (three and six month periods ended June 30, 2012 – $17.0 million and $33.3 million, respectively). The amount of inventory charged to operations as amortization in the three and six-month periods ended June 30, 2013 was $14.0 million and $26.2 million, respectively (three and six month periods ended June 30, 2012 – $11.1 million and $17.0 million, respectively).

6. EXPLORATION AND EVALUATION ASSETS

The Company classifies the Aği Daği, Kirazlı, and Çamyurt Projects in Turkey as exploration and evaluation assets. Exploration and evaluation assets are not subject to amortization.

The following is a continuity of the Company’s exploration and evaluation assets for the six-month period ended June 30, 2013.

	Total
	($000)
Cost as at December 31, 2012		127,015
Additions		12,073
Cost as at June 30, 2013		139,088

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SECOND QUARTER REPORT 2013

7. MINERAL PROPERTY, PLANT AND EQUIPMENT

The Company owns 100% of the Salamandra group of concessions in Mexico. Included within the Salamandra group of concessions is the Mulatos mine which began operations in 2005.

The majority of the Company’s property, plant and equipment in operations is amortized on a units-of-production basis over an estimated nine year remaining mine life. Certain mining and office equipment is amortized on a straight line basis over periods ranging from two to five years.

The following is a continuity of the Company’s mineral property, plant and equipment for the six-month period ended June 30, 2013.

	Mining plant and equipment		Office and computer equipment		Construction in progress		Subtotal		Mineral property and deferred development		Total
	($000)		($000)		($000)		($000)		($000)		($000)
Cost as at January 1, 2013	$	214,167	$	3,846	$	2,565	$	220,578	$	152,496	$	373,074
Additions		4,013		1,265		5,321		10,599		6,499		17,098
Transfers from construction in progress		—		—		—		—		—		—
Cost as at June 30, 2013	$	218,180	$	5,111	$	7,886	$	231,177	$	158,995	$	390,172
Accumulated amortization and impairment as at January 1, 2013	$	114,145	$	1,825	$	—	$	115,970	$	49,389	$	165,359
Amortization expense		8,196		684		—		8,880		18,018		26,898
Accumulated amortization and impairment as at June 30, 2013	$	122,341	$	2,509	$	—	$	124,850	$	67,407	$	192,257
Net book value as at June 30, 2013	$	95,839	$	2,602	$	7,886	$	106,327	$	91,588	$	197,915
Net book value as at December 31, 2012	$	100,022	$	2,021	$	2,565	$	104,608	$	103,107	$	207,715

8. DIVIDENDS

	Six months ended June 30, 2013
Declared and paid	$	12,749,000
Weighted average number of common shares outstanding (basic)		127,099,000
Dividend per share	$	0.10

9. DECOMMISSIONING LIABILITY

A decommissioning liability is recognized in the period in which it is incurred, on a discounted cash flow basis, if a reasonable estimate can be made. The liability accretes to its full value over time through charges to earnings. In addition, the discounted value is added to the carrying amount of the Company’s mineral property, plant and equipment, and is amortized on a units-of-production basis over the life of the Mine.

10       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

A continuity of the decommissioning liability is as follows:

	Six months ended June 30, 2013
	($000)
Obligations at beginning of period		13,934
Revisions in estimated cash flows and changes in assumptions		—
Payments made against the liability		(271	)
Accretion of discounted cash flows		470
Obligations at end of period	$	14,133

10. SHARE CAPITAL

a) Authorized share capital of the Company consists of an unlimited number of fully paid common shares without par value.

	Number of Shares			Amount
				($000)
Outstanding at December 31, 2012		120,871,408			393,752
Shares repurchased and cancelled (Note 10b)		(211,300	)		(837	)
Shares issued in connection with Aurizon offer (Note 4b)		6,584,380			110,765
Exercise of stock options		104,500			982
Transfer from contributed surplus to share capital for stock options exercised		—			380
Outstanding at June 30, 2013		127,348,988		$	505,042

b) Normal Course Issuer Bid

On April 25, 2013, the Company announced the intention to repurchase shares through a Normal Course Issuer Bid (“NCIB”). The NCIB permits the Company to purchase for cancellation up to 10% of the public float in its Common Shares (“Shares”), or 11,373,316 shares. The NCIB commenced on April 30, 2013 and concludes on the earlier of the date on which purchases under the bid have been completed and April 30, 2014. Any purchases under the NCIB will be made through the facilities of the TSX. Alamos may purchase up to 94,061 Shares during any trading day, which is 25% of the Company’s average daily trading volume of 376,244 Shares for the most recently completed six calendar months. During the period ended June 30, 2013, the Company repurchased and cancelled 211,300 common shares for a total purchase price of $2.6 million, including transaction costs. Of the $2.6 million paid, $0.8 million was recognized as a reduction to share capital, with the remaining $1.8 million recognized as a charge to retained earnings.

c) Stock options

The Company has a stock option plan (the “Plan”), originally approved by the Board of Directors (the “Board”) on April 17, 2003, and amended and ratified on May 25, 2007, May 15, 2008, April 7, 2009, June 2, 2010 and May 31, 2012, which allows the Company to grant incentive stock options to officers of the Company. Under the Plan, the number of shares reserved for issuance cannot exceed 7% of the total number of shares which are outstanding on the date of grant. The exercise price, term (not to exceed ten years) and vesting provisions are authorized by the Board at the time of the grant. The plan is subject to shareholder approval and ratification every three years.

Stock options granted under the Plan are exercisable for a five-year period. Incentive stock options granted vest 1/3 on the first anniversary date, 1/3 on the second anniversary and 1/3 on the third anniversary date.

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SECOND QUARTER REPORT 2013

The following is a continuity of the changes in the number of stock options outstanding for the six-month period ended June 30, 2013:

	Number			Weighted average exercise price ($CAD)
Outstanding at December 31, 2012		4,660,300		$	14.40
Granted		857,200			15.10
Exercised		(104,500	)		9.56
Forfeited		(338,800	)		15.09
Outstanding at June 30, 2013		5,074,200		$	14.57

The weighted average share price at the date of exercise for stock options exercised in the six-month period ended June 30, 2013 was CAD$13.81 (for the six-month period ended June 30, 2012 – CAD$18.93).

For the six-month period ended June 30, 2013, the Company granted 857,200 incentive stock options at a weighted average exercise price at CAD$15.10, compared to nil stock options in the six-month period ended June 30, 2012.

The fair value of stock options granted were estimated using the Black-Scholes option pricing model with the following assumptions:

For options granted in the six-month period ended:	June 30, 2013	June 30, 2012
Weighted average share price at grant date	$15.10		—
Risk-free rate	1.02%-1.43%		—
Expected dividend yield	1.3%-1.4%		—
Expected stock price volatility (based on historical volatility)	40%-50%		—
Expected life, based on terms of the grants (months)	30-60		—
Weighted average per share fair value of stock options granted	$4.70		—

Option pricing models require the input of highly subjective assumptions, particularly as to the expected price volatility of the stock. Changes in these assumptions can materially affect the fair value estimate, and therefore it is management’s view that the existing models may not provide a single reliable measure of the fair value of the Company’s stock option grants.

As at June 30, 2013, 3,462,000 stock options were exercisable. The remaining 1,612,200 outstanding stock options vest over the following three years.

Stock options outstanding and exercisable as at June 30, 2013:

	Outstanding						Exercisable
Range of exercise prices ($CAD)	Number of options		Weighted average exercise price ($CAD)		Weighted average remaining contractual life (years)		Number of options		Weighted average exercise price ($CAD)
$8.01 - $10.00		370,000		9.80		0.94		370,000		9.80
$10.01 - $14.00		100,000		13.04		1.64		100,000		13.04
$14.01 - $15.00		3,117,000		14.61		2.32		2,992,000		14.61
$15.01 - $17.50		1,487,200		15.80		4.43		—		—
		5,074,200	$	14.57		2.83		3,462,000	$	14.05

d) Stock Appreciation Rights (“SARs”)

In 2011, the Company’s Board approved a cash-settled stock appreciation rights plan (“SARs Plan”) to grant incentive SARs to its directors, officers, employees and consultants. Under the SARs Plan, the number of units reserved for issuance cannot exceed 8% of the total number of common shares which are outstanding on the date of grant. The exercise price, term (not to exceed ten years) and vesting provisions are authorized by the Board at the time of the grant.

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SECOND QUARTER REPORT 2013

SARs granted to directors, officers, employees and certain consultants under the SARs Plan are exercisable for a five-year period. SARs granted prior to May 31, 2012 vest 20% on the date of grant, and 20% at each six-month interval following the date of grant. Vesting provisions in the SARs Plan were amended effective May 31, 2012. All grants subsequent to this amendment are subject to vesting of 1/3 on the first anniversary date, 1/3 on the second anniversary and 1/3 on the third anniversary date.

SARs are cash-settled liabilities, which are remeasured at each reporting date and at the settlement date. Any changes in the fair value of the liability are recognized as an expense or recovery to share-based compensation in the Statements of Comprehensive Income. As at June 30, 2013, the SARs liability was $1.7 million compared to $3.8 million at December 31, 2012. The SARs liability is recorded in accounts payable and accrued liabilities in the Consolidated Statements of Financial Position.

The following is a continuity of the changes in the number of SARs outstanding for the six-month period ended June 30, 2013:

	Number			Weighted average exercise price ($CAD)
Outstanding at December 31, 2012		1,530,680		$	17.55
Granted		693,800			14.42
Forfeited		(111,480	)		18.74
Outstanding at June 30, 2013		2,113,000		$	16.46

The fair value of SARs granted were estimated using the Black-Scholes option pricing model with the following assumptions:

For SARS granted in the six-month period ended:	June 30, 2013	June 30, 2012
Weighted average share price at grant date	$14.42	$18.29
Risk-free rate	1.00%-1.35%	1.1%-1.4%
Expected dividend yield	1.3%-1.6%	12%-17%
Expected stock price volatility (based on historical volatility)	41%-61%	41%-64%
Expected life, based on terms of the grants (months)	30-60	20-60
Weighted average per share fair value of SARs granted	$4.63	$5.85

Stock appreciation rights outstanding and exercisable as at June 30, 2013:

	Outstanding						Exercisable
Range of exercise prices ($CAD)	Number of SARs		Weighted average exercise price ($CAD)		Weighted average remaining contractual life (years)		Number of SARs		Weighted average exercise price ($CAD)
$11.00 - $13.00		167,500	$	12.76		4.78		—		—
$13.00 - $15.00		40,000	$	14.14		4.84		—		—
$15.00 - $17.00		925,500	$	15.48		3.69		224,400	$	15.71
$17.01 - $19.00		605,000	$	17.56		3.36		401,000	$	17.30
$19.01 - $21.00		375,000	$	19.11		4.25		—		—
		2,113,000	$	16.46		3.80		625,400	$	16.73

e) Restricted Share Units (“RSUs”) and Deferred Share Units (“DSUs”)

In 2013, the Company’s Board approved a cash-settled RSU plan available to its officers, employees and consultants, and a DSU plan available to its directors. Under the RSU plan, each RSU has a value equivalent to

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SECOND QUARTER REPORT 2013

one common share of the Company. RSUs vest on December 31 of the year of the third anniversary of the grant and are settled in cash upon vesting. Additional RSUs are credited to reflect dividends paid on common shares over the vesting period. A liability for RSUs is measured at fair value on the grant date and is subsequently adjusted for changes in fair value. The liability is recognized on a straight-line basis over the vesting period, with a corresponding charge to share-based compensation expense. Compensation expense for RSUs incorporate an estimate for expected forfeitures.

During the period ended June 30, 2013, the Company granted 383,800 RSUs. As at June 30, 2013, there are 383,800 RSUs outstanding, for a liability of $0.1 million, which is recorded in accounts payable and accrued liabilities in the Consolidated Statements of Financial Position.

Under the DSU plan, Directors can elect to receive a specified portion of their basic annual retainer in the form of DSUs, with the option to elect to receive 100% of such retainer in DSUs. Directors must receive fifty percent of their annual retainer in the form of DSUs until such time that the minimum share ownership requirements have been met. Each DSU has the same value as one common share of the Company. DSUs must be retained until the Director leaves the Board, at which time the cash value of the DSUs is paid out. Additional DSUs are credited to reflect dividends paid on common shares. The initial fair value of the liability is calculated as of the grant date and is recognized immediately. Subsequently, at each reporting date and on settlement, the liability is remeasured, with any change in fair value recorded as compensation expense in the period.

During the period ended June 30, 2013, the Company granted 41,800 DSUs. As at June 30, 2013, there are 41,800 DSUs outstanding, with a corresponding liability of $0.5 million, which is recorded in accounts payable and accrued liabilities in the Consolidated Statements of Financial Position.

f) Earnings per share

Basic earnings per share amounts are calculated by dividing earnings for the period by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of common shares outstanding during the period, plus the effects of the dilutive common share equivalents.

	For the six months ended
	June 30, 2013		June 30, 2012
Earnings for the period (000)	$	34,817	$	54,154
Weighted average number of common shares outstanding		127,099,000		119,228,000
Basic earnings per share	$	0.27	$	0.45
Dilutive effect of stock options outstanding		148,000		1,279,000
Diluted weighted average number of common shares outstanding		127,247,000		120,507,000
Diluted earnings per share	$	0.27	$	0.45

14       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

11. SEGMENTED REPORTING

The Company operates in one business segment (the exploration, mine development and extraction of precious metals, primarily gold) in three geographic areas: Canada, Mexico and Turkey.

As at	June 30, 2013										December 31, 2012
	Mexico		Turkey			Canada			Total		Mexico		Turkey			Canada			Total
	($000)		($000)			($000)			($000)		($000)		($000)			($000)			($000)
Non-current assets		198,271		139,739			807			338,817		207,581		127,662			545			335,788
Assets		331,515		151,732			389,405			872,652		414,632		140,126			199,098			753,856
Liabilities		72,254		1,710			4,121			78,085		88,005		719			4,660			93,384
	Six months ended June 30, 2013										Six months ended June 30, 2012
	Mexico		Turkey			Canada			Total		Mexico		Turkey			Canada			Total
	($000)		($000)			($000)			($000)		($000)		($000)			($000)			($000)
Revenues		164,545		—			—			164,545		151,145		—			—			151,145
Earnings (loss)		59,051		(1,619	)		(22,615	)		34,817		60,651		(2,767	)		(9,264	)		54,154

12. COMMITMENTS AND CONTINGENCIES

a) Royalty

Production from certain concessions within the Salamandra district, including the Mulatos Mine, is subject to a production royalty payable at a rate of 5% of the value of gold and silver production, less certain deductible refining and transportation costs. The royalty is calculated based on the daily average London PM Fix gold market prices, not actual prices realized by the Company. Production to a maximum of two million ounces of gold is subject to royalty. As at June 30, 2013, the royalty was paid or accrued on approximately 1,120,000 ounces of applicable gold production. Royalty expense for the three and six-month periods ended June 30, 2013 was $3.8 million and $8.7 million respectively (three and six-month periods ended June 30, 2012: $4.2 million and $7.7 million).

In addition, a third party has a 2% Net Smelter Return Royalty on production from the Company’s Ağı Dağı project. The Company has not recorded an accrual for this royalty at June 30, 2013 as the project is not in production. The Company is also subject to 2% state royalty on production in Turkey, subject to certain deductions.

b) Mulatos Town Relocation

The Company commenced the planned relocation of the town of Mulatos in 2007 and relocation contracts were signed with over half of the families residing in Mulatos at that time. Property owners and possessors were offered a comprehensive benefits package including compensation for their property at a premium to independent third-party valuations and/or relocation benefits. In certain cases, relocation benefits include deferred monthly payments. Since the start of the Mulatos relocation effort in 2007, the Company has invested approximately $7.4 million in property acquisition, relocation benefits, legal, and related costs. In addition, the Company has recognized a liability of $0.2 million representing the discounted value of expected future payments for relocation benefits to property owners and possessors that had signed contracts with the Company as at June 30, 2013. The discounted value of the liability was capitalized to mineral property, plant and equipment.

15       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

During 2008, the Company, through its wholly-owned subsidiaries, entered into a land purchase agreement with the Mulatos Ejido, the local landowners. Pursuant to the land purchase agreement, the Company made a payment of $1.3 million in order to secure temporary occupation rights to specified land. An additional payment of approximately $1.0 million (based on current exchange rates) which has not been accrued as at June 30, 2013, is payable once the land has been vacated and transferred to the Company. The probability and timing of this additional payment is currently uncertain.

In 2010, the Mulatos Ejido filed a complaint with the Unitary Agrarian Court to nullify the 2008 land purchase agreement. In June 2012, the Agarian Unitary Court issued a judgement in which it ruled that the Company’s wholly-owned subsidiary has been completely discharged of all claims made against it in this lawsuit. The Court also confirmed the validity of the 2008 land purchase agreement. In August 2012, the Mulatos Ejido filed an appeal with the Federal Courts. On April 2, 2013, the Federal Court issued a resolution formally dismissing the Ejido appeal, such that this matter is now final and not subject to further appeal.

Additional future property acquisition, relocation benefits, legal and related costs may be material. The Company cannot currently determine the expected timing, outcome of negotiations or costs associated with the relocation of the remaining property owners and possessors and potential land acquisitions.

13. SUBSEQUENT EVENTS

Acquisition of Esperanza Resources Corporation (“Esperanza”)

On July 12, 2013, the Company and Esperanza entered into a definitive agreement (the “Esperanza Agreement”) pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Esperanza by way of a court-approved plan of arrangement.

Esperanza is a precious metals exploration and development company focused on advancing its principal property, the wholly-owned Esperanza gold project (formerly referred to as the Cerro Jumil gold project) in Morelos State, Mexico.

Pursuant to the terms of the Esperanza Agreement, Esperanza shareholders will receive CAD$0.85 in cash for each common share of Esperanza held, representing a premium of approximately 38% to Esperanza’s 30-day volume-weighted average price (“VWAP”) for the period ending July 11, 2013. The transaction values Esperanza’s equity at approximately CAD$69.4 million on a fully diluted in-the-money basis. In addition, Esperanza shareholders will be issued approximately five million Alamos warrants in aggregate and existing Esperanza warrant holders will be issued approximately two million Alamos warrants in aggregate. The warrants will be listed for trading on the Toronto Stock Exchange.

Completion of the transaction is subject to customary conditions, including court approvals, a favourable vote of at least 66 2/3% of the holders of Esperanza common shares voted at a special meeting of shareholders, and the receipt of all necessary regulatory and stock exchange approvals.

Acquisition of Orsa Ventures (“Orsa”)

On July 23, 2013, the Company and Orsa entered into a definitive agreement (the “Orsa Agreement”) pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Orsa by way of a court-approved plan of arrangement.

Orsa is a junior exploration company focused on advancing its precious metal properties located in the Western United States. Upon closing, Alamos will assume ownership of Orsa’s right to earn a 100% interest in the Quartz Mountain Property in Oregon as well as other assets in Oregon and Nevada. The Quartz Mountain Property is located on the northern extension of the prolific Basin and Range Province of Nevada.

Pursuant to the terms of the Orsa Agreement, Orsa shareholders will receive C$0.10 in cash for each common share of Orsa held. The transaction values Orsa’s equity at approximately C$3.5 million on a fully diluted in-the-money basis.

16       ALAMOS GOLD INC.  

SECOND QUARTER REPORT 2013

Completion of the transaction is subject to customary conditions, including court approvals, a favourable vote of at least 66 2/3% of the holders of Orsa common shares voted at a special meeting of shareholders, and the receipt of all necessary regulatory and stock exchange approvals.

17       ALAMOS GOLD INC.  

EX-99.3

Exhibit 99.3

MANAGEMENT’S DISCUSSION AND ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

This management’s discussion and analysis (“MD&A”) of the operating results and financial position of Alamos Gold Inc. and its subsidiaries (the “Company”) is for the three-month and six-periods ended June 30, 2013 compared to the three month and six-month periods ended June 30, 2012. Together with the condensed interim consolidated financial statements and related notes, the MD&A provides a detailed account and analysis of the Company’s financial and operating performance for the period. The Company’s functional and presentation currency is the United States dollar. This MD&A is current to July 23, 2013 and should be read in conjunction with the Company’s Annual Information Form and other public filings available at www.sedar.com (“SEDAR”) and on EDGAR at www.sec.gov. Management is responsible for the condensed interim consolidated financial statements referred to in this MD&A, and provides officers disclosure certifications filed with the SEC and Canadian provincial securities commissions. The Audit Committee reviews the condensed interim consolidated financial statements and MD&A, and recommends approval to the Company’s Board of Directors.

The MD&A should be read in conjunction with the condensed interim consolidated financial statements of the Company and related notes, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). Refer to Note 3 of the December 31, 2012 consolidated financial statements for disclosure of the Company’s significant accounting policies. This discussion addresses matters we consider important for an understanding of our financial condition and results of operations as at and for the three and six-month periods ended June 30, 2013.

Note to U.S. Investors

All references to mineral reserves and resources contained in this MD&A are determined in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”) of the Canadian Securities Administrators (“CSA”) and Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards. While the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under the Securities and Exchange Commission (“SEC”) standards in the United States (“U.S.”). As such, information contained in this MD&A concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. “Indicated mineral resource” and “inferred mineral resource” have a great amount of uncertainty as to their existence and economic and legal feasibility. It cannot be assumed that all or any part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category of resource. Investors are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into proven and probable reserves.

Q2 2013 RESULTS

Overview

Alamos Gold Inc. is a publicly-traded company on the Toronto Stock Exchange (TSX: AGI) and New York Stock Exchange (NYSE: AGI). The Company owns and operates the Mulatos mine (“Mulatos” or the “Mine”) within the Salamandra group of concessions located in the State of Sonora in northwest Mexico. In addition, the Company owns the Ağı Dağı, Kirazlı and Çamyurt gold development projects, located in the Biga Peninsula of northwestern Turkey.

Mexico

The Salamandra group of concessions comprises 30,536 hectares, and contains the producing Mulatos mine as well as several advanced and grassroots exploration projects. The Mine achieved commercial production in 2006 and produces gold in dore form for shipment to a refinery. Exploration potential includes both mineralized extensions and satellite deposits in close proximity to the existing mining operations. Proven and probable reserves as at December 31, 2012 were 68.8 million tonnes grading 1.07 grams of gold per tonne of ore (“g/t Au”) for 2.4 million contained ounces of gold, providing for a remaining mine life of approximately nine years at current production levels.

Turkey

In early 2010, the Company acquired the 8,317 hectare Ağı Dağı and Kirazlı gold development projects in Turkey, which contain established mineral resources and several highly prospective exploration targets. In June 2012, the Company published a positive preliminary feasibility study for the Ağı Dağı and Kirazlı projects, showing total life of mine production of 1.5 million ounces of gold and 4.9 million ounces of silver. In addition, the Company owns the Çamyurt exploration project located approximately three kilometres (“km”) southeast of Ağı Dağı. In June 2012, the Company released an initial inferred mineral resource estimate for the Çamyurt project of 24.6 million tonnes grading 0.81 g/t Au and 4.77 g/t Ag for 640,000 ounces of gold and 3.8 million ounces of silver.

Measured and indicated mineral resources at Ağı Dağı and Kirazlı (reported at a 0.2 g/t Au cut-off) at December 31, 2012 total 126.3 million tonnes grading 0.60 g/t Au and 4.86 g/t silver (“Ag”) for approximately 2.4 million ounces of gold and 19.7 million ounces of silver. Inferred mineral resources total 25.6 million tonnes grading 0.46 g/t Au and 4.02 g/t Ag, for approximately 0.4 million contained ounces of gold and 3.3 million contained ounces of silver.

Second Quarter 2013 Highlights

During the second quarter of 2013, the Company;

Financial Performance

• Sold 55,000 ounces of gold at an average realized price of $1,423 per ounce for quarterly revenues of $78.3 million

• Realized proceeds of over $111.1 million on the disposition of the Company’s investment in the common shares of Aurizon Mines Limited (“Aurizon”)

• Recognized quarterly earnings of $8.8 million ($0.07 per basic share). Earnings were adversely impacted by a number of adjustments, including a $6.8 million ($0.05 per basic share) accounting loss on the disposition of the Aurizon investment and total foreign exchange related losses of $4.9 million ($0.04 per basic share)

2

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

• Generated cash from operating activities before changes in non-cash working capital of $33.8 million ($0.26 per basic share); after changes in non-cash working capital of $13.2 million ($0.10 per basic share)

• Increased cash and cash equivalents to $466.4 million, and working capital to $505.5 million at June 30, 2013

• Repurchased 211,300 shares under its normal course issuer bid at cost of $2.6 million

Operational Performance

• Produced 53,000 ounces of gold, a 10% increase from the second quarter of 2012

• Achieved average crusher throughput of 17,600 tonnes per day (“tpd”), above the Company’s annual guidance of 17,500 tpd for the third consecutive quarter

• Reported lower than budgeted costs in all categories, including cash operating costs (exclusive of the 5% royalty) of $378 per ounce of gold sold, total cash costs (including royalties) of $448 per ounce of gold sold, all-in sustaining costs of $682 per ounce of gold sold, and all-in costs of $861 per ounce of gold sold (refer to the “Cautionary non-GAAP Measures and Additional GAAP Measures” note at the end of this MD&A for a description of, and reconciliation of these amounts to those reported in the Company’s financial statements)

Subsequent to quarter-end:

• Announced the friendly acquisition of Esperanza Resources Corporation (“Esperanza”) and its wholly-owned Esperanza gold project (formerly referred to as the Cerro Jumil gold project) in Morelos State, Mexico for cash consideration of approximately CAD$69.4 million, in addition to the issuance of approximately seven million warrants of Alamos (exercise price of CAD$29.48)

• The approval of the environmental impact assessment (“EIA”) report for the Kirazlı project remains outstanding. As a result, the Company now expects first production from the Kirazlı project to be deferred until the first half of 2015 (previously end of 2014). The Company is in regular contact with the Turkish Ministry of the Environment and expects that the Kirazlı EIA will be approved in 2013

Results of Operations

While the gold price decreased significantly in the second quarter of 2013, the Company continues to realize strong operating margins as it benefits from its industry leading low cost structure. Gold production of 53,000 ounces in the second quarter of 2013 increased 10% compared to 48,200 ounces in the second quarter of 2012. On a year to date basis, gold production increased 22% to 108,000 ounces. In the table below, the tonnes of crushed ore stacked on the leach pad exclude mill tailings, which are included within the number of tonnes of crushed ore milled.

3

Q2 2013 RESULTS

The table below outlines key production indicators for the second quarter and year-to-date in 2013 and 2012:

Production summary	Q2 2013			Q2 2012			YTD 2013			YTD 2012
Ounces produced (1)		53,000			48,200			108,000			88,700
Crushed ore stacked on leach pad (tonnes) (2)		1,552,000			1,486,000			3,124,000			2,711,000
Grade (g/t Au)		1.10			1.15			1.18			1.16
Contained ounces stacked		54,800			54,900			117,900			101,000
Crushed ore milled (tonnes)		46,000			44,500			91,600			69,600
Grade (g/t Au)		10.94			10.78			8.78			10.56
Contained ounces milled		16,200			15,400			25,800			23,600
Recovery ratio (ratio of total ounces produced to contained ounces stacked and milled)		75	%		68	%		75	%		71	%
Total ore mined (tonnes)		1,900,000			1,498,000			3,410,000			2,765,000
Waste mined (tonnes)		907,000			1,013,000			1,609,000			1,788,000
Total mined (tonnes)		2,807,000			2,511,000			5,019,000			4,553,000
Waste-to-ore ratio		0.48			0.68			0.47			0.65
Ore crushed per day (tonnes) - combined		17,600			16,800			17,700			15,300

⁽¹⁾  Reported gold production for Q2 2012 and YTD 2012 has been adjusted to reflect final refinery settlement. Reported gold production for Q2 2013 and YTD 2013 is subject to final refinery settlement and may be adjusted.

⁽²⁾  Excludes mill tailings stacked on the heap leach pad during the period.

Gold Production

Higher gold production in the second quarter of 2013 relative to the second quarter of 2012 was attributable to both a higher recovery ratio and improved crusher throughput.

The recovery ratio in the second quarter and year to date in 2013 of 75% is consistent with the Company’s budget and higher than in the corresponding periods of 2012. Crusher throughput in the second quarter of 2013 averaged 17,600 tpd, 5% higher than 16,800 tpd in the same period of last year and slightly above the annual average budgeted rate of 17,500 tpd. This was the third consecutive quarter in which crusher throughput exceeded 17,500 tpd. During the second quarter of 2013, mill throughput met budgeted levels of 500 tpd.

The grade of the crushed ore stacked on the leach pad in the second quarter of 2013 of 1.10 g/t Au was higher than the full year budgeted grade of 0.98 g/t Au, but lower than the grade in the second quarter of 2012 of 1.15 g/t Au.

The grade of the Escondida high-grade zone mined and milled in the second quarter of 2013 was 10.94 g/t Au, in line with the Company’s full year budgeted average grade of 11 g/t Au, and a significant improvement from the grade milled in the first quarter of 2013 of 6.59 g/t Au. The Company expects to have sufficient Escondida high-grade zone reserves to continue processing until the first quarter of 2014, at which point the Escondida Deep zone is expected to provide additional feed to continue mill production to the end of the second quarter of 2014. Subsequently, the Company intends to transition to processing high grade from the San Carlos zone once the Escondida Deep zone is depleted.

4

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

The reconciliation of mined blocks to the block model for the Global Mulatos Pit, including Escondida, for the quarter ended June 30, 2013 was -2%, +5% and +3% for tonnes, grade and ounces respectively. During the second quarter of 2013, and consistent with the first quarter, the Company encountered higher than expected grades in the low-grade portion of the pit.

Since the start of mining activities in 2005, the Mulatos project-to-date reconciliation is +3%, +6%, and +9% for tonnes, grade and ounces, respectively. Positive variances indicate that the Company is mining more gold than was indicated in the reserve model.

Operating Costs

The following table compares costs per tonne for the three and six-month periods ended 2013 and 2012:

Costs per tonne summary(2)	Q2 2013		Q2 2012		YTD 2013		YTD 2012
Mining cost per tonne of material (ore and waste)	$	2.30	$	2.51	$	2.49	$	2.56
Waste-to-ore ratio		0.48		0.68		0.47		0.65
Mining cost per tonne of ore	$	3.40	$	4.21	$	3.67	$	4.21
Crushing/conveying cost per tonne of ore	$	2.54	$	2.08	$	2.37	$	2.23
Processing cost per tonne of ore	$	4.53	$	3.02	$	4.28	$	2.88
Mine administration cost per tonne of ore	$	2.39	$	1.81	$	2.22	$	1.94
Total cost per tonne of ore (1)	$	12.86	$	11.12	$	12.54	$	11.26

⁽¹⁾  Q2 2013 and YTD 2013 cost per tonne reflects total costs related to crushed ore stacked on the leach pad and crushed ore milled on a blended basis

⁽²⁾  Refer to “Cautionary non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of certain measures presented in this table.

Total cost per tonne of ore in the second quarter of 2013 of $12.86 increased 16% compared to the same period of 2012. The higher total cost per tonne of ore in 2013 is primarily attributable to higher processing costs resulting from increases in input costs (including higher salaries and rising cyanide and diesel costs), as well as lower byproduct credits. Cost inflationary pressures were partially offset by a lower waste-to-ore ratio which reduced the mining cost per tonne of ore.

Mining cost per tonne of material was $2.30 in the second quarter of 2013, 8% lower than $2.51 in the second quarter of 2012, as a result of a higher throughput which had the effect of lowering fixed costs, such as salaries, on a per tonne basis. Mining cost per tonne of ore was $3.40 in the second quarter of 2013, 19% lower than $4.21 per tonne in 2012, as a result of a lower waste-to-ore ratio.

Crushing and conveying cost per tonne of ore was $2.54 in the second quarter of 2013, 22% higher than 2012. Crushing and conveying costs increased on a per-tonne basis mainly due to increased diesel costs.

Processing costs per tonne of ore in the second quarter of 2013 were $4.53 compared to $3.02 in 2012, a 50% increase. Higher processing costs in the second quarter of 2013 relative to the same period of 2012 were the result of cyanide, lime and diesel costs increasing on a per-tonne basis and silver by-product credits decreasing significantly as a result of lower silver prices.

5

Q2 2013 RESULTS

Mine administration costs per tonne of ore in the second quarter of 2013 were $2.39, a 32% increase compared to the same period of 2012, as labour, training and other administrative costs increased compared to the prior year.

Cash operating costs (exclusive of the 5% royalty) of $378 per ounce of gold sold in the second quarter of 2013 were significantly below the Company’s guidance of $415 to $435 per ounce for the second consecutive quarter. Cash operating costs were 19% higher compared with costs reported in the second quarter of 2012 as a result of higher input costs, including labour, cyanide and diesel, as well as slightly lower grades of ore mined, offset by an improved recovery ratio.

Cash operating costs include total costs incurred in the period, in addition to inventory adjustments that recognize the allocation of costs to and from the Company’s in-process leach pad gold inventory in the period. The Company utilizes a gold process flow inventory model that allocates total costs incurred to mill processing or to the recoverable ounces stacked on the leach pad in that period, and charges each ounce of gold produced on an average cost basis. Accordingly, cash operating costs reflect not only the cash spent in a period, but also an adjustment to reflect the increase or decrease in the leach pad inventory.

A reconciliation of total cost per tonne of ore to cash operating costs is presented below:

Cash operating cost reconciliation (1)	Q2 2013			Q2 2012
Total cost per tonne of ore	$	12.86		$	11.12
Ore stacked/milled (tonnes)		1,598,000			1,530,500
Total cost	$	20,550,000		$	17,019,000
Inventory adjustments to reflect ounces allocated to stockpile inventory	($	511,000	)		—
Inventory adjustments to reflect additional ounces produced from (allocated to) leach pad inventory and other period costs	$	765,000		($	869,000	)
Mining and processing costs allocated to ounces sold as reported on income statement	$	20,804,000		$	16,150,000
Ounces sold		55,000			50,000
Cash operating cost per ounce sold	$	378		$	323

⁽¹⁾  Refer to “Cautionary non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of certain measures presented in this table.

In the second quarter of 2013, the Company decreased the number of ounces on the leach pad inventory, as the number of ounces produced was higher than the number of recoverable ounces stacked. Leach pad inventory, which incorporates both cash operating costs and amortization, decreased to $12.0 million at June 30, 2013 from $14.8 million at December 31, 2012.

6

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

In June 2013, the World Gold Council (“WGC”) published a guidance note on Non-GAAP metrics available to gold mining industry participants to use to report their costs in an effort to encourage improved understanding of the total costs associated with mining an ounce of gold. The Company adopted the reporting of “All-in sustaining costs” or “AISC” in the first quarter of 2013 and has begun reporting “All-in costs” or “AIC” in the second quarter. A reconciliation of all-in sustaining costs is presented below:

All-in sustaining cost (1)	Q2 2013		Q2 2012
Mining and processing costs ($000)		20,804		16,150
Royalties ($000)		3,841		4,230
Corporate and administrative ($000) (2)		4,574		2,886
Share-based compensation ($000)		1,205		1,361
Exploration costs ($000) (2)		2,399		2,017
Reclamation cost accretion ($000)		226		129
Sustaining capital expenditures ($000)		4,468		4,897
All-in sustaining costs allocated to ounces sold (000)	$	37,517	$	31,670
Ounces sold		55,000		50,000
All-in sustaining cost per ounce sold	$	682	$	633

⁽¹⁾  Refer to “Cautionary non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of certain measures presented in this table.

⁽²⁾  Excludes corporate and administration and exploration costs incurred at the Company’s development projects.

All-in sustaining costs, which include cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs, were $682 per ounce of gold sold in the second quarter of 2013, higher than the comparative period of 2012, but below the Company’s guidance of $785 to $825. All-in sustaining cost per ounce increased compared to 2012 due to higher cash operating costs and higher corporate and administrative costs in Toronto and Mexico.

7

Q2 2013 RESULTS

Investments in Mineral Property, Plant and Equipment and Acquisitions

A summary of the cash invested in operating capital and development activities for the three and six month periods ended June 30, 2013 is presented below:

	Q2 2013 ($000)		YTD 2013 ($000)
Sustaining Capital - Mexico
Construction	$	200	$	424
Vehicles		410		550
Component changes		1,777		3,766
Interlift liners		620		1,778
Camp improvements		650		650
Other		811		1,387
	$	4,468	$	8,555
Development - Mexico
Escondida/El Salto development	$	2,548	$	3,988
Capitalized exploration		1,540		3,000
Escondida Deep development		22		155
San Carlos development		471		532
Other development capital		174		253
Mulatos relocation		25		61
	$	4,780	$	7,989
Development - Turkey
Development and capitalized exploration	$	5,772	$	12,073
Equipment		60		151
	$	5,832	$	12,224
Head office - Toronto
IT infrastructure and furniture	$	153	$	368
Cash invested in mineral property, plant and equipment and exploration and evaluation assets	$	15,233	$	29,136

Sustaining Capital – Mexico

Sustaining capital spending in Mexico in the second quarter of 2013 included operating and expansion capital of $4.5 million, consisting of $1.8 million for component changes on mobile equipment, $0.6 million for the addition of interlift liners on the leach pad, and $2.1 million invested in other smaller capital projects.

Development – Mexico

Activities in Mexico in the second quarter of 2013 were focused on continuing development of the El Salto portion of the Mulatos pit as well as pit design and stability work at Escondida.

During the second quarter of 2013, the Company continued permitting activities related to the San Carlos and El Victor deposits, consistent with its goal of providing additional high-grade material as feed for the mill. Following the completion of permitting, development activities are expected to commence in the third quarter of 2013. Metallurgical testing in 2011 demonstrated that higher grade ore at San Carlos is amenable to gravity processing, potentially more than doubling the amount of feed available for the mill. Additional metallurgical testing of the high grade ore at San Carlos is ongoing.

8

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

During the second quarter, the Company continued development activities at the Escondida Deep portal, which is expected to provide high-grade mill feed starting in 2014. The Escondida Deep portal has been collared with about 50 meters of drift completed and installation of the support equipment is underway. Based on the reserve and resource update calculated as at December 31, 2012, the Escondida Deep deposit contains approximately 45,000 tonnes grading 8.08 g/t Au for 11,700 ounces of reserves, which are expected to be mined at the conclusion of the Escondida high grade zone.

Development – Turkey

The Ağı Dağı and Kirazlı gold projects are located on the Biga Peninsula of northwestern Turkey. Ağı Dağı is located approximately 50 km southeast of Çanakkale and Kirazlı is located approximately 25 km northwest of Ağı Dağı. Çanakkale is the largest centre on the Biga Peninsula with a population of approximately 97,000. Infrastructure in close proximity to the project is excellent and well-serviced with paved roads, transmission lines, and electricity generating facilities.

In June 2012, the Company published a preliminary feasibility study summary of the Ağı Dağı and Kirazlı projects. The highlights are summarized below:

• Total life of mine production of 1.5 million ounces of gold and 4.9 million ounces of silver.

• Annual combined gold production is expected to peak in 2017 at 237,000 ounces, and will average 166,000 ounces per year over the nine year combined mine life.

• First gold production from the Kirazlı project in 2014, followed by gold production from Ağı Daği in 2016.

• Mine life of seven years for Ağı Dağı and five years for Kirazlı.

• Pre-production capital expenditures of $424.4 million.

• Average life of mine cash operating costs of $544 per ounce sold, and total cash costs per ounce sold of $579.

• At a $1,239 per ounce gold price assumption, after-tax net present value (“NPV”) at a 5% discount rate of $275.6 million and after-tax internal rate of return (“IRR”) of 22.3%.

• At a gold price of $1,575 per ounce, after-tax NPV at a 5% discount rate increases to $604.6 million and after-tax IRR of 36.5%.

In conjunction with the preliminary feasibility study, the Company reported an initial inferred mineral resource estimate at Çamyurt of 640,000 ounces. Inclusion of the Çamyurt resource in a development scenario represents a major opportunity to further enhance the economic potential of the Company’s Turkish projects. The preliminary feasibility study for Ağı Dağı and Kirazlı incorporates significant capital spending on infrastructure that is expected to benefit the economics of the Çamyurt project. The average grade of the resources at Çamyurt is substantially higher than at the Ağı Dağı and Kirazlı projects. As a result, once Çamyurt is factored into the Company’s development plan, it is expected to reduce cash costs per ounce on a combined project basis, as well as enhance combined project economics.

Subsequent to year-end, the Company reported an updated mineral resource estimate for the Ağı Dağı and Kirazlı projects in April 2013, which reflected a 10% increase in measured and indicated resources. Since acquiring these projects in early 2010, measured and indicated resources have more than doubled at Ağı Dağı and Kirazlı to in excess of 2.4 million ounces.

In December 2012, as part of the permitting process, the Company submitted an Environmental Impact Assessment (“EIA”) Report on the Kirazlı Project. The EIA report is currently in the final stage of the approval process. While the approval will not be finalized until certain additional signatures are received from Turkish officials, the substantive aspects of the EIA review process have been successfully completed. The Ministry of the Environment, which is the government agency responsible for EIA approval, appointed representatives of government agencies and

9

Q2 2013 RESULTS

local authorities to a 17-person EIA Commission that reviewed the Kirazlı EIA submission. In late January 2013, a meeting was held by the EIA Commission, which concluded in its minutes: “The [Kirazlı] project has been reviewed and evaluated by the Commission and the review and evaluation process has been finalized. The EIA Report has been found sufficient by the Commission and it has been accepted as final.” The Company has been informed that a subsequent mandatory 10-day public notice period produced no opposition or comments of any kind.

The Company is awaiting approval of the Kirazlı EIA and based on the delays experienced to-date, has extended its forecast for first production from the Kirazlı project to the first half of 2015 (from late 2014). The Company is optimistic that approval is forthcoming and expects to receive the EIA approval by the end of 2013.

In the second quarter, the Company submitted its EIA for the Ağı Dağı project, and anticipates that a decision from the Turkish Government will be received in a similar time frame to the Kirazlı process.

In the second quarter of 2013, total expenditures in Turkey were $6.5 million, of which $6.0 million was capitalized. Investments were focused on exploration, engineering and permitting work.

Exploration Summary

Total exploration expenditures in the second quarter of 2013 were $3.6 million. In Mexico, total exploration spending was $2.5 million. This included $1.8 million of drilling costs at East Estrella, Mina Vieja, El Salto, and San Carlos, which were capitalized and $0.7 million of early-stage exploration and administration costs, which were expensed. Total exploration spending in Turkey was $1.1 million, of which $0.7 million related to development work at Çamyurt, Ağı Dağı and Kirazlı was capitalized and $0.4 million related to drilling at earlier-stage targets was expensed.

Exploration – Mexico

Exploration expenditures in Mexico in the second quarter of 2013 totalled $2.5 million. The Company has completed 13,109 metres (“m”) of reverse circulation and core drilling in 62 holes in the second quarter for a total of 25,366 m completed in 129 drill holes during first half of 2013. The primary focus in the second quarter was on completing infill and step-out drilling programs at East Estrella, and continued deep directional drilling at San Carlos; however, targets were also assessed at Mina Vieja and El Salto adjacent to the open pit. Five drill rigs were active during the second quarter, with multiple rigs allocated to drilling at San Carlos for both exploration and the collection of metallurgical samples.

East Estrella

Exploration drilling directly east of the Mulatos pit southeast wall continued through the quarter. Condemnation drilling completed to investigate a proposed waste dump site east of the Estrella Pit by previous operators encountered a number of near-surface gold intercepts along with localized high-grade silver mineralization. Drilling in 2012 confirmed widespread gold-silver-copper mineralization in the area, and the program expanded significantly to develop measured and indicated mineral resources. Mineralization in the northern part of the project area is gold-dominant, near-surface, and stratiform, whereas to the south, it is structurally controlled with higher contents of silver and copper and is refractory.

A new target in the East Estrella area was recently identified by work in the hanging wall of the fault that bounds the mineral resource. This new target is an area of shallow gold mineralization directly to the northeast of the mineral resource. It is characterized by pervasive advanced argillic alteration, as well as a previously unrecognized style of crustiform banded quartz veins.

10

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

San Carlos

Drilling at San Carlos has completed until the end of the rainy season. Work in the second quarter targeted the deep high-grade gold mineralization extending to the east of both the open pit and underground mineral resource and reserve areas. High-grade intercepts have been encountered up to 500 m from the existing open pit boundary. This extension of San Carlos provides excellent potential for adding high-grade underground ounces in close proximity to planned infrastructure. Drill progress has been relatively slow at San Carlos due to the complexity associated with directional drilling deep, deviating holes that have to be steered to the target.

Exploration – Turkey

Exploration expenditures in Turkey totalled $1.1 million in the second quarter of 2013. Two drill rigs were active throughout the second quarter, drilling a total of 4,963 m in 40 drill holes for a total of 8,307 m completed in 59 drill holes in the first half of 2013.

Çamyurt

The Çamyurt deposit is located approximately three km southeast of the Company’s development-stage Ağı Dağı project. Drilling at Çamyurt has defined a mineralized zone that is continuous for at least 1,200 m along strike, with additional potential to extend mineralization to the northeast and at depth. The Company published an initial pit-constrained Inferred mineral resource estimate for Çamyurt on June 28, 2012 of 24.6 million tonnes grading 0.81 g/t Au and 4.7 g/t Ag for 640,000 ounces of gold and 3.8 million ounces of silver (applying a 0.2 g/t Au cut-off).

Gold mineralization is hosted within a tabular, steeply-dipping oxidized zone starting at surface and with a cross-strike width up to 150 m with an average drill spacing of approximately 55 m along strike. The June 2012 Inferred mineral resource estimate for Çamyurt represents a significant addition to the Company’s mineral resource base in Turkey. In addition, the average grade of the mineral resource is substantially higher than at the Ağı Dağı and Kirazlı deposits.

Ağı Dağı

The Ağı Dağı project is comprised of the two principle mineral resource areas at Baba and Deli that are connected by the Firetower zone of advanced argillic and silic alteration. The precious metal mineralization of the Baba-Firetower-Deli zone extends at least 4.3 km along a northeast-southwest trend. A portion of the Firetower mineral resource area was included in the Company’s 2011 year-end mineral reserve and resource statement within Inferred mineral resources. However, these were not incorporated into the June 2012 preliminary feasibility study, as it included only measured and indicated mineral resources. Upgrading these mineral resources to the measured and indicated categories is expected to improve the economics of the Ağı Dağı project.

Two parallel trends of advanced argillic and silicic alteration occur to the northwest of the Baba-Deli trend. The Ayi Tepe-Firetower North zone is approximately two km long, defined by relatively wide spaced drilling. Similar alteration occurs along the discontinuous Tavasan-Ihlamur zone, approximately 4.5 km long. Both zones have not been fully defined by drilling. The Ayi Tepe-Firetower North and Tavasan-Ihlamur zones occur approximately 300 m and one km northwest of the Baba-Deli trend, respectively.

11

Q2 2013 RESULTS

Kirazli

Most of the work in the Kirazlı deposit area during the second quarter focused on exploration targets such as Kale and Iri. These targets require additional drilling.

Financial Highlights

A summary of the Company’s financial results for the three and six-month periods ended June 30, 2013 and 2012 is presented below:

	Q2 2013			Q2 2012		YTD 2013			YTD 2012
Cash provided by operating activities before changes in non-cash working capital (000)(1) (2)	$	33,773		$	41,861	$	74,179		$	86,789
Changes in non-cash working capital	($	20,616	)	$	2,202	($	28,065	)	($	6,644	)
Cash provided by operating activities (000)	$	13,157		$	44,063	$	46,114		$	80,145
Earnings before income taxes (000)	$	19,069		$	38,703	$	57,867		$	78,165
Earnings (000)	$	8,828		$	24,684	$	34,817		$	54,154
Earnings per share
- basic	$	0.07		$	0.21	$	0.27		$	0.45
- diluted	$	0.07		$	0.20	$	0.27		$	0.45
Comprehensive income (000)	$	11,496		$	24,276	$	35,881		$	53,574
Weighted average number of common shares outstanding
- basic		127,518,000			119,636,000		127,099,000			119,288,000
- diluted		127,634,000			120,676,000		127,247,000			120,507,000
Assets (000) (3)						$	872,652		$	753,856

⁽¹⁾  A non-GAAP measure calculated as cash provided by operating activities as presented on the consolidated statements of cash flows and adding back changes in non-cash working capital.

⁽²⁾  Refer to “Cautionary non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of this measure.

⁽³⁾  Assets are shown as at June 30, 2013 and December 31, 2012.

The Company continued to generate strong operating margins in the second quarter of 2013 as a result of continued low cash costs. Despite a substantial drop in the price of gold, the Company generated strong cash from operating activities in the second quarter of 2013. Cash from operating activities before changes in non-cash working capital in the second quarter of 2013 of $33.8 million ($0.26 per share) decreased 19% relative to the same period of 2012 as a result of lower gold price. After changes in non-cash working capital, cash provided by operating activities dropped significantly to $13.2 million from $44.1 million in the second quarter of the prior year. Cash flow from operations were negatively impacted by lower realized gold prices, as well as a $12.3 million payment of withholding taxes which will be recovered throughout the remainder of 2013.

Earnings before income taxes in the second quarter of 2013 were $19.1 million or $0.15 per basic share, compared to $38.7 million or $0.32 per basic share in the second quarter of 2012. On an after-tax basis, earnings in the second quarter of 2013 of $8.8 million, or $0.07 per basic share, decreased 64% over the comparable period of 2012 as a result of lower realized gold prices, accounting losses on the disposition of the Company’s investment in Aurizon, foreign exchange losses, increased amortization costs and a higher effective tax rate.

12

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

On a year-to-date basis, both cash flows from operations and earnings have been substantially reduced compared to the prior year as a result of lower gold prices, increased amortization, foreign exchange and other losses and a higher effective tax rate.

Gold Sales

Details of gold sales are presented below:

	Q2 2013		Q2 2012		YTD 2013		YTD 2012
Gold sales (ounces)		55,000		50,000		108,000		91,745
Operating revenues (000)	$	78,273	$	80,889	$	164,545		151,145
Realized gold price per ounce	$	1,423	$	1,618	$	1,524	$	1,647
Average gold price for period (London PM Fix)	$	1,415	$	1,610	$	1,523	$	1,651

Operating revenues in the second quarter of 2013 of $78.3 million decreased 3% compared to $80.9 million in the second quarter of 2012. This decrease is attributable to a lower realized gold price per ounce, partially offset by a higher number of ounces sold.

The Company generally enters into short-term forward sales contracts in order to match sales contracts with the next expected delivery date. The Company’s objective is to realize a gold sales price consistent with the average London PM Fix spot gold price. For the second quarter of 2013, the Company achieved a realized gold price of $1423 per ounce, $8 above the average London PM Fix gold price for the quarter. As at June 30, 2013, the Company did not have any significant derivative activity outstanding, and was therefore fully leveraged to future changes in the price of gold.

Assessment of Gold Market

The market price of gold continues to exhibit significant volatility. In recent weeks, the gold price has dropped markedly. While this decrease has a significant impact on the Company’s revenues, the Company’s low cost structure permits it to continue to benefit from excellent operating margins even at gold prices substantially lower than current levels. The spot market gold price was approximately $1,285 per ounce on July 23, 2013. At this gold price, the Company realizes a mine operating cash margin (before taxes and corporate and administrative costs) in excess of $750 per ounce.

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Q2 2013 RESULTS

Operating Expenses and Operating Margins

Mine operating costs allocated to ounces sold are summarized in the following table for the periods indicated:

	Q2 2013		Q2 2012		YTD 2013		YTD 2012
Gold production (ounces) (1)		53,000		48,200		108,000		88,700
Gold sales (ounces)		55,000		50,000		108,000		91,745
Cash operating costs (000)(2)	$	20,804	$	16,150	$	39,763	$	31,169
- Per ounce sold	$	378	$	323	$	368	$	340
Royalties (000)(3)	$	3,841	$	4,230	$	8,663	$	7,661
Total cash costs (000)(2)	$	24,645	$	20,380	$	48,426	$	38,830
- Per ounce sold	$	448	$	408	$	448	$	423
Amortization (000)	$	16,462	$	12,679	$	29,397	$	20,457
Total production costs (000)(4)	$	41,107	$	33,059	$	77,823	$	59,287
- Per ounce sold	$	747	$	661	$	721	$	646
- Realized gold price per ounce	$	1,423	$	1,618	$	1,524	$	1,647
- Operating cash margin per ounce (5)	$	975	$	1,210	$	1,076	$	1,223

⁽¹⁾  Reported gold production is subject to final refinery settlement.

⁽²⁾  “Cash operating costs” and “Total cash costs” are non-GAAP measures. Refer to “Cautionary non-GAAP Measures and Additional GAAP Measures” disclosure at the end of this MD&A for a description and calculation of these measures.

⁽³⁾  Royalties are included as of April 1, 2006 at 5% of net precious metals revenues (as determined in accordance with the royalty agreement).

⁽⁴⁾  “Total production costs” is a non-GAAP measure that includes all “total cash costs” and amortization. “Total production costs” is equivalent to mining and processing costs, royalties and amortization as reported in the Company’s financial statements.

⁽⁵⁾  “Operating cash margin per ounce” is a non-GAAP measure that is calculated as the difference between the Company’s gold sales and mining and processing and royalty expenses (“total cash costs”) as reported in the Company’s financial statements.

Cash operating costs (exclusive of the 5% royalty) in the second quarter of 2013 were $378 per ounce of gold sold, substantially below the Company’s full year guidance range of $415 to 435 per ounce for the second straight quarter. Cash operating costs per ounce in the second quarter of 2013 were higher than costs reported in the second quarter of 2012, as higher input costs, including labour, cyanide and diesel, were partially offset by a higher recovery ratio. Amortization was $299 per ounce of gold sold in the second quarter of 2013, 18% higher than $253 per ounce in the same period of 2012. Amortization per ounce is higher in 2013 due to higher production from the Escondida high-grade zone for the second quarter of 2013, which contributes a higher amortization per ounce of production than low-grade ounces produced.

Royalty

Production from certain mining concessions within the Salamandra District is subject to a sliding scale production royalty. The royalty is calculated at a rate of 5% of the value of gold and silver production, less certain deductible refining and transportation costs. The royalty is calculated based on the daily average London PM Fix gold market prices, not actual prices realized by the Company. Production to a maximum of two million ounces of gold is subject to royalty. As at June 30, 2013, the royalty was paid or accrued on approximately 1,120,000 ounces of applicable gold production. Royalty expense in the second quarter of 2013 of $3.8 million decreased 10% from royalty expense of $4.2 million in 2012, attributable to lower gold prices.

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MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

Exploration

The Company’s accounting policy for exploration costs requires that exploration expenditures that do not meet the criteria for mine development be expensed as incurred, while costs incurred to expand operating capacity, develop new ore bodies or develop mine areas in advance of current production are capitalized. Total exploration spending in the second quarter of 2013 was $3.6 million, of which $1.4 million was expensed.

Corporate and Administrative

Corporate and administrative expenses of $5.0 million in the second quarter of 2013 were 58% higher than $3.2 million in the second quarter of 2012. Higher corporate and administrative costs were the result of higher salary costs related to new employees in the Toronto head office, higher travel costs, as well as legal and regulatory costs associated with corporate development initiatives and the Company’s listing on the New York Stock Exchange (“NYSE”).

Share-based Compensation

Share-based compensation expense, related to stock options, cash-settled stock appreciation rights (“SARs”), restricted share units (“RSUs”) and deferred share units (“DSUs”) was $1.2 million in the second quarter of 2013 compared to a $1.4 million in the comparable period of 2012. The value of share-based compensation expense related to stock options is added to the contributed surplus account within shareholders’ equity, resulting in no net effect on total shareholders’ equity. In 2013, the Company’s Board approved a cash-settled RSU plan available to officers, employees and consultants, and a DSU plan available to its directors. SARs, RSUs, and DSU’s are cash-settled liabilities, which are remeasured at each reporting date and at the settlement date. Any changes in the fair value of the liability are recognized as an expense to share-based compensation in the Statements of Comprehensive Income.

All outstanding stock options, SARs and RSU grants are subject to vesting provisions. The vesting provisions result in the calculated market value of stock option grants being charged to expense in accordance with the vesting terms of the option. DSUs are not subject to vesting terms, therefore the expense is recorded immediately.

Share-based compensation expense in the second quarter of 2013 is comprised of $1.0 million expense related to the Company’s stock option plan, and $0.2 million related to SARs, RSUs and DSUs. The Company’s outstanding SARs liability decreased from $3.8 million at December 31, 2012 to $1.7 million at June 30, 2013 as a result of the decrease in the Company’s share price during this period.

Finance Income

Finance income in the second quarter of 2013 was $0.6 million compared to $0.9 million in the second quarter of 2012. Interest rates on deposit accounts and short-term investments remain near historically low levels.

Financing Expense

Financing expense includes accretion of the Company’s decommissioning liability and property acquisition obligations. The expense for the current quarter was comparable to the prior period.

Foreign Exchange Loss

The Company recognized a $3.6 million foreign exchange loss in the second quarter of 2013, compared to a $2.6 million foreign exchange loss in the same period of 2012. Throughout the second quarter of 2013, the Mexican peso (“MXN”), Canadian dollar (“CAD”) and Turkish Lira (“TL”) all weakened relative to the USD.

15

Q2 2013 RESULTS

Significant foreign exchange movements in the second quarter of 2013 included a $0.6 million foreign exchange loss on the Company’s Canadian dollar-denominated net assets, a $0.8 million foreign exchange loss on revaluation of the Company’s net MXN-denominated assets, and a $0.5 million foreign exchange loss on the Company’s TL-denominated net assets. In addition, foreign exchange losses of $0.9 million were incurred on the disposition of the Company’s investment in Aurizon, and a $0.8 million loss on mark-to-market adjustments related to a foreign exchange forward contract and dual currency note. The Company classifies the foreign exchange gain or loss on revaluation of its Mexican and Turkish deferred tax liabilities within deferred tax expense rather than within foreign exchange gain or loss.

Income Taxes

Tax expense in the second quarter of 2013 was $10.2 million compared to $14.0 million in 2012. The Single Rate Tax Law (minimum tax) that came into effect in Mexico at the start of 2008 did not contribute to a higher tax expense in 2012, but may in future periods. The Company is cash taxable in Mexico and must calculate and provide for tax instalments on a monthly basis. The Company satisfies its tax liability through periodic instalment payments, as well as by offsetting refundable value-added tax owed from the Mexican government against its tax payable liability.

The statutory income tax rate in Mexico for 2013 is 30%. In Canada, the combined federal and provincial statutory income tax rate is 26.5% in 2013. The effective tax rate for the second quarter of 2013 (calculated as a percentage of earnings before income tax) was 54%, significantly above the statutory rate in Mexico and Canada. The effective tax rate results from a number of factors, many of which are difficult to forecast. In the second quarter of 2013, a net $1.3 million non-cash deferred tax loss was realized to recognize the impact of foreign exchange movements, comprising a $2.0 million loss on revaluation of temporary tax differences associated with foreign currency denominated non-monetary assets and liabilities, offset by a $3.3 million loss on revaluation of the Company’s Mexican peso denominated deferred tax balance. In addition, the effective tax rate was negatively impacted by higher corporate and administrative costs in Canada, and the loss on the Company’s investment in Aurizon, which are not tax effected. The Company expects the effective tax rate to continue to fluctuate in periods of significant change to Mexican peso and/or Turkish lira foreign exchange rates.

The Mexican government is currently in the process of reviewing a proposal to introduce a mining contribution tax (“MC tax”). Under the current proposal, the MC tax is calculated at 5% of pre-tax earnings, excluding certain deductions which are permitted for income tax calculation purposes. The MC tax is expected to be deductible for purposes of calculating Mexican income tax. The Company expects the net effect of this proposed tax could be an increase in the effective tax rate in Mexico from 30% to between 33 and 34%, depending on further definition of the allowable deductions.

Acquisition of Esperanza

On July 12, 2013, the Company and Esperanza jointly announced that they have entered into a definitive agreement (the “Esperanza Agreement”) pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Esperanza by way of a court-approved plan of arrangement.

Esperanza is a precious metals exploration and development company focused on advancing its principal property, the wholly-owned Esperanza gold project (formerly referred to as the Cerro Jumil gold project) in Morelos State, Mexico.

Pursuant to the terms of the Esperanza Agreement, Esperanza shareholders will receive C$0.85 in cash for each common share of Esperanza held, representing a premium of

16

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

approximately 38% to Esperanza’s 30-day volume-weighted average price (“VWAP”) for the period ending July 11, 2013. The transaction values Esperanza’s equity at approximately C$69.4 million on a fully diluted in-the-money basis. In addition, Alamos will issue approximately five million Alamos warrants, in the aggregate, to Esperanza shareholders and approximately two million Alamos warrants, in the aggregate, to holders of Esperanza warrants. The Alamos warrants will be listed on the Toronto Stock Exchange.

Highlights of the Transaction:

• Esperanza gold project is an attractive, open pit, heap leach project with all-in sustaining costs expected to be below $900 per ounce, high margins and potential for further growth;

• Adds measured and indicated resources of 1.5 million ounces of gold and 16 million ounces of silver in Mexico, further growing Alamos’ presence in Mexico, a geopolitically stable mining jurisdiction;

• Esperanza shareholders receive a premium of approximately 38% to Esperanza’s 30-day volume weighted average price;

• Enhances Alamos’ project pipeline by adding an asset with annual average production potential of over 100,000 ounces, with both total cash costs and all-in sustaining costs in the lowest quartile;

• Ability to utilize Alamos’ mine permitting and development teams, which include significant open pit, heap leach expertise, to advance the Esperanza gold project to production;

• Ability to fund development and construction of the Esperanza gold project through Alamos’ existing cash resources;

• Considerable exploration potential on all assets; and

• Accretive to Alamos’ net asset value, earnings and cash flow with virtually no dilution to Alamos shareholders.

On closing, Alamos will assume ownership of Esperanza’s 100%-owned Esperanza gold project as well as other various interests of Esperanza in Mexico and Peru. The Esperanza gold project is an advanced stage gold project in Morelos, Mexico, with a resource of 1.5 million ounces of gold and 16 million ounces of silver. In September 2011, Esperanza completed a Preliminary Economic Assessment (“PEA”) on the Esperanza gold project outlining an initial six-year mine life with expected production of a total of 0.6 million ounces of gold at an average rate of 103,000 ounces per year and average cash costs of US$499 per ounce (net of by-product credits). Applying a conservative gold price assumption of US$1,150 per ounce, the September 2011 PEA base case shows that the Esperanza gold project has an after-tax internal rate of return of 26% and an after-tax 5% net present value of in excess of C$122 million. Upon successful acquisition, the Company intends to work on revising the EIA for the Esperanza gold project for resubmission.

Acquisition of Orsa Ventures

On July 23, 2013, the Company and Orsa entered into a definitive agreement (the “Orsa Agreement”) pursuant to which Alamos has agreed to acquire all of the issued and outstanding common shares of Orsa by way of a court-approved plan of arrangement.

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Q2 2013 RESULTS

Orsa is a junior exploration company focused on advancing its precious metal properties located in the Western United States. Upon closing, Alamos will assume ownership of Orsa’s right to earn a 100% interest in the Quartz Mountain Property in Oregon as well as other assets in Oregon and Nevada.

Pursuant to the terms of the Orsa Agreement, Orsa shareholders will receive C$0.10 in cash for each common share of Orsa held. The transaction values Orsa’s equity at approximately C$3.5 million on a fully diluted in-the-money basis.

Summary of Quarterly Results

The following table summarizes quarterly results for the past eight quarters. Quarterly gold production has been adjusted to reflect final settlements, where applicable.

	Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012		Q1 2013		Q2 2013
Gold production (ounces)		33,000		46,500		40,500		48,200		43,500		67,800		55,000		53,000
Gold sales (ounces)		28,790		45,224		41,745		50,000		43,255		62,516		53,000		55,000
Operating revenues ($000)		44,991		71,133		70,256		80,889		71,281		106,946		86,272		78,273
Earnings from operations ($000)		20,038		35,723		37,047		40,447		33,306		53,016		41,717		29,532
Earnings ($000)		5,436		21,294		29,470		24,684		25,895		37,906		25,989		8,828
Earnings ($ per share) basic/diluted		0.05		0.18		0.25/0.24		0.21/0.20		0.22/0.21		0.31		0.21/0.20		0.07

Operating revenues generally trended higher over the past eight quarters as the Company has benefited from rising gold prices, however a declining gold price in the second quarter of 2013 negatively impacted earnings. Gold production in the first and fourth quarters is generally higher than in the second and third quarters of the year, which can be adversely affected by weather-related production issues. The third quarter rainy season in northwestern Mexico adversely impacted gold production, sales and operating results in 2012 and 2011. Seasonal conditions could continue to impact production and financial results in future periods, particularly if rainfall is significantly above or below seasonal averages.

Financial and Other Instruments

The Company’s financial assets and liabilities consist of cash and cash equivalents, short-term investments, amounts receivable, available-for-sale and held-for-trading securities, accounts payable and accrued liabilities and deferred tax liabilities, some of which are denominated in CAD, MXN and TL. The Company is exposed to financial gains or losses as a result of foreign currency movements against the USD.

The Company’s cash and cash equivalents may be invested in short-term liquid deposits or investments that provide a revised rate of interest upon maturity. At June 30, 2013, the majority of the Company’s reported cash and cash equivalents were held in bank deposit accounts or 60-day to 90-day term deposits. The Company’s short-term investments are generally term deposits with an initial term-to-maturity on acquisition of greater than 90 days.

The majority of the Company’s cash balances are held in USD; however, the Company does maintain cash and cash equivalents denominated in CAD, MXN and TL. The Company may enter into derivative contracts in order to manage its exposures to fluctuations in foreign currency exchange rates to the CAD, MXN, or TL. As at June 30, 2013, the Company had outstanding contracts to deliver $5 million CAD in exchange for a fixed amount of USD at future dates up to June of 2013, with CAD:USD rates ranging from 1.02:1. The mark-to-market gain

18

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

associated with these contracts as at June 30, 2013 was $0.2 million. In addition, the Company recognized a $1.0 million mark-to-market loss on a $15 million dual currency deposit (USD deposit with an embedded MXN call option).

The Company is exposed to monetary assets and liabilities denominated in CAD. The Company maintains CAD equities, cash and investment balances, which are not fully offset by CAD-denominated liabilities. This resulted in a loss of $0.6 million for the period, given the weakening of the CAD.

The Company also has exposure to monetary assets and liabilities denominated in MXN. Significant cash balances, outstanding amounts receivable, accounts payable or tax liabilities denominated in MXN expose the Company to foreign exchange gains or losses. The Company maintains cash balances in MXN in order to mitigate its balance sheet exposure to changes in the MXN/USD exchange rate resulting from its MXN-denominated taxes payable and deferred tax liability balances. For the period ended June 30, 2013, the Company’s net MXN-denominated liability position resulted in a foreign exchange gain of approximately $1.2 million, of which a $0.8 million loss was classified within foreign exchange loss and a $2.0 million gain was recorded in deferred tax expense.

At June 30, 2013, the Company’s TL-denominated net monetary assets mainly consisted of TL-denominated cash and short-term investments, in addition to value-added tax (“VAT”) receivables. This exposure contributed to a $0.5 million foreign exchange loss given weakening of the TL compared to the USD during the period.

Liquidity and Capital Resources

At June 30, 2013, the Company had $466.4 million in cash and cash equivalents and short-term investments compared to $353.7 million at December 31, 2012. Cash and cash equivalents and short-term investments increased $93.1 million in the second quarter of 2013, reflecting positive cash flows from operations and proceeds resulting from the disposition of the Company’s investment in Aurizon, offset primarily by capital spending in Mexico and Turkey and the payment of the Company’s semi-annual dividend and other working capital investments.

The Company’s most significant cash inflow in the second quarter was with respect to its disposition of its investment in the common shares of Aurizon. In January 2013, the Company made an unsolicited offer to acquire Aurizon. Prior to announcement of the offer, the Company had acquired 3 million common shares of Aurizon in the public market at an average cost of CAD$3.78 per share. In addition, the Company had swapped approximately 6.6 million Alamos shares in exchange for 23.5 million Aurizon shares at an average cost of CAD$4.65 per share. As a result, the Company’s average cost for its 26.5 million share investment in Aurizon was approximately CAD$120.6 million or CAD$4.55 per share. In March 2013, the Company rescinded its offer for Aurizon and in June 2013, as part of Hecla Mining Company’s acquisition of Aurizon, received CAD$90 million and approximately 7.5 million common shares of Hecla. In June 2013, the Company disposed of the 7.5 million common shares of Hecla for approximately $23 million. In total, the Company realized proceeds of $111.1 million from the disposition of its 26.5 million shares of Aurizon ($4.20 per share). Despite the accounting loss recognized in conjunction with this transaction, the net impact of was that the Company recovered its average cost on the Aurizon shares purchased in the public market, and generated proceeds of $100.0 million through the issuance of approximately 6.5 million Alamos common shares, implying that the Company effectively raised $100.0 million at approximately CAD$16 per share (at current foreign exchange rates).

Cash inflows in the second quarter of 2013 included $111.2 million cash proceeds on disposition of Aurizon, $13.2 million cash generated by operating activities, and $0.8 million

19

Q2 2013 RESULTS

cash proceeds on the exercise of stock options. Significant cash outflows in the second quarter of 2013 included $15.2 million of capital and exploration expenditures in Mexico and Turkey, $12.7 million in dividend payments, and $2.6 million in Alamos share repurchases under the Company’s share buyback program. The Company’s working capital surplus increased to $505.5 million at June 30, 2013 from $377.7 million at December 31, 2012.

The Company has ongoing budgeted capital and exploration expenditures in Mexico and significant budgeted exploration and development costs in Turkey for 2013. The Company expects to invest in development and construction activities at its projects in Turkey over the next several years and expects to be able to finance these from a combination of existing cash balances and operating cash flows. The Company expects that at current gold prices, its balance sheet strength is sufficient to fund the development of its assets in Turkey as well as the development of the Esperanza gold project.

The Company paid a semi-annual dividend of $0.10 per share in the second quarter of 2013, and will continue to evaluate its dividend policy in accordance with its financial performance and strategic objectives.

In April 2013, the Board of Directors of the Company authorized a normal course issuer bid or share buyback program through the TSX. The purchase of Alamos shares may represent an appropriate use of Alamos’s available cash resources when, in the opinion of management, the market price of such shares is below their value. During the period ended June 30, 2013, the Company repurchased and cancelled 211,300 Shares at a total cost of $2.6 million, including transaction costs. The Company continually reviews its capital allocation program with the objective of creating shareholder value.

Internal Control over Financial Reporting

Management is responsible for the design and operating effectiveness of internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the financial statements in accordance with accounting principles generally accepted in Canada. Based on a review of its internal control procedures at the end of the period covered by this MD&A, management believes its internal controls and procedures are appropriately designed as at June 30, 2013.

Changes in Internal Control over Financial Reporting

There were no significant changes in the Company’s internal control over financial reporting that occurred during the three months ended June 30, 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Disclosure Controls

Management is also responsible for the design and effectiveness of disclosure controls and procedures to provide reasonable assurance that material information related to the Company, including its consolidated subsidiaries, is made known to Alamos management, including the Company’s certifying officers, as appropriate to allow timely decisions regarding required disclosure. The Company’s Chief Executive Officer and Chief Financial Officer have each evaluated the design of the Company’s disclosure controls and procedures as at June 30, 2013 and have concluded that it is appropriate.

20

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

Limitations of Controls and Procedures

The Company’s management, including the Chief Executive Officer and Chief Financial Officer, believe that internal controls over financial reporting and disclosure controls and procedures, no matter how well designed and operated, have inherent limitations. Therefore, even those systems determined to be properly designed and effective can provide only reasonable assurance that the objectives of the control system are met.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements.

Outstanding Share Data

The table below describes the terms associated with the Company’s outstanding and diluted share capital:

	July 23, 2013
Common shares
- Common shares outstanding		127,348,988
Stock options
- Average exercise price CAD $14.57; approximately 68% exercisable		5,064,200
Total		132,413,188

Outlook

Having produced 108,000 ounces at a total cash cost of $448 per ounce of gold sold in the first half of 2013, the Company is on track to meet or exceed its full year 2013 production guidance of between 180,000 and 200,000 ounces of gold at an average total cash cost of between $500 and $520 per ounce of gold sold. Factoring in exploration spending, corporate and administrative costs, share based compensation and sustaining capital costs, the Company expects to report all-in sustaining costs of between $785 and $825 per ounce of gold sold for 2013.

In the second quarter of 2013, the gold price experienced significant volatility and decreased from over $1,600 per ounce to $1,200 per ounce. Alamos’ disciplined approach to growth and continuous improvement initiatives consistently result in industry-leading operating costs, positioning the Company to generate strong operating margins even in a lower gold price environment. As a result, the current downturn in the gold price has a limited impact on the Company’s current operating and development plans.

In Mexico, the Company is focused on maintaining crusher throughput at current levels in order to achieve budgeted 2013 production levels. The Escondida high-grade deposit is expected to continue to provide high grade mill feed until early 2014, at which point the Escondida Deep zone will be accessed to provide mill feed for an additional quarter. The Company is expecting to receive the permit to begin development of the El Victor and San Carlos deposit areas in the third quarter of 2013, following which development activities will commence in anticipation of processing high grade from San Carlos in mid-2014. The current focus of exploration at Mulatos is on continuing to delineate high-grade mineral reserves to continue to provide mill feed beyond the life of the Escondida high-grade deposit.

21

Q2 2013 RESULTS

With the recently announced acquisition of Esperanza, the Company has grown its development pipeline substantially. The Esperanza gold project has the potential to grow production in Mexico by more than 50%, or nearly 30% on a consolidated basis. The transaction is expected to close by early September, following which we will work on revising the EIA report for planned resubmission with a construction decision to follow in 2015.

In Turkey, the EIA report on the Kirazli Project is in the final stage of the approval process. While the substantive aspects of the EIA review process have been successfully completed, the Company is awaiting formal approval of the EIA from the Ministry of the Environment. Given the delays experienced to date, the Company now expects production from the Kirazlı project to commence in the first half of 2015, rather than the end of 2014. The Company is in regular contact with the Ministry of the Environment in Turkey and expects that the EIA for the Kirazlı project will be approved in 2013.

In the second quarter, the Company submitted its EIA for Ağı Dağı, the Company’s second late-stage development project in Turkey. The Company anticipates that a decision from the Turkish Government will be received in a similar time frame to the Kirazlı process.

The Company continues to strengthen its financial position despite the recent drop in the gold price. The Company ended the quarter with approximately $466 million in cash and short-term investments, over $505.5 million in working capital and no debt. The Company pays a substantial dividend and has been active with its share buyback program. Alamos’ financial strength and flexibility and low cost operating structure provide it with the ability to aggressively pursue its capital allocation plans, including future organic growth and acquisitions.

Accounting Policies in effect January 1, 2013

(i) IFRS 12 Disclosure of Interests in Other Entities was released in May 2011 and is effective for annual periods beginning on or after January 1, 2013, with early adoption permitted. IFRS 12 contains the disclosure requirements for entities that have interests in subsidiaries, joint arrangements (i.e. joint operations or joint ventures), associates and/or unconsolidated structured entities. Interests are widely defined as contractual and non-contractual involvement that exposes an entity to variability of returns from the performance of the other entity. The required disclosures aim to provide information in order to enable users to evaluate the nature of, and the risks associated with, an entity’s interest in other entities, and the effects of those interests on the entity’s financial position, financial performance and cash flows. Given the nature of the Company’s interests in other entities, the amendments did not have an impact on the Company’s financial position or performance.

(ii) IFRS 13 Fair Value Measurement was issued in May 2011 and is effective prospectively for annual periods beginning on or after January 1, 2013. The disclosure requirements of IFRS 13 need not be applied in comparative information for periods before initial application. IFRS 13 replaces the fair value measurement guidance contained in individual IFRSs with a single source of fair value measurement guidance. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard also establishes a framework for measuring fair value and sets out disclosure requirements for fair value measurements to provide information that enables financial statement users to assess the methods and inputs used to develop fair value measurements and, for recurring fair value measurements that use significant unobservable inputs (Level 3), the effect of the measurements on earnings or other

22

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

comprehensive income. IFRS 13 establishes ‘how’ to measure fair value when it is required or permitted by other IFRSs. IFRS 13 does not introduce new requirements to measure assets or liabilities at fair value, nor does it eliminate the practicability exceptions to fair value measurements that currently exist in certain standards. The amendments did not have an impact on the Company’s financial position or disclosures.

(iii) Amendments to IAS 1 Presentation of Financial Statements was issued in June 2011 and is effective for annual periods beginning on or after July 1, 2012. The amendments require that an entity present separately the items of OCI that may be reclassified to earnings in the future from those that would never be reclassified to earnings. Consequently an entity that presents items of OCI before related tax effects will also have to allocate the aggregated tax amount between these categories. The existing option to present the earnings and other comprehensive income in two statements has remained unchanged. The amendments did not have an impact on the Company’s financial position or presentation.

(iv) IFRS 10 Consolidated Financial Statements is effective for annual periods beginning on or after January 1, 2013, with early adoption permitted. IFRS 10 replaces the guidance in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities (“SPE’s”). IFRS 10 provides a single model to be applied in the control analysis for all investees, including entities that currently are SPEs in the scope of SIC-12. In addition, the consolidation procedures are carried forward substantially unmodified from IAS 27. Given the nature of the Company’s organizational structure, the amendments did not have a material impact on the Company’s financial position or presentation.

Future accounting policy changes not yet in effect

The following are new pronouncements approved by the IASB. The standards and interpretations are not yet effective and have not been applied in preparing these financial statements; however, they may impact future periods.

(i) IFRS 9 Financial Instruments (Revised) was issued by the IASB in October 2010. It incorporates revised requirements for the classification and measurement of financial liabilities and carrying over the existing derecognition requirements from IAS 39 Financial Instruments: Recognition and Measurement. The revised financial liability provisions maintain the existing amortized cost measurement basis for most liabilities. New requirements apply where an entity chooses to measure a liability at fair value through profit or loss – in these cases, the portion of the change in fair value related to changes in the entity’s own credit risk is presented in other comprehensive income rather than within profit or loss. IFRS 9 (2010) is effective for annual periods beginning on or after January 1, 2015. The impact of IFRS 9 on the Company’s financial instruments has not yet been determined.

Forward-Looking Statements

This MD&A contains “forward-looking information”, as such term is defined in applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning Alamos’s future financial or operating performance and other statements that express management’s expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “anticipates”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “plans” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would” or “might”, “be taken”, “occur” or “be

23

Q2 2013 RESULTS

achieved”. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Alamos operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Alamos cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Alamos’s actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to, gold and silver price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimated reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2012 which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this MD&A. Although Alamos has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this MD&A is made as of the date of this interim report, and Alamos disclaims any intention or obligation to update or revise such information, except as required by applicable law.

Cautionary non-GAAP Measures and Additional GAAP Measures

Note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP and additional GAAP measures as indicators to assess gold mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed under IFRS and therefore may not be comparable to similar measures presented by other companies.

(i) Cash flow from operating activities before changes in non-cash working capital

“Cash flow from operating activities before changes in non-cash working capital” is a non-GAAP performance measure that could provide an indication of the Company’s ability to generate cash flows from operations, and is calculated by adding back the change in non-cash working capital to “Cash provided by (used in) operating activities” as presented on the Company’s consolidated statements of cash flows.

24

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

The following table reconciles the non-GAAP measure to the consolidated statements of cash flows.

	Q2 2013			Q2 2012		YTD 2013			YTD 2012
Cash flow from operating activities - IFRS (000)	$	13,157		$	44,063	$	46,114		$	80,145
Changes in non-cash working capital (000)		(20,616	)		2,202		(28,065	)		(6,644	)
Cash flow from operating activities before changes in non-cash working capital (000)	$	33,773		$	41,861	$	74,179		$	86,789

(ii) Mining cost per tonne of ore

“Mining cost per tonne of ore” and “Cost per tonne of ore” are non-GAAP performance measures that could provide an indication of the mining and processing efficiency and effectiveness of the mine. These measures are calculated by dividing the relevant mining and processing costs and total costs by the tonnes of ore processed in the period. “Cost per tonne of ore” is usually affected by operating efficiencies and waste-to-ore ratios in the period. The following table reconciles the non-GAAP measure to the consolidated statements of comprehensive income

	Q2 2013			Q2 2012		YTD 2013		YTD 2012
Mining and processing costs - IFRS (000)	$	20,804		$	16,150	$	39,763	$	31,169
Inventory adjustments and period costs (000)		(254	)		869		515		145
Total cost (000)	$	20,550		$	17,019	$	40,278	$	31,314
Tonnes Ore stacked / milled (000)		1,598			1,531		3,212		2,781
Total cost per tonne of ore	$	12.86		$	11.12	$	12.54	$	11.26

(iii) Cash operating costs per ounce and total cash costs per ounce

“Cash operating costs per ounce” and “total cash costs per ounce” as used in this analysis are non-GAAP terms typically used by gold mining companies to assess the level of gross margin available to the Company by subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to assess the ability of a mining company to generate cash flow from operations. There may be some variation in the method of computation of “cash operating costs per ounce” as determined by the Company compared with other mining companies. In this context, “cash operating costs per ounce” reflects the cash operating costs allocated from in-process and dore inventory associated with ounces of gold sold in the period. “Cash operating costs per ounce” may vary from one period to another due to operating efficiencies, waste-to-ore ratios, grade of ore processed and gold recovery rates in the period. “Total cash costs per ounce” includes “cash operating costs per ounce” plus applicable royalties. Cash operating costs per ounce and total cash costs per ounce are exclusive of exploration costs.

25

Q2 2013 RESULTS

The following table reconciles these non-GAAP measure to the consolidated statements of comprehensive income.

	Q2 2013		Q2 2013		YTD 2013		YTD 2012
Mining and processing costs - IFRS (000)	$	20,804	$	16,150	$	39,763	$	31,169
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
Total Cash operating costs per ounce	$	378	$	323	$	368	$	340
Mining and processing costs - IFRS (000)	$	20,804	$	16,150	$	39,763	$	31,169
Royalties - IFRS (000)		3,841		4,230		8,663		7,661
Total Cash costs (000)	$	24,645	$	20,380	$	48,426	$	38,830
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
Total Cash costs per ounce	$	448	$	408	$	448	$	423

(iv) All-in sustaining cost per ounce

Effective 2013, in conjunction with a non-GAAP initiative being undertaken by the gold mining industry, the Company is adopting an “all-in sustaining cost per ounce” non-GAAP performance measure. The Company believes the measure more fully defines the total costs associated with producing gold; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in sustaining cost per ounce” as determined by the Company compared with other mining companies. In this context, “all-in sustaining cost per ounce” reflects total mining and processing costs, corporate and administrative costs, exploration costs, sustaining capital, and other operating costs. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature.

The following table reconciles these non-GAAP measure to the consolidated statements of comprehensive income.

	Q2 2013		Q2 2012		YTD 2013		YTD 2012
Mining and processing costs (000)	$	20,804	$	16,150	$	39,763	$	31,169
Royalties (000)		3,841		4,230		8,663		7,661
Corporate and administration (000) (1)		4,574		2,886		11,831		5,550
Share-based compensation (000)		1,205		1,361		420		3,928
Exploration costs (000) (2)		2,399		2,017		4,471		4,300
Reclamation cost accretion (000)		226		129		452		256
Sustaining capital expenditures (000)		4,468		4,897		8,555		7,851
	$	37,517	$	31,670	$	74,155	$	60,715
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
All-in sustaining cost per ounce	$	682	$	633	$	687	$	662

⁽¹⁾  Excludes corporate and administration costs incurred at the Company’s development projects

⁽²⁾  Excludes exploration associated with the Company’s development projects

26

MANAGEMENT’S DISCUSSION & ANALYSIS

(All amounts are expressed in United States dollars, unless otherwise stated)

(v) All-in cost

Effective 2013, in conjunction with a non-GAAP initiative being undertaken by the gold mining industry, the Company is adopting an “all-in cost per ounce” non-GAAP performance measure; however, this performance measure has no standardized meaning. Accordingly, there may be some variation in the method of computation of “all-in cost per ounce” as determined by the Company compared with other mining companies. In this context, “all-in cost per ounce” reflects total all-in sustaining cash costs, plus capital, operating, and exploration costs associated with the Company’s development projects.

	Q2 2013		Q2 2012		YTD 2013		YTD 2012
All-in sustaining cost (above)	$	37,517	$	31,670	$	74,155	$	60,715
Add: Development and expansion capital (000)		8,183		4,079		15,715		14,827
Add: Turkey / other exploration (000)		1,201		2,143		2,204		3,731
Add: Turkey G&A (000)		470		310		1,049		575
		47,371		38,202		93,123		79,848
Divided by: Gold ounces sold		55,000		50,000		108,000		91,745
All-in cost per ounce	$	861	$	764	$	862	$	870

(vi) Other additional GAAP measures

Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income and are not meant to be a substitute for other subtotals or totals presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measures. The following additional GAAP measures are used and are intended to provide an indication of the Company’s mine and operating performance:

• Mine operating costs – represents the total of mining and processing, royalties, and amortization expense

• Earnings from mine operations – represents the amount of revenues in excess of mining and processing, royalties, and amortization expense.

• Earnings from operations – represents the amount of earnings before net finance income/expense, foreign exchange gain/loss, other income/loss, and income tax expense.

27

EX-99.4

Exhibit 99.4

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, John A. McCluskey, the certifying officer and Chief Executive Officer of Alamos Gold Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Alamos Gold Inc. (the “issuer”) for the interim period ended June 30, 2013.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

a. designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i. material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii. information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

b. designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework.

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2013 and ended on June 30, 2013 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: July 24, 2013

/s/ John A. McCluskey

John A. McCluskey

Chief Executive Officer

EX-99.5

Exhibit 99.5

FORM 52-109F2

CERTIFICATION OF INTERIM FILINGS

FULL CERTIFICATE

I, James R. Porter, the certifying officer and Chief Financial Officer of Alamos Gold Inc., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Alamos Gold Inc. (the “issuer”) for the interim period ended June 30, 2013.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

5. Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer and I have, as at the end of the period covered by the interim filings

a. designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

i. material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

ii. information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

b. designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer and I used to design the issuer’s ICFR is COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework.

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on April 1, 2013 and ended on June 30, 2013 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: July 24, 2013

/s/ James R. Porter

James R. Porter

Chief Financial Officer