Ağı Dağı and Kirazlı Project

While the first exciting chapter in the Alamos story continues to unfold in Mexico, the next is already in development on another continent.

The Ağı Dağı and Kirazlı properties are located in Çanakkale Province on the Biga Peninsula of northwestern Turkey. Ağı Dağı is located about 50 kilometres southeast of Çanakkale and Kirazlı is located approximately 25 km northwest of Ağı Dağı.

Here is why we have high hopes for all three of these storylines.

Çanakkale is the largest centre in the peninsula with a population of approximately 97,000. Infrastructure in close proximity to the project is excellent and well-serviced with paved roads, electricity, transmission lines, and electricity generating facilities, the most significant being a large coal-fired power plant adjacent to the nearby Town of Çan, which has a population of approximately 30,000.

The mine plan presented in the Scoping Study provides for over eight years of production from the Kirazlı, Baba, and Deli pits (hereinafter, the Baba and Deli pits are collectively referred to as the "Ağı Dağı pits").

It assumes Kirazlı and Ağı Dağı will each have stand-alone crushing, agglomeration, heap leach, and process plant facilities, plus separate owner-operated mining fleets. Upfront capital costs are estimated to be $207.5 million. In addition, an initial investment in working capital of $9.9 million is required.

At Kirazlı and Ağı Dağı, a total of 10,000 tonnes and 15,000 tonnes ore per day respectively will be delivered to a two-stage crushing facility. Alamos intends to produce dore bars on-site and consequently expects that it will be exempt from Turkey's Value Added Tax. The Company projects a total cash cost of approximately $314 per ounce of gold, which includes the net