Aği Daği represents our next leg of low-cost production growth in Turkey. Kirazli is expected to be developed first with cash flow from that operation to help fund development of Aği Daği.

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Ağı Dağı Gold Project

Ownership 100%
Location Çanakkale, Turkey
Status Permitting
Operation Open Pit, heap leach
Commodity Gold & Silver
2017 Positive feasibility Study - Summary (excluding Çamyurt)
Mine Life Years 6
Average Annual Production oz Au
oz Ag
Average Throughput tpd 30,000
Average Grade g/t Au
g/t Ag
Total Cash Cost1 $US/oz $374
Mine-Site All-in Sustaining Costs1 $US/oz $411
Pre-production Capex US$m $250
Total Capex US$m $313
After-Tax IRR2 % 39%
After-Tax NPV (8%)2 US$m  $298
Tonnes Grade Contained Ounces
(000) (g/t Au) (g/t Ag) Au Ag
Proven & Probable Reserves 54,3610.67  5.41 1,166,0009,459,000 
Measured & Indicated Resources3 34,8870.462.18518,0002,445,000
Inferred Resources 16,7600.462.85245,0001,534,000

2Base Case IRR was calculated assuming a $1,250/oz gold and $16.00/oz silver price

3M&I resources exclusive of Reserves

Please see 2019 year end Reserves and Resources statement for additional detail.


Acquired along with the Kirazlı project for approximately $90 million in 2010.


Average annual production of 177,600 ounces of gold over a 6 year mine life based on 2017 Feasibility Study.


Low cost, low capital and low technical risk project with attractive after-tax IRR of 39% as estimated in 2017 Feasibility Study


The 100% owned Ağı Dağı and Kirazlı gold development projects are located in Çanakkale Province on the Biga Peninsula of northwestern Turkey. Ağı Dağı is located about 50 kilometres ("km") southeast of Çanakkale, and Kirazlı is located approximately 25km northwest of Ağı Dağı. The Company also owns the Çamyurt deposit located approximately 4km from Agi Dagi. Alamos acquired the projects January 6, 2010 from Teck and Fronteer Development for total consideration of approximately $90 million.

Positive feasibility studies were completed on Ağı Dağı and Kirazlı in 2017 with both projects contemplated as stand-alone open-pit, heap-leach operations. These studies were a continuation of the pre-feasibility study completed on the projects in 2012.  Under the feasibility study, Ağı Dağı is expected to produce an average of 177,600 oz of gold at mine-site all-in sustaining costs1 of $411/oz over a 6 year mine life. A separate preliminary economic assessment was completed on the nearby Çamyurt deposit which assumes mineralized material from Çamyurt is trucked and processed through infrastructure at Ağı Dağı after that mine has been depleted, resulting in a combined mine life of nearly 10 years between the two projects.

The Company expects to first develop Kirazlı and then utilize cash flows from that operation to help fund development of Ağı Dağı. Following a construction decision, the Company expects a 36 month development timeline for Ağı Dağı, including approximately three months of pre-commercial production. The critical path task for the completion of the Ağı Dağı project will be the construction of the water reservoir.


Ağı Dağı is located approximately 50km southeast of Çanakkale. Kirazlı and the early stage Çamyurt Project are located approximately 25km northwest and 4km, respectively from Ağı Dağı. The projects are located in the Çanakkale Province in the Biga Peninsula of northwestern Turkey, some 250km by air southwest of Istanbul or 800km west of Ankara, Turkey’s capital. The Company maintains an administrative office in Ankara, Turkey, and exploration offices in Etili and Sogutalan, both small towns located in the Biga District of Turkey. These offices support all activities for the Aği Daği and Kirazlı Projects. Çanakkale is the largest centre on the Biga Peninsula with a population of approximately 100,000. 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 Aği Daği property currently consists of a total of 10,514 hectares of mineral tenure in fifteen contiguous operation and exploration licenses covering a prominent ridge with 900 metres ("m") of relief and includes the Çamyurt Project. Subsequent to December 31, 2011, the Company acquired an additional 5,171 hectares in three concessions at Aği Daği through auction. Mineral rights for all concessions comprising the Turkish assets are controlled by Kuzey Biga and Doğu Biga, Turkish subsidiaries of the Company. As all projects are located in a forestry reserve, surface rights are controlled by the State government of Çanakkale.


On January 6, 2010, the Company acquired the Ağı Dağı and Kirazlı advanced-stage development projects through the purchase of three Turkish companies held by Teck Resources (“Teck”) and Fronteer Development Group (“Fronteer”). The Company paid a total of $40 million cash and issued an aggregate of 4 million common shares to Teck (as to 60%) and Fronteer (as to 40%), for total consideration amounting to $90 million at the closing of the sale.

In March 2010, the Company published a positive preliminary economic assessment technical report (“Scoping Study”) evaluating the economic potential of developing Ağı Dağı and Kirazlı into gold mines. This was followed up by a positive pre-feasibility study completed on both projects in 2012. Positive Feasibility Studies were completed on both projects in 2017.



The Aği Daği and Kirazlı deposits are epithermal, high-sulphidation, disseminated gold systems where gold mineralization is hosted within Miocene-age rocks.

At Ağı Dağı the Oligo-Miocene volcanics mainly consist of andesite porphyry, porphyritic andesites and dacite-rhyolite flows and tuffs. The andesite porphyry facies occurs at the base of the sequence and the dacite-rhyolite facies at the top. This sequence appears to occur in two parallel, northeast trending basins along the length of Ağı Mountain. Phreatic and phreatomagmatic breccias cut the entire volcanic sequence. These breccias were emplaced as mushroom shape pipes with northeast trending roots that were identified to a vertical depth of 400m and over a 2km strike extent.

There are five main zones of gold mineralization present at Ağı Dağı. The Baba, Fire Tower and Deli zones occur within the interpreted southeastern basin and the Ayi Tepe to Ihlamur mineralized zones occur in the interpreted northwestern basin.

Hydrothermal alteration at Ağı Dağı covers an area in excess of 25km² and exhibits many of the alteration facies that typically relate to high-sulphidation, epithermal gold deposits including: silicic, vuggy silica, advanced-argillic, argillic, propyllitic, and sericitic facies. Silicification with vuggy and massive silica is the most prominent alteration type surrounded by several facies of advanced argillic then argillic alteration.


At Ağı Dağı, gold mineralization is associated with a northeast trending silica cap rock about four km by two km in extent which forms a topographic high 700 to 900m in relief. The gold mineralization is disseminated and is associated with intense silicic alteration comprised of both massive and vuggy silica. Host rocks include volcanic felsic to intermediate tuffs and flows and phreatic breccias. Pyrite is the most abundant primary sulfide mineral associated with gold in the sulphide rocks. Trace to minor amounts of enargite, covellite, galena, and molybdenum are present locally.

Gold mineralization appears to be continuous from Baba through Fire Tower zone and into the Deli zone, which is a total distance of over 4km. Minable resources have been generated for the Baba and Deli zones of the Ağı Dağı deposit and have also been developed for the Fire Tower zone.

The bulk of the gold resources have been defined at the Baba and Deli zones. Gold mineralization in the Baba zone occurs within or spatially associated with a large, upward-flaring, matrix-supported heterolithic phreatic breccia that cuts dacite tuffs and andesite flows. Silicification (often vuggy and/or crackle-brecciated) appears to be related to this breccia body and overprints the breccia and the dacite. Gold mineralization largely occurs within the breccia body but occasionally extends into the dacite tuffs.

Some lower-grade mineralization also occurs in the andesite adjacent to the breccia. The bulk of gold mineralization occurs within the oxide zone.

Gold mineralization at Deli appears to be related to a more classic high-sulphidation epithermal model with elevated gold-lead-arsenic-silver. It occurs in an intensely silicified package of rhyolite – andesite volcanics that are intruded by EW-elongated breccias. Gold is again associated with the breccias and (mainly silica) altered volcanics. Most of this package has been oxidized.

Mineralization along the Ayi Tepe – Ihlamur trend has only been sporadically drilled and additional drilling is required to quantify the very favorable mineral potential.



Conventional open pit mining methods will be utilized at Ağı Dağı with contract mining to be employed. Ağı Dağı is comprised of two deposits which form the Baba and Deli pits. Baba and Deli are located approximately 2.5km apart. The final pit designs are based on a 5m bench height. A traditional drill, blast, load and haul sequence will be used to deliver ore to the crushing circuit. Waste produced over the life of the mine will be used as engineered fill for the leach pad foundation, primarily during the pre-production phase, trucked to the waste rock dump located directly north of the Deli pit, or backfilled into the pits once the ultimate pit bottoms are achieved.

As with Kirazlı, an opportunity to improve the design of the pit slopes at Ağı Dağı was outlined in the 2012 pre-feasibility study and additional geotechnical work was subsequently undertaken. The geotechnical evaluation was based on core logging, point load testing and laboratory analysis of the geotechnical core holes. Based on the findings, the recommended inter-ramp/overall pit slope angles have been increased to a range of 35 to 48° depending on the sector of the pits with all but one of the sectors between 40 and 48°. This has reduced the amount of waste to be mined resulting in a lower life of mine waste-to-ore ratio of 1.03:1, from 1.16:1 in the 2012 pre-feasibility study. This has helped reduce the mining cost per tonne of ore and improved the overall economics of the project.

Processing and Infrastructure

Ağı Dağı has been designed as a 30,000 tonnes per day (“tpd”) heap leach operation utilizing a multiple lift, single use leach pad. Ore will be mined from both the Baba and Deli pits and processed through two primary crushers, one located near each pit. The primary crushed ore will then be conveyed to a central secondary crushing circuit where it will be crushed to a nominal size of 26 millimetres. The secondary crushed ore will be drum agglomerated, stacked on the leach pad by conveyor stacking and processed with conventional heap leaching methods.

The crushed ore will be stacked in 10m lifts with the leach pad facility to be constructed in three phases to an ultimate height of 70m. Phase 1 will have a capacity of 29.7 million tonnes, phase 2, a capacity of 19.8 million tonnes, and phase 3, a capacity of 24.1 million tonnes for an ultimate capacity of 73.6 million tonnes. This is approximately 19.2 million tonnes larger than the current mineral reserve of 54.4 million tonnes to accommodate future potential exploration success and the current 16.6 million tonnes of mineralized material included within the PEA mine plan for Çamyurt. The capital required for all three phases is included within the total life of mine capital estimate for Ağı Dağı.

A dilute cyanide solution will be applied to the crushed ore over a 90 day leaching cycle with the pregnant solution collected and processed through the adsorption-desorption-recovery (“ADR”) plant where gold and silver doré will be produced.

Based on column tests conducted on the different alteration types at Ağı Dağı, gold and silver recoveries are expected to average 80% and 25%, respectively.

Ağı Dağı will be supplied with power by connecting to commercial power. Overhead power lines will connect 34.5 kV, three phase and 50 Hz power system to a metering and switching substation located on site near each primary crusher. In the event of a power failure, a diesel fired backup generator will be used to supply emergency power.

Operational water will be supplied via a pipeline from a planned reservoir to be constructed by Alamos. The reservoir for Ağı Dağı will be independent of the reservoir to be constructed for the Kirazlı project. In conjunction with the Ministry of Forestry and Water Affairs – State Hydraulic Works (“DSI”), a water reservoir project has been designed to supply the process water requirements of the Ağı Dağı project and clean drinking water for the nearby communities. The feasibility study on the reservoir project has been approved by DSI.

Since acquiring the Ağı Dağı and Kirazlı projects in early 2010 and in line with the Company’s objectives of sustainable development and social responsibility, the Company recognized the importance of improving the quality of potable water delivered to the local communities within its project areas and has committed to the development of the reservoir.

Production from Ağı Dağı and Çamyurt is subject to a 2% net smelter return (“NSR”) royalty payable to Franco-Nevada Corporation.


Technical Information and Cautionary Notes on non-GAAP Measures and Additional GAAP Measures

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Non-GAAP Information

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The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should not be viewed as a substitute for, or superior to, other data prepared in accordance with GAAP.


Reconciliation of non-GAAP and additional GAAP measures

General Disclaimer

Alamos Gold Inc. ("Alamos" or the “Company”), has taken all reasonable care in producing and publishing information contained in this website, and will endeavour to do so regularly. Material on this site may contain technical or other inaccuracies, omissions, or typographic errors, for which Alamos assumes no responsibility. Alamos does not warrant or make any representations regarding the use, validity, accuracy, completeness, or reliability of any claims, statements, or information on this site. Under no circumstances, including but not limited to, negligence, shall Alamos be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer or other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material on this site. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use, unless you have obtained our express written permission. The TSX and NYSE have not reviewed and do not accept responsibility for the adequacy or accuracy of information on this website.

Cautionary Notes – Forward Looking Statements

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Certain statements in this website are “forward-looking statements”, including within the meaning of the United States Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this website, 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 based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management that involve various risks and uncertainties. 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.” Alamos cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Alamos' 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 both Alamos Gold Inc.’s Annual Information Form for the year ended December 31, 2014 and the Annual Information Form for the year ended December 31, 2014 of AuRico Gold Inc., (each a predecessor to Alamos Gold Inc.), along with each of these entities’ subsequent public filings available on the SEDAR website at, should be reviewed in conjunction with the information found in this website. 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.

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 website 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 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 website 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.
Additional GAAP measures that are presented on the face of the Company’s consolidated statements of comprehensive income include “Mine operating costs”, “Earnings from mine operations” and “Earnings from operations”. These measures are intended to provide an indication of the Company’s mine and operating performance. “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. “Free cash flow” is a non-GAAP performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant and equipment and exploration and evaluation assets as presented on the Company’s consolidated statements of cash flows and that would provide an indication of the Company’s ability to generate cash flows from its mineral projects. Return on Equity is defined as Earnings from Continuing Operations divided by the average Total Equity for the current and previous year. “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. “Cash operating costs per ounce”, “total cash costs per ounce” and “all-in sustaining 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 these metrics 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. “All-in sustaining costs per ounce” include total cash costs, exploration, corporate and administrative, share based compensation and sustaining capital costs. 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. For a reconciliation of non-GAAP and GAAP measures, please refer to Alamos’ Managements’ Discussion and Analysis as presented on SEDAR and the Company’s website.

Technical Information

Except as otherwise noted herein, Chris Bostwick, FAusIMM, Alamos Gold’s Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this website. Chris Bostwick is a Qualified Person within the meaning of Canadian Securities Administrator’s National Instrument 43-101. For more information, please refer to the Alamos Gold Inc. and AuRico Gold Inc. 2014 Annual Information Forms and the technical reports referenced therein and in this website, available on SEDAR (