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Alamos Gold Inc. Brookfield Place , 181 Bay Street , Suite 3910 , P.O. Box # 823 Toronto , Ontario M5J 2T3 Telephone : ( 416 ) 368-9932 or 1 ( 866 ) 788-8801 All amounts are in United States dollars , unless otherwise stated . Alamos Gold Reports Third Quarter 2021 Results Toronto , Ontario ( October 27 , 2021 ) - Alamos Gold Inc. ( TSX : AGI ; NYSE : AGI ) ( “ Alamos " or the " Company " ) today reported its financial results for the quarter ended September 30 , 2021 . " We had a challenging third quarter at our Mulatos mine which offset strong performances at our Canadian operations . The challenges at Mulatos are temporary with the operation transitioning to low - cost production from La Yaqui Grande in 2022 ; however , given the weaker quarter , we reduced 2021 guidance at the operation by 15,000 ounces . We have also increased our consolidated cost guidance for the year given the stronger than budgeted Canadian dollar and higher than planned costs at Mulatos , ” said John A. McCluskey , President and Chief Executive Officer . " We expect higher production in the fourth quarter with our Canadian operations continuing to perform well . This has been led by Young - Davidson which achieved a new record for underground mining rates in the third quarter . We are also making good progress on our growth initiatives including the Phase III expansion at Island Gold and construction of La Yaqui Grande . Both are key drivers of our strong outlook with production potential of 750,000 ounces per year by 2025 at significantly lower all - in sustaining costs of approximately $ 800 per ounce , " Mr. McCluskey added . • • • Third Quarter 2021 Production of 104,700 ounces of gold , an 11 % decrease from the third quarter of 2020 , with lower than anticipated production from Mulatos more than offsetting a strong performance at Young - Davidson Gold production at Mulatos of 26,700 ounces was well below expectations due to an above average rainy season in Mexico which impacted stacking rates , and a longer than anticipated leach cycle for stockpiled ore stacked in the quarter . With Cerro Pelon winding down , stockpiled ore will represent a larger proportion of stacked ore at Mulatos until production from La Yaqui Grande ramps up in the second half of 2022 Given the lower production at Mulatos in the quarter and longer than anticipated leach cycle for stockpiled ore , the Company has revised production guidance lower by 15,000 ounces at Mulatos . Production guidance for Young - Davidson and Island Gold remains unchanged with both operations continuing to perform well Young - Davidson achieved record mining rates of 8,017 tonnes per day ( " tpd " ) , driving production of 50,000 ounces of gold and mine - site free cash flow¹ of $ 28.9 million . With a further increase in production expected in the fourth quarter , Young - Davidson is expected to generate approximately $ 100 million in mine - site free cash flow in 2021 Consolidated total cash costs¹ of $ 788 per ounce , all - in sustaining costs ( " AISC " ) ¹ of $ 1,152 per ounce and cost of sales of $ 1,172 per ounce were higher than annual guidance reflecting the stronger than budgeted Canadian dollar , and higher costs at Mulatos . The USD / CAD foreign exchange rate averaged $ 0.79 : 1 in the third quarter and $ 0.80 : 1 year - to - date relative to the budgeted rate of $ 0.75 : 1 which has increased total cash costs by $ 30 per ounce and AISC by $ 45 per ounce . In addition , Mulatos costs increased in the third quarter and are expected to increase further in the fourth quarter , reflecting higher reagent costs associated with processing stockpiled ore Given the stronger than budgeted Canadian dollar , and higher than planned costs at Mulatos , the Company has revised its 2021 total cash cost guidance to $ 790 to $ 810 per ounce and all - in sustaining costs to $ 1,120 to $ 1,140 per ounce Construction of La Yaqui Grande is progressing well and remains on track for commercial production in the third quarter of 2022. La Yaqui Grande is expected to significantly reduce the cost profile at Mulatos as production ramps up towards the end of 2022. Despite inflationary cost pressures and other challenges related to COVID-