Name of the Project
Island Gold Phase 3+ (P3+) expansion.

Location
Ontario, Canada.

Project Owner/s
Alamos Gold.

Project Description
Based on the results of the P3+ expansion study, Alamos is proceeding with an expansion of the operation to 2 400 t/d, instead of a previously stated 2 000 t/d. The life-of-mine (LoM) has also increased from 16 years to 18 years.

The Phase 3+ expansion will involve various infrastructure investments.

These include the installation of a shaft, paste plant and an expansion of the mill.

This infrastructure was all incorporated into the Phase III expansion study (P3) 2000 study released in 2020, with several scope changes to accommodate the 20% increase in production rates to 2 400 t/d.

This includes a larger mill expansion and paste plant, as well as accelerated development to support the higher mining rates.

The Phase 3+ expansion also includes 30% more development over the LoM to accommodate the 43% larger mineable resource of 13.6-million tonnes, grading 10.59 g/t gold containing 4.6-million ounces of gold.

Longitudinal longhole open stoping will continue to be used as the primary mining method, with the addition of the shaft and paste plant as key elements to support the increase in mining rates.

The main components of the shaft infrastructure are unchanged from the P3 2000 study, with the exception of the addition of a bin house and hoist drive cooling building.

The bin house will allow for a more efficient and lower-cost transfer of ore and waste to haul trucks on the surface.

A 5-m-diameter, concrete-lined shaft with a steel head frame will be built.

The shaft will house two 12 t skips in dedicated compartments for ore and waste movement, and a double-deck service cage for the transport of personnel and materials.

The shaft will be sunk to an initial depth of 1 373 m. From this depth, the shaft has a capacity of 4 500 t/d to accommodate the peak mining rates of 3 600 t/d (ore and waste).

A conventional blind sink methodology will be used to provide improved schedule reliability with minimal impact on existing operations.

As with the P3 2000 expansion, a paste plant will be built; however, it will be sized 20% larger to accommodate the higher mining rates.

The addition of paste fill underground will accelerate stope cycling, thereby supporting higher mining rates and providing increased geotechnical stability.

It will also increase mining recovery, resulting in an additional 140 000 oz of gold recovered over the LoM.

The Phase 3+ expansion is expected to reduce greenhouse-gas (GHG) emissions by 35% over the LoM, as well as Island Gold’s already industry-low GHG emissions per ounce by 31%.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
In the base case, the P3+ project has a net present value, at a 5% discount rate, of $163-billion and an internal rate of return of 23%, based a gold price of $1 650/oz.

Capital Expenditure
The total capital requirement for the project is estimated at $1.53-billion.

Planned Start/End Date
The shaft is expected to be completed in the first quarter of 2026, compared with the second quarter of 2025 in the P3 2000 study.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Alamos Gold, tel +1 416 368 9932 or email info@alamosgold.com.