Unlocking Çöpler’s Value Pursuing POX as sulfide ore ... · Pursuing POX as sulfide ore processing method ... Gold Recovery = 94% Average Sulfide Gold Grade = 2 ... Unlocking

TSX: ASR / ASX: AQG

Unlocking Çöpler’s Value

Pursuing POX as sulfide ore processing method

Investor Road Show - November 2013

Rod Antal, Chief Executive Officer

Howard Stevenson, President and Chief Operating Officer

For

per

sona

l use

onl

y

TSX: ASR / ASX: AQG / 2

Cautionary Statements

FORWARD-LOOKING STATEMENTS Except for statements of historical fact relating to Alacer Gold Corp. (“Alacer”), certain statements contained in this

presentation constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the

meaning of Canadian securities laws. Forward-looking information may be contained in this presentation and Alacer's public filings. Forward-looking information

often relates to Alacer's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", “could”, "should",

"expect", "plan", "anticipate", "believe", "intend", "estimate", “projects”, "predict", "potential", "targeted", "possible", "continue", "objective" or other similar

expressions concerning matters that are not historical facts. Forward-looking information contained in this presentation and other Alacer filings which may prove to

be incorrect, include statements concerning, among other things, additional sale proceeds to be received from Metals X as a result of the working capital

calculation; the continued listing of Alacer shares on the ASX; the generation of free cash flow and payment of dividends; matters relating to proposed exploration;

production, cost and capital expenditure guidance and ability to target high grade ore bodies; announcements concerning proposed projects; the study,

development and construction of proposed mines and process facilities; and the preparation and dissemination of technical studies. Such forward-looking

statements are based on a number of material factors and assumptions, which Alacer believes are reasonable, including, but not limited in any manner, to those to

disclosed in any other of Alacer’s public filings, and include the inherent speculative nature of exploration results; the ability to explore; governmental relations;

commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach;

availability and final receipt of required approvals, titles, licenses and permits; and supplies; foreign currency exchange rates; interest rates; access to capital

markets and associated cost of funds; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing

and amount of future production and ability to meet production targets; timing and ability to produce studies and analyses; capital and operating expenditures;

availability of sufficient financing; the ultimate ability to mine, process and sell mineral products on economically favorable terms and any and all other timing,

exploration, development, operational, financial, budgetary, economic, legal, social, regulatory and political factors that may influence future events or conditions.

Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Alacer

filings at www.sedar.com. Forward-looking statements are based upon management’s beliefs, estimate and opinions on the date the statements are made and,

other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new

information or future events.

The exploration results and Mineral Resources disclosure in this presentation have been compiled and approved by Mr. James Francis, BSc (Hons) Geology and

MSc Mining Geology, MAusIMM, MAIG, Mining and Geology Manager who is a full-time employee of Alacer. The other scientific and technical information in this

announcement is based on information compiled by Robert D. Benbow, PE, who is a full-time employee of Alacer Gold. Mr. Francis has sufficient experience

which is relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaken to qualify as a Competent

Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and a Qualified

Person pursuant to NI 43-101. Mr. Benbow has sufficient experience with respect to the technical and scientific matters set forth above (other than those matters

related to mineral resources and reserves) to be a “qualified person” for the purposes of NI 43‐101. Messrs. Francis and Benbow consent to the inclusion in this

presentation of the matters based on this information in the form and context in which it appears.

This presentation does not represent a solicitation or offer to sell securities. All dollars in this presentation are US$’s.

For

per

sona

l use

onl

y

The New Alacer


Çöpler is in industry’s lowest cost quartile

Q3 Record Production of 81,059 ounces with Total Cash Costs1 of $342/oz

2013 revised oxide attributable production guidance of 192,000 to 200,000

ozs at Total Cash Costs1 $405 to $425/oz

Strong Balance Sheet

≈$263 million in cash and cash equivalents

No debt

Significant Exploration Portfolio

14 exploration properties across Turkey

Over 79,000 hectares of holdings

Focusing on targets that provide highest return

Leveraging a world-class asset base in Turkey

1 Total Cash Costs is a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed

reconciliation, please see the “Non-IFRS Measures” section of the MD&A for the three month period ended September 30, 2013.

For

per

sona

l use

onl

y

Recent Accomplishments

Scorecard


Çöpler achieves record Q3 production

Sold Australian Business Unit for A$40M cash

Upgraded Çöpler 2013 oxide production guidance by 15%

Confirmed solid oxide production profile thru 2017

Committed to POX DFS

Reduced overhead by ≈$16M per annum

For

per

sona

l use

onl

y

Market Cap ≈$800M

Shares on Issue 290M

Fully Diluted 292M

Turnover ≈2.1M shares/day

Key Shareholder Pala Investments 19.9%

Cash ≈$263M at October 31, 2013

Debt Nil

Working Capital ≈$315M at October 31, 2013

Alacer Current Position

Strong balance sheet and cash position


For

per

sona

l use

onl

y

Strategic Advantage in Turkey

Quality exploration portfolio across the country


Proven track record permitting, constructing, commissioning and operating a

mine in Turkey

Joint venture with Turkish company Lidya Mining provides strategic advantage

For

per

sona

l use

onl

y

Europe’s largest gold producer

20% corporate tax rate

Development incentive tax credits

Gold royalty ≈2.6%

Modern mining law

Real GDP growth > 5% per year for past decade

Actively investing in infrastructure

Turkey: Great Mining Jurisdiction

Pro-mining Investment


New hydroelectric dam below Çöpler Mine

New provincial international airport

New highway past Çöpler Mine

For

per

sona

l use

onl

y

Çöpler – Continues to Exceed Expectations

Q3 Results


Q3 2013: 81,059 ounces a 19% increase over Q2 2013

Q3 Total Cash Costs1 of $342/ounce2, a 13% decrease over Q2 2013

All-in Costs1 of $701/ounce, which includes $241/ounce of one-time

sustaining capital project costs

1 Total Cash Costs and All-in Costs are non-IFRS financial performance measures with no standardized definitions under IFRS. For further information,

see the “Non-IFRS Measures” section of the MD&A for the three month period ended September 30, 2013.

2 Includes one-time royalty credit of $68/ounce recorded in the third quarter

0

50

100

150

200

250

300

350

400

450

500

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

Tota

l Cas

h C

ost

s

Ou

nce

s

Çöpler Non-Controlling Interest (ozs)

Çöpler Attributable (ozs)

Total Cash Costs ($/oz)

For

per

sona

l use

onl

y

Lowest Quartile All-in Cost

Alacer sits in 2nd Place


Alacer sits second lowest on

the global all-in cost curve

2014 Global All-in Cost

For

per

sona

l use

onl

y

Outstanding results to date during 2013

Increased guidance by ≈15%

Total Cash Costs remaining <$425/ounce

Supports new strategy of focusing on Turkey

2013 capex includes construction of SART plant and clay-handling circuit

Lower sustaining capex after 2013

Increased Production Guidance

Çöpler setting record production


2013

Calendar Year

Attributable1

Gold Production

(ounces)

Cash

Operating Costs2 ($/oz)

Total

Cash Costs2 ($/oz)

Attributable

CapEx

($ millions)

Revised Guidance 192,000 to 200,000 375 to 390 405 to 425 unchanged

Previous Guidance 162,000 to 178,000 340 to 375 385 to 425 52

1 Attributable gold ounces and attributable capital expenditures are reduced by the 20% non-controlling interest at Çöpler

2 Cash Operating Costs and Total Cash Costs are non-IFRS financial performance measures with no standardized definitions under IFRS. For further information,

see the “Non-IFRS Measures” section of the MD&A for the three month period ended September 30, 2013.

For

per

sona

l use

onl

y

New production profile is based on Mineral Resources as at June 30, 2013

Removes uncertainty around heap-leach production profile

Provides strong cash flow to make investment decisions

Çöpler Oxide Production Profile

Steady production outlook

TSX: ASR / ASX: AQG /11

Çöpler 2014 2015 2016 2017

Waste tonnes mined (100%) (millions) 27 27 27 21

Sulfide tonnes mined (100%) (millions) 1.0 1.5 2.3 3.8

Oxide ore tonnes treated (millions) 6.5 6.6 6.5 6.1

Head grade (g/t gold) 1.4 1.1 1.0 1.1

Heap leach gold ounces produced (100%) (‘000’s) 200 160 140 150

Heap leach gold ounces produced (attributable) (‘000’s) 160 130 110 120

For

per

sona

l use

onl

y

Sulfides are 62% of 120.9 million total tonnes of M+I Resource

POX has highest gold recoveries of 94%

5,000tpd plant – option to scale up

Lower capital intensity

DFS underway and to be complete by June 2014

Commercially proven technology for whole ore applications

Whole Ore Pressure Oxidation

Optimal processing method for Çöpler sulfides


For

per

sona

l use

onl

y

2011 POX PFS (8,000tpd) demonstrated positive economic returns Gold Recovery = 94%

Average Sulfide Gold Grade = 2.2g/t

Capital Expenditure = $410M

Internal Rate of Return = 25%

Flat Life-of-Line Gold Price = $1,038/ounce

Average Annual Production = 210,000ozs

Mine Life = 11 years

Current market conditions require prudent approach

Exhaustive and disciplined analysis of all test work to ensure best

processing decision

Extensive Sulfide Studies

Confident that POX is best for Çöpler


For

per

sona

l use

onl

y

Çöpler sulfide ore is highly refractory

≈80% of gold associated with sulfide ore is completely

encapsulated in fine-grained sulfide minerals

Poor gold recoveries (15-40%) result when non-oxidative

processes are used (direct cyanidation, fine-grinding)

Flotation test work provided recoveries of 75-80% to a low-

grade concentrate

Best processing solution for Çöpler is to oxidize the sulfide ore

Çöpler Sulfide Ore

Characteristics


For

per

sona

l use

onl

y

Sulfide Processing Options

POX provides superior economic outcome


Capital Costs Operating Costs

Çöpler Gold

Recovery Test

Results (%)

Industry

Benchmark

Recovery (%)1,2

Whole Ore High Temp

Pressure Oxidation (POX) High Moderately High 94 95

Whole Ore Processing

High (two-stage

roasting on par with

POX)

Moderately High 80 88-90

Concentrate Roasting Medium-High High 76-78

Concentrate High Temp

Pressure Oxidation Medium-High High 75 80-82

Concentrate Biological

Oxidation Medium High N/A 76-78

Concentrate Albion Medium High 60 70-72

Concentrate Activox Medium High N/A 76-78

1 Source: John O. Marsden LLC, dba Metallurgium

2 Includes recovery loss through flotation circuit for concentrate treatment options.

94

80

64

75

60

For

per

sona

l use

onl

y

Low flotation recoveries make whole ore processing options

more economic

POX and Two-Stage Roasting have similar capital and operating

costs

POX provides ≈15% better gold recoveries than roasting

POX provides greatest degree of oxidation

POX provides the most rapid oxidation of sulfides (≈60 minutes)

Sulfide Processing Options

POX provides optimal processing solution


For

per

sona

l use

onl

y

Çöpler Mine & District

Organic growth


Çöpler Mine Exploration Defining oxide resource limits

Revised $7M exploration budget

Çöpler District Exploration First year of systematic exploration 2012

Large area with significant gold-in-soil anomalies (>30ppb) identified

Limited early-stage drill testing confirms oxide gold mineralization

Soil geochemical surveys to be completed over remaining >80% of Çöpler District tenure in 2013

$13M exploration budget to focus on drilling near-surface oxide targets

Early-stage exploration indicates excellent

potential for oxide gold discoveries

For

per

sona

l use

onl

y

Exceptional Regional Exploration Potential


15 years in Turkey gives Alacer early mover advantage

Involved in 14 exploration projects across Turkey

Cevizlidere

Expect to re-commence drilling later this year, after 5-year hiatus

Large porphyry Cu-Au deposit southeast of Çöpler

Tethyan Belt has excellent mineral potential

Leveraging our expertise

For

per

sona

l use

onl

y


Unlocking Çöpler’s Value

For further information, please contact:

Lisa Maestas North America: +1-303-292-1299

Roger Howe

Australia: +61-2-9953-2470

Pursuing POX as sulfide ore processing method

For

per

sona

l use

onl

y


Appendix

For

per

sona

l use

onl

y

Çöpler Resource


M+I Resource = 8.5M contained ounces of gold

Mineral Resource for the Çöpler Deposit (100%) as at June 30, 2013

Gold

Cut-off

Grade

(g/t)

Material

Type

Resource

Category

Tonnes

(million)

Gold

Grade

(g/t)

Contained

Gold

(million

ounces)

Silver

Grade

(g/t)

Copper

Grade

(%)

Sulfur

Grade

(%)

0.3 Oxide

Measured 16.3 1.7 0.9 3.7 0.2 0.3

Indicated 36.5 0.8 1.0 1.4 0.1 0.2

Measured + Indicated 52.8 1.1 1.8 2.1 0.1 0.3

Inferred 25.7 0.6 0.5 1.4 0.1 0.4

0.8 Sulfide

Measured 74.0 1.6 3.8 4.6 0.1 3.9

Indicated 46.9 1.5 2.2 4.4 0.1 3.9


Inferred 23.9 1.2 1.0 4.6 0.1 3.0

Variable Stockpiles Measured 20.4 1.0 0.7

Variable Total

Measured 110.7 1.5 5.4 4.5 0.1 3.2

Indicated 83.4 1.2 3.2 3.1 0.1 2.3


Inferred 49.6 0.9 1.4 3.0 0.1 1.7

Note: Resources are quoted after mining depletion and are inclusive of reserves. Resources are shown on a 100% basis, of which Alacer Gold owns 80%. Stockpiles include both

oxide and sulfide stockpiles and residual ore stacked on the heap leach stockpiles. Rounding errors will occur. Further information on this resource estimate is in the

announcement dated July 25, 2013.

For

per

sona

l use

onl

y

Documents

Unlocking Çöpler’s Value Pursuing POX as sulfide ore ... · Pursuing POX as sulfide ore processing method ... Gold Recovery = 94% Average Sulfide Gold Grade = 2 ... Unlocking