THE INSTRUCTIONS ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.

LETTER OF TRANSMITTAL

for Deposit of Common Shares

of

CARLISLE GOLDFIELDS LIMITED

For Use in Connection with the Arrangement Involving Alamos Gold Inc. and Carlisle Goldfields Limited

This Letter of Transmittal is for use by registered holders ('Carlisle Shareholders') of common shares ('Carlisle Shares') of Carlisle Goldfields Limited ('Carlisle') in connection with a proposed plan of arrangement (the 'Arrangement') involving Alamos Gold Inc. ('Alamos') and Carlisle under which Alamos will acquire all of the issued and outstanding Carlisle Shares, which is to be considered at the special meeting of Carlisle Shareholders to be held on December 16, 2015, or any adjournment(s) or postponement(s) thereof (the 'Meeting'). Carlisle Shareholders are referred to the Notice of Special Meeting of Carlisle Shareholders and management information circular dated November 12, 2015 (collectively, the 'Circular') prepared in connection with the Meeting that accompanies this Letter of Transmittal. The terms and conditions of the Arrangement are incorporated by reference in this Letter of Transmittal. Capitalized terms used but not otherwise defined herein have the respective meanings ascribed thereto in the Glossary of Terms in the Circular. You are encouraged to carefully review the Circular in its entirety.

COMPUTERSHARE INVESTOR SERVICES INC. (THE 'DEPOSITARY') (SEE LAST PAGE FOR ADDRESS AND TELEPHONE NUMBER)

OR YOUR BROKER OR OTHER FINANCIAL ADVISOR WILL BE ABLE TO ASSIST YOU IN COMPLETING THIS LETTER OF TRANSMITTAL

This Letter of Transmittal is for use by registered Carlisle Shareholders only and is not to be used by beneficial holders of Carlisle Shares ('Beneficial Shareholders'). A Beneficial Shareholder does not have Carlisle Shares registered in its name; rather, such Carlisle Shares are held by an intermediary or clearing agency such as CDS Clearing and Depository Services Inc. If you are a Beneficial Shareholder, you should contact your intermediary for instructions and assistance in delivering your certificate(s) representing Carlisle Shares and receiving consideration for such Carlisle Shares.

On the Effective Date, all right, title and interest of the Carlisle Shareholders in the Carlisle Shares will be transferred to Alamos and the Carlisle Shareholders (other than Dissenting Shareholders) will be entitled to receive, in exchange for each Carlisle Share, 0.0942 of one common share of Alamos ('Alamos Shares') and 0.0942 of one common share purchase warrant (each whole warrant, an 'Alamos Arrangement Warrant' and, collectively with the Alamos Shares, the 'Consideration') to purchase Alamos Shares at an exercise price of $10.00 until 5:00 p.m. (Toronto time) on the date that is three years following the Effective Date. Subject to the approval of the Arrangement by the Carlisle Shareholders, the Court and certain other conditions described in the Circular, the Effective Date is anticipated to occur shortly after the Meeting. See the Circular for details.

Carlisle Shareholders are not entitled to receive fractional Alamos Shares or Alamos Arrangement Warrants in connection with the Arrangement and the number of Alamos Shares and Alamos Arrangement Warrants issuable in

connection with the Arrangement will be rounded up or down to the nearest whole number in accordance with the Plan of Arrangement.

For Carlisle Shareholders to receive the Consideration in exchange for their Carlisle Shares, Carlisle Shareholders are required to deposit the certificate(s) representing the Carlisle Shares held by them with the Depositary. This Letter of Transmittal, properly completed and duly executed, together with all other required documents, must accompany all certificates for Carlisle Shares deposited pursuant to the Arrangement.

Please read the Circular and the instructions set out herein carefully before completing this Letter of Transmittal. Delivery of this Letter of Transmittal to an address other than as set forth herein will not constitute a valid delivery. If Carlisle Shares are registered in different names, a separate Letter of Transmittal must be submitted for each different registered owner. See Instruction 2.

Certain 'Eligible Holders' (as described in the Circular and below in Box 'C') may wish to file with the Canada Revenue Agency (the 'CRA') (and, where applicable, with a provincial tax authority) a joint election with Alamos pursuant to section 85 (a 'Joint Tax Election') of the Income Tax Act (Canada) (the 'Tax Act') (and, where applicable, provincial income tax legislation) to obtain a full or partial tax deferral in respect of the disposition of Carlisle Shares in exchange for the Consideration. Carlisle Shareholders should consult their own tax advisor to determine if making a Joint Tax Election may be permitted or otherwise desirable in their particular circumstances. Eligible Holders who wish to make a Joint Tax Election should carefully read the section entitled 'Certain Canadian Federal Income Tax Considerations' in the Circular, consult with their own tax advisors with respect to the Joint Tax Election and indicate their intention to make a Joint Tax Election in this Letter of Transmittal. Alamos or the Depositary will provide Eligible Holders who indicate they intend to make a Joint Tax Election with a tax instruction letter. The tax instruction letter may also be obtained at www.alamosgold.com. Each Eligible Holder who wishes to make a Joint Tax Election must follow the procedures set out in the tax instruction letter and must provide two signed copies of the joint election forms necessary for the Eligible Holder to make a Joint Tax Election to the appointed representative as directed by Alamos within 90 days after the Effective Time. Eligible Holders who do not do so in accordance with the procedures set out in the tax instruction letter on or before the 90th day following the Effective Time may not be able to make a Joint Tax Election. Eligible Holders who wish to make a Joint Tax Election with Alamos should give their immediate attention to this matter.

The undersigned (a) understands that whether or not the undersigned delivers the required documentation to the Depositary, as of the Effective Date, the undersigned will cease to be a Carlisle Shareholder and, subject to the ultimate expiry identified below, will only be entitled to receive the Consideration to which the undersigned is entitled under the Arrangement; and (b) acknowledges and agrees that failure to surrender any certificates, which, prior to the Effective Date, represented issued and outstanding Carlisle Shares with all other instruments required by this Letter of Transmittal, on or prior to the sixth anniversary of the Effective Date will result in a loss of any right to receive the Consideration and any claim or interest of any kind or nature against Carlisle, Alamos or the Depositary.

Notice to U.S. Shareholders

Alamos Shares and Alamos Arrangement Warrants to be issued under the Arrangement have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or the securities laws of any state of the United States and are to be issued in reliance upon the exemption from the registration requirements of the U.S. Securities Act set forth in Section 3(a)(10) thereof and pursuant to similar exemptions from the registration or qualification requirements of any applicable securities laws of any state of the United States. The solicitation of proxies by Alamos or Carlisle is not subject to the proxy requirements of Section 14(a) of the United States Securities Exchange Act of 1934, as amended (the 'U.S. Exchange Act'), by virtue of an exemption applicable to proxy solicitations by a 'foreign private issuer' as defined in Rule 3b-4 of the U.S. Exchange Act. Persons that are 'affiliates' (as defined in Rule 405 of the U.S. Securities Act) of Alamos after the Arrangement or were affiliates of Alamos at the Effective Time may not sell their Alamos Shares or Alamos Arrangement Warrants that they receive in connection with the Arrangement in the absence of registration under the

U.S. Securities Act, unless an exemption from such registration requirements is available.

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TO: CARLISLE GOLDFIELDS LIMITED AND TO: ALAMOS GOLD INC.

AND TO: COMPUTERSHARE INVESTOR SERVICES INC., THE DEPOSITARY

THE UNDERSIGNED ACKNOWLEDGES THAT HE OR SHE HAS READ THE RECOMMENDATIONS OF THE BOARD OF DIRECTORS OF CARLISLE RELATING TO THE PROPOSED ARRANGEMENT, AS SET OUT IN THE CIRCULAR.

The undersigned Carlisle Shareholder hereby deposits the Carlisle Shares held by the undersigned. Each Carlisle Shareholder will receive, in exchange for each Carlisle Share, (i) 0.0942 of one Alamos Share and (ii) 0.0942 of one Alamos Arrangement Warrant pursuant to the Arrangement.

In connection with the Arrangement being considered for approval at the Meeting, the undersigned hereby deposits with the Depositary for transfer upon the Arrangement becoming effective, the enclosed certificate(s) representing Carlisle Shares, details of which are as follows:

DESCRIPTION OF CARLISLE SHARES DEPOSITED

TOTAL:

It is understood that, upon receipt of this Letter of Transmittal duly completed and signed, the certificate(s) representing the Carlisle Shares deposited herewith (the 'Deposited Shares') and any other required documentation, and following the Effective Date, the above-listed certificates will be surrendered in exchange for a Direct Registration ('DRS') advice representing Alamos Shares and a certificate representing Alamos Arrangement Warrants. The undersigned authorizes and directs the Depositary to issue a DRS advice representing Alamos Shares and a certificate representing Alamos Arrangement Warrants to which the undersigned is entitled, as indicated below. The Depositary will send to the undersigned, in accordance with the delivery instructions provided in Box 'A' or Box 'B', a DRS advice representing the newly issued Alamos Shares and a certificate representing the newly issued Alamos Arrangement Warrants which the undersigned is entitled to receive pursuant to the Arrangement, and the certificate(s) representing the Deposited Shares will forthwith be cancelled.

The undersigned Carlisle Shareholder covenants, represents and warrants in favour of Carlisle and Alamos that: (i) the undersigned has received the Circular; (ii) the undersigned is the registered holder of the Deposited Shares; (iii) the Deposited Shares represent all of the Carlisle Shares owned by the undersigned; (iv) the Deposited Shares are owned by the undersigned free and clear of all hypothecs, mortgages, pledges, assignments, liens, charges, security interests, encumbrances, adverse rights, claims, other third person interests or encumbrances of any kind, whether contingent or absolute, and any agreement, option, right or privilege (whether by law, contract or otherwise) capable of becoming any of the foregoing; (v) the undersigned has full power and authority to execute and deliver this Letter of Transmittal and to deposit, sell, assign, transfer and deliver the Deposited Shares and that, when the Consideration is paid, none of Alamos and Carlisle, or any affiliate thereof or successor thereto, will be subject to any adverse claim in respect of such Deposited Shares; (vi) all information inserted into this Letter of Transmittal by the undersigned is complete, true and accurate; (vii) the Deposited Shares have not been sold, assigned or transferred, nor has any agreement been entered into to sell, assign or transfer any such Deposited Shares to any other person; (viii) the surrender of the Deposited Shares complies with applicable laws; (ix) if the

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undersigned will request Alamos to make a Joint Tax Election, that the undersigned is an 'Eligible Holder' (as described in the Circular and in Box 'C' below); and (x) the delivery of the applicable Consideration contemplated by the Arrangement will discharge any and all obligations of Alamos, Carlisle and the Depositary with respect to the matters contemplated by this Letter of Transmittal and the Arrangement. The undersigned agrees to execute, upon request, any additional documents, transfers and other assurances as may be necessary or desirable to complete the exchange of share certificate(s) representing Carlisle Shares for the Consideration. The covenants, representations and warranties of the undersigned herein contained survive the completion of the Arrangement.

The undersigned revokes any and all authority, other than as granted in this Letter of Transmittal and except with respect to any proxy deposited with respect to the Meeting, whether as agent, attorney-in-fact, proxy or otherwise, previously conferred or agreed to be conferred by the undersigned at any time with respect to the Deposited Shares and no subsequent authority, whether as agent, attorney-in-fact, proxy or otherwise, will be granted with respect to the Deposited Shares. Each authority conferred or agreed to be conferred by the undersigned in this Letter of Transmittal shall survive the death or incapacity of the undersigned and any obligation of the undersigned hereunder shall be binding upon the heirs, personal representatives, legal representatives, successors and assigns of the undersigned.

The authority herein conferred, coupled with an interest, is not intended to be a continuing power of attorney within the meaning of and governed by the Substitute Decisions Act (Ontario) or any similar power of attorney under equivalent legislation in any of the provinces or territories of Canada (a 'CPOA'). The execution of this Letter of Transmittal shall not terminate any such CPOA granted by the undersigned previously and shall not be terminated by the execution by the undersigned in the future of a CPOA, and the undersigned hereby agrees not to take any action in the future which results in the termination of the authority herein conferred.

The undersigned agrees that all questions as to validity, form, eligibility (including timely receipt) and acceptance of any Carlisle Shares surrendered in connection with the Arrangement shall be determined by Carlisle, Alamos and the Depositary in their sole discretion and that such determination shall be final and binding and acknowledges that there is no duty or obligation upon Carlisle, Alamos, the Depositary or any other person to give notice of any defect or irregularity in any such surrender of Carlisle Shares and no liability will be incurred by any of them for failure to give any such notice.

The undersigned hereby acknowledges that the delivery of the Deposited Shares shall be effected and the risk of loss and title to such Deposited Shares shall pass only upon proper receipt thereof by the Depositary. The undersigned will, upon request, execute any signature guarantees or additional documents deemed by the Depositary to be reasonably necessary or desirable to complete the transfer of the Deposited Shares.

The undersigned surrenders to Alamos, effective at the Effective Time, all right, title and interest in and to the Deposited Shares and irrevocably appoints and constitutes the Depositary as lawful attorney of the undersigned, with full power of substitution to deliver the certificates representing the Deposited Shares pursuant to the Arrangement and to effect the transfer of the Deposited Shares on the books of Carlisle.

The undersigned instructs the Depositary to mail the DRS advice representing the Alamos Shares and the certificate representing the Alamos Arrangement Warrants that the undersigned is entitled to receive pursuant to the Arrangement, in exchange for the duly completed Letter of Transmittal and the Deposited Shares, as soon as practicable following the later of the Effective Date and the date of the deposit of the Letter of Transmittal and the certificates representing the Deposited Shares, together with all other required documents, with the Depositary, by first-class mail, postage prepaid, to the undersigned, or to hold such DRS advice representing the Alamos Shares and certificate representing the Alamos Arrangement Warrants in exchange for the Deposited Shares for pick-up, in accordance with the instructions given below.

It is understood that the undersigned will not receive the Consideration under the Arrangement in respect of the Deposited Shares until the Arrangement is consummated and until the certificate(s) representing the Deposited Shares owned by the undersigned are received by the Depositary at the address set forth on the back of this Letter of Transmittal, together with a duly completed Letter of Transmittal and such additional documents as the Depositary may require, and until the same are processed by the Depositary. It is understood that under no circumstances will interest accrue or be paid in respect of the Deposited Shares in connection with the Arrangement.

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