April 30, 2020, Toronto: Alacer Gold Corp. (“Alacer” or the “Company”) [TSX: ASR and ASX: AQG] has announced today that it has filed its 2020 first quarter operating and financial results and related management’s discussion and analysis (“MD&A”). The corresponding financial statements and MD&A are available on www.AlacerGold.com, www.SEDAR.com and www.asx.com.au. All currencies referenced herein are denominated in USD unless otherwise stated.
Rod Antal, Alacer’s President and Chief Executive Officer, stated, “Our operations had a strong start to the year with consolidated production of 88,000 ounces at AISC of $700/oz, generating $47 million of unlevered free cash flow, and reducing our net debt to below $25 million at the end of the quarter. The first planned major shutdown of autoclave two was successfully completed in March and the autoclave was found to be in excellent condition. As a result, we are considering postponing the shutdown of autoclave one until later this year or early next year.
While COVID-19 has presented global challenges, we started preparing early for the potential impacts to our business. As a result of our preparation, we have been fortunate and able to manage COVID-19 without any material impact to our operations, logistics or financial position to date. This has also allowed us to maintain this year’s production and cost guidance.
From a growth perspective, we continue to progress the Çöpler District Technical Report with an expected issuance later this year as we continue to march down the path of delineating a production profile of 300–400Kozs per year for the next 10 years.”

Highlights
Operational
? Gold production was 87,863 ounces in Q1 2020 which is on track to meet 2020 guidance1 with 62,800 ounces produced from the sulfide plant and 25,063 ounces produced from the oxide plant.
? The Çöpler Gold Mine produced its two millionth ounce during the quarter.
? While there have been some indirect impacts caused by the COVID 19 pandemic, the Çöpler Gold Mine continues to operate, to date, without any material impact on the mining operations, logistics, supply chain, sales or financial position of the Company.
? The Çöpler Gold Mine achieved 2.7 million man-hours and 218 days lost-time injury free as of March 31, 2020. The total recordable injury frequency rate2 for Q1 2020 was 2.69.
? The first scheduled shutdown and internal inspection of autoclave 2 was completed in March and found the refractory linings and equipment to be in excellent condition. An assessment is underway to determine if the planned shutdown of autoclave 1, which is currently scheduled for June, should be rescheduled to later in 2020 or 2021.
? Consolidated All-In Sustaining Costs per ounce3 sold (“AISC”) was $700, which is below guidance1 of $735 to $785 per ounce.
? The 2019 Sustainability report was published and uploaded to the GRI Sustainability Database.

Growth
? The Company continued its focus on improving and extending oxide gold production in future years beyond the current Çöpler oxide reserves by accelerating the development of a number of near-mine targets within the Çöpler pits and surrounding areas with 10 drill rigs currently active.
? Drilling recommenced at the Ardich deposit in Q1. Ardich has an interim Indicated Mineral Resource4 of approximately 817,000 ounces of gold (15.86 million tonnes at 1.60 g/t of gold (“Au”) and an Inferred Mineral Resource of approximately 594,000 ounces of gold (8.80 million tonnes at 2.10 g/t Au).
? An updated Çöpler District Technical Report5 is planned to be released in the second half of 2020. This will include preliminary development plans for Ardich, updating the performance expectations of the Çöpler Sulfide Plant, incorporating a proposed supplemental flotation circuit, as well as opportunities for tailings storage expansion and for resource conversion in Çöpler.
? The potential for heap leach pad constraints has been eliminated with the progression of an approximate 25 million tonnes Çöpler heap leach pad expansion that will be built in phases over the coming years and providing approximately 5 years of additional oxide processing capacity.
? The Company announced positive drill results for the Mavialtin Porphyry Belt6 which confirmed and extended the known extent of copper and gold mineralization in Mavidere, Findiklidere and Aslantepe.
? The Company continues to actively explore a number of highly prospective exploration targets across Turkey.
o Initial drill results from the Copper Hill copper exploration prospect in the Black Sea region were issued on April 22, 20207. Seven of the eight holes intersected high grade sulfide copper mineralization close to surface.

Financial
? Attributable Q1 2020 earnings were $48.6 million or $0.16 per share with normalized attributable earnings8 of $28.4 million or $0.10 per share.
? The Company ended the first quarter with consolidated cash9 of $239 million, debt10 of $262 million, resulting in net debt10 of $23 million.
? Gold sales in Q1 2020 were 89,604 ounces resulting in revenue of $142.3 million and cash flow from operating activities of $63.4 million.
Conference Call / Webcast Details
Alacer will host a conference call on Thursday, April 30, 2020 at 5:30 p.m. (North America Eastern Daylight Time) / Friday, May 1, 2020 at 7:30 a.m. (Australian Eastern Standard Time).
You may listen to the call via webcast at http://services.choruscall.ca/links/alacer20200428.html. The conference call presentation will also be available at the link provided prior to the call commencing.
You may participate in the conference call by dialing:
1-800-319-4610 for U.S. and Canada
1-800-423-528 for Australia
800-930-470 for Hong Kong
800-101-2425 for Singapore
0808-101-2791 for United Kingdom
1-604-638-5340 for International
“Alacer Gold Call” Conference ID