In 2021, Alamos Gold engaged PricewaterhouseCoopers LLP (“PwC”) to assess the economic impact of the Lynn Lake Gold Project for Canada, Manitoba and the Northern Region of Manitoba. The accompanying report, which is based on the Project’s 2017 Feasibility Study, provides an estimate on the contribution of the Project on gross domestic product (“GDP”), employment, labour income, and taxes during development and on an annual basis for steady state ongoing operations. The results of PwC’s analysis are measures of commonly considered economic variables and the total contribution to each variable of the industry’s activities.
Including indirect (supply chain) and induced (employee spending) impacts, the total economic impact of the Lynn Lake Gold Project is estimated to be C$965 million in GDP, C$684 million in labour income, 11,030-person year jobs, and C$416 million in total taxes, of which C$163 million are provincial taxes.
Note, these estimates are understated, as they do not reflect the Project’s 2023 Feasibility Study Update. We anticipate the Project’s direct, indirect and induced benefits to be substantially greater given the larger, longer-life operation compared to the 2017 Study.
Table 1: Economic Impacts in Manitoba
| Impact types | GDP (C$ 000s) | Labour income (C$ 000s) | Employment in person years | Total tax revenue (C$ 000s) |
| Direct | 636,627 | 534,035 | 6,258 | – |
| Indirect | 75,994 | 41,788 | 1,001 | – |
| Induced | 252,409 | 108,196 | 3,772 | – |
| Total | 965,030 | 684,020 | 11,030 | 415,551 |
