Mr. John McCluskey reports

ALAMOS GOLD CONTINUES TO EXTEND HIGH-GRADE GOLD MINERALIZATION BEYOND MINERAL RESERVES AND RESOURCES AT PUERTO DEL AIRE, AND PROVIDES REGIONAL EXPLORATION UPDATE AT MULATOS

Alamos Gold Inc. has released new results from continuing surface exploration drilling within the Mulatos district. This included further extending high-grade gold mineralization outside of Mineral Reserves and Resources at Puerto Del Aire ("PDA"), a higher-grade underground deposit adjacent to the Mulatos pit. Additionally, gold mineralization was intersected over a wide interval at the Capulin target, located two-kilometres east of the former San Carlos open pit.

Puerto Del Aire ("PDA")

High-grade gold mineralization further extended beyond Mineral Reserves and Resources at PDA, supporting the potential for ongoing growth of the deposit which remains open in multiple directions. This follows a 71% increase in combined Mineral Reserves and Resources in 2022 to total 1.0 million ounces. All reported composite widths are estimated true width of the mineralized zones. New highlights include:

• 20.95 g/t Au (11.14 g/t cut) over 14.15 m (23MUL117);
• 8.33 g/t Au (8.33 g/t cut) over 18.00 m (23MUL119);
• 14.81 g/t Au (12.34 g/t cut) over 9.10 m (23MUL112);
• 16.19 g/t Au (7.63 g/t cut) over 7.75 m (23MUL108);
• 33.14 g/t Au (33.14 g/t cut) over 3.05 m, and 10.80 g/t Au (10.80 g/t cut) over 3.00 m (23MUL098); and
• 15.49 g/t Au (13.89 g/t cut) over 6.00 m (23MUL115).

Capulin Target

Significant interval of oxide and sulphide gold mineralization intersected in a breccia along the Capulin Fault. Follow-up drilling is ongoing in this area to test the geometry and extent of the gold mineralization and the breccia unit. New highlights include:

2.01 g/t Au (2.01 g/t cut) over 82.45 m core length, including 4.81 g/t Au over 16.40 m and 5.38 g/t Au over 12.35 m (23REF012).

Note: Drillhole composite gold grades reported as "cut" may include higher grade samples which have been cut to 40 g/t Au.

"Our exploration success at PDA and regionally continues to demonstrate the potential within the Mulatos District. PDA has already surpassed La Yaqui Grande in terms of the size of its Mineral Reserve base. We expect that growth to continue based on the number of high-grade step out holes completed in 2023 and with the deposit open in multiple directions. Reflecting this success, we've more than doubled the size of the exploration program at PDA since the start of the year. This growth will be incorporated into a development plan for PDA to be completed in the fourth quarter. We see excellent potential for PDA to be another low-cost, high-return project given its higher-grades, ongoing growth and proximity to the main Mulatos pit and existing infrastructure," said John A. McCluskey, President and Chief Executive Officer.

"We are also encouraged by the wide interval of significant gold mineralization intersected at the Capulin target, highlighting the regional potential. Mulatos has a similar Reserve life today as it did 18 years ago when it first began production, demonstrating a strong long-term track record of exploration success. Given our ongoing near mine and regional exploration success, we expect that track record to continue well into the future," Mr. McCluskey added.

New highlight intercepts can be found in Tables 1 and 2, and in Figures 3 and 4 at the end of this news release.

2023 Exploration Budget - Mulatos

The Company has a large exploration package covering 28,972 hectares with the majority of past exploration efforts focused around the Mulatos mine. For 2023, a total of $21 million has been budgeted for exploration, triple the $7 million budget in 2022. This includes 35,000 metres ("m") of surface exploration drilling at PDA, up from the initial budget of 16,000 m reflecting the growth in Mineral Reserves and Resources in 2022 and ongoing success in 2023.

Additionally, the regional exploration budget has doubled to 34,000 m with the focus on several high priority targets including Refugio, Halcon, Halcon West, Carricito, Bajios, and Jaspe.

Puerto Del Aire

PDA is a higher-grade underground deposit located adjacent to the main Mulatos pit and is comprised of multiple mineralized zones including PDA, Gap, Victor, and Estrella (Figure 2). Ongoing exploration success has driven substantial growth in the deposit over the past two years. This included a 70% increase in Mineral Reserves to 728,000 ounces at the end of 2022 with grades increasing 4% to 4.84 g/t Au. Mineral Reserves and Resources at PDA now total 1.0 million ounces across all categories, up 71% from the end of 2021. Over the past two years, discovery costs at PDA have averaged $10 per ounce.

The initial focus of the surface exploration program in 2023 has been on the main PDA zone where drilling continues to extend high-grade mineralization beyond Mineral Reserves and Resources. Given ongoing exploration success and with the deposit open in multiple directions, there is excellent potential for further growth in Mineral Reserves and Resources. Year-to-date, 14,000 m of drilling has been completed in 45 holes at PDA. A total of 29 holes are included in this release with assays pending on 16 holes.

Five surface drill rigs are currently in operation with the 35,000 m program expected to be completed early in the third quarter of 2023. These results will be incorporated into a development plan for PDA which is expected to be completed in the fourth quarter of 2023 and outline a significant mine life extension at Mulatos. PDA is expected to be mined from underground and accessed from a ramp and development drifts off the main Mulatos pit. This will significantly reduce the development needed to access the deposit. The existing mill at Mulatos is expected to be expanded and upgraded to process the higher-grade ore from PDA. The mill was previously used to process underground ore from San Carlos.

Regional Exploration Update

In the first quarter of 2023, 6,556 m of regional surface exploration drilling was completed at several targets in the Refugio, Halcon West, and Carricito areas.

A key highlight from the results received to date include drill hole 23REF012, which was drilled in the Capulin target area. This is located approximately two kilometres east of the former San Carlos open pit, in an area that had seen limited historical exploration.

Drillhole 23REF012 intersected a significant interval of oxide and sulphide gold mineralization, 2.01 g/t Au (2.01 g/t cut) over 82.45 m core length including 4.81 g/t Au over 16.40 m and 5.38 g/t Au over 12.35 m in a breccia unit in the Capulin Fault Zone. This hole is a 75 m step-out to the northwest from drillhole 17REF015, which was drilled in 2017 and intersected 1.00 g/t Au over 13.80 m. The recognition of the mineralized breccia in 23REF012 and recent mapping has triggered a re-interpretation of the geology in this area east of the past producing San Carlos Mine. An additional drill has been mobilized to follow-up on 23REF012, and one drill continues to test gold mineralization that was identifed in grab samples collected over a two kilometre strike length along the Capulin Fault Zone.

Qualified Persons

Scott R.G. Parsons, P.Geo., FAusIMM, Alamos Gold's Vice President, Exploration, has reviewed and approved the scientific and technical information contained in this news release. Scott R.G. Parsons is a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Exploration programs at Mulatos are directed and supervised by Michele Cote, P.Geo., Alamos Gold's Chief Exploration Geologist, Corporate. Michele Cote is a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Quality Assurance and Quality Control

Alamos Gold maintains an internal Quality Assurance / Quality Control (QA/QC) program at Mulatos to ensure sampling and analysis of all exploration work is conducted in accordance with best practices.

Access to the Mulatos Property is controlled by security personnel. Drill core is logged and sampled at the core logging facility within the mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis, and sample intervals, based on lithology and alteration, standards and blanks are entered into the database. The core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a micropore sample bag and sealed with a cable tie in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large heavy-duty nylon reinforced micropore bags, which are identified and sealed before being dispatched. The core samples are picked up at the mine site and delivered to Bureau Veritas Commodities Canada Ltd. laboratory in Hermosillo, Mexico.

Gold is analyzed by 30 grams Lead Collection Fire Assay Fusion (FA) that ends with an Atomic Absorption Spectroscopy finish (AAS). Samples greater than 5.0 g/t Au are re-analyzed starting again with a FA process but ending with a gravimetric finish (GRAV). Bureau Veritas is an ISO/IEC 17025 accredited laboratory and has internal quality control ("QC") programs that include insertion of reagent blanks, reference materials, and pulp duplicates that are in line with normal requirements, as well as participating in yearly proficiency tests to evaluate lab performance.

The Corporation inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance. Cross check assays are completed on a regular basis in a secondary accredited laboratory.

About Alamos

Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Young-Davidson and Island Gold mines in northern Ontario, Canada and the Mulatos mine in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 1,900 people and is committed to the highest standards of sustainable development. The Company's shares are traded on the TSX and NYSE under the symbol "AGI".

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