Mr. Scott Parsons reports

ALAMOS GOLD ANNOUNCES RELEASE OF INAUGURAL CLIMATE CHANGE REPORT

Alamos Gold Inc. has released its inaugural climate change report. This is a significant milestone in Alamos' sustainability journey and follows a previous statement in mid-2022 announcing Alamos' target of a 30-per-cent reduction in absolute greenhouse gas (GHG) emissions by 2030.

This report achieves a number of objectives, including: providing an overview of Alamos' corporate governance around climate-related risks and opportunities; outlining the company's processes to identify, assess and manage climate-related risks; alignment to task force on climate-related financial disclosure recommendations; and further details on Alamos' 30-per-cent absolute GHG emission reduction target by 2030.

John McCluskey, president and chief executive officer of Alamos, commented: "Alamos has emerged as an industry leader with among the lowest GHG emission intensity per ounce of gold produced, placing well below our peer and senior producer average. In this climate change report, you will read about initiatives under way at all three operations, including our phase 3-plus expansion at Island Gold, which is expected to drive a 35-per-cent reduction in our GHG emissions over the life of the mine."

Alamos is already an industry leader in GHG emission intensity with an average of 0.38 tCO2e (tonnes carbon dioxide equivalent) per ounce of gold produced across its three operating mines (base year 2020/2021), which is 43 per cent lower than the mining industry average of 0.67 tCO2e per ounce of gold. Part of this success includes Young-Davidson's 37-per-cent reduction of emission intensity in 2021 over the year prior, reflecting a reduced reliance on diesel consumption at the mine through the installation of electric conveyance systems.

Alamos is implementing a plan to achieve a 30-per-cent reduction in absolute GHG emissions, with a focus on six key projects across the company. The first completed project involves fuel switching to convert the use of propane to compressed natural gas at Young-Davidson. Propane has historically been used at site for heating of buildings and underground air for the mine during the winter months. The conversion to compressed natural gas will be beneficial from a cost perspective, as well as a greenhouse gas reduction.

Alamos' climate change report can be found on the company's website in the sustainability section.

About Alamos Gold Inc.

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-plus 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.

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