Mr. John McCluskey reports

ALAMOS GOLD CONTINUES TO EXTEND HIGH-GRADE GOLD MINERALIZATION AT ISLAND GOLD, INCLUDING WITHIN HANGING WALL AND FOOTWALL ZONES IN PROXIMITY TO EXISTING INFRASTRUCTURE

Alamos Gold Inc. has released new results from underground exploration drilling at the Island gold mine, further extending high-grade gold mineralization across the Island gold deposit. This included multiple significant high-grade intercepts within several recently defined hangingwall and footwall structures in proximity to existing underground infrastructure. All reported drill widths are true width of the mineralized zones, unless otherwise stated.

Island West:

• High-grade mineralization extended outside of mineral reserves and resources within the main C zone. The C and E1E zones are the main structures which host the majority of currently defined mineral reserves and resources at Island. New highlights include:
  • 146.33 grams per tonne gold (37.19 g/t cut) over 2.20 m metres (580-473-22);
  • 38.92 g/t Au (38.92 g/t cut) over 2.10 m (790-479-16).

Island West hangingwall zones:

• High-grade gold mineralization intersected within subparallel zones in the hangingwall, and within a newly defined perpendicular structure, the NS1 zone. Multiple subparallel and perpendicular hangingwall zones have been defined over the past year in proximity of existing underground infrastructure and represent a significant opportunity to add near-mine mineral reserves and resources.

NS1 zone:

• 89.31 g/t Au (7.73 g/t cut) over 2.40 m (770-466-03);
• 25.57 g/t Au (5.68 g/t cut) over 2.50 m (770-466-07);
• 42.27 g/t Au (7.43 g/t cut) over 2.30 m (580-473-26);
• 16.06 g/t Au (6.95 g/t cut) over 2.80 m (770-466-02);
• 14.50 g/t Au (10.08 g/t cut) over 3.10 m (580-473-25).

G1 zone:

• 60.03 g/t Au (25.70 g/t cut) over 2.50 m (790-479-13);
• 11.13 g/t Au (6.82 g/t cut) over 2.20 m (850-471-01B).

Island West footwall zones:

• High-grade gold mineralization intersected within newly defined subparallel structure (the DN zone). New highlight:
  • 22.34 g/t Au (22.34 g/t cut) over 2.90 m (790-479-04).

Island East:

• High-grade mineralization extended outside of mineral reserves and resources in the main E1E zone. New highlights include:
  • 104.48 g/t Au (50.76 g/t cut) over 3.10 m (840-608-49);
  • 40.54 g/t Au (33.33 g/t cut) over 2.50 m (840-608-43);
  • 11.93 g/t Au (11.93 g/t cut) over 4.20 m (840-632-17).

Island East footwall zones:

• High-grade gold mineralization intersected within subparallel zones in the footwall (NTH2, NTH3) in proximity to existing underground infrastructure.

NTH2 zone:

• 44.48 g/t Au (9.71 g/t cut) over 3.10 m (620-629-03);
• 17.91 g/t Au (5.34 g/t cut) over 2.10 m (620-629-01).

NTH3 zone:

• 12.34 g/t Au (7.65 g/t cut) over 3.30 m (840-554-44);
• 16.86 g/t Au (11.40 g/t cut) over 2.30 m (840-554-60);
• 13.21 g/t Au (13.21 g/t cut) over 2.70 m (840-554-04);
• 11.02 g/t Au (7.29 g/t cut) over 2.30 m (840-566-08).

"Our continued exploration success within recently defined subparallel structures demonstrate the significant opportunities to add high-grade ounces near our existing mining horizons. This includes the newly defined NS1 zone in the hangingwall, which we are currently developing and mining beyond existing mineral reserves and resources, and outside of our 2023 mine plan. We are also continuing to extend high-grade mineralization across the main Island gold zone to the east and west as part of our successful transition from surface exploration drilling to more cost-effective underground drilling where we leverage our existing development," said John A. McCluskey, president and chief executive officer.

Mr. McCluskey added: "We expect this ongoing success in both the main zone and subparallel structures to drive further growth in high-grade, near-mine mineral reserves and resources. Given their proximity to our existing underground infrastructure, these ounces will be low cost to develop and produce, highlighting the significant ongoing upside to phase 3-plus expansion study outlined in 2022."

New highlight intercepts can be found in an attached table.

2023 exploration drilling program -- Island gold mine

A total of $14-million (U.S.) is budgeted for exploration at Island in 2023. For the past several years, the exploration focus has been on adding high-grade mineral resources at depth in advance of the phase 3-plus expansion study, primarily through surface directional drilling. This exploration strategy has been successful in tripling the mineral reserve and resource base since 2017. With a 17-year mine life, and with work on the expansion ramping up, the focus has shifted to a more cost-effective expanded underground exploration drilling program that will leverage existing underground infrastructure. This drilling is much lower cost on a per-metre basis, is less technically challenging, and requires significantly fewer metres per exploration target.

The underground exploration drilling program has been expanded from 27,500 metres in 2022 to 45,000 m in 2023. The program is focused on defining new mineral reserves and resources in proximity to existing production horizons and infrastructure, including along strike and in the hangingwall and footwall. These potential high-grade mineral reserve and resource additions would be low cost to develop and could be incorporated into the mine plan and mined within the next several years, further increasing the value of the operation. To support the underground exploration drilling program, 444 m of underground exploration drift development are planned to extend drill platforms on the 490, 790, 945 and 980 levels. In addition to the exploration budget, 36,000 m of underground delineation drilling have been planned and included in sustaining capital for Island. A total of 20,027 m of underground exploration drilling and 6,426 m of delineation drilling have been completed as of June 1, 2023.

A regional exploration program, including a total of 7,500 m of drilling, is also under way. The focus will be on evaluating and advancing exploration targets outside the Island gold deposit on the newly expanded 55,300-hectare Island gold property.

Island West

Underground exploration drilling

Underground drilling from the 580-level and the 790-level exploration drifts continues to extend high-grade gold mineralization along strike to the west of mineral reserves and resources in the middle portion of Island West (between vertical depths of 700 m and 1,100 m).

New highlights (see an attached table)

C zone:

• 146.33 g/t Au (37.19 g/t cut) over 2.20 m (580-473-22);
• 38.92 g/t Au (38.92 g/t cut) over 2.10 m (790-479-16).

Island West hangingwall zones

In addition to testing the C zone, underground exploration drilling continued to target and expand on previous drilling that intersected high-grade gold mineralization in subparallel structures in the hangingwall from the 580, 770, 790 and 850 levels. Additional drilling has been successful in establishing continuity and extending high-grade gold mineralization within multiple structures referred to as the B, G and G1 zones (see an attached table). These zones are located 20 m, 75 m and 110 m south of the main C zone, respectively.

NS1 hangingwall zone

In addition to the subparallel structures, a north-striking structure, NS1, with a high-angle orientation relative to the C zone was identified this year. Drill testing and subsequent exploration sills along this structure have demonstrated continuity, both along strike and down dip. In addition, other north-striking, high-angle structures have been identified across the deposit, which will be evaluated further as underground exploration drilling advances.

Three exploration sills have been completed along the NS1 structure from the 750, 770 and 810 levels. A fourth sill is near completion from the 790 level. The objective of these exploration sills is to demonstrate the continuity of the structure and high-grade gold mineralization, both along strike and from level to level down dip. Thus far, the sills have demonstrated excellent continuity over a 60 m strike extent to the south and over 60 m vertically. A highlight from the NS1 zone sill development was 3,130 tonnes of material mined from the 770-level NS1 sill that graded 15.20 g/t Au. This sill development material and the NS1 zone are beyond currently defined mineral reserves and resources as well as outside of the 2023 mine plan.

This further highlights the potential to add high-grade mineral reserves and resources in proximity of existing production horizons and infrastructure, which could be incorporated into the mine plan and mined within the next several years. These potential high-grade mineral reserve and resource additions would be low cost to develop, further increasing the value of the operation and strong economics of the expansion.

New highlights from the Island West hangingwall zones (see an attached table)

NS1 zone:

• 89.31 g/t Au (7.73 g/t cut) over 2.40 m (770-466-03);
• 25.57 g/t Au (5.68 g/t cut) over 2.50 m (770-466-07);
• 42.27 g/t Au (7.43 g/t cut) over 2.30 m (580-473-26);
• 16.06 g/t Au (6.95 g/t cut) over 2.80 m (770-466-02);
• 14.50 g/t Au (10.08 g/t cut) over 3.10 m (580-473-25).

G1 zone:

• 60.03 g/t Au (25.70 g/t cut) over 2.50 m (790-479-13);
• 11.13 g/t Au (6.82 g/t cut) over 2.20 m (850-471-01B).

Island West footwall zone

In addition to testing the C zone and the hangingwall zones at Island West, underground exploration drilling also targeted and expanded on previous drilling that intersected high-grade gold mineralization within a subparallel structure in the footwall from the 790 level. This additional drilling has been successful in establishing continuity and extending high-grade gold mineralization within the DN structure (see an attached table). This zone is located 100 m north of the main C zone.

New highlight from the Island West footwall zone

DN zone:

• 22.34 g/t Au (22.34 g/t cut) over 2.90 m (790-479-04).

Island East

Underground exploration drilling

Underground drilling from the 620-level and 840-level exploration drifts continues to extend high-grade gold mineralization along strike to the east of mineral reserves and resources in the middle portion of Island East (between vertical depths of 500 m and 1,000 m).

New highlights in the E1E zone include (see an attached table):

• 104.48 g/t Au (50.76 g/t cut) over 3.10 m (840-608-49);
• 40.54 g/t Au (33.33 g/t cut) over 2.50 m (840-608-43);
• 11.93 g/t Au (11.93 g/t cut) over 4.20 m (840-632-17).

Island East footwall zones

In addition to testing the E1E zone, underground exploration drilling continued to target and expand on previous drilling that intersected high-grade gold mineralization in subparallel structures in the footwall from the 620 and 840 levels. This additional drilling has been successful in establishing continuity and extending high-grade gold mineralization within multiple structures referred to as the NTH, NTH2 and NTH3 zones (see an attached table). These zones are located 40 m, 90 m and 75 m north of the main E1E zone, respectively.

New highlights from the Island East footwall zones (see an attached table)

NTH2 zone:

• 44.48 g/t Au (9.71 g/t cut) over 3.10 m (620-629-03);
• 17.91 g/t Au (5.34 g/t cut) over 2.10 m (620-629-01).

NTH3 zone:

• 12.34 g/t Au (7.65 g/t cut) over 3.30 m (840-554-44);
• 16.86 g/t Au (11.40 g/t cut) over 2.30 m (840-554-60);
• 13.21 g/t Au (13.21 g/t cut) over 2.70 m (840-554-04);
• 11.02 g/t Au (7.29 g/t cut) over 2.30 m (840-566-08).

In addition to the hangingwall and footwall zones in Island West, these footwall zones in Island East further highlight the potential to add high-grade mineral reserves and resources in proximity of existing production horizons and infrastructure, which could be incorporated into the mine plan and mined within the next several years. These potential high-grade mineral reserve and resource additions would be low cost to develop, further increasing the value of the operation.

Other zones

The majority of Island's mineral reserves and resources as well as main production horizons are hosted in the C/E1E structure. The Island gold deposit also consists of several subparallel and high-angle mineralized structures outside of the main C/E1E zone. As underground development advances, these subparallel hangingwall and footwall structures can be targeted with stepout drilling from underground drill platforms. As demonstrated with the newly defined NTH2, NTH3 and perpendicular NS1 zones, as well as the B, G and G1 zones that were defined in 2022, these zones have the potential to be converted into new mineral reserves and resources adjacent to existing underground infrastructure through additional drilling.

Stepout underground exploration drilling targeting these zones can be completed once underground development has been established. This drilling allows for the confirmation of the geometry and potential continuity of mineralization, with the objective of defining new mineral resources. These hangingwall and footwall exploration opportunities provide potential further upside to define additional mineral reserves and resources outside of the main C/E1E zone in proximity to underground development, which would enhance the ounce-per-vertical-metre profile and provide multiple mining horizons from the same lateral development levels.

Provided herein are highlights of new hangingwall and footwall intersections from underground exploration drilling where the geometry and continuity are not yet established (reported composite intervals are uncut and core length) (see an attached table).

Footwall intersections:

• 137.20 g/t Au over 4.70 m (945-624-03);
• 18.39 g/t Au over 4.20 m (945-624-06);
• 25.85 g/t Au over 2.80 m (790-479-11);
• 6.31 g/t Au over 9.80 m (790-479-10);
• 11.81 g/t Au over 2.70 m (790-479-02).

Hangingwall intersections:

• 55.29 g/t Au over 3.70 m (790-479-16);
• 54.79 g/t Au over 2.70 m (850-471-04);
• 47.61 g/t Au over 2.60 m (850-471-02);
• 18.57 g/t Au over 5.90 m (850-471-17);
• 17.48 g/t Au over 3.20 m (790-479-14);
• 21.04 g/t Au over 2.60 m (850-471-03).

Qualified persons

Scott R.G. Parsons, PGeo, FAusIMM, Alamos Gold's vice-president, exploration, has reviewed and approved the scientific and technical information contained in this news release. Mr. Parsons is a qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

Exploration programs at the Island gold mine are directed and supervised by Tyler Poulin, PGeo, chief geologist at the Island gold mine. Mr. Poulin is a qualified person, as defined by NI 43-101.

Quality assurance/quality control

Alamos Gold maintains an internal quality assurance/quality control program at the Island gold mine to ensure sampling and analysis of all exploration work are conducted in accordance with best practices.

Access to the Island gold mine 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, sample numbers, 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 plastic sample bag and sealed with zip ties 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 Fabrene bags, which are identified and sealed before being placed on pallets. The core samples are picked up at the mine site and delivered to AGAT's laboratory in Thunder Bay, Ont.

Gold is analyzed by a 50-gram fire assay with an atomic absorption finish. Samples greater than 10 g/t Au are reanalyzed using gravimetric finish methods. AGAT is a certified laboratory and has internal quality control programs that include the insertion of reagent blanks, reference materials and pulp duplicates.

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. The quality assurance/quality control procedures are more completely described in the technical report filed on SEDAR (Aug. 29, 2022).

About Alamos Gold Inc.

Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. These include 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, 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.

We seek Safe Harbor.