Mr. John McCluskey reports

ALAMOS GOLD EXTENDS GOLD MINERALIZATION BEYOND MINERAL RESERVES AND RESOURCES WITHIN LYNN LAKE PROJECT AND ACROSS SEVERAL REGIONAL TARGETS HIGHLIGHTING SIGNIFICANT EXPLORATION UPSIDE

Alamos Gold Inc. has released new results from its continuing exploration program on the Lynn Lake project in Manitoba, Canada. The results are being released in advance of an updated feasibility study on the Lynn Lake project to be issued later this week, which will incorporate the Gordon and MacLellan gold deposits. Several regional exploration targets and drilling completed at Gordon over the past 1-1/2 years have not been incorporated into the 2023 study highlighting the significant exploration upside potential.

• Gordon gold deposit: gold mineralization extended outside of mineral reserves and resources in the northeastern extent of the planned Gordon pit, in an area modelled as waste in the 2023 study; new highlights include:
  • 11.19 grams per tonne gold over 10.40 metres (5.87-metre true width) (22GDX082);
  • 2.51 g/t Au over 25.10 m (17.30-metre true width) (22GDX081);
  • 2.86 g/t Au over 10.59 m (7.74-metre true width), and 4.72 g/t Au over 5.35 m (3.55-metre true width) (22GDX080);
• Maynard regional target: significant gold mineralization extended over a 700-metre strike length and to a depth of 280 m; Maynard is located in proximity to the Burnt Timber and Linkwood deposits and one kilometre from an all-season road, representing a high-priority target as a potential satellite deposit within trucking distance of the MacLellan mill; to date, all 16 holes drilled within the Maynard target have intersected gold mineralization; new highlights include (1):
  • 5.87 g/t Au over 11.88 m, including 13.81 g/t Au over 2.80 m, and 20.29 g/t Au over 1.22 m (23LLX066);
  • 1.01 g/t Au over 56.90 m, including 6.09 g/t Au over 2.50 m (22LLX031);
  • 2.63 g/t Au over 13.00 m, including 39.70 g/t Au over 0.73 m, and 0.80 g/t Au over 16.00 m, and 0.58 g/t Au over 23.15 m (22LLX027);
  • 0.68 g/t Au over 40.13 m (22LLX028);
  • 1.09 g/t Au over 23.75 m, including 4.72 g/t over 4.01 m (22LLX030);
• Tulune regional target: additional drilling has extended broad zones of near-surface gold mineralization over a 1.5-kilometre strike length, including a 350-metre stepout hole to the east; Tulune is a greenfield discovery made in 2020 and is located between the Gordon and MacLellan deposits; all 29 holes drilled within the felsic intrusive at the Tulune target to date have intersected gold mineralization; new highlights include (1):
  • 1.12 g/t Au over 23.00 m (22LLX059);
  • 1.08 g/t Au over 16.10 m, including 34.30 g/t Au over 0.30 m (22LLX054);
  • 0.75 g/t Au over 21.90 m (22LLX060).
• Burnt Timber and Linkwood gold deposits: An updated deposit-scale geological model has been completed for both deposits, demonstrating excellent potential for a smaller, higher-grade mineral resource that could provide additional ore to the MacLellan mill. The deposits contained inferred mineral resources totalling 1.6 million ounces grading 1.1 g/t Au (44.4 million tonnes) as of Dec. 31, 2022. The Burnt Timber and Linkwood deposits are connected by an existing all-season road to the planned MacLellan site and mill, representing further upside potential to the coming 2023 study.

(1) Gold grades reported as uncut, composite intervals reported as core length and true width is unknown at this time.

"The Lynn Lake greenstone belt is a large, underexplored district with potential we are only starting to realize. Through our Gordon and MacLellan deposits, we have increased mineral reserves to more than two million ounces. With another two million ounces of mineral resources across multiple deposits and significant gold mineralization being intersected across a number of promising regional targets including Maynard and Tulune, we see excellent potential to continue adding mineral reserves to the Lynn Lake project. We expect the 2023 study will confirm Lynn Lake as an attractive, long-life, low-cost project in Canada, and as we are demonstrating through ongoing near-mine and regional exploration success, a project with significant exploration upside," said John A. McCluskey, president and chief executive officer.

Lynn Lake project

The Lynn Lake gold project (LLGP) encompasses most of the east-trending, 125-kilometre-long, Paleoproterozoic Lynn Lake greenstone belt (LLGB) in northwestern Manitoba with a total of 58,000 hectares of mineral tenure.

A positive feasibility study on the LLGP was completed in December, 2017, based on mineral reserves within the MacLellan and Gordon deposits. The feasibility study outlined average annual production of 143,000 ounces over a 10-year mine life at average mine-site all-in sustaining costs of $745 per ounce. The 2023 study is expected to demonstrate a longer mine life and higher rate of annual production over its initial 10 years with a similar low-cost profile.

Exploration drilling completed at Gordon since April, 2022, has not been factored into the 2023 study. This represents potential upside, along with several regional targets in the pipeline, including the Burnt Timber and Linkwood deposits, which contain 1.6 million ounces of inferred mineral resources (44.4 mt at 1.1 g/t Au) in proximity to the planned MacLellan mill.

In March, 2023, the company achieved a significant permitting milestone for the Lynn Lake project with a positive decision statement issued by the Ministry of Environment and Climate Change Canada based on the completed federal environmental impact statement, and Environment Act licences issued by the Province of Manitoba. The 2022 and 2023 exploration programs have focused on the Gordon, Burnt Timber and Linkwood deposits, as well as several advanced-stage greenfield targets including the Maynard and Tulune targets. Drilling intersected significant gold mineralization at both brownfield sites, as well as at Maynard and Tulune.

A total of 18,233 metres of drilling was completed in Lynn Lake in 2022. Through the first half of 2023, 7,979 m of drilling has been completed with exploration expenditures totalling $4.6-million.

Gordon deposit

The Gordon gold deposit is located 37 kilometres east-northeast of the town of Lynn Lake and reached by an all-weather gravel road that extends 14 km north from Highway 391. Gold mineralization at Gordon is predominantly hosted in banded magnetite iron formation (BIF) in quartz-pyrrhotite-pyrite veins and in halos of sulphide replacement adjacent to the veins. There are two dominant vein sets: one that is parallel to a subvertical east-striking foliation and a second that dips moderately southwest at a high angle to the foliation. The BIF occurs north and south of an argillite-wacke unit situated in the core of an upright west-plunging non-cylindrical isoclinal fold. The BIF is separated from a diorite stock to the south by an interval of dacite, greywacke and iron formation up to 100 m wide. BIF is the primary host of gold mineralization although gold occurs in all lithologies.

The 2022 and 2023 Gordon drilling program consisted of 11 holes totalling 1,823 m, with the objective of further extending gold mineralization within and proximal to the 2023 study mineral reserve pit.

Drilling was successful in intersecting significant gold mineralization within the far eastern portion of the 2023 study mineral reserve pit in an area currently modelled as waste. This has the potential to both increase the mineral reserve and reduce the strip ratio, representing upside to the 2023 study. Highlights include:

• 11.19 g/t Au over 10.40 m (5.87-metre true width) (22GDX082);
• 2.51 g/t Au over 25.10 m (17.30-metre true width) (22GDX081);
• 2.86 g/t Au over 10.59 m (7.74-metre true width), and 4.72 g/t Au over 5.35 m (3.55-metre true width) (22GDX080).

The Gordon geological model is currently being updated with the new drill results. Pending interpretation and targeting, further follow-up drilling may be warranted with the objective of continuing to evaluate opportunities to add to near-surface gold mineralization.

Burnt Timber and Linkwood deposits

Burnt Timber is accessible by an all-season gravel road from Highway 397, 14 km south of the town of Lynn Lake and 28 km from the proposed MacLellan mill. The Burnt Timber and Linkwood mineral resources were not included in the 2023 study and represent a source of potential future upside.

Updated deposit-scale geological models have been completed for the Burnt Timber and Linkwood deposits, demonstrating excellent potential for a smaller, higher-grade mineral resource that could provide additional ore to the MacLellan mill. The updated models will also form the basis for infill and expansion drilling at both Burnt Timber and Linkwood in 2024.

In 2022, six holes totalling 1,516 m were completed at the Burnt Timber gold deposit. Highlights include:

• 2.48 g/t Au over 5.91 m (5.35-metre true width) (22BTX050);
• 0.89 g/t Au over 13.52 m (12.35-metre true width) (22BTX053);
• 1.22 g/t Au over 8.72 m (7.99-metre true width) (22BTX054).

In addition to evaluating opportunities to expand mineral resources at Burnt Timber and Linkwood, the potential for a smaller, higher-grade mineral resource is also being evaluated as potential upside to the 2023 study.

Maynard target

The Maynard target area is situated in the southern Lynn Lake greenstone belt and is favourably located one kilometre southwest of an all-season gravel road from Highway 397 with existing drill trail access. The Maynard target is also located eight km northwest of the Burnt Timber deposit, five km northwest of the Linkwood deposit and 20 km by road from the proposed MacLellan mill.

Gold mineralization at the Maynard zone was discovered in 1999 through diamond drilling completed by Black Hawk Mining. Prior to the 2022 program, no drilling had been completed at Maynard since 2015. Alamos has completed relogging of available historic drill cores, as well as mapping, prospecting, soil sampling and till sampling throughout the greater Maynard area over the past several years.

In 2022, six drill holes were completed, totalling 2,253 m across a 400-metre west-northwest strike. The 2022 drilling focused on undercutting and stepping out from historic drill hole intersections with a focus on drilling off the most prospective areas of a chargeability high delineated from an induced polarization survey completed in 2015.

In 2023, seven additional drill holes were completed totalling 2,832 m. The objective of this program was to further extend the known mineralization strike length up to 1,000 m and further undercut mineralization to depth, as well as test for higher-grade potential using observations and interpretations to date.

The Maynard target is situated on the northern extent of the Elb Lake pluton, and is hosted within a folded and sheared mafic volcanic rock. Gold mineralization has also been intersected within the Elb Lake pluton in drill holes 22LLX028 (0.68 g/t Au over 40.13 m) and 23LLX069 (0.51 g/t Au over 10.35 m and 0.87 g/t Au over 5.25 m). The Elb Lake pluton has been underexplored historically and will be part of the focus of future work.

Drilling interpretations and additional fieldwork are currently under way. Results from this work will aid in follow-up drilling planned for 2024. New highlights include (1):

• 5.87 g/t Au over 11.88 m, including 13.81 g/t Au over 2.80 m and 20.29 g/t Au over 1.22 m (23LLX066);
• 1.01 g/t Au over 56.90 m, including 6.09 g/t Au over 2.50 m (22LLX031);
• 2.63 g/t Au over 13.00 m, including 39.70 g/t Au over 0.73 m, and 0.80 g/t Au over 16.00 m, and 0.58 g/t Au over 23.15 m (22LLX027);
• 0.68 g/t Au over 40.13 m (22LLX028);
• 1.09 g/t Au over 23.75 m, including 4.72 g/t over 4.01 m (22LLX030);
• 0.88 g/t Au over 18.50 m, including 19.85 g/t over 0.52 m (23LLX065);
• 0.59 g/t Au over 18.17 m (22LLX029).

(1) Gold grades reported as uncut, composite intervals reported as core length and true width is unknown at this time.

Tulune target area

The Tulune target area is located in the northern portion of the Lynn Lake greenstone belt, 23 km east of the MacLellan deposit and 11 km west of the Gordon deposit, at a flexure in the regional crustal-scale Agassiz shear zone that is interpreted to extend the length of the north belt.

Gold mineralization was initially identified in the Tulune area during a prospecting program conducted in 2015. The prospecting program resulted in the discovery of frost-heaved altered granodiorite boulders, which returned gold values up to 361 g/t Au (associated with visible gold in a quartz vein).

Alamos completed additional prospecting, mapping, soil sampling and reprocessing of historic induced polarization survey data in the area, which resulted in 978 m of drilling completed in five holes in 2020. Initial drilling tested two east-southeast-striking granodiorite intrusions and adjacent mafic and sheared ultramafic volcanic rocks. The most significant result was from drill hole 20LLX010 that intersected 1.22 g/t Au over 47.25 m from the top of the hole in the northern granodiorite.

In 2021, 12 drill holes were completed totalling 4,985 m following up on drill hole 20LLX010 (see press release "Alamos Gold Provides Exploration Update for the Lynn Lake Project, Manitoba, Including a New Greenfields Discovery," from Dec. 16, 2021). In 2022 and 2023, an additional 20 holes were completed, totalling 6,581 m.

Assay results are pending from the 2023 drill program at Tulune; however, all 29 holes drilled within the granite and granodiorite prior to 2023 have intersected gold mineralization.

Gold mineralization is associated with fracture controlled pyrite within a biotite- and hematite-altered granite/granodiorite, in proximity to sheared contacts with the supracrustal rocks, which have been the focus of drilling to date. The most significant result from the 2022 program is from drill hole 22LLX059, which was a 400-metre stepout to the southeast within the granite/granodiorite from the focus area of the previous drilling. Drill hole 22LLX059 intersected 1.12 g/t over 23.00 m. In 2023, 1,416 m in five holes were completed with the objective of following up in this area. Results from the 2023 program are pending.

Highlights from the 2022 drilling program at Tulune include (1):

• 1.12 g/t Au over 23.00 m (22LLX059);
• 1.08 g/t Au over 16.10 m, including 34.30 g/t Au over 0.30 m, and 0.71 g/t Au over 15.30 m (22LLX054);
• 0.75 g/t Au over 21.90 m (22LLX060).

(1) Gold grades reported as uncut, composite intervals reported as core length and true width is unknown at this time.

Updated interpretations and additional targeting will be completed at Tulune once the results have been received from the 2023 program. Drill results to date have demonstrated a significant gold system, with gold mineralization intersected in every drill hole over a 1.5-kilometre strike within the felsic intrusive. The focus for future targeting will be continuing to define and test a variety of structural and lithological settings with the objective of defining higher-grade mineralization within this newly discovered gold system.

Regional exploration

Maynard and Tulune are part of a significant highly prospective pipeline of early-stage conceptual targets to drill-ready targets that will continue to be evaluated as part of Alamos's exploration programs at the Lynn Lake gold project.

In addition to the drill programs completed at Maynard and Tulune, drilling was also completed in 2022 and 2023 at several additional regional targets, including McBride (six holes, 1,014 m), Wedge (two holes, 870 m) and Arbour (seven holes, 1,598 m).

Highlights from these limited drill programs include (1):

McBride:

• 1.20 g/t Au over 14.70 m (22LLX036).

Wedge:

• 1.62 g/t Au over 6.90 m (23BTX058).

Arbour:

• 0.90 g/t Au over 16.18 m (22LLX040).

(1) Gold grades reported as uncut, composite intervals reported as core length and true width is unknown at this time.

Much of the prospective LLGB is overburden covered. Work to advance regional exploration targets includes mapping, prospecting, and stripping and/or trenching to evaluate historic prospects identified through compilation. Alamos is generating and testing highly prospective targets under cover across the LLGB by interpreting airborne magnetic, gravity, electromagnetic and lidar data acquired across the entire project, reprocessing and interpretation of induced polarization surveys, and systematic till and B-horizon soil sampling.

Qualified persons

Scott R.G. Parsons, PGeo, FAusIMM, Alamos'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 Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Exploration programs at the Lynn Lake project are directed and supervised by Dean Crick, PGeo, Alamos's exploration manager, Canada. Mr. Crick is a qualified person as defined by Canadian Securities Administrators' National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Quality control

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

Drill core is logged and sampled at the core logging facility, located in the town of Lynn Lake, under the supervision of a qualified geologist. A geologist marks the individual sample intervals for analysis and assigns sample numbers, as well as standards and blanks that are entered into the database. The core is cut in half using an electric core saw equipped with a diamond tipped blade. Individual samples are zip tied in a plastic sample bag, and samples are placed in rice bags. Core samples are transported by Gardewine Transport to ALS in Thunder Bay or Winnipeg for preparation, followed by analysis in Vancouver. The other half of the core is returned to the core box and retained for future reference.

Gold is analyzed by a 50-gram fire assay with an atomic absorption (AA) finish. Samples greater than five g/t Au are reanalyzed using gravimetric finish methods. ALS is a certified laboratory and has internal quality control (QC) programs that include insertion of laboratory 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.

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. The company's shares are traded on the Toronto Stock Exchange and New York Stock Exchange under the symbol AGI.

All amounts are in U.S. dollars unless otherwise stated.

We seek Safe Harbor.