Mr. John McCluskey reports

ALAMOS GOLD ANNOUNCES UPDATED FEASIBILITY STUDY FOR THE LYNN LAKE PROJECT OUTLINING LARGER, LONGER-LIFE, LOW-COST OPERATION IN CANADA WITH ATTRACTIVE ECONOMICS AND SIGNIFICANT EXPLORATION UPSIDE

Alamos Gold Inc. has released its results from the updated feasibility study conducted on the Lynn Lake project, located in Manitoba, Canada. The 2023 study replaces the previous feasibility study completed in 2017 and incorporates a 44-per-cent-larger mineral reserve and 14-per-cent increase in milling rates to 8,000 tonnes per day (tpd), supporting a larger, longer-life, low-cost operation.

The 2023 study has been updated to reflect the current costing environment, as well as a significant amount of additional engineering, on-site geotechnical investigation work and requirements outlined during the permitting process with the environmental impact statement (EIS) granted in March, 2023. All amounts are in U.S. dollars, unless otherwise stated.

2023 study highlights:

• Higher production: average annual gold production of 207,000 ounces over the first five years and 176,000 ounces over the initial 10 years:
  • The 10-year average represents a 23-per-cent increase over the annual average of 143,000 ounces in the 2017 study;
• Low-cost profile: average mine-site all-in sustaining costs of $699 per ounce over the first 1 -years and $814 per ounce over the life of mine:
  • Average mine-site all-in sustaining costs decreased 6 per cent from the 2017 study over the initial 10 years with economies of scale provided by the larger operation and higher average grades, more than offsetting cost inflation;
• Larger, longer-life operation supported by 44-per-cent larger mineral reserve with further upside potential:
  • 44-per-cent-larger mineral reserve totalling 2.3 million ounces grading 1.52 grams per tonne of gold (g/t Au) (47.6 million tonnes);
  • 17-year mine life, up from 10 years in the 2017 study;
  • Life-of-mine production of 2.2 million ounces, a 46-per-cent increase from 1.5 million ounces reported in 2017;
• Modest increase in capital intensity with larger operation and 46-per-cent increase in life-of-mine production partly offsetting inflation:
  • Initial capital of $632-million and life-of-mine capital, including sustaining capital and reclamation, of $832-million increased from the 2017 study, reflecting inflation and scope changes with the larger operation and mineral reserve;
  • Total life-of-mine capital of $381 per ounce increased 17 per cent from $325 per ounce in the 2017 study with the larger mineral reserve and economies of scale, partly offsetting the significant industry-wide capital inflation experienced since 2017;
• Project derisked given advanced level of engineering, additional geotechnical work and EIS (environmental impact statement) approval:
  • Detailed engineering 55 per cent complete; basic engineering 100 per cent complete;
  • EIS approval and provincial licences received in March, 2023, with requirements outlined through the permitting process incorporated into the 2023 study;
  • Extensive geotechnical drilling, test pits and ground penetrating radar employed across the project area, including the mill, open pits and tailings locations providing higher degree of confidence around required earthworks, tailings design and mine plan;
• Attractive economics with significant long-term exploration upside potential:
  • After-tax net present value (NPV) (5 per cent) of $428-million (base case gold price assumption of $1,675 per ounce and U.S.-dollar/Canadian-dollar foreign exchange rate of $0.75:1);
  • After-tax internal rate of return (IRR) of 17 per cent;
  • After-tax NPV (5 per cent) of $670-million and an after-tax IRR of 22 per cent, at current gold prices of approximately $1,950 per ounce;
  • Payback of less than four years at the base case gold price of $1,675 per ounce and less than three years at current gold prices;
• Significant near-mine and regional exploration upside potential:
  • The Lynn Lake project encompasses most of the east-trending, 125-kilometre-long, Lynn Lake greenstone belt in northwestern Manitoba, with a total of 58,000 hectares of mineral tenure, representing significant exploration potential, including:
    • Gordon deposit: higher-grade 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;
    • Burnt Timber and Linkwood: potential for smaller, higher-grade mineral resource that could be trucked and processed at the planned MacLellan mill later in the mine life;
    • Regional targets: extensive pipeline of highly prospective exploration targets at various stages of exploration across the Lynn Lake greenstone belt. This includes the Maynard and Tulune targets, where continuing drilling continues to intersect gold mineralization. Both targets are within trucking distance of the MacLellan mill;
• Low greenhouse gas (GHG) emission intensity:
  • 18-per-cent decrease in GHG emissions per ounce from the 2017 study, reflecting the incorporation of electric shovels and drills at MacLellan and productivity improvements with the larger operation;
  • 58-per-cent-lower emissions per ounce produced than the industry average. The project will be connected to Manitoba's electric grid, of which nearly all electricity is produced from clean, renewable power, supporting the company-wide target of a 30-per-cent reduction in absolute GHG emissions by 2030;
• Fully financed growth:
  • As outlined previously, the company does not anticipate spending any significant capital on developing the Lynn Lake project until the phase-3-plus expansion at Island Gold is well advanced;
  • With $189-million of cash as of June 30, 2023, no debt, strong continuing free cash flow generation and significant free cash flow growth expected from Island Gold in 2026 and beyond, the company is well positioned to finance development of Lynn Lake internally.

"The 2023 study has confirmed Lynn Lake as a long-life, low-cost project in Canada, with attractive economics and significant upside potential. Good projects are becoming increasingly rare, especially within top jurisdictions like Canada, highlighting the attractiveness of Lynn Lake. We have completed an extensive amount of additional engineering, permitting and other work over the last several years to derisk the project and assess the exploration potential. We've increased mineral reserves by 44 per cent since the 2017 study and, as outlined in the exploration update earlier this week, we see excellent potential for that growth to continue. This includes the Burnt Timber and Linkwood deposits that were not factored into the 2023 study, and a number of other high-value regional targets, where we continue to intersect gold mineralization in proximity to the planned MacLellan mill," said John A. McCluskey, president and chief executive officer.

"Our current priority is the phase-3-plus expansion at Island Gold with Lynn Lake an important part of our strong longer-term outlook. Through Lynn Lake, Island Gold and Young-Davidson, we have three high-quality assets that can support over 650,000 ounces of annual production in Canada, at all-in sustaining costs below $1,000 per ounce over the long term," Mr. McCluskey added.

Mineral reserves and resources

An updated proven and probable mineral reserve totalling 47.6 million tonnes, grading 1.52 g/t Au and 3.57 g/t silver (Ag), containing 2.3 million ounces of gold and 5.5 million ounces of silver, has been declared at Lynn Lake. This represents a 44-per-cent increase from the 1.6 million ounces included in the 2017 study, reflecting the successful conversion of measured, indicated and inferred mineral resources at the Gordon and MacLellan deposits, and 13-per-cent increase from the end of 2022, reflecting the higher gold price assumption. Only mineral reserves have been incorporated into the 2023 study mine plan and economic analysis.

Mineral reserves -- effective as of June 30, 2023:

• Mineral reserves reported are consistent with the CIM definition standards for mineral resources and mineral reserves.
• Mineral reserves are reported to a cut-off grade of 0.796 Au g/t at Gordon and 0.355 Au g/t for MacLellan.
• The cut-off grades are based on a gold price of $1,250 (U.S.) per ounce Au at Gordon and $1,600 (U.S.) per ounce Au at MacLellan.
• Silver is not used in the cut-off grade calculation.
• Metallurgical Au recovery is 92.4 per cent for Gordon and a feed-grade-based formula for MacLellan.
• Totals may not add up due to rounding.
• Chris Bostwick, FAusIMM, senior vice-president, technical services, is the qualified person for the mineral reserve estimate. Mr. Bostwick is a qualified person within the meaning of Canadian Securities Administrator's National Instrument 43-101.

Mineral resources for the Gordon and MacLellan deposits detailed below have not been included in the mine plan but represent potential upside through their incorporation into the mine plan with higher metal prices and additional infill drilling.

Open-pit mineral resources -- effective as of June 30, 2023:

• Mineral resources reported are consistent with the CIM definition standards for mineral resources and mineral reserves.
• The mineral resources are reported at an assumed gold price of $1,600 (U.S.) per oz and an assumed silver price of $23 (U.S.) per oz.
• Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
• Open-pit mineral resources are stated as contained within a potentially economic open pit above a 0.355 g/t AuEq (gold equivalent) cut-off for MacLellan and 0.621 g/t Au for Gordon, and include external dilution at zero grade outside the constraining Au solids.
• Contained Au and Ag ounces are in situ and do not include metallurgical recovery losses.
• Mineral resources are exclusive of mineral reserves.
• Totals may not add up due to rounding.
• Jeffrey Volk, CPG, FAusIMM, director of reserves and resources for Alamos Gold Inc., is the qualified person for the mineral resource estimate. Mr. Volk is a qualified person within the meaning of Canadian Securities Administrator's National Instrument 43-101.

Economic analysis

Lynn Lake's estimated base case after-tax IRR is 17 per cent and after-tax NPV (5 per cent) is $428-million assuming a gold price of $1,675 per ounce and U.S.-dollar/Canadian-dollar foreign exchange rate of $0.75:1. Payback is expected to be achieved in 3.7 years under the base case scenario.

Assuming spot gold prices of approximately $1,950 per ounce, the after-tax NPV (5 per cent) increases to $670-million and after-tax IRR increases to 22 per cent, with the payback decreasing to 2.7 years.

Lynn Lake's economics were estimated as part of the feasibility study process and incorporate only proven and probable mineral reserves. The project economics are sensitive to metal price assumptions, foreign exchange and input costs as detailed in the attached tables.

Project overview

The Lynn Lake project comprises the Gordon and MacLellan deposits, which are located approximately 30 kilometres (km) apart (straight line). The two deposits will be mined using conventional open-pit mining methods with a centralized processing plant and tailings management facility to be located at MacLellan.

The 2023 study includes a number of scope changes from the 2017 study to support a larger operation and 44-per-cent increase in mineral reserves. The scope changes include a larger mobile fleet to support the higher mining rates and a larger mill with a 14-per-cent increase in throughput rates to 8,000 tpd. The larger operation and mineral reserve support a significantly longer mine life of 17 years and a 23-per-cent increase in average annual production over the first 10 years.

Project significantly derisked given advanced level of engineering, permitting and other geotechnical work completed to date

Since the 2017 study, a significant amount of additional work has been completed and progress made on the Lynn Lake project, which has significantly derisked the project and provided a high degree of confidence in the capital and operating cost estimates. This includes:

• Basic engineering 100 per cent complete with detailed engineering under way and 55 per cent complete;
• Geotechnical investigations, including drilling and test pitting, to support designs for the MacLellan and Gordon pits, waste stockpiles, tailings dam, process plant, site access roads, and water management infrastructure;
• Geophysical (ground penetrating radar) investigations completed to map bedrock depth beneath the process plant infrastructure;
• Mill relocated to reduce the haulage distance, allow site access via the existing road, reduce the overall footprint of the site, improve the construction schedule, reduce the flood risk, and minimize the amount of earthworks needed due to the elevated topography and shallow bedrock of the chosen location;
• With EIS approval received in March, 2023, the 2023 study incorporates the design and costs associated with the EIS process and provincial licences/federal decision statement and associated conditions, including for:
  • Fugitive air emissions;
  • Noise;
  • The management of acid-generating and potentially acid generating material;
  • Site reclamation and restoration;
  • Surface and groundwater, vegetation, and wildlife monitoring and reporting;
  • Contact and non-contact water management, including the use of lined water collection ponds at both sites.

Mining -- expanded mining fleet

Relative to the 2017 study, mining rates have been accelerated over the initial five years of the operation to support access to higher grades earlier in the mine life. The Gordon and MacLellan deposits will be developed using conventional shovel/truck open-pit mining methods, with owner mining to be employed over the mine life. Concurrent mining of the Gordon and MacLellan deposits is planned for the first five years, with a two-year preproduction period at MacLellan and one year at Gordon included in capital. Given its higher grades, mining at Gordon will be accelerated with the deposit to be depleted after five years. As the Gordon pit nears depletion, mining equipment will be transferred to MacLellan and utilized over the remainder of its mine life.

The mine plan includes total mining in the range of four million to 49 million tonnes per annum (tpa) over 11 years of mining. This includes a peak mining rate of 16 million tonnes per annum at Gordon and 33 million tonnes per annum at MacLellan, up from peak rates of 13 million tonnes per annum and 25 million tonnes per annum, respectively in the 2017 study. A larger mining fleet will be used at both sites to support the higher mining rates. This includes larger 23.5-cubic-metre hydraulic shovels at MacLellan, versus 14 cubic metres in the 2017 study, and 16 by 140 t trucks hauling ore, up from 13 trucks in the 2017 study. A larger fleet of 12 by 70 t trucks will also be used at Gordon, compared with seven by 44 t trucks in the 2017 study. The larger fleet of smaller trucks will allow for more selective mining.

At MacLellan, two drills and the two 23.5-cubic-metre hydraulic shovels will be electric, lowering operating costs as well as reducing the operation's carbon footprint. Ore from Gordon will be transported 55 kilometres to the MacLellan mill using 43 t side dump trailers, up from 30 t trucks in the 2017 study, resulting in fewer trucks on the road. The company will continue to evaluate opportunities to further electrify the fleet of mobile equipment.

Processing and infrastructure -- larger, optimized mill and tailings facility

Lynn Lake's process plant has been designed as a conventional milling operation with a nominal capacity of 8,000 tpd. The proposed plant design is based on leach/carbon in pulp (CIP) and will consist of crushing, grinding, thickening, preaeration and leaching, CIP, cyanide detoxification, carbon elution and regeneration, and gold smelting. The size of the mill has been expanded from 7,000 tpd in the 2017 study with a number of scope changes to support the 14 per cent higher throughput rates. The primary crusher dump pocket has been optimized in order to have dual dump capacity, providing improved reliability and efficiency. The size of, and power to, the SAG mill and ball mills have also been increased to accommodate the higher throughput rate. The fine ore storage area will consist of steel bins with apron feeders versus a covered stockpile in the 2017 study. This will provide improved dust control, operability and reliability. The plant layout has been optimized and two extra tanks have been added to the leach circuit, increasing circuit retention time and thereby improving recovery.

The flowsheet incorporates the following major process operations:

• Two-stage crushing and crushed ore silo;
• Semi-autogenous grinding (SAG);
• Ball mill grinding and classification;
• Leaching and CIP adsorption;
• Desorption and gold room;
• Tailings detoxification and disposal;
• Fresh and reclaim water supply;
• Reagent preparation and distribution.

Mill recoveries are expected to average 93.7 per cent for gold and 48 per cent for silver over the life of mine. This is up from the 92.0-per-cent recovery for gold and consistent with the 49-per-cent recovery expected for silver in the 2017 study. The increase in gold recovery reflects optimizations to the mill with two additional tanks added to the leach circuit providing increased circuit retention time as well as an increased proportion of MacLellan ore, which has higher recoveries than Gordon.

Power to the MacLellan site, which will host all the process facilities and major infrastructure, will be supplied from Manitoba Hydro through the commercial electricity grid. The existing power line to the town of Lynn Lake will be modified from 69 kilovolts (kV) to 138 kV, and an eight km 34.5 kV overhead line will be built to the MacLellan site. The Gordon site's electrical demands will be met by two 1,000-kilowatt (kW) diesel generators in duty/standby configuration.

The tailings management facility (TMF) will be constructed approximately two km northeast of the planned open pit and plant site at MacLellan. Additional dam raises are planned for years two, six and 12 to accommodate the life of the mining operation. The majority of operational water required for the process plant will be reclaimed from the TMF.

Electric shovels and drills will be utilized within the MacLellan open pit and the operation will be connected to Manitoba's electric grid, of which nearly all electricity is produced from clean, renewable power. Combined with productivity improvements through the larger operation, this is expected to drive an 18-per-cent reduction in GHG emissions per ounce relative to the 2017 study. This will further reduce Lynn Lake's GHG emission intensity, which is expected to be 58 per cent below the industry average and 65 per cent below the open-pit average.

Operating costs

Total cash costs are expected to average $722 per ounce and mine site all-in sustaining costs $814 per ounce, net of silver as a byproduct credit over the life of mine. Over the initial 10 years of operations, mine site all-in sustaining costs are expected to average $699 per ounce, a 6-per-cent decrease from the 2017 study with the economies of scale from a larger, more efficient operation and higher average grades, more than offsetting cost inflation.

Over the life of mine, mine site all-in sustaining costs have increased 9 per cent from the 2017 study, with the larger, more efficient operation and economies scale offsetting the majority of cost inflation and lower average grades over a 44-per-cent-larger mineral reserve.

Total operating costs are expected to average $44.21 (Canadian) per tonne of ore processed. This includes average mining costs of $3.04 (Canadian) per tonne of material mined across the Gordon and MacLellan deposits and haulage costs of $9.43 (Canadian) per tonne of ore from the Gordon deposit.

The breakdown of unit costs is summarized in the attached table.

Royalty

There is a capped third party royalty on a portion of production. Based on a $1,675 gold price, the cap is expected to be reached in the first three years and will total approximately $10-million in royalty payments over that period. The project is expected to be unencumbered by third party royalties for the majority of the mine life.

Capital costs

The initial capital cost for the Lynn Lake project is $632-million. This has increased from $338-million in the 2017 study with the main drivers being scope changes to support the larger operation, including a 44-per-cent increase in mineral reserves, as well as the impact of six years of inflation. The scope changes include a larger mining fleet, tailings facility and mill to support a 14-per-cent increase in throughput rates to 8,000 tpd. The main components of the initial capital spending include preproduction mining activities, site preparation, construction of the process plant and tailings management facility, and other on-site and off-site infrastructure. The 2023 study assumes capital leasing of mobile equipment. The on-site preproduction period is expected to span 27 months.

Camp infrastructure to accommodate the work force will be located on site and will be utilized throughout the construction and operations phases.

Combined initial and sustaining capital is expected to total $832-million over the life of mine or $381 per ounce produced. This represents a 17-per-cent increase in capital intensity from $325 per ounce in the 2017 study with the increase in mineral reserves and economies of scale from a larger operation partly offsetting inflation.

A breakdown of the capital requirements is detailed in the attached table.

Taxes

The Lynn Lake project will be subject to provincial, federal and mining taxes. Based on a $1,675 gold price, the operation is not expected to pay cash taxes until its third year of operation. Over the 17-year mine life, the operation is expected to pay total taxes of approximately $374-million for an effective tax rate of approximately 30 per cent.

Permitting

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 EIS and Environment Act licences issued by the Province of Manitoba.

In June, 2023, the company completed an impact benefit agreement and participated in a signing ceremony with the Marcel Colomb First Nation for the Lynn Lake project. The goal of the agreement is to provide long-term socio-economic benefits to the community and collaboration on economic development, jobs, training and environmental stewardship of the project.

The Mathias Colomb Cree Nation has brought an application for judicial review of the decision statement issued by the Ministry of Environment and Climate Change and an internal appeal of the Environment Act licences issued by the Province of Manitoba. At this time, the application and appeal are not expected to impact overall Lynn Lake project timelines. Discussions with directly affected first nations remain continuing throughout the judicial review process.

Given the increase in mineral reserves, the company will be submitting a notification of alteration for the EIS while pursuing other project related permits.

Additional opportunities

Incorporating Burnt Timber and Linkwood mineral resource, exploration success to date and significant regional potential

The Lynn Lake project 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. This belt consists of the northern Agassiz shear (55 km long) and southern Johnson shear (40 km long) complexes.

The Lynn Lake project has significant near-mine and regional exploration upside potential. 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. As highlighted in the exploration update news release on Aug. 1, 2023, drilling continues to successfully intersect significant gold mineralization at both brownfield sites, as well as at Maynard and Tulune. In addition, the company has established an extensive pipeline of highly prospective exploration targets at various stages of exploration across the LLGB.

Near-mine exploration -- Gordon deposit

Exploration drilling results received after April, 2022, have not been factored into the 2023 study. This includes the 2022 and 2023 drilling program at Gordon, which consisted of 11 holes totalling 1,823 m. The programs were successful in extending gold mineralization outside of currently defined mineral reserves and resources in the northeastern extent of the planned Gordon pit, in an area modelled as waste in the 2023 study. This has the potential to both increase the mineral reserve and reduce the strip ratio, representing upside to the 2023 study. Highlights announced earlier this week include (1):

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

(1) Drill hole composite intervals reported as cut include higher-grade samples, which have been cut to 40 g/t Au at the Gordon deposit.

Burnt Timber and Linkwood deposits -- geological evaluation of deposits identifies potential for smaller higher-grade mineral resource within trucking distance of MacLellan mill, with potential for expansion of mineralization

The Burnt Timber and Linkwood deposits contain inferred mineral resources totalling 1.6 million ounces grading 1.1 g/t Au (44.4 million tonnes) as of Dec. 31, 2022. This was not factored into the 2023 study, which contains only mineral reserves from the Gordon and MacLellan deposits.

Updated deposit-scale geological models have now 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. In addition, there is significant potential to expand near-surface gold mineralization at both deposits.

Burnt Timber and Linkwood are connected by an existing all-season road to the planned MacLellan site and mill. The deposits are being evaluated as an additional source of ore feed once mining activities are completed in year 11 with the depletion of the MacLellan pit. This represents additional upside potential to the 2023 study.

The updated deposit-scale geological models will form the basis for infill drilling at both deposits in 2024 as well as to evaluate the potential to expand gold mineralization outside of currently defined mineral resources. In 2022, six holes totalling 1,516 m were completed at the Burnt Timber gold deposit with highlights announced earlier this week as follows:

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

Maynard regional target

The Maynard target is 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. Maynard represents a high-priority target as a potential satellite deposit within trucking distance of the MacLellan mill.

As announced earlier this week, significant gold mineralization has been extended over a 700 m strike length and to a depth of 280 m at Maynard. To date, all 16 holes drilled within the Maynard target have intersected gold mineralization. Highlights announced earlier this week include (2):

• 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).

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

Tulune regional target

Tulune is a greenfields discovery made in 2020, and is located between the Gordon and MacLellan deposits. Continuing drilling has extended broad zones of near-surface gold mineralization over a 1.5 km strike length, including in a 350 m stepout hole to the east. 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. Highlights from the 2022 drilling program include (2):

• 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).

Updated interpretations and additional targeting will be completed at Tulune once the results have been received from the 2023 program. Drilling results to date have demonstrated a significant gold system, with gold mineralization intersected in every drill hole over a 1.5 km 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.

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

Consultant contributions

The Lynn Lake feasibility study was consolidated by Alamos Gold's technical team in collaboration with the following third party consulting firms in their respective areas of expertise:

• Worley Canada Inc.: process plant and general infrastructure design and costing;
• AGP Mining Consultants Inc.: open-pit design and mine plan, equipment selection, open-pit capital and operating costs;
• Stantec Consulting Ltd.: support for environmental planning, assessment, licensing and permitting;
• WSP Canada Inc.: tailings management facility design, geotechnical investigations, pit slope design, water management design.

Project background

The Lynn Lake project is located in Northern Manitoba, approximately 820 km northwest of Winnipeg. The project comprises two historical gold mines, MacLellan and Gordon, respectively, located approximately seven km northeast and 37 km east of the town of Lynn Lake. The straight-line distance between the Gordon and MacLellan sites is approximately 30 km. Private all-weather gravel access roads connect both the MacLellan and Gordon sites to Provincial Rd. (PR) 391, which is connected to Thompson and then to Winnipeg.

The MacLellan mine was formerly operated as an underground gold and silver mine between 1986 and 1989. The Gordon site, historically referred to as the Farley Lake open-pit mine, previously operated as two open-pit gold mines from 1996 to 1999.

Technical disclosure

Chris Bostwick, FAusIMM, Alamos Gold's senior vice-president, technical services, has reviewed and approved the scientific and technical information contained in this news release. Mr. Bostwick is a qualified person within the meaning of Canadian Securities Administrator's National Instrument 43-101.

The company will file a technical report prepared in accordance with NI 43-101 on SEDAR within 45 days of the date of this news release.

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.

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