Mr. John McCluskey reports

ALAMOS GOLD ANNOUNCES ACQUISITION OF ORFORD MINING INCLUDING THE QIQAVIK GOLD PROJECT

Alamos Gold Inc. has entered into a definitive agreement pursuant to which Alamos will acquire all of the issued and outstanding shares of Orford Mining Corp. by way of a court-approved plan of arrangement. The acquisition will consolidate Alamos's existing ownership of Orford shares through which the company will add the highly prospective Qiqavik gold project, located in Quebec, Canada. Alamos will also be acquiring interests in several exploration-stage critical mineral and gold projects in Quebec, including West Raglan, the Joutel properties and Nunavik. All amounts are in United States dollars, unless otherwise stated.

Under the terms of the agreement, Orford shareholders will receive 0.005588 of an Alamos common share for each Orford share. This represents a value of 10 Canadian cents per Orford share, based on the 20-day volume-weighted average trading price of Alamos's shares on the Toronto Stock Exchange immediately preceding Jan. 15, 2024. Alamos currently owns 61,660,902 Orford shares, representing approximately 27.5 per cent of Orford's basic common shares outstanding. Excluding Alamos's existing ownership of Orford, Alamos expects to issue approximately 900,000 shares for total consideration of $16-million (Canadian).

"Our acquisition of Orford is consistent with our strategy of building out a pipeline of high-quality, long-term projects, in good jurisdictions, to complement our near-term organic growth projects in Canada. Qiqavik fits that strategy perfectly as an attractive early-stage gold project, located in one of top mining jurisdictions in the world. We see excellent long-term potential within the underexplored Qiqavik district and look forward to building off Orford's success with a larger and sustained exploration program," said John A. McCluskey, president and chief executive officer.

Qiqavik gold project

The 100-per-cent-owned Qiqavik gold project is a camp-scale property covering 438 square kilometres in the Cape Smith belt in Nunavik, Que. The Qiqavik property covers the 40 km long Qiqavik break, a major crustal-scale structure controlling gold mineralization on the belt. Early-stage exploration completed to date indicates that high-grade gold occurrences are controlled by structural splays off the Qiqavik break, which extends along strike over the 40 km length of the project.

Orford commenced exploration on the project in 2016, and since that time has identified over 40 highly prospective targets across the previously underexplored property through mapping, prospecting, till sampling, geophysics and limited drilling.

These targets include several high-grade boulder and gold grain-in-till trends, as well as outcrop gold showings across the property. In addition, a significant four km wide by three km long gold geochemical dispersal train has been identified in till down ice (northeast) from a segment of the Qiqavik break, or a related secondary structure, in the central portion of the Qiqavik project area which has not yet been drill tested.

The Cape Smith belt is Paleoproterozoic (1.8 billion to 1.9 billion years in age), which is consistent with, and has undergone similar geological/tectonic evolution as, other significant gold belts globally, including the Trans-Hudson in Canada, the Ashanti goldfields in West Africa, the Tapajos-Parima belt in Brazil and the Tanami region in Australia.

As supported by the exploration completed to date, and given the scale of the property, Qiqavik has the potential for multiple significant new greenfield discoveries.

West Raglan

The West Raglan property is currently under an option agreement with Wyloo Metals Pty. Ltd., whereby Wyloo can earn up to up to 80 per cent of the West Raglan project for total expenditures of $25-million (Canadian) over seven years. In 2023, Wyloo satisfied the first earn-in milestone and acquired 51-per-cent ownership interest in the West Raglan project and has provided notification that it intends on earning in an additional 19 per cent to take its interest to 70 per cent.

The West Raglan property is a large 646 square km property situated in the Cape Smith belt in the Nunavik region of Northern Quebec. West Raglan nickel, copper, platinum group element, cobalt mineralization is hosted in the ultramafic units of the Lac Esker suite (1.89 billion to 1.87 billion years). These ultramafic units host all known nickel sulphide mineralization in the Cape Smith belt, including Glencore's Raglan mine (North trend) and Canadian Royalties' Nunavik Nickel mine (South trend). The West Raglan property covers a 50 km strike of both the North trend, that hosts Raglan-style deposits, and the South trend, that hosts Canadian Royalties-style deposits.

Joutel properties, Abitibi, Quebec

Joutel Eagle is located along the historical Eagle-Telbel mine trend in the Abitibi greenstone belt. Orford can earn 100-per-cent interest in the 50 square km Joutel Eagle property through an option agreement from Globex Mining Enterprises Inc. The Joutel Eagle property is an advanced exploration-stage gold property with approximately 20,000 metres of historic drilling and 3,253 m of current drilling completed by Orford in 2022 and 2023 that has identified multiple gold zones. The property is adjacent to Agnico Eagle's past-producing Eagle-Telbel operation which produced in excess of 1.1 million ounces of gold. The Joutel Eagle property covers 11 km of strike length of the Casa Berardi structural zone south splay which is associated with several gold deposits.

Nunavik

The 100-per-cent-owned Nunavik lithium properties comprises 598 square km of claims in the Cape Smith area of the Nunavik region in Northern Quebec. Following the acquisition of the claims in 2023, LCT-bearing (lithium-cesium-tantalum) pegmatites were discovered on three projects through the initial exploration program. An additional 12 new exploration targets for LCT pegmatites were subsequently identified during the 2023 field program based on till geochemical results. These results also generated two potential exploration targets within the properties for gold.

Prior to the execution of the arrangement agreement, Alamos owned 61,660,902 common shares and 6,260,075 common share purchase warrants of Orford, representing a securityholding percentage of approximately 29.46 per cent on a partially diluted basis. Following the closing of the transaction, Alamos will own all of the common shares of Orford.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR+ profile of Orford. To obtain a copy of the early warning report, you may also contact Nils F. Engelstad, senior vice-president, general counsel, of Alamos Gold at 416-368-9932, extension 5407. Alamos's address is Brookfield Place, 181 Bay St., suite 3910, Toronto, Ont., Canada, M5J 2T3.

Qualified person

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 Administrators' National Instrument 43-101.

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+ 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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