Mr. John McCluskey reports

ALAMOS GOLD REPORTS FIRST QUARTER 2024 RESULTS

Alamos Gold Inc. has released its financial results for the quarter ended March 31, 2024. All amounts are in U.S. dollars, unless otherwise stated.

"We delivered another strong start to the year across a number of fronts, following a record performance in 2023. Costs were in line with guidance for the quarter and production exceeded guidance led by record production from La Yaqui Grande. With the solid first quarter, we are on track to achieve our full year production and cost guidance. We also continued to demonstrate our long-term track record of value creation through exploration and M&A. Our Mineral Reserves increased for the fifth consecutive year, and we expect to unlock significant value through our acquisition of the Magino mine and its integration with Island Gold. We expect the combination to create one of Canada's largest and lowest cost gold mines, drive significant synergies, and solidify our unique positioning as a Canadian focused intermediate gold producer, with growing production and declining costs," said John A. McCluskey, President and Chief Executive Officer.

First Quarter 2024 Operational and Financial Highlights

• Produced 135,700 ounces of gold, exceeding quarterly guidance and representing a 6% increase from the first quarter of 2023. This was driven by another strong performance from the Mulatos District, including record quarterly production from La Yaqui Grande
• Sold 132,849 ounces of gold at an average realized price of $2,069 per ounce, generating record quarterly revenue of $277.6 million, a 10% increase from the first quarter of 2023
• Total cash costs1 were $910 per ounce, all-in sustaining costs ("AISC"1) were $1,265 per ounce, and cost of sales were $1,307 per ounce. As previously guided, costs were above full year guidance in the first quarter, with AISC also impacted by an increase in share-based compensation reflecting the Company's higher share price in the quarter. Costs are expected to decrease through the remainder of the year to be consistent with full year guidance
• Strong ongoing free cash flow1 generation of $24.4 million, while funding the Phase 3+ Expansion at Island Gold, and net of $45.3 million of cash tax payments in Mexico
• Cash flow from operating activities of $108.9 million (including $134.9 million, or $0.34 per share before changes in working capital1)
• Realized adjusted net earnings1 for the first quarter of $51.2 million, or $0.13 per share1. Adjusted net earnings includes adjustments for net unrealized foreign exchange losses recorded within deferred taxes and foreign exchange of $4.5 million, and other adjustments, net of taxes totaling $4.6 million.
• Reported net earnings were $42.1 million, or $0.11 per share
• Cash and cash equivalents increased 7% from the end of 2023 to $240.2 million, with no debt and $16.3 million in equity securities
• Paid dividends of $9.8 million, or $0.025 per share for the quarter
• Reported year-end 2023 Mineral Reserves of 10.7 million ounces of gold, a 2% increase from 2022, with grades also increasing 1%. This marked the fifth consecutive year Mineral Reserves have grown for a combined increase of 10% with grades also increasing 9% over that time frame. Additionally, Measured and Indicated Mineral Resources increased 12% to 4.4 million ounces, with grades increasing 9%, and Inferred Mineral Resources increased 3% to 7.3 million ounces, at 1% higher grades
• Announced a definitive agreement to acquire Argonaut Gold Inc. ("Argonaut") and its Magino mine, located adjacent to the Company's Island Gold mine in Ontario, Canada. The integration of the two operations is expected to create one of the largest and lowest cost gold mines in Canada and unlock significant value with pre-tax synergies expected to total $515 million2 through the use of shared infrastructure
• On April 4, 2024, announced the closing of the previously announced non-brokered private placement for common shares of Argonaut, representing approximately 13.8% of Argonaut's outstanding common shares for CAD $50 million
• Completed the acquisition of Orford Mining Corporation ("Orford") on April 3, 2024, through which the Company consolidated its existing ownership of Orford shares and added the highly prospective Qiqavik Gold Project, located in Quebec, Canada

(1) Refer to the "Non-GAAP Measures and Additional GAAP Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

(2) Synergies are pre-tax and undiscounted. On a discounted basis, this represents an after-tax net present value of $250 million

Environment, Social and Governance Summary Performance

Health and Safety

• Total recordable injury frequency rate1 ("TRIFR") of 1.79 in the first quarter of 2024, an increase from 1.45 in the fourth quarter of 2023
• Lost time injury frequency rate1 ("LTIFR") of nil, a decrease from 0.10 in the fourth quarter of 2023
• La Yaqui Grande Mine celebrated four million hours without a lost time injury
• Alamos' Home Safe Every Day safety leadership training was implemented at the Island Gold Mine, where it will be delivered to all employees as part of the site's safety training. This program is now available at all Alamos operations
• During the first quarter of 2024, Alamos had 18 recordable injuries across its sites and zero lost time injuries

Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone is continually reminded of the importance of keeping themselves and their colleagues healthy and injury-free. The Company's overarching commitment is to have all employees and contractors return Home Safe Every Day.

Environment

• Zero significant environmental incidents and zero reportable spills in the first quarter of 2024
• One externally reportable non-compliance in the first quarter that resulted in a fine. At Young-Davidson, environmental testing of treated mine water determined a toxicity failure for Daphnia magna (water fleas), resulting in an environmental penalty of $14,000. The investigation determined the cause of the failure to be algae build-up in the mine water discharge pond and remediation measures were taken. Water treatment and discharge were not impacted and the mine has been in full compliance subsequent to the event
• Finalized a fish habitat compensation project for Davidson Creek at Young-Davidson
• Reclamation work underway at Mulatos focused on the closed Cerro Pelon, El Victor and San Carlos pits

The Company is committed to preserving the long-term health and viability of the natural environment that surrounds its operations and projects. This includes investing in new initiatives to reduce our environmental footprint with the goal of minimizing the environmental impacts of our activities and offsetting any impacts that cannot be fully mitigated or rehabilitated.

Community

Ongoing donations, medical support and infrastructure investments were provided to local communities, including:

• Various sponsorships to support local youth sports teams and community events, and donations to local charities and organizations around the Company's mines
• Partnered with a local foundation (Fundacion Vamos Juntos a Ganar) to organize an entrepreneurship workshop for residents of Matarachi to increase their capacity for opening or improving local businesses
• Provided ongoing health services to local community members around the Mulatos Mine. During the quarter, free dental services, vaccinations, and Pap tests were provided to residents
• Upgraded public lighting in Matarachi with the installation of 96 solar street lights throughout the town
• Completed the annual Mi Matarachi evaluation and planning meeting with residents of Matarachi, working together to develop actions that promote education, health and infrastructure that improve the quality of life for residents

The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company continues to engage with local communities to understand local challenges and priorities. Ongoing investments in local infrastructure, health care, education, cultural and community programs remain a focus of the Company.

Governance and Disclosure

• Completed annual fieldwork and assurance of Alamos' compliance with the World Gold Council's Responsible Gold Mining Principles (RGMPs). Alamos will publish its 2023 RGMP Report in the second quarter of 2024
• Prepared Alamos' inaugural Modern Slavery Report in accordance with Canada's Fighting Against Forced Labour and Child Labour in Supply Chains Act. Alamos will publish its 2023 Modern Slavery Report in May 2024

The Company maintains the highest standards of corporate governance to ensure that corporate decision-making reflects its values, including the Company's commitment to sustainable development.

(1) Frequency rate is calculated as incidents per 200,000 hours worked.

The Company's objective is to operate a sustainable business model that supports growing returns to all stakeholders over the long-term, through growing production, expanding margins, and increasing profitability. This includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re-investing in high-return internal growth opportunities, and supporting higher returns to shareholders.

Following a record operational and financial performance in 2023, the Company continued to deliver across multiple fronts in the first quarter of 2024. Production of 135,700 ounces exceeded quarterly guidance, reflecting another strong performance from Mulatos driven by record quarterly production from La Yaqui Grande. Costs were in line with quarterly guidance and expected to decrease through the rest of the year to be consistent with annual guidance. With the strong operational performance, and higher gold prices, the Company generated record quarterly revenues, and solid ongoing free cash flow of $24.4 million while funding the Phase 3+ Expansion at Island Gold, and net of $45.3 million of cash tax payments in Mexico.

The Phase 3+ Expansion remains on track for completion during the first half of 2026 and will be a key driver of the Company's growing production base and declining cost profile over the next several years. Work on the expansion continues to advance with shaft sinking well underway and reaching a depth of 185 metres by the end of March.

Additionally, the Company continued to demonstrate its long-term track record of value creation through exploration and M&A during the quarter. Global Mineral Reserves increased to 10.7 million ounces of gold (202 mt grading 1.65 g/t Au), a 2% increase from 2022, with a further 1% increase in grades. This marked the fifth consecutive year of growth in Mineral Reserves for a combined increase of 10% over that time frame. Grades have also increased 9% over the same timeframe as Mineral Reserves continue to grow both in size and quality. The increase in 2023 was driven by higher-grade additions at Island Gold and PDA, as well as growth at Lynn Lake.

The acquisition of Argonaut's Magino mine is expected to unlock significant value given its proximity to Island Gold. The integration of the two operations is expected to create one of the largest and lowest cost gold mines in Canada and drive pre-tax synergies of approximately $515 million through the use of shared infrastructure. This includes immediate capital savings with the mill and tailings expansions at Island Gold no longer required, and significant ongoing operating savings through the use of the larger and more efficient Magino mill. This not only de-risks the Phase 3+ Expansion, but also creates opportunities for further expansions of the combined Island Gold and Magino operations. The addition of Magino is expected to increase company-wide gold production to over 600,000 ounces per year with longer term production potential of over 900,000 ounces per year. The transaction is expected to close in July 2024.

Additionally, the Company continues to invest in its longer-term portfolio of growth projects with the acquisition of Orford, adding the highly prospective Qiqavik Gold Project, located in Quebec, Canada.

The Company provided three-year production and operating guidance in January 2024 (excluding Magino), which outlined growing production at declining costs over the next three years. Refer to the Company's January 10, 2024 guidance press release for a summary of the key assumptions and related risks associated with the comprehensive 2024 guidance and three-year production, cost and capital outlook. Gold production in 2024 is expected to range between 485,000 and 525,000 ounces. Total cash costs and AISC are expected to be consistent with 2023.

Production is expected to be slightly higher during the first half of 2024, reflecting higher grades at La Yaqui Grande and stronger rates of production through residual leaching at Mulatos. Second quarter gold production is expected to be between 123,000 and 133,000 ounces with costs decreasing slightly from the first quarter driven by lower costs at both Island Gold and Young-Davidson. Consistent with annual guidance, costs are expected to decrease through the remainder of the year reflecting a declining contribution of higher cost production from residual leaching at Mulatos.

Production is expected to increase 7% by 2026 to between 520,000 and 560,000 ounces, with AISC decreasing 11% to between $975 and $1,075 per ounce reflecting low-cost production growth from Island Gold with the completion of the Phase 3+ Expansion. The three year guidance excludes the higher grade PDA project which represents potential production upside at Mulatos as early as 2026. This upside is expected to be outlined in a development plan for PDA to be released during the second quarter of 2024. Looking beyond 2026, the Lynn Lake project is expected to support further potential growth as early as the end of 2027.

The majority of capital spending in 2024 remains focused on advancing the Phase 3+ Expansion at Island Gold. Following the closing of the acquisition of Argonaut in July, the Company will revise its 2024 capital guidance to reflect the addition of Magino and lower planned capital spending on the mill and tailings expansions at Island Gold.

Other areas of focus in 2024 include a larger capital budget for Lynn Lake and increased capitalized exploration. Spending at Lynn Lake will be focused on upgrades to site access and infrastructure, including early work on the power line upgrade, in advance of a construction decision anticipated in 2025. Additionally, a portion of the 2024 exploration program will be focused on converting Mineral Resources at the Burnt Timber and Linkwood satellite deposits into a smaller, higher quality Mineral Reserve. A study incorporating these deposits into the Lynn Lake project is expected to be competed in the fourth quarter of 2024, and represents potential production and economic upside to the 2023 Feasibility Study.

Given the strong profitability of the Mulatos operation in 2023, the Company expects to pay significantly higher cash tax payments in Mexico in 2024. This included $45.3 million of cash tax payments made in the first quarter, the majority of which related to the 2023 year-end tax payment. Cash tax payments in Mexico are expected to decrease to approximately $10 million in the second quarter and remain at similar levels through the remainder of the year. The Company expects stronger company-wide free cash flow starting in the second quarter of 2024 given lower cash tax burden and an expected decrease in costs.

The global exploration budget for 2024 is $62 million, a 19% increase from $52 million spent in 2023. The increase reflects expanded budgets across all key assets following up on broad-based exploration success in 2023. Island Gold and the Mulatos District account for approximately 60% of the total budget with $19 million planned for each asset. This is followed by $12 million at Young-Davidson, $9 million at Lynn Lake and $2 million at Golden Arrow.

The Company's liquidity position remains strong, ending the quarter with $240.2 million of cash and cash equivalents, $16.3 million in equity securities, and no debt. Additionally, the Company has a $500 million undrawn credit facility, providing total liquidity of $756.5 million. Combined with strong ongoing cash flow generation, the Company remains well positioned to internally fund its organic growth initiatives including the Phase 3+ Expansion, optimization of the Magino mill, and development of PDA and Lynn Lake.

Review of First Quarter Financial Results

• During the first quarter of 2024, the Company sold 132,849 ounces of gold for record operating revenues of $277.6 million. This represented a 10% increase from the prior year period due primarily to a higher realized gold price.
• Cost of sales (which includes mining and processing costs, royalties, and amortization expense) were $173.6 million in the first quarter, 12% higher than the prior year period. Key drivers of changes to cost of sales as compared to the prior year period were as follows:
• Mining and processing costs were $121.0 million, 14% higher than the prior year period. The increase was driven by inflationary pressures, and the inclusion of silver sales as an offset to mining and processing costs in the prior year period.
• Total cash costs of $910 per ounce and AISC of $1,265 per ounce were higher than the prior year period due to inflationary pressures and lower grades mined and lower mining rates at Young-Davidson.
• Royalty expense was $2.6 million in the first quarter, slightly higher than the prior year period of $2.5 million, due to the higher average realized gold price.
• Amortization of $50.0 million, or $376 per ounce, in the first quarter was consistent with annual guidance and higher than the prior year period.
• The Company recognized earnings from operations of $81.4 million in the first quarter, 9% higher than the prior year period, primarily as a result of the higher realized gold price.
• The Company reported net earnings of $42.1 million in the first quarter, compared to $48.4 million in the prior year period. Adjusted earnings(1) were $51.2 million, or $0.13 per share, which included adjustments for other losses, primarily comprised of unrealized losses on derivatives and disposals of certain plant and equipment, and unrealized net foreign exchange losses recorded within deferred taxes.

(1) Refer to the "Non-GAAP Measures and Additional GAAP Measures" disclosure at the end of this press release and associated MD&A for a description and calculation of these measures.

Associated Documents

This press release should be read in conjunction with the Company's interim consolidated financial statements for the three-month period ended March 31, 2024 and associated Management's Discussion and Analysis ("MD&A"), which are available from the Company's website in the "Investors" section under "Reports and Financials", and on SEDAR+ and EDGAR.

Reminder of First Quarter 2024 Results Conference Call

The Company's senior management will host a conference call on Thursday, April 25, 2024 at 11:00 am ET to discuss the first quarter 2024 results. Participants may join the conference call via webcast or through the following dial-in numbers:

• Toronto and International: (416) 340-2217
• Toll free (Canada and the United States): (800) 806-5484
• Participant passcode: 4626879#
• Webcast: see company's website

A playback will be available until May 25, 2024 by dialling (905) 694-9451 or (800) 408-3053 within Canada and the United States. The passcode is 6793309#. The webcast will be archived on the company's website.

Qualified Persons

Chris Bostwick, FAusIMM, Alamos' Senior Vice President, Technical Services, who is a qualified person within the meaning of National Instrument 43-101 ("Qualified Person"), has reviewed and approved the scientific and technical information contained in this press release.

About Alamos

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 TSX and NYSE under the symbol "AGI".

We seek Safe Harbor.