Mr. Darren Koningen reports

MINERA ALAMOS ANNOUNCES MAIDEN RESOURCE ESTIMATE FOR THE SANTANA GOLD PROJECT, SONORA, MEXICO

Minera Alamos Inc. has released the results of an independent estimate of the mineral resources currently outlined at the Santana gold project in Sonora, Mexico. The resource estimate was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) by Scott Zelligan, PGeo, an independent qualified person (QP) as defined in NI 43-101. A technical report with the details of the mineral resource estimate (MRE) will be filed on SEDAR+ under the company's profile within 45 days of the date of this news release.

"This maiden resource covers just the development zones in the immediate area of the current Santana mine operations, and is a major step in highlighting the robust resource data and metallurgical input that provided the company with comfort in developing our first low-capital mine. The next open pit in the development plans for the project, the Nicho main zone, is largely drilled-off in sufficient detail for the estimation of measured and indicated resources with a grade and strip (waste:mineralization) ratio that we expect to provide meaningful low-cost production gold ounces for the next five to six years as the rest of the property is explored and better understood," stated Darren Koningen, chief executive officer. "Notable nearby targets such as Benjamin, which are outside of our current operations area, have shown some excellent potential but will require more preliminary exploration and additional drilling to properly understand mineralization controls, grade distribution and tonnage. Ultimately, this current resource statement is just the first, conservative iteration of the geological potential across the broader Santana property, with a goal of the current starter mine being a source of organic funding to prove up the greater potential of the area."

The resource estimate for the Santana gold project contains 198,000 ounces (oz) of measured and indicated gold resources (9.61 million tonnes (Mt) at 0.65 gram per tonne (g/t)) and an additional 103,000 oz of inferred gold resources (5.51 Mt at 0.58 g/t). The table entitled "Santana gold project estimate of mineral resources" shows the mineral resource estimate by zone for the Santana project.

Extensive modelling and statistical work was performed to analyze the effect of the oxide zone on gold grade and rock specific gravity. Due to the fractured nature of the host rock, the oxide-sulphide transition zone of the deposits are irregular and difficult to model using conventional wireframing techniques. It was decided for the current resource estimate to model without a transition boundary and allow the measured variations to populate the blocks accordingly. Metallurgical test work (see section below) is continuing and results from limited sulphide samples tested to date indicate the potential for heap leaching of this material, although final required parameters like crush sizes are not yet fully understood. It has been recommended that the company continue to evaluate the overall database of exploration information with a goal of incorporating geo-metallurgical information into future resource estimates.

Geology and background

Mineralization in the Santana project area is of the intrusive-related-gold (Au-Ag-Cu-W (gold-silver-copper-tungsten)) type and is associated with calc-alkaline-oxidized intrusive centres (that is, San Nicolas batholith). Gold is hosted by hydrothermal breccias and their causative inter-mineral dikes and stocks, and can form important mining districts with clusters of deposits. The intense alteration associated with the mineralization is linked to the emplacement of hydrothermal breccias, which are in general subvertical pipe-like structures and typically a few hundred metres in diameter.

Locally, mineralization at the Santana project occurs within breccias that have a jigsaw-type texture. These breccias typically comprise angular elongated fragments that have a preferential subvertical orientation. Review of core and outcrop indicates that these fragments did not undergo large displacements or rotations, which left open spaces between them that were subsequently infilled by gold-bearing hydrothermal minerals. The breccias are principally clast-supported and monomictic, and the presence of gold mineralization is directly related to the areas dominated by the breccia intervals.

In the case of Santana, there appears to be a cluster of potential gold-bearing deposits that conform to the description above within an area surrounding the main Nicho complex that is the subject of the current gold resource estimate. Further work is planned to properly understand the nature and size of these important targets, and to delineate additional mineralization that could allow for prolonged or expanded project operations beyond what has been identified to date.

Metallurgy

The majority of the Nicho gold mineralization that serves as the basis of the current resource estimate is located within an andesitic breccia zone above the deeper quartz-feldspar porphyry intrusive. Mineralization is generally well disseminated throughout the overall host rock volume with small-scale enrichment in the fractures between the breccia matrix fragments.

Overall copper content in the mineralization is generally low and leaching results from continuing operations at the project indicate that its presence is manageable using free cyanide level control in the leach solutions, with little impact on overall gold recoveries. The Nicho Norte mineralized material, which was the primary source of past test leaching (2017 to 2019) and recent operations at the project responds positively to gold cyanidation. Residual gold levels following these heap-leaching activities typically approach levels of approximately 0.1 g/t Au. At mined head grades of 0.6 g/t Au to 0.7 g/t Au, this equates to gold overall recoveries in the range of 80 per cent. Leach kinetics are rapid for particle sizes up to approximately one inch (30 to 45 days or less). Although a reduction in kinetics appears at sizes greater than one inch, ultimate gold recoveries at the end of the extended leach period were similar to those experienced with the finer-sized material.

Although more data are available for material from the Nicho Norte satellite deposit, comparative studies looking at test samples from the Nicho main deposit appear to exhibit similar results and additional work is continuing. Recently tested samples of weathered material from upper zones in the deposit exhibited recoveries in line with the Nicho Norte material described above. Leach tests completed on samples of worst case fresh sulphide material from deeper in the Nicho deposit exhibited acceptable gold recoveries approaching 70 per cent at crush sizes of less than one-half-inch (coarsest size used for initial screening tests). Additional test work is under way to more fully understand the overall gold recovery versus particle size relationships throughout the deposit due to variations in sulphide levels and weathering.

Recommendations

The report recommends that additional diamond drill holes, on approximately 25 m centres be drilled at the Benjamin zone to further understand the distribution of gold mineralization within the zone and to look at opportunities to expand the size of the currently delineated mineralized area. The company is currently planning to add approximately 10 to 12 more drill holes to those already drilled this year at Benjamin as a priority.

Additional recommendations include:

• Further review of the additional mineralized breccia targets which have been identified by the company in the areas surrounding the Nicho complex (Goldridge, Zata, Bufita and East zones) area in order to prioritize the next phases of follow-up resource definition drilling.
• A continuation of effective surface sampling activities with a focus on new areas that show similar mineralization characteristics as the Nicho and Nicho Norte zones.
• Geophysical studies targeting blind targets that have similar signatures as those observed over the known Nicho and Nicho Norte gold-bearing breccia zones.
• Additional metallurgical studies (particularly crushing optimization studies) aimed at improving the overall understanding of variations in parameters such as leachability, recoveries and reagent consumptions for newly delineated zones of mineralization.

Cerro de Oro project financing update

The company is also pleased to report that final documentation based on the term sheet for the Cerro de Oro project financing package announced on May 31, 2023, is expected to close shortly, following the completion of final project technical due diligence. Proceeds from the financing package will be used to permit and construct the Cerro de Oro heap-leach gold mine. Delays from the original expected closing date of mid-July were largely a function of expanded requirements for the drafting of documentation suitable for both the Mexican and Canadian corporate jurisdictions. The broad business and financial terms outlined in the May 31, 2023, release remain unchanged.

Qualified person statements

The technical report on the mineral resource estimate for the Cerro de Oro project was prepared by Mr. Zelligan, PGeo, Larry Segerstrom, MSc (geology), CPG, and Peimeng Ling, PEng, all qualified persons (QPs) as defined under Canadian National Instrument 43-101. The QPs have reviewed and approved the content of this news release. All of the QPs are independent of the company pursuant to National Instrument 43-101. The technical report will be posted on SEDAR+ within the next 45 days.

The listed qualified persons have reviewed the data contained in this new release and verified that such data are accurately disclosed:

• Mr. Zelligan, PGeo -- Zelligan Consulting Inc.;
• Mr. Segerstrom, MSc (geology), CPG -- Segerstrom Consulting LLC;
• Mr. Ling, PEng -- Peimeng Ling & Associates Ltd.

Mr. Koningen, PEng, Minera Alamo's chief executive officer, is the qualified person responsible for the content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.

About Minera Alamos Inc.

Minera Alamos is a gold production and development company undergoing the operational start-up of its first gold mine that produced its first gold in October, 2021. The company has a portfolio of high-quality Mexican assets, including the 100-per-cent-owned Santana open-pit, heap-leach mine in Sonora that is currently going through its operational ramp-up. The 100-per-cent-owned Cerro de Oro oxide gold project in northern Zacatecas has considerable past drilling and metallurgical work completed and is currently being guided through the permitting process by the company's permitting consultants. The La Fortuna open-pit gold project in Durango (100 per cent owned) has a robust and positive preliminary economic assessment (PEA) completed and the main federal permits in place. Minera Alamos is built around its operating team that together brought three mines into successful production in Mexico over the past 13 years.

The company's strategy is to develop very low capex (capital expenditure) assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.

We seek Safe Harbor.