Mr. Darren Koningen reports

MINERA ALAMOS ANNOUNCES COMPLETION OF C$135 MILLION BOUGHT DEAL OFFERING

Minera Alamos Inc. has closed the bought deal private placement of subscription receipts previously announced on Aug. 7, 2025. Pursuant to the offering, the company has issued an aggregate of 380,282,535 subscription receipts at an issue price of 35.5 cents per subscription receipt, for gross proceeds of approximately $135,000,300, which includes 70,422,535 subscription receipts issued pursuant to the full exercise of the overallotment option granted to the underwriters (as defined below) in connection with the offering. All dollar amounts are in United States dollars unless otherwise specified.

Darren Koningen, Minera Alamos' chief executive officer, commented: "We are extremely pleased with the significant interest from the investment community to the offering, which included the full exercise of the underwriters' overallotment option. This acquisition offers the potential to unlock significant value in our late-stage project development pipeline and allows the company to leverage internal cash flow to significantly grow the company's production profile over the next few years. I would like to thank the efforts of all of those who were involved including Jason Kosec who was instrumental in the completion of the transaction and we welcome as our incoming chairman."

Stifel Canada acted as sole bookrunner for the offering, which included a syndicate of underwriters consisting of BMO Capital Markets, Desjardins Capital Markets and National Bank Financial Inc.

Offering highlights

Each subscription receipt will be automatically exchanged for, upon satisfaction or waiver of certain release conditions (including the satisfaction of all conditions precedent to the completion of the acquisition), without payment of additional consideration or further action on the part of the holder, one common share of the company and one common share purchase warrant, with each warrant exercisable to purchase one common share at a price of 70.5 cents for a period of 36 months following the completion of the offering. For additional details related to the acquisition (as defined below) and the offering, please see Minera Alamos's press release entitled "Minera Alamos Announces Acquisition of Producing Gold Complex from Equinox and Appoints Jason Kosec as Part of Leadership Group to Direct Strategic Growth Initiatives" issued on Aug. 7, 2025. The acquisition is anticipated to close at the end of Q3 2025.

The gross proceeds from the sale of the subscription receipts, less 25 per cent of the commission payable to the underwriters in respect of the subscription receipts and certain expenses of the underwriters, have been deposited and will be held in escrow by TSX Trust Company, as subscription receipt agent, and will be released upon the satisfaction or waiver of the escrow release conditions. If the escrow release conditions are not satisfied or waived on or before 5 p.m. Eastern Time on Jan. 17, 2026, or the acquisition is otherwise terminated at an earlier time, then the escrowed proceeds, together with interest earned thereon, will be returned on a pro rata basis to the holders of the subscription receipts, and the subscription receipts will be cancelled and have no further force and effect.

The company intends to use the net proceeds from the offering to finance the upfront cash consideration for the recently announced acquisition of Equinox Gold Corp.'s Pan mine, Gold Rock project and Illipah project as described in the Aug. 7 release.

All securities issued under the offering will be subject to a hold period expiring four months and one day from the date hereof. The offering is subject to final acceptance of the TSX Venture Exchange.

About Minera Alamos Inc.

Minera Alamos is a gold production and development company. 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 the start-up of operations at the new Nicho Main deposit. The 100-per-cent-owned Cerro de Oro oxide gold project in northern Zacatecas has considerable past drilling and metallurgical work completed and the proposed mining project 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 positive, robust PEA completed and the main federal permits are in place. Minera Alamos is built around its operating team that together brought three open pit heap leach gold mines into successful production in Mexico over the last 14 years. Minera Alamos also wholly owns the Copperstone mine and associated infrastructure in La Paz country, Arizona, an advanced development asset with a permitted plan of operations that can be developed in parallel with planned project advancements in Mexico. The company's strategy is to develop very low capex assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions.

We seek Safe Harbor.