Mr. Darren Koningen reports

MINERA ALAMOS RE-AFFIRMS 2025 PRODUCTION GUIDANCE AND PROVIDES UPDATE ON PAN MINE

Minera Alamos Inc. is reaffirming the original 2025 production and cost guidance for the Pan mine established by Equinox Gold/Calibre Mining. Further, the company is excited to update the market on the following Pan mine updates.

Highlights:

• Minera Alamos completes acquisition of Pan mine complex on Oct. 1, 2025.
• First gold pour under Minera Alamos ownership occurred on Oct. 7, 2025. Establishing the company as a growing United States precious metals producer with production and cash flow from the Pan mining complex to take advantage of strong gold price environment.
• Pan mine Q4 2025 forecast remains on track to meet or exceed planned production of 8,500 to 9,000 ounces of gold production. All gold ounces poured in Q4 2025 are 100 per cent to Minera Alamos account.
• The company reiterates the 2025 Pan mine operating guidance targeting of 30,000 to 40,000 gold ounces at an all-in sustaining cost (AISC) of $1,600 (U.S.) to $1,700 (U.S.) per ounce.
• Pan mine Q3 2025 YTD (year-to-date) gold production was approximately 26,100 ounces at approximately $1,675 (U.S.) AISC per ounce sold.
• Mine plans are being updated to incorporate current gold prices which is expected to increase gold production moving forward along with a corresponding expansion of site mining and crushing capabilities.

"I am pleased to announce this important milestone -- the first gold pour under Minera Alamos ownership. This marks a major step forward in our transformation into a growing United States gold producer," commented Darren Koenigen, chief executive officer of Minera Alamos. "We are not only excited that the Pan mine will deliver significant free cash flow in Q4 2025, but after spending time with our new employees I was thoroughly impressed by the quality and enthusiasm of the team. We are optimistic of our ability to profitably grow our gold production from the Pan mine complex in 2026 and beyond."

Pan gold mine

Pan is a producing gold operation in east-central Nevada, located about 28 kilometres southeast of Eureka along the Battle Mountain-Eureka trend. It is a Carlin-style deposit mined using conventional open-pit methods, with gold recovered through heap leaching. Pan has been in continuous production since 2017 and has produced over 335,000 ounces to date. In 2024, it sold 35,228 ounces of gold at a cash cost of $1,473 per ounce. Recent leach pad expansions have added stacking capacity and support ongoing production and future growth.

About Minera Alamos Inc.

Minera Alamos is a gold production and development company. The company owns and operates the Pan mining complex in Nevada which includes the Pan heap leach gold mine and two other development projects near the Pan mine. The company also owns the Copperstone mine and associated infrastructure in La Paz country, Arizona, an advanced gold development asset with a permitted plan of operations that can be developed in parallel with planned project advancements in Mexico. The company maintains a portfolio of high-quality Mexican assets, including the 100-per-cent-owned Santana open-pit, heap-leach mine in Sonora. 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 (preliminary economic assessment) 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. 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.

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