All amounts are in United States dollars, unless otherwise stated.

Toronto, Ontario (July 30, 2025) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended June 30, 2025.

“Production increased 10% from the first quarter, meeting our quarterly guidance, while all-in sustaining costs decreased 18%, reflecting stronger performances across all of our operations. This contributed to record cash flow from operations and a substantial increase in free cash flow to $85 million while continuing to reinvest in growth. We expect further production growth into the second half of the year driven by a combination of higher grades and milling rates, and remain on track to achieve full year production guidance. Given external factors related to our higher share price and gold price, as well as the slower start to the year at Magino and Young-Davidson, we have increased our annual cost guidance. This is not reflective of our long-term outlook with costs expected to continue to improve into the second half of the year, and a more substantial decrease expected over the next several years,” said John A. McCluskey, President and Chief Executive Officer.

“A key contributor to this improvement will be the Island Gold District where we successfully completed the transition to processing Island Gold ore through the larger and more productive Magino mill mid-July. As outlined in the Base Case Life of Mine plan issued last month, the Island Gold District will be a driver of our growing production and declining costs over the next several years. We also believe there is further upside to come. Through a larger expansion of the district, we see excellent potential to grow our consolidated production to approximately one million ounces per year, underpinning one of the strongest growth profiles in the sector,” Mr. McCluskey added.

•Produced 137,200 ounces of gold, consistent with quarterly guidance and a 10% increase from the first quarter of 2025 reflecting stronger performances from all three operations. With further increases expected in the third and fourth quarter, the Company remains on track to achieve full year production guidance

•Sold 135,027 ounces of gold at an average realized price of $3,223 per ounce, generating record quarterly revenues of $438.2 million. The average realized gold price was below the London PM Fix price, reflecting the delivery of 12,346 ounces into the gold prepayment facility executed in July 2024 based on the prepaid price of $2,524 per ounce

•Record cash flow from operating activities totaled $199.5 million (including $232.9 million before changes in working capital and taxes paid1, or $0.55 per share), a 151% increase from the first quarter of 2025 reflecting the strong operating performance and margin expansion through higher gold prices and lower costs

•Generated strong free cash flow1 of $84.6 million, while continuing to reinvest in high-return growth projects including the Phase 3+ Expansion, Lynn Lake, and PDA. This was a significant increase from negative free cash flow of $20.1 million in the first quarter of 2025, reflecting a solid contribution from all three operations.

The Company expects strong ongoing free cash flow at current gold prices through the remainder of 2025 with significant growth starting in 2026 reflecting higher production and lower costs

•Total cash costs1 of $1,075 per ounce and all-in sustaining costs ("AISC")1 of $1,475 per ounce decreased 10% and 18%, respectively, from the first quarter of 2025, driven by stronger production and lower share-based compensation expense. Costs are expected to decrease further through the second half of the year

•Reflecting the higher than budgeted share-based compensation expense through the first half of the year, higher royalty expense, and slower start to the year at Magino and Young-Davidson, the Company has increased its 2025 cost guidance. Full year total cash costs are now expected to be between $975 and $1,025 per ounce, and AISC between $1,400 and $1,450 per ounce. This represents a 12% increase in AISC guidance with approximately 40% of the increase attributable to external factors including the revaluation of previously issued share-based compensation with the higher share price, and higher royalty expenses given the increased gold price

•Cost of sales of $200.7 million, or $1,486 per ounce, decreased 10% from the first quarter of 2025 on a per-ounce basis

•Reported net earnings for the quarter were $159.4 million, or $0.38 per share

•Adjusted net earnings1 were $144.1 million, or $0.34 per share. Adjusted net earnings includes adjustments for unrealized losses on commodity hedge derivatives, net of tax, of $17.1 million, adjustments for unrealized foreign exchange gains recorded within deferred taxes and foreign exchange loss totaling $34.3 million, and other adjustments of $1.9 million

•Cash and cash equivalents increased 19% from the first quarter of 2025 to $344.9 million at June 30, 2025. The Company remains in a strong net cash position and is well-positioned to internally fund all of its growth initiatives with strong ongoing free cash flow and $844.9 million of total liquidity

•Returned $21 million to shareholders. This included the repurchase of 0.4 million shares at a cost of $10.0 million ($25.11 per share), and payment of the $10.6 million quarterly dividend ($0.025 per share)

•In response to the devastating wildfires impacting communities across northern Manitoba, Alamos partnered with two other mining companies, collectively donating CAD$1.25 million to the Canadian Red Cross to support emergency relief and rebuilding efforts. This contribution will help the residents and Indigenous communities in which the three companies operate that have been affected by the wildfires. In addition, Alamos Gold is establishing a $250,000 Wildfire Support Fund, administered by the Dreamcatchers Committee which will support community rebuilding efforts in the community of Lynn Lake

•Announced the Base Case Life of Mine Plan ("Base Case LOM Plan") completed on the Island Gold District, outlining a long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada. The Base Case LOM Plan outlines average annual gold production of 411,000 ounces starting in 2026, at average mine-site AISC of $915 per ounce over the initial 12 years. The Company expects to outline significant upside potential to the Base Case LOM within an expansion study ("Expansion Study"), which is expected to be completed in the fourth quarter of 2025

•Provided an exploration update at Island Gold where drilling continues to extend high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures, highlighting the significant near-mine upside potential. Additionally, the regional exploration program has been successful in intersecting high-grade gold mineralization at the past-producing Cline-Pick and Edwards mines, located seven kilometres from the Magino Mill, highlighting longer-term opportunities for further growth

•Shaft sinking at Island Gold reached 1,265 metres ("m") in the second quarter, or 92% of the planned depth. In addition, a groundbreaking ceremony was held for the 115 kV power line project in partnership with Batchewana First Nation. When completed in 2026, it will connect the entire site to grid power, providing clean energy and further reducing the Island Gold District Greenhouse Gas (“GHG”) emissions intensity to well below the industry average

•Announced a binding agreement to sell the option to earn 100% interest in the non-core Quartz Mountain Gold Project (“Quartz Mountain”), located in Oregon, to Q-Gold Resources Ltd. (TSXV:QGR) (“Q-Gold”) for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold. The transaction is expected to close in the second half of 2025

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

(3)Sustaining finance leases at Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing activities.

(4)Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2024.

(5)Average realized gold price for the three and six months ended June 30, 2025 included the delivery of ounces into the gold prepayment facility based on the prepaid price of $2,524 per ounce.

(6)Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Includes capitalized exploration at Island Gold District of $5.1 million and $9.0 million for the three and six months ended June 30, 2025 ($3.4 million and $6.9 million for the three and six months ended June 30, 2024 ).

(5)Includes capitalized exploration at Young-Davidson of $2.9 million and $4.9 million for the three and six months ended June 30, 2025 ($1.4 million and $2.4 million for the three and six months ended June 30, 2024).

(6)Includes capitalized exploration at Mulatos District of $1.8 million and $2.5 million for the three and six months ended June 30, 2025 ($3.1 million and $5.0 million for the three and six months ended June 30, 2024).

(7)The Island Gold District includes Island Gold and Magino mines for the three and six months ended June 30, 2025. Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

(8)The Mulatos District includes Mulatos and La Yaqui Grande mines.

(9)Sustaining capital expenditures for Island Gold District include certain finance leases classified as sustaining.

•Total recordable injury frequency rate1 ("TRIFR") of 0.65 in the second quarter, a 56% decrease from 1.49 in the first quarter of 2025

•Lost time injury frequency rate1 ("LTIFR") of 0.08 in the second quarter

•Alamos had eight recordable injuries across its sites and one lost time injury

•Year-to-date TRIFR of 1.01 is a significant improvement from the prior year and LTIFR of 0.08

•Six minor reportable spills occurred in the second quarter

•Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits

•Alamos, Vale Base Metals, and Hudbay Minerals collectively contributed CAD$1.25 million to the Canadian Red Cross to support emergency relief and rebuilding efforts for those impacted by the wildfires in Northern Manitoba

•Committed $250,000 to a Wildfire Support Fund, administered by the Dreamcatchers Committee which will support community rebuilding efforts in the community of Lynn Lake, Manitoba

•Provided local community support near the Mulatos District including medical services, road maintenance, water distribution and student scholarships

•Mulatos was awarded the Empresa Socialmente Responsable award for the 17th consecutive year in recognition of the mine’s ethical and sustainable practices

•Published Alamos’ 2024 Report on Conformance to the Responsible Gold Mining Principles ("RGMP") in accordance with the World Gold Council’s RGMP framework

•Published Alamos’ 2024 Report on Modern Slavery in accordance with Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act

•Published Alamos’ Extractive Sector Transparency Measures Act 2024 Annual Report, outlining payments made to governments in Canada and abroad related to our activities on a country and project basis

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

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

(2)Total consolidated all-in sustaining costs include corporate and administrative, and share based compensation expenses. Individual mine-site all-in sustaining costs do not include an allocation of corporate and administrative expense, and corporate share-based compensation expenses.

(3)Cost of sales includes mining and processing costs, royalties, and amortization expense, and sliver by-product credits, and is calculated based on the mid-point of total cash costs guidance.

(4) Previous guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025. Production and capital guidance remain unchanged.

Capital spending in 2025 will be focused on the ramp up of construction activities at Lynn Lake and PDA, as well as the final full year of spending on the Phase 3+ Expansion. Capital spending is expected to increase modestly into 2026 with lower capital at the Island Gold District offset by the ramp up in spending on Lynn Lake and PDA. In 2027, capital spending is expected to decrease relative to 2026 driven by significantly lower capital at the Island Gold District, and the completion of construction of PDA. A further decrease in capital is expected after the completion of construction of Lynn Lake.The global exploration budget for 2025 is $72 million, a 16% increase from $62 million spent in 2024, and the largest in the Company's history reflecting broad based exploration success across its assets. The Company continues to demonstrate its long-term track record of value creation through exploration with 2024 year-end Global Mineral Reserves (as updated in June 2025) increasing 50% to 16.0 million ounces (312 mt grading 1.59 g/t Au) compared to the end of 2023. This reflected an initial Mineral Reserve at Burnt Timber and Linkwood, ongoing exploration success and Mineral Resource conversion at Island Gold, as well as the addition of Magino. Mineral Reserves have now increased for six consecutive years for a cumulative increase of 65% over that time frame.

(1)Cost of sales includes mining and processing costs, royalties, and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

(5)Mine-site free cash flow does not include lease payments which are classified as cash flows used in financing activities on the condensed interim consolidated financial statements.

(6)Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

(7)Includes ore stockpiled during the periods.

(8)Total waste mined includes operating waste and capitalized stripping.

Total cash costs were $1,008 per ounce and mine-site AISC were $1,410 per ounce in the second quarter, slightly lower than the first quarter. This was driven by higher processing rates and grades at Magino, partially off-set by the higher contribution of Magino ounces to Island Gold District production. For the first half of the year, total cash costs of $1,035 per ounce and mine-site AISC of $1,427 per ounce were above the annual guidance range, driven by lower mill throughput at Magino. Given higher costs at Magino in the first half of the year, mine-site AISC guidance for the full year has been increased to between $1,225 and $1,275 per ounce. Costs are expected to trend lower through the remainder of the year reflecting higher milling rates within the Magino mill and increasing underground mining rates at Island Gold, both driving lower unit operating costs for the district.

(1)Cost of sales includes mining and processing costs, royalties and amortization.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Grams per tonne of gold.

Stacking rates averaged 11,200 tpd in the second quarter, exceeding annual guidance but are expected to average 10,500 tpd in the third quarter with the onset of the rainy season. Contained ounces stacked increased to 50,280 ounces, driven by significant increase in grades in the quarter. The recovery rate of 52% in the second quarter was below the annual guidance range reflecting timing of recovery of ounces stacked during the quarter. Given the higher grades stacked later in the quarter, and increased leach pad height, the recovery of a significant portion of ounces stacked in the quarter will be realized in the third and fourth quarters.

•Shaft sinking advanced to a depth of 1,265 m by the end of the second quarter

•Completed cladding and roofing for the shaft bin house

•Completed bulk earthworks for the Magino mill expansion to 12,400 tpd, with the footprint sized to accommodate a further potential expansion up to 20,000 tpd

•Detailed engineering for the larger Magino mill expansion is ongoing and expected to be completed by early 2026

•Paste plant construction over 70% complete

•Completed the earthworks for the new administrative complex located adjacent to the shaft infrastructure

•Advanced lateral development to support higher mining rates with the Phase 3+ Expansion

•Advanced work on the 115kV power line project in partnership with Batchewana First Nation, including holding a groundbreaking ceremony in June

1.Reflects updated initial capital estimates released in June 2025 as part of the Base Case LOM Plan, based on USD/CAD exchange $0.73:1 in 2025 and $0.74:1 in 2026 and 2027. Spent to date based on average USD/CAD of $0.73:1 since the start of 2022. Committed to date based on the spot USD/CAD rate as at June 30, 2025 of $0.73:1.

2.Amount spent to date accounted for on an accrual basis, including working capital movements.

The two deposits are expected to produce an average of 83,000 ounces of gold per year over a 10 year mine life. By leveraging mining equipment and planned processing infrastructure at Lynn Lake, the project is expected to be developed for low initial capital of $67 million. This is expected to contribute to high returns for the Burnt Timber and Linkwood satellite deposits, with an after-tax internal rate of return ("IRR") of 54%, and after-tax NPV (5%) of $177 million at a base case gold price assumption of $2,200 per ounce and CAD/USD foreign exchange rate of $0.75:1. At a gold price of $2,800 per ounce and CAD/USD foreign exchange rate of $0.70:1, returns increase to an after-tax IRR of 83% and after-tax NPV (5%) of $292 million.

The planned addition of a mill to process higher-grade sulphides has created new opportunities for growth within the Mulatos District. This includes Cerro Pelon, where drilling in 2024 followed up on wide high-grade underground oxide and sulphide intersections previously drilled below the pit. The 2024 program was successful in defining an initial Measured and Indicated Mineral Resource at Cerro Pelon totaling 104,000 ounces, grading 4.49 g/t Au. Cerro Pelon remains open in multiple directions and will be a focus of the 2025 exploration program as a significant opportunity for further growth.

As the deposit is located within trucking distance of the planned PDA mill, this represents upside to the PDA project.

Cost of sales (which includes mining and processing costs, royalties, and amortization expense) were $200.7 million in the second quarter, 16% higher than the prior year period, primarily due to the inclusion of higher cost ounces from Magino. Excluding costs incurred at Magino, cost of sales were $149.9 million which was 13% lower than the prior year period, driven by the lower sales volumes at the Mulatos District and Young-Davidson. Key drivers of changes to cost of sales as compared to the prior year period were as follows:

Total cash costs of $1,075 per ounce and AISC of $1,475 per ounce were above the prior year period driven by the higher costs per ounce at Young-Davidson, due to lower grades and mining rates, the inclusion of higher cost ounces at Magino, and higher share-based compensation and royalty expense.

The Company reported net earnings of $159.4 million in the second quarter, compared to $70.1 million in the prior year period. Adjusted earnings(1) were $144.1 million, or $0.34 per share, which included an adjustment for unrealized losses on the legacy Argonaut commodity hedge derivatives, net of tax of $17.1 million. In addition, adjusted earnings reflect net unrealized foreign exchange gains recorded within deferred taxes and foreign exchange losses totaling $34.3 million and other adjustments of $1.9 million.

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this press release and associated MD&A for a description and calculation of these measures.

This press release should be read in conjunction with the Company’s consolidated financial statements for the three-month period ended June 30, 2025 and associated Management’s Discussion and Analysis (“MD&A”), which are available from the Company's website, www.alamosgold.com, in the "Investors" section under "Reports and Financials", and on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov).

The Company's senior management will host a conference call on Thursday, July 31, 2025 at 10:00 am ET to discuss the second quarter 2025 results. Participants may join the conference call via webcast or through the following dial-in numbers:

Toronto and International:                (416) 406-0743

Toll free (Canada and the United States):         (800) 898-3989

Participant passcode:                    2513100#

Webcast:                         www.alamosgold.com

A playback will be available until August 31, 2025 by dialling (905) 694-9451 or (800) 408-3053 within Canada and the United States. The pass code is 5228302#. The webcast will be archived at www.alamosgold.com.

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.

Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District and Young-Davidson mine in northern Ontario, Canada, and the Mulatos District 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 2,400 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”.

ir@alamosgold.com 

This release contains or incorporates by reference “forward-looking statements” and “forward-looking information” as defined under applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed, to be, forward-looking statements and are based on expectations, estimates and projections as at the date of this press release. Forward-looking statements are generally, but not always, identified by the use of forward-looking terminology such as "expect", “assume”, "believe", "anticipate", "intend", "objective", "estimate", “potential”, "prospective", "forecast", “target”, "goal", "aim", “on track”, "on pace", “outlook”, “continue”, “ongoing”, “plan” or variations of such words and phrases and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved or the negative connotation of such terms.

Such statements in this release include, but may not be limited to, guidance and expectations pertaining to: gold production; production potential; mining, processing, milling, and production rates; gold grades; gold prices; foreign exchange rates; free cash flow, mine-site free cash flow, total cash costs, all-in sustaining costs, mine-site all-in sustaining costs, capital expenditures, total sustaining and growth capital, capitalized exploration, budgets, tax rates and the payment of taxes, IRR, NPV; total liquidity; returns to stakeholders; impacts of inflation; mine plans; mine life; Mineral Reserve life; Mineral Reserves and Resources; exploration potential, budgets, focuses, programs, targets, and projected results; funding of growth initiatives; the Company's approach to reduction of its environmental footprint, greenhouse gas emissions, and related investments in new initiatives; the Company's climate change strategy and goals; community relations, engagement activities, and initiatives; corporate governance; synergies resulting from the integration of the Magino and Island Gold operations; processing of ore from Island Gold through the Magino mill; expansion of the Magino mill; increases to production, value of operation, and decreases to costs resulting from the intended completion of the Phase 3+ Expansion at Island Gold; intended infrastructure investments in, method of funding for, and timing of the completion of, the Phase 3+ Expansion; Island Gold District Expansion Study; construction activities, capital spending and timing of initial production with respect to the Lynn Lake project and the PDA project; initial underground Mineral Resource at Cerro Pelon; the Burnt Timber and Linkwood deposits near the Lynn Lake project; growing production, expanding margins, and increases in profitability; the sale of Quartz Mountain to Q-Gold, the total consideration payable under the transaction agreement and the expected timing of the closing of the transaction; as well as other general information as to strategy, plans or future financial or operating performance, such as the Company’s expansion plans, project timelines, production plans and expected sustainable productivity increases, expected increases in mining activities and corresponding cost efficiencies, cost estimates, sufficiency of working capital for future commitments and other statements that express management’s expectations or estimates of future plans and performance.

Risk factors that may affect Alamos’ ability to achieve the expectations set forth in the forward-looking statements in this document include, but are not limited to: changes to current estimates of mineral reserves and resources; changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates which may be impacted by unscheduled maintenance, weather issues, labour and contractor availability and other operating or technical difficulties); operations may be exposed to illnesses, diseases, epidemics and pandemics, the impact of any illness, disease, epidemic or pandemic on the broader market and the trading price of the Company's shares; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for the Company’s operations) in Canada, Mexico, the United States and Türkiye; the duration of any regulatory responses to any illness, disease, epidemic or pandemic; government and the Company’s attempts to reduce the spread of any illness, disease, epidemic or pandemic which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver gold doré bars; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; changes in foreign exchange rates (particularly CAD, MXN, USD and Turkish lira); the impact of inflation and any tariffs, trade barriers and/or regulatory costs; changes in the Company's credit rating; any decision to declare a quarterly dividend; employee and community relations; litigation and administrative proceedings (including but not limited to the investment treaty claim announced on April 20, 2021 against the Republic of Türkiye by the Subsidiaries) and any resulting court or arbitral decision(s); disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays with the Phase 3+ Expansion project at the Island Gold mine, construction of the 115kV powerline, construction of the Lynn Lake Project, construction of the PDA project, and/or the development or updating of mine plans; changes with respect to the intended method of accessing and mining the deposit at PDA and changes related to the intended method of processing any ore from the deposit of PDA; risks associated with the start-up of new mines; the risk that the Company’s mines may not perform as planned; the risk that the closing conditions for the completion of the sale of Quartz Mountain may not be met; uncertainty with the Company’s ability to secure additional capital to execute its business plans; the speculative nature of mineral exploration and development, including the risks of obtaining and maintaining necessary licenses and permits, including the necessary licenses, permits, authorizations and/or approvals from the appropriate regulatory authorities for the Company’s development stage and operating assets; labour and contractor availability (and being able to secure the same on favourable terms); contests over title to properties; expropriation or nationalization of property; inherent risks and hazards associated with mining and mineral processing including environmental hazards, industrial hazards, industrial accidents, unusual or unexpected formations, pressures and cave-ins; changes in national and local government legislation, controls or regulations in Canada, Mexico, Türkiye, the United States and other jurisdictions in which the Company does or may carry on business in the future; increased costs and risks related to the potential impact of climate change; failure to comply with environmental and health and safety laws and regulations; disruptions in the maintenance or provision of required infrastructure and information technology systems; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company.

The litigation against the Republic of Türkiye, described above, results from the actions of the Turkish government in respect of the Company’s projects in the Republic of Türkiye. Such litigation is a mitigation effort and may not be effective or successful. If unsuccessful, the Company’s projects in Türkiye may be subject to resource nationalism and further expropriation; the Company may lose any remaining value of its assets and gold mining projects in Türkiye and its ability to operate in Türkiye. Even if the litigation is successful, there is no certainty as to the quantum of any damages award or recovery of all, or any, legal costs. Any resumption of activities in Türkiye by the Company, or even retaining control of its assets and gold mining projects in Türkiye can only result from agreement with the Turkish government. The investment treaty claim described in this press release may have an impact on foreign direct investment in the Republic of Türkiye which may result in changes to the Turkish economy, including but not limited to high rates of inflation and fluctuation of the Turkish Lira which may also affect the Company’s relationship with the Turkish government, the Company’s ability to effectively operate in Türkiye, and which may have a negative effect on overall anticipated project values.

Additional risk factors and details with respect to risk factors that may affect the Company’s ability to achieve the expectations set forth in the forward-looking statements contained in this release are set out in the Company's latest 40-F/Annual Information Form under the heading “Risk Factors”, which is available on the SEDAR+ website at www.sedarplus.ca or on EDGAR at www.sec.gov. The foregoing should be reviewed in conjunction with the information, risk factors and assumptions found in this release.

Measured, Indicated and Inferred Resources: All resource and reserve estimates included in this press release or documents referenced in this press release have been prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended ("CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Mining disclosure in the United States was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The SEC has adopted final rules, to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act (“Regulation S-K 1300”) which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards.

Investors are cautioned that while the above terms are “substantially similar” to CIM Definitions, there are differences in the definitions under Regulation S-K 1300 and the CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as “proven mineral reserves”, “probable mineral reserves”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the mineral reserve or mineral resource estimates under the standards adopted under Regulation S-K 1300. U.S. investors are also cautioned that while the SEC recognizes “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under Regulation S-K 1300, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves.

Mineralization described using these terms has a greater degree of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the Company reports are or will be economically or legally mineable.

•adjusted net earnings and adjusted earnings per share;

•cash flow from operating activities before changes in working capital and taxes paid;

•company-wide free cash flow;

•total mine-site free cash flow;

•mine-site free cash flow;

•total cash costs per ounce of gold sold;

•AISC per ounce of gold sold;

•Mine-site AISC per ounce of gold sold;

•sustaining and non-sustaining capital expenditures; and

•adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA")

The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management's determination of the components of non-GAAP and additional measures are evaluated on a periodic basis influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied as applicable.

•Foreign exchange gains or losses

•Items included in other loss

•Unrealized gain or loss on commodity derivatives

•Certain non-recurring items

•Foreign exchange gain or loss recorded in deferred tax expense

•The income and mining tax impact of items included in other loss

The Company uses adjusted net earnings for its own internal purposes. Management’s internal budgets and forecasts and public guidance do not reflect the items which have been excluded from the determination of adjusted net earnings. Consequently, the presentation of adjusted net earnings enables shareholders to better understand the underlying operating performance of the core mining business through the eyes of management.

Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-GAAP measures used by mining industry analysts and other mining companies.

(1)Cash from operating activities for the Canadian operations excludes the impact of the 12,346 ounces and 24,692 ounces delivered into the gold prepayment arrangement for the three and six months ended June 30, 2025. The non-cash adjustment to reflect the settlement of the gold prepayment arrangement is included in Company-wide Free Cash Flow.

(2)Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature. Non-sustaining capital expenditures are expenditures primarily incurred at development projects and costs related to major projects at existing operations, where these projects will materially benefit the mine site. Capitalized exploration expenditures are expenditures that meet the IFRS definition for capitalization, and are incurred to further expand the known Mineral Reserves and Resources at existing operations or development projects. For each mine-site reconciliation, corporate and administrative costs, and non-site specific costs are not included in the all-in sustaining cost per ounce calculation.

(1)Corporate and administrative expenses exclude expenses incurred at development properties.

(2)Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

(3)Sustaining capital expenditures are defined as those expenditures which do not increase annual gold ounce production at a mine site and exclude all expenditures at growth projects and certain expenditures at operating sites which are deemed expansionary in nature. Total sustaining capital expenditures for the periods are as follow

(1) Adjusted EBITDA has been restated in the prior year comparatives to include the impact of non-cash unrealized gains or losses on derivative financial instruments.

•Earnings from operations - represents the amount of earnings before net finance expense/income, foreign exchange loss/gain, other loss, unrealized loss on commodity derivatives and income tax expense

(Unaudited - stated in millions of United States dollars, except share and per share amounts)

Alamos is a Canadian-based intermediate gold producer with diversified production from three operations in North America. This includes the Island Gold District (comprising the Island Gold and Magino mines) and Young-Davidson mine in Northern Ontario, Canada and the Mulatos District (comprising the Mulatos and La Yaqui Grande mines) in Sonora State, Mexico. Additionally, the Company has a strong portfolio of growth projects, including the Phase 3+ Expansion at Island Gold, the Lynn Lake project in Manitoba, Canada and the Puerto Del Aire (“PDA”) project in the Mulatos District. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development.

The Company’s common shares are listed on the Toronto Stock Exchange (TSX: AGI) and the New York Stock Exchange (NYSE: AGI). Further information about Alamos can be found in the Company’s regulatory filings, including the Company's Annual Information Form, available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov, and on the Company’s website at www.alamosgold.com.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)Sustaining finance leases at Island Gold District are not included as additions to mineral property, plant and equipment in cash flows used in investing activities.

(4)Cash and cash equivalents in the comparatives reflect the balance as at December 31, 2024.

(5)Average realized gold price for the three and six months ended June 30, 2025 included the delivery of ounces into the gold prepayment facility based on the prepaid price of $2,524 per ounce.

(6)Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

(1)Cost of sales includes mining and processing costs, royalties, and amortization expense.

(2)Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

(3)For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative expense and corporate share-based compensation expense.

(4)Includes capitalized exploration at Island Gold District of $5.1 million and $9.0 million for the three and six months ended June 30, 2025 ($3.4 million and $6.9 million for the three and six months ended June 30, 2024 ).

(5)Includes capitalized exploration at Young-Davidson of $2.9 million and $4.9 million for the three and six months ended June 30, 2025 ($1.4 million and $2.4 million for the three and six months ended June 30, 2024).

(6)Includes capitalized exploration at Mulatos District of $1.8 million and $2.5 million for the three and six months ended June 30, 2025 ($3.1 million and $5.0 million for the three and six months ended June 30, 2024).

(7)The Island Gold District includes Island Gold and Magino mines for the three and six months ended June 30, 2025. Comparative prior year period figures do not include the Magino mine, as the acquisition of the Magino mine was completed on July 12, 2024.

(8)The Mulatos District includes Mulatos and La Yaqui Grande mines.

(9)Sustaining capital expenditures for Island Gold District include certain finance leases classified as sustaining.

•Produced 137,200 ounces of gold, consistent with quarterly guidance and a 10% increase from the first quarter of 2025 reflecting stronger performances from all three operations. With further increases expected in the third and fourth quarter, the Company remains on track to achieve full year production guidance

•Sold 135,027 ounces of gold at an average realized price of $3,223 per ounce, generating record quarterly revenues of $438.2 million. The average realized gold price was below the London PM Fix price, reflecting the delivery of 12,346 ounces into the gold prepayment facility executed in July 2024 based on the prepaid price of $2,524 per ounce

•Record cash flow from operating activities totaled $199.5 million (including $232.9 million before changes in working capital and taxes paid1, or $0.55 per share), a 151% increase from the first quarter of 2025 reflecting the strong operating performance and margin expansion through higher gold prices and lower costs

•Generated strong free cash flow1 of $84.6 million, while continuing to reinvest in high-return growth projects including the Phase 3+ Expansion, Lynn Lake, and PDA. This was a significant increase from negative free cash flow of $20.1 million in the first quarter of 2025, reflecting a solid contribution from all three operations. The Company expects strong ongoing free cash flow at current gold prices through the remainder of 2025 with significant growth starting in 2026 reflecting higher production and lower costs

•Total cash costs1 of $1,075 per ounce and all-in sustaining costs ("AISC")1 of $1,475 per ounce decreased 10% and 18%, respectively, from the first quarter of 2025, driven by stronger production and lower share-based compensation expense. Costs are expected to decrease further through the second half of the year

•Reflecting the higher than budgeted share-based compensation expense through the first half of the year, higher royalty expense, and slower start to the year at Magino and Young-Davidson, the Company has increased its 2025 cost guidance. Full year total cash costs are now expected to be between $975 and $1,025 per ounce, and AISC between $1,400 and $1,450 per ounce. This represents a 12% increase in AISC guidance with approximately 40% of the increase attributable to external factors including the revaluation of previously issued share-based compensation with the higher share price, and higher royalty expenses given the increased gold price

•Cost of sales of $200.7 million, or $1,486 per ounce, decreased 10% from the first quarter of 2025 on a per-ounce basis

•Reported net earnings for the quarter were $159.4 million, or $0.38 per share

•Adjusted net earnings1 were $144.1 million, or $0.34 per share. Adjusted net earnings includes adjustments for unrealized losses on commodity hedge derivatives, net of tax, of $17.1 million, adjustments for unrealized foreign exchange gains recorded within deferred taxes and foreign exchange loss totaling $34.3 million, and other adjustments of $1.9 million

•Cash and cash equivalents increased 19% from the first quarter of 2025 to $344.9 million at June 30, 2025. The Company remains in a strong net cash position and is well-positioned to internally fund all of its growth initiatives with strong ongoing free cash flow and $844.9 million of total liquidity

•Returned $21 million to shareholders. This included the repurchase of 0.4 million shares at a cost of $10.0 million ($25.11 per share), and payment of the $10.6 million quarterly dividend ($0.025 per share)

•In response to the devastating wildfires impacting communities across northern Manitoba, Alamos partnered with two other mining companies, collectively donating CAD$1.25 million to the Canadian Red Cross to support emergency relief and rebuilding efforts. This contribution will help the residents and Indigenous communities in which the three companies operate that have been affected by the wildfires. In addition, Alamos Gold is establishing a $250,000 Wildfire Support Fund, administered by the Dreamcatchers Committee which will support community rebuilding efforts in the community of Lynn Lake

•Announced the Base Case Life of Mine Plan ("Base Case LOM Plan") completed on the Island Gold District, outlining a long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada. The Base Case LOM Plan outlines average annual gold production of 411,000 ounces starting in 2026, at average mine-site AISC of $915 per ounce over the initial 12 years. The Company expects to outline significant upside potential to the Base Case LOM within an expansion study ("Expansion Study"), which is expected to be completed in the fourth quarter of 2025

•Provided an exploration update at Island Gold where drilling continues to extend high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures, highlighting the significant near-mine upside potential. Additionally, the regional exploration program has been successful in intersecting high-grade gold mineralization at the past-producing Cline-Pick and Edwards mines, located seven kilometres from the Magino Mill, highlighting longer-term opportunities for further growth

•Shaft sinking at Island Gold reached 1,265 metres ("m") in the second quarter, or 92% of the planned depth. In addition, a groundbreaking ceremony was held for the 115 kV power line project in partnership with Batchewana First Nation. When completed in 2026, it will connect the entire site to grid power, providing clean energy and further reducing the Island Gold District Greenhouse Gas (“GHG”) emissions intensity to well below the industry average

•Announced a binding agreement to sell the option to earn 100% interest in the non-core Quartz Mountain Gold Project (“Quartz Mountain”), located in Oregon, to Q-Gold Resources Ltd. (TSXV:QGR) (“Q-Gold”) for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold. The transaction is expected to close in the second half of 2025

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures” section of this MD&A for a description and calculation of these measures.

•Total recordable injury frequency rate1 ("TRIFR") of 0.65 in the second quarter, a 56% decrease from 1.49 in the first quarter of 2025

•Lost time injury frequency rate1 ("LTIFR") of 0.08 in the second quarter

•Alamos had eight recordable injuries across its sites and one lost time injury

•Year-to-date TRIFR of 1.01 is a significant improvement from the prior year and LTIFR of 0.08

•Six minor reportable spills occurred in the second quarter

•Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits

•Alamos, Vale Base Metals, and Hudbay Minerals collectively contributed CAD$1.25 million to the Canadian Red Cross to support emergency relief and rebuilding efforts for those impacted by the wildfires in Northern Manitoba

•Committed $250,000 to a Wildfire Support Fund, administered by the Dreamcatchers Committee which will support community rebuilding efforts in the community of Lynn Lake, Manitoba

•Provided local community support near the Mulatos District including medical services, road maintenance, water distribution and student scholarships

•Mulatos was awarded the Empresa Socialmente Responsable award for the 17th consecutive year in recognition of the mine’s ethical and sustainable practices

•Published Alamos’ 2024 Report on Conformance to the Responsible Gold Mining Principles ("RGMP") in accordance with the World Gold Council’s RGMP framework

•Published Alamos’ 2024 Report on Modern Slavery in accordance with Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act

•Published Alamos’ Extractive Sector Transparency Measures Act 2024 Annual Report, outlining payments made to governments in Canada and abroad related to our activities on a country and project basis

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

On June 23, 2025, the Company reported results of the Base Case LOM Plan. The Base Case LOM Plan integrates Island Gold and Magino as one consolidated long-life operation that is expected to become one of the largest, lowest-cost, and most profitable gold mines in Canada. Highlights include the following:

•Average annual gold production of 411,000 ounces starting in 2026 and over the initial 12 years driven by the completion of the Phase 3+ Expansion

•Average annual production of 306,000 ounces over the 20-year Mineral Reserve life

•Significant upside potential through a further expansion of the operation, and the expected conversion of a significant portion of the large Mineral Resource base to Mineral Reserves through ongoing delineation drilling

•Low-cost structure: average mine-site AISC of $915 per ounce over the initial 12 years (2026+), a 19% decrease from the mid-point of 2025 guidance

•Average total cash costs of $581 per ounce over the initial 12 years (average $699 per ounce over the life of mine)

•Average AISC of $1,003 per ounce over the life of mine, an 11% decrease from 2025 guidance

•Long-life operation supported by a large and growing Mineral Reserve base

•48% increase in total Mineral Reserves to 6.3 million ounces (88.6 million tonnes (“mt”) grading 2.23 grams per tonne of gold (“g/t Au”), including:

•4.1 million ounces grading 10.85 g/t Au (11.8 mt) at Island Gold underground, up 80% from the end of 2024 reflecting the conversion of Mineral Resources

•2.2 million ounces grading 0.91 g/t Au (76.9 mt) at Magino open pit, up 12% from the end of 2024

•Significant upside potential expected to be outlined in an Expansion Study in the fourth quarter of 2025

•Base Case LOM Plan based only on Mineral Reserves and long-term milling rates of 12,400 tonnes per day (“tpd”)

•Expansion Study expected to include an increase in milling rates potentially to between 18,000 and 20,000 tpd supporting higher throughput rates from both Island Gold and Magino, and

•The incorporation of a larger Mineral Reserve through the expected conversion of a significant portion of existing Mineral Resources, which consist of:

•Island Gold Underground: M&I Mineral Resources of 1.0M oz grading 10.49 g/t Au (3.1 mt) and Inferred Mineral Resources of 1.3M oz grading 16.88 g/t Au (2.4 mt)

•Magino Open Pit: M&I Mineral Resources of 1.8M oz grading 0.91 g/t Au (60.3 mt) and Inferred Mineral Resources of 1.2M oz grading 0.92 g/t Au (40.3 mt)

•Low capital intensity

•Growth capital of $453 million with the majority to be spent over the next two years, focused on completing the Phase 3+ Expansion and Magino mill expansion to 12,400 tpd

•Sustaining capital of $1,808 million over the life of mine, or $304 per ounce

•Sustaining capital intensity expected to decrease within Expansion Study reflecting a larger Mineral Reserve leveraging existing infrastructure

•Total all-in cost of $1,079 per ounce, including total capital intensity of $380 per ounce

•Attractive base case economics with significant upside

•After-tax net present value (“NPV”) (5%) of $4.5 billion, (base case long-term gold price assumption of $2,400 per ounce and USD/CAD foreign exchange rate of $0.75:1)

•After-tax NPV (5%) of $6.7 billion, at current gold prices of approximately $3,300 per ounce

•Expansion Study is expected to demonstrate attractive economics with a further increase in value reflecting a larger Mineral Reserve and higher throughput rates

•Phase 3+ Expansion expected to be completed during the second half of 2026

•Base Case LOM Plan is consistent with existing three-year production guidance

•The slight delay in the completion of the Phase 3+ Expansion (from the first half of 2026 previously) is not expected to impact production or cost guidance in 2026 and 2027

•Work on the Phase 3+ Expansion has been largely de-risked with a number of key projects substantially complete including the shaft surface infrastructure, and shaft development which is currently at over 90% of its ultimate planned depth

•Low and decreasing GHG emission intensity

•29% reduction of GHG emissions per ounce from already low levels which are currently 57% below the industry average. This is expected to be achieved through the completion of the Phase 3+ Expansion, and connection of the Magino mill to grid power in 2026

•Fully funded growth: ongoing free cash flow with significant growth expected in 2026

•Island Gold District is expected to self finance all remaining growth capital at current gold prices with significant free cash flow growth following the completion of the Phase 3+ Expansion in 2026

On April 3, 2025, the Company announced a binding agreement to sell its option to earn a 100% interest in Quartz Mountain to Q-Gold for total consideration of up to $21 million and a 9.9% equity stake in Q-Gold. The transaction includes an initial payment of $2.85 million in cash upon closing, $8.15 million in guaranteed payments over the next three years, and $10 million in milestone payments tied to permitting and completion of a feasibility study or making a construction decision. The sale aligns with the Company's strategy of monetizing non-core assets while focusing on its portfolio of high-return growth projects including the Phase 3+ Expansion, Lynn Lake, and PDA. The transaction is expected to close in the second half of 2025 and is subject to customary closing conditions for a transaction of this nature.

(1)Refer to the "Non-GAAP Measures and Additional GAAP" section of this MD&A for a description of these measures.

(2)Total consolidated all-in sustaining costs include corporate and administrative, and share based compensation expenses. Individual mine-site all-in sustaining costs do not include an allocation of corporate and administrative expense, and corporate share-based compensation expenses.

(3)Cost of sales includes mining and processing costs, royalties, amortization expense, and silver by-product credits, and is calculated based on the mid-point of total cash costs guidance.

(4)Previous guidance was issued on January 13, 2025. Cost guidance was revised on July 30, 2025. Production and capital guidance remain unchanged.