Alamos and Argonaut Close Previously Announced Private Placement

Press Release

TORONTO, April 04, 2024– Alamos Gold Inc. (“Alamos”) (TSX:AGI; NYSE:AGI) and Argonaut Gold Inc. (“Argonaut”) (TSX:AR) today announced the closing of their previously announced non-brokered private placement, pursuant to which Alamos subscribed (the “Private Placement”) for 174,825,175 common shares of Argonaut (the “Acquired Shares”), representing approximately 13.8% of Argonaut’s total outstanding common shares (the “Common Shares”) after giving effect to the Private Placement. The Acquired Shares were acquired at a price of C$0.286 per share, for total gross proceeds to Argonaut of C$50,000,000.

The Private Placement was conducted pursuant to the terms of the arrangement agreement between Alamos and Argonaut entered into on March 27, 2024 (the “Arrangement Agreement”) pursuant to which Alamos will acquire all of the issued and outstanding shares of Argonaut pursuant to a court approved plan of arrangement (the “Transaction”). The net proceeds from the Private Placement will be used by Argonaut to fund its immediate liquidity needs related to its loan facilities and operations, including the advancement of the Magino Gold mine and for general working capital. Argonaut will allocate no more than C$10,000,000 of the proceeds, directly or indirectly, to the advancement and working capital of its United States and Mexican assets.

The Acquired Shares are subject to the Canadian resale rules which include a four-month restricted period before the Acquired Shares may become freely tradeable within Canada.

Early Warning Disclosure

Immediately prior to the closing of the Private Placement, Alamos did not have beneficial ownership of, or control or direction over, any Common Shares. After giving effect to the Private Placement, Alamos has beneficial ownership of, or control or direction over, 174,825,175 Common Shares, or approximately 13.8% of the issued and outstanding Common Shares.

Alamos acquired the Acquired Shares in connection with the Transaction, and for investment purposes. Pursuant to the Arrangement Agreement, Alamos agreed to acquire all of the issued and outstanding Common Shares that it does not already own at the closing of the Transaction.

An early warning report in respect of the Private Placement will be filed in accordance with applicable securities laws and will be available on Argonaut’s SEDAR+ profile at www.sedarplus.ca.To obtain a copy of the early warning report, once filed, please contact Alamos at Brookfield Place, 181 Bay Street, Suite 3910, Toronto, Ontario, M5J 2T3, Attention: Scott K. Parsons, 416-368-9932 x 5439.

Argonaut’s head office address is 200 Bay Street, Suite 1302, Toronto, Ontario, M5J 2J3.

About Alamos Gold Inc.

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, Alamos 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. Alamos’ shares are traded on the TSX and NYSE under the symbol “AGI”.

Argonaut Gold Inc.

Argonaut is a Canadian-based gold producer with a portfolio of operations in North America. Focused on becoming a low-cost, mid-tier gold producer, the Company’s flagship asset, Magino Mine, is expected to become Argonaut’s largest and lowest cost mine. Argonaut is pursuing potential for re-development and additional growth at the Florida Canyon Mine in Nevada, USA. Together, the Magino and Florida Canyon mines are Argonaut’s cornerstone assets that will drive Argonaut through this pivotal growth stage. The Company also has one additional operating mine in Mexico, the San Agustin Mine in Durango. Argonaut Gold trades on the TSX under the ticker symbol “AR”.

For further information please visit the Alamos and Argonaut websites at www.alamosgold.com or www.argonautgold.com or contact:

Scott K. Parsons
Senior Vice-President, Investor Relations
Alamos Gold Inc.
416-368-9932 x 5439
sparsons@alamosgold.com

Joanna Longo
Investor Relations
Argonaut Gold Inc.
416-575-6965
joanna.longo@argonautgold.com

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