Alamos Gold Continues to Define High-Grade Mineralization Across the Island Gold Deposit; Ongoing Success Expected to Drive Additional Growth in Mineral Reserves and Resources

Press Release

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

TORONTO, Jan. 13, 2025 — Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported new results from underground and surface drilling at the Island Gold Mine. Exploration drilling continues to extend high-grade gold mineralization across the Island Gold Deposit, as well as within several hanging wall and footwall structures. The ongoing success through 2024 is expected to drive another year of growth in Mineral Reserves and Resources within the year-end update to be released in February 2025.

“Our drilling program at Island Gold over the past year has been one of the most successful in the history of the asset in terms of the magnitude of high-grade intercepts across the lateral extent of the main deposit, and within the numerous newly defined hanging wall and footwall zones. We expect this to drive another year of growth in combined Mineral Reserves and Resources, marking the ninth consecutive year, with grades also increasing over that time frame. Island Gold has established itself as one of the highest-grade and fastest growing deposits in the world. With the main structure open laterally and down-plunge, and significant high-grade results being intersected within emerging and yet to be defined zones in proximity to the main structure, we see excellent potential for this pace of growth to continue,” said John A. McCluskey, President and Chief Executive Officer.

Island Gold Main zone exploration highlights: high-grade mineralization extended outside of Mineral Reserves and Resources in the E1E and C-Zones. These zones are the main structures which host the majority of currently defined Mineral Reserves and Resources at Island Gold. New highlights include¹:

• Island West (C-Zone)
  • 67.68 g/t Au (16.07 g/t cut) over 3.61 m (790-479-62);
  • 31.59 g/t Au (31.59 g/t cut) over 4.18 m (890-461-58);
  • 16.58 g/t Au (16.58 g/t cut) over 5.56 m (890-461-40);
  • 40.21 g/t Au (21.69 g/t cut) over 2.08 m (790-479-69);
  • 22.71 g/t Au (11.48 g/t cut) over 2.14 m (890-461-54); and
  • 20.09 g/t Au (20.09 g/t cut) over 2.13 m (1025-497-08).
• Island East (E1E-Zone)
  • 55.50 g/t Au (45.31 g/t cut) over 3.87 m (MH40-02);
  • 49.26 g/t Au (49.26 g/t cut) over 2.07 m (540-578-05);
  • 31.55 g/t Au (31.55 g/t cut) over 2.92 m (MH40-03); and
  • 26.25 g/t Au (26.25 g/t cut) over 2.57 m (540-578-08).

Island Gold Hanging Wall and Footwall exploration highlights: high-grade gold mineralization intersected within new and recently defined hanging wall and footwall zones across the main Island Gold Deposit. These zones represent significant opportunities to continue to grow near mine Mineral Reserves and Resources which are low-cost to develop and produce from, given their proximity to existing infrastructure. New highlights include¹:

Other Hanging Wall and Footwall intersections within yet to be defined zones (Unknown Zones): drilling continues to intersect high-grade mineralization beyond currently defined zones and in proximity to existing underground infrastructure. This includes drill hole 890-461-42 (584.20 g/t Au over 6.80 m), located 10 m north of the main C-Zone in Island West. These are part of more than 2,000 intersections above 3 g/t Au outside of existing Mineral Reserves and Resources in the hanging wall and footwall. Through additional drilling, there is excellent potential to define additional new zones supporting significant growth in near-mine Mineral Reserves and Resources. New highlights include²:

Footwall

• 584.20 g/t Au over 6.80 m (890-461-42);
• 129.76 g/t Au over 2.90 m (440-586-01);
• 58.77 g/t Au over 4.90 m (890-461-17);
• 114.22 g/t Au over 2.20 m (890-461-34);
• 92.85 g/t Au over 2.20 m (890-461-56);
• 46.83 g/t Au over 4.20 m (890-461-47);
• 25.95 g/t Au over 6.10 m (890-461-57);
• 40.59 g/t Au over 3.85 m (890-461-54);
• 61.33 g/t Au over 2.35m (490-450-06);
• 24.16 g/t Au over 5.95 m (890-461-54);
• 12.12 g/t Au over 9.55 m (945-624-48);
• 31.23 g/t Au over 3.40 m (890-461-52);
• 32.57 g/t Au over 3.05 m (560-481-17);
• 33.23 g/t Au over 2.75 m (890-461-33); and
• 44.94 g/t Au over 2.00 m (890-461-40).

Hanging Wall

• 158.03 g/t Au over 2.00 m (490-450-05);
• 46.75 g/t Au over 6.10 m (850-475-13);
• 38.44 g/t Au over 5.35 m (1025-517-34);
• 30.95 g/t Au over 6.25 m (890-461-57);
• 38.63 g/t Au over 3.80 m (890-461-52);
• 37.61 g/t Au over 3.05 m (850-475-27);
• 28.05 g/t Au over 3.90 m (890-461-10); and
• 22.74 g/t Au over 3.75 m (580-463-29).

Island Gold East delineation and definition drilling highlights: ongoing drilling focused on the conversion of Mineral Resources to Mineral Reserves from the 945, 1040, and 1130-levels has defined wider, higher-grade zones over a 150 m by 250 m area within the Island Main structure. New highlights include¹:

• 31.42 g/t Au (22.16 g/t cut) over 17.87 m (945-624-52);
• 37.92 g/t Au (21.18 g/t cut) over 13.46 m (1130-623-34);
• 23.57 g/t Au (21.93 g/t cut) over 19.34 m (1130-623-25);
• 37.07 g/t Au (31.64 g/t cut) over 7.94 m (1130-623-35); and
• 8.72 g/t Au (8.72 g/t cut) over 18.65 m (945-624-50).

¹ All reported composite intervals are calculated true width of the mineralized zones. Drillhole composite intervals reported as “cut” may include higher grade samples which have been cut to: Island West and Island Main (C-zone) @ 225 g/t Au; Island Main and East (E1E Zone) @ 185 g/t Au; E1D Zone @ 100 g/t; B-Zone, E1D1 and NS1 @ 90 g/t Au; NTH3 @ 60 g/t; D1 and G1 @ 45 g/t Au, DN, DN2, NS2 and NTH zones @ 35 g/t Au.

² All reported composite intervals are core length, true width is unknown at this time, and gold grades are reported as uncut.

New highlight intercepts can be found in Tables 1 and 2, and in Figures 1 and 2 at the end of this news release.

2024 Exploration Drilling Program

A total of $19 million was budgeted for exploration at Island Gold in 2024, up from $14 million in 2023. The focus of the program was to define new Mineral Reserves and Resources in proximity to existing production horizons and infrastructure. A total of 50,416 m of underground exploration drilling was completed in 185 holes in 2024, relative to a planned 41,000 m. Additionally, 9,849 m of surface exploration drilling was completed in 11 holes. This drilling focused on evaluating targets across the strike extent of the main Island Gold Deposit (E1E and C-Zones), as well as expanding newly defined zones in the hanging wall and footwall of Island Gold.

In addition to the exploration budget, 36,686 m of underground delineation drilling was completed in 155 holes in 2024, which focused on the conversion of the large Mineral Resource base to Mineral Reserves.

Island West

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