Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) reported new results from ongoing surface exploration drilling within the Mulatos District focused on defining higher-grade mineralization at Puerto Del Aire and Cerro Pelon.

Drilling at Cerro Pelon is following up on wide, high-grade underground oxide and sulphide intersections previously drilled below the Cerro Pelon open pit. The 2024 drill program has successfully expanded high-grade mineralization beyond the historical drilling in multiple oxide and sulphide zones. Additionally, surface drilling has extended higher-grade mineralization across multiple zones within the PDA area.

Ongoing exploration success is expected to support further growth in Mineral Reserves and Resources at PDA, and an initial underground Mineral Resource at Cerro Pelon with the year-end update expected to be released in February 2025. The success at both deposits highlights the significant exploration upside opportunities to the PDA project, with an initial development plan to be released today after market close.

Cerro Pelon exploration highlights: step-out drilling below the previously mined oxide deposit has identified significant high-grade feeder structures that range in size from 45 to 125 metres in width, and up to 170 m vertically. The top portion of the mineralized zones contain oxide mineralization including the historical intercept of 15.35 g/t Au (14.04 g/t cut) over 25.04 m true width (15PEL012) drilled in 2015. Cerro Pelon is located nine kilometres (“km”) by road from the planned PDA mill and represents a potential source of additional high-grade mill feed. New highlights include¹:

• 5.45 g/t Au over 27.90 m, including 31.07 g/t Au over 1.25 m (24PEL048);
• 12.47 g/t Au (9.41 g/t cut) over 6.46 m, including 58.10 g/t Au (40.00 g/t cut) over 1.09 m (24PEL048);
• 4.79 g/t Au over 15.82 m (24PEL071);
• 4.46 g/t Au over 15.40 m (24PEL051);
• 5.64 g/t Au over 12.16 m (24PEL059);
• 5.77 g/t Au over 9.81 m (24PEL067); and
• 4.01 g/t Au over 13.85 m (24PEL054).

PDA exploration highlights: additional high-grade gold mineralization extended beyond Mineral Reserves and Resources within the GAP-Victor, PDA3 and PDA Extension zones. New highlights include¹:

GAP-Victor Zone

• 5.43 g/t Au over 18.05 m (23MUL278);
• 23.60 g/t Au over 3.00 m (24MUL302);
• 27.62 g/t Au (23.06 g/t cut) over 2.25 m (24MUL332);
• 12.28 g/t Au over 4.95 m (24MUL363); and
• 5.77 g/t Au over 8.65 m (24MUL304).

PDA3 Zone

• 3.03 g/t Au over 28.40m (24MUL347); and
• 6.63 g/t Au over 5.50 m (24MUL365).

PDA Extension Zone

• 36.20 g/t Au over 0.90 m (24MUL341);
• 3.51 g/t Au over 5.05 m (24MUL315); and
• 4.16 g/t Au over 4.20 m (24MUL283).

¹All reported composite widths are estimated true width of the mineralized zones. Drillhole composite gold grades reported as “cut” at PDA and Cerro Pelon include higher grade samples which have been cut to 40 g/t Au.

“Our PDA development plan to be released later today is expected to outline another attractive, high-return project that will nearly triple the current mine life of the Mulatos District. The development plan will be based on PDA’s current Mineral Reserve of one million ounces which had more than doubled over the previous two years. Our continued exploration success at PDA in 2024 highlights the significant upside potential to the project through further growth in higher-grade Mineral Reserves and Resources,” said John A. McCluskey, President and Chief Executive Officer.

“The addition of a mill to process higher-grade sulphide mineralization will also open up additional opportunities within the Mulatos District, including Cerro Pelon, where we expect to declare an initial Mineral Resource in early 2025. With PDA and Cerro Pelon open in multiple directions, and a number of other promising targets, there is excellent potential to continue defining higher-grade Mineral Reserves and Resources across the Mulatos District,” Mr. McCluskey added.

New highlight intercepts can be found in Table 1, and in Figures 2 through 4 at the end of this news release.

2024 Exploration Budget – Mulatos

A total of $19 million has been budgeted at Mulatos for exploration in 2024, consistent with 2023. The near-mine and regional drilling program is expected to total 55,000 m, including 27,000 m of surface exploration drilling at PDA and the surrounding area. Exploration activities are focused on following up on a successful 2023 exploration program that drove a 33% increase in Mineral Reserves at PDA to 1.0 million ounces (5.4 mt grading 5.61 g/t Au), compared to 2022, with grades also increasing 16%.

Given the ongoing growth of the PDA deposit, other higher-grade sulphide opportunities are being targeted within the Mulatos District, including below the previously mined Cerro Pelon open pit.

Cerro Pelon

The 2024 drill program at Cerro Pelon is focused on defining high-grade mineralization below the previously mined open pit where wide, high-grade mineralization was intersected across multiple drill holes between 2008 to 2017. Previously reported highlights from 2015 and 2016 include²:

• 15.35 g/t Au (14.04 g/t cut) over 25.04 m (15PEL012);
• 9.16 g/t Au over 19.22 m (16PEL018);
• 10.36 g/t Au over 17.40 m (15PEL020);
• 6.95 g/t Au over 13.53 m (15PEL069); and
• 13.47 g/t Au over 3.47 m (15PEL085).

²All reported historic composite widths are estimated true width of the mineralized zones. Drillhole composite gold grades reported as “cut” include higher grade samples which have been cut to 40 g/t Au.

An initial 2,000 m of drilling was planned at Cerro Pelon in 2024. Given the success to date, 8,864 m has been completed and is reported in this release. High-grade gold and silver mineralization is localized in pipe-like geometries at the intersection of >500 m long north north-west structures, and >400 m long east north-east structures, thought to represent high sulphidation feeder zones. Drilling to date has defined higher-grade mineralization 50 to 200 m below the Cerro Pelon pit bottom. New highlights from this drilling include:

• 5.45 g/t Au over 27.90 m, including 31.07 g/t Au over 1.25 m (24PEL048);
• 12.47 g/t Au (9.41 g/t cut) over 6.46 m, including 58.10 g/t Au (40.00 g/t cut) over 1.09m (24PEL048);
• 4.79 g/t Au over 15.82 m (24PEL071);
• 4.46 g/t Au over 15.40 m (24PEL051);
• 5.64 g/t Au over 12.16 m (24PEL059);
• 5.77 g/t Au over 9.81 m (24PEL067);
• 4.01 g/t Au over 13.85 m (24PEL054);
• 4.42 g/t Au over 9.55 m (24PEL066);
• 7.13 g/t Au over 4.22 m (24PEL046);
• 4.46 g/t Au over 5.07 m (24PEL070);
• 4.09 g/t Au over 5.05 m (24PEL066);
• 3.22 g/t Au over 6.38 m (24PEL074); and
• 4.73 g/t Au over 3.57 m (24PEL054).

An objective of the 2024 drilling campaign is to establish the shape and extent of the high-grade gold and silver mineralization within the zones. Drilling to date has defined more than five pipes with lateral dimensions ranging from 150 m by 100 m, to 75 m by 60 m, and vertical extents ranging between 40 m and 150 m. There is significant potential to expand the mineralization in all directions with limited drilling completed beyond the five feeders identified to date.

PDA – GAP-Victor, PDA3 and PDA Extension Zones

PDA is a higher-grade underground deposit located adjacent to the main Mulatos pit and is comprised of multiple mineralized zones including PDA, Gap, Victor, and Estrella (Figure 4). Ongoing exploration success has driven substantial growth in the deposit over the past three years. In 2023, Mineral Reserves increased 33% to 1.0 million ounces at 16% higher grades of 5.61 g/t Au. Over the past two years, PDA’s Mineral Reserves have more than doubled, at 20% higher grades. Combined Mineral Reserves and Resources also increased 26% in 2023 to total 1.2 million ounces.

Given ongoing exploration success in 2024, and with the deposit open in multiple directions, there is excellent potential for this growth to continue. Over the past three years, discovery costs at PDA have averaged $19 per ounce.

PDA is located adjacent to the Mulatos pit with the underground deposit expected to be accessed from a ramp and development drifts from within the pit. A development plan for PDA will be released after market close today, based on Mineral Reserves as of the end of 2023. Ongoing exploration success at PDA and Cerro Pelon in 2024 represents upside to the project.

The initial focus of the surface exploration program in 2024 has been on the GAP-Victor zones, and in the relatively untested area between the PDA zones and GAP-Victor with 14,513 m of drilling completed to date. Another 10,937 m of drilling was completed within PDA3 and PDA Extension. New highlights from results received since the year end 2023 Mineral Reserves and Resources include:

GAP-Victor Zone

• 5.43 g/t Au over 18.05 m (23MUL278);
• 23.60 g/t Au over 3.00 m (24MUL302);
• 27.62 g/t Au (23.06 g/t cut) over 2.25 m (24MUL332);
• 12.28 g/t Au over 4.95 m (24MUL363);
• 5.77 g/t Au over 8.65 m (24MUL304);
• 16.40 g/t Au over 1.50 m (24MUL294);
• 20.10 g/t Au over 1.20 m (24MUL304);
• 12.60 g/t Au over 1.90 m (24MUL273);
• 14.90 g/t Au over 1.50 m (24MUL314);
• 5.40 g/t Au over 4.10 m (24MUL323);
• 8.97 g/t Au over 2.10 m (24MUL290);
• 3.04 g/t Au over 6.00 m (24MUL302);
• 15.90 g/t Au over 1.10 m (24MUL291); and
• 5.36 g/t Au over 3.25 m (24MUL291).

PDA3 Zone

• 3.03 g/t Au over 28.40 m (24MUL347);
• 6.63 g/t Au over 5.50 m (24MUL365); and
• 8.09 g/t Au over 2.70 m (24MUL349).

PDA Extension

• 36.20 g/t Au over 0.90 m (24MUL341);
• 3.51 g/t Au over 5.05 m (24MUL315); and
• 4.16 g/t Au over 4.20 m (24MUL283).

Qualified Persons

Scott R.G. Parsons, P.Geo., FAusIMM, Alamos Gold’s Vice President, Exploration, has reviewed and approved the scientific and technical information contained in this news release. Scott R.G. Parsons is a “Qualified Person” as defined by Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Exploration programs at Mulatos are directed and supervised by Michele Cote, P.Geo., Alamos Gold’s Chief Exploration Geologist, Corporate. Michele Cote is a “Qualified Person” as defined by Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Quality Assurance and Quality Control

Alamos Gold maintains an internal Quality Assurance / Quality Control (QA/QC) program at Mulatos to ensure sampling and analysis of all exploration work is conducted in accordance with best practices.

Access to the Mulatos Property is controlled by security personnel. The drill core is logged and sampled at the core logging facility within the mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis, and sample intervals, based on lithology and alteration, standards and blanks are entered into the database. The core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a micropore sample bag and sealed with a cable tie in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large heavy-duty nylon reinforced micropore bags, which are identified and sealed before being dispatched. The core samples are picked up at the mine site and delivered to Bureau Veritas Commodities Canada Ltd. laboratory in Hermosillo, Mexico.

Gold is analyzed by 30 grams Lead Collection Fire Assay Fusion (FA) that ends with an Atomic Absorption Spectroscopy finish (AAS). Samples greater than 5.0 g/t Au are re-analyzed starting again with a FA process but ending with a gravimetric finish (GRAV). Bureau Veritas is an ISO/IEC 17025 accredited laboratory and has internal quality control (“QC”) programs that include insertion of reagent blanks, reference materials, and pulp duplicates that are in line with normal requirements, as well as participating in yearly proficiency tests to evaluate lab performance.

The Corporation inserts QC samples (blanks and reference materials) at regular intervals to monitor laboratory performance. Cross check assays are completed on a regular basis in a secondary accredited laboratory.

About Alamos

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

Table 1: Select Composite Intervals from new Surface Exploration Drilling and PDA and Cerro Pelon

Composite intervals greater than 3 g/t Au weighted average, capping values 40 g/t Au.

Note : 24PEL series composites are calulated using a 2 g/t Au cut-off with up to 7 m of internal waste.
23MUL and 24MUL series composites are calculated using a 2 g/t Au cut-off with up to 5 m of internal waste.

Table 2: Surface drill holes; azimuth, dip, drilled length, and collar location at surface
(UTM Zone 12 NAD27)

Figure 1: Puerto Del Aire and Cerro Pelon Location Map, Mulatos District

Figure 2: Cerro Pelon – New Exploration Highlights, Plan View

Figure 3: Cerro Pelon – Cross Section Through Mineralization with New Exploration Highlights

Figure 4: Puerto Del Aire – New Exploration Highlights, Plan View