Minera Alamos : Corporate Presentation - May 2024

Building the Next Mid-tierGold Company

TSX.V: MAI | OTCQX: MAIFF | mineraalamos.com

May 2024

Forward Looking Statements

This presentation contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that Minera Alamos believes, expects or anticipates will or may occur in the future are forward-looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as

"seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and

statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions.

These forward-looking statements reflect the current internal projections, expectations or beliefs of Minera Alamos based on information currently available to Minera Alamos. Forward- looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by Minera Alamos with securities regulatory authorities, that may cause the actual results of Minera Alamos to differ materially from

those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on Minera Alamos.

Minera Alamos expressly disclaims any obligation to update or revise any such forward-looking statements. This presentation is not for distribution to United State newswire services and not for dissemination in the United States. The securities discussed herein have not been and will not be registered under the United States Securities Act of 1933 (the "US Securities Act"), as amended, or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S of the US Securities Act) unless an exemption from registration is available.

The Preliminary Economic Assessments (PEA) discussed in this presentation are preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable

them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Economic studies will need to be completed prior to accurate guidance and projections can be provided.

Darren Koningen, P. Eng., President of Minera Alamos is the Qualified Person (within the meaning of National Instrument 43-101) responsible

for the information contained in this presentation. To the best of knowledge, information and belief of Minera Alamos, there is no new material scientific or technical information that would make the disclosure of the mineral resources set out in this presentation to be inaccurate or misleading.

For further information on the technical data provided in this presentation, including the key assumptions underlying the mineral resource herein, data verification, quality assurance program, quality control measures applied, risks and uncertainties please refer to the SEDAR filings of Minera Alamos as listed below:

NI 43-101 Technical Report titled "Mineral Resource Update and Preliminary Economic Assessment of the La Fortuna Gold Project, Durango State, Mexico" by CSA Global, dated July 13, 2018

NI 43-101 Technical Report titled "Preliminary Economic Assessment and Mineral Resource Estimate for the Cerro de Oro Project" dated Jan 5th, 2023

NI43-101 Technical Report titled "Mineral Resource Estimate for the Santana Project, Sonora, Mexico" dated October 16th, 2023

Please note that all financial figures are in Canadian dollars, unless otherwise stated.

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Why Invest in

Minera Alamos?

Santana Mine

Cerro De Oro

La Fortuna

1

2

3

4

5

We are proven builders

• Heap leach mining expertise
• Ability to expedite projects & minimize initial CAPEX
• Same team that placed 4 mines into production

We are gold producers

• 1st mining operation in production
• 2nd planned mine in permitting stage (2022 PEA)
• 3rd planned mine permitted and ready for construction decision (2018 PEA)

We are minimizing risk

• Focus on Maintaining a Strong balance sheet
• Funding package already secured for next planned mine (Cerro de Oro)

We have growth potential

• Multi-minestrategy
• Potential for expansion via exploration success
• Copper developer spinout

We are insulated from inflation

	- Low capital intensity projects better insulated against
TSX.V: MAI | OTCQX: MAIFF | mineraalamos.com	rising capital costs	3

Growth Model

Nurturing Growth Along the Mineral Development Lifecycle

High value

Low value

Exploration

Discovery

Feasibility

Santana Mine

• In production
• Growth Potential

CerroDeOro

- 8-year initial mine life

- In permitting

- Funding secured

- Growth Potential

LaFortuna

- 5-year initial mine life

- All federal permits in place

- Construction following Cerro de Oro

- GrowthPotential

DevelopmentMiningRemediation

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Golden Foundations

Unveiling Strong Economics in Gold Mining1

Santana

(mine)

Cerro de Oro

(permitting)

La Fortuna

(development)

~15 Koz	~200 Koz	10 M	Sub $900/oz
Produced to Date	Indicated	Low Capex	Cash Costs in 2022

~58 Koz	~790 Koz	28 M	$873/oz
Annual Production	Inferred	Low Capex	AISC per 2022 PEA

~50 Koz	~300 Koz	30 M	$440/oz
Au Eq Annual Prod.	Measured & Indicated	Low Capex	AISC per 2018 PEA

1 Please see Notes associated with each property mentioned above on their respective project pages 13, 17, 18 and 23

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Growth Model

Path to Intermediate Production (Annualized Forward Run-rate)

5 Year Production Growth (oz)

Santana Cerro De Oro La Fortuna

160000		La
140000		Fortuna

120000		Cerro De Oro
100000		Santana
80000		Santana
60000		Permit
		Amendment
		Anticipated

40000

20000

0

2024

2025

2026

2027

2028

1. Assumes Cerro de Oro Permit Receipt Prior to June 2024 Federal Elections (Funding package in place)
2. La Fortuna (currently permitted) construction and supported by Cerro de Oro cashflows
3. Base Case scenarios only
   - Cerro de Oro being permitted with twice the pad capacity of the PEA model
4. Flexible Project Sequencing
5. Industry Leading Capital Intensity supporting an enviable sub $1000/oz AISC production profile

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Low-Cost, Low Capital Intensity

Path to Intermediate Production

Capital Intensity (US$/OZ)1,2

In addition to Santana, Minera Alamos holds two attractive development projects with comparably low capital intensity

Source: Capital IQ; Corporate disclosure; Street research 1 Capital Intensity calculated as Initial Capex / Avg Annual Production 2 La Fortuna 2018 capex inflated by 40% to arrive at current estimated capital intensity shown above

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Board of Directors

Rich Diversity of Technical Expertise

Darren Koningen

P.Eng.

CEO, Director

25 years of engineering/ metallurgical experience, led El Castillo project at Castle Gold (later sold to Argonaut),

and successfully managed on- time, under-budget construction and operation of two gold heap leach projects in Mexico.

Doug Ramshaw

B.Sc. Mining Geology

President, Director

+25 years in mineral resources, former mining analyst, senior executive in exploration companies, expertise in project evaluation, M&A, and business development. Former Director of Great Bear Resource, acquired for $1.8 billion.

Kevin Small	Ruben Padilla	Bruce Durham
P.Eng.	P.Geo.	P.Geo.
Independent Director	Independent Director	Independent Director
30+ years in mining industry,	25+ years in diverse mining	+40 years experience in mining
led operations and start-up	and exploration in the	and exploration industry
projects. Former President	Americas. Former Exploration	and was a member/leader
and CEO of Jerritt Canyon Gold	Country Manager (Peru,	of various exploration teams
(Sprott Mining Inc.) and ex-	Colombia) and Chief Geologist	credited with the discovery of
Director of Mine Operations	at AngloGold Ashanti.	several mines in the Hemlo
at Beta Hunt mine (Karora	Currently, Chief Geologist at	and Timmins areas.
Resources Inc.) in Western	Talisker Exploration Services
Australia.	Inc.

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Experienced Operating Team

Deep Mexican mining experience

DARREN KONINGEN

P.Eng.

CEO, Director

25 years of engineering/metallurgical experience, led El Castillo project at Castle Gold (later sold to Argonaut), and successfully managed on-time, under- budget construction and operation of two gold heap leach projects in Mexico.

DOUG RAMSHAW

B.Sc. Mining Geology

PRESIDENT, Director

+25 years in mineral resources, former mining analyst, senior executive in exploration companies, expertise in project evaluation, M&A, and business development. Former Director of Great Bear Resource, acquired for $1.8 billion.

JANET O'DONNELL

CHIEF FINANCIAL OFFICER

5 years of financial management experience, largely within the mining sector. Formerly CFO of Castle Gold Corporation, a Mexican gold producer, overseeing El Castillo gold mine before its acquisition by Argonaut Gold.

FEDERICO ALVAREZ

M.Eng.

CHIEF OPERATING OFFICER

30+ years in Mexican academia, government, and mining. Former VP Operations for Argonaut Gold and Castle Gold at El Castillo gold mine in Durango. A decade as Director of Mining Affairs for Guanajuato State.

CHRIS SHARPE

P.Eng.

VP PROJECT DEVELOPMENT

15+ years of engineering experience, last 5 with Centerra Gold in progressively responsible roles. Former senior mining engineer at AuRico Gold and Wardrop Engineering.

CAROLINA SALAS

M.Sc. Metallurgy

VP TECHNICAL SERVICES

15+ years in design, construction, operation, metallurgy, and maintenance at various Mexican project sites, including six years at Peñoles. Managed gold processing at Lluvia de Oro in Sonora.

MIGUEL CARDONA

P. Eng.

VP EXPLORATION

20+ years as a geological engineer in mineral exploration, underground, and open-pit mining. Spearheaded a threefold increase in El Castillo's gold resource for Castle Gold, from 400 Koz to 1.2 Moz.

VICTORIA VARGAS

MBA, Finance

VP INVESTOR RELATIONS

With 20+ years in mining, she started at Kinross Gold Corporation and joined Alamos Gold Inc. in 2004. Led initiatives to boost investor exposure and successfully upgraded the company from TSX Venture to TSX.

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Minera Alamos Snapshot

Capital Structure1

$C 150M	$C 141M
Market Capitalization	Enterprise Value

Common Shares Outstanding	462.8 M
Warrants	NIL
Options	25.7 M
Cash and Cash Equivalents2	~C$13.5 M
Working Capital2	~C$20.0 M
Avg. Daily Vol. TSXV & OTCQX

Exchanges	~1,000,000

1 Share Price (As of April 29th, 2024) C$0.325 2 Approx as of Dec 31st, 2023

Shareholder Distribution

52.9% Retail & Other

15.8% High Net Worth Individuals

11.0% Other Institutions

8.0% Aegis Financial

7.0% Donald Smith Family Trust

5.5% Management

Analyst Coverage

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