Minera Alamos : Corporate Presentation - September 2023

Building low capital intensity mines in an inflationary

environment

Beaver Creek - September 2023

TSX-V: MAI / OTCQX: MAIFF

BUILDING THE NEXT MID-TIER GOLD MINING COMPANY

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 "Mineral Resource Estimate for the Cerro de Oro Project, Zacatecas State, Mexico" dated December 17th, 2020

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

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

Covid-19

Given the rapidly evolving nature of the Coronavirus (COVID-19) pandemic, Minera Alamos is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Minera Alamos' activities will continue to align with the guidance provided by local, provincial and federal authorities in both Canada and Mexico.

The company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Minera Alamos , the participation of staff members in IR events outside Canada, and in-person meetings of the BOD. For more information, please refer to releases dated

TSX.V: MAI OTCQX: MAIFF

March 18th, 2020 and April 3rd, 2020.

www.mineraalamos.com

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BUILDING THE NEXT MID-TIER GOLD MINING COMPANY

Why Invest In Us?

We are

PROVEN BUILDERS

We are

GOLD PRODUCERS

We are

MINIMIZING RISK

We have

GROWTH POTENTIAL

We are

INSULATED FROM INFLATION

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

• 1ST mining operation has reached commercial production thresholds

• 2ND planned mine has entered permitting (2022 PEA)
• 3RD planned mine has permits in place ready for construction decision (2018 PEA)
• Mexico among the most favoured mining jurisdictions for costs and permitting
• Strong balance sheet - currently debt free - zero warrants
• Funding package secured for next planned mine (Cerro de Oro)
• Multi-minestrategy
• Targeting complementary advanced projects
• Investigating significant exploration upside
• Low capital intensity projects better insulated against rising capital costs
• Minimal impact from current inflationary environment - not immune but protected
• Small with self funded organic staged growth vs Large impacted by cost inflation

TSX.V: MAI OTCQX: MAIFF

www.mineraalamos.com

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BUILDING THE NEXT MID-TIER GOLD MINING COMPANY

Growth Model Path to Intermediate Production

SANTANA

• Low Capex Build supported by royalty
• Classic bootstrapped phased build
• Commercial Production Thresholds achieved

CERRO DE ORO

• Low Capex Build
• Permitting in 2023
• Funding Package Secured
• 6 month Construction period could begin H1 2024 upon permit receipt

	LA FORTUNA
POTENTIAL SANTANA	• Low Capex Build
EXPANSION	supported by royalty
• Exploration driven	and internal financial
resources
expansion potential
• Expand resource from
derived and dependent
operations
on ongoing drilling
• Construction
activities and future
following Cerro de
	Oro

ACQUIRE 4TH ASSET

• Targeting +/- 500K to 1Moz quality ounces
• Low Capex
• Large land package
• Significant Exploration Upside

TSX.V: MAI OTCQX: MAIFF

www.mineraalamos.com

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BUILDING THE NEXT MID-TIER GOLD MINING COMPANY

Low-Cost, Low Capital Intensity Development Projects

CAPITAL INTENSITY (US$/OZ)(1)

$8,123

$3,723

$3,638

$3,073

$3,062

$2,792

$2,768

$2,502

$2,084

$2,080

$2,065

$1,940

$1,821

$1,701

$1,673

$1,672

$1,669

$1,459

$1,333

$1,279

$1,155

$800

$500

Côté

Horne 5

Greenstone

Spanish Mtn

Blackwater

Goliath

Cariboo

Springpole

Back River

Marban

Windfall

Valentine Lake

Troilus

Eau Claire

Eskay Creek

Beartrack

Vcolomac

Premier

West Cache

Val d'Or

Hammerdown

La Fortuna

Cerro de Oro

Source: Capital IQ; Corporate disclosure; Street research

1. Capital Intensity calculated as Initial Capex / Avg Annual Production

TSX.V: MAI OTCQX: MAIFF

www.mineraalamos.com

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