Minera Alamos Inc. announced the results of an independent estimate of the Mineral Resources currently outlined at the Santana gold project in Sonora, Mexico. The Resource Estimate was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) by Scott Zelligan P.Geo, an independent QP as defined in NI 43-101. The Resource Estimate for the Santana gold project - contains 198,000 ounces of Measured and Indicated gold resources (9.61 Mt at 0.65 g/t) and an additional 103,000 oz of Inferred gold resources (5.51 Mt at 0.58 g/t).

Extensive modelling and statistical work was performed to analyze the effect of the oxide zone on gold grade and rock specific gravity. Due to the fractured nature of the host rock, the oxide-sulphide transition zone of the deposits are irregular and difficult to model using conventional wireframing techniques. It was decided for the current Resource Estimate to model without a transition boundary and allow the measured variations to populate the blocks accordingly.

Metallurgical testwork is ongoing and results from limited sulphide samples tested to date indicate the potential for heap leaching of this material although final required parameters like crush sizes are not yet fully understood. It has been recommended that the Company continue to evaluate the overall database of exploration information with a goal of incorporating geo-metallurgical information into future resource estimates. Metallurgy: The majority of the Nicho gold mineralization that serves as the basis of the current resource estimate is located within an andesitic breccia zone above the deeper quartz-feldspar porphyry intrusive.

Mineralization is generally well disseminated throughout the overall host rock volume with small scale enrichment in the fractures between the breccia matrix fragments. Overall copper content in the mineralization is generally low and leaching results from ongoing operations at the Project indicate that its presence is manageable using free cyanide level-control in the leach solutions, with little impact on overall gold recoveries. The Nicho Norte mineralized material which was the primary source of past test leaching (2017-2019) and recent operations at the Project responds positively to gold cyanidation.

Residual gold levels following these heap leaching activities typically approach levels of approximately 0.1 g/t Au. At mined head grades of 0.6 g/t Au to 0.7 g/t Au this equates to gold overall recoveries in the range of 80%. Leach kinetics are rapid for particle sizes up to approximately 1 (30-45 days or less).

Although a reduction in kinetics appears at sizes greater than 1, ultimate gold recoveries at the end of the extended leach period were similar to those experienced with the finer-sized material. Although more data is available for material from the Nicho Norte satellite deposit, comparative studies looking at test samples from the Nicho main deposit appear to exhibit similar results and additional work is ongoing. Recently tested samples of weathered material from upper zones in the deposit exhibited recoveries in line with the Nicho Norte material described above.

Leach tests completed on samples of worst case fresh sulphide material from deeper in the Nicho deposit exhibited acceptable gold recoveries approaching 70% at crush sizes of <1/2 (coarsest size used for initial screening tests). Additional testwork is underway to more fully understand the overall gold recovery versus particle size relationships throughout the deposit due to variations in sulphide levels and weathering. Recommendations: The report recommends that additional diamond drill holes, on approximately 25 m centres be drilled at the Benjamin Zone to further understand the distribution of gold mineralization within the zone and to look at opportunities to expand the size of the currently delineated mineralized area.

The Company is currently planning to add approximately 10-12 more drill holes to those already drilled this year at Benjamin as a priority. Additional recommendations include: Further review of the additional mineralized breccia targets which have been identified by the Company in the areas surrounding the Nicho complex (Goldridge, Zata, Bufita and East zones) area in order to prioritize the next phases of follow-up resource definition drilling. A continuation of effective surface sampling activities with a focus on new areas that show similar mineralization characteristics as the Nicho and Nicho Norte zones.

Geophysical studies targeting blind targets that have similar signatures as those observed over the known Nicho and Nicho Norte gold-bearing breccia zones. Additional metallurgical studies (particularly crushing optimization studies) aimed at improving the overall understanding of variations in parameters such as leachability, recoveries and reagent consumptions for newly delineated zones of mineralization. Cerro De Oro Project Financing Update: The Company reported that final documentation based on the term sheet for the Cerro de Oro project financing package announced on May 31, 2023, is expected to close shortly, following the completion of final project technical due diligence.

Proceeds from the financing package will be used to permit and construct the Cerro de Oro heap leach gold mine. Delays from the original expected closing date of mid-July were largely a function of expanded requirements for the drafting of documentation suitable for both the Mexican and Canadian corporate jurisdictions.