Minera Alamos Inc. announced that it has completed the documentation necessary to formally proceed with the Cerro de Oro permitting process. Cerro de Oro represents the future growth of the Company's gold mining activities in Mexico and this is a major step in transforming the production profile of the Company. The management of the remainder of the permit process will now be handled by the Company's advisors who have successfully permitted multiple mines in Mexico as recently as November 2022.

Permitting follows significant time and community engagement over the last 18 months as the Company negotiated surface rights both directly associated with the initial mine development plans previously highlighted by the NI43-101 PEA as well as ensuring both surface rights and permit applications would accommodate the significant future upside and expansion potential at Cerro de Oro. Production highlights: Average annual gold production approaching 60,000oz (60,000oz to 70,000oz in Years 1 through 4). 8.2 year mine life based on initial mineable total of 59 Mt of mineralization (0.37 g/t Au) heap reached at an average rate of approximately 20,000 tpd -- +0.40 g/t Au in Years 1 through 4.477koz of gold produced in loaded carbon/dor.

LOM strip ratio of 0.3:1 (waste:mineralization). Robust economics using a gold price of $1,600/oz LOM All-In Sustaining Cost (AISC) of $873/oz -- averaging $763/oz in Years 1 through 4. After-Tax NPV at 5% of $150.5M and IRR of 111%. Low capital intensity project with rapid payback: Pre-production capital costs of $28.1M (includes 30% contingency).

Payback period of 11 months. Used crushing plant already purchased reduces up-front capital requirements. drilling rates considerably.

The first 3 holes at the Benjamin and the Benjamin West zones have been completed with one further hole in progress. It is anticipated that the drill rig will then shift location to focus on the Zata pipe. Zata has never been drilled before and represents one of the more significant untested pipes on the broader Santana property.

Results will be batched and released upon receipt at both target areas as they are received and reviewed by the Company's exploration team.