Mr. Gregg Ruhl reports

ALGOMA CENTRAL CORPORATION ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION OF ADDITIONAL DEBENTURES

In connection with Algoma Central Corp.'s previously announced offering of $70-million aggregate principal amount of 6.20 per cent convertible unsecured subordinated debentures, Algoma has issued an additional $10.5-million aggregate principal amount of debentures pursuant to the full exercise of the overallotment option granted to the underwriters (as defined below). The issuance of the additional debentures pursuant to the exercise of the overallotment option increases the total gross proceeds of the public offering to $80.5-million.

The public offering was conducted on a bought deal basis pursuant to the terms and conditions of an underwriting agreement among Algoma and CIBC World Markets Inc., Scotia Capital Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., ATB Capital Markets Corp. and Paradigm Capital Inc.

The public offering was completed pursuant to a short form prospectus of Algoma dated Oct. 30, 2026, filed with the securities commissions in each of the provinces of Canada. A copy of the prospectus is available on Algoma's SEDAR+ profile.

The debentures are listed on the Toronto Stock Exchange under the symbol ALC.DB.B.

Algoma intends to use the net proceeds of the public offering, including the overallotment option, and the previously closed non-brokered private placement of debentures to E-L Financial Corp. Ltd., after deducting underwriter fees and expenses of Algoma, to finance newbuild investment, mergers and acquisitions, and for general corporate purposes.

About Algoma Central Corp.

Algoma Central is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes-St. Lawrence region and internationally. Focused on delivering exceptional customer service, utilizing fuel-efficient vessels and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities and supporting its people. Algoma truly is your marine carrier of choice.

We seek Safe Harbor.