Mr. Darren Koningen reports

MINERA ALAMOS REPORTS FOURTH QUARTER GOLD PRODUCTION OF 9,165 OUNCES FROM THE PAN OPERATING COMPLEX; CASH BALANCE INCREASED TO US$34 MILLION

Minera Alamos Inc. has released its preliminary operational results for the three months ended Dec. 31, 2025, from the Pan operating complex. All amounts are in United States dollars, unless otherwise stated.

Highlights

• Fourth quarter 2025 gold production from the Pan operating complex of 9,165 ounces, exceeding the previously forecasted range of 8,500 to 9,000 ounces. Full year 2025 gold production of 35,303 ounces achieved annual guidance of 30,000 to 40,000 ounces.
• Fourth quarter 2025 gold sales of 8,492 ounces with the remaining 673 produced ounces sold at the beginning of 2026.
• Preliminary fourth quarter 2025 cash costs of $1,549 per ounce and all-in sustaining costs (AISC) of $1,604 per ounce from the Pan operating complex.
• Cash balance increased to $34-million as of Dec. 31, 2025 (unaudited, unrestricted).

Minera Alamos chief executive officer Darren Koningen commented: "Having closed the acquisition of the Pan operating complex on Oct. 1, 2025, Q4 was our inaugural quarter as a gold producer in Nevada, USA. Our strong operating team at Pan showed a seamless transition under Minera Alamos ownership, resulting in gold production of 9,165 ounces at AISC of $1,604 (U.S.) per ounce. Combined with continued operating cost discipline and strong gold prices in Q4, we ended the year with a record cash balance of $34-million (U.S.)."

"With the Pan mine as our cash flow engine, Minera Alamos is well positioned to execute on our strategy to become a leading, Americas-focused intermediate gold producer by growing production and developing our pipeline of high-quality, low-capital projects while expanding gold resources across our portfolio."

The Pan mine produced 9,165 ounces of gold and sold 8,492 ounces in Q4 2025, with the remaining 673 produced ounces sold at the beginning of 2026. This exceeded the company's previously forecasted range of 8,500 to 9,000 ounces for Q4 2025, as announced in the news release dated Oct. 28, 2025. Full year 2025 gold production of 35,303 ounces achieved annual guidance of 30,000 to 40,000 ounces. Preliminary cash costs at Pan were $1,549 (U.S.) per ounce for Q4 2025 and preliminary AISC were $1,604 (U.S.) per ounce. Final reconciled cash costs and AISC will be reported in the coming months in the company's full quarterly report.

The company's unrestricted cash balance (unaudited) increased to $34-million (U.S.) as of Dec. 31, 2025. Minera Alamos anticipates announcing 2026 guidance for Pan in the coming weeks.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Darren Koningen, PEng, Minera Alamos' chief executive officer, who is the company's qualified person under National Instrument 43-101.

About Minera Alamos Inc.

Minera Alamos is a growing North American gold production and development company. The company owns the Pan operating complex, comprising the Pan heap leach gold mine and the adjacent fully permitted Gold Rock project, as well as the nearby past-producing Illipah project. The company also owns the Copperstone mine and associated infrastructure in La Paz county, Arizona, an advanced development asset with a permitted mine plan of operations (MPO) that can be developed in parallel with planned project advancements in Mexico. The company maintains a portfolio of high-quality Mexican assets, including the 100-per-cent-owned Santana open-pit, heap-leach mine in Sonora. The 100-per-cent-owned Cerro de Oro oxide gold project in northern Zacatecas has considerable past drilling and metallurgical work completed and the company's proposed mining project is currently being guided through the permitting process by the company and its permitting consultants. The La Fortuna open pit gold project in Durango (100 per cent owned) has a positive, robust PEA (preliminary economic assessment) completed, and the main federal permits are in place. Minera Alamos is built around its operating team that together brought three open pit heap leach gold mines into successful production in Mexico over the last 14 years. The company's strategy is to become a leading, Americas-focused intermediate gold producer by growing production at its Pan operating complex and developing its pipeline of high-quality, low-capital projects while expanding gold resources across its portfolio.

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