Development Plans For Copperstone Mine

TORONTO - Minera Alamos Inc. reported that the Mine Plan of Operations (MPO) amendment for the Copperstone Mine gold project has been submitted in final form to satisfy the requirements of the United States Code of Federal Regulations Title 43 Subpart 3809, administered by the U.S. Bureau of Land Management (BLM).

All key permits have been received with exception of minor amendments which are due to a slight change in processing technology. The final amendment to the project's MPO is expected to be received prior to YE-2025 which allows full re-start of the Copperstone Mine. Under the authorization from the existing site permits, site development activities can be initiated in parallel with the pending MPO amendment in order to "fast-track" the project restart. A reissued Preliminary Economic Assessment (PEA) in February 2025 demonstrates robust project economics, with an after-tax Net Present Value (NPV) of US$66 million at a gold price of US$1,800/oz and US$200 million at US$2,800/oz. The after-tax Internal Rate of Return (IRR) ranges from 53.6% to 152.7% across these scenarios.

Final planning is underway for the transfer of existing process plant equipment currently owned by Minera Alamos to the Copperstone site so the work can begin for its refurbishment and installation. The Company is reviewing exploration programs previously planned for the site which included up to 15,000 meters of drilling to test 8 existing targets with the potential to demonstrate the significant upside of the asset. Final decisions on the scheduling of exploration efforts will be made to best coincide with production restart activities at the site. Engineering activities have been ramped up to optimize plans for the mine restart and process plant installation. An updated technical study for the project will be released in Q4 2025 to demonstrate the positive impact of these efforts. Project finance discussions continue with a number of interested parties that have provided indicative term sheets. The Company is evaluating all options to support the development restart.

Darren Koningen, CEO, "The submission of the final amendment for the Copperstone Gold Mine existing Plan of Operations is a significant step towards meeting our timelines for the restart of operations. The decision to amend the existing Plan of Operations was taken as a result of extensive engineering evaluations demonstrating that the use of a combination of previous processing paths provided a superior economic return for the mine while maximizing operating flexibility for the future. While focusing on optimizing mine plans for greater efficiency and ensuring that our process plant can accommodate future growth, we are also excited to start working to expand the overall resource potential through targeted drilling. By leveraging used equipment and re-evaluating marginal material under current economics, we will continue to work to reduce costs and enhance long-term value for the project."

The final version of the Mine Plan of Operations (MPO) amendment for the Copperstone Mine has been submitted to meet the requirements of Title 43, Subpart 3809 of the United States Code of Federal Regulations, as administered by the U.S. Bureau of Land Management ("BLM"). This application represents the primary permitting milestone for a restart of operations at the site and is expected to be received prior to YE-2025. While awaiting its receipt, a number of other minor amendments to other existing site permits are also being prepared. This includes: 1) An update to Aquifer Protection Permit (APP) which is expected to be submitted shortly, followed by an amendment to Air Quality Control Permit under the Title V Class I air quality permit program. 2) A minor revision to the reclamation plan, reflecting modest changes to the process plant infrastructure, is anticipated to be completed in the second half of the year, with final approval of the closure plan expected by the third quarter of 2025.

By the fourth quarter of 2025, the Copperstone Mine is expected to have secured all required permits amendments to support a planned restart of gold mining operations in 2026.

Management has identified several opportunities to enhance the value of the Copperstone Project that will be evaluated during the current development phase. The Company is considering various engineering, procurement, construction, and management approaches, including hybrid models that maximize the use of internal expertise to ensure an efficient and cost effective transition from development to mining operations. Additional opportunities include: 1) Expand Resources - Priority targets include additional drilling along the down-dip plunge of the C and D zones within the main Copperstone shear, the South Zone, and the Footwall Zone. Another focus will be follow-up drilling between the A and B zones, where previous drilling encountered high-grade gold mineralization that has not been fully delineated. 2) Mining - Evaluate whether previously marginal-grade material can be included in the updated mine plan under current economic conditions and if access costs are minimized by pre-developed stopes. Additional efforts will focus on optimizing mine design, including access points, ventilation raises, and adjustments to stope height and width. 3) Process Plant - Assess opportunities to ensure excess capacity exists within the new plant facilities so that future increases in plant throughput are possible in line with higher mining rates and potential resource expansion. Additional metallurgical studies are to be completed to maximize process flexibility assuming additional resource zones will ultimately be added to the mine plan.

4) Used Equipment - Finalize engineering details in order to maximize the use of used equipment to reduce capital costs and lead times, including equipment already owned by the Company.