Ramp-Up Continues to Advance and Second Quarter Development Plans

Toronto, Ontario and Vancouver, British Columbia— (Marketwired – April 7th 2022)

Minera Alamos Inc. (the “Company” or “Minera Alamos”) (TSX.V: MAI) is pleased to provide an update on the continuing progress at the Company’s Santana gold mine during the first quarter of 2022.

Following a year-end shutdown to analyze data obtained from the first phase of the operation’s start-up (see news release dated February 10th, 2022) full mining activities resumed later in January 2022.

Improvements implemented as the result of that review are now providing positive impacts on the mining and leaching activities (as detailed below) as the Company advances the operation through the latter stages of ramp-up.

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Operational highlights through the end of Q1 2022 include:

• Total gold inventory moved to the leach pad (to date) – over 14,000 oz;
• Total mine production — 600,000 tonnes of mineralized material (1.4 ratio of waste to mineral)
• January gold production 890 oz (restart of mine operations); February gold production 1,130 oz; March gold production 1,370 oz;
• Cumulative gold recovery from mineralization under leach for more than 30 days is now approximately 75% with additional recovery ongoing;
• New pad stacking sequence fully implemented by early March to allow for orderly transition of new stacked mineral into active heap leaching (material exposed to leach is approx. 60%);
• Continued low reagent consumptions (~0.2 kg/t NaCN and <2 kg/t lime) have minimized the impact of modest reagent price increases.

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Minera Alamos management comments

“We are delighted to report a solid first quarter for 2022 and the achievement of a major milestone in the evolution of Minera Alamos as the ramp-up has advanced to the point where gold production for the quarter is sufficient for the Company to be cash-flow neutral at the corporate level.

“Costs are in line with our internal modeling and with the plans to open up the main Nicho pit this quarter, we should see a shift in mining rates that in due course will allow a growing operation to drive positive cash-flows in the second half of the year.”

Darren Koningen, CEO, Minera Alamos

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For brevity, this summary has been abridged, to read the full news release, please click HERE

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