RIO2 Provides Mine Construction and Corporate Update
CONSTRUCTION UPDATE
Construction highlights for the nine months from October 1, 2024, to June 30, 2025, are as follows, with all amounts expressed in US dollars:
Health & Safety – A total of 1,270,141 person-hours have been worked on the Project to date, with one Lost Time Incident for a finger injury, resulting in a Lost Time Incident Frequency Rate (LTIFR) of 0.79. The Total Incident Frequency Rate (TIFR) for the Project as of June 30, 2025, was 6.30.
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Budget – Total spend to date since October 2024 of $56.4 million for works completed, vs budget of $57.8 million. These costs exclude corporate overheads and do not include pre-construction costs expended in 2022.
Schedule – Total Project is currently 41% complete, and we expect to achieve first gold production in January 2026. All long lead time procurement items are in hand.
Construction Progress
As of the end of the month, 12.7 hectares of geosynthetics have been installed at the leach pad. This area guarantees a leach pad for the first six months of production capacity.
Completed the placement of 4 hectares of overliner material on the leach pad, ready to receive mineral in August 2025.
Haul Road 1, construction progress has reached 90%, while Haul Road 4 stands at 40% completion. Both haul roads connect the Fenix South pit to the leach pad and are essential for the commencement of operations.
At the ADR Plant, ongoing work focused on the adsorption area, reagent handling facilities, and chemical reagent storage. The structural assembly of the plant building is now complete, and building cladding is 90% finished.
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The first of three electrical switch rooms is currently being transported from the city of Santiago to the Project site.
Human Resources – a total of 1,514 personnel (including contractors) are currently employed at the Project. 94% of the workforce is comprised of Chileans, with 41% of the workforce from the Atacama Region, 10% of the workforce is female.
Exploration – Grade control drilling activities are nearing completion, focused on the pit areas covering the first three years of future mine production. This drilling program is planned to finish by the end of July, and the MRE update/reconciliation for mineral within the grade control drilling area is expected to be released by the end of September. This new information will be useful for mine planning and scheduling of the initial three years of production from the Fenix Gold mine.
Virtual Site Imagery and Photos
Updated 360-degree photography showing construction progress is available at the Company's website at:
https://app2.ricoh360.com/viewer/d3183f9d-ff6b-47d1-85a5-c7781e4601f1
A progressive photographic history of construction activities and grade control drilling is available at:
https://www.rio2.com/media/photos
Timetable and Next Steps
Upcoming key milestones at the Fenix Gold mine include:
Start of mining mineral and stacking ore on leach pad- August 2025
Finalization of the PLS pond - August 2025
Installation of all three electrical switch rooms – August 2025
Commissioning of the ADR Plant - November 2025
Completion of Mine Expansion Study – December 2025
First gold pour - January 2026
CORPORATE NEWS
Conditional Approval to Graduate to the TSX
Rio2 also announces that it has received conditional approval from the Toronto Stock Exchange (the 'TSX') to graduate from the TSX Venture Exchange (the 'TSXV') and to list its common shares on the TSX. Final approval of the listing is subject to the Company meeting certain customary conditions required by the TSX. Rio2 is working diligently to satisfy such listing conditions, and further details and a timeline for graduation will be announced in due course. Upon receipt of the final approval from the TSX, Rio2's common shares will commence trading on the TSX and be delisted from the TSXV. Shareholders are not required to exchange their share certificates or take any other action in connection with the TSX listing, as there will be no change in the trading symbol or CUSIP for the common shares.
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2024 ESG Report
Rio2 also announces the publication of its 2024 ESG Report. This report represents a comprehensive review of the Environmental, Social, and Governance factors related to Rio2's development activities at its Fenix Gold Project in Chile for the year 2024.
Rio2 is committed to the principles of responsible mining and best practices in corporate governance.
The complete report is available at:
https://www.onyen.com/published/RIO_2024_Annual_813.html
FENIX GOLD PROJECT
The Fenix Gold Project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects, 'NI 43-101') of 4.8 million ounces of gold which the Company believes will make a positive contribution to the Atacama Region and Chile. The Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations has been consulted and designed from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately US$235M of initial and sustaining capital, generating employment for at least 1,200 people during the construction phase and 800 people during the 17-year operations phase. The mine being contemplated will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the Project.
The scientific and technical content of this news release has been reviewed, approved and verified by Enrique Garay, MSc P.Geo/FAIG, who is a qualified person under NI 43-101. For additional information regarding the Project, including key parameters, assumptions and risks associated with its development, see the independent technical report entitled 'NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project' (the 'Feasibility Study') pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ('NI 43-101'). The Feasibility Study is dated October 16, 2023, with an effective date of October 16, 2023, a copy of which document is available under Rio2's SEDAR+ profile at www.sedarplus.ca.
ABOUT RIO2 LIMITED
Rio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. Rio2 and its wholly owned subsidiary, Fenix Gold Limitada, are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three pillars (Social, Environment, Economics) of responsible development. As related companies, we reaffirm our commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that we operate in.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively 'forward-looking information') within the meaning of applicable securities laws relating to Rio2's development of the Fenix Gold Project and other aspects of Rio2's future operations and plans. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: The development of a mine at the Project, related construction activities and the expected timeline for completion of key construction milestones; the expected capital required for such mine; the expected timing of the first pour of gold; estimated indicated and measured gold resources; expected mine life; development and operating plans and expenditures; certain anticipated economic benefits of a mine at the Project to the local region; the timing of the completion of grade control drilling and the release of associated results; the graduation of the Company to TSX and its ability to satisfy listing conditions; and other matters ancillary or incidental to the foregoing.
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All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe' and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by Rio2's management, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future mining and production rates and estimates of capital and operating costs; expectations regarding the availability of debt financing; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; results of operations; performance; the anticipated timing and results of expansion studies and related approvals; the availability and cost of financing, labor and services; and Rio2's ability to access capital on satisfactory terms.
Rio2 believes the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this news release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rio2's disclosure documents on the SEDAR+ website at www.sedarplus.ca. These risks and uncertainties include but are not limited to: risks and uncertainties relating to the completion of debt and equity financing for the construction phase of the mine, market conditions and management's ability to anticipate and manage the factors and risks referred to herein.
Forward-looking statements included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date subsequent to the date of this news release. Rio2 has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2's SEDAR+ profile at www.sedarplus.ca.
ON BEHALF OF THE BOARD OF RIO2 LIMITED
Alex Black
Executive Chairman of the Board
Email: alex.black@rio2.com
Tel: +51 99279 4655
Kathryn Johnson
Executive Vice President, CFO & Corporate Secretary
Email: Kathryn.johnson@rio2.com
Tel: +1 604 762 4720
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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BOUGHT DEAL PRIVATE PLACEMENT FINANCING OF SUBSCRIPTION RECEIPTS IN CONNECTION WITH THE TRANSACTION TORONTO, Aug. 7, 2025 /CNW/ - Minera Alamos Inc. (" Minera Alamos" or the " Company") (TSXV: MAI) is pleased to announce that it has entered into a definitive agreement (the " Purchase Agreement") on August 7, 2025 to acquire Calibre USA Holdings Ltd. (" Calibre USA") from Equinox Gold Corp. (" Equinox") for total consideration of US$115 million (the " Transaction"), subject to adjustment. Calibre USA holds a 100% economic interest in the producing Pan Gold Mine (" Pan"), Gold Rock Project (" Gold Rock") and Illipah Project (" Illipah" and together with Pan and Gold Rock, the " Nevada Assets") located in Nevada, U.S. . All dollar amounts are in US dollars unless otherwise specified. 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Darren Koningen, Minera Alamos' CEO, commented: "This acquisition unlocks significant value in our late-stage project development pipeline and allows the Company to leverage internal cash flow to significantly grow the Company's production profile over the next few years. Furthermore, the cash generated will provide our exploration team with the resources they require to demonstrate the true size potential of all the existing projects including Cerro De Oro, Copperstone and the newly acquired Pan complex. I would like to also welcome Jason Kosec to the leadership team at Minera Alamos and look forward to working with him growing the Company over the coming years as we seek to unlock strong share price appreciation." Jason Kosec, incoming chair of the Company added "I am very excited to be joining Minera Alamos to lead strategic growth initiatives. To have the ability to surround myself with talented mine building and operating teams, it will allow Minera Alamos to grow production and shareholder value quickly with increased capital markets exposure, trading liquidity, and significant cash flow. The acquisition of Pan and Gold Rock is a significant step for Minera Alamos as the cash flow generation is expected to fully fund the Company's growth pipeline." TRANSACTION HIGHLIGHTS & RATIONALE Establishes Minera Alamos as a growing precious metals producer with immediate production and cash flow from Pan and Santana to take advantage of strong metal price environments: Pan Mine is a producing gold operation in east-central Nevada, located about 28 km southeast of Eureka along the Battle Mountain–Eureka trend. It is a Carlin-style deposit mined using conventional open-pit methods, with gold recovered through heap leaching. Acquired by Equinox in 2025 via its merger with Calibre Mining Corp. (" Calibre"), Pan has been in continuous production since 2017 and has produced over 335,000 ounces to date. The mine holds 288,000 ounces of measured and indicated resources at 0.36 g/t (inclusive of reserves) outlined in Calibre's Annual Information Form for the year ended December 31, 2024. Recent leach pad expansions have added stacking capacity and support ongoing production and future growth through exploration. Minera Alamos management has identified a number of areas for optimization that can increase production and extend life of mine while reducing the unit cost. Robust organic growth pipeline funded primarily from Pan cash flows Low-capital intensive gold projects in Mexico and the U.S. enhancing near-term shareholder returns as Minera Alamos executes on its growth strategy. Copperstone is a fully permitted brownfield project located in La Paz County, Arizona, roughly 19 miles north of the town of Quartzite. The 2025 PEA for Copperstone demonstrated an approximate 6-year underground mine life, producing on average 40-50 koz gold per year with initial capex of $36 million returning an after-tax NPV 5% of $227 million and IRR of 171% at $3,000/oz gold price. Minera Alamos expects a relatively short build-period upon final investment decision. Cerro de Oro is a heap-leach project located in Zacatecas State, Mexico, approximately 242 km northeast of the City of Monterrey. Permits to develop and operate Cerro de Oro are pending. The 2023 PEA for Cerro de Oro demonstrated an 8.2-year open pit mine life, producing on approximately 60 koz gold per year with initial capex of $28 million returning an after-tax NPV 5% of $151 million and IRR of 111% at $1,600/oz gold price. Gold Rock is an open-pit, heap-leach gold development project located approximately 8 km from the Pan mining operations. A 2021 PEA outlines a 6.5-year mine life with average annual production of approximately 56 koz. The project contains 403 koz of measured and indicated resources at 0.66 g/t and 84 koz of inferred resources at 0.87 g/t. It offers strong development potential with low projected operating costs and room for resource expansion through exploration. Minera Alamos management expects to conduct near-mine and regional exploration programs at Gold Rock, Copperstone and Cerro de Oro over the next two years to expand resources and extend mine life at each asset. Attractive Valuation – Pan and Gold Rock have a combined consensus net asset value of US$279 million based on published analyst reports. 1 Technically focused management team of mine and company builders with depth of experience in Mexico and the Americas and track-record of project evaluation, execution and operations. Consolidation strategy for Pro Forma Minera Alamos to create additional value through accretive acquisitions. 1 Based on a review of 2025 consensus analyst estimates for the underlying assets. BENEFITS TO MINERA ALAMOS SHAREHOLDERS Transforms Minera Alamos into an Americas-focused precious metals producer with two producing mines (Pan and Santana) and suite of quality gold assets. Immediate production and cash flow to support growth in asset portfolio, minimizing future equity dilution for shareholders for financing the Company's organic development pipeline and exploration programs. Near-term gold project development provides significant leverage to the gold price during period of record-high gold prices. Reorganized leadership team to have complementary skillsets in financing, mine building, operations, exploration and capital markets. Pro Forma Minera Alamos will benefit from enhanced scale, improved capital markets profile and trading liquidity. PAN & GOLD ROCK OVERVIEW Pan Mine: The Pan Mine, located in east-central Nevada along the Battle Mountain–Eureka gold trend, is an open-pit, heap-leach gold operation acquired by Equinox through its 2025 acquisition of Calibre. It produces gold from North and South pits using a conventional crush and heap-leach process. In 2024, it sold 35,228 ounces of gold at a cash cost of $1,473 per ounce, with 2025 guidance targeting 30,000–40,000 ounces at an all-in sustaining cost of $1,600–$1,700 per ounce. The mine hosts 288,000 ounces of measured and indicated resources at 0.36 g/t (inclusive of reserves) as outlined in Calibre's Annual Information Form for the year ended December 31, 2024. Gold mineralization is structurally controlled and hosted in limestone-shale contacts, with exploration potential remaining in underexplored zones. Recent leach pad expansions have extended operational capacity by four years. Gold Rock Project: The Gold Rock Project is an open-pit, heap-leach gold development located approximately 8 km southeast of Equinox's Pan Mine in east-central Nevada, along the Battle Mountain–Eureka gold trend. It has measured and indicated resources of 403,000 ounces at 0.66 g/t and inferred resources of 84,000 ounces at 0.87 g/t. A 2021 PEA outlined a 6.5-year mine life with average annual production of 55,800 ounces, totaling 362,750 ounces, and projected cash costs of $903/oz with an all-in sustaining cost of $1,008/oz. The project benefits from grades about 30% higher than Pan and offers significant exploration upside within and beyond the defined resource areas. TRANSACTION DETAILS Under the Purchase Agreement, Minera Alamos will acquire all the issued and outstanding shares in Equinox's wholly owned indirect subsidiary, Calibre USA from Equinox. Total consideration for the Transaction is $115 million (the " Total Consideration"), subject to adjustment, payable on the Closing Date. The Total Consideration includes $90 million of Cash Consideration and $25 million in Equity Consideration, subject to adjustment. The Equity Consideration will be paid through the issuance of an aggregate of 96,802,816 Minera Alamos common shares to Equinox at a price of C$0.355 per common share. Equinox will not hold more than 9.99% of the issued and outstanding common shares of the Company upon completion of the Transaction. Based on internal unaudited consolidated financial statements, prepared on a carve-out basis of the business to be acquired, the consolidated assets as at December 31, 2024 were $169.2 million, total liabilities of $42.3 million and revenues for the same period were $81.1 million with a corresponding net income of $12.0 million. The Purchase Agreement and the Transaction have been approved by the board of directors of Minera Alamos and Equinox. Stifel Canada has provided a fairness opinion to the Board of Directors of Minera Alamos, stating that, as of the date of its opinion, and based upon and subject to the assumptions, limitations and qualifications stated in such opinion, the consideration to be paid under the Transaction is fair, from a financial point of view, to Minera Alamos. Minera Alamos anticipates that the Closing Date will occur in Q4 2025. The Transaction's closing is subject to certain conditions, including, among other things, receipt of all required regulatory approvals (including the approval of the TSXV), other consents and regulatory approvals and other customary closing conditions for a transaction of this nature. The transaction is arms length in nature and no finder's fees are to be paid. Minera Alamos has entered into an agreement with Stifel Canada, as lead underwriter and sole bookrunner (the " Lead Underwriter"), on behalf of a syndicate of underwriters (the " Underwriters"), in connection with a bought deal private placement offering of 309,860,000 subscription receipts (the " Subscription Receipts") at a price of C$0.355 per Subscription Receipt (the " Issue Price") for gross proceeds of approximately C$110 million (the " Offering"). The size of the Offering may be increased in certain circumstances by up to an additional C$25 million. Each Subscription Receipt will entitle the holder to receive, upon satisfaction or waiver of certain release conditions (including the satisfaction of all conditions precedent to the completion of the Transaction) (the " Escrow Release Conditions"), without payment of additional consideration or further action on the part of the holder, one unit consisting of one Minera Alamos common share and one warrant, with each warrant exercisable to purchase one Minera Alamos common share at a price of C$0.705 for a period of 36 months following the completion of the Offering, subject to adjustments and in accordance with the terms and conditions of a subscription receipt indenture to be entered into upon closing of the Offering (the " Subscription Receipt Indenture"). The gross proceeds from the sale of Subscription Receipts will be deposited and held in escrow by a subscription receipt agent pending the satisfaction or waiver of the Escrow Release Conditions. Minera Alamos will pay the Underwriters a cash commission equal to 6% of the gross proceeds raised, of which 25% will be paid from the proceeds of the Offering upon closing of the Offering and 75% will be paid upon the closing of the Transaction, as well as the expenses of the Underwriters incurred in connection with the Offering. The Offering is expected to close on or about September 17, 2025 and is subject to TSXV and other necessary regulatory approvals. Following completion of the Transaction, the net proceeds from the financing package, including from the Offering, are expected to be used to pay the full amount of the Cash Consideration, with any remainder to be used for working capital required to support operations at Pan. The Subscription Receipts will be offered by way of private placement: (a) in each of the provinces of Canada pursuant to applicable prospectus exemptions under applicable Canadian securities laws; (b) to investors in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended; (c) in jurisdictions outside of Canada and the United States as are agreed to by Minera Alamos and the Underwriters on a private placement equivalent basis. The securities being offered pursuant to the Offering have not been, nor will they be, registered under the U.S. Securities Act and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act. ADVISORS & COUNSEL Stifel Canada is acting as financial advisor to Minera Alamos, with Gowling WLG acting as legal advisors to the Company in relation to the Transaction and the Offering, respectively. The full report, "NI 43-101 Updated Technical Report on Resources and Reserves Pan Gold Project White Pine County, Nevada", dated March 16, 2023 and effective December 31, 2022, authored by Justin Smith, P.E., RM-SME et al (the " Pan Report") is available for download from Calibre's SEDAR+ profile at The full report, "Amended Technical Report on the Preliminary Economic Assessment of the Gold Rock Project, White Pine County, Nevada, USA", dated April 30, 2020, amended September 3, 2021 and effective as of March 31, 2020, authored by Michael B. Dufresne, P. Geol., P. Geo. et al (the " Gold Rock Report") is available for download from Fiore Gold Ltd.'s SEDAR+ profile at Darren Koningen, P. Eng., Minera Alamos' CEO, has reviewed the Pan Report and the Gold Rock Report on behalf of the Company. To the best of Minera Alamos' knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources, mineral reserves or results of the PEA included in such technical reports inaccurate or misleading. On March 24, 2025, Calibre filed on SEDAR+ ( an Annual Information Form for the year ended December 31, 2024 which included a NI 43-101 reserve and resource estimate for its Pan Mine and Gold Rock Project. Excerpts from the report are noted below. Pan Mine - Mineral Resources Notes: 1. CIM (2014. 2019) guidelines, standards and definitions were followed for estimation and classification of mineral resources. 2. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues. 3. Resources are stated as contained within a constrained pit shell; pit optimization was based on an assumed gold price of US$1,800/oz, Silicic (hard) ore recoveries of 62% for Au and an Argillic (soft) ore recovery of 85% for Au, an ore mining cost of US$2.41/st, a waste mining cost of $2.22/st, an ore processing and G&A cost of US$3.41/st, and pit slopes between 45-50 degrees; 4. Resources are domain edge diluted and reported using a minimum internal gold cutoff grade of 0.003 oz/st Au (0.10 g/t Au). 5. Measured and Indicated Mineral Resources presented are inclusive of Mineral Reserves. Inferred Mineral Resources are not included in Mineral Reserves. 6. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves; 7. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding. 8. Mr. Benjamin Harwood, P. Geo. of Calibre is responsible for reviewing and approving the Pan mine open pit Mineral Resource Estimate. Mr. Harwood is a Qualified Person ("QP") as set out in NI 43-101. 9. The QP is not aware of any environmental, permitting, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that could materially affect the Mineral Resource estimate. Gold Rock Project - Mineral Resources Notes: 1. The effective date of the Mineral Resource is Mar 31, 2020. 2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into Mineral Reserves; 3. The preliminary economic assessment for Gold Rock is preliminary in nature and includes Inferred Mineral Resources that are too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized; 4. In the table above and subsequent text, the abbreviation "st" denotes US short tons; 5. Mineral resources stated as contained within a constrained pit shell; pit optimization was based on an assumed gold price of US$1,700/oz, an ore mining cost of US$2.09/st, a waste mining cost of $1.97/st, an ore processing and G&A cost of US$3.13/st, and pit slopes between 45-50 degrees; 6. Mineral resources are reported using an internal gold cut off grade of 0.003 oz/st Au for blocks flagged as Argillic altered or as unaltered and a cutoff of 0.004 oz/st Au for blocks flagged as Silicic altered.; and, 7. Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding. QUALIFIED PERSONS Darren Koningen, P. Eng., Minera Alamos' CEO, has reviewed and approved the scientific and technical information contained in this news release. Darren Koningen is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101 (" NI 43-101"). ABOUT MINERA ALAMOS Minera Alamos is a gold production and development Company. The Company has a portfolio of high-quality Mexican assets, including the 100%-owned Santana open-pit, heap-leach mine in Sonora that is currently going through the start-up of operations at the new Nicho Main deposit. The 100%-owned Cerro de Oro oxide gold project in northern Zacatecas has considerable past drilling and metallurgical work completed and the proposed mining project is currently being guided through the permitting process by the Company's permitting consultants. The La Fortuna open pit gold project in Durango (100%-owned) has a positive, robust PEA 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 develop very low capex assets while expanding the projects' resources and continuing to pursue complementary strategic acquisitions. Caution Regarding Forward-Looking Information This press release includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All information herein, other than information of historical fact, constitutes forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. This information is based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management's expectations. Forward-looking information in this press release includes, but is not limited to: statements with respect to the estimate and projections of Mineral Resources; the results of metallurgical studies being conducted; the proposed use of proceeds of the Offering; statements concerning future exploration plans at the Company's mineral projects; the Company's proposed business strategy; and the development and condition of the Company's mining assets; the increase of the Offering size; the completion of Transaction and the Offering; the consideration payable under the Transaction; the expected closing dates of the Transaction and the Offering; the appointment of Jason Kosec to the chairmanship of the Company; the economic outlook of the Company as a result of the Transaction; future production, operations and growth and a result of the Transaction; the proceeds to be received from the Offering; the true size potential of the Company's existing projects; future capital markets exposure, trading liquidity and cash flows; the ability of the Transaction to full fund the growth pipeline of the Company with little to no additional equity dilution; the ability of the Company to take advantage of strong metals pricing; the ability of the Company to increase production and extend life of mine at Pan while reducing unit cost; the ability to enhance near-term shareholder returns; the build-period at Copperstone; near-mine and regional exploration programs at Copperstone and Cerro de Oro; development potential and operating costs at Gold Rock; the Company's ability to expand Gold Rock and Pan; the upside potential of the Company's asset portfolio and future asset portfolio; benefits from enhanced scale, improved capital markets profile and trading liquidity of the Company; exploration upside at Gold Rock; entry into of the Subscription Receipt Agreement; deposit of gross proceeds from the Offering into escrow; and the payment of a cash commission to the Underwriters. The forward-looking information is based on assumptions and addresses future events and conditions that, by their very nature involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, production, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos' mineral properties, or the ability to complete technical reports which support the technical and economic viability of mineral production could differ materially from those currently anticipated in forward-looking information for many reasons. Minera Alamos' financial condition and prospects could differ materially from those currently anticipated in forward-looking information for many reasons such as: an inability to complete the Transaction; and inability to complete the Offering; an inability to receive requisite permits for mine operation, exploration or expansion; an inability to finance and/or complete updated resource and reserve estimates and technical reports which support the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos' activities; and other matters discussed in this press release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos' forward- looking information. These and other factors should be considered carefully, and readers should not place undue reliance on Minera Alamos' forward-looking information. Minera Alamos does not undertake to update any forward-looking information that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws. The Company does not have a feasibility study of mineral reserves, demonstrating economic and technical viability for the Santana project, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure.
