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Alamos Reports Second Quarter 2019 Results

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Alamos Reports Second Quarter 2019 Results

Strong Margin Expansion Drives Record Cash Flow From Operations of $72 Million

TORONTO, July 31, 2019 (GLOBE NEWSWIRE) --

Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended June 30, 2019.



“Our operations performed well across the board in the second quarter.
Gold production was in line with guidance while total cash costs were down 16% year- over-year, driving stronger margins and record cash flow from operations.

This was highlighted by another record quarter of production from Island Gold where we continue to see excellent exploration results.

With solid first half performance, we are well positioned to meet full year production and cost guidance,” said John A. McCluskey, President and Chief Executive Officer.

“The lower mine expansion at Young-Davidson is progressing well and construction activities at our Cerro Pelon and Kirazli projects continue.
Each remain on track and we are now less than a year away from starting to see the benefit from these projects through strong free cash flow growth,”
Mr. McCluskey added.

Second Quarter 2019

Produced 125,200 ounces of gold, in-line with guidance and the second quarter of 2018
Record gold production of 39,500 ounces at Island Gold.

This marks the third consecutive quarter of record production, driving mine-site free cash flow of $11.7 million at Island Gold.

Through the first half of 2019, Island Gold produced 75,100 ounces and generated $28.3 million of mine-site free cash flow1

Achieved underground mining rates of 6,700 tonnes per day ("tpd") at Young-Davidson, and produced 45,000 ounces of gold, consistent with annual guidance

Record cash flow from operating activities of $72.3 million ($69.7 million, or $0.18 per share, before changes in working capital1), reflecting higher operating margins driven by lower costs, and higher gold sales

Consolidated total cash costs1 of $699 per ounce were below the low end of guidance, and $133 per ounce, or 16% lower than the second quarter of 2018, driven by low cost production at Island Gold and lower than budgeted costs at Mulatos

All-in sustaining costs ("AISC")1 of $926 per ounce, and cost of sales of $1,021 per ounce were both at the low end of annual guidance, and down 7% and 12%, respectively, from the second quarter of 2018

Sold 128,457 ounces of gold at an average realized price of $1,309 per ounce, in-line with the average London PM Fix, for revenues of $168.1 million

Reported adjusted net earnings1 of $17.7 million, or $0.05 per share1, which includes adjustments for unrealized foreign exchange gains recorded within both deferred taxes and foreign exchange of $7.1 million, partially offset by other one-time losses totaling $1.2 million

Realized net earnings of $23.6 million, or $0.06 per share

Ended the quarter with cash and cash equivalents of $183.2 million and no debt

Repurchased 0.2 million shares in the quarter, for a total of 2.7 million shares repurchased and canceled during the first half of 2019 at a cost of $11.4 million,
or $4.17 per share.

Received permit approval for the Phase II expansion of Island Gold to 1,200 tpd

Advanced construction activities at both the Kirazli project in
Turkey and the Cerro Pelon project in Mexico

Received approval of the environmental impact assessment for
La Yaqui Grande project in Mexico during the second quarter and
the Change in Land Use permit in July 2019

Continued to demonstrate exploration success at Island Gold with results
from surface exploration drilling further extending high-grade
gold mineralization between the Eastern and Main extensions

(1) Refer to the “Non-GAAP Measures and Additional GAAP Measures”
disclosure at the end of this press release and associated MD&A for a
description and calculation of these measures.

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