 8930 Level Load-out 8930 Level Load-out 9025 Level Rockbreaker Station 9025 Level Rockbreaker StationTORONTO, July 29, 2020 GLOBE NEWSWIRE -- Alamos Gold Inc. TSX:AGI; NYSE:AGI Alamos or the Company today reported its financial results for the quarter ended June 30, 2020.The second quarter of 2020 will be remembered as one of the most challenging times in our history given the COVID-19 pandemic. We started the quarter with two of our operations being temporarily suspended, but we adapted well and by June both Island Gold and Mulatos had safely returned to normal operating levels, said John A. McCluskey, President and Chief Executive Officer.At the same time we made good progress on several catalysts that form key parts of what is a transformational year for Alamos. These include the completion of the lower mine expansion at Young-Davidson earlier this month, the announcement of a Phase III expansion of Island Gold, and a construction decision on the La Yaqui Grande project. These have greatly enhanced the long-term outlook for each of our operating mines. We look forward to creating additional value for our stakeholders in the second half of 2020 with higher production and lower costs expected to drive strong free cash flow growth, Mr. McCluskey added.Second Quarter 2020 Produced 78,400 ounces of gold, with production impacted by the previously guided downtime of the Northgate shaft at Young-Davidson and temporary suspension of operations at Island Gold and Mulatos due to COVID-19. Mulatos and Island Gold resumed operations in May with both returning to normal operating levels in June Mulatos produced 35,900 ounces of gold and generated mine-site free cash flow1 of 19.3 million, with the operation benefiting from the ongoing recovery of gold from the leach pad during the temporary suspension Island Gold produced 19,400 ounces of gold and generated mine-site free cash flow1 of 9.2 million. Production was lower than previous quarters due to the temporary suspension of operations which began the last week of March. After a phased ramp up in May, mining and milling rates increased to average more than 1,200 tpd for the month of June Advanced the tie-in of the upper and lower mines at Young-Davidson, successfully commissioning the Northgate shaft and new lower mine infrastructure in July. Underground mining rates increased to 6,500 tpd by the end of July and are expected to ramp up to 7,500 tpd by the end of 2020 Sold 74,605 ounces of gold at an average realized price of 1,692 per ounce for revenues of 126.2 million Generated cash flow from operating activities of 49.6 million 44.7 million, or 0.11 per share, before changes in working capital1 Consolidated total cash costs1 of 933 per ounce and all-in sustaining costs AISC1 of 1,276 per ounce were both temporarily higher, due to higher costs at Young-Davidson during the lower mine tie-in. AISC were higher than usual as a result of the impact of the 79 increase in the Companys share price on the revaluation of outstanding stock-based awards. In addition, sustaining capital was allocated to lower ounces of gold sold given the above noted temporary suspensions. Total cash costs and AISC are expected to decrease significantly in the second half of 2020 Realized net earnings of 11.7 million, or 0.03 per share Reported adjusted net earnings1 of 9.8 million, or 0.03 per share1, which includes adjustments for unrealized foreign exchange gains of 10.3 million recorded within deferred taxes, partially offset by COVID-19 costs of 6.5 million related to the suspension of operations at Island Gold and Mulatos, and other one-time losses of 1.9 million Ended the quarter with cash and cash equivalents of 201.3 million and equity securities of 30.2 million Paid a quarterly dividend of 5.9 million and repurchased 527,100 common shares at a cost of 2.6 million, or 5.05 per share, under the Companys Normal Course Issuer Bid NCIB. To date in 2020, the Company has returned 17.3 million to shareholders in the form of dividends and share repurchasesSubsequent to the Second Quarter: Reported results of the positive Phase III Expansion Study conducted on Island Gold, which is expected to drive a 72 increase in average annual production to 236,000 ounces and a 30 decrease in mine-site AISC to 534 per ounce at the operation Announced a construction decision on the high-return La Yaqui Grande project, which generates a 58 after-tax internal rate of return IRR at a 1,750 gold price and is expected to significantly reduce Mulatos District AISC starting in 20221 Refer to the Non-GAAP Measures and Additional GAAP Measures disclosure at the end of this press release and associated MDA for a description and calculation of these measures.Highlight Summary Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Financial Results in millions Operating revenues126.2 168.1 303.1 324.2 Cost of sales 1103.3 131.1 223.6 258.1 Earnings from operations12.1 28.2 58.3 46.9 Earnings before income taxes6.0 27.1 46.5 47.7 Net earnings loss11.7 23.6 0.640.4 Adjusted net earnings 29.8 17.7 39.2 28.0 Earnings before interest, depreciation and amortization 240.9 69.1 117.6 129.6 Cash provided by operations before working capital and cash taxes244.7 68.6 126.4 131.2 Cash provided by operating activities49.6 72.3 106.2 114.7 Capital expenditures sustaining 214.4 19.6 31.9 35.7 Capital expenditures growth 2 338.8 47.2 80.1 81.3 Capital expenditures capitalized exploration 41.4 4.3 5.9 7.4 Operating Results Gold production ounces 78,400 125,200 189,300 250,500 Gold sales ounces 74,605 128,457 186,459 248,162 Per Ounce Data Average realized gold price1,692 1,309 1,626 1,306 Average spot gold price London PM Fix1,711 1,309 1,647 1,307 Cost of sales per ounce of gold sold includes amortization 11,385 1,021 1,199 1,040 Total cash costs per ounce of gold sold 2933 699 829 715 All-in sustaining costs per ounce of gold sold 21,276 926 1,117 941 Share Data Earnings loss per share, basic and diluted0.03 0.06 0.00 0.10 Adjusted earnings per share, basic and diluted20.03 0.05 0.10 0.07 Weighted average common shares outstanding basic 000s 391,076 389,218 391,208 389,475 Financial Position in millions Cash and cash equivalents 5 201.3 182.8 Long-term debt 5 100.0 1 Cost of sales includes mining and processing costs, royalties, and amortization expense. For the three months and six months ended June 30, 2020, cost of sales also includes COVID-19 costs of 6.5 million 2 Refer to the Non-GAAP Measures and Additional GAAP Measures disclosure at the end of this press release and associated MDA for a description and calculation of these measures 3 Includes growth capital from operating sites and excludes the Island Gold royalty repurchase of 54.8 million in March 2020 4 Includes capitalized exploration at Mulatos and Island Gold 5 Comparative cash and cash equivalents and Long-term debt balance as at December 31, 2019 Three Months Ended June 30,Six Months Ended June 30, 2020 2019 2020 2019 Gold production ounces Young-Davidson 23,100 45,000 51,800 90,000 Mulatos 35,900 36,300 78,500 75,200 Island Gold 19,400 39,500 58,200 75,100 El Chanate 1 4,400 800 10,200 Gold sales ounces Young-Davidson 22,440 44,665 51,345 88,661 Mulatos 33,605 40,116 77,427 76,205 Island Gold 18,560 39,300 57,687 72,885 El Chanate 1 4,376 10,411 Cost of sales in millions2 Young-Davidson46.2 57.1 90.0 114.0 Mulatos37.5 35.8 83.5 69.6 Island Gold19.6 32.4 50.1 61.0 El Chanate 1 5.8 13.5 Cost of sales per ounce of gold sold includes amortization Young-Davidson2,059 1,278 1,753 1,286 Mulatos1,116 892 1,078 913 Island Gold1,056 824 868 837 El Chanate 1 1,325 1,297 Total cash costs per ounce of gold sold 3 Young-Davidson1,564 822 1,299 830 Mulatos750 725 785 734 Island Gold501 473 468 484 El Chanate 1 1,234 1,210 Mine-site all-in sustaining costs per ounce of gold sold 3,4 Young-Davidson1,809 1,077 1,490 1,073 Mulatos890 815 929 812 Island Gold781 631 706 639 El Chanate 1 1,257 1,220 Capital expenditures sustaining, growth and capitalized exploration in millions3 Young-Davidson29.6 26.7 56.6 49.0 Mulatos55.1 19.2 12.5 31.8 Island Gold 615.9 18.0 38.0 30.4 Other4.0 7.2 10.8 13.2 1 El Chanate transitioned to the reclamation phase of the mine life in the fourth quarter of 2019. Incremental production is a result of rinsing the leach pad. Gold sales from El Chanate in 2020 are not included in revenue and cost of sales. 2 Cost of sales includes mining and processing costs, royalties and amortization. 3 Refer to the Non-GAAP Measures and Additional GAAP Measures disclosure at the end of this press release and associated MDA for a description and calculation of these measures. 4 For the purposes of calculating mine-site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share based compensation expenses. 5 Includes capitalized exploration at Mulatos of 0.2 million and 0.7 for the three and six months ended June 30, 2020 spending of nil for the three and six months ended June 30, 2019. 6 Includes capitalized exploration at Island Gold of 1.2 million and 5.2 million for the three and six months ended June 30, 2020 for the three and six months ended June 30, 2019 - 4. 