MTU Manitou Gold Inc

MANITOU GOLD INC. (TSX-V: MTU) ("Manitou" or "the Company") is pleased to announce that it has completed the mailing of its management information circular and related materials (the "Meeting Materials") for the Company's special meeting of shareholders to be held on May 11, 2023 at 11:00 a.m. (Toronto time) at 77 King St. West, Suite 3000, Toronto, ON M5K 1G8 (the "Meeting").

At the Meeting, shareholders will be asked to approve a plan of arrangement pursuant to which Alamos Gold Inc. (TSX: AGI, NYSE: AGI) ("Alamos") will acquire all of the outstanding common shares of Manitou ("Manitou Shares") not already owned by Alamos, for deemed consideration of C$0.05 per Manitou Share (the "Arrangement"), as further detailed in the Company's press release dated February 28, 2023 available on SEDAR at www.sedar.com.

The Meeting Materials are available on SEDAR under Manitou's profile at www.sedar.com.

YOUR VOTE IS IMPORTANT

The Board of Directors of Manitou UNANIMOUSLY RECOMMENDS that Manitou shareholders vote FOR the resolution approving the Arrangement.

Shareholder Questions and Assistance

If shareholders have any questions or require more information in respect of the voting procedures or completing the form of proxy or voting instruction form, please contact the Company's transfer agent, Marrelli Trust Company Limited, by telephone at 416-361-0737, or by email at info@marrellitrust.ca.

Additional Information

Full details of the Arrangement are set out in the Arrangement Agreement filed on SEDAR on March 10th, 2023, under Manitou's profile at www.sedar.com. In addition, further information regarding the Arrangement will be contained in the Meeting Materials. All shareholders are urged to read the Meeting Materials.

About Manitou Gold

Manitou Gold Inc. is a Canadian exploration company that has consolidated over 360 km2 of prospective gold properties on the Michipicoten Archean Greenstone Belt, between the Island Gold Mine (operated by Alamos Gold Inc.) to the west and, to the east, the former producing Renabie Gold Mine, (owned by Barrick Gold). The lands assembled consist of 37 kilometres of strike length with at least seven under-explored large-scale deformation zones showing favorable lithology supported by more than 50 government-documented and registered gold occurrences. Manitou Gold also owns a 148 km2 land package of highly prospective gold properties located in the historical Gold Rock District, in Northwestern Ontario (Dryden). All scientific and technical information contained in this press release has been prepared under the supervision of Richard Murphy, the President and Chief Executive Officer of Manitou and a "qualified person" within the meaning of National Instrument 43-101.

Contacts

Manitou Gold Inc.Richard MurphyPresident and CEO(705) 698-1962www.manitougold.com

Cautionary Note About Forward-Looking Statements and Information

Certain of the information contained in this news release constitutes 'forward-looking statements' within the meaning of securities laws. Such forward-looking statements, including but not limited to statements relating to: the transaction and the proposed Arrangement as proposed to be effected; the ability of the parties to satisfy the conditions to closing of the Arrangement; and the anticipated timing of the completion of the Arrangement, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among others, obtaining required shareholder, court, third party and regulatory approvals, exercise of any termination rights under the Arrangement Agreement, meeting other conditions in the Arrangement Agreement, material adverse effects on the business, properties and assets of Manitou, and whether any superior proposal will be made. Although Manitou has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Manitou does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Manitou's actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. None of the securities to be issued pursuant to the transaction have been or will be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.