Alacer Gold Announces First Quarter 2020 Operating and Financial Results With Earnings Per Share of $0.16

Rod Antal, Alacer's President and Chief Executive Officer, stated, "Our operations had a strong start to the year with consolidated production of 88,000 ounces at AISC of $700/oz, generating $47 million of unlevered free cash flow, and reducing our net debt to below $25 million at the end of the quarter. The first planned major shutdown of autoclave two was successfully completed in March and the autoclave was found to be in excellent condition. As a result, we are considering postponing the shutdown of autoclave one until later this year or early next year.

While COVID-19 has presented global challenges, we started preparing early for the potential impacts to our business. As a result of our preparation, we have been fortunate and able to manage COVID-19 without any material impact to our operations, logistics or financial position to date. This has also allowed us to maintain this year's production and cost guidance.

From a growth perspective, we continue to progress the Çöpler District Technical Report with an expected issuance later this year as we continue to march down the path of delineating a production profile of 300–400Kozs per year for the next 10 years."

Highlights

Operational

• Gold production was 87,863 ounces in Q1 2020 which is on track to meet 2020 guidance¹ with 62,800 ounces produced from the sulfide plant and 25,063 ounces produced from the oxide plant.
• The Çöpler Gold Mine produced its two millionth ounce during the quarter.
• While there have been some indirect impacts caused by the COVID 19 pandemic, the Çöpler Gold Mine continues to operate, to date, without any material impact on the mining operations, logistics, supply chain, sales or financial position of the Company.
• The Çöpler Gold Mine achieved 2.7 million man-hours and 218 days lost-time injury free as of March 31, 2020. The total recordable injury frequency rate² for Q1 2020 was 2.69.
• The first scheduled shutdown and internal inspection of autoclave 2 was completed in March and found the refractory linings and equipment to be in excellent condition. An assessment is underway to determine if the planned shutdown of autoclave 1, which is currently scheduled for June, should be rescheduled to later in 2020 or 2021.
• Consolidated All-In Sustaining Costs per ounce³ sold ("AISC") was $700, which is below guidance¹ of $735 to $785 per ounce.
• The 2019 Sustainability report was published and uploaded to the GRI Sustainability Database.

Growth

• The Company continued its focus on improving and extending oxide gold production in future years beyond the current Çöpler oxide reserves by accelerating the development of a number of near-mine targets within the Çöpler pits and surrounding areas with 10 drill rigs currently active.
• Drilling recommenced at the Ardich deposit in Q1. Ardich has an interim Indicated Mineral Resource⁴ of approximately 817,000 ounces of gold (15.86 million tonnes at 1.60 g/t of gold ("Au") and an Inferred Mineral Resource of approximately 594,000 ounces of gold (8.80 million tonnes at 2.10 g/t Au).
• An updated Çöpler District Technical Report⁵ is planned to be released in the second half of 2020. This will include preliminary development plans for Ardich, updating the performance expectations of the Çöpler Sulfide Plant, incorporating a proposed supplemental flotation circuit, as well as opportunities for tailings storage expansion and for resource conversion in Çöpler.
• The potential for heap leach pad constraints has been eliminated with the progression of an approximate 25 million tonnes Çöpler heap leach pad expansion that will be built in phases over the coming years and providing approximately 5 years of additional oxide processing capacity.
• The Company announced positive drill results for the Mavialtin Porphyry Belt⁶ which confirmed and extended the known extent of copper and gold mineralization in Mavidere, Findiklidere and Aslantepe.
• The Company continues to actively explore a number of highly prospective exploration targets across Turkey.
• • Initial drill results from the Copper Hill copper exploration prospect in the Black Sea region were issued on April 22, 2020⁷. Seven of the eight holes intersected high grade sulfide copper mineralization close to surface.

Financial

• Attributable Q1 2020 earnings were $48.6 million or $0.16 per share with normalized attributable earnings⁸ of $28.4 million or $0.10 per share.
• The Company ended the first quarter with consolidated cash⁹ of $239 million, debt¹⁰ of $262 million, resulting in net debt¹⁰ of $23 million.
• Gold sales in Q1 2020 were 89,604 ounces resulting in revenue of $142.3 million and cash flow from operating activities of $63.4 million.

Conference Call / Webcast Details
Alacer will host a conference call on Thursday, April 30, 2020 at 5:30 p.m. (North America Eastern Daylight Time) / Friday, May 1, 2020 at 7:30 a.m. (Australian Eastern Standard Time).

You may listen to the call via webcast at http://services.choruscall.ca/links/alacer20200428.html. The conference call presentation will also be available at the link provided prior to the call commencing.

You may participate in the conference call by dialing:

If you are unable to participate in the call, a webcast will be archived until July 1, 2020 and a recording of the call will be available on Alacer's website at www.AlacerGold.com or through replay until Thursday, June 11, 2020 by using passcode 4285# and calling:

About Alacer

Alacer is a leading low-cost intermediate gold producer whose primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet as foundations to continue its organic multi-mine growth strategy, maximize free cash flow¹¹, and therefore create maximum value for shareholders. The Çöpler Gold Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers ("km") southeast from Istanbul and 550km east from Ankara, Turkey's capital city.

Sustainability is of growing importance to all stakeholders, whether they are local communities, local and national governments, our shareholders, or our employees. We are committed to honest and open disclosure and continuous improvement.

Alacer continues to pursue opportunities to further expand its current operating base to become a sustainable multi-mine producer with a focus on Turkey. The Çöpler Gold Mine is currently processing ore through two producing plants.

The systematic and focused exploration efforts in the Çöpler District have been successful as evidenced by the discovery of Çakmaktepe, the Ardich deposit, and the Çöpler Saddle¹² ("The Saddle") prospect. The Çöpler District remains the focus, with the goal of continuing to grow oxide resources that will deliver production into the future and additional sulfide resources to extend production from the sulfide plant. In the other regions of Turkey, targeted exploration work continues at a number of highly prospective exploration targets.

The successful commissioning of the sulfide plant and the exploration successes have provided the business with a number of exceptional growth and development opportunities. An updated Çöpler District Technical Report is planned to be issued in 2020, updating the performance expectations of the installed assets and defining the growth and development pathways.

Alacer is a Canadian company incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Company also has a secondary listing on the Australian Securities Exchange where CHESS Depositary Interests ("CDIs") trade. Alacer owns an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. ("Anagold"), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya Mining").

Cautionary Statements

Except for statements of historical fact relating to Alacer, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and other public filings of Alacer. Forward-looking information often relates to statements concerning Alacer's outlook and anticipated events or results, and in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.

Forward-looking information includes statements concerning, among other things, preliminary cost reporting in this document; production, cost, and capital expenditure guidance; the ability to expand the current heap leach pad; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; the outbreak of pandemics, epidemics or other health crises (including, without limitation, the COVID-19 pandemic); availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of Alacer's filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer's operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in Alacer's filings on the Corporation's website at www.alacergold.com, on SEDAR at www.sedar.com and on the ASX at www.asx.com.au, and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

This press release has been approved for release by the Alacer Gold Disclosure Committee.