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Algoma Central Corporation Announces Filing of Final Prospectus

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Final Short Form Prospectus is Accessible on SEDAR+

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ST. CATHARINES, Ontario, October 30, 2026--Algoma Central Corporation ("Algoma") (TSX:ALC) is pleased to announce that it has filed a final short form prospectus (the "Final Prospectus") with the securities commissions in each of the provinces of Canada.

The Final Prospectus qualifies the distribution of $70,000,000 aggregate principal amount of 6.20% convertible unsecured subordinated debentures (the "Debentures") at a price of $1,000 per Debenture (the "Public Offering"). Algoma has also granted a syndicate of underwriters led by CIBC World Markets Inc. an over-allotment option to purchase up to an additional $10,500,000 aggregate principal amount of Debentures, on the same terms as the Public Offering, exercisable in whole or in part at any time for a period of up to 30 days following closing, to cover over-allotments, if any. If the over-allotment option is exercised in full, the total gross proceeds to be raised under the Public Offering will be $80,500,000.

Concurrent with the Public Offering and as previously announced, Algoma has also agreed to issue, on a non-brokered private placement basis, $20,000,000 aggregate principal amount of Debentures to E-L Financial Corporation ("E-L") on the same terms as the Public Offering (the "Concurrent Private Placement"). The securities issued pursuant to the Concurrent Private Placement will be subject to a statutory hold period of four months and one day from the date of closing.

The Public Offering and the Concurrent Private Placement are expected to close on or about November 4, 2026 and are subject to certain conditions, including, but not limited to, receipt of all necessary approvals. The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Debentures and common shares of Algoma issuable on the conversion, redemption or maturity of the Debentures pursuant to the Public Offering and Concurrent Private Placement, subject to Algoma fulfilling all of the requirements of the TSX. The closing of the Public Offering and the Concurrent Private Placement are contingent upon closing of the other.

E-L's participation in the Concurrent Private Placement, as an insider of Algoma, constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Algoma has relied on the exemption from the formal valuation requirements contained under section 5.5(a) of MI 61-101 and the exemption from the minority shareholder approval requirements contained in section 5.7(1)(a), as neither the fair market value of the Debentures to be issued to E-L under the Concurrent Private Placement or the consideration to be paid by such insider will exceed 25% of Algoma's market capitalization.

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