St. Catharines, Ontario November 6, 2026 – Algoma Central Corporation (“Algoma”) (TSX:ALC) is pleased to announce that, in connection with its previously announced offering (the “Public Offering”) of $70,000,000 aggregate principal amount of 6.20% convertible unsecured subordinated debentures (the “Debentures”), Algoma has issued an additional $10,500,000 aggregate principal amount of Debentures pursuant to the full exercise of the over-allotment option (the “Over-Allotment Option”) granted to the Underwriters (as defined below). The issuance of the additional debentures pursuant to the exercise of the Over-Allotment Option increases the total gross proceeds of the Public Offering to $80,500,000.

The Public Offering was conducted on a bought deal basis pursuant to the terms and conditions of an underwriting agreement among Algoma and CIBC World Markets Inc., Scotia Capital Inc., RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., Desjardins Securities Inc., National Bank Financial Inc., TD Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., ATB Capital Markets Corp. and Paradigm Capital Inc. (collectively, the “Underwriters”).

The Public Offering was completed pursuant to a short form prospectus of Algoma dated October 30, 2026 (the “Prospectus”) filed with the securities commissions in each of the provinces of Canada. A copy of the Prospectus is available on Algoma’s SEDAR+ profile at www.sedarplus.ca.

The Debentures are listed on the Toronto Stock Exchange under the symbol ALC.DB.B.

Algoma intends to use the net proceeds of the Public Offering, including the Over-Allotment Option, and the previously closed non-brokered, private placement of Debentures to E-L Financial Corporation Limited (the “Concurrent Private Placement”), after deducting Underwriters’ fees and expenses of Algoma, to fund newbuild investment, mergers and acquisitions and for general corporate purposes.

About Algoma Central Corporation

Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes – St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice™. Learn more at algonet.com.

Forward-Looking Statements

Certain information included in this press release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words. In particular, this press release includes forward-looking statements pertaining to the proposed use of proceeds from the Public Offering and the Concurrent Private Placement. Algoma believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward- looking statements should not be unduly relied upon.

Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include the risks related to Algoma’s business, including those identified in Algoma’s Annual Information Form for the fiscal year ended December 31, 2025 under the heading “Risks and Uncertainties to the Company”.  Reference should be made to this additional   information   prior   to   making   any   investment   decision.   Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. Algoma assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by law.

Contacts
Gregg A. Ruhl
Algoma Central Corporation
President & CEO
905-687-7890

Christopher A.L. Lazarz, CPA, CA
Algoma Central Corporation
Chief Financial Officer
905-687-7940