Remove the belt from the PS/Alt and see if it still makes the noise. If not, turn the alt pulley by hand and feel if it's got any roughness or resistance.
If the noise remains with the belt off, how old are the timing components? You have the tensioner and pulleys that will wear and make noise.
If the noise remains with the belt off, how old are the timing components? You have the tensioner and pulleys that will wear and make noise.