Alamos Gold reports record production, project expansions
Alamos Gold (TSX: AGI; NYSE: AGI) has unveiled significant production and expansion progress in its third quarter 2024 results. The gold miner currently produces from three North American operations: two in Canada and one in Mexico.
During Q3, Alamos delivered record production of 152,000 oz. of gold. The company attributes the production boost to the Magino gold mine, a large open pit operation near its Island Gold deposit, about 83 km northeast of Wawa in northern Ontario.
The third quarter marks the first reporting period with the Magino mine under Alamos ownership. The company has advanced the integration of the Magino project into its Island Gold operation in Ontario, after acquiring Argonaut Gold in July.
Phase 3+ expansion also continues at the Island Gold project. The shaft is currently at a depth of 800 metres, doubling its depth from the end of the last quarter. This is halfway from its ultimate goal of 1,373 metres.
Alamos said it is on track to complete this expansion within the first half of 2026, adding that this is expected to bring its annual production rate closer to 700,000 oz. per year.
The growth in Q3 was also attributed to the Mulatos mine in Mexico. Development and expansion of its Puerto Del Aire project in Sonora, Mexico, continued during the third quarter. The company expects to triple the Mulatos mine life to at least 2035.
Alamos was also recognized in the third quarter by the Toronto Stock Exchange as a top performer with an inclusion into the TSX20, reflecting a 134% increase in share price of the trailing three-year period.
The company was formed in 2003 through the merger of Alamos Minerals and National Gold.