Alamos Gold Reports Mineral Reserves and Resources for the Year-Ended 2024
Press Release
Global Mineral Reserves Increase 31% Driven by the Addition of Magino, and a 32% Increase in Mineral Reserves at Island Gold at 11% Higher Grades
All amounts are in United States dollars, unless otherwise stated.
TORONTO, Feb. 18, 2025 Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its updated Mineral Reserves and Resources as of December 31, 2024. For a detailed summary by asset, refer to the tables below.
Highlights
- Global Proven and Probable Mineral Reserves increased 31% to 14.0 million ounces of gold (298 million tonnes (“mt”) grading 1.45 grams per tonne of gold (“g/t Au”)), driven by the acquisition of Magino in 2024, continued high-grade additions at Island Gold, and an initial Mineral Reserve at Burnt Timber and Linkwood
- Excluding Magino, Proven and Probable Reserves increased 12% to 11.9 million ounces of gold (230 mt grading 1.62 g/t Au) reflecting continued exploration success. Mineral Reserve additions more than replaced depletion at a rate of 249% (646% including Magino)
- Island Gold’s Mineral Reserves increased 32% to 2.3 million ounces with grades increasing 11% to 11.40 g/t Au (6.2 mt), driven by significantly higher-grade additions across the main structure
- Burnt Timber and Linkwood initial Mineral Reserve of 0.9 million ounces (30.7 mt grading 0.95 g/t Au) reflecting the successful conversion of Mineral Resources
- Magino Mineral Reserve of 2.0 million ounces (68.4 mt grading 0.91 g/t Au), consistent with internal estimates completed ahead of the acquisition in 2024
- Island Gold’s Mineral Reserves and Resources increased 9% to 6.7 million ounces at substantially higher grades, including an 11% increase in Mineral Reserve grades to 11.40 g/t Au, and 13% increase in Inferred Mineral Resources grades to 16.52 g/t Au
- Island Gold District Life of Mine plan will incorporate the significant growth since the Phase 3+ Expansion Study, with the increase in grades expected to support higher average annual gold production from Island Gold over the longer-term. The Life of Mine plan (incorporating Island Gold and Magino) is expected to be released mid-2025, with an Expansion Study expected to follow in the fourth quarter
- Global Measured and Indicated Mineral Resources increased 50% to 6.6 million ounces of gold (181 mt grading 1.13 g/t Au), primarily reflecting the acquisition of Magino. Excluding Magino, Measured and Indicated Mineral Resources increased 6% to 4.7 million ounces of gold, reflecting additions at Burnt Timber and Linkwood, and an initial Mineral Resource at Cerro Pelon Underground
- Global Inferred Mineral Resources decreased 2% to 7.1 million ounces of gold (125 mt grading 1.76 g/t Au), with the successful conversion of Mineral Resources to Reserves at Burnt Timber and Linkwood largely offset by the addition of Magino, and growth at Island Gold
- Gold price assumption of $1,600 per ounce used for estimating Mineral Reserves and $1,800 per ounce for estimating Mineral Resources, up from $1,400 and $1,600 per ounce, respectively in 2023, reflecting the significantly higher gold price environment. Both remain conservative relative to the three-year trailing average gold price of approximately $2,044 per ounce
- Global exploration budget of $72 million in 2025, the largest in the Company’s history supporting broad based success across its asset base with expanded budgets at the Island Gold District and the Qiqavik project in Quebec
“Our significant investment in exploration continues to drive value across our asset base with another substantial increase in Mineral Reserves, marking the sixth consecutive year of growth. This included an initial Mineral Reserve at Burnt Timber and Linkwood, and continued growth at PDA supporting new, high-return projects. We also delivered another year of growth at Island Gold, at considerably higher Reserve and Resource grades. This growth and increase in grades will form the basis for the Island Gold District Life of Mine Plan and Expansion Study to be released later this year. We expect both will outline a larger, and significantly more valuable operation,” said John A. McCluskey, President and Chief Executive Officer.
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