Alamos Gold Reports Fourth Quarter and Year-End 2024 Results Record production and strong margin expansion drive record free cash flow of $272 million while funding high-return growth
TRADING SYMBOL: TSX:AGI NYSE:AGI
1 | Alamos Gold Inc
Alamos Gold Inc.
Brookfield Place, 181 Bay Street, Suite 3910, P .O. Box #823
Toronto, Ontario M5J 2T3
Telephone: (416) 368-9932 or 1 (866) 788-8801
All amounts are in United States dollars, unless otherwise stated.
Alamos Gold Reports Fourth Quarter and Year-End 2024 Results
Record production and strong margin expansion drive record free cash flow of $272 million
while funding high-return growth
Toronto, Ontario (February 19, 202 5) - Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”)
today reported its financial results for the quarter and year ended December 31, 202 4.
“We delivered another record year operationally and financially driven by strong performances across our
operations. Production grew 7% to 567,000 ounces, meeting our increased guidance and achieving a new annual
record for the second consecutive year. Full year costs were in line with guidance and combined with the rising gold
price, we set a number of financial records. This included record free cash flow of $272 million while funding
additional high-return growth, including the Phase 3+ Expansion and our largest exploration budget ever,” said John
A. McCluskey, President and Chief Executive Officer.
“Our significant investment in exploration continues to create value with global Mineral Reserves increasing 31% to
14 million ounces, including another substantial increase in higher -grade Reserves and Resources at Island Gold.
We will be incorporating this growth into the Island Gold District Life of Mine Plan and Expansion Study to be
released later this year that we expect will outline a larger, and more valuable operation,” Mr. McCluskey added.
Fourth Quarter and Full Year 2024 Highlights
Operational and Financial Highlights
• Produced a record 567,000 ounces of gold in 2024, in -line with the mid-point of the revised guidance and a 7%
increase from 2023. This reflected the inclusion of the Magino mine after the acquisition of Argonaut Gold Inc.
("Argonaut"), as well as strong performances from the Mulatos District and Island Gold. Fourth quarter
production was 140,200 ounces, in-line with quarterly guidance
• The Mulatos District produced 205,000 ounces of gold in 2024, exceeding the top end of increased guidance by
5% reflecting another outstanding performance from La Yaqui Grande. This contributed to record mine -site free
cash flow1 of $239.9 million in 2024, including $53.4 million in the fourth quarter
• Island Gold produced 155,000 ounces of gold in 2024, meeting the high-end of the annual guidance range and
self-funding all Phase 3+ Expansion capital and exploration initiatives during the year
• Young-Davidson produced 174,000 ounces of gold in 2024 while generating record mine -site free cash flow 1 of
$140.9 million, including a record $50.3 million in the fourth quarter
• Cost of sales were $ 751.1 million or $1,341 per ounce in 2024, and $200.9 million, or $1,422 per ounce in the
fourth quarter
• Total cash costs1 of $927 per ounce and all -in sustaining costs ("AISC" 1) of $1,281 per ounce for the full year
were in-line with revised annual guidance. Total cash costs of $981 per ounce and AISC of $1,333 per ounce for
the fourth quarter decreased from the third quarter of 2024, as previously guided reflecting lower costs at
Young-Davidson and Magino
• Record financial performance achieved across all key metrics. This included record free cash flow 1 of $272.3
million in 2024 while continuing to fund high -return growth initiatives including the Phase 3+ Expansion at Island
Gold and a record exploration program. Fourth quarter free cash flow was $53.5 million
TRADING SYMBOL: TSX:AGI NYSE:AGI
2 | Alamos Gold Inc
• Full year sales totaled 560,234 ounces of gold at an average realized price of $2,379 per ounce, generating
record annual revenues of $1.3 billion, a 32% increase from 2023. This included fourth quarter sales of 141,258
ounces of gold at an average realized price of $2,632 per ounce, generating quarterly revenues of $375.8
million, inclusive of silver sales. This represented a 48% increase from the fourth quarter of 2023 and marked
the fourth consecutive quarter of record revenues
• Record annual cash flow from operating activities of $ 661.1 million (including $726.2 million before changes in
working capital and taxes paid 1, or $1.78 per share), a 40% increase from 2023. Fourth quarter cash flow from
operating activities was $ 192.2 million (including $207.9 million before changes in working capital and taxes
paid1, or $0.49 per share). Working capital in the fourth quarter was impacted by a temporary buildup of sales
tax receivables in Canada, of which $14.1 million was collected in January 2025
• Adjusted net earnings1 were $328.9 million in 2024, or $0.81 per share 1. Reported net earnings were $284.3
million in 2024, or $0.70 per share. Adjusted net earnings includes adjustments for unrealized losses on
commodity derivatives, an impairment reversal on Young -Davidson, a net unrealized foreign exchange loss
recorded within deferred taxes and foreign exchange, and other losses including transaction and integration
costs on the acquisition of Argonaut
• Adjusted net earnings 1 for the fourth quarter were $103.2 million, or $0.25 per share. Adjusted net earnings
includes adjustments for unrealized gains on commodity hedge derivatives, net of tax, of $4.4 million,
adjustments for unrealized net foreign exchange losses recorded within deferred taxes and foreign exchange of
$19.6 million, and other adjustments totaling $0.4 million. Reported net earnings for the fourth quarter were
$87.6 million, or $0.21 per share
• Cash and cash equivalents were $327.2 million at December 31, 2024 , up from $224.8 million at the end of
2023. The Company remains in a net cash position with $250 million drawn on its credit facility (the "Facility"),
the proceeds of which were used to retire debt inherited from Argonaut in the third quarter. The Company
remains well-positioned to internally fund all its growth initiatives with strong ongoing free cash flow and $827.2
million of total liquidity.
• Amended and upsized the Facilit y from $500.0 million to $750.0 million on February 18, 2025 , increasing
financial capacity on more attractive terms, reflecting the growth of the Company
• Paid dividends of $41 million for the full year, based on a quarterly dividend of $0.025 per share
Mineral Reserves and Resources, Growth Projects, Acquisitions, and Other Highlights
• Issued three-year guidance on January 13, 2025, with production expected to increase 7% in 2025 to between
580,000 and 630,000 ounces, and 24% by 2027 to 680,000 to 730,000 ounces. AISC are expected to decrease
8% over that time frame, relative to 2024, driven by low -cost growth from Island Gold following the completion
of the Phase 3+ Expansion in the first half of 2026
• Announced a construction decision on the Lynn Lake project in January 2025 with initial production expected
during the first half of 2028. With average annual production of 176,000 ounces over its first ten years at first
quartile mine-site AISC, Lynn Lake is expected to increase consolidated production to approximately 900,000
ounces per year and provide additional free cash flow growth
• The Closure Plan for the MacLellan Site (the “Closure Plan”) was approved by the province of Manitoba in
January 2025 and the required permitting and pre -construction conditions have been met allowing for the start
of construction on the Lynn Lake project
• Received approval of an amendment to the existing MIA by Mexico’s Secretariat of Environment and Natural
Resources (“SEMARNAT”) in January 2025, allowing for the start of construction on the PDA project within the
Mulatos District
• Reported year -end 2024 Mineral Reserves of 14.0 million ounces of gold (298 million tonnes ("mt")) grading
1.45 grams per tonne of gold (“g/t Au”) , a 31% increase from 2023 reflecting the acquisition of Magino in 2024,
continued high-grade additions at Island Gold, and an initial Mineral Reserve at Burnt Timber and Linkwood.
This marked the sixth consecutive year Mineral Reserves have grown for a cumulative increase of 44%.
Additionally, Measured and Indicated Mineral Resources increased 50% to 6.6 million ounces, while Inferred
Mineral Resources decreased 2% to 7.1 million ounces
• Island Gold continues to be a significant driver of growth with its combined Mineral Reserve and Resources
increasing 9% to 6.7 million ounces at substantially higher grades. This includes an 11% increase in Mineral
Reserve grades to 11.40 g/t Au, and 13% increase in Inferred Mineral Resource grades to 16.52 g/t Au
TRADING SYMBOL: TSX:AGI NYSE:AGI
3 | Alamos Gold Inc
• Completed the acquisition of Argonaut in July 2024 through which the Company acquired the Magino mine,
located adjacent to its Island Gold mine
• Completed the acquisition of Orford Mining Corporation ("Orford") in April 2024, consolidating its existing
ownership of Orford and adding the highly prospective Qiqavik Gold Project, located in Quebec, Canada
• Announced a significant contribution to The Princess Margaret Cancer Foundation in September 2024 to create
the new Alamos Gold Chair in Gastrointestinal Surgical Oncology. The Company will contribute $2 million to
support the new Chair in making a meaningful impact on cancer research aimed at better understanding,
diagnosing, and treating gastrointestinal cancers
• Alamos was recognized as a TSX30 2024 winner by the Toronto Stock Exchange in September 2024. The
annual ranking recognizes the 30 top performing stocks over a three -year period. Alamos’ share price increased
134% over the trailing three-year period
• Announced the appointment of J. Robert S. Prichard as Chairman of the Board of Directors in January 2025
(1) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and
calculation of these measures.
TRADING SYMBOL: TSX:AGI NYSE:AGI
4 | Alamos Gold Inc
Highlight Summary
Three Months Ended December 31, Years Ended December 31,
2024 2023 2024 2023
Financial Results (in millions)
Operating revenues $375.8 $254.6 $1,346.9 $1,023.3
Cost of sales (1) $200.9 $166.7 $751.1 $637.7
Earnings from operations $158.4 $71.9 $561.9 $318.1
Earnings before income taxes $157.2 $51.2 $502.2 $293.7
Net earnings $87.6 $47.1 $284.3 $210.0
Adjusted net earnings (2) $103.2 $49.2 $328.9 $208.4
Adjusted earnings before interest, taxes, depreciation and
amortization (2) $207.2 $103.6 $691.5 $487.3
Cash provided by operations before working capital and taxes
paid (2) $207.9 $120.2 $726.2 $518.9
Cash provided by operating activities $192.2 $124.1 $661.1 $472.7
Capital expenditures (sustaining) (2)(3) $30.0 $26.6 $110.1 $104.2
Sustaining finance leases $5.2 $— $10.6 $—
Capital expenditures (growth) (2) $101.2 $73.0 $279.5 $216.7
Capital expenditures (capitalized exploration) $7.5 $10.1 $28.0 $28.0
Free cash flow (2) $53.5 $14.4 $272.3 $123.8
Operating Results
Gold production (ounces) 140,200 129,500 567,000 529,300
Gold sales (ounces) 141,258 129,005 560,234 526,258
Per Ounce Data
Average realized gold price $2,632 $1,974 $2,379 $1,944
Average spot gold price (London PM Fix) $2,663 $1,971 $2,386 $1,941
Cost of sales per ounce of gold sold
(includes amortization) (1) $1,422 $1,292 $1,341 $1,212
Total cash costs per ounce of gold sold (2) $981 $900 $927 $850
All-in sustaining costs per ounce of gold sold (2) $1,333 $1,233 $1,281 $1,160
Share Data
Earnings per share, basic $0.21 $0.12 $0.70 $0.53
Earnings per share, diluted $0.21 $0.12 $0.69 $0.53
Adjusted earnings per share, basic (2) $0.25 $0.12 $0.81 $0.53
Weighted average common shares outstanding (basic) (000’s) 420,192 396,577 408,165 395,509
Financial Position (in millions)
Cash and cash equivalents $327.2 $224.8
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and
calculation of these measures.
(3) Sustaining capital expenditures include sustaining capital lease expenditures at Magino, which are not included as additions to mineral property, plant and
equipment in cash flows used from investing activities.
TRADING SYMBOL: TSX:AGI NYSE:AGI
5 | Alamos Gold Inc
Three Months Ended December 31, Years Ended December 31,
2024 2023 2024 2023
Gold production (ounces)
Young-Davidson 45,700 49,800 174,000 185,100
Island Gold 39,400 31,600 155,000 131,400
Magino (9) 16,200 — 33,000 —
Mulatos District (8) 38,900 48,100 205,000 212,800
Gold sales (ounces)
Young-Davidson 45,441 48,052 173,274 182,796
Island Gold 39,595 30,464 152,170 127,629
Magino (9) 16,505 — 31,271 —
Mulatos District (8) 39,717 50,489 203,519 215,833
Cost of sales (in millions) (1)
Young-Davidson $65.9 $64.6 $261.9 $248.2
Island Gold $34.7 $33.8 $132.2 $123.6
Magino (9) $35.4 — $73.9 —
Mulatos District (8) $64.9 $68.3 $283.1 $265.9
Cost of sales per ounce of gold sold (includes amortization) (1)
Young-Davidson $1,450 $1,344 $1,511 $1,358
Island Gold $876 $1,110 $869 $968
Magino (9) $2,145 — $2,363 —
Mulatos District (8) $1,634 $1,353 $1,391 $1,232
Total cash costs per ounce of gold sold (2)
Young-Davidson $955 $920 $1,047 $938
Island Gold $594 $775 $592 $669
Magino (9) $1,672 — $1,836 —
Mulatos District (8) $1,113 $957 $935 $883
Mine-site all-in sustaining costs per ounce of gold sold (2)(3)
Young-Davidson $1,191 $1,211 $1,314 $1,208
Island Gold $791 $1,136 $865 $1,017
Magino (9) $2,666 — $2,824 —
Mulatos District (8) $1,198 $1,030 $1,001 $967
Capital expenditures (sustaining, growth, and capitalized exploration) (in millions) (2)
Young-Davidson (4) $21.3 $24.0 $86.1 $67.2
Island Gold (5) $83.7 $73.9 $257.0 $233.1
Magino (7)(9)(10) $24.7 — $38.6 —
Mulatos District (6)(8) $5.3 $8.4 $20.1 $30.4
Other $8.9 $3.4 $26.4 $18.2
(1) Cost of sales includes mining and processing costs, royalties, and amortization expense.
(2) Refer to the “Non -GAAP Measures and Additional GAAP Measures” disclosure at the end of this press release and associated MD&A for a description and
calculation of these measures.
(3) For the purposes of calculating mine -site all-in sustaining costs, the Company does not include an allocation of corporate and administrative and share -based
compensation expenses.
(4) Includes capitalized exploration at Young-Davidson of $2.0 million and $5.9 million for the three months and year ended December 31, 2024 ($1.3 million and $5.1
million for the three months and year ended December 31, 2023, respectively).
(5) Includes capitalized exploration at Island Gold of $1.7 million and $ 12.4 million for the three months and year ended December 31, 2024 ($3.3 million and $11.1
million for the three months and year ended December 31, 2023, respectively).
(6) Includes capitalized exploration at Mulatos District of $1.6 million and $7.5 million for the three months and year ended December 31, 2024 ($5.5 million and $11.8
million for the three months and year ended December 31, 2023 ).
(7) Includes capitalized exploration at Magino of $2.2 million and $2.2 million for the three months and year ended December 31, 2024.
(8) The Mulatos District includes La Yaqui Grande and Mulatos pit.
(9) The 2024 full year results for Magino are for Alamos’ ownership period from July 12, 2024 to December 31, 2024.
(10) Sustaining capital expenditures for Magino include certain finance leases classified as sustaining.
TRADING SYMBOL: TSX:AGI NYSE:AGI
6 | Alamos Gold Inc
Environment, Social and Governance Summary Performance
Health and Safety
• Total recordable injury frequency rate 1 ("TRIFR") of 2.25 in the fourth quarter, an increase from 2.01 in the
third quarter
• Lost time injury frequency rate1 ("LTIFR") of 0.09 in the fourth quarter, consistent with the third quarter
• Full year TRIFR of 1.96 and LTIFR of 0.09
During the fourth quarter of 2024, Alamos had 25 recordable injuries across its sites including one lost time injury
("LTI"). For the full year, Alamos had 84 recordable injuries across its sites including 4 LTIs.
Alamos strives to maintain a safe, healthy working environment for all, with a strong safety culture where everyone
is continually reminded of the importance of keeping themselves and their colleagues healthy and injury -free. The
Company’s overarching commitment is to have all employees and contractors return Home Safe Every Day.
Environment
• Zero significant environmental incidents in the fourth quarter and full year, and two minor reportable events
in the fourth quarter
• Completed the connection of the Mulatos District to the national electric grid in December 2024. This has
eliminated the need for on -site diesel generated power, significantly reducing ongoing greenhouse gas
("GHG") emissions
• Continued reclamation activities at Mulatos for the Cerro Pelon, El Victor and San Carlos pits
Two minor reportable events occurred during the fourth quarter. At the Magino mine, an effluent grab sample slightly
exceeded the daily limit for phosphorus, which has since been rectified. The other minor reportable event was at
Young-Davidson, where minor seepage was identified at the toe of the dam and quickly contained within the tailings
management facility with no impact to the surrounding environment.
The Company is committed to preserving the long -term health and viability of the natural environment that
surrounds its operations and projects. This includes investing in new initiatives to reduce the Company's
environmental footprint with the goal of minimizing the impacts of our activities.
Community
Ongoing donations, medical support and infrastructure investments were provided to local communities, including:
• Charitable donations to shelters, food banks and gift programs to coincide with the holiday season.
• A CAD$100,000 donation was made to the Lady Dunn Health Center Foundation in Wawa, Ontario to
support the purchase of a new ultrasound machine
• Various sponsorships to support youth sports, mental health programs, and equipment upgrades for local
library and elementary schools
• Continued to provide local community support for student scholarships, health care, community
infrastructure and recreation activities
• In January 2025, the Company committed CAD$300,000 over three years to the Museum of Northern
History in Kirkland Lake, Ontario, to reopen and continue operations
The Company believes that excellence in sustainability provides a net benefit to all stakeholders. The Company
continues to engage with local communities to understand local challenges and priorities. Ongoing investments in
local infrastructure, health care, education, cultural and community programs remain a focus of the Company.
Governance and Disclosure
• The Mulatos District was recognized with the Vite Picazo Award from the Sonora chapter of the Association
of Mining Engineers, Metallurgists and Geologists of Mexico in recognition of its strong social and
environmental practices
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7 | Alamos Gold Inc
• Mulatos District was also the recipient of Empresa Socialmente Responsible award by the Mexican Center
for Philanthropy for the 16th consecutive year
The Company maintains the highest standards of corporate governance to ensure that corporate decision -making
reflects its values, including the Company’s commitment to sustainable development.
(1) Frequency rate is calculated as incidents per 200,000 hours worked.
TRADING SYMBOL: TSX:AGI NYSE:AGI
8 | Alamos Gold Inc
Outlook and Strategy
2025 Guidance
Island Gold
District
Young-
Davidson Mulatos Lynn Lake Total
Gold production (000's ounces) 275 - 300 175 - 190 130 - 140 — 580 - 630
Cost of sales, including amortization (in millions)(3) $805
Cost of sales, including amortization ($ per ounce)(3) $1,330
Total cash costs ($ per ounce)(1) $725 - $775 $1,075 - $1,125 $925 -$975 — $875- $925
All-in sustaining costs ($ per ounce)(1) $1,250 - $1,300
Mine-site all-in sustaining costs ($ per ounce)(1)(2) $1,100 - $1,150 $1,390 - $1,440 $1,025 - $1,075 —
Capital expenditures (in millions)
Sustaining capital(1) $80 - $85 $55 - $60 $3 - $5 — $138 - $150
Growth capital(1) $270 - $300 $15 - $20 $37 - $40 $100-120 $422- $480
Total Sustaining and Growth Capital (1) $350 - $385 $70 - $80 $40 - $45 $100-120 $560 - $630
Capitalized exploration(1) $20 $9 $6 $4 $39
Total capital expenditures and capitalized exploration(1) $370 - $405 $79 - $89 $46 - $51 $104-124 $599- $699
(1) Refer to the "Non-GAAP Measures and Additional GAAP" disclosure at the end of this press release and associated MD&A for a description of these measures.
(2) For the purposes of calculating mine -site all -in sustaining costs at individual mine sites, the Company does not include an allocation of corporate and
administrative and share-based compensation expenses to the mine sites.
(3) Cost of sales includes mining and processing costs, royalties, and amortization expense, and is calculated based on the mid -point of total cash cost guidance.
The Company’s objective is to operate a sustainable business model that supports growing returns to all
stakeholders over the long -term, through growing production, expanding margins, and increasing profitability. This
includes a balanced approach to capital allocation focused on generating strong ongoing free cash flow while re -
investing in high-return internal growth opportunities and supporting higher returns to shareholders.
2024 Year in Review
The Company delivered another record operational and financial performance in 2024. Full year production was in -
line with guidance and increased 7% from 2023 to a record 567,000 ounces, reflecting the acquisition of the Magino
mine in July, and strong ongoing performances from Island Gold and the Mulatos District. Through record
production, sales, and gold prices, 2024 revenues increased 32% from 2023 to a record $1.3 billion. Full year costs
were also in-line with guidance contributing to strong margin expansion. Through growing production and increasing
margins, the Company generated record free cash flow of $272.3 million while continuing to fund its high -return
growth initiatives including the Phase 3+ Expansion at Island Gold, and a record exploration program.
The Mulatos District had another strong year with production exceeding increased guidance, and the operation
generating record mine -site free cash flow of $239.9 million in 2024. Young -Davidson also generated a record
$140.9 million in mine -site free cash flow, marking the fourth consecutive year free cash flow has exceeded $100
million. Island Gold had another solid year on multiple fronts with production at the top end of guidance, significant
progress made on the Phase 3+ Expansion, and ongoing exploration success driving another year of substantial
growth in Mineral Reserves and Resources. With the strong operational performance, this significant investment in
growth was all self-financed by Island Gold.
The integration of the Magino and Island Gold operations continues to advance providing significant synergies.
Immediate capital savings have already been realized, with the previously planned mill and tailings expansions at
Island Gold no longer required. The utilization of the larger and more efficient Magino mill to process Island Gold ore
is expected to drive operating cost synergies starting in 2025 with further improvements in 2026 upon completion of
the Phase 3+ Expansion. The Magino mill is expected to ramp up to 11,200 tpd by the end of the first quarter of
2025 after which it will begin processing ore from Island Gold at significantly lower processing costs.
The acquisition has also de -risked the Phase 3+ Expansion and unlocked longer term upside potential across the
Island Gold District. The shaft sink has advanced to a depth of 1,000 metres as of mid -February and is expected to
reach the ultimate planned depth of 1,373 metres in the third quarter. The expansion remains on track to be
completed in the first half of 2026, which will be a significant driver of further free cash flow growth over the longer -
term through increasing production and declining costs.