Alamos Gold Inc. (
TSX:AGI;
NYSE:AGI) (“Alamos” or the “Company”) today announced that
it has entered into a gold sale prepayment agreement (“gold
prepayment”) for total consideration of $116 million in exchange
for the delivery of 49,384 ounces in 2025. The proceeds of the gold
prepayment were used to eliminate gold forward purchase contracts,
previously entered into by Argonaut Gold (“Argonaut”), totalling
179,417 ounces in 2024 and 2025 with an average price of $1,838 per
ounce. The transaction has eliminated more than half of the
Argonaut hedge book and associated mark-to-market liability, while
providing significantly increased exposure to rising gold prices.
As part of the recently closed acquisition of
Argonaut, Alamos inherited Argonaut’s hedge book which included
gold forward purchase contracts totaling 329,417 ounces between
2024 and 2027. The average forward prices on the contracts ranged
between $1,821 and $1,860 per ounce (Table 1). The transaction has
closed out all of the 2024 and 2025 forward purchase contracts.
To fund the closing out of the hedges, Alamos
entered into a gold prepayment agreement on attractive terms given
the strong forward gold price environment. Under the terms of the
gold prepayment, Alamos received total consideration of $116
million in exchange for the delivery of 49,384 ounces in 2025,
settled monthly, based on average forward curve prices of $2,524
per ounce. The gold prepayment was executed by Canadian Imperial
Bank of Commerce (lead), Bank of Montreal, National Bank of Canada,
and ING Capital Markets LLC.
The remaining Argonaut hedge book, inherited by
Alamos on the close of the acquisition, consists of forward
purchase contracts totaling 150,000 ounces in 2026 and 2027. This
is expected to account for less than 12% of total consolidated
production over that time frame. The Company will continue to
review opportunities to unwind the remaining 2026 and 2027 forward
purchase contracts.
“This transaction has significantly enhanced our
exposure to rising gold prices on attractive terms, most notably in
the near term. We expect our growing production and declining costs
to drive significant free cash flow growth in the years ahead. With
the majority of the Argonaut hedge book now eliminated, we are even
better positioned to capitalize on the favourable outlook for
gold,” said John A. McCluskey, President and Chief Executive
Officer.
About Alamos
Alamos is a Canadian-based intermediate gold
producer with diversified production from three operations in North
America. This includes the Young-Davidson mine and Island Gold
District in northern Ontario, Canada and the Mulatos District in
Sonora State, Mexico. Additionally, the Company has a strong
portfolio of growth projects, including the Phase 3+ Expansion at
Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos
employs more than 2,400 people and is committed to the highest
standards of sustainable development. The Company’s shares are
traded on the TSX and NYSE under the symbol “AGI”.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Scott K. ParsonsSenior Vice President, Investor
Relations(416) 368-9932 x 5439
The TSX and NYSE have not reviewed and do not accept
responsibility for the adequacy or accuracy of this release.
Cautionary Note
Certain of the statements made and information
contained herein, other than statements of historical fact and
historical information, is "forward-looking information" within the
meaning of applicable Canadian and U.S. securities laws.
Forward-looking statements are generally, but not always,
identified by the use of forward-looking terminology such as
“expect”, "will", "may", “potential” or variations of such words
that certain actions, events or results "could” "might" or "will"
occur or be achieved or the negative connotation of such terms.
Forward-looking statements in this press release
include information regarding timing and quantum of gold deliveries
under a gold sale prepayment agreement; gold prices; expected
consolidated production volumes in the future; anticipated growing
production, declining costs and the expected effect on free cash
flow.
Alamos cautions that forward-looking statements
are necessarily based upon several factors and assumptions that,
while considered reasonable by the Company at the time of making
such statements, are inherently subject to significant business,
economic, legal, political and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results
to differ materially from those projected in the forward-looking
statements and undue reliance should not be placed on such
statements and information.
Such factors include (without limitation):
changes to current estimates of mineral reserves and mineral
resources; the speculative nature of mineral exploration and
development, risks in obtaining and maintaining necessary licenses,
permits and authorizations for the Company’s development stage and
operating assets; operations may be exposed to illnesses, diseases,
epidemics and pandemics and associated impact on the broader market
and the trading price of the Company's shares; provincial and
federal orders or mandates (including with respect to mining
operations generally or auxiliary businesses or services required
for operations) in Canada, Mexico, the United States and Türkiye,
all of which may affect many aspects of the Company's operations
including the ability to transport personnel to and from site,
contractor and supply availability and the ability to sell or
deliver gold doré bars; fluctuations in the price of gold or
certain other commodities such as diesel fuel, natural gas, and
electricity; changes in foreign exchange rates; the impact of
inflation; employee and community relations; the impact of
litigation and administrative proceedings; changes to production
estimates (which assume accuracy of projected ore grade, mining
rates, recovery timing and recovery rate estimates which may be
impacted by unscheduled maintenance, weather issues, labour and
contractor availability and other operating or technical
difficulties); disruptions affecting operations; risks associated
with the startup of new mines; exploration opportunities not coming
to fruition; inherent risks associated with mining and mineral
processing; the risk that the Company’s mines may not perform as
planned; increased costs associated with mining inputs and labour;
contests over title to properties; changes in national and local
government legislation, controls or regulations in Canada, Mexico,
Türkiye, the United States and other jurisdictions in which the
Company does or may carry on business in the future; risks related
to climate change; risk of loss due to sabotage, protests and other
civil disturbances; the costs and timing of construction and
development of new deposits; the impact of global liquidity and
credit availability and the values of assets and liabilities based
on projected future cash flows; risks arising from holding
derivative instruments; and business opportunities that may be
pursued by the Company.
Additional risk factors that may affect the
Company’s ability to achieve the expectations set forth in the
forward-looking statements contained in this news release are set
out in the Company’s latest 40F/Annual Information Form and
Management’s Discussion and Analysis, each under the heading “Risk
Factors” available on the SEDAR+ website at www.sedarplus.ca or on
EDGAR at www.sec.gov, and should be reviewed in conjunction with
the information, risk factors and assumptions found in this news
release. The Company disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Table 1: Forward Purchase Contracts – Pre and Post
Transaction |
Maturity |
Contract |
Argonaut Gold Forward Purchase Contracts
(Pre-Transaction) |
Alamos Gold Forward Purchase Contracts
(Post-transaction) |
Volume (oz) |
Price (US$/oz) |
Volume (oz) |
Price (US$/oz) |
H2-2024 |
Forward |
79,417 |
$1,860 |
- |
- |
2025 |
Forward |
100,000 |
$1,821 |
- |
- |
Prepay |
- |
- |
49,384 |
- |
2026 |
Forward |
100,000 |
$1,821 |
100,000 |
$1,821 |
2027 |
Forward |
50,000 |
$1,821 |
50,000 |
$1,821 |
Alamos Gold (TSX:AGI)
過去 株価チャート
から 7 2024 まで 8 2024
Alamos Gold (TSX:AGI)
過去 株価チャート
から 8 2023 まで 8 2024