Canadian gold miner Alamos Gold has published its fourth quarter and annual 2024 production and announced it has met its increased 2024 production guidance after mining 567,000 ounces of gold.
“With the solid finish to the year, we met both our quarterly and increased annual production guidance. Production increased 7% from 2023 to a record 567,000 ounces and combined with strong margin expansion, we generated record revenues and free cash flow while investing in high-return growth,” said John McCluskey, Alamos president and CEO.
The company has also announced a construction decision on the Lynn Lake project in Manitoba which would bring its total production volume to about 900,000 ounces by 2028. Construction activities are expected to ramp up through 2025, while average annual production is expected to be 176,000 ounces over the first ten years of mine life.
“This investment in growth is expected to drive our production 24% higher over the next three years. We are also pleased to announce the start of construction on Lynn Lake, another attractive project that will provide additional growth into 2028. All of this growth is in Canada, it is lower cost, and it is all fully funded providing Alamos with one of the strongest outlooks and lowest political risk profiles in the sector,” McCluskey added.
Output at Alamos is projected to grow to between 680,000 ounces and 730,000 ounces by 2027. Costs are expected to decline further in 2027 to $1,125 per ounce to $1,225 per ounce, representing a 10% reduction from 2024.
Theodor Lisovoy, Managing Editor, Rough&Polished
