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Alamos Gold (TSX: AGI; NYSE: AGI) has raised its production guidance by over 20% in 2025-2026 with the inclusion of the Magino mine and its integration with its Island Gold operation in Ontario.
The miner also raised its production forecast for 2024 to between 550,000 ounces and 590,000 ounces, a 13% increase from its January guidance.
The company said the increase is driven by the incorporation of the Magino mine, as well as higher output from the Mulatos district in Mexico.
“Longer-term we have the capacity to grow company-wide production to approximately 900,000 ounces per year, with further upside potential”
Alamos CEO John A. McCluskey
With the closing of the Argonaut Gold acquisition on July 12, 2024, less than half a year of production from Magino is being incorporated into 2024 estimates. Magino is expected to produce 40,000 to 50,000 ounces in the second half of 2024.
The acquisition gave Alamos a fourth long-life producing asset in addition to its two mines in Ontario – Young-Davidson and Island – and Mulatos in Mexico. It also has the Lynn Lake development project in Manitoba, which received federal environmental approval last year, as well as others in Turkey and Oregon.
“The addition of Magino has enhanced our already strong growth profile, and its integration with Island Gold is expected to drive significant synergies and open up longer-term opportunities,” Alamos CEO John McCluskey said in a news release.
“Longer-term we have the capacity to grow company-wide production to approximately 900,000 ounces per year, with further upside potential through future expansions of the Island Gold District,” he said.
Shares of Alamos Gold rose 3% by 12:30 p.m. EDT in Toronto. The miner has a market capitalization of C$11.79 billion ($8.67 billion).
