Monday, March 16, 2020 5:29:52 PM
Allen Sykora Allen Sykora
Monday March 16, 2020 11:38
Kitco NewsShare this article:
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
(Kitco News) - Alamos Gold Inc. (TSX: AGI; NYSE: AGI) is reacquiring a 3% net-smelter-return royalty on the Island Gold Mine and as a result lowered its cost guidance for 2020, the company announced Monday.
Alamos said it entered into an agreement to acquire and cancel the NSR royalty for $54 million, or C$75 million.
The royalty was acquired from a privately held company and would have been payable on gold production within four patented claims that comprise the majority of currently defined mineral reserves and resources within the Island Gold deposit, the company said.
Sponsored By : Dynamic Funds
We all need advice from time to time.
A professional financial advisor can help you set realistic financial goals and understand which investment products make sense for your portfolio.
Alamos also reported a decrease of $40 per ounce, or 7%, in Island Gold’s 2020 total cash cost guidance to between $480 and $520. The company listed a $40-per-ounce decrease in mine-site all-in sustaining cost guidance to between $740 and $780 per ounce.
The company’s consolidated total cash costs – for all operations – were trimmed by $13 an ounce to between $757 and $797, compared to $770 to $810 previously.
“The acquisition of the royalty further reduces costs at what is already a low-cost operation while also increasing our exposure to the tremendous exploration upside,”said John A. McCluskey, president and chief executive officer.
“Since we acquired Island Gold in 2017, the mineral reserve and resource base has doubled with the deposit approaching 4 million ounces across all categories. With the deposit open laterally and down-plunge across several areas of focus, we see excellent potential for this growth to continue at a greatly reduced royalty on future production.”
By Allen Sykora
For Kitco News
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=154369468
Recent AGI News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/20/2024 04:57:05 PM
- Alamos Gold Helps to Create Inaugural Research Chair to Better Detect and Treat Gastrointestinal Cancers • GlobeNewswire Inc. • 09/20/2024 10:55:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/13/2024 03:25:42 PM
- Alamos Gold Provides Updated Three-Year Production, Operating and Capital Guidance • GlobeNewswire Inc. • 09/12/2024 09:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/10/2024 08:35:19 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/10/2024 08:32:01 PM
- Alamos Gold Recognized as a Top Performer by the Toronto Stock Exchange with Inclusion in the TSX30 • GlobeNewswire Inc. • 09/10/2024 11:30:00 AM
- Alamos Gold Announces Board and Senior Leadership Appointments • GlobeNewswire Inc. • 09/10/2024 10:55:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/09/2024 05:56:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/06/2024 02:39:11 PM
- Alamos Gold Announces Development Plan for Puerto Del Aire Outlining an Attractive, High-Return Project with After-Tax IRR of 46%, and Significant Exploration Upside • GlobeNewswire Inc. • 09/04/2024 11:29:35 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/04/2024 04:53:51 PM
- Alamos Gold Expands High-Grade Mineralization at Puerto Del Aire and Defines Multiple New High-Grade Zones at Cerro Pelon Supporting Significant Upside Potential within the PDA Project • GlobeNewswire Inc. • 09/04/2024 10:55:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/29/2024 02:21:06 PM
- Alamos Gold Declares Quarterly Dividend • GlobeNewswire Inc. • 08/29/2024 10:55:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/01/2024 06:53:48 PM
- Alamos Gold Reports Second Quarter 2024 Results • GlobeNewswire Inc. • 07/31/2024 09:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/23/2024 08:55:37 PM
- Alamos Gold Continues to Expand High-Grade Mineralization Near Existing Infrastructure Across the Island Gold Deposit Supporting Further Expected Growth in Mineral Reserves and Resources • GlobeNewswire Inc. • 07/23/2024 10:55:00 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 07/19/2024 08:16:14 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/19/2024 02:03:13 PM
- Alamos Gold Releases 2023 Annual ESG Report • GlobeNewswire Inc. • 07/19/2024 10:55:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/15/2024 06:34:27 PM
- Alamos Gold Eliminates Majority of Argonaut Gold Hedge Book Providing Increased Exposure to Higher Gold Prices • GlobeNewswire Inc. • 07/15/2024 10:55:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/12/2024 09:14:20 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM