Alamos Gold Reports 31% Increase in Mineral Reserves in 2024
Alamos Gold has released its updated Mineral Reserves and Resources as of December 31, 2024, highlighting a 31% jump in global Proven and Probable Reserves to 14.0 million ounces of gold. This significant expansion is attributed to the 2024 acquisition of Magino, high-grade additions at Island Gold, and an initial Mineral Reserve declared at Burnt Timber and Linkwood.
"Our investment in exploration continues to drive value across our asset base, with another substantial increase in Mineral Reserves," said John A. McCluskey, President and CEO. "This year’s results included our initial Mineral Reserve at Burnt Timber and Linkwood, and more growth at PDA, plus higher-grade expansions at Island Gold, all of which will feed into the Island Gold District Life of Mine plan and expansion study."
Key Updates
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Proven & Probable Reserves: 14.0 Moz (298 Mt at 1.45 g/t); up 31% from last year. Excluding Magino, reserves rose 12% to 11.9 Moz.
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Island Gold: Reserve up 32% to 2.3 Moz, with a new average grade of 11.40 g/t Au.
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Burnt Timber & Linkwood: New 0.9 Moz reserve (30.7 Mt at 0.95 g/t Au).
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Magino: 2.0 Moz in reserves (68.4 Mt at 0.91 g/t Au), aligned with pre-acquisition estimates.
Alamos estimates 2025 gold production between 635,000 and 750,000 ounces at cash costs of $1,075–$1,175/oz and all-in sustaining costs (AISC) of $1,455–$1,550/oz. These figures exclude Los Filos Mine pending long-term community agreements. Meanwhile, the company expects to invest $72 million in exploration during 2025, its largest budget to date.
**By Kevin Vincent, Senior Contributing Editor to Mining Life Online and Mining Life & Exploration News.**
Tags: Northern Ontario / Exploration / Gold / All Articles