Alamos Gold Completes $470M Sale of Turkish Projects

Alamos Gold Inc. has completed the sale of its Turkish subsidiary, Doğu Biga Madencilik Sanayi ve Tic. A.Ş., which includes the Kirazlı, Ağı Dağı, and Çamyurt projects, to Tümad Madencilik Sanayi ve Ticaret A.Ş. for a total cash consideration of $470 million. The payment is structured in three installments: an initial $160 million upon closing, followed by $160 million and $150 million on the first and second anniversaries, respectively, with these subsequent payments secured by bank guarantees from investment-grade international financial institutions. This strategic divestment allows Alamos Gold to focus on its core operations and growth projects in North America, including mines in Canada and Mexico and expansion projects such as the Phase 3+ Expansion at Island Gold and the Lynn Lake project. Alamos Gold is a Canadian intermediate gold producer with a strong financial position, demonstrated by a 20.3% revenue growth over three years, an operating margin of 39.41%, a net margin of 22.79%, and low leverage. The sale reflects Alamos Gold's ongoing commitment to sustainable development and operational efficiency, supported by legal counsel teams from Watson Farley & Williams and Torys LLP. The transaction strengthens Alamos' financial stability and market position within the metals and mining sector.