Alamos Gold Achieves Increased 2023 Guidance with Record Annual Production and Provides Three-Year Production and Operating Guidance

About this update from Alamos Gold Inc.

[{"type":"text","content":" TORONTO, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported fourth quarter and annual 2023 production. The Company also provided updated three-year production and operating guidance. “We finished 2023 with another strong quarter, achieving the top end of our increased annual guidance with record production of 529,300 ounces of gold. This represented a 15% increase from 2022, at lower costs, driving a record financial performance and strong free cash flow, all while continuing to invest in high-return, low-cost growth,” said John A. McCluskey, President and Chief Executive Officer. “We expect this strong performance to continue with growing production and declining costs over the next several years. Mulatos continues to outperform, supporting an increase in our 2024 production guidance. The Phase 3+ Expansion at Island Gold remains on track to deliver further production growth, decreasing costs, and substantial free cash flow growth into 2026 and beyond. We are advancing our other growth initiatives with the development plan for PDA expected to be completed later this quarter, outlining additional production upside as early as 2026, and with Lynn Lake to provide further low-cost production growth as early as 2027. We have also increased our exploration budget to the highest level in our history reflecting the ongoing success and significant upside we see across our asset base,” Mr. McCluskey added. Fourth Quarter and Full Year 2023 Operating Results   Q4 2023 Q4 2022 2023 2022 2023 Guidance Gold production (ounces)           Young-Davidson 49,800 44,600 185,100 192,200 185,000 – 200,000 Island Gold 31,600 40,500 131,400 133,700 120,000 – 135,000 Mulatos District 48,100 49,100 212,800 134,500 175,000 – 185,000 Total gold production – Original guidance         480,000 – 520,000 Total gold production – Revised guidance 129,500 134,200 529,300 460,400 515,000 – 530,000 Record annual production; met top end of increased production guidance: produced a record 529,300 ounces, achieving the top end of revised guidance which had been increased 5% in October 2023. This included a strong finish to the year from all three operations with fourth quarter production of 129,500 ounces. Full year production increased 15% from 2022 dri...

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