Alamos Gold targets 1 million oz. in output by 2030

Alamos Gold has predicted annual output will climb 46% by 2028 as expansion work at Ontario’s Island Gold District bears fruit and costs decrease. Gold production this year will probably range between 570,000 and 650,000 oz., rising to 735,000-835,000 oz. in 2028. 

Alamos shares rose 4.7% to C$54.67 on 4, Feb morning in Toronto, boosting the company’s market value to about C$23 billion ($17 billion).A new study for the Island Gold District, released Tuesday, outlines a 30% increase in reserves to 8.3 million oz. – and a $542 million mill expansion to 20,000 tonnes per day that should be completed by 2028.

With annual production of 419,000 oz. over a 19-year life, the operation would become one of Canada’s largest and longest‑life gold mines. At a long-term gold price of $3,200 per oz., Island Gold has a net present value of $8.2 billion.

“All of this growth is in Canada, it’s all lower cost, and we can fund it internally while generating growing free cash flow. “Our operational performance over the past year was not up to our standards and not reflective of our long-term track record. We expect to deliver a stronger performance in 2026, particularly in the second half of the year as production ramps up and costs decrease with the completion of the shaft expansion at Island Gold,” said CEO John McCluskey