Alamos Gold Announces Repurchase of 3% NSR Royalty on Island Gold Mine and Corresponding Reduction in 2020 Cost Guidance
Alamos Gold Inc. Class A Common Shares (AGI)
Last alamos gold inc. class a common shares earnings: 4/29 05:00 pm
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alamosgold.com/investors/presentations/default.aspx
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Source: GlobeNewswire
TORONTO, March 16, 2020 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today announced that it has entered into an agreement to acquire and cancel a 3% net smelter return (“NSR”) royalty payable on production from the Island Gold mine (the “Royalty”) for total cash consideration of C$75 million ($54 million). The Royalty was acquired from a privately held company and is payable on gold production within four patented claims (the “Subject Claims”) that comprise the majority of currently defined Mineral Reserves and Resources within the Island Gold deposit. The acquisition and elimination of the royalty will immediately reduce operating costs and increase operating cash flow while providing increased exposure to Island Gold’s significant exploration potential. Transaction highlights: Acquisition and cancellation of the Royalty on all future gold production from the Subject Claims that comprise the majority of the Island Gold deposit. As of Dece
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