Toronto- and New York-listed Alamos Gold has reported a record operational and financial performance for 2024, achieving an all-time high free cash flow of $272-million while continuing to fund growth initiatives.

The Toronto-based gold miner produced a record 567 000 oz of gold in 2024, representing a 7% increase from 2023 and aligning with the midpoint of its guidance. This performance was driven by the inclusion of the Magino mine following the acquisition of Argonaut Gold, alongside strong contributions from the Mulatos District and Island Gold.

Fourth-quarter production totalled 140 200 oz, in line with quarterly guidance.

Total cash costs for the full year stood at $927/oz, while all-in sustaining costs (AISC) were $1 281/oz, both in line with revised guidance.

In the fourth quarter, total cash costs were reported at $981/oz and AISC at $1 333/oz, reflecting a decrease from the third quarter of 2024. This reduction was attributed to lower costs at Young-Davidson and Magino.

“We delivered another record year operationally and financially, driven by strong performances across our operations. Production grew 7% to 567 000 oz, meeting our increased guidance and achieving a new annual record for the second consecutive year. Full-year costs were in line with guidance, and combined with the rising gold price, we set a number of financial records,” commented president and CEO John McCluskey.

Alamos’ financial performance reached record levels across key metrics. Free cash flow for the year totalled $272.3-million, even as the company continued funding high-return growth projects such as the Phase 3+ Expansion at Island Gold and its largest-ever exploration programme. Fourth-quarter free cash flow amounted to $53.5-million.

The company reported adjusted net earnings of $328.9-million, or $0.81 a share, for 2024. Fourth-quarter adjusted net earnings were $103.2-million, or $0.25 a share.

Last month, Alamos issued three-year production guidance, projecting a 7% increase in gold output for 2025 to between 580 000 oz and 630 000 oz. By 2027, production is expected to grow by 24%, reaching between 680 000 oz and 730 000 oz. The company expects an 8% decrease in AISC over this period, driven by the low-cost growth expected from Island Gold following the completion of the Phase 3+ Expansion in the first half of 2026.

The company also announced a construction decision for the Lynne Lake project in January, with first gold production set for 2028.