Alamos Gold: The King Of Counter-Cyclical M&A

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Alamos Gold Inc.'s acquisition of Argonaut Gold brings operational synergies and further expands its land holdings in Ontario, Canada.This deal has increased Alamos' long-term production potential to ...

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAlamos Gold: The King Of Counter-Cyclical M&A\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-15 21:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4683791-alamos-gold-the-king-of-counter-cyclical-m-and-a><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Alamos Gold Inc.'s acquisition of Argonaut Gold brings operational synergies and further expands its land holdings in Ontario, Canada.This deal has increased Alamos' long-term production potential to ...</p>\n\n<a href=\"https://seekingalpha.com/article/4683791-alamos-gold-the-king-of-counter-cyclical-m-and-a\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GOLD","symbol_name":"巴里克黄金","start_time":0,"source_url":"https://seekingalpha.com/article/4683791-alamos-gold-the-king-of-counter-cyclical-m-and-a","article_id":"2427300360","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1479134763/image_1479134763.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2427300360","pubTimestamp":1713186914,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Alamos Gold Inc.'s acquisition of Argonaut Gold brings operational synergies and further expands its land holdings in Ontario, Canada.This deal has increased Alamos' long-term production potential to ","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GOLD":"巴里克黄金","BK4588":"碎股","EGO.AU":"Empire Oil","LU0498741890.SGD":"FTIF - Franklin Gold and Precious Metals A (acc) SGD","AGI":"Alamos Gold Inc","SG9999001143.SGD":"United Gold and General A Acc SGD","LU0498741114.HKD":"FRANKLIN GOLD & PRECIOUS METALS \"A\" (HKD) ACC","BK7054":"投资银行业与经纪业","EQX.AU":"EQUATORIAL RESOURCES LTD","LU1023059493.AUD":"Blackrock World Mining A2 AUD-H","AEM":"伊格尔矿业","BK4017":"黄金","BK7129":"钢铁","LU1223083913.SGD":"Schroder ISF Global Gold A Acc SGD-H","LU0055631609.USD":"贝莱德世界黄金基金A2","GOLD.AU":"ETFS Physical Gold","LUGDF":"Lundin Gold Inc.","LU1223082196.USD":"施罗德环球黄金A Acc","LU0075056555.USD":"贝莱德世界矿业基金A2","BK4532":"文艺复兴科技持仓","BK4570":"地缘局势概念股","EGO":"埃氏金业","BK4585":"ETF&股票定投概念","LU0368265764.SGD":"Blackrock World Gold Fund A2 SGD-H","LU1169590202.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"I\" (USD) ACC","CXBMF":"Calibre Mining Corp.","LU1169589451.USD":"ALLSPRING (LUX)  U.S. SELECT EQUITY \"A\" (USD) ACC","KGC":"金罗斯黄金","LU0496367417.USD":"富兰克林黄金和贵金属A（acc）","LU0330918003.SGD":"Blackrock World Mining A2 SGD-H","ARNGF":"Argonaut Gold Inc","EQX":"EQUINOX GOLD CORP"},"translate_title":"阿拉莫斯黄金：反周期M&A之王","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AGI":1,"LUGDF":1,"KGC":1,"GOLD.AU":1,"GOLD":1,"EQX.AU":1,"EQX":1,"EGO.AU":1,"EGO":1,"CXBMF":1,"AEM":1,"ARNGF":1},"content_text":"Alamos Gold Inc.'s acquisition of Argonaut Gold brings operational synergies and further expands its land holdings in Ontario, Canada.This deal has increased Alamos' long-term production potential to 900,000 to 1.0 million ounces for just ~5% share dilution with impressive growth in NAV, reserves & and production per share.In this update, we'll dig into the recent acquisition of AR, the Alamos' continued strategy of sticking to its roots (low-risk, high-reward deals), and how this transforms the company.   simarik It's been a busy year for the sector in terms of M&A with the gold price continuing to trend higher. While there have been some phenomenal deals like Calibre's (OTCQX:CXBMF) acquisition of Marathon, Alamos Gold Inc.'s (NYSE:AGI) recent acquisition of Argonaut Gold Inc. (OTCPK:ARNGF) arguably takes the cake. This is because the deal truly has operational synergies, which so many deals tout but actually lack, with Alamos now controlling ~60,000 hectares of land along the relatively unexplored Michipicoten Greenstone Belt in Ontario (Canada) and being the only mid-tier producer with the potential to have a Tier-1 jurisdiction and Tier-1 scale gold asset. In this update, we'll dig into the recent acquisition of Argonaut Gold, Alamos' continued strategy of sticking to its roots (low-risk, high-reward deals), and how this transforms the company over the long term. Island Gold Mine Operations - Company Website Another Brilliant Acquisition Alamos Gold announced last month that it would be acquiring Argonaut Gold for a 41% premium (20-day VWAP), with plans to spin out Florida Canyon and its other Mexican assets. These non-core assets are of little value to Alamos, as they're more marginal mines and/or not producing, with its primary interest being the newly built Magino Mine which is next door to its high-grade Island Gold Mine that it's in the process of expanding. As for Argonaut shareholders praying for a higher bid, I do not see a second suitor as likely given the clear operational synergies with Alamos, the most logical suitor for this asset. Overall, Argonaut shareholders will receive 0.0185 Alamos common shares and 1 share of the planned spin-out (Florida Canyon + Mexican assets), with Alamos gaining the Magino Mine next door and absorbing Argonaut's gold hedges (350,000 ounces at ~$1,830/oz), with Argonaut shareholders set to own 5% of Alamos and Alamos expecting to issue just over 20 million shares (roughly ~5% share dilution for 25% growth in gold production growth right in its backyard). Alamos Per Share Growth With Argonaut Acquisition - Company Website In the case of other acquisitions, I have used the term backyard loosely, but given the benefits of adding mines in the same province/state (procurement, labor, leverage infrastructure), the point is still valid in most cases. However, in the case of the Argonaut deal, acquiring in its backyard is truly the case as the below images highlight, with Magino sitting just 300 meters from Alamos' flagship Island Gold ground or the equivalent of less than three football fields. And outside the benefits of taking the borders off these two properties and placing Magino in the hands of a team in better financial shape with a strong operational track record, Alamos will inherit a new 10,000 tonne per day mill at Magino, new tailings facilities built by Argonaut (with 150 million tonnes of permitted tailings capacity), (**) meaning that Alamos will not need to expand its existing 36-year-old mill (**), not need to expand its current tailings facility, and will benefit from a larger central mill and tailings facility at Magino. Island Gold Operations & Magino Operations - Company Website As for the quality of the Magino mill, Argonaut's CEO Richard Young stated in a past interview (emphasis added):  \"And because it was an EPC instead of an EPCM contract (Magino), there were guaranteed requirements on how the equipment would operate. So ultimately what happened was Ausenco built a Cadillac. And we believe for not a lot of capital, we can increase production to somewhere between 15,000 to 20,000 tonnes per day, taking production somewhere between 200,000 to 250,000 ounces per year, and we refer to that as our blue sky.\" Argonaut Gold CEO, Richard Young, August 2023 Interview.  (**) Alamos previously expected to expand its Kremzar Mill which was built in 1988 for a capacity of 650 tonnes per day (since expanded to 850, 900, 1,100 and 1,200 tonnes per day) to 2,400 tonnes per day, but this is no longer required. (**)  Island Gold Operations & Magino Mine/Mill - Google Earth, Author's NotesAlamos Gold Planned P3+ Expansion Infrastructure & Magino Mine/Mill - Google Earth, Author's Notes Alamos noted in its March 2024 Conference Call discussing the acquisition that the Argonaut deal is not only expected to lead to significant growth in gold production and gold reserves per share and capital savings of $140 million, but it will also lead to procurement savings, operating savings (estimated at ~$25 million per annum), and tax synergies with Alamos management with the deferral of cash taxes payable in Canada until 2028. The result is an estimated $250 million in after-tax discounted value of synergies, and Alamos will look at potentially expanding the mill to ~5.4 million to ~7.0 million tonnes per annum (plant permitted for up to ~12.7 million tonnes per annum). Finally, if a larger expansion is approved to 6.5+ million tonnes per annum, this could potentially support much higher mining rates at both operations and a true Tier-1 production profile (**) per Barrick Gold's (GOLD) more rigid definition (**) with 480,000 to 500,000 ounces per annum, with the Island Complex potentially slotting in as Canada's third largest gold mine near the end of this decade in a blue sky scenario, just behind Detour Lake and Canadian Malartic. Hence, while Alamos Gold believes it has 900,000 ounces per annum potential long-term with Lynn Lake in Manitoba, the Argonaut acquisition could potentially push the company across the 1.0 million ounce mark, with this dependent on mine life extensions at its Mulatos Complex in Mexico which currently has the shortest mine life. (***) While many producers refer to 400,000 ounces per annum as a Tier-1 production profile, Barrick Gold's definition is 500,000 ounces per annum, a 10+ year mine life, and costs in the lower half of the cost curve. The Island Gold Complex could meet this criteria if expanded to 20,000 tonnes per day. (***) Some Argonaut shareholders may believe this deal is selling out and that they are getting the short end of the stick. And while this certainly might not be the outcome that most Argonaut shareholders had hoped for, I think Argonaut's CEO Richard Young did the best he could have given the circumstances. This is because he walked into a very difficult situation after a massive capex blowout at Magino and significant share dilution under previous management that had already capped the long-term upside of the stock. Some investors in Argonaut might argue that they should have seen a more attractive offer with gold prices sitting where they are, but Argonaut was only getting so much help from the gold price given that ~50% of production was hedged at ~$1,830/oz so the gold price was not as relevant as it would be for an unhedged producer. Plus, with a mountain of debt and it already having exhausted most of its options with royalty sales on its best asset and it being in a position of extreme weakness when looking to re-finance its debt. Argonaut Gold Share Dilution - TIKR Finally, while shareholders may have gotten a low price for the asset, this is largely offset by getting some of the most valuable currency sector-wide in the form of AGI shares, with AGI consistently trouncing the GDX. Hence, the Alamos deal gives ARNGF investors a life raft and a way to participate in this gold price bull market with a better-capitalized company with higher trading liquidity, a dividend, and the financial and operational strength to optimize Magino. Extreme Discipline = Superior Returns For Shareholders Looking at Alamos' history, the company has consistently acquired counter-cyclically, growing its portfolio, and improving its assets with bolt-on acquisitions during periods of weakness in the gold price. And given that the company can buy assets for a dime or quarter on the dollar during these periods because of the depressed valuations of mining shares, it's been able to generate superior returns for its shareholders. Some investors might argue that this playbook has changed this year, with the company scooping up Orford Mining with gold near all-time highs (~$2,050/oz) and most recently announcing the acquisition of Argonaut Gold with gold making fresh highs at ~$2,190/oz. Alamos Gold Counter-Cyclical M&A History & Gold Price - StockCharts, Author's Notes However, even if the gold price was significantly off its lows and trading in the upper portion of its range vs. past M&A deals (Lynn Lake, Mulatos, Young-Davidson, Island Gold), Alamos swooped in during arguably the most painful period for developers and junior producers since the cyclical bottom in 2018, with Orford and Argonaut over ~80% off their multi-year highs on average and Magino trading at a meaningful discount to its estimated NPV (5%) using conservative gold prices (~$800 million) with an acquisition cost of ~$630 million. Hence, Alamos has not strayed at all from its discipline with monk-like discipline in the most recent acquisition of Argonaut by waiting for it to exhaust its options and be on the ropes financially before making a move for the company. And in a sector where far too many deals feel forced, rushed, and/or done out of desperation, this track record truly places Alamos in rare air because if you're going to wake up to news of an acquisition by Alamos, one can be certain that Alamos Gold under its CEO John McCluskey got the far better end of the deal.  \"If you wait by the river long enough, the bodies of your enemies will float by.\"  - Sun Tzu?  The New Alamos Gold Digging into the future of Alamos Gold, we can see that reserves will grow to ~13.0 million ounces of gold at above-average grades compared to its Tier-1 jurisdiction peers (Canada, USA, Australia), with a path to 14.0+ million ounces given expected reserve growth at Magino. This is a significant upgrade for just ~5% share dilution, and it's resulting in an upgrade in NAV per share and the quality of reserves, with an even higher percentage of reserves from Tier-1 ranked jurisdictions that often command a premium. As for production growth, the deal has paved a path to 720,000+ ounces per annum for Alamos Gold in 2026 once the P3+ Expansion is complete (assuming PDA is approved), with an incredible 15-year average mine life across its assets, which should improve further based on expected growth in Magino reserves with a larger pit which Argonaut was working to prove out before the acquisition. AGI Old vs. AGI New & Sample Of Gold Producers/Developers - Reserve Ounces & Reserve Grade - Company Filings, Author's ChartAlamos Gold Organic Growth Post-Deal - Company Presentation Looking out longer-term, Alamos Gold has ~900,000 ounces per annum potential with production coming from Canada and Mexico, and over 80% of production expected to come from Tier-1 ranked jurisdictions with Lynn Lake and the Island Gold Complex. In past updates, I've compared Alamos to a mini Agnico Eagle (AEM), which is the highest compliment given that AEM has been a consistent outperformer, but with its current organic growth profile it's actually looking more like the offspring of a Kirkland Lake Gold (the top performer in the sector between 2017-2020) and Agnico Eagle with the growth and production profile of a Kirkland Lake Gold mixed with the higher diversification (5 mines once Lynn Lake in production) and longer weighted-average mine life of an Agnico Eagle. Some of the key similarities between Agnico Eagle and Alamos are highlighted below:  rigid capital discipline a production base/pipeline focused on Tier-1 jurisdictions an industry-leading cost profile consistent growth in per share metrics industry-leading weighted average mine life  Outside these key attributes that make Alamos Gold very much like a mini Agnico Eagle, which has massively outperformed its million-ounce producer peer group, Alamos' other similarity is focusing on low-risk acquisitions and gravitating towards being a regional miner. This is evidenced by its strategy of consolidating the land package around its flagship Island Gold Mine (Manitou, Trilium, Argonaut) and continuing to focus on growth in its backyard in Canada rather than venturing into riskier jurisdictions with less proven assets. That strategy of adding ounces in its backyard is very much like the strategy Agnico has communicated in the past and similar to Warren Buffett's rule #1 (\"don't lose money\"), with Alamos/Agnico not looking at just the upside when it does deals, but the downside as well.  \"And people talk about the best growth is organic growth. This is the best of the organic growth because it's not just growth in areas where we exist, it is potentially growth with minimal additional capital expenditure. If you can bring a mine into production and not have to build a mill, and not have to build tailings facilities, you've probably cut the capital cost of that mine in half. And you've done it in a region where you know it's safe to operate, where you have the best reputation in town where there is minimal environmental impact, minimal permitting impact. This really is the best organic growth. It generates the most money for our shareholders. It does it with the least risk, and it does it with the smallest environmental footprint. That, we believe, is the future of mining.\"  - Agnico Eagle Mines 2023 Call, on Malartic (50%) Acquisition (emphasis added). The “don’t lose money” strategy is far superior to the acquisition model employed by most miners in its peer group, where the average producer sees the bait, but not the hook. And in the case of Agnico acquiring the other half of Malartic (50% already owned) from Yamana last year, it was adding ounces on a deposit it’s already been mining for nearly a decade, one with a mill with a capacity of ~22 million tonnes per annum plus existing tailings facilities, and a mine that’s right in its backyard and potentially a future hub for spokes in the Abitibi Region. Hence, the knowledge of the asset was extremely high (metallurgy, grade, exploration upside), the infrastructure and cost savings were significant, and the permitting/jurisdictional/community support risk was extremely low given that it’s an asset already in production in a jurisdiction it’s been mining in for half a century (production began at the Joutel Complex in 1974). The result is that if Agnico is going to issue shares or pay hard-earned cash for an asset, it’s going to make sure it has significant upside but also the least risk possible that those assets turn into a zero or result in a large impairment. In contrast, we’ve seen dozens of acquisitions that were touted as transformative that turned into colossal disappointments, never mind the countless deals where the suitor massively overpaid. One example is Kinross (KGC), which acquired Aurelian (Ecuador) for over $1.0 billion in 2008 only to dump the asset several years later for one-fourth of the value. Other examples include Barrick’s acquisition of Pascua-Lama (Chile/Argentina) in 1994 and a stake in Reko Diq (Pakistan) in 2006 which have still yet to head into production, and Coeur’s bidding war for Oklo Resources with La Preciosa (Mexico) in 2013 which was sold at a significant loss. Finally, Eldorado’s venture into Greece with the acquisition of European Goldfields at the peak of the previous gold cycle (2011) for $2.0 billion has been a massive disappointment, and while Skouries may finally head into production in 2026 under a more supportive government, the return on capital from this deal has been poor, with Certej going nowhere, Olympias being an average asset at best, and Stratoni being in care and maintenance. So, how is this all relevant to Alamos’ recent deal for Argonaut? As highlighted previously, this deal adds real operational synergies, given that it can put the dated Kremzar Mill to sleep in favor of a new and larger mill at Magino, and it eliminates the need to expand tailings facilities and construct a new mill on Alamos ground. Second, it adds key exploration ground and reserves/resources just west of the ultra-high-grade Island Gold Mine on ground that Alamos knows very well as it’s been operating here for nearly a decade since its acquisition of Richmont. Finally, there is extremely low technical, jurisdictional, and permitting risk, as the company has acquired a permitted and producing asset (Magino) with strong community support directly beside its current operating mine (Island) plus the benefit of Canadian tax pools. And with the mill having the potential to be expanded to ~10 million tonnes per annum longer-term and Alamos making new regional discoveries like Pine-Breccia and 88-60, there’s the potential that there could be a third mine on this land package longer-term in a best-case scenario, and it now has a plant that could support this extra feed. Magino Reserve Deposit, New Island Shaft & Island Gold Deposit - Company Website  \"In addition, having recently completed construction, the Magino operation has a substantial amount of tax pools available that could be brought forward and used at Alamos' other Canadian assets. This is expected to defer any meaningful cash taxes payable in Canada by 3 years to 2028.\" - Alamos Gold M&A Call, March 2024.  To summarize, this deal by Alamos jives with the low-risk and high-reward acquisition of the other half of Canadian Malartic by Agnico Eagle and is truly a brilliant move. However, in true Alamos’ form, the company has pulled off this deal at a dirt-cheap price, allowing for significant growth in NAV, reserves, and production per share (just ~5% share dilution), making this an “A [+]” transaction vs. Agnico Eagle’s acquisition of Malartic which was an “A [-]” transaction as it was a perfect fit but at only a moderate discount vs. Alamos’ deal being at a significant discount to fair value. Valuation Based on ~418 million shares (post-transaction) and a share price of US$15.00, Alamos trades at a market cap of ~$6.27 billion and an enterprise value of ~$6.10 billion. This makes Alamos one of the highest valued producers in the mid-tier space, well above that of other producers like Lundin Gold (OTCQX:LUGDF), Equinox Gold (EQX), and Eldorado Gold (EGO). However, this recent acquisition has made it stand out even further among its peer group. For starters, it has expanded its production profile to ~700,000 ounces by 2026, made it the only mid-tier in the sector with full control of a Tier-1 jurisdiction ~400,000 ounce per annum asset with costs in the bottom quartile, and the company now has 900,000 ounces per annum potential with Lynn Lake. Just as importantly, well over 80% of its NAV is tied to Tier-1 ranked jurisdictions, which should continue to command a premium vs. its peer group. And given these superior attributes, I think the stock now has the potential to trade up towards US$19.00 per share by 2026. AGI Valuation & Margins vs. Multi-Asset Producer Peers - FinBox Digging into the valuation a little closer, Alamos's estimated net asset value per share has increased to ~$3.0 billion at the Island Gold Complex (Island/Magino) and its total estimated net asset value has increased to ~$5.6 billion, leaving Alamos trading at just ~1.1x P/NAV. This is not an unreasonable valuation for a company with a soon-to-be ~400,000 ounce per annum asset in Canada that has the potential to become a Tier-1 scale mining complex longer-term (480,000 to 500,000 ounces) with industry-leading AISC that's expected to be 30% below the FY2026 industry average (~$1,050/oz vs. ~$1,500/oz) and a longer-term production profile of 900,000 to 1.0 million ounces per annum with no additional share dilution. The chart below highlights Alamos' growth in gold production per share which has been more stagnant since the Richmont acquisition (2017), but this is because the asset is still operating at roughly one-third of its long-term potential of 300,000+ ounces per annum vs. ~130,000 ounces currently. And as the chart highlights, Alamos' production per share is expected to trend materially higher over the next several years as it adds production from Magino, Lynn Lake, and the Phase 3+ Expansion at Island Gold. It's also important to point out what the chart below does not show, which is its cost profile and jurisdictional profile. And while Alamos' gold production per share has placed it in the top decile of its peer group, it's the only producer I'm aware of that will have lower costs in 2026 vs. 2020 ($1,040/oz estimates vs. $1,046/oz in 2020) while simultaneously having improved its jurisdictional profile, with its exploration success at Island Gold and the addition of Magino (new lower-cost and larger scale Island Gold Complex) to thank for this unique distinction. Alamos - Gold Production Per Share - Company Filings, Author's Chart & Forward Estimates Finally, if we look at the free cash flow potential for this business, Alamos could generate upwards of $500 million in free cash flow in 2026 at a $2,200/oz gold price depending on the timing of spending at Lynn Lake. As for the longer-term potential (2029), this is a business capable of generating over $700 million in free cash flow, or nearly 6x its FY2023 free cash flow generation of ~$124 million. This would translate to $1.65 per share in free cash flow, it assumes lower gold prices than spot levels, and it does not include additional if it pursues a more significant expansion at the Island Gold Complex to transform the company into a 960,000 to 1.0 million ounce per annum producer. And even using a 15x forward free cash flow multiple, which, I think, is more than reasonable for a near peer-less company in the gold space (industry-leading costs, jurisdictional profile, per share growth with a near flawless track record), this would translate to a fair value for the stock of US$25.00 per share in 2028. Obviously, there is a lot of time between now and 2028/2029 when Alamos could have a 900,000 ounce per annum production profile and there's significant capital left to spend. However, I don't expect to see any share dilution given that Alamos is well-capitalized and will now be generating even more cash flow per annum with Magino to fund its Island P3+, PDA and Lynn Lake growth projects. Hence, Alamos has rewarded shareholders with an even more robust growth profile with extremely low financial and technical risk, placing it head and shoulders above its mid-tier producer peer group. Summary Alamos Gold's recent acquisition of Argonaut is transformative for the company and has potentially opened up a path to a nearly 1.0 million ounce production profile longer-term without any further share dilution. Meanwhile, it's taken the company from having an enviable organic growth profile to a top-5 organic growth profile sector-wide, and the company did not sacrifice on jurisdiction nor deviation from its long-term strategy to tack on this further growth. So, for investors looking for low-risk exposure to the sector with a Tier-1 company with an industry-leading growth profile combined with improving costs, I continue to see Alamos Gold Inc. as one of the sector's best buy-the-dip candidates, and I would view any sharp corrections as buying opportunities.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2427300360"}