Uncategorized
Alamos Gold Announces the Sale of Quartz Mountain Gold Project for Total Consideration of up to $21 million and 9.9% Equity in Q-Gold Resources
Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) announced that it has entered into a binding agreement to sell its non-core Quartz Mountain Gold Project located in Lake County, Oregon to Q-Gold Resources Ltd. (TSX-V:QGR) for total consideration of up to $21 million and a 9.9% equity interest in Q-Gold. The Transaction is comprised of the following:
| i. | $2.85 million in cash and 9.9% of common share equity in Q-Gold upon closing of the Transaction | ||
| ii. | $8.15 million of Guaranteed Payments in cash or common shares, at Alamos’ election, as follows: | ||
| ○ | $3.15 million payable one year after the closing of the Transaction | ||
| ○ | $2.5 million payable two years after the closing of the Transaction | ||
| ○ | $2.5 million payable three years after the closing of the Transaction | ||
| iii. | $10 million of Milestone Payments in cash or common shares, at Alamos’ election, as follows: | ||
| ○ | $5 million payable upon the earlier of (i) completion of a Feasibility Study, or (ii) announcing a construction decision on Quartz Mountain | ||
| ○ | $5 million payable upon receiving the key permits required for the construction and operation of Quartz Mountain | ||
“The sale of Quartz Mountain is consistent with our strategy of monetizing non-core assets as we develop our portfolio of high-return growth projects including the Phase 3+ Expansion at Island Gold, Lynn Lake, and PDA,” said John A. McCluskey, President and Chief Executive Officer.
“As a Forbes & Manhattan backed company, Q-Gold is well positioned to advance Quartz Mountain and we look forward to participating in the future success of the project as a significant shareholder,” Mr. McCluskey added.
The Q-Gold common shares to be issued to Alamos upon closing of the Transaction, or at a later date, are to be based on a 10-day volume weighted average trading price prior to the date of issuance. Torys LLP is acting as legal advisor to Alamos.
The Transaction is expected to close in the second quarter of 2025 and is subject to customary closing conditions for a transaction of this nature.
About Alamos
Alamos is a Canadian-based intermediate gold producer with diversified production from three operating mines in North America. This includes the Island Gold District and the Young-Davidson mine in northern Ontario, Canada, and the Mulatos District in Sonora State, Mexico. Additionally, the Company has a significant portfolio of development stage projects, including the Phase 3+ Expansion at Island Gold, and the Lynn Lake project in Manitoba, Canada. Alamos employs more than 2,400 people and is committed to the highest standards of sustainable development.
Posted April 4, 2025
MORE or "UNCATEGORIZED"
Great Pacific Gold Announces Closing of Upsized $16.9 Million Private Placement Financing Led by Canaccord Genuity Corp
Great Pacific Gold Corp. (TSX-V: GPAC) (OTCQX: FSXLF) (FSE: V3H)... READ MORE
July 3, 2025
Ridgeline Minerals Provides Assay Results and Drill Program Updates for the Big Blue and Atlas Projects
Big Blue highlights: 0.6 meters grading 0.7% Cu, 3,194 g/t Ag and... READ MORE
July 3, 2025
Goldshore Intersects 42.7m of 1.09 g/t Au at the Eastern QES Zone of the Moss Deposit
Goldshore Resources Inc. (TSX-V: GSHR) (OTCQB: GSHRF) (FSE: 8X00)... READ MORE
July 3, 2025
Dios Sells K2 to Azimut
Dios Exploration Inc. (TSX-V: DOS) is pleased to report it has e... READ MORE
July 3, 2025
Northisle Announces Near Surface Intercepts and Higher-Grade Intercepts at Depth at West Goodspeed on its North Island Project
Highlights: Recent drilling at West Goodspeed supports the presen... READ MORE
July 3, 2025
