Alamos Gold Announces Closing of Sale of Turkish Development Projects

Alamos Gold Inc. has completed the sale of its Turkish subsidiary, Doğu Biga Madencilik Sanayi ve Tic. A.Ş., which owns the Kirazlı, Ağı Dağı, and Çamyurt projects, to Tümad Madencilik Sanayi ve Ticaret A.Ş for a total cash consideration of $470 million. Upon closing, Alamos received $160 million in cash, with additional payments of $160 million and $150 million due on the one-year and two-year anniversaries of the closing, respectively. These anniversary payments are secured by bank guarantees from international financial institutions with investment-grade ratings. Alamos Gold is a Canadian-based intermediate gold producer with operations in North America and a portfolio of growth projects.