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Mineral Property, Pland and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of detailed information about property, plant and equipment [abstract] |
Disclosure of detailed information about property, plant and equipment | Amortization rates applicable to each category of property, plant and equipment, with the exception of land, are as follows:
Asset | Useful life
Leasehold improvements | Lease term
Mobile equipment | 2-10 years
Other equipment | 2-20 years
Processing plant | Unit-of-production
Shaft, underground infrastructure and mineral properties | Unit-of-production
Lease ROU assets | 2-5 years
Vehicles | 3-7 years
Buildings | 7-20 years
Office equipment | 2-8 years
| Plant and equipment(v) | Mineral Property |  | Exploration and evaluation | Total
Cost |  |  |  |  |
At December 31, 2022 | $1,788.4 |  | $3,070.0 |  |  | $251.8 |  | $5,110.2 |
Additions | 51.5 |  | 284.2 |  |  | 32.2 |  | 367.9 |
Acquisition of Manitou (iii) | — |  | — |  |  | 20.0 | 20.0 |
Transfers | 4.0 |  | (4.0) |  |  | — |  | — |
Revisions to decommissioning liabilities | — |  | 8.6 |  |  | — |  | 8.6 |
Disposals | (35.5) |  | (1.3) |  |  | (1.4) |  | (38.2) |
At December 31, 2023 | $1,808.4 |  | $3,357.5 |  |  | $302.6 |  | $5,468.5 |
Acquisition of Argonaut (Note 6) | 683.2 |  | 307.3 |  |  | — |  | 990.5 |
Additions | 83.2 |  | 303.8 |  |  | 33.4 |  | 420.4 |
Acquisition of Orford (ii) | — |  | — |  |  | 21.1 |  | 21.1 |
Transfer of Lynn Lake assets 1 | — |  | 175.7 |  |  | (175.7) |  | — |
Transfers | 39.1 |  | (39.1) |  |  | — |  | — |
Revisions to decommissioning liabilities | 7.5 |  | (4.9) |  |  | — |  | 2.6 |
Disposals | (23.9) |  | — |  |  | — |  | (23.9) |
At December 31, 2024 | $2,597.5 |  | $4,100.3 |  |  | $181.4 |  | $6,879.2 |
Accumulated amortization and impairment |  |  |
At December 31, 2022 | $807.9 |  | $1,043.6 |  |  | $84.9 |  | $1,936.4 |
Amortization | 106.6 |  | 101.0 |  |  | — |  | 207.6 |
Disposals | (34.3) |  | (1.3) |  |  | — |  | (35.6) |
At December 31, 2023 | $880.2 |  | $1,143.3 |  |  | $84.9 |  | $2,108.4 |
Amortization | 122.9 |  | 99.3 |  |  | — |  | 222.2 |
Reversal of impairment (i) | (21.8) |  | (34.3) |  |  | — |  | (56.1) |
Disposals | (13.3) |  | — |  |  | — |  | (13.3) |
At December 31, 2024 | $968.0 |  | $1,208.3 |  |  | $84.9 |  | $2,261.2 |
Net carrying value |  |  |  |  |
At December 31, 2023 | $928.2 |  | $2,214.2 |  |  | $217.7 |  | $3,360.1 |
At December 31, 2024 | $1,629.5 |  | $2,892.0 |  |  | $96.5 |  | $4,618.0 |
1. Lynn Lake was determined to have achieved technical feasibility and commercial viability as of December 31, 2024, and was reclassified from an exploration and evaluation asset to a development stage asset following a mandatory impairment test. The net carrying values and capital additions by segment (Note 23) are as follows:
| December 31, 2024 | December 31, 2023 |
| Mineral Property, Plant and Equipment | Capital additions for the year ended 1 | Mineral Property, Plant and Equipment | Capital additions for the year ended 1 |
Young-Davidson | $1,563.3 |  | $87.5 |  | 1,500.3 |  | 73.5 |  |
Island Gold | 1,596.5 |  | 258.0 |  | 1,397.7 |  | 243.4 |  |
Magino | 995.9 |  | 28.4 |  | — |  | — |  |
Mulatos | 232.7 |  | 19.9 |  | 293.0 |  | 29.9 |  |
Corporate and other 2 | 229.6 |  | 26.6 |  | 169.1 |  | 21.1 |  |
| $4,618.0 |  | $420.4 |  | $3,360.1 |  | $367.9 |  |
1. Segment capital additions are presented on an accrual basis. Mineral property, plant and equipment in the consolidated statements of cash flows are presented on a cash expenditure basis. 2 .Corporate and other consists of corporate balances and exploration and development projects. (i) Reversal of impairment As at September 30, 2024, the Company identified an indication of impairment reversal for the Young-Davidson CGU driven by an increase in long-term gold price assumptions and consistent with the assumptions utilized by the Company in its valuation of Argonaut, and performed an impairment assessment to determine the recoverable amount of the Young-Davidson CGU. The recoverable amount was determined to be greater than the carrying amount which resulted in a reversal of all previous impairments of $57.1 million excluding goodwill, which was recorded to mineral property, plant and equipment and an intangible asset. The recoverable amounts of the Company’s CGUs are based primarily on the future after-tax cash flows expected to be derived from the Company’s mining properties and represent each CGU’s FVLCD, a Level 3 fair value measurement. The income valuation method represents the present value of future cash flows over the life of the asset using: (i) discrete financial forecasts, which rely on management’s estimates of reserve and resource quantities, costs to produce and develop reserves, revenues, and operating expenses; (ii) appropriate discount rates; and (iii) expected future capital requirements. The Company's impairment assessment incorporated the following key assumptions: Weighted average cost of capital Projected cash flows were discounted using an after-tax discount rate of 5% which represented the Company’s weighted average cost of capital and which included estimates for risk-free interest rates, market value of the Company’s equity, market return on equity, share volatility and debt-to-equity financing ratio. Gold price and CAD:USD foreign exchange assumptions The gold price and foreign exchange assumptions used in the cash flow projections beyond three years are based on management's judgement, including consideration of historical volatility and consensus analyst pricing. These assumptions were as follows:
| 2025 - 2027 | Long-term
USD:CAD | 1.35 | 1.33
Gold price ($) | 2,120-2,300 | 1,950 |
(ii) Acquisition of Orford On April 3, 2024, the Company acquired all the issued and outstanding common shares of Orford not previously owned by the Company, by way of a plan of arrangement (the "Orford Arrangement"). Upon closing, former Orford shareholders were issued 0.005588 Alamos common shares for each common share of Orford outstanding, excluding 61,660,902 Orford common shares, or 27.5% interest, held by the Company at April 3, 2024. Upon closing of the transaction, the Company issued 908,689 shares as part of the consideration. Common shares issued were valued at the closing share price on April 3, 2024 of CAD $19.87. The total consideration for the acquisition was $20.7 million, including transaction costs of $1.0 million. Management determined that the acquisition of Orford did not meet the definition of a business combination in accordance with IFRS 3 - Business Combinations. Accordingly, the Company has accounted for the transaction as an asset acquisition. The allocation of the purchase price to the net assets acquired are as follows:
Purchase price: |
Fair value of total shares issued (Note 18) | $13.3 |
Fair value of 27.5% interest in Orford prior to acquisition | 5.0
125,852 replacement warrants issued | 0.8
93,958 replacement options issued | 0.6
Transaction costs | 1.0
Total consideration | $20.7 |
Net assets acquired |
Cash and cash equivalents | $1.2 |
Mineral property, plant and equipment | 21.1 |
Other assets | 0.2 |
Accrued liabilities and other liabilities | (1.8) |
| $20.7 |
The Orford mineral property has been recognized as part of the Corporate and Other reportable operating segment (Note 23).
Schedule of asset acquisitions |
Purchase price: |  |  |
Fair value of 20.4 million Class A Common Shares issued by the Company (Note 18) (i) | $360.1 |
Fair value of 13.8% interest previously held in Argonaut (ii) | 58.9
|  |  | $419.0 |
Net assets acquired: | Preliminary | Provisional Adjustments | Preliminary
Cash and cash equivalents | $6.7 |  | $— |  | $6.7 |
Receivables and other assets | 6.2 |  | — |  | 6.2 |
Inventories | 38.6 |  |  | 38.6 |
Mineral properties (Note 9) | 307.3 |  |  | 307.3 |
Plant and equipment (Note 9)(iii) | 683.2 |  |  | 683.2 |
Deferred tax asset | 61.2 |  |  | 61.2 |
Accrued liabilities and other liabilities | (88.7) |  | — |  | (88.7) |
Debt (iv)(v) | (301.6) |  | 1.9 |  | (299.7) |
Other long term liabilities | (2.7) |  | (1.9) |  | (4.6) |
Derivative hedge liabilities (Note 12) (vi) | (226.0) |  | — |  | (226.0) |
Lease liabilities | (47.2) |  |  | (47.2) |
Decommissioning liability | (18.0) |  | — |  | (18.0) |
| $419.0 |  | $— |  | $419.0 |
(i) The fair value of the Class A Common Shares ("Common Shares") issued was determine d using the Company's share price of C$24.02 and foreign exchange ratio of USD/CAD: 1.3616 at the close of transaction on July 12, 2024 (Note 18). (ii) On July 12, 2024, the fair value of the 13.8% equity investment in Argonaut was bifurcated between the purchase price for the outstanding common shares of Argonaut and the cost base of the 19.99% equity investment in Florida Canyon Gold, based on the exchange ratio. The fair value on July 12, 2024 was determined using Argonaut's closing share price on July 12, 2024 of C$0.51; and foreign exchange ratio of USD/CAD: 1.3616. (iii) Included in plant and equipment is $47.2 million of ROU assets (Note 9). (iv) Debt is comprised of a term loan and revolving credit facility of $218.0 million, convertible debentures of $57.5 million, and an obligation related to gold prepayment of $24.2 million. (v) During the third quarter, the Company repaid the term loan, revolving credit facility and accrued interest, the convertible debentures, the obligation related to gold prepayment, and certain other financial liabilities, totaling $308.3 million of cash payments. (vi) The Company inherited Argonaut’s hedge book which included gold forward purchase contracts totaling 329,417 ounces between 2024 and 2027. The average forward prices on the contracts ranged between $1,821 and $1,860 per ounce. On July 15, 2024, the Company entered into a gold prepayment agreement ("gold prepayment"), in exchange for settlement of 179,417 ounces of the 2024 and 2025 forward sales contracts acquired from Argonaut (Note 12). he allocation of the purchase price to the net assets acquired are as follows:
Purchase price: |
Fair value of total shares issued (Note 18) | $13.3 |
Fair value of 27.5% interest in Orford prior to acquisition | 5.0
125,852 replacement warrants issued | 0.8
93,958 replacement options issued | 0.6
Transaction costs | 1.0
Total consideration | $20.7 |
Net assets acquired |
Cash and cash equivalents | $1.2 |
Mineral property, plant and equipment | 21.1 |
Other assets | 0.2 |
Accrued liabilities and other liabilities | (1.8) |
| $20.7 |
Disclosure of significant royalties payable | The Company is obliged to make certain royalty payments on its mineral properties. The following table includes the significant royalties payable by the Company:
Location | Royalties payable
Mulatos | 0.5% Extraordinary Mining Duty due to the Mexican government
Young-Davidson | 1.5% net smelter royalty
Magino | 3% net smelter royalty
Island Gold | 2%-3% net smelter royalties, dependent on claim

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