07:05 AM EDT, 09/15/2025 (MT Newswires) -- Alamos Gold ( AGI ) said its Netherlands subsidiaries Alamos Gold Holdings Cooperatief UA and Alamos Gold Holdings BV have agreed to sell their Turkish subsidiary Dogu Biga Madencilik Sanayi ve Tic. AS for $470 million.

The Turkish subsidiary, which owns the Kirazli, Agi Dagi and Camyurt projects in northwestern Turkiye, was sold to Turkish mining company Tumad Madencilik Sanayi ve Ticaret AS.

Of the total purchase price, $160 million is payable upon deal closing, $160 million is payable on the one-year anniversary of the deal closing, and $150 million is payable on the two-year anniversary of the deal closing.

Each of the second and third installment payments is secured by a bank guarantee provided by international financial institutions.

"This transaction marks a positive outcome, allowing us to crystalize significant value for our Turkish assets, and utilize the proceeds to support the development of our portfolio of other high-return growth projects," said Alamos president and chief executive John McCluskey.

The deal is expected to support the development of Alamos' pipeline of growth projects, including the Phase 3+ expansion within the Island Gold District, the Lynn Lake Project, and the Puerto Del Aire project in Mexico.

Alamos also plans to use the proceeds to reduce existing debt obligations.

The deal is scheduled to close in the fourth quarter, subject to customary closing conditions and receipt of regulatory approval in Turkiye.