11:35 AM EDT, 06/24/2025 (MT Newswires) -- (Adds comment and updates shares.)

Alamos Gold ( AGI ) on Tuesday reported high-grade drill results from the Island gold deposit in Canada.

Highlights include 21.58-grams per tonne (g/t) gold over 5.07 meters in the Island West zone, and 15.87 g/t gold over 2.72 meters in the Island East zone. Alamos said it also intersected high grades within the nearby Cline-Pick and Edwards past producing mines, highlighting longer-term opportunities for further growth at the Island operation.

"Island Gold's mineral reserve base has increased for 12 consecutive years," said chief executive John McCluskey. "Our ongoing exploration success across the extent of the deposit, as well as within the hanging wall and footwall continues to support our expectation this tremendous pace of growth will continue."

The company expects to release an Island Gold District Expansion Study later this year.

National Bank of Canada maintained its outperform rating and $51.75 price target on Alamos shares following the drilling results.

Alamos shares were last seen down $1.41 to $35.33 on the Toronto Stock Exchange.

Price: 35.33, Change: -1.41, Percent Change: -3.84