Why Alamos Gold Inc. (AGI) stock went up in the after-hours on Friday?

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AGI Stock
AGI Stock

Alamos Gold Inc. (AGI) shares gained 5.69% in after-hours on Friday, January 07, 2021, and closed the daily trading at $7.43. However, in the regular trading session of Friday, AGI’s stock lost 0.14%. The stock volume remained 3.24 million shares. AGI shares have fallen 21.10% over the last 12 months, and they have moved down 8.58% in the past week. Over the past three months, the stock has lost 5.13%, while over the past six months, it has declined 8.22%.

Let’s discuss its recent news and developments.


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AGI new appointments

On January 05, 2022, Alamos Gold Inc. (AGI) appointed Luc Guimond as Vice President, Operations, and Khalid Elhaj as Vice President, Business Strategy. Léon Grondin-Leblanc has been promoted to General Manager, Young-Davidson.

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Luc Guimond has 35 years of extensive experience in the mining industry in operations management, project management, mine construction, and corporate development in Canada and Australia; and was most recently General Manager at Young-Davidson.

Renewal of AGI Normal Course Issuer Bid

On December 20, 2021, Alamos Gold Inc. (AGI) filed with and received acceptance from the Toronto Stock Exchange for a Notice of Intention to Make a Normal Course Issuer Bid permitting Alamos to purchase for cancellation up to 29,994,398 Class A Common Shares.

The company can purchase common shares over the next twelve-month period beginning December 24, 2021, and ending December 23, 2022.

AGI investment in Manitou Gold

On December 16, 2021, Manitou Gold Inc. closed a non-brokered private placement according to which it has issued an aggregate of 9,000,000 common shares at $0.06 per Share and 15,685,714 “flow-through” common shares at $0.07 per FT Share, to raise aggregate gross proceeds of $1,638,000.

According to the previous agreement between Manitou and Alamos Gold Inc. (ALMS), Alamos purchased an aggregate of 7,000,000 Shares in the Offering to maintain its pro-rata interest in the Company.

Update about Lynn Lake Project

On December 16, 2021, Alamos Gold Inc. reported new results from its ongoing exploration program on the Lynn Lake Project in Manitoba, Canada.

The company reported that all 17 holes drilled to date in this new target have intersected gold mineralization.

The President and Chief Executive Officer, John A. McCluskey said that since completing the Feasibility Study on the Gordon and MacLellan deposits in 2017, Mineral Reserves have increased 27% to 2.1 million ounces of gold. AGI’s ongoing exploration success demonstrates the potential for further Mineral Reserve and Resource growth at both deposits as well as regionally across the prospective and underexplored Lynn Lake greenstone belt.

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Conclusion

The gold price keeps changing and that might be the reason behind its after-hours gains on Friday because we have no other reason for its Friday performance.

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