Alamos Gold will retain the Mangino mine in Ontario and spin off the Florida Canyon mine (above) in Nevada
along with Argonaut’s Mexican assets. (Photo: Argonaut Gold)

Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. On March 27, 2024, Argonaut and Alamos entered into an arrangement agreement, as amended on May 24, 2024, whereby Alamos will acquire all of the issued and outstanding shares of Argonaut. As part of the arrangement, Alamos will acquire Argonaut’s Magino mine, near Wawa, Ontario. Argonaut’s assets in the U.S. and Mexico will be spun out to its existing shareholders as a newly created junior gold producer, SpinCo. As a result, SpinCo is expected to own the Florida Canyon mine, a heap leach operation near Winnemucca, Nevada, and several open-pit gold mines in, Mexico.

The arrangement was expected to become effective in July 2024. SpinCo is exploring arrangements, including the potential sale of all assets; however, no definitive agreements have been reached to date. Argonaut said the completion of any transactions involving the sale of SpinCo or all or substantially all of SpinCo’s assets will be subject to the approval of the board of directors of SpinCo and the shareholders of SpinCo.