Alamos Gold’s John A. Mccluskey
For demonstrating leadership and a willingness to take risks in the acquisition and development of the Island Gold mine in Northern Ontario, John McCluskey, president and CEO of Alamos Gold, was recognized with the PDAC 2023 Viola R. MacMillan Award.
Based on a thorough analysis of geological data, the Alamos senior management team was confident that the Island Gold deposit, previously owned by Richmont Mines, was larger and richer than suggested by published mineral reserves and resources. However, shareholders balked at the acquisition price, resulting in Alamos Gold’s share price plummeting by 17 per cent on the date of the acquisition announcement in 2017.
Since then, Island Gold has grown dramatically, helping Mr. McCluskey realize his 20-year dream of building a leading gold producer. Reserves and resources have almost tripled to 5.1 million ounces (from 1.8 million ounces in 2017); the mine life has more than doubled to 18 years at higher production rates; and the exploration potential has expanded through the acquisition of a substantial land package surrounding the mine.
Once unappreciated and misunderstood, the mine and its expansion are helping support and sustain local communities in Northern Ontario, representing another example among Alamos’s string of strategically driven acquisitions.
Advertising feature produced by Randall Anthony Communications with the Prospectors & Developers Association of Canada. The Globe’s editorial department was not involved.