On September 15, 2025, Alamos Gold Inc. (AGI-T) announced the sale of its Turkish subsidiary to Tumad Madencilik Sanayi, a mining company under Nurol Holding, for US$470 million (C$640 million). The transaction concludes a protracted US$1 billion (about C$1.36 billion) legal dispute with the Turkish government, which stemmed from halted construction at Alamos’s Kirazli project in 2019 following the expiration of mining concessions and local protests. The dispute led Alamos’s Netherlands-based entities to file a US$1 billion arbitration claim against Turkey for alleged unfair and inequitable treatment. Under the terms of the agreement, arbitration proceedings will remain suspended and will be discontinued once certain contractual milestones are met. The deal is expected to close in the fourth quarter of 2025. Alamos intends to allocate the proceeds toward reducing its existing debt and advancing its ongoing development projects.

The sale marks Alamos Gold’s exit from the Turkish market after more than a decade of operations, allowing the company to focus on its core assets and future growth initiatives.

Torys LLP acted as counsel to Alamos Gold.