10 Best Gold Stocks Under $30

7. Alamos Gold Inc. (NYSE:AGI)

Upside potential as of November 18: 22.32%

Share Price as of November 18: $18.24

Alamos Gold Inc. (NYSE:AGI) acquires, explores, and produces gold and other precious metals in two major geographic areas: Canada and Mexico. The company’s three operational mines are located in Sonora, Mexico; the Young-Davidson and Island Gold mines are located in Canada and the Mulatos. The Mulatos mines provide the company with the greatest amount of revenue.

In Q3 2024, record sales and production were achieved while funding growth with the assistance of solid, ongoing free cash flow. A record quarterly revenue of $360.9 million was generated by Alamos Gold Inc. (NYSE:AGI)’s sale of 145,204 ounces of gold at an average realized price of $2,458 per ounce. This was a 41% YoY growth and the third straight consecutive record of revenue. The net income grew by 114.47% YoY.

In Q3 2024, Alamos Gold Inc. (NYSE:AGI) produced a record 152,000 ounces of gold, a 9% sequential increase, due to the Magino acquisition and solid results at Island Gold and Mulatos. The Phase 3+ Expansion at Island Gold was one of the growth initiatives funded by the $87.5 million in free cash flow.  Operating cash flow increased by 47.11% YoY.

Production jumped by 20% as a result of the addition of the Magino mine, and further growth and cost reductions are anticipated from expansion projects like the Island Gold extension and Mulatos District developments.

Looking forward, the extended Mulatos mine life until 2035 for gold production and the Puerto Del Aire project, which has an after-tax IRR of 46%, support long-term growth.