Alamos Gold Posted Record Gold Output in Q2

SEATTLE (Scrap Monster): Alamos Gold posted results for the second quarter of the current year. The outstanding financial performance by the company was mainly driven by record production and strong margin expansion.

The company’s gold production hit a new record of 136,000 ounces of gold, primarily driven by strong production surge from the Mulatos District. The production exceeded the quarterly guidance of between 120,000 and 130,000 ounces. The production during the quarter ended 30th June, 2023 was significantly higher by 31% from the prior year quarter and 6% from the quarter before that.

The gold production by the Mulatos District totalled 60,300 ounces, posting the highest production level in almost a decade.

The strong operating results coupled with robust margin expansion delivered record free cash flow of $61.6 million during the quarter. The cash flow from operating activities totalled $141.8 million, said the company press release.

John A. McCluskey, President and Chief Executive Officer stated that the company is well positioned to achieve its full year production and cost guidance. The Phase 3+ Expansion at Island Gold is on track and the updated Feasibility Study for the Lynn Lake project is in the final stages of completion, he added.