Alamos Gold’s Q1 Gold Output Exceeded Guidance

SEATTLE (Scrap Monster): Toronto-based Alamos Gold Inc. reported financial results for the quarter ended 31^st March, 2024.

The quarterly gold production totalled 135,700 ounces, exceeding the guidance provided earlier. The production stood higher by 6% upon comparison with the corresponding quarter a year before. The surge in production was led by strong performance from the Mulatos District, including record production from La Yaqui Grande.

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The reported net earnings totalled $42.1 million, or $0.11 per share. The realized adjusted net earnings for the quarter stood at $51.2 million, or $0.13 per share. Alamos Gold reported strong free cash flow generation of $24.4 million. The gold sales by the company totalled 132,849 ounces at an average realized price of $2,069 per ounce. The quarterly revenue hit a new record of $277.6 million, higher by 10% from the year-ago quarter.

The company announced a definitive agreement to acquire Argonaut Gold Inc. and its Magino mine. The integration of the mine to Alamos’ Island Gold mine in Ontario, Canada is expected to create one of the largest and lowest cost gold mines in Canada.

John A. McCluskey, President and Chief Executive Officer said that the company delivered strong start to the year. The costs were in line with the guidance, whereas the production exceeded the guidance. The company is on track to achieve its full year production and cost guidance, he added.