Alamos Gold Reports First Quarter 2022 Results; Produces 98,900 Ounces of Gold

About this update from Alamos Gold Inc.

[{"type":"text","content":" TORONTO, April 27, 2022 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended March 31, 2022. “Our first quarter production and costs were in line with guidance and with stronger results expected through the year, we remain well positioned to achieve our annual guidance. La Yaqui Grande remains on track for initial production in the third quarter and is expected to drive our production higher and costs significantly lower in the second half of the year,” said John A. McCluskey, President and Chief Executive Officer. “We are also making good progress on our other growth initiatives, including at Island Gold where we achieved a key permitting milestone with approval of the Closure Plan Amendment. We officially broke ground on the Phase III expansion and are getting closer to completing an updated mine plan for the operation which we plan to release mid-year. Given the significant growth in high-grade Mineral Reserves and Resources since the completion of the Phase III study and opportunities to optimize the operation, we expect the updated mine plan will showcase a significantly more valuable operation. Both of these high-return projects support our strong outlook with growing production, declining costs and increasing profitability,” Mr. McCluskey added. First Quarter 2022 Produced 98,900 ounces of gold, in line with guidance for the first quarter. Consistent with guidance, gold production is expected to increase through the rest of the year reflecting higher grades at Island Gold in the second quarter and with La Yaqui Grande on track for initial production in the third quarter Young-Davidson averaged over 8,000 tonnes per day mined in the quarter, driving production of 51,900 ounces and mine-site free cash flow1 of $23.2 million Sold 98,466 ounces of gold at an average realized price of $1,874 per ounce for revenues of $184.5 million As previously guided, total cash costs1 of $992 per ounce, AISC1 of $1,360 per ounce and cost of sales of $1,376 per ounce were all above annual cost guidance. Costs are expected to decrease through the year driven by higher grades at Island Gold, and the start of low-cost production from La Yaqui Grande Realized adjusted net earnings1 for the quarter of $18.0 million, or $0.05 per share1. Adjusted net earnin...

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