Business
Alamos Gold Reports First Quarter 2023 Results; Produces 128,400 Ounces of Gold
TORONTO, April 26, 2023 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the
About this update from Alamos Gold Inc.
[{"type":"text","content":" TORONTO, April 26, 2023 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended March 31, 2023. “Following up on a strong performance in 2022, we had an excellent start to the year operationally and financially. Production exceeded our first quarter guidance and costs were once again in line with guidance. All three operations continue to perform well, including another standout performance from La Yaqui Grande, the key driver of our expected production growth and decrease in costs this year,” said John A. McCluskey, President and Chief Executive Officer. “Financially, we generated record quarterly revenues and our operating cash flow increased 16% from the fourth quarter, marking the fourth consecutive quarterly increase. With declining costs and expanding margins over the next several years, this is a trend we expect to continue, supporting strong free cash flow generation while completing the Phase 3+ Expansion at Island Gold. Our growth initiatives continue to advance with the Phase 3+ Expansion on track for completion in 2026 and having achieved a significant permitting milestone with the approval of the Environmental Impact Statement for Lynn Lake, an important part of our longer-term growth strategy. With all of this growth coming in Canada, we remain uniquely positioned as a growing intermediate gold producer with declining costs, increasing profitability, and one of the lowest political risk profiles in the sector,” Mr. McCluskey added. First Quarter 2023 Produced 128,400 ounces of gold, exceeding quarterly guidance and marking a 30% increase from the first quarter of 2022, driven by a significant increase in production from the Mulatos District Mulatos District production more than doubled from the first quarter of 2022 to 50,500 ounces, at substantially lower costs, with La Yaqui Grande driving a significant increase in mine-site free cash flow to $36.8 million Island Gold produced 32,900 ounces, a 34% increase from the first quarter of 2022, while continuing to make significant progress on the Phase 3+ Expansion including the start of construction of the hoist house and other shaft infrastructure Young-Davidson produced 45,000 ounces and generated mine-site free cash flow1 of $16.3 million with mining rates averaging 8,010 tonnes...