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Alamos Gold Reports Third Quarter 2022 Results; Top End of Range for Quarterly Guidance
All amounts are in United States dollars, unless otherwise stated. TORONTO, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or
About this update from Alamos Gold Inc.
[{"type":"text","content":" All amounts are in United States dollars, unless otherwise stated. TORONTO, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Alamos Gold Inc. (TSX:AGI; NYSE:AGI) (“Alamos” or the “Company”) today reported its financial results for the quarter ended September 30, 2022. “We had a solid third quarter overall, including our highest production in nearly two years. Our operations performed well with production near the top end of quarterly guidance and representing a 19% increase from the second quarter. Our costs were also down significantly from the first half of the year, coming in below full year guidance. With the strong year-to-date performance and even stronger results expected in the fourth quarter, we remain on track to achieve full year production and cost guidance,” said John A. McCluskey, President and Chief Executive Officer. “La Yaqui Grande was the key driver of our operational and financial performance with an excellent first full quarter of operations. Its low-cost production growth more than offset the lower gold price to drive stronger cash flow from operations. This is a trend we expect to continue with La Yaqui Grande contributing higher production and lower costs over the next few years and Island Gold continuing that trend over the longer term through the Phase 3+ Expansion. Given our growing cash flow from operations, we can fund this growth internally while generating strong free cash flow and supporting solid ongoing returns to shareholders,” Mr. McCluskey added. Third Quarter 2022 Produced 123,400 ounces of gold, a 19% increase from the second quarter and near the top end of the range for quarterly guidance. This represented the highest quarterly production in nearly two years driven by a solid first full quarter of production from La Yaqui Grande in Mexico With year-to-date production of 326,200 ounces of gold and a further increase in production expected in the fourth quarter, the Company remains on track to achieve full year guidance of 440,000 to 480,000 ounces Mulatos District production totaled 42,700 ounces, more than double the second quarter at substantially lower costs driven by low-cost production growth from La Yaqui Grande Young-Davidson continued its strong operational performance, producing 49,300 ounces and generating mine-site free cash flow1 of $23.3 million. Year-to-date, Young-Davidson generated $77.3 ...