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Allied Gold Announces Fourth Quarter and Year End 2023 Results: Establishing Sustainable Production Platform Which Lays Foundation for Significant Growth at Improving Costs
TORONTO, March 26, 2024 /CNW/ - Allied Gold Corporation (TSX: AAUC) ("Allied" or the "Company") is herein reporting its financial and operational results for th
About this update from Allied Gold Corporation
[{"type":"text","content":" TORONTO, March 26, 2024 /CNW/ - Allied Gold Corporation (TSX: AAUC) (\"Allied\" or the \"Company\") is herein reporting its financial and operational results for the fourth quarter and full year 2023. Production during the quarter totaled 94,755 gold ounces (\"oz\") with sales of 93,073 oz at total cost of sales, cash costs(1) and all-in sustaining costs (\"AISC\")(1) per oz sold of $1,634, $1,398, and $1,593, respectively. A progressive increase in the number of ounces produced was observed throughout the year. Production in the first quarter was approximately 78,600 oz, and concerted efforts were made to stabilize and normalize production in the second and third quarters, achieving a range of 84,000-86,000 oz. As anticipated, the Company delivered its strongest production period in the fourth quarter, resulting in full year 2023 production of 343,817 oz with sales of 343,085 oz at total cost of sales, cash costs(1), and AISC(1) on a per oz sold basis of $1,600, $1,418 and $1,569, respectively. FOURTH QUARTER AND FULL YEAR HIGHLIGHTS Financial Results – Strong Liquidity to Support Growth Initiatives Fourth quarter net earnings(2) of $5.4 million or $0.02 per share basic and diluted. Adjusted fourth quarter net loss(1)(2) of $4.6 million or $0.02 per share basic and diluted, largely reflecting tax adjustments as well as non-recurring items related to public listing costs, unrealized gains and losses on financial instruments and share-based compensation. Net cash generated from operating activities for the quarter was impacted, as anticipated and previously disclosed, by cash-based transaction costs related to the public listing which were accrued in the third quarter, but paid during the fourth quarter. Reflecting this, net cash used in operating activities was $4.8 million for the three months ended December 31, 2023. Excluding the transaction related items, and their working capital movement impact, net cash used in operating activities would go from the reported $4.8 million outflow to operating cash inflows of $9.6 million on a normalized basis. Cash flows from operating activities are expected to materially increase in 2024, with increased production contributions and lower costs driving sequential improvements. Cash and cash equivalents totaled $158.6 million as at December 31, 2023. The Company is actively pursuing ...