In This Article:
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Gold Production: Record production of 152,000 ounces in Q3 2024.
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Revenue: Record quarterly revenue of $361 million.
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Average Realized Gold Price: $2,458 per ounce.
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All-In Sustaining Costs (AISC): $1,425 per ounce.
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Cash Flow from Operations: Record $193 million before working capital changes.
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Free Cash Flow: $88 million in Q3 2024; $219 million year-to-date.
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Net Earnings: $85 million or $0.20 per share.
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Adjusted Net Earnings: $78 million or $0.19 per share.
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Cash Balance: $292 million at the end of the quarter.
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Debt Repayment: Repaid $308 million of Argonaut debt.
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Gold Sales: 145,200 ounces sold in Q3 2024.
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Total Cash Costs: $984 per ounce.
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Capital Spending: $112 million in Q3 2024, including $38 million of sustaining capital and $68 million of growth capital.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Alamos Gold Inc (NYSE:AGI) achieved record production of 152,000 ounces of gold in the third quarter, driven by the addition of the Magino mine and strong performances from Island Gold and the Mulatos District.
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The company reported its third consecutive quarter of record revenue and record cash flow from operations before working capital, amounting to $193 million.
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Alamos Gold Inc (NYSE:AGI) continues to generate strong free cash flow, with $88 million in the quarter and $219 million year-to-date, supporting high-growth initiatives.
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The integration of Magino and Island Gold is expected to create one of Canada's largest, lowest-cost, and most profitable gold mines with significant long-term upside opportunities.
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The company was recognized as a top performer by the Toronto Stock Exchange, with a 134% increase in share price over the trailing three-year period.
Negative Points
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All-in sustaining costs increased to $1,425 per ounce, reflecting higher cost production from Magino during its transition period.
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The acquisition of Argonaut Gold introduced complexities, including nonrecurring items related to the transaction and retirement of Argonaut debt and near-term gold hedges.
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The company's reported net earnings were impacted by several adjustments, including unrealized losses on hedge derivatives and foreign exchange losses.
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Young-Davidson's all-in sustaining costs were above the top end of the annual guidance range due to lower mining rates and deferred access to higher-grade stopes.
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Island Gold experienced lower mining rates due to scheduled downtime for ventilation infrastructure upgrades, affecting production levels.