Alamos Gold Inc
Alamos Gold Inc
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Despite record gold production/sales and cash-flow from its 4 operations, Alamos Gold’s Dec 2018 year (FY/CY18) has resulted in a net loss of $US72.6M from FY/CY17’s $26.6M profit, with adjusted net earnings down to $19.6M from $38.9M.
Alamos Gold has had a good FY18, with record gold production and more in the wings, but with higher costs and one-off items generating a near $100m turnaround to $72.6M loss
Alamos Gold produced a record 505,000oz of gold in the Dec 2018 year (FY/CY18), up 18% on 2017, driven by strong performances from the Mulatos mine in Mexico and the Island Gold mine in Canada’s N Ontario, the latter setting a Q4 18 production record in its 1st full year of inclusion.
Record FY18 gold prodn of 505,000oz, has Alamos Gold on track for 600,000oz+ pa in 2021, with lower costs flagging strong free cash flow starting mid-2020
2 workers are missing presumed dead at North America gold miner Alamos Gold’s Mulatos Mine in Mexico after an unexpected pit slope movement in the El Salto area of the open pit where pre-stripping activities were being conducted.
Efforts are underway to reach the area where the workers were last seen.
Despite record gold production of 379,400oz from its Mexico-Canada operations in the 9-months Sept 2018 (YTD18), up 23% on YTD17, Alamos Gold has plunged to a $US1.1M net loss from a $31.3M profit, with adjusted net profit slipping to $15.3M from $18.4M.
Cost components of FY/CY18 guidance of 490,000oz-530,000oz lifted to cash costs of $810oz from $740oz and AISC to $990oz from $950oz.
The inclusion of newcomer Island Gold sees record Alamos Gold YTD18 gold prodn up 23% to 379,400oz, but with a bottom line loss
Alamos Gold plans another 84,000m of surface/underground exploration/delineation drilling at its Island Gold Mine in N Ontario, Canada, in 2018 after lifting reserves 8% and resources 99%.
Unrealized FX losses, higher costs and lower gold production from its 4 operating mines in N America, have seen Alamos Gold plunge to a $US8.9M net loss for the June 2018 qtr (Q2 18) from Q1 18’s $600,000 profit.
Operating revenues fell to $168.9M from $173.1M, with adjusted net earnings plummeting to $4.9M from $12.3M, reflecting adjustments for unrealized FX losses and other one-time items.
Gold production eased to 126,500oz from Q1 18’s 128,900oz.
Unrealised costs, lower gold output, higher production costs fuel $9.5M Q2 18 profit-to-loss turnaround for Alamos Gold