Alamos Gold Inc
Alamos Gold Inc
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North American-focused miner Alamos Gold is predicting strong minesite free cashflow from the second half of the year after achieving initial gold production from its La Yaqui Grande mine at Sonora in Mexico ahead of schedule in a challenging environment.
La Yaqui Grande is expected to produce about 3,000oz in June, with stacking rates ramping up through H2FY2022.
The large-scale, low-cost mine will extend the life of its 100%-owned Mulatos district operation for at least five years.
Alamos Gold has plunged to a $US8.5M net loss in the Mar 2022 qtr (Q1 22) from Q1 21’s $51.2M profit on gold production falling to 98,900oz from 125,800oz.
Adjusted net earnings were down to $18M from $49.1M on operating revenues also down to $184.5M from $227.4M, with EBITDA falling to $62.9M from $119.6M.
Canada-based intermediate gold producer Alamos Gold has entered into a binding agreement to sell its non-core Esperanza Gold Project in Morelos State, Mexico, to Zacatecas Silver for up to $US60M.
The deal includes $21M of total consideration on closing, including $5M cash, $10M of Zacatecas shares (12.14M common shares at $C1.05ps) and a silver stream valued at about $6M. On closing of the deal, it is expected Alamos will own about 15% of Zacatecas.
Alamos Gold has finished the Dec 2021 year (FY/CY 21) meeting increased guidance of 457,200oz of gold, up 7% increase on the previous year and sales of 457,517oz at an average realized price of $US1,800oz for record revenues of $824M.
Preliminary results from the Young-Davidson mine in Ontario, Canada, saw production up to 195,000oz from 136,200oz, with Island Gold, in the same state, output to 140,900oz from 139,000oz and the Mulatos operations in Sonora, Mexico, up to 457,200oz from 426,800oz.
Canada-Mexico gold miner Alamos Gold has posted a near $US200M turn-around for a Sept 21 qtr (Q3 21) $25M net profit from Q2 21’s $172.5M impairment hit net loss.
Adjusted net earnings eased to $38M from $38.7M on operating revenues up to $198M from $195.1M and cash flow from operations down to $82M from $86.7M.
Lower gold production and a $US213.8M after tax impairment charge have seen miner Alamos Gold post a June 2021 qtr (Q2 21) $223.7M turnaround from Q1 21 net earnings of $51.2M to a $US172.5M net loss.
Adjusted net earnings fell to $38.7M from $49.1M on operating revenues down to $195.1M from $227.4M, with cash before working capital and cash taxes down to $97.2M from $119.6M and cash from operating activities slipping to $86.7M from $99.3M.
Alamos Gold has had a tough start to 2021 with Mar 2021 qtr (Q1 21) net earnings plunging to $US51.2M from Q4 20’s $76.9M and adjusted net earnings to $49.1M from a record $58.2M, despite operating revenues up a little to $227.4M from $226.6M on gold output up to 125,800oz from 120,400oz.
Gold miner Alamos Gold has completed its $C25M cash acquisition of Trillium Mining and its 5,418ha land package directly adjacent to, and along strike, from Alamos’ Island Gold Deposit, lifting its land around the Island mine 57% to 14,929ha.
Based on the current geological interpretation of the E1E structure, which hosts the Island deposit, the company says there is strong potential for the structure to extend onto the Trillium mineral tenure.
Alamos Gold has emerged from the COVID-19 hardships to post record Sept 2020 (Q3 20) gold production from its Island Gold operation in Canada and record qtr free cash flow, culminating in a net earnings jump to $US67.9M from Q2 20’s $11.7M.
Alamos Gold President/CEO John McCluskey says the June 2020 qtr (Q2 20) will be remembered as one of the most challenging times in the company’s history given the COVID-19 pandemic.
It’s a result that has seen the company cut FY/CY20 gold production expectations and increase costs. However, the bottom line was turnaround Q2 20 net earnings up to $US11.7M from Q1 20’s $12.3M loss, but with adjusted net earnings plunging to $9.8M from $29.4M.