🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

Alamos Gold Q3 earnings miss estimates, revenue beats

Published 11/07/2024, 06:40 PM
© Reuters.
AGI
-
AGI
-

Alamos Gold Inc (NYSE:AGI) reported mixed third-quarter results, with earnings falling short of analyst expectations while revenue surpassed estimates. The gold miner's stock edged down 1.7% following the release.

The Toronto-based company posted adjusted earnings per share of $0.19 for Q3, missing the analyst consensus of $0.21. However, revenue climbed to a record $360.9 million, exceeding the $348.34 million estimate and marking a 41% increase YoY.

Alamos produced a record 152,000 ounces of gold in Q3, up 9% from the previous quarter. This increase reflected the inclusion of the recently acquired Magino mine and strong performances from Island Gold and the Mulatos District. Gold sales totaled 145,204 ounces at an average realized price of $2,458 per ounce.

"We achieved a number of operational and financial records in the third quarter," said John A. McCluskey, President and CEO.

"Production increased to a record 152,000 ounces reflecting the addition of Magino and continued strong performances from Island Gold and Mulatos."

Total (EPA:TTEF) cash costs were $984 per ounce, while all-in sustaining costs (AISC) reached $1,425 per ounce. The company generated $87.5 million in free cash flow during the quarter.

Alamos increased its 2024 production guidance to between 550,000 and 590,000 ounces, representing a 13% increase from its original guidance.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.