Thursday, August 03, 2017 5:59:30 PM
08/03/2017
Download this Press Release (PDF 1.45 MB)
TORONTO, ONTARIO--(Marketwired - Aug. 3, 2017) -
http://www.alamosgold.com/news-and-media/news-releases/news-releases-details/2017/Alamos-Reports-Second-Quarter-2017-Results/default.aspx
Second Quarter 2017 Highlights
Produced a quarterly record 105,900 ounces at cost of sales of $1,053 per ounce, total cash costs1 of $784 per ounce and all-in sustaining costs ("AISC")1 of $942 per ounce.
This included record gold production of 47,300 ounces at Young-Davidson, as well as continued strong performance at Mulatos with production of 41,000 ounces
Sold 104,023 ounces of gold at an average realized price of $1,262 per ounce, $5 above the London PM fix, for revenues of $131.3 million
Reported net earnings of $2.4 million, or $0.01 per share, which included a one-time pre-tax charge of $29.1 million (after-tax $21.8 million, or $0.07 per share) incurred on the retirement of the senior secured notes ("Notes"), as well as unrealized foreign exchange gains of $10.9 million ($0.04 per share) recorded within both deferred taxes and foreign exchange
Stronger operating margins drove cash flow from operating activities to $51.4 million, a 156% increase from the first quarter of 2017
Generated $18 million in free cash flow from the mine sites, including $10.7 million at Mulatos (excluding development capital for La Yaqui
Phase I)
Construction of La Yaqui Phase I continued to advance on budget, with initial production on track for later this year
Completed the repurchase of $315 million senior secured notes in April 2017.
As at June 30, 2017, the Company is debt-free, with approximately $150 million in cash and cash equivalents and equity securities
Paid a semi-annual dividend of $0.01 per share, or $3.0 million in April 2017
Purchased and cancelled a 2.0% net smelter return ("NSR") royalty on certain concessions at the Company's Lynn Lake project for $6.7 million (CAD $9 million)
Subsequent to the Second Quarter 2017
Produced a monthly record of approximately 20,000 ounces of gold in July at Young-Davidson, driven by underground grades averaging in excess of 3.0 grams per tonne of gold ("g/t Au")
Completed a Canadian Development Expense ("CDE") flow-through financing for gross proceeds of CAD $12.0 million and Canadian Exploration Expense ("CEE") flow-through financing for gross proceeds of CAD $3.0 million
(1) Refer to the "Non-GAAP Measures and Additional GAAP Measures" disclosure at the end of this press release for a description and calculation of these measures.
Highlight Summary
http://www.alamosgold.com/news-and-media/news-releases/news-releases-details/2017/Alamos-Reports-Second-Quarter-2017-Results/default.aspx
God Bless
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