Alamos Gold Inc (AGI)

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Alamos Reports First Quarter 2018 Results
Record Quarter Drives Increase in Full Year Production Guidance

All amounts are in United States dollars, unless otherwise stated.

TORONTO, May 01, 2018 (GLOBE NEWSWIRE) --

Alamos Gold Inc. (TSX:AGI) (NYSE:AGI) (“Alamos” or the “Company”) today
reported its financial results for the first quarter ended March 31,
2018 and reviewed its operating, exploration and development
activities.

https://web.tmxmoney.com/article.php?newsid=4562442072831147&qm_symbol=AGI

“We delivered another record quarter of production and given the strong start to the year, we’ve increased full year production guidance to a range of 490,000 to 530,000 ounces. The increase was driven by stronger than expected performances from our Mulatos and Island Gold mines, the latter establishing a new record in its first full quarter as part of Alamos. Our financial performance continues to improve with strong free cash flow growth expected from our operations into the second half of the year reflecting higher production and lower costs,” said John A. McCluskey, President and Chief Executive Officer.

First Quarter 2018 Highlights

Produced a record 128,900 ounces of gold, above budget and 34% higher than the first quarter of 2017 driven by strong performances from Mulatos and Island Gold. This marks the fourth consecutive quarter of record production
Increased 2018 production guidance at both Mulatos and Island Gold, bringing Company-wide guidance to a range of 490,000 to 530,000 ounces of gold
Island Gold reported record quarterly gold production of 28,100 ounces, in its first full quarter as part of Alamos. Mine-site all-in sustaining costs1 of $633 per ounce were well below guidance and the operation generated $9.8 million in mine-site free cash flow1. As a result of this strong performance, production guidance at Island Gold has been increased to between 95,000 and 105,000 ounces for 2018
Sold 130,045 ounces of gold at an average realized price of $1,331 per ounce for record revenues of $173.1 million
Cost of sales of $1,113 per ounce, total cash costs1 of $789 per ounce and all-in sustaining costs ("AISC")1 of $935 per ounce were all down from the first quarter of 2017, with total cash costs and AISC decreasing 5% and 8%, respectively
Reported adjusted net earnings1 of $12.3 million or $0.03 per share1, reflecting adjustments for unrealized foreign exchange losses recorded within both deferred taxes and foreign exchange of $10.8 million, as well as other one-time items
Reported net earnings of $0.6 million, or $0.00 per share
Generated cash flow from operating activities of $58.8 million ($62.6 million or $0.16 per share, before changes in working capital1), reflecting record production, lower cash costs and stronger operating margins
Generated $24.3 million in mine-site free cash flow1, and $7.3 million of company-wide free-cash flow1 in the first quarter, both ahead of budget, reflecting a higher realized gold price and stronger production at Mulatos and Island Gold
Ended the quarter with no debt and $231.8 million in cash and cash equivalents, up from $200.8 million as of December 31, 2017
Liquidated the Company's equity positions in AuRico Metals and Corex Gold, generating proceeds of $24.9 million and realizing a gain of $14.3 million recorded directly in retained earnings (deficit)
Announced a semi-annual dividend of $0.01 per share, or $3.9 million, paid to shareholders on April 30, 2018
(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

https://web.tmxmoney.com/article.php?newsid=4562442072831147&qm_symbol=AGI


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